Donald Trump Is A Deadbeat
Donald Trump has run his company into the ground, again. He has filed for bankruptcy "reorganization", again. And he got it, again.
Meanwhile, Congress is passing bankruptcy "reform" legislation that by all accounts was written by financial corporations themselves, and is intended to make it "more difficult" (i.e., impossible) for individuals to seek bankruptcy protection from creditor harassment. In fact, it will make such protection almost logically impossible, because the new law requires a "means test" that, by definition, costs too much for a poor person to take in order to obtain a Chapter 7 (liquidation) bankruptcy. That leaves troubled debtors with no recourse except a Chapter 13 repayment bankruptcy, which violates the 13th Amendment to the U.S. Constitution, among other really, really bad things.
But none of that matters to Mr. Trump, who appears to be the only person in the United States who actually satisfies financial institutions' ludicrous claims that millions of citizens each year use bankrutpcy as a "financial planning tool". MSNBC's headline reads, "Court OKs Trump bankruptcy restructuring. N.Y. mogul's cash-strapped casiono empire gets new lease of life".
What's wrong with new lease on life, you might ask? After all, that is supposed to be the purpose of bankruptcy, isn't it?
Well, if an ordinary citizen files for bankruptcy, they are humiliated and immediately labeled a "deadbeat" and/or "failure", their credit-worthiness is destroyed, they are hit with higher interest rates (if they can obtain new credit at all), and a black mark is permanently smeared on their record (it is removed from the credit report after a number of years, but may remain in the databases indefinitely).
No such problems for Mr. Trump, however. His latest bankruptcy is the definition of smooth-sailing. Under the Chapter 11 reorganization plan, Trump's company will borrow $500 million to refurbish it's casinos, and expects to save some $98 million annually with lower interest payments.
If I was offered that sweet of a deal I'd file for bankruptcy even if I were a multi-millionaire with no debts at all.
The financial industries accuse anyone who attempts to profit from the bankruptcy system of being a "deabeat". Donald Trump is one of the few people in the United State who could conceivably benefit from a bankruptcy. And he has. Twice.
Therefore, Donald Trump is a deadbeat. I didn't say it--the financial industries did.
All the best,
Paul
Meanwhile, Congress is passing bankruptcy "reform" legislation that by all accounts was written by financial corporations themselves, and is intended to make it "more difficult" (i.e., impossible) for individuals to seek bankruptcy protection from creditor harassment. In fact, it will make such protection almost logically impossible, because the new law requires a "means test" that, by definition, costs too much for a poor person to take in order to obtain a Chapter 7 (liquidation) bankruptcy. That leaves troubled debtors with no recourse except a Chapter 13 repayment bankruptcy, which violates the 13th Amendment to the U.S. Constitution, among other really, really bad things.
But none of that matters to Mr. Trump, who appears to be the only person in the United States who actually satisfies financial institutions' ludicrous claims that millions of citizens each year use bankrutpcy as a "financial planning tool". MSNBC's headline reads, "Court OKs Trump bankruptcy restructuring. N.Y. mogul's cash-strapped casiono empire gets new lease of life".
What's wrong with new lease on life, you might ask? After all, that is supposed to be the purpose of bankruptcy, isn't it?
Well, if an ordinary citizen files for bankruptcy, they are humiliated and immediately labeled a "deadbeat" and/or "failure", their credit-worthiness is destroyed, they are hit with higher interest rates (if they can obtain new credit at all), and a black mark is permanently smeared on their record (it is removed from the credit report after a number of years, but may remain in the databases indefinitely).
No such problems for Mr. Trump, however. His latest bankruptcy is the definition of smooth-sailing. Under the Chapter 11 reorganization plan, Trump's company will borrow $500 million to refurbish it's casinos, and expects to save some $98 million annually with lower interest payments.
If I was offered that sweet of a deal I'd file for bankruptcy even if I were a multi-millionaire with no debts at all.
The financial industries accuse anyone who attempts to profit from the bankruptcy system of being a "deabeat". Donald Trump is one of the few people in the United State who could conceivably benefit from a bankruptcy. And he has. Twice.
Therefore, Donald Trump is a deadbeat. I didn't say it--the financial industries did.
All the best,
Paul
posted by Paul at 2:12 AM
0 Comments:
Post a Comment
<< Home