This is Storm!

A writer, a mother, a self-admitted shopaholic.
I'm just trying to live a life I'm proud of!
Aren't we all?
Check out my secondary blog for short stories and clips about health, beauty, and parenting!



Friday, July 24, 2015

What Does Forbes Think of Trump's Bankruptcies?


It’s difficult to ground yourself politically with all that you see and hear on the web. Every article you read about every political candidate is undoubtedly biased. Because treading political waters seems to be a daunting, confusing, and misleading task, most seem to cast their vote based on the few things they’ve heard or can be sure of. Race, religion, or a noteworthy hair piece may be good enough reason for many in selecting their favorite candidates.
The next election may be the first that I take the time to involve myself in. Not only because I wouldn’t mind seeing that hair piece at the Oval Office desk, but because Trump is making a grand statement. He is demanding my attention – like any expert business man would – and I’m not the only one. After the last few years, is it any surprise that a blaze of passion and a lack of remorse would drop jaws across the nation? Not at all. If you’re a regular reader of my blog, you could probably guess that I am all for Trump’s blatant honesty and unapologetic approach. I want to like him, but . . .

What’s with all this talk of bankruptcies?
It seems that in every debate and in every mention, Trump’s 4 bankruptcies are addressed and spoken of as if he had spit on the graves of 5 Marines! When working as a Senior Credit Adviser, I witnessed countless bankruptcies every day and I heard the stories behind them. Some of our clients would call in just to ask what they should do with debt that they could never pay. We explained that because America is such a great country, anyone can rack up millions of dollars in debt, simply claim that they can’t afford to pay it, and the magical debt vanishes into thin air. It’s a relief, really, that this country holds no one accountable for something as small as irresponsible spending.
“Oh don’t worry about it! We’ll just add your debt to our national debt. We’re already in the trillions. What does it matter anymore?” -‘Merica!
I’m sure you can imagine the big grin on my face when I read Trump’s statements on his history of legally tossing his debt out the window.
“Basically I’ve used the laws of the country to my advantage and to other people’s advantage just as Leon Black has, Carl Icahn, Henry Kravis has, just as many, many others on top of the business world have.”
And rightfully so, Trump. Rightfully so.
But are these 4 bankruptcies any indication that Trump should not be considered as a presidential candidate? I don’t see why they would, as his motives involve running for president in a country that offers its citizens the right to file bankruptcy. What’s the issue? There must be something about the matter that I am not well versed in. Something about bankruptcy that I didn’t learn in my weeks of credit repair training. Because the media is so horribly biased, I knew I couldn’t simply ask Google why Trump’s bankruptcies are frowned upon. How could I learn the truth . . ?

Oh, why hello, Forbes Magazine! (A leading global source for reliable business news and financial information.) What do you have to say about Trump’s negative track record?
In an article written in April of 2011 on Forbes.com, before all the rumors and hubbub, Donald Trump’s bankruptcies were addressed. Michael Venditto (a Reed Smith partner) has represented clients in high profile Chapter 11 cases, including airline TWA, and he stated, “To the ordinary person in the street, it may seem surprising, but certainly not to me. Chapter 11 is how you reshape and restructure a company that has problems. It doesn’t even indicate anything nefarious or even bad management.” Venditto also went on to compare Chapter 11 bankruptcy to the likely alternative: liquidation. “What is an empty casino sitting on the Atlantic Boardwalk worth? If it’s operating and it’s got cash flow and income, it may not be able to pay back every cent on the dollar, but the creditors are better off in the long run.”
Icahn Lawyer, Weisfelner, claims that “The purpose of bankruptcy laws is to protect companies, their customers and employees, to give them a second chance and to treat claim holders fairly.”
Atlantic City Lawyer, Viscount, doesn’t think Trump has abused those laws. “Chapter 11, in my view, is the ultimate business transaction forum. It’s the place you go to keep a business alive and well. He’s done nothing inappropriate.”

Obviously, with my sarcastic remarks and blatant view on the matter of bankruptcy, it goes without saying that I agree with all Forbes Magazine and its sources had to say. The B word has such an ugly reputation, but why? As far as I can tell, the leading global magazine for financial and business information isn’t frowning upon Trump’s actions. And I’m almost. . . 143% positive that the professionals running Forbes know far more on the subject than we do. I think I’ll take their side on this one.

With all of that being said, I would like to ask you something:
Why do you believe that Donald Trump’s bankruptcies are so telling of an inadequate candidate for president? As always, I’d love to read what you have to say about it.


Happy 24th!!

-Storm.
P.S. Read the full Forbes article here!

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