Greedy Trump socks it to "friends and family" in Chicago (vote, campaign)

[WRnative]

A Chicago friend told me about this, and said that nobody in Chicago real estate development would trust Trump in a business relationship.

<<“It shows you can't take the man for his word,” says Benson, a real estate consultant and developer who ended up paying $595,000 for a 49th-floor condo that Trump originally agreed to sell for $542,000....

Radler took Trump up on his friends-and-family offer, agreeing to pay $1.7 million for a condo and two parking spots in the building. But when Trump decided to back out of the deal, a Radler venture sued Trump's development venture to block the move. In the end, Trump honored his original agreement, Radler says.... >>

http://www.chicagobusiness.com/artic...namesake-tower

Trump has a history of breaking contracts and forcing aggrieved parties to sue in order to enforce the contract.

Would you loan money to Donald Trump? Note that Trump sued Deutsche Bank for $3 billion in damages when Deutsche Bank tried to enforce its loan contract on the Chicago Trump tower. Deutsche Bank in subsequent court proceedings turned Trump's own words against him, showing his willingness to renege on loan agreements.

<<Trump took on another group—his financial backers. Unable to pay off a maturing construction loan from a bank group led by Deutsche Bank, he sued them in 2008 for more time, citing a “force majeure” clause in his loan agreement. Such clauses are designed to give borrowers relief in the case of unforeseen, cataclysmic events, like floods or wars, but Trump argued that the financial crisis qualified. He also sought $3 billion in damages....

[Deutsche Bank] cited one passage where Trump writes that he “love(s) to crush the other side and take the benefits,” and pulled out another in which he explained his strategy for dealing with lenders in the 1990s: “I turned it back on the banks and let them accept some of the blame. I figured it was the bank's problem, not mine. What the hell did I care?”

If you wouldn't enter into a contract with a guy, why would you vote for him as President?

[stburr91]

Trump isn't running the day-to-day operations so all of this nonsense that Trump did, this, Trump did that is just foolish.

[voiceofreazon]

..and people think he's this great business leader and an expert on the economy
The only thing Trump is good at is marketing.

[WRnative]

Originally Posted by stburr91

Trump isn't running the day-to-day operations so all of this nonsense that Trump did, this, Trump did that is just foolish.

Read the article.

Trump led the sales pitch to "friends and family."

Here's another article about Trump's actions in Chicago, noting that Trump even socked it to the individual who sold Trump the development site for Trump's Chicago tower. I wonder how many hits a search for "ex-pal Trump" would produce?

<<Mr. Radler has sued Mr. Trump over the New York developer's decision to terminate a $1.7-million contract Mr. Radler signed for a condominium and two parking spots in the Trump International Hotel & Tower. Mr. Radler was one of a few dozen people who agreed to buy a condo at a discount under a special "friends and family" program, only to have Mr. Trump tear up their contracts later, denying the buyers a chance to profit on the rising value of their units....

Now, Mr. Radler wants a judge to enforce the purchase contract for his condo in the yet-to-be completed Trump tower -- the second such lawsuit filed in the past six months. Mr. Radler's two daughters, who agreed to pay $688,000 for a condo and parking space in the project, are also listed as plaintiffs in their father's lawsuit, which was filed last month in Cook County Circuit Court.

Dozens of Mr. Trump's business associates participated in the friends and family program, which helped him generate the early sales he needed to get financing for the project. Buyers in the program received a 10% discount on their units and put down deposits of 5%, vs. the 15% required from other purchasers. They also were allowed to flip their units to another buyer before the tower opened.

"Now that the market value of the units has risen significantly, (the developer) has embarked on a campaign to terminate the discounted friends and family sales in direct contradiction of its pre-sale promises and in violation of its binding contractual obligations," the complaint says.>>

http://www.chicagobusiness.com/artic...s-ex-pal-trump

You believe that Trump didn't know when "friends and family" were being screwed, despite all of the publicity?

And you believe when Deutsche Bank sued him on his personal loan guarantee of $40 million, he didn't know?