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How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned Millions

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'Mr. Trump assembled his casino empire by borrowing money at such high interest rates — after telling regulators he would not — that the businesses had almost no chance to succeed.

His casino companies made four trips to bankruptcy court, each time persuading bondholders to accept less money rather than be wiped out. But the companies repeatedly added more expensive debt and returned to the court for protection from lenders.'

Trump's Art of the Deal shines mostly in bankruptcy court.  As Elizabeth Warren asked, 'Who loses money on a casino?' During 2 decades when other casinos were soaring in value, Trump's were souring.

Read the rest of the story HERE:

At www.nytimes.com

 

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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

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