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jackmormon

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About jackmormon

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  1. It was, the real estate developer admits in his 1997 book The Art of the Comeback, the darkest period of his professional life. In his telling, it’s a story of redemption, of resilience, and proof of his exceptional negotiating skills and shrewd thinking. Six people who participated in the loan workout negotiations have a different recollection, raising questions about a key part of the personal narrative that many of Trump’s supporters have found compelling as he campaigns to be the next president of the United States on Nov. 8. On the campaign trail he has portrayed himself as a survivor and a master negotiator. Trump says his comeback began when he recognized a downturn in the real estate market and quickly asked banks to renegotiate his loans. “That decision was perhaps the smartest thing I did,” he wrote. The six bankers and lawyers involved in the talks say the bailout wasn’t based on any overture Trump initiated with the banks – and the terms of the deal were dictated by what was best for the banks, not Trump.... Three of the participants say Trump didn’t acknowledge he had a problem until his lenders reviewed his books, realized he was on the brink of collapse, and summoned him for debt restructuring talks. At the beginning of 1990, a credit specialist at one of Trump’s biggest lenders decided to take a look at the bank’s book of loans to him. The decision was prompted in part by the Fed’s questions, as well as concerns within the bank about its exposure to the real estate market. The credit specialist, who did not want to be identified, concluded at the time that Trump was “about to go into bankruptcy.” “The banks were onto the problem before he was onto the problem,” the specialist told Reuters. Pomerantz said some of the banks became aware of the magnitude of Trump’s financial problems when, on a single day, he drew down every cent of a $100 million line of credit one of the banks, Banker’s Trust, which was purchased by Deutsche Bank in 1999, had given him to meet his obligations... “He did not come to the banks and say ‘I have a problem.’ That did not happen,” said Pomerantz. http://fortune.com/2016/07/17/trump-financial-comeback-story/
  2. Maybe you should learn to use a search engine... You don't even know the definition of the word fact. There are at least a dozen newspaper articles reporting about how the banks saved Trumps ass. Like I said, they ran the show, not him. ATLANTIC CITY, N.J. — Bankers are taking such complete charge of Donald Trump`s business and personal finances that they are putting him on an allowance, confidential documents made available to the Philadelphia Inquirer show. The documents, dated Friday and made available over the weekend, show that banks, as conditions for lending Trump $65 million more to ease his cash crunch, will name two executives to run the Trump empire, bar him from moving money among his companieswithout the banks` permission and limit him to a $450,000 allowance for ``personal and household spending.``... At least 50 banks from Newark, N.J., to Dresden, East Germany, to Tokyo are demanding radical spending cuts, both in Trump`s personal life and his business empire. Trump, revered by many as the greatest living hero of economic freedom, is submitting to the bankers` financial shackles because he cannot come up with enough cash to pay interest on more than $3.3 billion he borrowed from banks and junk bond buyers... Ten days ago, Trump defaulted on $325 million of Trump Castle Casino Resort mortgage bonds for the Atlantic City, N.J., property. He has until Tuesday to cure the default without risk that bondholders can force the casino into bankruptcy court. Sources familiar with the talks expressed optimism Sunday that the $22 million principal payment plus $20 million in interest would be made by Tuesday or perhaps within a few days after that. Trump and the banks also have agreed that in years to come the Trump lifestyle must be scaled back drastically. This year`s $5.4 million personal allowance will be cut to $4.5 million next year and $3 million annually starting in 1992. Trump will be required to produce receipts for all personal and household expenses. That is certain to put a serious crimp in a free-spending lifestyle that included a 284-foot yacht that he says is too small, a Boeing 727, a helicopter and a Florida mansion with 118 rooms... But banks also demanded concessions, and the nature of them, as revealed in the documents, shows that like many entrepreneurs Trump operates his umbrella company without strong financial controls and little or no long-range planning. One provision, for example, requires Trump to ``install and maintain a system of accounting controls and business planning, including appropriate staffing, by no later than Sept. 30, 1990.`` According to the documents, Trump will not be allowed to transfer money between the dozens of legally separate but economically linked companies that are solely owned by him without the written permission of the banks. Likewise, he will not be allowed to sell assets, sign leases or take on new debt without the banks` permission. http://articles.chicagotribune.com/1990-06-25/news/9002210222_1_trump-empire-donald-trump-trump-castle-casino-resort
  3. Evidence of Russian Collusion

    Two years based on what?
  4. First I wasn't at Sam Boysd Stadium today, but I know who won the football game. When Trump published his self serving book the art of the comeback, he was bragging about his awesome negotiating skills. The bankers who saved his ass said this is a total load of shit and explained how everything actually went down. So you have Trump, who lies 100% of the time. Or the the bankers who gave their first hand account of what happened. Who you gonna believe?
  5. Horse shit. The US has the largest wealth inequality of any developed country in the world. the richest 200 people have more money than the bottom half of the country combined.
  6. In your version of capitalism, only the wealthy have access to a quality education and healthcare. Trickle down economics has been extremely successful at doing what it was intended to do. Concentrating the wealth in this country at the very top.
  7. YBU really, it's time to come back home.

    Coming back to the MWC is not in Gods plan for BYU. I can't begin to express how happy I am that USU decided to hire Matt Wells instead of Salami Kitake.
  8. If you are trying to make the argument that being in favor of public schools and saving SS and Medicare while opposing trickle down economics makes me pro banana republic communist dictator, I don't know what to tell you.
  9. GW Bush Scolds Trump in Speech

    Hell in Blue's mind, it not as bad as any of the seven wars that Obama "started."
  10. Libs.....hahahaha

    Good point. There weren't even any people in the photos.
  11. Utah State at UNLV (Homecoming)

    Aggies have turned on their coaching staff as well. if they can pull this one out, there will be quite a few disappointed folks in Logan.
  12. Evidence of Russian Collusion

    In other words, the DJIA nearly doubled in four years under Obama.
  13. He should be removed because he is a +++++ing treason monkey who has alienated every ally that we have. Done Russias bidding at every opportunity. And is stoking the flames of war by taunting a paranoid dictator with loose talk of attacking with nuclear weapons.
  14. Trump didn't negotiate shit. He wasn't in a position to negotiate shit. He had the choice of doing exactly what the +++++ was dictated to him by the bankers or losing everything. He was too stupid to realize he was even in trouble until the bankers called the come to Jesus meeting.
  15. Libs.....hahahaha

    I count seven sleeping bags.
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