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  • #1

    Donald Trump

    Interesting articles about the 22 y/o investment banker who managed to transfer assets to banks in Switzerland and avoid authorities as he moved between Mexico, Ireland, Lebannon. He thought he could return home with his boots stuffed with cash but hooray...border police didn't fall for the false ID.

    Has anyone seen the latest news on the guy with the gia-normous ego who kept burning through other people's money? We hear about the Las Vegas economy but nothing about Atlantic City. Will that slick salesman slip through unscathed? Where in the world is Donald Trump, his PR team seem to have switched gears from having him in the news daily to not promoting him ad nauseum.
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  • #2
    While I'm no banking whiz, I don't know why anyone would try to use a Swiss bank account for the purposes of evading authorities. While the financial records in Switzerland may not be accessible, all the transactions and paper trails in the states that lead to your Swiss bank account is.

    So, authorities can STILL track much of your assets, and with a few quick punches on the calculator, estimate its current worth today. It is so much easier to simply invest in legal, tax-efficient investments.

    As for Donald Trump, for a while, NYC real estate was resistant from the housing bust, but now, it has finally hit his neighborhood. Consequently, a lot of his loans are defaulting and I think he has little means to pay it right now (since most of his assets is in real estate).

    I was never much of a fan of "real estate flipping" anyway....
    Last edited by Broken Arrow; 02-13-2009, 12:50 PM.

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    • #3
      Even the "Donald" can't run from this one.
      "Those who can't remember the past are condemmed to repeat it".- George Santayana.

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      • #4
        Nor has there been much in the news or commentary about the throngs of relatively small time house flippers (I hate that word for some reason) who were a part of the upward spiral of house prices, many of whom must have gotten caught with mortgages they could not afford, perhaps on multiple houses.

        Shortly after I joined savingadvice, there was a fellow here who had several properties at any one time. It seems like he said he had $17 million in mortgage debt, but he was happy about it because he was -of course- going to continue selling and re-investing his way to wealth. He had a confident, cheerful online demeanor and was trying to encourage others to get into real estate flipping....I wonder what happened to him.
        "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

        "It is easier to build strong children than to repair broken men." --Frederick Douglass

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        • #5
          Originally posted by Joan.of.the.Arch View Post
          Shortly after I joined savingadvice, there was a fellow here who had several properties at any one time. It seems like he said he had $17 million in mortgage debt, but he was happy about it because he was -of course- going to continue selling and re-investing his way to wealth. He had a confident, cheerful online demeanor and was trying to encourage others to get into real estate flipping....I wonder what happened to him.
          You're paying for his welfare and food stamps.

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          • #6
            Originally posted by Joan.of.the.Arch View Post
            Nor has there been much in the news or commentary about the throngs of relatively small time house flippers (I hate that word for some reason) who were a part of the upward spiral of house prices, many of whom must have gotten caught with mortgages they could not afford, perhaps on multiple houses.

            Shortly after I joined savingadvice, there was a fellow here who had several properties at any one time. It seems like he said he had $17 million in mortgage debt, but he was happy about it because he was -of course- going to continue selling and re-investing his way to wealth. He had a confident, cheerful online demeanor and was trying to encourage others to get into real estate flipping....I wonder what happened to him.
            Maybe he's in congress now.
            "Those who can't remember the past are condemmed to repeat it".- George Santayana.

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