“You know, when I was working on this speech, i had the same experience I had when I was working on the speech I gave about foreign policy and national security,” she said, before talking about Trump’s tax plan. “I’d have my researchers and my speechwriters send me information, and then I’d say, ‘Really? He really said that?’ And they’d send me all the background and the video clip… So here it goes.”
Oliver and his shell company bought the debt, he said, for half a cent on the dollar, the result of the long and circuitous path of trading, bundling, and revaluing that debt undergoes as a traded commodity — the same process that makes aggressive collection of such debts so profitable.
It was the beginning of Trump having to relinquish his stakes in a host of enterprises—and by 1991 the Trump Taj Mahal was in Chapter 11 bankruptcy, the first of what would become four business bankruptcies. He later sold stock in his casinos, where investors not only lost their shirts, but during the fourth bankruptcy case creditors successfully demanded that Trump get lost. These days Trump licenses his name for much of his revenue.
For years Donald Trump has boasted about what a great president he would make, while never actually running for any elected office himself. That came to an end Tuesday. As he enters his first political campaign, here are five things from The Donald’s formidable career to keep in mind.
By Nathan Bomey, Matt Helms and Tresa Baldas, Detroit Free Press DETROIT — Detroit’s most vociferous bankruptcy opponent said Wednesday the city cannot legally justify treating pensioners better than financial creditors and said it wants to be paid 75 percent of what it’s owed. In a dynamic exchange, Bankruptcy Judge Steven Rhodes demanded that Marc […]
By Nathan Bomey, Detroit Free Press DETROIT —Â An investor group offered to loan the City of Detroit as much as $4 billion — up from a $2 billion offer in April —Â to help the city pay off creditors, reinvest in services and emerge from Chapter 9 bankruptcy. But the deal would require the city to […]
By Alana Semuels, Los Angeles Times DETROIT — In the year since this city filed for bankruptcy, becoming the largest municipality ever to do so, leaders have adopted a more optimistic tone about the future, pledging to fix streetlights and attract new residents and jobs. But Eric Byrd isn’t buying it. “No change round here […]
By Matt Helms and Mark Stryker, Detroit Free Press DETROIT — Saying the fate of the Detroit Institute of Arts and easing pension cuts in Detroit’s bankruptcy are critical to the city’s future, representatives of Detroit’s three automakers on Monday committed $26 million to the grand bargain on which much of the city’s exit from […]
By Nathan Bomey and Matt Helms,Â Detroit Free Press DETROIT â Judge Steven Rhodes on Friday approved a settlement between Detroit and two global banks over a disastrous financial bet engineered by former Mayor Kwame Kilpatrickâs administration. Rhodes â who had rejected two previous settlements as too generous for UBS and Bank of America â ruled […]
By Lisa Du, Newsday MELVILLE, N.Y. — Sbarro LLC, the Melville-based pizza chain ubiquitous in mall food courts, filed Monday for bankruptcy protection for the second time in less than three years. In a news release, Sbarro said the Chapter 11 filing is designed for a quick exit from bankruptcy as the company’s management embarks […]
It’s hotter than Dante’s nine rings of hell outside. Crank up the fans, and pass the pile of books. Most of us have triggers for childhood memories. These dog days of summer do it for me. During the precious weeks of summer vacation, I’d pedal my bike back and forth to the library in a […]
The greatest empire in the history of the world, now a debt-ridden Mediterranean country, faced despair and bankruptcy on Monday as its government awaited a vote of no-confidence and the European Union dragged its feet on delivering aid.