Fun Facts:
“I violate the Prohibition law — sure. Who doesn’t?…There’s only one thing worse than a crook, I think, and that is a crooked man in a big political job, a man who pretends he is enforcing the law and is really making dough out of breaking it. Even a self-respecting hoodlum hasn’t any use for that kind of fella.” — Al Capone
Kenneth Lay left behind “a legacy of shame” characterized by “mismanagement and dishonesty”. In 2009 a list posted on Portfolio.com ranked Lay as the third-worst American CEO of all time. His actions were the catalyst for subsequent and fundamental corporate reform in regard to “standards of leadership, governance, and accountability”.
On Dec. 10, 2008, Bernie Madoff confessed about his Ponzi scheme to his sons Mark and Andy, who worked at their father’s firm. According to Madoff, “They immediately left and went to a lawyer. The lawyer said, ‘You gotta turn your father in,’ they went, did that, and then I never saw them again.” Bernie Madoff was arrested on Dec. 11, 2008.
“Nobody knows more about debt. I’m like the king. I love debt.” – Donald Trump
“My net worth and the value of the Trump name is whatever I want it to be. It’s up to others to prove me wrong” – Donald Trump
“I took advantage of the tax code and the system and that makes me very smart, even a genius” – Donald Trump
Donald Trump Failed Business Ventures:
Trump Shuttle Airlines – launched in 1989, defaulted on loans in 1990 and ceased operations 1992.
Trump: The Game – a Monopoly like board game. Launched in 1989 and discontinued in 1990.
Trump Taj Mahal, Atlantic City – Filed for Chapter 11 Bankruptcy 1991
The Trump Plaza, Trump Castle, Trump Plaza Hotel – Filed for Chapter 11 Bankruptcy in 1992
Trump Hotels & Casino Resorts – Founded in 1995, Filed Chapter 11 Bankruptcy in 2004. Renamed Trump Entertainment Resorts, Inc. in 2004, declared Chapter 11 bankruptcy in 2009.
Trump University – Founded 2005. Ceased operations in 2011 amid lawsuits and investigations regarding its business practices. In 2013, the New York Attorney General sued Trump and the “university” for $40 million for allegedly defrauding students.
Trump Mortgage, LLC – Founded 2006, ceased operations in 2007. Trump’s tagline – “Who knows more about financing than me?”
GoTrump.com Travel Site – Founded 2006, ceased operations in 2007.
Trump Steaks – Founded in 2007, discontinued sales after 2 months.
Trump Magazine – Launched in 2007; ceased publication 18 months later.
An analysis of regulatory reviews, court records, and security filings, reported in 2016 that Trump “put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses, and other payments. “The burden of his failures fell on investors and others who had bet on his business acumen.”
Due to his many bankruptcies and tendency to not pay his contractors and suppliers in full, most Trump businesses today operate on a Cash In Advance of Delivery, meaning that goods and service have to be paid before they are delivered.
