In 2005, Donald Trump kicked off a decade-long buying and spending spree, vastly expanding his hotel and golf-course empire and cementing his image as a brash impresario. The unorthodox approach Trump took in making those bold bets — racing through hundreds of millions in cash and drawing loans from the private-wealth office of Deutsche Bank — came when he was on new terrain as a developer.
As prosecutors go after doctors, drug dealers and users, those who made billions of dollars from sales of a painkiller at the center of the epidemic have gone largely unpunished.
This is such a massive public health care issue, I’m shocked we haven’t gone to heavier regulation of the direct source.
The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s.
I had suspected something like this for a long time and my suspicions were pushed during the election upon reports of Trump cheating sub-contractors and not paying them and again earlier this year when Jonathan Greenberg revised some of his 1980’s reportage for Forbes, but this is simply incredible!
While there are a lot of things one can take away from this stunning, thorough, and long read, the thing that strikes me is what Trump did to attempt to cheat his own father, who had been repeatedly been digging him out of trouble, when he was against the wall. He tried to defraud and steal from his greatest benefactor. How can anyone trust him to fight for America or real Americans when his entire substance as well as facade is a complete sham?
Combined with the millions he’s losing on real estate and other deals over the past decade, one is forced (again) to wonder who exactly is funding him now?
"Epidemics of fear repeat themselves. The first time as tragedy. The second time as farce. Margit Hamosh? Definitely farce."
What was it that Margit Hamosh did? What was her alleged fraud? I have been going on and on about this case for a good 20 minutes now, and I haven’t told you. Do you know why? Because we didn’t know.
It pains me to think of all these wasted hours over minutiae.
For almost 25 years, Shane Smith’s plan was that, by the time the suckers caught on, he’d never be stuck owning the company he co-founded.
A fantastic article.
This reminds me a lot of the recent Theranos stories and book. It’s sad how companies don’t do enough due diligence on potential investments like this. When I think about how much basic work and discussion Marcus Lemonis does for $100,000 investments, I’m appalled to hear what people are doing for multi-millions. It’s stunning that a company can get to this size and be worth nearly nothing. Using the relative size (ie number of employees) of business units like human resources and legal within a particular industry could be a reasonable guide for the internal management of a company.
This is also a good example that while investments may give a company a particular valuation, it can rarely be the actual potential present value of the company. As a result, workers who are working for near free plus stock should be paying closer attention to company internals to know that their stock portion is going to be completely worthless.
Worse, I’m always pained to hear that young people (rich or otherwise) are essentially giving away their work and sweat equity away for free to big companies that could easily pay them. Eventually the pendulum is going to swing back the other way and companies are going to need to pay more.
“Shane would always say that young people are the No. 1 bullshit detector, which was annoying once you realized that the thing he mastered is getting young people to buy shit,” says a recently departed senior employee.
A great new book has me thinking about ed tech.
This is an interesting and useful analogy.
In ed tech, schools are the customers, but students are the users.
This also reminds me of the market disconnect between students and their textbooks. Professors are the ones targeted for the “sale” or adoption when the actual purchasers are the students. This causes all kinds of problems in the way the textbook market works and tends to drive prices up–compared to a market in which the student directly chooses their textbook. (And the set up is not too dissimilar to how the healthcare industry works in which the patient (customer) is making a purchase of health care coverage and not actually the health care itself.
Verified accounts turning themselves into bots, millions of fake likes and comments, a dirty world of engagement trading inside Telegram groups. Welcome to the secret underbelly of Instagram.
Eventually there will be so much noise on these platforms that they will cease to have any meaning for the business purposes that people are intending to use them for.
Worse, they’re giving away their login credentials to outsiders to do this.
New York prosecutors were preparing a case. Then the D.A. overruled his staff after a visit from a top donor: Trump attorney Marc Kasowitz.
Why are we not surprised at this? What happened to the generally higher moral ground that used to be held by public officials? These days I’d take a soupçon of Aristotelian-ism…Syndicated copies to:
People have faked death to escape criminal convictions, debts, and their spouses. In 2007, a man named Amir Vehabovic faked his death just to see who showed up at the funeral (answer: only his mom). It’s an appealing soap-opera fantasy, but actually disappearing requires an incredible amount of planning. How do you obtain a death certificate, a believable new identity, or enough money to start a new life? Today — the answers to those questions, stories of fake death gone wrong, and a man who spends his life bringing back the dead.
Brings up a lot of interesting “what if” questions. I’ll bet that if web browsers opened up some of their data, the data exhaust one spews on a daily basis could be easily used to track one down.Syndicated copies to: