A business filing for Chapter 11 bankruptcy in corporate America hardly raises an eyebrow these days, but the multi billionaire with the dodgy hairstyle has taken it to a whole new level, with four corporate bankruptcies since 1991.
Following the collapse of his Taj Mahal venture in the early 90s, there have been further corporate bankruptcies in 1992, 2004 and 2009. Yet what would seem like a catastrophe for you and I, is little more than ‘the restructuring of loans’ at this level and on this score Trump has no equal.
With his ‘Win –Win’ philosophy in business, Trump has won over the banks time and again with tempting deals. For example, when Trump Hotels and Casinos went belly up in 2004 he surrendered his control of the Corporation and in doing so, secured lower interest rates and another loan to upgrade the properties.
Trump’s secret is to never get personally involved and to keep his personal finances separate from those of his corporations. That and keeping his job as CEO which pays plenty of money.