“When Republican front-runner Donald J. Trump was pressed during the first debate about his companies’ four bankruptcies in 18 years, the blustering business mogul called them routine corporate deals allowed by law and repeated by “many, many others on top of the business world.” Trump told ABC in 2011 “We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on ‘The Apprentice.’ It’s not personal. It’s just business.” WP
You agree to a bank loan and then don’t pay it back. 1,000’s of employees loose their jobs. You brag about that?
Don’t run up debts, except for the huge debt of love you owe each other. When you love others, you complete what the law has been after all along. The law code—don’t sleep with another person’s spouse, don’t take someone’s life, don’t take what isn’t yours, don’t always be wanting what you don’t have, and any other “don’t” you can think of—finally adds up to this: Love other people as well as you do yourself. You can’t go wrong when you love others. When you add up everything in the law code, the sum total is love. Romans 13:8-10 The Message (MSG)
But Trump was exaggerating, experts said, when he said that virtually every business leader has filed bankruptcy. An estimated 5 percent of the 500 biggest U.S. companies have filed for bankruptcy in the past two decades, Georgetown law professor Adam Levitin said. The first Trump-tied bankruptcy, in 1991, was of Trump’s biggest Atlantic City casino, the Trump Taj Mahal, whose $1 billion construction was financed by junk bonds at a staggeringly high interest rate of 14 percent. Its glitzy unveiling fell flat amid slumps in Atlantic City and the broader U.S. economy, leaving the Trump firm more than $3 billion in debt. Rather than the “fantastic deal” that Trump has celebrated, financial experts say the filing, and Trump’s guarantee of the debt, marked the moment when his personal fortunes were most in jeopardy