Tag Archives: Donald Trump

How well did Donald Trump do in the hotel and casino business?

Donald Trump should stick to Miss Universe pageants
Donald Trump should stick to Miss Universe pageants

This story from CBS Marketwatch looks at the only period of Trump’s career for which we have the numbers.

It says:

[T]he only part of his business track record for which we have the full picture shows that Trump wasn’t a successful executive but an absolute catastrophe.

For 10 years between 1995 and 2005, Donald Trump ran Trump Hotels & Casino Resorts — and he did it so badly and incompetently that it collapsed into Chapter 11 bankruptcy. His stockholders were almost entirely wiped out, losing a staggering 89% of their money. The company actually lost money every single year. In total it racked up more than $600 million in net losses over that period.

Trump was chairman of the board throughout the entire time, and CEO as well for about half of it.

Meanwhile, over the same period, all his competitors were enjoying an enormous boom. Take a look at our chart.

While Trump was running Trump Hotels & Casino Resorts into the ground, the Dow Jones index of gambling stocks — the index that Trump himself cited in public filings as his best benchmark — soared 160%. Investors in Harrah’s saw their stake go up by nearly 150%. MGM MGM, -2.56%  quintupled. These people were making out like bandits.

Donald Trump ran the worst performing casino company on the stock market. This isn’t a matter of “opinion.” This isn’t speculation or politics. It’s a matter of plain fact.

However, one person associated with Trump Hotels & Casino Resorts did make money:

Donald J. Trump.

A review of the company’s public filings show that over that period, while his ordinary investors were getting hosed, Trump himself was siphoning millions out of Trump Hotels & Casino Resorts through salary, “bonuses” — yes, really — and cozy “service agreements” or side deals with his private corporations.

Here’s the chart with the info from Trump’s public filings:

Trump casino and hotels performance
Trump casino and hotels performance

You can read more about his four bankruptcies on CNN Money, too.

It says:

Here’s a look at Trump’s bankruptcy track record.

1. Trump Taj Mahal, 1991

To come up with the funds he needed, he sold a 282-foot yacht, as well as the Trump Shuttle, the airline he operated at the time that flew between Washington, D.C., New York and Boston, according to media reports at the time. He had to give up half of his ownership stake in the Trump Taj Mahal, but he did retain control of the property. His largest creditor was financier Carl Icahn, who held $400 million in bonds. Now Icahn is Trump’s pick for Treasury secretary should he be elected.

2. Trump Castle Associates, 1992

In less than a year he was back in bankruptcy court for his other Atlantic City casinos. This bankruptcy included the Trump Plaza Hotel in New York, the Trump Plaza Hotel and Casino in Atlantic City as well as the Trump Castle Casino Resort. He gave up half his interest in the New York Plaza to Citibank, but retained his stake in the casinos.

3. Trump Hotel & Casino Resorts, 2004

Trump didn’t go back to bankruptcy court again until November 2004, when he filed to shed debt at his various Atlantic City casinos and a riverboat in Indiana. It was another quick trip through bankruptcy court; the company shed $500 million in debt and emerged from bankruptcy the following May. Trump turned over majority control of the company to his bondholders but remained the largest single shareholder, and he once again kept control of the casinos.

4. Trump Entertainment Resorts, 2009

His most recent bankruptcy came in 2009, after the company missed a $53.1 million bond payment. That was pretty much the end of the road for Trump in Atlantic City. While his name remained on three casinos, he resigned from the board and gave up his remaining stake in the company.

What if this guy is not a good businessman at all? His tax returns would help us decide, but he won’t release them. Everyone else has released their tax returns, but not Trump. Why not? He says that he is being audited, so the IRS won’t let him. But the IRS came out and said that he can go ahead and release them.

So what’s stopping him? What has he got to hide?

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Who won the debate last night? Winners and losers from the Fox News debate

Ted Cruz explains policy to little girl who wants to be President

Ted Cruz explains public policy to little girl who wants to be President

The Weekly Standard, which I think favors Rubio slightly over Ted Cruz, posted this:

What Cruz did at the debate was make three parallel cases:

  1. Trump is a fraud who can’t be trusted to keep his word.
  2. Trump is not either conservative or Republican in any meaningful way.
  3. Trump actually is the corruption that he decries.

