Doug Heller, the executive director of Consumer Watchdog, said Trump is the “most egregious, almost comical example” of the disparity between what the average American faces when going through bankruptcy and the “ease with which the very rich can move in and out of bankruptcy.”
.. “Under the American bankruptcy laws, if you end up in bankruptcy because you’re struggling with divorce or medical payments or a sudden change of income, it’s a disaster. If you fail miserably with huge dollars involved then you just need some accountants to rework your books,” Heller said.
.. “There’s that old saying, ‘If you owe your banks a little, you’re at their mercy. If you owe the banks a lot, the banks are at your mercy. They saw the best way for him to repay the money was to keep the Donald afloat.”
.. Donald struck a deal with the banks to hand over half his ownership, and half of the equity, in the casino in exchange for a lower interest rate and more time to pay off his debt. He sold off his beloved Trump Princess yacht and the Trump Shuttle airplane to make his payments, and his creditors put him on a budget, putting a cap on his personal spending.
.. He also had the humiliation of having some bankers deciding how much money he could spend — the numbers are just astonishing — the amount of his monthly budget,” LoPucki said.
.. banks would often agree to lose millions in reorganizations like Trump’s to prevent the massive losses they would incur if they foreclosed on the property.
“Banks will take considerable haircuts,” Pottow said. “It’s sort of like you have a sick patient so you cut off a couple toes to stop the gangrene. Now he’s missing a few toes, but he’s still alive.”
.. “Here’s a guy who’s failed so miserably so many times and it’s not as though he had to claw his way back after seven years in credit hell. He just said. ‘OK, this isn’t my problem anymore.’ For him, it’s just been a platform to the next money-making scheme,”
.. In 2004 Trump Hotels and Casino Resorts Inc. filed for voluntary bankruptcy after accumulating $1.8 billion in debt.
.. “In 2004 is where he lost control of his name. One rule when you have a name like Trump is you never let anyone own it and control it. He got into such a bad spot here that he ended up with others owning and controlling his name. They can do what they want once they own it,” LoPucki said.
.. Shortly after the proceedings, Trump told CNN’s Geri Willis that his personal fortune would not be affected. “This is a very small portion of my net worth. It’s less than 2 percent,” he said.
.. in 2008, so too did Trump’s real estate holdings. Trump Entertainment and his affiliated companies had $2.06 billion in assets and was $1.74 billion in debt.
.. LoPucki said it was very unusual for anyone to have that many large businesses go through bankruptcy. Most of the debt Trump incurred was through bonds that were sold to the public.
“People knew who Donald Trump was and for that reason were willing to trust the bonds, and they got burned,” LoPucki said. “The people who invested with him or based on his name lost money, but he himself came out pretty well.“
Rudy Giuliani Attacks Stormy Daniels But Disgraces Himself
“Excuse me, when you look at Stormy Daniels,” Rudolph Giuliani, .. before interrupting himself to make a face. And what a face: Giuliani’s expression was, perhaps, meant to be one of knowing revulsion at Daniels, but the lopsided chaos of his features conveyed a moral contortion all his own. He had been explaining that Melania Trump believed in her husband implicitly, and so should everyone else, because he was Trump
.. Giuliani added, “I know Donald Trump. Look at his three wives, right?” It wasn’t clear if, with that questioning note, he was looking for a confirmation of the exact number of Trump’s wives. “Beautiful women, classy women, women of great substance. Stormy Daniels?” He paused to make another face
.. “But I’m sorry, I don’t respect a porn star the way I respect a career woman, or a woman of substance, or a woman who has great respect for herself as a woman, and as a person. And isn’t going to sell her body for sexual exploitation. So, Stormy, you want to bring a case? Let me cross-examine you.”
.. It is more of an honest living than some New York real-estate developers make.
.. she has also made it clear that she knew that she was taking a risk by opening herself up to this kind of attack
.. (Clifford has said that one of the new expenses she has taken on, in addition to her legal fees, is for security.)
.. Giuliani jumped in, seemingly intent on playacting the role of a beat cop from a past century, who, in dealing with the woman who comes to tell him her story, looks at what she is wearing, smirks, and turns away—or, as Giuliani suggested in his “cross-examine” remark, the role of the lawyer who has no better tactic than to try to humiliate a witness, labelling her a loose woman.
.. That is a form of sexual exploitation far more corrosive than any film that Clifford has ever made.
.. Giuliani’s comments went beyond whether Clifford could be believed to whether she could even be hurt. “Explain to me how she could be damaged,” he said. “She has no reputation. If you’re going to sell your body for money, you just don’t have a reputation.” But Clifford does not say that Trump, against whom she has filed a defamation suit (in the Southern District of New York, Giuliani’s old territory), damaged her by calling her an adult-film star. She says that he damaged her by saying, on Twitter, that her account of being threatened not to talk about their sexual encounter was “a total con job”—and that she, by implication, was a total con woman
.. when NBC asked Giuliani whether he regretted his remarks, he said that he did not, dressing up his denial with a vague reference to feminism and daughters. He also said, “I don’t have to undermine her credibility. She’s done it by lying.”
