epiphiny43
Posts: 688
Joined: 10/20/2006 Status: offline
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quote:
ORIGINAL: tweakabelle Anyone who still has some belief in The Mop's business skills and talents ought to read this piece, which reviews Trump's performance managing his Atlantic City casinos relative to the performance of other Atlantic City casinos at the same time. "The average headcount at Trump’s Atlantic City casinos declined by 50 percent during the period, from 4,926 employees in 1997 to 2,463 in 2010, for a mean loss of 2,463 per location. The average non-Trump casino, by contrast, lost 35 percent of its employees, dropping from 4,468 to 2,921 for a loss of 1,547 jobs. In other words, Trump lost an average of about 900 more employees per casino than his competitors, a 37 percent difference. As for their financial performance, average revenues for Trump’s casinos fell 42 percent, from US$377 million in 1999 to $220 million in 2010. Revenue at the average non-Trump casino, by contrast, declined 27 percent in the same period, from $394 million to $286 million. While the entire Atlantic City casino industry suffered as neighboring states like Pennsylvania and Connecticut eased gambling laws, Trump’s performed significantly worse, as their revenue on average fell $50 million per casino more than his rivals’ – or a third more. These findings are statistically significant, meaning that the Trump casinos’ poor performance was not random. It had something specifically to do with how they were run. [....] His casinos were not the “best” and not even “average” – they were the worst. Trump did not get rich in Atlantic City because the casinos were profitable in this period. Instead, his wealth came in part from causing the casinos to borrow heavily and then slashing that debt in Chapter 11 bankruptcy." http://theconversation.com/can-trump-create-millions-of-jobs-dont-bet-on-it-66104 Far from being a business 'genius' as Trump would have us believe, it seems much of his wealth was obtained by manipulating the bankruptcy laws to stiff lenders, stock holders, goods and service suppliers and employees, anyone who had a business relationship with Trump at the time. This is the story of a cheap nasty conman, not a financial or business 'genius'. And WHY aren't Democrats saying this? Or asking why a guy with 3 overlapping trophy wives gets to criticize anyone else family or sex life? Republicans will sling any made up shit they think will stick to the wall. Dems can't make a case with gold plated evidence. Incompetents against criminals. God help us.
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