Trump’s long list of failed businesses began with the Taj Mahal Hotel and Casino in Atlantic City, New Jersey. This was the first of many bankruptcies declared by his companies. In 1987, Trump was accumulating stock in the unfinished hotel and told New Jersey State Regulators that he could finance the $1 billion of the hotel with money borrowed from the banks at then Prime Interest rate of 8%, rather than the high junk bond rate that was normally attached to such a project.
He said the banks would finance the project at prime because he was Donald Trump and that his reputation, partially founded on his own self promotion, made him such a desirable business partner. The regulators gave him the green light to go ahead with the acquisition, but the loans at prime never materialized. Instead he was forced to take out junk bonds At 14 %
In 1990 the Taj Mahal opened, but months later in 1991, the hotel was forced to declare bankruptcy. The ongoing debt from his two other casinos and the Taj Mahal were too much for him. Trump was the sole owner of The Trump Taj Mahal. He was personally on the hook for $833 million according to the New Jersey Casino Control Commission. In March 1992 his remaining two casinos declared bankruptcy. Trump was forced to sell off many of his personal assets and give 50% of his holdings in the three casinos to the lenders. He was allowed to maintain his licenses and the banks effectually allowed him to avoid personal bankruptcy.
Trump was taking his use of personal promotion and lies to a new level. As he went on to build his brand he attracted more and more of a following. This accelerated with the introduction of the first of his Reality T.V. shows, (The Apprentice) in 2004 and was followed up by the introduction of (Celebrity Apprentice) in 2008. His mantra “Your Fired”, proved successful.
Trump’s political aspirations improved when, in the weeks leading up to the election, Anthony Weiner, husband of Huma Abedin, Clinton’s close advisor, brought a scandal to the campaign. Pictures of Mr. Weiner’s genitalia, that he had put in emails, were circulated.
Then there were the leaked emails and the revelation that then Secretary of State Clinton had government emails on her personal server. This was followed by a news story that broke telling of a meeting between former President Bill Clinton and then Attorney General, Loretta Lynch, while both were waiting to depart from Phoenix Sky Harbor International Airport. Attorney General Lynch was investigating Mrs. Clinton’s use of her personal computer at the time.
Clinton made a statement to the effect that “all of Trump’s followers are a bunch of deplorables”. I have always felt that if she had said “many of Trump’s followers are deplorable”, it would not have had nearly as negative an effect as it had. The constant drumbeat of “Benghazi” that some Republicans kept alluding to, kept a negative story from Clinton’s time as Secretary of State in the news.
On October 28 2016, just days before the election, FBI director James Comey made a bombshell statement to the press that he had reopened the probe of Mrs. Clinton’s emails. This might have been the straw that broke the camel’s back.
At the same time President Obama, withheld information regarding an investigation into Trump’s involvement with the Russians. In an effort not to put his thumb on the scale, days before the election, President Obama omitted telling the American people something that affected the outcome of the election.
The former President was as surprised as anyone when he won the 2016 election. After all, Clinton still maintained a 6 point lead in the polls, on the morning of the election. She went on to win the popular vote by 3 million votes, but was prevented from winning the election because of a series of mostly unrelated events. This was not Trump’s election to win, but Clinton’s to lose. RJB
Research from the Washington Post
Robert O’Harrow Jr. January 18th 2018