July 17, 2016

THE ART OF THE DEALT:

Art of the spin: Trump bankers question his portrayal of financial comeback (EMILY FLITTER, 7/17/16, Reuters)

Donald Trump, who often says he only likes winners, tells one grand tale of loss: In 1990, he nearly went bankrupt and was forced to ask dozens of banks to whom he owed money to change the terms on their loans and forgive some of his debts.

It was, the real estate developer admits in his 1997 book "The Art of the Comeback," the darkest period of his professional life. In his telling, it's a story of redemption, of resilience, and proof of his exceptional negotiating skills and shrewd thinking.

Six people who participated in the loan workout negotiations have a different recollection, raising questions about a key part of the personal narrative that many of Trump's supporters have found compelling as he campaigns to be the next president of the United States on Nov. 8. On the campaign trail he has portrayed himself as a survivor and a master negotiator.

Trump says his comeback began when he recognized a downturn in the real estate market and quickly asked banks to renegotiate his loans. "That decision was perhaps the smartest thing I did," he wrote.

The six bankers and lawyers involved in the talks say the bailout wasn't based on any overture Trump initiated with the banks - and the terms of the deal were dictated by what was best for the banks, not Trump.

Three of the participants say Trump didn't acknowledge he had a problem until his lenders reviewed his books, realized he was on the brink of collapse, and summoned him for debt restructuring talks.

Posted by at July 17, 2016 9:36 AM

  

« A SHYLOCK TO GO WITH HIS FALSTAFF: | Main | hISTORY eNDS EVERYWHERE: »