LTRsubNW -> RE: Low Income Dominants. (7/27/2006 3:13:47 PM)
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quote:
ORIGINAL: Lordandmaster It IS true. This is stupid. Do you think I'm "richer" than someone who earned $20,000 a year in 1810 just because I earn a lot more than $20,000 a year today? Donald Trump's father, Fred Trump (who died in 1999), founded the Trump Organization and covered his son's outrageous debts and failures. Besides, NO ONE claims that Donald Trump's current net worth is $6-9 billion. Only LTRsubNW on Collarme claims that. Forbes has his net worth below $3 billion. And if you're seriously interested in the mysteries of Trump's net worth, and not just starting a pissing contest with someone who seems to know the facts a little better than you do, you might find this article very interesting: http://www.nytimes.com/2005/10/23/business/yourmoney/23trump.html?ex=1287720000&en=f6a28aab39166801&ei=5090&partner=rssuserland&emc=rss You might find it illuminating to talk to some of Trump's creditors, too. It's really rather immaterial whether or not Trump is worth 3 billion, 6 billion or 9 billion don't you think? The issue was that (according to you) "He was born even richer than he is now". No matter how you slice it, you were wrong, you're still wrong, you'll be wrong tomorrow and you'll be wrong no matter how you continue to debate the subject. He wasn't, under any circumstances, born richer than he is today. You can use the national CPI ("Consumer Price Index"), you can use the NY state CPI and you can even use the NY City CPI as some measure that under current valuations he's worth less today than 20 some years ago. Hell, you can even use Venezuela's CPI...it still doesn't change the fact that your original premise was, and remains false. If you care to use some other measure, such as "Trump was born with a silver spoon" or "Trump was born to advantage and used it to garner his current status"... I'd agree with you. Who could debate that? Who would be foolish enough to do so? I certainly wouldn't. It would be false. However, he was not (as you've stated) born richer than he is now, nor was he born richer than his current asset value would indicate. Under any measure. I have no problem with the concept behind your statement. It's actually, to some degree, quite valid. The idea that he was given priveledge and manipulated it (quite well, I might add) to create what we all now assume about him, is fairly well known. That wasn't, however, what you said...now was it? Those that have done some reading about his past (as you appear to have) know quite well that his father gave him a significant apartment project (I believe somewhere in NY/on the island...where is equally immaterial), it was a fairly troubled project and he manipulated it during construction with his now well known finesse, (sp?) and did well enough that Dad gave him a few more opportunities to grow, to the point wherein which he was able to accumulate enough financial, as well as political, capital to push for the first project of his own where he built a 60 story property (which actually wasn't 60 stories...he simply neglected to "sign" on the elevators approx. 10 stories between 38 and 48...there weren't actually 60 stories...however, a "58 story condo" does tend to have more cache' than a 48 story condo, ergo, price...{yep...he lied}) on a rather decrepit street, not well known for much more (at the time) than drug deals and heroin addicts, petitioned the city to change the name to "The Avenue of America's", sold the top third of the building (that he built {the whole thing} for approx. 82 million dollars) as condos...for 117 million dollars (which, after commissions, advertising, etc., left him with full ownership of the remaining floors...and an approx. 14 million dollar profit {which kinda covered his taxes on the whole gig}), kept the top two floors for himself and Ivanna (which she ended up keeping years later, as you no doubt read), and in 1983 or 4 (I can't recall exactly) was left with the remaining 35+ some odd floors (the first 7 devoted to retail, the remaining devoted to office space) paid for entirely by the sales he achieved to people who ,on a global scale, unusually believed his name signified prestige and quality, charging the singularly (at the time) most expensive rents on the planet (for the retail areas...higher than Hong Kong, at the time the highest rents in the world, which as an aside, his bankers said he'd never get away with), to clients who were (and are) globally known as tenants that would survive only at the best address. (Who, by the way I should note, after 20 some years...have continued to re-sign their leases). Today that area is one of the more prosperous sections of NY, moreover it's where many of the best known developers in NY have followed Trump to manufacture significant profits, and as well, changed the tax structure to the benefit of the city many thousands of times over since the early 80's. But I digress.... I believe you were trying to suggest that you weren't ignorant. Please continue.
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