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Bannon clears up some common myths about himself and Trump, weighs in on the EU (he's been traveling all over Europe) and Brexit. The female cohost is a bimbo and not that well liked in the UK. Set dressing. Lots of lively debate though. Hard to get a word in edgewise with Steve the chatterbox. He's also looking slimmer. Clean shaven, too!
Except that Trump has a long history of using bankruptcy law to avoid assuming "the risks of a business or enterprise".
That isn't exactly true, Donald Trump has started over 500 businesses in his lifetime and I believe 5 of them them have gone through bankruptcy protection. That's incredibly successful odds for anyone starting a business, those who have never owned or run a business are the only ones who look at that record and see anything but success.
That isn't exactly true, Donald Trump has started over 500businesses in his lifetime and I believe 5 of them them have gone through bankruptcy protection. That's incredibly successful odds for anyone starting a business, those who have never owned or run a business are the only ones who look at that record and see anything but success.
That isn't exactly true. He has served as an executive of 500 companies. That doesn't mean he started 500 companies. And how successful were his casinos in Atlantic City?
Bannon has an MBA from Harvard. He knows what an entrepreneur is. You are the one who is confused, dear.
From Merriam-Webster dictionary:
Definition of entrepreneur : one who organizes, manages, and assumes the risks of a business or enterprise
Traditionally I'd agree. However, trump is self serving. The casinos are a prime example. He drove them into the ground, personally profited, his investors got wiped out. I personally always make sure my investors are paid back, I get paid last. When you take investor money you have a duty to protect it more so than your own.
Our society is too liberal in its usage of entrepreneur. I know people running around calling themselves entrepreneur when they've never actually accomplished anything, other than pissing away investor money and somehow keep finding investors.
The term trump likes is "self made" however even that doesn't explain him. His dad was self made, he inherited enough money from his dad that if he's not a billionaire today, he's bad with money.
Quote:
Originally Posted by TheMoreYouKnow
That isn't exactly true, Donald Trump has started over 500 businesses in his lifetime and I believe 5 of them them have gone through bankruptcy protection. That's incredibly successful odds for anyone starting a business, those who have never owned or run a business are the only ones who look at that record and see anything but success.
No, he hasn't started 500 businesses.
Real estate often involves a separate LLC per property. Each apartment/hotel might have multiple (one for property, one for equipment, one that employs the workers). Each LLC is not "starting a business" but rather about risk management.
I have 6 LLCs (I think) wholly owned and one 50/50. Only two of those employ people. I have two business, but 6.5 LLCs. The rest merely hold assets. Going back to risk management, if one that employs people ever gets sued I can just shut it down and open another and really have lost nothing. At the same time with a proper structure if I personally get sued I can't get away as clean and clear as a separate LLC but I can leverage that for them to settle for pennies on the dollar.
Traditionally I'd agree. However, trump is self serving. The casinos are a prime example. He drove them into the ground, personally profited, his investors got wiped out. I personally always make sure my investors are paid back, I get paid last. When you take investor money you have a duty to protect it more so than your own.
Our society is too liberal in its usage of entrepreneur. I know people running around calling themselves entrepreneur when they've never actually accomplished anything, other than pissing away investor money and somehow keep finding investors.
The term trump likes is "self made" however even that doesn't explain him. His dad was self made, heinherited enough money from his dad that if he's not a billionaire today, he's bad with money.
No, he hasn't started 500 businesses.
Real estate often involves a separate LLC per property. Each apartment/hotel might have multiple (one for property, one for equipment, one that employs the workers). Each LLC is not "starting a business" but rather about risk management.
I have 6 LLCs (I think) wholly owned and one 50/50. Only two of those employ people. I have two business, but 6.5 LLCs. The rest merely hold assets. Going back to risk management, if one that employs people ever gets sued I can just shut it down and open another and really have lost nothing. At the same time with a proper structure if I personally get sued I can't get away as clean and clear as a separate LLC but I can leverage that for them to settle for pennies on the dollar.
Trump could have put his inheritance in an index mutual fund and sat on it and he'd have more money today.
Trump could have put his inheritance in an index mutual fund and sat on it and he'd have more money today.
You're a financial advisor or investment banker? Unlike many spoiled rich kids, Trump likes being busy and building things, setting goals and reaching them. He is a workaholic, unlike most people on this forum. He created jobs for tens of thousands of people and became rich and famous and is now the most powerful person on the planet. A mutual fund couldn't do that.
Anyone who wants to know what really happened with the casinos should read Trump's books. I think it's book two and three since it was over a period of years. Most people are too lazy to read books.
Trump could have put his inheritance in an index mutual fund and sat on it and he'd have more money today.
And tens of thousands fewer people would have jobs if he did that as greedy Wall Street investors built his wealth vs. building up his company. There's something to be said about Trump being successful companies providing meaningful employment to over 22,000 employees. That has a FAR greater economic footprint than merely investing his money would have brought about.
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