By Harvey Tobkes

If the charge that Trump owes $421 million in loans, personally guaranteed, to a foreign bank or to the treasury of a foreign country is true…then Trump is through. My slogan is.. “if true, he’s through.” I ask what collateral secured the debt other than doing favors for the lender now and in the future; who knows what those favors will be? To me as a voter, it is unconscionable for my president to borrow $1 from a foreign bank or foreign country. What may have started the fall of his empire was when the pandemic took a toll on his vast real estate holdings.

The mighty Trump became like a caged lion.

As to his mode of operation in the U.S., here is an example of how Trump scammed our tax system:

He stole money from his Taj Mahal Casino in Atlantic City. A casino offers many opportunities for theft and Truump used them all…(declaring huge but false gambling losses at the gaming tables, shaking down suppliers, kick-backs, and a million other tricks) and that’s not even mentioning his huge borrowing to create an ocean of debt that could never in reality be paid back from income; what income? His lenders, somehow, kept operations afloat; they were fools that were fooled. The Taj was like a giant colander, the money poured in but went out through the many holes. The financial statement was a joke…the truth was Trump was like the fictional Sopranos, lining his own pockets while the casino was dying. In a nutshell, Trump stole from his own business to make sure there were heavy losses. Of course, there were tremendous losses.

He legally used a hole in the tax law that allows a business to carry forward tax losses against earnings for a period of 20 years. That allowed his profitable operations in his other existing and future multi-business entities, e.g. Mar-A-Lago, golf-courses, hotels, many types of real-estate properties, name licensing, etc. and whatever…to make millions, with no taxes owed because because the profits here were defrayed by “carry forward” losses. The banks took the hits and kept lending until they stopped and then they put chains on the doors. Yes! Trump loved the bumpy ride of tax free profits… big profits. Madoff was a babe in the woods compared to Trump. End of story, and end of Trump!


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