re: #303 whitebeach

Been looking over Trump’s casino doings in Atlantic City. Question is, how do you really lose serious money over many years on casinos, especially in times when your competitors in the same town are raking it in? I used to think there were only two answers, either grotesque incompetence or stealing off the top (not just straight grabbing, of course: it would take all kinds of tricks involving debt restructuring etc.). Then it hit me that there’s a third way: Is there any better possible vehicle for laundering large amounts of money from, oh, I don’t know, let’s say Russian criminals, than busting out a casino?

Then it hit me yet again: All of ‘em, Katie.

My understanding was that he didn’t get into bed with the Russians until no US (or possibly Euro) bank would touch him because of his repeated business failings. My guess is that most of it was incompetence - one of the casinos went bankrupt before it even opened, which means he was overspending on construction and decided to fuck over contractors. I don’t think Trump is or was smart enough to embezzle from his own company, nor does it particularly make sense (especially since it is a privately held company, so it’s ultimately an alter ego of the family).

Nah, it was incompetence, because the guy is basically a mark born into way too much money. He was born on third and somehow managed to steal second.