Trump has built an American empire from Las Vegas to New York with towering hotels and sparkling casinos. Forbes estimates he's worth $2.7 billion. But not all of Trump's business ventures have been constant money-makers. In 1991, 1992, 2004, and again in 2009, Trump branded companies or properties have sought Chapter 11 protection.
"I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on 'The Apprentice.' It's not personal. It's just business," Trump told ABC's George Stephanopoulos last Thursday.
A business declaring bankruptcy is nothing new in corporate America, where bankruptcy is often sugar-coated as "restructuring debt." But it might seem alarming to everyday Americans who can't get a bank to restructure their home loans. If you want to get Donald Trump hot under the collar, accuse him of declaring bankruptcy.
Read the whole sordid story here. It's as much about how the laws are rigged so that people like Donald Trump never have to accept the consequences of their own folly as it is about Trump's own multiple bankruptcies. So here we have a bunch of idiots, many of whom are probably underwater on their own houses if they haven't lost them already, whose own retirement accounts have lost much of their value, supporting a guy who's been able to game the system over and over again for his own advantage.
And they don't even see any irony in this.