USFL
- Thread starter COUGinNCW
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I seriously don't get the obsession with Trumps business failures. Most businesses fail, the ones that make it are the exception. He has had his hand in a lot of different ventures. Oh, and he's a multi-millionaire, still.
I feel like if anything his failures in business speak more to a reckless/ gambling side of him than a mismanagement side.
Reckless with your own business is one thing, especially when you get a choice of who you get to do business with. Being reckless with the US and World economy is another thing but I guess that’s what he was elected to do? A lot of voters may wish they had a mulligan, I certainly know a lot if them that are seriously questioning where things are going but we’ll see.
Ok, but this is what's always brought up about him - his "failures" as a business man.
I've not done the research because honestly I just can't be bothered and don't care, but... is he unethical in his business dealings? (outside of what is standard unethical practices... I don't use that as an excuse, but when you objectively look at finance and big business its dirty as hell, ie sub-prime mortgages.) That would be the indicator, to me.
And for what its worth, and I think this was mentioned in another thread - he's not driving this ship. I don't believe he has the acumen to manipulate world markets knowledgably. Who in his cabinet does?
He (or the USFL) sued the NFL as I recall. Antitrust I believe. Won but the damages were $1. He had or has the check framed somewhere.
Here you go.
Garber: The $3.76 antitrust lawsuit
$3.76 was the USFL's prize for beating the NFL in court.
www.espn.com
Just my opinion, but the obsession goes well beyond his business failures.
People’s criticism isn’t just about the fact that some of his ventures failed (which you're right is common in entrepreneurship), it's the patterns, ethics, and consequences tied to those failures, especially when he’s held up as a business genius deserving of leading a nation.
He’s been involved in over 500 companies, and while some succeeded others failed spectacularly. His casino bankruptcies are well publicized. Trump has a pattern of overleveraging, where he borrowed heavily, often on shaky foundations, and left others holding the bag when things went south. Banks, bondholders, and contractors lost out, while Trump often walked away relatively unscathed, thanks to legal protections and restructurings. His “reckless/gambling side” isn’t a quirky strength but a liability that screws over employees, investors, and small businesses like the contractors he has repeatedly stiffed on payments.
I'd also say there's a difference between being ultra-cutthroat in business and just preying on vulnerable folks like students, donors, workers while hyping his own brilliance. The Trump University scandal and the Trump Foundation scandal are examples of defrauding people of millions of dollars.
He inherited a huge amount of wealth and he's likely lost value by being an active entrepreneur rather than just a passive investor. At the end of the day he's just a dude who likes to gamble with other people's money, and he's never accountable when things blow up. The “obsession” isn’t about failure being unusual, it’s about a guy who touts himself as a genius while leaving a trail of wreckage, ethical scandals, ruined lives and exaggerated success stories.
He’s been involved in over 500 companies, and while some succeeded others failed spectacularly. His casino bankruptcies are well publicized. Trump has a pattern of overleveraging, where he borrowed heavily, often on shaky foundations, and left others holding the bag when things went south. Banks, bondholders, and contractors lost out, while Trump often walked away relatively unscathed, thanks to legal protections and restructurings. His “reckless/gambling side” isn’t a quirky strength but a liability that screws over employees, investors, and small businesses like the contractors he has repeatedly stiffed on payments.
I'd also say there's a difference between being ultra-cutthroat in business and just preying on vulnerable folks like students, donors, workers while hyping his own brilliance. The Trump University scandal and the Trump Foundation scandal are examples of defrauding people of millions of dollars.
He inherited a huge amount of wealth and he's likely lost value by being an active entrepreneur rather than just a passive investor. At the end of the day he's just a dude who likes to gamble with other people's money, and he's never accountable when things blow up. The “obsession” isn’t about failure being unusual, it’s about a guy who touts himself as a genius while leaving a trail of wreckage, ethical scandals, ruined lives and exaggerated success stories.
Sounds like a typical wall street guy. How many from Bear Stearns, Goldman, etc walked away less enriched after 2008?
Again, not defending but it doesn't really move the needle for me when you look at the business culture as a whole.
I agree with most of you. If he wasn't trying to use his "business principles" to govern, and was just doing his own business thing, then I would not care. Reckless behavior sometimes works in the business world, and if it is mostly involving other people's money, the penalties for failure are relatively slight. Unfortunately, his lack of knowledge is now hurting the country's economy (heck, it is hurting the world's economy), and since his second term cabinet are mostly unqualified yes people, there are no guard rails as there were in his first term. DGib, I think you are right, and at least in my case, the money I am losing due to the tariff tax on our existing construction projects (for which costs have gone up and we have no way to recoup from the owner) is making the taste in my mouth for having a Peter Principle President more and more sour.
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