Eric Trump: Dad built his empire with "just about nothing" (other than that $1 million from Fred)

[Miles Archer]

Below: video of Eric on Fox's "Outnumbered."

Donald Trump’s son Eric claimed Friday that his father built the Trump Organization from “just about nothing,” conveniently leaving out the fact that the GOP presidential nominee received significant investments and other support from his own father, real estate mogul Fred Trump.

Eric Trump was asked on Fox News’ “Outnumbered” why he thinks millennials would relate to his father.

“He’s been an entrepreneurial guy,” the younger Trump said. “He’s built an amazing company. He’s become the epitome of the American dream. He’s gone from just about nothing into, you know, a man who ...”

“Nothing? He got a million bucks,” said co-host Julie Roginsky, referencing a loan from Fred Trump to his son to build a hotel in the 1970s. “Wait, come on.”

http://www.huffingtonpost.com/entry/eric-trump-just-about-nothing_us_57e56515e4b0e80b1ba1cf3e?section=&

[lapfog_1]

1. $1 million is seed money wasn't the real thing he got

nothing to sneeze at... but the Donald also got his daddy's business contacts... and, as heir apparent to his daddy's real estate empire, he got in the door to meet with banksters and builders and brokers, all of whom would presume (rightly) that Donald would be backed in any deal he engaged in by his very rich dad.

[bettyellen]

2. And eventually a good inheritance as well, right?

[lapfog_1]

4. YUP

I wonder how much of his real wealth was due to the eventual inheritance?

[Hassin Bin Sober]

15. I thought I read somewhere there was an analysis. ..

... that he would have more money if he had invested his inheritance in an index fund. Of course that's based on estimates of his actual wealth not his own 10 billion bullshit figure

[anneboleyn]

23. According to Forbes a huge portion of it was inheritance not earnings

[Nay]

8. Yes, all of that . . . years ago, while still young and hopeful, I'd read magazine articles

about supposedly 'bootstrapping entrepreneurs" --- that is, until I soon figured out that Ms Cookie Empire got a $500,000 'loan' from a rich uncle, or Mr Garage Monkey inherited a mil and started his auto biz, or Ms Coding Genius App Maker got an entree into the market thru her Microsoft daddy who gave her a thousand contacts.

After a few of these eye-openers, I would still read these sorts of articles, but the moment that the bootstrapper mentioned the loan/gift/inheritance/insurance settlement/genius daddy, I would stop reading. I can say that I never again got through one of those articles.

[anneboleyn]

16. Other sources said Trump inherited hundreds of millions, and the "only one million" is not true

Eric Trump is an absolute idiot -- he says the most ridiculous statements but of course he never gets called out on his total b.s.

I believe that Forbes even had an article about this -- they said if Trump had just invested the money he inherited from his father (hundreds of millions) that he'd be in the same position he is now financially.

[Sunny05]

3. Oh, yeah, and multiple one-million or x- million

"loans" (or gifts) from his dad plus his inheritance and, I think he's s nephew's inheritance.

Oh, this is related but a different point. Ever notice how his bankruptcies happened after Ivana (who helped run business during their marriage) left? I'm no fan of any of them. But I am wondering if this is coincidence or if she is reason he didn't do even worse sooner.

[Gabi Hayes]

5. how many times did daddy, his brothers/sister bail him out?

to the tune of many millions?

and how much did he squeeze out of various governments in tax largesse....almost a billion, right?

[grossproffit]

6. $1MM in 1970 is equal to $6.2MM today. It was a lot of $$$$. Anyone who says otherwise is lying.

[TheBlackAdder]

7. Don't forget the intangibles: Donald has use of his father's name, his connections, his influence.

[uponit7771]

21. +1

[Avalux]

9. "just about nothing...."

These crushingly privileged people haven't got a clue what it means to have nothing, or just about nothing.

They repulse me.

