While President Trump ran in 2016 on the idea that he would be the wealthiest, most successful US president in history, he has been known for over-exaggerating his net worth time and time again. In fact, even though he claimed to be worth more than $10 billion during his campaign, even Bloomberg estimated that his actual net worth was closer to $2.8 Billion.
Now the ghost-writer for the president’s New York Times Best Seller, The Art of the Deal, Tony Schwartz, says that the President may actually be in debt. While discussing Bob Woodward’s new book, ‘Fear: Trump in the White House’ Schwartz began listing some of his biggest takeaways from the book, giving his opinion on each takeaway as well.
[INDENT]“TAKEAWAY #2 FROM WOODWARD’S FEAR: TRUMP DOESN’T HAVE MUCH MONEY. AS JARED KUSHNE[R] PUT IT: ‘HE DOESN’T HAVE A LOT OF CASH.’ MY OWN GUESS: AFTER DEBT, TRUMP MAY HAVE A NEGATIVE NET WORTH. AND HE’S NEVER BEEN REMOTELY CLOSE TO BEING A BILLIONAIRE,” SCHWARTZ TWEETED.[/INDENT]
Being so close to Mr. Trump, shadowing him for many months during the writing of his book, Schwartz would likely have quite an insight into the man’s finances. At the same time, it has been over 30 years since the book was published, meaning everything about his finances may have changed significantly since that time.
Perhaps we will never really know if Trump is as wealthy as he says, especially since he has refused to release his tax returns which could show, not only his income, but also his income earning assets.
Ultimately the wealth of the man doesn’t make much of a difference to his presidency, but it’s the question of whether or not he lied to the American people in order to paint a picture to them which strayed from reality. That would matter.
I strongly differ, if it is true, he could be in Jirongo’s fate. Considering all the assets he has, in real estate like Trump tower, Trump international hotel, mar a lago golf club,International hotels in Arab world, private jets…he could not have liabilities that exceed his asset base. If so, he could have been bankrupt and could not have vied for president with or without tax disclosure.
It was established that Trump faked his wealth back in the 80’s when he had nothing and everything belonged to his dad (which was not into billions). Finally after being validated by forbes everyone was willing to lend him money and he became an actual billionaire.
The U.S. media has never accepted that Trump became President, they will seem to unearth and sponsor every issue and propaganda on Trump every day. But they will never achieve. They will be surprised in 2020, when Trump wins again, not only in electorl college vote but also in the popular vote.
A person can apply to be declared bankrupt, and a court can declare someone bankrupt after petition by either the public prosecutor or a third party. If someone applies to be declared bankrupt, you just know they are hiding sth for business reasons. The Trump reality TV show alone was enough to make him a multimillionare leave alone the businesses.
Drumpf lives in the US. You can either file for Chapter 11 (corporations only) or Chapter 7 (personal) bankruptcy. He has never filed for personal bankruptcy. He has filed Chapter 11 bankruptcy for his companies six times.
[INDENT]“Chapter 11 bankruptcy allows companies to restructure or wipe away much of their debt to other companies, creditors, and shareholders while remaining in business but under the supervision of a bankruptcy court.” [/INDENT]
I’m not even sure what your point was.
There are two types of corporate bankrupcy; voluntary or involuntary. Voluntary happens when the debtor petitions the bankrupcy court, to be declared bankrupt so that to protect own assests from being liquidated by the creditor. Else, its creditor who files for a debtor to be declared bankrupt for the creditor to dispose the debtors assests. For Trump, all were voluntary and he did so, to protect his assets and to change the terms of paying the debt. By renegotiating the terms and altering the periods for repayment. It did not mean he was broke but pretended to be.