A comprehensive report in Newsweek published Tuesday catalogues Trump’s ruinous record of business failures and casts dubious light on the very things that have formed the cornerstone of his campaign, namely, his purported wealth and record of success.
As Kurt Eichenwald writes, “for all his boasting of his acumen and flaunting of his wealth, the self-proclaimed billionaire has often been a lousy businessman.”
Trump’s record of multiple business failures and bankruptcies has been duly noted before now, but Eichenwald’s report cogently makes the case that his boastfulness and egomania are inextricably linked to his often disastrous professional decisions. He writes:
Lost contracts, bankruptcies, defaults, deceptions and indifference to investors—Trump’s business career is a long, long list of such troubles, according to regulatory, corporate and court records, as well as sworn testimony and government investigative reports. Call it the art of the bad deal, one created by the arrogance and recklessness of a businessman whose main talent is self-promotion.
Eichenwald also discusses how Trump’s “net worth is almost unknowable given the loose standards and numerous outright misrepresentations he has made over the years.” In fact, he writes that records show that in 2004, when Trump was seeking a loan from Deutsche Ban, the bank put his net worth at $788 million — obviously below the threshold that would qualify him as a “billionaire” reports mediaite.com.