http://www.marketwatch.com/story/did-trump-call-the-peak-in-gold-2011-09-16?link=home_carousel The Donald has just accepted gold bullion instead of cash. According to my colleague at the Wall Street Journal, Trump accepted $176,000 in bullion as a security deposit on space at 40 Wall Street from Apmex, a precious metals dealer. Comments? From the online comments............... The facts: - Trump's businesses declared bankruptcy in 1991/92. His management authority was given to his creditors. - His personal debt was $900 million - he would have been forced into personal bankruptcy, but the debt was so large it made more sense for his lenders for him to continue to develop condos with his name on the buildings. - In 1995, Trump's remaining casino assets were combined into a single company and sold to the public in an IPO, with Trump as CEO. Within 3 years, the stock price crashed. In 2002, the SEC charged the company with issuing misleading statements. In 2004, Trump Hotels and Casinos declared bankruptcy and Trump surrendered half his equity to creditors. - In 2005, Trump Hotels and ... Casinos emerged from bankruptcy and was renamed Trump International Resorts. It went bankrupt again in 2009. Trump makes most of his money licensing his name for use on buildings he doesn't own, TV, ghost-written books, clothes, etc. He's strictly a shill.
Gotta love the Don. This is his way of stickin to da man. Trump is basically a guy with a large line of credit. SEPTEMBER 14, 2011 . Breaking News From WSJ.com's Developments Blog Trump's New Gold Standard Instead of Cash, a Tenant Makes Deposit in Bullion; Tough on the Wallet On Thursday, the newest tenant in Donald Trump's 40 Wall Street, a 70-story skyscraper in Manhattan's Financial District, will hand Mr. Trump a security deposit worth about $176,000. No money will change handsjust three 32-ounce bars of gold, each about the size of a television remote control. The occasion will mark the first time the Trump Organization has accepted 99.9% pure gold bullion, rather than cash, as a deposit on a commercial lease. The tenant, precious-metals dealer Apmex, will sign a 10-year lease for 40 Wall's 50th floor at a leasing rate of about $50 a square foot, according to Apmex Chief Executive Michael R. Haynes. The company is promoting the use of gold as a replacement for cash in some situations. "Gold has been a valuable asset class for the last 10,000 years, but the world has drifted away from it," Mr. Haynes says. "I figured, Trump is a smart guy, and he'll realize that taking gold is a better idea than taking cash." Mr. Trump said he sees the deal as a repudiation of the Obama administration's economic policies, of which he has been a vocal critic. "It's a sad day when a large property owner starts accepting gold instead of the dollar," Mr. Trump said in an interview. "The economy is bad, and Obama's not protecting the dollar at all....If I do this, other people are going to start doing it, and maybe we'll see some changes." Mr. Trump said he has some gold in his personal portfolio, but declined to say how much. Thursday's transaction was something Apmex suggested, Mr. Trump said. Robbie Whelan
