Exposing How Donald Trump Really Made His Fortune: Inheritance from Dad and the Government's Protect

[xchrom]

http://www.alternet.org/economy/156234/exposing_how_donald_trump_really_made_his_fortune%3A_inheritance_from_dad_and_the_government%27s_protection_mostly_did_the_trick/

Exposing How Donald Trump Really Made His Fortune: Inheritance from Dad and the Government's Protection Mostly Did the Trick

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In March 2011 Forbes estimated Donald Trump's net worth to be $2.7 billion, with a $60 million salary. Many praise and analyze his “success” as if it were self-made, and they fail to attribute the proper credit to others in society where it is deserved. Despite what Trump may espouse, his success would have been in no way possible without his father, the general public, and the US government. Unfortunately, Trump decided to forget or selectively ignore these truths while forming his political philosophy, a sentiment made particularly clear during his brief bid for the 2012 Republican presidential nomination.

Trump was born in New York City in 1946, the son of real estate tycoon Fred Trump. Fred Trump’s business success not only provided Donald Trump with a posh youth of private schools and economic security but eventually blessed him with an inheritance worth an estimated $40 million to $200 million. It is critical to note, however, that his father’s success, which granted Donald Trump such a great advantage, was enabled and buffered by governmental financing programs. In 1934, while struggling during the Great Depression, financing from the Federal Housing Administration (FHA) allowed Fred Trump to revive his business and begin building a multitude of homes in Brooklyn, selling at $6,000 apiece. Furthermore, throughout World War II, Fred Trump constructed FHA-backed housing for US naval personnel near major shipyards along the East Coast.

In 1974 Donald Trump became president of his father’s organization. During the 15 years following his ascension, he expanded and innovated the corporation, buying and branding buildings, golf courses, hotels, casinos, and other recreational facilities. In 1980 he established The Trump Organization to oversee all of his real estate operations.

[Mponti]

1. White affirmative action

His priviliged life extends to getting into Penn. Hard to imagine that Wharton's standards are so low they would admit this blond bimbo. Dad must have written a big check to get him in.

[HiPointDem]

2. i read somewhere that trump would have more money today if he'd just stashed his inheritance

in a stable investment and not done any of his much-touted "deals".

[xchrom]

3. i would guess that's true -- he really isn't the deal maker he's touted to be. nt

[Lint Head]

4. Now. How many time has Trumped been bankrupt only to remain billionaire?

[meaculpa2011]

5. And how many investors, suppliers....

and subcontractors has he bankrupted.

He's a delusional slug enabled by duplicitous pols in NYC (mostly Democrats, by the way) and elsewhere.

[TreasonousBastard]

6. Three that I remember, although...

I'm not going to spend time looking it up.

The "master dealmaker" got hosed by Merv Griffin in the Resorts deal and then made a fool out of himself taking NBC's threat to move out of Rockefeller Center seriously and spending a fortune making a bid for something everyone knew wasn't going to happen.

I think it was the second time he went bust when the banks said "Fool me once..." so he went to the family to beg for a $500 million loan to keep the door open. Around that time the only property he had that made a profit was that hotel by Grand Central, but he only owned 49% of it, so the adults never let him screw it up.

He lost his airline, his big boat, and damn near everything else over the years, and his actual ownership of Trump whatever was knocked down to around 5%. Some say his primary income is from renting his name out and the TV show.

At one point he had no authority to do anything at all-- the retired CFO of GE was brought in by his creditors to supervise the place, and stopped the genius from doing anything else stupid before he blew it all again.

But, the arrogant piece of shit still yaps on about what a brilliant operator he is, as if none of this happened.

[meaculpa2011]

7. I was Merv's speechwriter during...

the Resorts deal. His taking down of The Donald was a thing of beauty.

Merv was a good guy and a really shrewd businessman. Totally self-made, not like Trump the Blowhard.

He was generous, as well.

I've also done business with several of the larger design/construction firms in New York. Very few will still do business with Trump.

[TreasonousBastard]

8. Glad to hear Merv was one of the good guys. Don't know much about him except...

he started out as a band singer and built an empire pretty much on his own.

When he was on TV, he always looked like he was having a good time, and everyone around him having a good time, too.

If ya gotta admire a rich guy, Merv Griffin would be one-- hard work, lotsa smarts, and no bullshit.