Ex Trump Investors & Contractors Not Surprised that Trump Claimed a Loss of $916M in 1995

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    Oct 06, 2016 7:22 PM GMT
    Trump screwed many people---many of whom had very little money---in order to amass the billions of dollars that he claims he possesses. I feel very sorry for them. But karma has a way of righting egregious wrongs. I have a feeling that Trump will eventually suffer from several debilitating diseases that will rob him of whatever dignity he has left. I find the following article to be truly heart-wrenching (see http://www.nbcnews.com/politics/2016-election/trump-tax-revelations-no-surprise-past-associates-n658326).

    Trump Tax Revelations No Surprise to Past Associates
    by Emma Margolin

    When Sebastian Pignatello saw the news that Donald Trump had declared a loss of $916 million in 1995, potentially allowing him to legally avoid paying federal income taxes for close to two decades, the retired Queens investor wasn't surprised. As a shareholder in the Trump Hotels and Casino Resorts, Pignatello had a front row seat to the many ways in which he says Trump used the legal and corporate landscape for his own benefit, almost always at the expense of everyone else's. "I invested in the Trump casinos because I thought there was value there," said Pignatello, 67. "What I was totally oblivious to was Donald Trump's ability and willingness to screw the people that he deals with... That was my downfall as an investor."

    For the general public, Trump's 1995 tax records, reported Saturday by the New York Times, offered a rare glimpse into the financial standing of the Republican nominee -- the first presidential candidate since 1972 to decline to release any of his tax returns.
    They showed a man who appeared able to reap extraordinary tax benefits from his own financial blunders in the early 1990s -- including three Atlantic City casino bankruptcies, a failed airline business and a poorly-timed purchase of Manhattan's Plaza Hotel.
    But for at least a portion of those who've done business with Trump in the past, watching him make money while they've lost, the 1995 documents affirmed something about the candidate that they already knew: Trump is in it for Trump, and no one else.
    "The man makes money no matter what," said Marty Rosenberg, 73, who says his plate glass company lost hundreds of thousands of dollars when Trump's Taj Mahal went bankrupt in 1991. "That's all that's important to him. That and his ego."

    Rosenberg's company, Atlantic Plate Glass, was nearly finished with its work on a multi-million dollar contract with the Taj Mahal when he says payments suddenly stopped. He was owed about $1.2 million, he said. Rather than accept the losses, Rosenberg organized a group of subcontractors who were owed money for work on the casino and set out to negotiate with Trump's attorneys. Rosenberg was able to recoup a portion of the money left on his contract, but he still took a hit. He knew others weren't as lucky. "Did we survive? Absolutely," he said. "But there were a lot of people who didn't." That feeling is shared by retired music store owner Michael Diehl, who says he lost $30,000 — or about a third of his yearly income -- on a $100,000 contract to supply the Taj with grand pianos. The 89-year-old said the gambling mecca could only give him 70 cents on the dollar when it ran into financial difficulties prior to declaring bankruptcy in 1991. "I don't think Donald Trump could walk down the boardwalk in Atlantic City without looking around behind his back to see who's after him," said Diehl. "Because some people are really, really upset. They've lost hundreds of thousands of dollars. I got off easy."

    Though Pignatello did not go into business with Trump until years later, he says he saw a similar pattern of behavior whereby Trump would game the system to come out on top, burying everyone else. "The casino industry was healthy," said Pignatello, explaining his decision to invest in the Trump Hotels and Casino Resorts, which went bankrupt in 2004. "He was pillaging the company. He was making dumb decisions. He was self-dealing." Pignatello recalled Trump charging the casinos hundreds of thousands of dollars for Trump-brand water that waiters passed out for free on the floor. He says he was also charging the casinos four times the going rate for a Trump helicopter to fly high rollers from New York to Atlantic City. The New York Times previously reported the large sums the casinos spent on "Trump labeled merchandise."

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    Oct 06, 2016 9:08 PM GMT
    For me Karma is not the balancing act of some magical outside force but merely fact of cause and effect. Karma is not what happens. It is what you do with what happens.

    To investing in a piece of shit, well, you get what you pay for. The world has known about Trump since a decade before Atlantic City. VF's Carter used to feature him in Spy Magazine (my favorite mag at the time). Anyone in NY must have known about him and those of us in south Florida also knew his antics.

    Graydon did a good editorial recently on a preTweet Trump baited by a 13 cent check...

    http://www.vanityfair.com/news/2016/10/graydon-carter-on-donald-trumpVanity Fair editor Graydon Carter has spent more than 30 years observing Donald Trump’s orange-tinted antics. With a month left to go before the election, he reports on some memorable lessons learned along the way.

    ...Novelty guests don’t know they’re novelty guests. They just think they’re guests. That evening in May 1993, Vanity Fair had two tables and we filled them with the likes of Christopher Hitchens, Bob Shrum, Barry Diller and Diane von Furstenberg, Peggy Noonan, Tipper Gore, and Vendela Kirsebom, a Swedish model who professionally went by her first name and who was then at or near the top of the catwalk heap. I sat Trump beside Vendela, thinking that she would get a kick out of him. This was not the case. After 45 minutes she came over to my table, almost in tears, and pleaded with me to move her. It seems that Trump had spent his entire time with her assaying the “tits” and legs of the other female guests and asking how they measured up to those of other women, including his wife. “He is,” she told me, in words that seemed familiar, “the most vulgar man I have ever met.”

    ...Not surprisingly, it being the 80s, Trump was a recurring fixture in the pages of Spy. We ridiculed not just his fingers but also his business judgment, his jaw-dropping pronouncements, his inflated wealth, his hair, and his marital situations. There was a threatened lawsuit, resulting in a lot of back-and-forth legal letters between him and me. And we printed all of those. At one point we sent checks for $1.11 out to 58 of the “well-known” and “well-heeled” to see who would take the time to endorse and deposit the checks from a firm we called the National Refund Clearinghouse. The ones who deposited the $1.11 checks were sent 64-cent checks, and the ones who deposited those were sent checks for 13 cents. This being in the days before electronic deposits and such, the exercise took the better part of a year. At the end, only two 13-cent checks were signed—and we couldn’t believe our good fortune. One was signed by arms trader Adnan Khashoggi. The other was deposited by Donald Trump.

    ...The thing is, this ramshackle campaign, following a ramshackle business career, has exposed his flaws and failures to the world and, more importantly, to the people he will brush up against for the rest of his life. To them he is now officially a joke. I suspect he knows this. And if his thin skin on minor matters is any indication, he will be lashing out with even more vitriol. He is a mad jumble of a man, with a slapdash of a campaign and talking points dredged from the dark corners at the bottom of the Internet. I don’t think he will get to the White House, but just the fact that his carny act has gotten so far along the road will leave the path with a permanent orange stain. Trump, more than even the most craven politicians or entertainers, is a bottomless reservoir of need and desire for attention. He lives off crowd approval. And at a certain point that will dim, as it always does to people like him, and the cameras will turn to some other American novelty. When that attention wanes, he will be left with his press clippings, his dyed hair, his fake tan, and those tiny, tiny fingers.