Trump is a Below Average Businessman


When Trump first introduced himself to the country as a politician, he listed his net worth at $10 billion. Previously, he had sued the NY Times for publishing his worth as less than $1 billion. Commenters on this blog marveled at the skill, wisdom and talent of this "extraordinary" man. 

Now, a judge has determined Trump systematically under and overstated his assets in order to avoid paying taxes and to get loans. As I understand it, this will bar him from owning properties in the State of New York where he owns property. That he conducted his business in a dishonest way was illustrated in his Trump University gambit where he took millions from gullible students and gave nothing in return. It, like some other of his enterprises to come, was shut down.

I know I'm retiling old ground when I point out the absurdity of Trump's "business accomplishments," but it is worth a review. The famous business publication, Forbes, estimates Trump would be worth about half a billion more today if he had simply put the inheritance he received from his father and invested it in a conservative mutual fund. Doing the numbers in my own rough way I come out with a similar conclusion. The Forbes article published a few years ago and it seems clear Trump's properties have gone south some since then. 

Taxes and banks are a big part of all corporate life. Managing these as much a part of corporate life as other variables. In today's news we see Trump had no skill whatsoever in handling his taxes and relationships with banks. Perhaps a more skilled operator would have understated earning and overstated the value of assets just a bit and only once in a while. Apparently Trump was so clumsy about these matters he invited scrutiny. Now the law has come down hard on him. New York City is filled with wheeler dealers and developers who have not been banned from doing business there as has Trump. This has to be the product of an unskilled person.

It is widely known that Trump has stashed away several million dollars in personal accounts he will try to keep separate from his corporation. When the wall of his businesses come down I wonder if he will share whatever he has hidden away with his children. Ivanka has taken care to keep her own personal fortune away from her father. The adult sons may not be so smart or fortunate.

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