Another day, another Trump bankruptcy. The Wall Street Journal reports that, once again, Donald Trump’s organization will screw its creditors out of their investment. This time it’s the Trump Entertainment Group that includes Trump Casinos. It’s their third appearance in bankruptcy court in four years.
Don’t get me wrong. I think individuals and companies need bankruptcy protection laws, and I was opposed to the changes in the law that were made earlier this decade that made it harder for individuals to declare bankruptcy.
But this is a clear case of abuse, this from a man who scrutinizes other peoples’ business plans on live TV. It leads to the question, if you actually win at Apprentice, what lesson are you actually learning? And one has to wonder, what kind of morons would invest in this guy’s businesses? I mean really. One bankruptcy normally all but kills a consumer’s credit for many years. Where does he get the suckers?