During this heated Presidential election Donald Trump has told us time and time again about how great a business man he is. He claims that he is a self made billionaire due to his success in making deals. However, no one really knows the scope of his wealth because he refuses to release his tax information which is required by every candidate. He may be the first candidate in history to get away without releasing this information. The question remains, "What is he hiding"? You see, the Trumpster does have some successful businesses, but he has also had some real disasters. Here are the Trump-a-zoids Top 5 Business Failures.
5. Trump Airlines: In October 1988, Donald Trump purchased Eastern Air Shuttle, a service that for 27 years had run
hourly flights between Boston, New York City and Washington, D.C. For
roughly $365 million, In the deal he got a fleet of 17 Boeing 727s, landing
facilities in each of the three cities and the right to paint his name
on an airplane. Trump pushed to give the airline the Trump touch, making
the previously no-muss, no-fuss shuttle service into a luxury
experience. He added maple-wood veneer to the floors,
chrome seat-belt latches and gold-colored bathroom fixtures to his planes. Little did he realize is people were flying on these planes for the convenience not the fancy look. This combined
with high pre–Gulf War fuel prices meant the shuttle never turned a
profit. The high debt forced Trump to default on his loans, and
ownership of the company was turned over to creditors. These friendly skies were not so friendly.
4. Trump Vodka: This failed business was introduced in 2006 to a much anticipated boatload of fanfare.. Under the slogan "Success
Distilled," the liquor was touted as the "epitome of vodka" that would
"demand the same respect and inspire the same awe as the legacy and of Trump himself." At the time, Trump predicted
the T&T (Trump and Tonic) would become the most requested drink in
America, surpassed only by the Trump Martini. On Larry King Live,
he said he got into the vodka business to outdo his friends at Grey
Goose. Six years later, Grey Goose is still on top shelves throughout
the country. As for Trump vodka? Yeah, we'd never heard of it either.
The New York City blog Gothamist reports
the vodka has stopped production "because the company failed to meet
the threshold requirements." Trump's company also filed an
injunction to prevent an Israeli company from selling Trump vodka
without his consent or authorization. Meaning the Donald stopped the
only people in world who wanted to drink his vodka from doing so. Today when you go to the liquor store you will not see Trump Vodka. Frankly, I don't ever remember seeing it.
3. Trump Mortgage: In April 2006, the Trumpster announced that, after years in the real estate
business, he was going to launch a mortgage company. He held a glitzy press
conference (no surprise there) at which his son Donald Jr. predicted that Trump Mortgage
would soon be the nation's No. 1 home-loan lender. Trump told CNBC, "Who
knows more about financing than me?" Apparently, plenty. Within a year
and a half, Trump Mortgage had closed and gone belly up[. The would-be lending
powerhouse was done in by poor timing of the declining housing market
and ironically enough, given Trump's Apprentice
TV show, poor hiring. The executive Trump selected to run his loan
company was E.J. Ridings who claimed to have been a top executive at a
prestigious investment bank. In reality, Ridings' highest role on Wall
Street was as a registered broker, a position he held for a mere six
days. I guess the Trumpster didn't check references on this hire. A first year manager knows to do this.
2. Trump: The Game: Many of you may not have heard of Trump The Game. Back in 1989, the Trump - U- Later teamed up with Milton Bradley to release Trump: The
Game, a Monopolyesque board game in which three to four players must buy
and sell real estate and try to trump (get it) one another in business deals. A
year later Trump admitted the game was vastly underselling the predicted
2 million units he and the toy company had hoped for. Not one to
abandon ridiculous ideas, Trump brought the game back 15 years later after
his success on The Apprentice, making sure to incorporate the
series catchphrase "You're fired!" into the game. Other updated features
included a sterner-looking Trump on the box cover, somewhat simpler
rules and cards with business tips. Enduring feature? The considerable
tack factor of a Donald Trump board game. If you check out the board game area in Toys-R-Us, you will not see Trump: The Game. I'm not sure I want the business tips either.
1. Trump Casinos: In business, gambles don't always pay off and neither did some of Donald Trump's gambles, especially when that
gamble is gambling itself. In February 2009, Trump Entertainment Resorts
Inc. filed for Chapter 11 bankruptcy protection for the third time in a
row which is an extremely rare feat in American business. The casino company,
founded in the 1980s, runs the Taj Mahal, the Trump Plaza and the Trump
Marina. All three casinos are located in Atlantic City, N.J., where the
gambling industry has faced a decline in tourists who prefer gambling in
Pennsylvania and Connecticut instead. Trump defended himself by
distancing himself from the company, though he owned 28% of its stock.
"Other than the fact that it has my name on it — which I'm not thrilled
about — I have nothing to do with the company," he said. He resigned
from Trump Entertainment soon after that third filing. In August of
that year he, along with an affiliate of Beal Bank Nevada, agreed to buy
the company for $100 million. The company reported it emerged from
bankruptcy in July 2010.
There you have it, the Top 5 business failures of Donald Trump. When you really look at this it is obvious that this man has no vision of market trends. He starts businesses that quickly fail because he cannot read where the economic trends are taking our country. I don't think I want a President who lacks this ability. I don't want a President who fails to peer into the future based on economic trends and facts. I don't want this ass clown to be my President. Make no mistake, Donald Trump has no real plan for the economic future of America. Frankly, I'm really getting sick and tired of the Trumpster saying he can do it and do it good. Yea, I can say that too.
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6 months ago