Much of Donald Trump’s mysterious allure has been thanks to his deep identification with New York values and simultaneous abnegation of everything the city represents and all the people in it.
A New York Times investigation, however, found out that the hand-me-down sneaker’s New York influence amounts to the equivalent of a large golden TRUMP sign on a 100-story foreclosed building: he has failed to make a number of lists of the top developers in the city, does not belong to major trade groups, and doesn’t have much of a relationship with any of the local politicians.
His major properties aren’t even particularly impressive:
Though he portrays himself as a major developer, his companies’ highest profile ownership stakes in real estate in New York include an office building on Wall Street; part of another on Avenue of the Americas; commercial space at Trump Tower on Fifth Avenue, where he lives; and parking below the Trump Plaza on East 61st Street.
“It’s a very successful garage,” he said in a telephone interview.
And banks, lawyers, and contractors are reportedly hesitant to work with him, since he has lost money, been late on payments, and shortchanged his partners. That said, his companies are in a tremendous amount of debt.
The Times reports:
One New York institution Mr. Trump has been forced to deal with is Wall Street. Here bank executives are cautious, citing his previous bankruptcies and his propensity for litigation.
Fifteen companies with ties to Mr. Trump owe banks in excess of $270 million, according to his Federal Election Commission disclosures. The actual amount of debt is higher, however—the top range candidates are required to reveal is $50 million or above for any given loan.
Deutsche Bank is one of his main lenders; his filings show JP Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley are not currently lending to him.
Are we surprised that Trump’s giant stature is a self constructed model tower of cardboard, the outline of which is projected against a dark wall by the light of his own monstrous ego? Not even for a millisecond! But it still feels good to read.
Read the full article here to learn how Trump punishes his enemies and why he “doesn’t need money.”
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