During his election, phrases related to Trump’s business acumen echoed around the world. “Look at his success in business” was frequently bandied about, and the novelty of handing over an economy to a money man was brought up too.
As with everything Trump related, there’s been a serious misunderstanding. Trump was born into money, which makes having it a lot easier to achieve. He also has had serious financial problems before as well as a host of failed endeavours. Felix wants to take a look at some of these and dispel the myth that Trump is always so business savvy.
Trump Shuttle
Donald wanted his name not just on buildings but on planes too. To that end, he bought an aircraft company that simply did hourly flights between NYC, Boston and DC. Being Trump, he felt the need to embellish these simple, convenient planes into something with wooden floors and gold fixtures. He upped the prices and customers went elsewhere.
This gamble was so bad that the airline never made profit, he defaulted on his loans and the company had to be handed over to those he owed. A can of red bull would have been a more successful venture.
Trump Financial
Trump Financial was a mortgage firm opened by Trump in 2006, which the mogul stated was “a great time to start a mortgage company”. According to Trump, “the real estate market [was] going to be very strong for a long time to come.”
Trump’s foresight proved indispensable when – oh wait, no, the entire housing market collapsed a month afterwards and Trump Financial failed. Bravo big guy.
Trump University
The best way to view Trump University is as follows.
Through Donald Trump’s eyes: A university dedicated to educating people to become successful entrepreneurs and make money. It had 98% approval rates among students, with handpicked instructors and meetings with the DJ himself.
Reality: Sued by New York because it wasn’t actually a University, forced students to provide good reviews in exchange for graduation certificates, and instructors weren’t handpicked nor experienced. It was revealed that the Trump U handbook encouraged staff to sell courses to those who couldn’t afford it, and ended up being sued by multiple people swindled by the ‘university’.
It folded after just five years.
We also shouldn’t forget Trump Institute, which promised lectures and seminars in getting rich. Unfortunately those running it had a previous history of fraudulent business practices and Trump’s ‘seminars’ were plagiarised from a magazine. Classy.
GoTrump.Com
Given Trump’s airline was such a booming success, it was only natural for him to venture into the world of online travel search engines. He claimed that he would find great travel deals for everyone and was working with “an esteemed group of partners”. So esteemed that the website (called a “vanity site” by a independent market research company) didn’t even last a year.
Trump Magazine
It’s surprising that media-loather Trump had his own magazine a while back. Described as ‘wealth porn’, Trump Magazine was mostly filled with things the Donster loves, like boats, cigars, jets, and front pages filled with his family. It was basically Trump propaganda that no one could afford, and it was thankfully shut down.
Trump Steaks
Advertised as the greatest in the world (so great they were only available in a single homeware shop) and discontinued after just two months on the shelves. One of Trump’s Steakhouses was actually shut down due to over 50 health code violations including foods outdated by six months. Apparently the crowd was as tough as his steak.
Trump Vodka
Trump claimed this drink of champions would outsell Grey Goose and that the T&T (Trump and tonic) would become the most drunk cocktail in the US. It was discontinued as sales failed to even meet threshold, no doubt in part because the gold leaf labels were so pricey to manufacture. Lawsuits were also filed as a result of Trump Vodka, involving unpaid bills.
The irony of labelling his failed vodka ’Success distilled’ is probably lost on Trump.
Trump Casinos
We couldn’t leave it here without mentioning some of his biggest failures. His Trump Entertainment Resorts company filed for bankruptcy in 2009. Some might find that unbelievable, but save that disbelief for the following. This was the third time it had done so in a row. To date, he’s filed for bankruptcy four times.
Strange for someone who’s said to turn everything he touches into gold… Good luck America’s economy. I’m sure you’ll come up Trumps.
The post Donald Trump’s Failed Endeavours: The Only Busts He Doesn’t Want to Get His Hands On appeared first on Felix Magazine.
Donald Trump’s Failed Endeavours: The Only Busts He Doesn’t Want to Get His Hands On posted first on http://www.felixmagazine.com/
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