The South Carolina senator once put a lot of effort into cultivating an image of a reasonable, sober, sensible, moderate Republican, willing to reach out across the aisle, willing to stick up for his principles, willing to denounce Donald Trump. But today, there is no position he won’t abandon, no U-turn he won’t perform, no lie he will not tell.
Donald Trump’s Companies Filed for Bankruptcy 4 Times
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.“
Tom Cotton, David Perdue, and the Trap of Lying for Donald Trump
In denigrating anyone who called the President out for his slurs, Senators Cotton and Perdue (pictured here in August) show their willingness to humiliate themselves on his behalf.
.. According to the Post, “Three White House officials said Perdue and Cotton told the White House that they heard ‘shithouse’ rather than ‘shithole,’ allowing them to deny the President’s comments on television over the weekend.” Is that how people sleep at night in Trump’s Washington?
And they are poisonous.
.. It should be clear that the house/hole distinction, should it even have existed, would not count as “allowing” Cotton and Perdue to deny the President’s remarks on any terms. But the ones on which they did so are particularly egregious, because they offered themselves as witnesses to other senators’ supposed dishonor.
.. Senator Dick Durbin, Democrat of Illinois, had confirmed the reported phrase “shithole countries” publicly; Senator Lindsey Graham, of South Carolina, had backed up the press accounts more obliquely but unmistakably. Senator Tim Scott, his Republican colleague, who is African-American, told reporters that Graham had confirmed the essentials of the report to him; Graham didn’t dispute that. Graham had also publicly said that there was a racial aspect to the remarks, which he said he’d called the President on, saying, by his account, “America is an idea, not a race.”
.. Cotton, appearing on Sunday news programs, specifically disparaged Durbin’s credibility. “I didn’t hear it, and I was sitting no further away from Donald Trump than Dick Durbin was,”
.. Cotton told John Dickerson on CBS’s “Face the Nation.” “And I know, and I know what Dick Durbin has said about the President’s repeated statements is incorrect.” He also said that Durbin had a history of dishonesty.
.. When Dickerson asked Cotton about the thrust of the remarks, as opposed to the President’s word choice, Cotton said, “I did not hear derogatory comments about individuals or persons.” Perhaps there was another rationalization in there: he was being derogatory about whole populations, not individuals!
.. in the next sentence, Dickerson made the terms of Cotton’s lies clear when he asked, “So the sentiment is totally phony that is attributed to him?”—meaning to the President. Cotton answered, “Yes.”
.. At the same time, Perdue was busy on ABC’s “This Week,” telling George Stephanopoulos, in even more categorical terms, that Durbin was guilty of a “gross misrepresentation” of Trump’s remarks, saying that such “language” was simply not used.
.. When Stephanopoulos noted that there were multiple sources who said otherwise—indeed, the President himself reportedly called friends to brag about what he had said
.. Congressmen Kevin McCarthy, Republican of California, who is the House Majority Leader and has not commented (but, as the Washington Post noted, stood quietly next to the President when he denied the reports on Sunday; Trump also called himself the “least racist person”
.. members of his Administration at first thought that the controversy could be settled in the shady realm of “do not recall,”
.. They were caught by surprise when he started tweeting about how the accounts of his language were outright false.
.. But perhaps he also listened to what the other Republicans were saying, and had an insight that they would, indeed, back him up. It was a bully’s triple play:
- first, he got to slur whole nations.
- Then he got his guys to gang up on anyone who called him out for it, which produced the final prize:
- the acknowledgement that the Republican lawmakers were his guys, subordinate and willing to humiliate themselves on his behalf.
.. What is notable is that, at first, Cotton and Perdue had tried, in a joint statement, to hedge by saying that they did “not recall the President saying these comments specifically.” But, as his lies escalated, so did theirs, to the point where they were backing up the idea that the media was involved in a fake-news conspiracy.
.. But it is, apparently, hard to lie halfway for Trump; he won’t let you.
The Great American Tax Heist
when this bill leads to these predicted deficits, Republicans will return to their sidelined deficit rhetoric armed with a sickle, aiming the blade at the social safety net, exacerbating the egregious imbalance of the tax bill’s original sins.
.. That’s the strategy: Appease the rich on the front end; punish the poor on the back. Feed the weak to the strong.
.. No matter how folks try to rationalize this bill, it has nothing to do with a desire to help the middle class or the poor. This is a cash offering to the gods of the Republican donor class. This is a bill meant to benefit Republicans’ benefactors. This is a quid pro quo and the paying of a ransom.
.. Last month at a rally in Missouri, Trump said of the tax bill, “This is going to cost me a fortune, this thing, believe me.” He continued:
.. “This is not good for me. Me, it’s not so — I have some very wealthy friends. Not so happy with me, but that’s O.K. You know, I keep hearing Schumer: ‘This is for the wealthy.’ Well, if it is, my friends don’t know about it.”
That, too, was a lie.
.. It also lines the pockets of people like Senator Bob Corker, who mysteriously “coincidentally” switched his vote from a no to a yes on the bill after the language was added.
.. Donald Trump is a plutocrat masquerading as a populist. He is a pirate on a mission to plunder.
.. Republicans in Congress rushed the bill through for other reasons: to combat the fact of their own legislative incompetence, to satisfy their donors and to honor their long-held belief that the rich are America’s true governing force.
.. They are simply a veneer behind which a crime is occurring: the great American tax heist.