I think we should probably merge several threads - including this one - into a megathread called "Donald's Dirty Dealings"
Another investigative report from Mother Jone's:
http://www.motherjones.com/politics...ald-dumped-his-huge-casino-debts-other-people
Another investigative report from Mother Jone's:
...three casinos he still controlled—the Taj Mahal, the Trump Plaza, and the Trump Castle—were still deeply in debt.
So Trump figured out a way to erase that debt—at least for himself. He created Trump Hotels and Casino Resorts, a publicly traded company that operated the Trump Plaza. For about six months, it was a success. The company's stock shot up from $14 to $35 a share, putting Trump back on the Forbes list of America's 400 wealthiest people and helping him pay down $88 million of his personal debt...
Then Trump sprung the trap. He used the company to buy the Taj Mahal and the Trump Castle, effectively purchasing the casinos from himself at a price that he set. "The company bought his Castle for $100 million more than analysts said it was worth," the Post reported in June. "Trump pocketed $880,000 in cash after arranging the deal." The two properties were also $1.7 billion in debt, and that debt suddenly belonged to Trump Hotels instead of Trump himself.
By the end of 1996, Trump Hotels stock was worth just $12. It eventually crashed down to 17 cents a share.
But even as its value collapsed over the years, the company paid Trump a total of $82 million by Fortune's estimate, covered the cost of entertaining his VIP guests, signed contracts to buy other Trump products, and even employed then-26-year-old Ivanka Trump on its board.
...despite making a killing while leaving his shareholders in the lurch, he doesn't have any regrets. "All I can say is I wasn't representing the country," he told the Post. "I wasn't representing the banks. I wasn't representing anybody but myself."
http://www.motherjones.com/politics...ald-dumped-his-huge-casino-debts-other-people