[Divine Discontent]

31. Thank you! Someone saying it bluntly, but the right way! They nauseate me, also.

Eric would cry in the streets if they lost all their money, because he has zero idea what it's like to have nothing. He proved it with his "almost nothing" BS comment. His dad received million after million after million after million in loans from his dad to keep afloat until he got enough deals going that he was afloat until he bankrupted it! lol

[Gabi Hayes]

10. anybody seen this? lots and lots of failure/bailout going on

In 1972, Trump’s father brought him into a limited partnership that developed and owned a senior citizen apartment complex in East Orange, New Jersey. Fred Trump owned 75 percent, but two years later shrunk his ownership to 27 percent by turning over the rest of his stake to two entities controlled by his son. Another two years passed, and then Fred Trump named him the beneficiary of a $1 million trust that provided him with $1.3 million in income (2015 dollars) over the next five years. In 1978, he boosted his son’s fortunes again, hiring him as a consultant to help sell his ownership interest in a real estate partnership to the Grandcor Company and Port Electric Supply Corp. The deal was enormously lucrative for Donald Trump, particularly since it just fell into his lap thanks to his family. Under the deal, Grandcor agreed to pay him an additional $190,000, while Port Electric kicked in $228,500. (The payments were made over several years, but the value in present-day dollars on the final sum he received is $10.4 million.)

Soon Trump gained the public recognition he craved. Through a wholly owned corporation called Wembly Realty, Trump struck a partnership with a subsidiary of Hyatt Hotels. That partnership, Regency Lexington, purchased the struggling Commodore Hotel for redevelopment into the Grand Hyatt New York, a deal Trump crowed about when he announced he was running for president.

He failed to mention that this deal was once again largely attributable to Daddy, who co-guaranteed with Hyatt a construction loan for $70 million and arranged a credit line for his boy with Chase Manhattan Bank. The credit line was a favor to the Trump family, which had brought huge profits to the bank; according to regulatory records, the revolving loan was set up without even requiring a written agreement. Topping off the freebies and special deals that flowed Trump’s way, the city tossed in a 40-year tax abatement. Trump’s “success” with the Hyatt was simply the result of money from his dad, his dad’s bank, Hyatt and the taxpayers of New York City.

much much more at the story, by Kurt Eichenwald, who, along with David Cay Johnston and a few other biographers, would seem to know much more than is healthy for anybody to know:

http://www.newsweek.com/2016/08/12/donald-trumps-business-failures-election-2016-486091.html

[MiniMe]

11. Sounds a lot like how Mitt got his start

With a "loan" from his daddy. And that is how he thought everybody should get their start...ask for a loan from Mom and Dad. Of course, if your parents don't have that kind of money, you are SOL

[onecaliberal]

12. ,:

[BootinUp]

13. Turns out too that it was a lot more than 1 mil., more like 14 mil. nt

[Divine Discontent]

25. TY, I was going to say, I posted the WSJ details of documents they researched showing it was at

least 14 million at one time owed (mid 80's), and his BS line about "small loan" is so comical when you realize that $1 in the mid 70's is more than $5 mil today! And he got well over $14 million in a several year span, plus all of his dad's business connections and backing him up, then all of the inheritance later!

The dude is the PROVERBIAL SILVER SPOON BABY!


----------------------------------------------------------------------------------------------------------------------------
The document, a casino-license disclosure in 1985 by then-wife Ivana Trump, shows Mr. Trump taking out numerous loans from his father and his father’s properties near the start of his career in the late 1970s and early 1980s.

At the time of the disclosure, Mr. Trump owed his father and his father’s businesses about $14 million, according to the document.

Read more: http://www.wsj.com/articles/trumps-father-helped-gop-candidate-with-numerous-loans-1474656573

[niyad]

14. and 885million in taxpayer subsidies, loans, etc.

[SummerSnow]

17. rofl....

[Gabi Hayes]

18. vacuous, yet evil spawn:

[Buns_of_Fire]

22. Beavis and Butthead personified. nt

[GOLGO 13]

19. Daddy co-signed a lot of his loans. His "credit" was not strong enough to stand on its own

[Gabi Hayes]

24. see post 10 for details at link provided

trump is nothing but marketing mythology

[no_hypocrisy]

20. More than $ 1 million.

Fred bailed out his son when his casinos were on the verge of bankruptcy, skirting the gift tax each time.

[Hekate]

26. This from his spawn that never had to apply for a job, wonder about the rent or his next meal...

...had a free ride through college....

Oh, please spare me. My sides hurt from laughing.

[greatauntoftriplets]

27. Did he mean no brains and no conscience?

[SunSeeker]

28. Another insufferable spoiled brat.

He was born on third base and thinks he hit a triple.

[pansypoo53219]

29. creepy WALLSTREET fucklets.

[spiderpig]

30. The three eldest spawn of The Orange One are nasty pieces of work

Is it because Ivana stayed married to the jerk long enough for him to put his thumbprint on their foreheads, while Marla bailed when Tiffany was a toddler?

Barron's only ten, and I dont envy the poor kid.