.. Giuliani, perhaps more than any of Trump’s other lawyers, has made Cohen sound like Trump’s bag man, with slush-fund-management responsibilities.
.. he corruption case against Benjamin Netanyahu, Israel’s Prime Minister, was a “joke”
.. Mueller’s team was trying to “frame” Trump.
.. while the President could be impeached, “in no case” could he be indicted or subpoenaed, not even “if he shot James Comey.” There is regular speculation about when Trump might fire Giuliani. But it may be that Giuliani is the President’s lawyer because he is the kind of lawyer Trump likes.
.. Giuliani’s remarks about Clifford are more than repugnant; they are revealing. They convey a political philosophy that he and the President share
.. those who are vulnerable are meant to be wounded, and have no right to ask for respect, let alone protection. It is a bully’s declaration of open season on the weak.
.. But Stephanie Clifford is not as defenseless as Giuliani or Trump might think. She has presented a credible and strikingly strong legal case. Maybe Giuliani should be listening to her.
Michael Cohen Has Said He Would Take a Bullet for Trump. Maybe Not Anymore.
For years, a joke among Trump Tower employees was that the boss was like Manhattan’s First Avenue, where the traffic goes only one way.
That one-sidedness has always been at the heart of President Trump’s relationship with his longtime lawyer and fixer, Michael D. Cohen, who has said he would “take a bullet” for Mr. Trump. For years Mr. Trump treated Mr. Cohen poorly, with gratuitous insults, dismissive statements and, at least twice, threats of being fired, according to interviews with a half-dozen people familiar with their relationship.
.. “Donald goes out of his way to treat him like garbage,” said Roger J. Stone Jr.
.. Mr. Trump’s lawyers and advisers have become resigned to the strong possibility that Mr. Cohen, who has a wife and two children and faces the prospect of devastating legal fees, if not criminal charges, could end up cooperating with federal officials
.. The trove included documents dating back decades
.. since the raid Mr. Cohen has told associates he feels isolated.
.. Mr. Trump has long felt he had leverage over Mr. Cohen, but people who have worked for the president said the raid has changed all that.
.. “Ironically, Michael now holds the leverage over Trump,” said Sam Nunberg
.. Mr. Nunberg said that Mr. Cohen “should maximize” that leverage.
.. “The softer side of the president genuinely has an affection for Michael,” Mr. Nunberg said. For instance, Mr. Trump attended the bar and bat mitzvahs of Mr. Cohen’s children. “However, the president has also taken Michael for granted.” Mr. Nunberg added that “whenever anyone complains to me about Trump screwing them over, my reflexive response is that person has nothing to complain about compared to Michael.”
..Mr. Stone recalled Mr. Trump saying of Mr. Cohen, “He owns some of the finest Trump real estate in the country — paid top dollar for it, too.” In Mr. Trump’s worldview, there are few insults more devastating than saying someone overpaid.
.. whom he has admired since high school.
.. He has told interviewers that he has never heard Mr. Trump utter an inaccuracy or break a promise.
.. “He clearly doesn’t think that Michael Cohen is his Roy Cohn,” said Tim O’Brien, a Trump biographer, referring to Mr. Trump’s former mentor and the president’s ideal for a pit bull-like defender. “I think his abusive behavior to Michael is animated by his feeling that Michael is inadequate.”
.. Prosecutors have argued that Mr. Cohen did little actual legal work for Mr. Trump
.. When Mr. Trump ran for president in 2016, Mr. Cohen was given no official role on the campaign.
.. Particularly hurtful to Mr. Cohen was the way Mr. Trump lavished approval on Mr. Lewandowski in a way he never did for Mr. Cohen. When Mr. Cohen told Mr. Trump that he believed that Mr. Lewandowski had been behind a negative story about Mr. Trump’s son-in-law, Jared Kushner, Mr. Trump dismissed the comments as simple jealousy, and didn’t pay attention, according to two people familiar with the incident.
Laura Ingraham doesn’t really want to debate David Hogg
Ingraham’s effort to marginalize Hogg does not mean that she is afraid to debate him. Ingraham is a lawyer, and even the best lawyers — no matter how strong their arguments — would rather see cases dismissed because opponents lack standing than try to win on the merits.
Then again, we are talking about cable news, not a courtroom. Yet Ingraham — author of a book called “Shut Up and Sing” — often attacks opponents’ standing instead of their substance.
When NBA stars LeBron James and Kevin Durant suggested last month that President Trump is racist, Ingraham did not make the case that the label is unfair; she told the players to “shut up and dribble.”
.. Ingraham has taken the same approach to late-night TV host Jimmy Kimmel, a critic of Republican health-care policies.
“Leave it to the pros, Jimmy,” she said in December.