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Sunday, March 27, 2016

Trump "made his way to the top on the backs of hardworking Americans."

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COMMENTS: 
*  Thank-you! I have been waiting for someone to point out that their are many victims of Trump’s ‘Bankruptcy As Good Business’ claim. Well done.
*  Trump is a billionaire. Has he repaid all the people who suffered as a result of his bankruptcies?
*  If slow play and stiffing contractors eliminates a possible run for the presidency there are almost no contractors/developers eligible!
*  I wish the owner of that small business would come forward and tell his or her story. There must be a venue for this, other than mainstream media which just does not seem to care about Trump’s victims.
*  I remember years ago reading that some small business was owed $300,000 for one of Trumps weddings and he could not get paid.
*  Trump win, you lose.
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Trump's Deal With Small Businesses: Slow To Pay And Quick To Shaft
By Robb Mandelbaum, March 27, 2016

Last week, we looked at the policy positions that might affect small businesses from Democrats Hillary Clinton and Bernie Sanders. We’ll get to the Republican candidates soon enough, but in the meantime, Jeremy Quittner at Inc. reminds us of what real estate celebripreneur Donald Trump thinks of small business owners when he’s not running for president. They’re saps, like everyone else.

Quittner spoke with Beth Rosser, the co-owner and vice president of Triad Building Specialties, a four-employee company started by her father in Westchester, Pennsylvania, that installs toilet partitions. In 1989, Triad won a $250,000 contract to install partitions in Trump’s Taj Mahal resort in Atlantic City, only to watch as the Taj Mahal went bankrupt a year later. Then Triad became one of thousands of the casino’s creditors, with the odds stacked against it.
“It’s a disgrace, especially how [Trump] talks about making America great again,” Rosser says. “He made his way to the top on the backs of hardworking Americans.”

In the end, Rosser says Triad finally recouped about $150,000 after three years of court struggles. But it took the business close to a decade to recover from the $100,000 shortfall, she says, including paying off the loans to undertake the contract.
No doubt Rosser, or someone like her, will feature prominently in a 30-second ad come this fall.

Still, Triad was one of the lucky businesses. Most small companies, Quittner reports, recovered only 10 to 20 cents on the dollar, through proceedings that lasted 15 years.

And when he was solvent, Trump, like all of the casino owners in town, pushed his bills off for as long as he could, according to Bryant Simon, a Temple University professor and author of Boardwalk of Dreams, a history of Atlantic City. Trump, says Simon, “was a notoriously late payer. If payment was for net 60 days, he paid in 90.”

During the presidential campaign, Trump has consistently defended his visits to bankruptcy court as proof of his business judgment. “I have used the laws of this country just like the greatest people that you read about every day in business have used the laws of this country,” he said at a debate last year in Cleveland, “to do a great job for my company, for myself, for my employees, for my family, et cetera.”
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