He advanced these arguments not one at a time, but by interweaving them with specific attacks:

* He positively crushed Trump on the use of foreign labor at Mar-a-Lago. He didn’t just bring up the fact that hundreds of applicants applied for these jobs but that Trump prefers to hire foreigners instead, but included Trump’s line from the last post-debate interview where he claimed that these were jobs American workers couldn’t and wouldn’t do.

* He thoroughly prosecuted Trump on the question of Trump’s off-the-record New York Times interview, which Trump steadfastly refuses to release.

* At the end of the segment on Trump University—where Trump’s best defense was telling voters that they should “wait a few years” to see whether or not he committed fraud, Cruz flashed in with a rapier: “Megyn, let me ask the voters at home, is this the debate you want playing out in the general election?” It was brutal.

* When Trump went to his poll numbers—as he always does—Cruz was ready. Trump touted a terrible CNN poll showing him at 49 percent support. Cruz waited for Trump to double down and defend the integrity of the poll. And then he noted that this same poll also showed Trump losing to Clinton and Cruz beating her.

* When the Second Amendment came up, Trump made a gauzy statement of general support. Cruz then dropped the hammer:

It is easy for political candidates to have rhetoric and say, “I support the Second Amendment.” But you cannot say that and at the same time say what Donald just said, which is that on the question of Supreme Court nominees he wants to compromise and reach a middle ground with Harry Reid and Chuck Schumer. That’s what he said in the last debate. . . . And I would point out, Harry Reid and Chuck Schumer are both Democrats that Mr. Trump has written checks to repeatedly. Any justice that those two sign off on is going to be a left-wing judicial activist who will undermine religious liberty, and we are one vote away from the Heller decision being overturned, which would effectively erase the Second Amendment from the Bill of Rights. Amendment rights, but when you say you’d compromise with Harry Reid, you put that in jeopardy.

* Cruz’s most devastating line was probably this summation:

I understand the folks who are supporting Donald right now. You’re angry. You’re angry at Washington, and he uses angry rhetoric. But for 40 years, Donald has been part of the corruption in Washington that you’re angry about. And you’re not going to stop the corruption in Washington by supporting someone who has supported liberal Democrats for four decades, from Jimmy Carter to John Kerry to Hillary Clinton. You’re not going to stop the corruption and the cronyism by supporting someone who has used government power for private gain.

The question is what Cruz’s performance gets him. Maybe nothing. The terrain ahead could simply be too tough. But maybe not.

Watch this:

Someone has been teaching Cruz how to speak more concisely. Ted and Marco didn’t attack each other much last night, just like in the last debate. And it worked!

Red State, which is a grassroots conservative web site whose contributors back all different candidates, said:

WINNERS

Senator Ted Cruz: Tonight’s big winner was clearly and indisputably Ted Cruz. Cruz showed the most substance and had the strongest answers. His line about charging Snowden with treason, like his answers on ethanol before the Iowa caucus, showed he’s able to give tough, definitive answers to questions that are controversial even within the party. His touting of his Supreme Court credentials was not only a great case but a timely one.

And when Megyn Kelly eviscerated Trump over his disastrous Trump University failure, it seemed the smoking corpse couldn’t possibly suffer more abuse. But Ted Cruz stepped in and in a few sentences buried that corpse, salted the earth, and wiped the name and location from this history books. Utterly. Destroyed.

But best of all was that Cruz masterfully avoided being in the line of fire, and above the fray in Trump and Rubio’s heated exchanges. Sometimes that doesn’t play well. Sometimes it makes you the winner. This is one of the latter times.

Senator Marco Rubio: Rubio was also a winner tonight. He has proved beyond the shadow of doubt how weak Donald Trump is before attacks on his tremendous, yuge vanity. He crumples. He falls apart. He talks about his ding dong. The extent to which Marco can easily send Trump into a panic by mentioning his hands or tan is just a shadow of how easily the Democrats will handle him. They won’t have to mention policy. Just his hair. Or his stump fingers. He’ll fall apart.

