Silently digging up Trump's bankruptcy history, it’s simply a lifelong VIP member of the 'debt roller coaster'.
From 1991 to 2020, his companies filed for bankruptcy protection six times, each time managing to toy with creditors and continue his 'bankruptcy veteran' antics.
Trump's bankruptcy history can be described as 'how to elegantly make creditors foot the bill', perhaps this is the live version of 'The Art of the Deal'.
🔺The story begins with the 'iron triangle' of Trump-style bankruptcy, the three casinos in Atlantic City. I wonder if Trump recalled his first bankruptcy when visiting the Taj Mahal.
In 1990, when the Taj Mahal Casino opened, Trump managed to build the 'Eighth Wonder of the World' (of course, self-proclaimed) under a 14% high-interest loan. As a result, a year later, $3 billion in debt literally crushed the casino, forcing Trump to sell his yacht and airplane.
An exciting twist came when Trump transferred the $830 million personal guarantee debt entirely to the company, pressing creditors to 'voluntarily' convert debt to equity at the negotiation table, while he pocketed a few million in annual salary from the casino—others jump off when bankrupt, he jumps onto a gilded helicopter.
🔺Immediately after, Trump faced two consecutive bankruptcies in 1992, with the Trump Plaza Hotel and Castle Casino both collapsing, all citing 'borrowing too much, earning too little' as the reason.
With the experience from his first bankruptcy, this time Trump played even more extravagantly: he immediately handed 49% of the equity to six banks, then sold the hotel to a Saudi prince, keeping the title of president while continuing to make a splash—only this time without taking a salary.
What kind of bankruptcy is this? Clearly a 'creditor poverty alleviation plan'!
In the following twenty years, Trump turned Chapter 11 (bankruptcy law) into a cheat code (allowing companies to formulate restructuring plans to repay debts while continuing operations).
🔺2004: Trump Hotels & Casinos Resorts declared bankruptcy with debts of $1.8 billion, and Trump transferred his equity to bondholders.
🔺2009: Trump Entertainment Resorts filed for bankruptcy with debts of $531 million due to the financial crisis, and Trump resigned as chairman, reducing his stake to 10%.
🔺2014: Trump Entertainment Resorts filed for bankruptcy for the third time, ultimately selling or shutting down its assets.
🔺2020: The Trump hotel in Vancouver, Canada, went bankrupt due to operational difficulties.
Six bankruptcies all follow a familiar formula: daring to borrow junk bonds at a 14% interest rate, daring to poke a $3 billion hole, this gambling-style management combined with a narcissistic personality—no wonder Trump became a living advertisement for bankruptcy law—after all, a regular businessman should stop after two bankruptcies, only Trump can practice his artistic signature on bankruptcy documents while going bankrupt.
Now this 'God of Bankruptcy' has taken over the White House, wielding tariffs more fiercely than when he borrowed at high interest rates.#CPI数据来袭 #BTC重返12万
