Too Stupid to Organize Conference Calls
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No, the part about Trump isn't true either.
Romney didn't "turn companies around" - he bought them at distress rates, raided their assets, sold things off in pieces, and put thousands of people out of work in the process. Trump hit a bump at a time when a lot of businesses were hitting the same bump, and had to put a few businesses he had into bankruptcy. Not an uncommon thing to do. That's what it's there for. He has never personally taken bankruptcy. Your characterization of things were dishonest at best, and you damn well know it.
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@Larry said in Too Stupid to Organize Conference Calls:
No, the part about Trump isn't true either.
Trump's Failed Businesses
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Trump Steaks
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GoTrump
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Trump Airlines
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Trump Vodka
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Trump Mortgage
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Trump: The Game
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Trump Magazine
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Trump University
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Trump Ice
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The New Jersey Generals
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Tour de Trump
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Trump Network
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Trumped!
Trump companies that sought bankruptcy protection:
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Trump Taj Mahal
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Trump’s Castle
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Trump Plaza Casinos
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Trump Plaza Hotel
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Trump Hotels and Casinos Resorts
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Trump Entertainment Resorts
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You are counting the businesses that bought the right to use his brand and trying to hang their failure around his neck. You know better than that. He sold rights to his brand. He didn't start those businesses. Don't even try to tell me you didn't know that.
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Larry and Bernie Sanders agree about private equity.
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I imagine it takes a special kind of incompetence to bankrupt a casino.
New York State did it, sort of, with their off track betting business. In that case it was pure corruption.
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I agree there is plenty of baseless Trump bashing but this doesn’t qualify. This is all literally true. Every single word.
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@jon-nyc said in Too Stupid to Organize Conference Calls:
I imagine it takes a special kind of incompetence to bankrupt a casino.
New York State did it, sort of, with their off track betting business. In that case it was pure corruption.
No it doesn't. All you have to do is build one in a town called Atlantic City and then have the entire fucking town collapse. Stop with your bull shit.
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@jon-nyc said in Too Stupid to Organize Conference Calls:
I agree there is plenty of baseless Trump bashing but this doesn’t qualify. This is all literally true. Every single word.
And so is he is President of the US which Hillary can’t say and neither can Mitt and we will see about Biden.
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@jon-nyc said in Too Stupid to Organize Conference Calls:
I agree there is plenty of baseless Trump bashing but this doesn’t qualify. This is all literally true. Every single word.
No it's not. It's a dishonest twisting of the facts, and you know it.
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Always the last refuge. But it’s a telling one. It means ‘I have no substantive reply to your current argument’.
You might think it’s a mic drop but it’s really a retreat.
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You and Bernie, experts on private equity.
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The loony left is entirely in agreement with you on private equity.
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Romney made a fortune saddling companies with debt, extracting millions of dollars in fees telling them who to fire, to try to finance and pay off the debt he helped create. Romney could have played Gordon Gekko.
Most of Romney's money was never made in venture capital, although he did have a large hand in getting Staples off the ground.
Trump certainly has his failures and bankrupt companies.
But the difference I see, is that Trump had failures while trying to build something and Mitt made most of his money by tearing things apart.
And then Romney has his Profiles in Courage moment, in a combination of pique and national political aspiration, disregarding what his constituents told him and hurting his party.
If you want to die on Romney Hill, jon, I'll be happy to lob the Truth grenades your way.
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Private equity is Schumpeterian creative destruction in its purest form. Like all economic dynamism, it has short term losers and winners but the economy is better for it in the long term. AOC, Sanders, and Larry can zoom in on the losers and declare it a failure, but calmer heads will zoom out and look at the big picture.
Of course not all private equity turn-arounds succeed. But there's a market test for the firms that do it, they need to be able to finance it. It's an iterative game.
