Wednesday, June 08, 2016

tRump's Bad Deals

The Art of the Screw:

...This is a fascinating passage. Because this is not Trump's reputation in business at all. Remember that no major banks other than Deutsche Bank (and apparently only one division of DB) will do business with Trump anymore. They've all been burned too often. Trump's actual mode of operation is to cut sharp deals in which he wins and the counterparty gets screwed. If and when they sue, he digs in and tries to wait them out.

Remember the New York City real estate professional who I quoted Monday describing Trump's MO. But even more, listen to how New York Times business columnist Joe Nocera puts it: "In every deal, [Trump] has to win and you have to lose. He is notorious for refusing to pay full price to contractors and vendors after they’ve completed work for him. And he basically dares the people he has stiffed to sue him, knowing that his deep pockets and bevy of lawyers give him a big advantage over those who feel wronged by him..."

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