Sad story. Trump Screwed His Workers out of Millions in Retirement Savings

[Laura PourMeADrink]

http://www.motherjones.com/politics/2016/10/donald-trump-atlantic-city-bankruptcy

Good article....excerpts...

Trump's company encouraged its employees to invest their retirement savings in company stock, according to a class-action lawsuit filed by employees against Trump Hotels & Casino Resorts following its 2004 bankruptcy. Then, when the stock price was near its nadir as bankruptcy loomed, the company forced the employees to sell their stock at a huge loss. More than 400 employees lost a total of more than $2 million from their retirement accounts, the lawsuit states.

"I didn't realize he was as stupid as he is," says a former casino worker at Trump Plaza who asked not to be named. "Honestly. I thought, way back when, the guy was way brighter than we were. He was running the company and we were working for him. We thought he was brilliant. When we invested in it, we thought, how could this stock go so low?"

Trump has never had to declare personal bankruptcy, but the company he set up to operate his Atlantic City casinos went through numerous corporate restructurings to reduce its debt load. As the New York Times recounted last year, Trump used his company as a means of transferring his personal debt load onto shareholders, issuing rounds of junk bonds to build up cash that would erase his own debts. "Even as his companies did poorly, Mr. Trump did well," the Times wrote. "He put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments. The burden of his failures fell on investors and others who had bet on his business acumen."

[BSdetect]

1. His karma bank is also bankrupt

Heading for disaster drumph.

A more deserving fucker I cannot imagine.

He cannot leave this life too soon for me.

[Sunlei]

4. Many Republicans do the same, thats why they didn't hit Donald with this during their campaign.

Romney was a pro at employee screwing.

[lonestarnot]

2. What a great business asshole.

[ailsagirl]

7. Yes, indeed-- let's have him rule our country!!

of course

[Sunlei]

3. must be why out of all his employees only 12? donanted enough to make it to the public listings.

[dalton99]

5. Pure unadulterated evil

[ailsagirl]

6. That is unforgivable

How much lower can this creep sink??

[packman]

8. This has to be shouted from the rooftops -

Successful businessman my ass-

" price fell from $30/share to $2/share."

Stock failure, casinos bankrupt - CASINOS for Christsake-, almost a billion dollar loss in one year - Yah, he's a great example of an American businessman.

[treestar]

9. How did he manage to transfer his personal debt to the casino?

He must be the only one on the Board of Directors.

[Laura PourMeADrink]

10. Claiming everything he could as a business expense then went bankrupt? I would

be interesting to know how much of his own money was invested that he made sure he recouped before the fall.

[Laura PourMeADrink]

11. P.S. He has probably done stuff way worse than Romney and we thought

he was the scum of the earth

[treestar]

12. very true

That article alone gives many examples.