Marco also crushed Trump’s lack of substance on foreign policy, asking him if he would ever offer any policy details in answer to a foreign policy question. Predictably, Trump responded by taking a petty swipe at Rubio. Yet another point for Marco and against Donald.

LOSERS

Donald Trump: Trump is the obvious, clear loser tonight. It wasn’t even close. He was clownish, he changed his mind over the course of the debate, he had his butt handed to him over and over by both Marco and Ted. He was found to be making false statements, his economic policy was proved not only to be a disaster, but it was shown that he himself couldn’t even articulate it, much less a defense of it. He couldn’t even muster a strong response to the Romney question. On the scale of fail he hit a solid ten: total dumpster fire.

Except for one thing. Donald promised to support the nominee of the party no matter who it is. That was a good line for him, even if he doesn’t mean it, and will play well for him.

And Erick Erickson, another grassroots conservative, says at The Resurgent that Cruz was the clear winner of the debate:

Wow. That was one heck of a debate performance by Ted Cruz. That was just amazing. He ran circles around Trump. Trump looked like he was worn out. He was low energy. He was a loser.

In the last debate, Rubio was assisted by Cruz. In this debate, Cruz was assisted by Rubio. It shows what a unity ticket between the two could do.

It was a remarkable performance that had Cruz and Rubio shaking hands during commercial break.

Tonight was Ted Cruz’s night and it was a nearly flawless debate on his part.

PJ Media listed out 5 of Cruz’s best moments in the debate.

Here’s one of them:

5. Detroit…Has Been Utterly Decimated By Failed Left-Wing Policies Although most of Cruz’s standout moments came in opposition to Trump, one of his finest successes centered around discussing the city of Detroit. “Detroit is a great city, with a magnificent legacy, that has been utterly decimated by 60 years of failed left-wing policies,” Cruz declared. He praised Detroit for “funding the arsenals of democracy” in World War II, and added that “in the 1960s, Detroit was the Silicon Valley of America — it had the highest per capita income in the country.” Then the kicker: “And then for 50 years, left-wing Democrats have pursued destructive tax policies, weak crime policies, and have driven the citizens out.” Cruz then detailed how he would bring manufacturing jobs back to the U.S. and Detroit specifically. This strong answer bolstered Cruz in the eyes of Luntz’s focus group, scoring a 96 percent.

Trump tried to get Marco and Ted off his chest by citing GOP primary poll numbers, but Cruz had an answer for that, too. Trump cited a poll from CNN showing him in the lead. Cruz responded by pointing out that the CNN poll also shows Trump losing to Hillary Clinton by 8 POINTS. The same poll shows Cruz beating Hillary Clinton head-to-head. I have never met a Trump supporter who was aware of these head-to-head polls that show Trump losing to Clinton. But the liberal media is well aware of them, and that’s why they are so supportive of Trump – they want the weakest candidate to be the Republican nominee.

One of the differences between Trump and Cruz is that Trump talks about himself and makes promises without providing details. He oversimplifies problems, and has more confidence than experience. Cruz talks about specific policies and the results of those policies in different times and places. He actually knows what works and what doesn’t work, and has a record of solving actual problems.

Trump donated to group that promotes homosexuality to 5-year-olds

Donald Trump and his friends, the Clintons
Donald Trump and his friends, the Clintons

So I blogged a bit about Trump on Monday, listing out all of his positions, and I want everyone to understand what I think of people who vote for Trump.

