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Trump: ‘I Never Went Bankrupt’

VIDEO: Trump on his who knows how many billions and his plans to redevelop D.C.'s Old Post Office.

by
Nicholas Ballasy

Bio

April 10, 2013 - 1:04 pm

In a Washington Post Live interview on D.C. real estate, Donald Trump said Forbes Magazine’s estimate of his net worth is incorrect and that he “never went bankrupt.”

The event, which also featured Trump’s daughter Ivanka, centered mostly on the Trump Organization’s redevelopment of Washington’s Old Post Office.

“How many billions do you have?” Trump was asked during the interview on Wednesday.

“What do they say? 9 [billion],” Trump replied.

“Forbes said $3.2 [billion],” said Mary Jordan of the Washington Post.

“I say 9 [billion]. It’s a big difference,” Trump replied. “I say 9 but that’s OK.”

He continued, “I don’t know. Whatever it is, it is. It’s plenty of money.”

The Government Services Administration selected the Trump Organization for the nearly $200 million project last year. Jordan asked Trump for his response to other bidders for the project wondering why GSA chose Trump since he has “gone bankrupt” before.

“I never went bankrupt,” Trump responded.

“But over the course of years and years and you can look at Henry Kravis and Carl Icahn and many, many, you do things, I buy a lot of things out of bankruptcy, I bought a house in Palm Beach out of bankruptcy for $40 million. I sold it for $100 million after fixing it.”

Trump said the laws of the county “have things where you’re allowed to chapter a company.”

“Out of hundreds and hundreds of deals that I’ve done over the years, three or four deals, I’ve used that along with Carl Icahn has used it, Henry Kravis has used it, I think Warren Buffett has used it.”

Both Donald Trump and his daughter Ivanka, the executive vice president of Development & Acquisitions for the Trump Organization, said the Old Post Office could become one of the best hotels in the world.

“Washington doesn’t have that right now and they have nice hotels but we think this could be one of the really great hotels of the world,” Trump said.

“We’ll be bringing a general life to the area. This building will be incredibly vibrant. Plus obviously with observation deck, it’s of the great jewels of D.C. that’s really underutilized,” said Ivanka, a Georgetown University graduate.

The Apprentice star also said he has “rarely met people more professional” than those at GSA.

“These people are as good as anybody that I’ve ever dealt with and I don’t say that even in a positive standpoint because they negotiate a very tough deal,” he said.

Nicholas Ballasy is a video journalist based in Washington, D.C. His interviews with prominent politicians and celebrities have been featured by media outlets including Fox News, NBC News, ABC News, Access Hollywood, Inside Edition, the Washington Post. Follow his work at www.nickballasy.com.

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So, some of Trump's 100s of deals filed Chapter 11. So what? He took his Dad's successful development business and turned it into a mega-development empire.

This is like the clueless Obama, who has never run a business or worked a day in the private sector slandering Romney for laying off or closing some businesses ignoring the dozens of others and tens of thousands of jobs overall that Romney created. This kind of business and economic ignorance is destroying this country.

It is the chickenssss of our broken school system and the affirmative action admissions to colleges and universities - like the clueless Obamas - coming home to roooosssst, with all due disrespect to Jeremiah Wright.
1 year ago
1 year ago Link To Comment
Trump Banckruptcies - he skirts the truth...again. He hasn;t declared bankruptcy, but he has had businesses that had to do so.
TIME Magazine
http://www.time.com/time/specials/packages/article/0,28804,2068227_2068229_2068209,00.html


"I don't like the B word," Donald Trump said in 2010 while testifying in a New Jersey bankruptcy courtroom about his gambling company, Trump Entertainment Resorts Inc., which had filed for bankruptcy for the third time. Given the number of times Trump has flirted with bankruptcy, you'd think he'd be used to that word by now.

In 1990, the banking institutions that backed his real estate investments had to bail him out with a $65 million "rescue package" that contained new loans and credit. But it wasn't enough, and nine months later the famous developer was nearly $4 billion in debt. He didn't declare personal bankruptcy, although his famous Taj Mahal casino in Atlantic City, N.J., did have to file for it (bondholders ended up taking a 50% stake in the investment). Trump's economic troubles continued through the early '90s, while he was personally leveraged to nearly $1 billion. In 2004, Trump Hotels & Casino Resorts also filed for bankruptcy. The company was only a small portion of Trump's real estate empire, but he did still have to personally cough up $72 million to keep it afloat. In 2009, the same company (by then renamed Trump Entertainment Resorts Inc.) filed for bankruptcy again. Yet during all of this, no one ever told Trump, "You're fired!" Probably because no one could.
1 year ago
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