- $1.3 billion in debt, Trump Hotels & Casino Resorts is going bankrupt, this being the second time that Trump has guided his casino businesses to bankruptcy.
- Under bankruptcy, Trump will see his stake in the company shrink from 56 percent to 25 percent. (Many of his investors, on the other hand, will end up with less than a penny per dollar of original investment).
- While the company's tanking, Trump's company will still pay him 2 million each year for his management expertise.
- For the first season of The Apprentice, Trump made $50,000 per episode for his appearance in each of the show’s 15 episodes, or $750,000 total. His salary for this last season increased ($1 million per episode?) making him the highest paid actor ever!
- Trump made the best-seller list this spring with Trump: How to Get Rich.
So what are the lessons you apprentices take home from this?
- Capitalism is about making profit for numero uno. When the ship starts sinking, the captain should jump ship, taking the only lifeboat.
- The escape in the lifeboat works best if done in the middle of the night when the crew is all sleeping. (For details on this, review Enron's recent history).
- When profits are rolling in, it's time to play Who Wants to Be a Billionaire. When the company bleeds red, it's time to play Let's Make a Deal with creditors. If offered a penny to the dollar, they'll take it if it's all they can get.
- Let's cut all this crap about "corporate responsibility" and other such nonsense. The bottom line is always greed.
Very good class. Now everyone repeat after me. Greed is good. Greed is good. Greed is God.
Recent Trump news stories include these from CBS News, the National and Hotel Online. Blogs on Trump include Blog Maverick, The Warrior Class blog, Paul Katcher, Talk Left, Stormy's Corner, and last but not least, the Apprentice Blog.
And on Jay Leno: “After pressure from the United States, it looks like 80% of Iraq's debt will be forgiven by creditors. 80%. And our latest story, today Donald Trump said to Bush, ‘Hey, could you invade my casino?’”