What I infer that Trump supporters believe:

  • They are in favor of adultery and frivolous divorce, they don’t think it’s anything that needs to be repented of.
  • They think that a person can be a Christian without ever having read the Bible or attended a theologically-sound church.
  • They think that constantly bragging about wealth is consistent with Christianity.
  • They are in favor of abortion through all 9 months of pregnancy, including partial-birth abortion.
  • They are in favor of funding Planned Parenthood, because they do “wonderful things”.
  • They are in favor of using taxpayer money to bailout banks.
  • They are in favor of tariffs, which raise prices for consumers.
  • They are in favor of using government to seize private property to benefit private businesses.
  • They think that dictators who murder journalists and dissenters are “strong leaders”.
  • They support single-payer universal healthcare, even though this leads to rationing and waiting lists in Canada and the UK.
  • They support making “forward motion” on the gay agenda.
  • They think that someone who fails constantly at business, including four bankruptcies and lawsuits claiming fraud is a “successful businessman”.
  • They think that someone who donates huge amounts of money to Democrats like Harry Reid, Nancy Pelosi and Hillary Clinton is sincere when he speaks conservative-sounding words, while having nothing at all in the way of a conservative record.
  • They think that Bush lied us into the Iraq war, and that WMDs were never found in Iraq.
  • They think in the Israeli-Palestinian conflict, there is no right or wrong party.
  • They don’t want to condemn white supremacy or David Duke.
  • They want to see radical pro-abortion judges nominated to the Supreme Court of the United States.
  • They belief that taxpayer money should be distributed to certain businesses that lobby the government for handouts, e.g. – the ethanol lobby.

I assume that Trump supporters agree with most or even all of these things, and surprisingly, under questioning, they often admit to it.

And here’s the latest thing that I assume most Trump voters support – promoting homosexuality to 5-year-olds in the public schools.

Life Site News explains:

Donald Trump donated $30,000 to homosexual activists, including a $20,000 grant to an organization that promoted “fisting” to middle school students, recommended books excusing homosexual pedophilia, and proclaimed its mission is “promoting homosexuality” in the public schools to children as early as kindergarten.

According to a 990 form filed with the IRS, the Donald J. Trump Foundation donated $20,000 to the Gay, Lesbian, and Straight Education Network (GLSEN) in 2012 and another $10,000 to Gay Men’s Health Crisis.

Kevin Jennings founded GLSEN (originally the Gay and Lesbian School Teachers Network) in 1990. He and other homosexual teachers formed Gay-Straight Alliances (GSAs) nationwide and drew up curricula that began shaping children’s values in accordance with the LGBT perspective from the age of five.

GLSEN has been upfront about its goals and desire for mainstream respectability. In 1997, Jennings said, “I can envision a day when straight people say, ‘So what if you’re promoting homosexuality?’”

GLSEN recommends children face “saturation” in its viewpoint beginning in kindergarten. GLSEN activist Jaki Williams taught a workshop on “Inclusive Kindergartens” at a 1997 regional conference. “Children in the kindergarten age are ‘developing their superego’…That’s when the saturation process needs to begin,” Williams, a New York teacher, said.

They go into all the details of what GLSEN does. They basically market homosexuality to young children in the schools, when their parents are not there to counter any of it.

I will mention one thing from the post – “fisting”, since it has to do with the Planned Parenthood that Trump and all of his supporters support:

But at the 2001 GLSEN conference, Planned Parenthood distributed “fisting kits.”

Why else would people be supporting him for President when there are more conservative candidates like Ted Cruz, who have a proven record?

By they way, I actually asked one of my evangelical Christian friends who is a Trump supporter whether he supported the practice known as “fisting”. He never denied it. I’m not sure if that means that he and all the other Trump supporters are engaging in fisting with each other, or whether they merely donate money to encourage others to do it, or whether they just support it verbally. It seems to me that it has to be something along those lines.

I’ll never forget how one Trump supporter implied that there was something wrong with my chastity after I asked him whether adultery was wrong. That’s why I just assume that Trump supporters are into all the same stuff he is. I think now that Trump’s record is out in the open, it’s safe to assume that they know about these things and support them.

My candidate is Ted Cruz:

How to get kissed: Heidi Cruz helping her husband
How to get kissed: Heidi Cruz helping her husband

Ted Cruz married one woman – a Harvard Business graduate, who works harder than practically anyone reading this blog. That’s why he chose her – for her ability and character. Does character matter to Christians and conservatives any more? Or are we all in for the hedonistic Playboy Sexual Revolution culture, now?

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