Sunday, June 11, 2017

Trump:  A true story

TRUMP: A TRUE STORYThe mogul, in a 2007 deposition, had to face up to a series of falsehoods and exaggerations. And he did. Sort of. Hover over the claims above for more informationFrederick M. Brown Getty ImagesTrump actually owned 30 percent, but he gave himself credit for a bigger stake because he had not been required to put up money to get that share: “Because of the fact that I put no money up, that 30 percent is equated to 50 percent.”In reality, Trump was paid $400,000 for the speech. But, he said, advertising for the speech had added to the value of his brand. He believed that with the value of that publicity included, the true payment for the speech was more than $1 million.He didn’t own the building. Somebody else did. Trump had agreed to let his name be used on the building. But, Trump said, this licensing deal was so advantageous to him that it was “a form of ownership.”This was published in Trump's book "How to Get Rich” Trump uses this figure to make his comeback seem even more impressive. But his debt was never that high. Trump shifted the blame, saying co-author Meredith McIver put the number in.Trump acknowledged the actual value of units sold was $956 million but said the units he was “not actively selling,” and keeping as an investment, brought the total to $1.3 billion. Trump's falsehoods often include specific numbers, making them easily disprovable.Even though at least two banks estimated his net worth to be much lower, Trump contended that they must have missed or discounted assets.The memberships to this golf club were being sold for $200,000. Trump said he arrived at the higher number by including yearly fees that members had to pay after joining.Trump was keeping a number of units for himself. The lawyer estimated that closer to three-quarters of the units had been sold. Trump's response was "What would you like me to say, 'Oh, gee, the building is not doing well, blah, blah, blah, come by the building’? Nobody talks that way. Who would ever talk that way?"In an internal document, Trump had valued the property at $366 million. “I guess some people would say that was the value and other people would say maybe not,” Trump said when asked about the discrepancy.Trump was touting that higher value, but he had not made any significant effort to build the homes that the value was based on. “I don't have a plan to build homes, because I don't want to build homes,” he said.Property records indicated it was $1.4 million.Internal documents from the same period put his net worth around $3.5 billion. But he said that figure did not include the value of Trump’s personal brand.He actually got about $4 million in the year in question. Trump said the property was unusually vacant that year because of a turnover in tenants.Trump said he borrowed about $9 million from his father’s estate.Trump was counting people who weren’t actually on his payroll -- employees of his businesses’ subcontractors and suppliers.

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