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Wed Feb 12, 2020, 10:47 AM

MUST READ - Fred Trump: How the US president's father built the property empire that spawned his

son's billions
https://www.independent.co.uk/news/world/americas/us-politics/fred-trump-tax-dodge-donald-inheritance-us-president-new-york-real-estate-queens-kkk-a8566421.html
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Donald Trump has long enjoyed presenting himself as a self-made man, claiming the real estate portfolio that brought him wealth and fame is the product of hard graft and vision, nothing more.

“I started off in Brooklyn, my father gave me a small loan of $1m...” he told NBC's Today, without irony, on the campaign trail in 2015.

But The New York Times’s report that the president allegedly participated in “dubious tax schemes” to conceal up to $413m gifted to him and his siblings by their late father Fred Trump has again cast the harsh light of day on the Trump fortune and its backstory.

Frederick Christ Trump (yes, you read that right) built up a huge property empire in the mid-20th century, incorporating 27,000 apartments and row houses in the New York City boroughs of Queens and Brooklyn, while the young Donald was raised in a 23-room, nine bathroom mansion in the leafy middle-class suburb of Jamaica Estates, making a nonsense of his claim to have sprung from hardship.

Fred was born in 1905, the son of German immigrant Frederick Drumpf (a family name the satirist John Oliver has delighted in), who had arrived in New York on 19 October 1885 from Kallstadt via Bremen, a 16-year-old seeking to evade military conscription.

Drumpf initially settled in the Big Apple before relocating to Seattle and then moving on to the Yukon Territory to take part in the Klondike Gold Rush, where he operated restaurants serving horse meat and a string of brothels catering to itinerant miners venturing in from the cold.

Taking advantage of the Great Depression, when Franklin D Roosevelt’s government was doing all it could to bolster the construction and home financing industries, Fred Trump gradually grew his business throughout the 1930s to the 1950s by borrowing from the Federal Housing Authority and making influential friends among the Brooklyn Democratic Party.

Trump is not self-made man as NYT report shows says Art of Deal author
He also built apartments for servicemen in the Second World War in Pennsylvania and Virginia and foresaw the advent of supermarkets, building one of America’s first, the Trump Market at Woodhaven, New York, whose slogan was: “Serve yourself and save!”

Known for his thrift, one of Fred’s few luxuries was a Cadillac with a personalised “FTC” vanity plate (his son's is “DJT”). Donald would recall in his ghost-written business manual The Art of the Deal (1987) that his father would roll up at construction sites after the working day was done and collect stray nails from the ground for his carpenters to use again the next morning.

He would also water down paint and manufacture his own disinfectant and cockroach spray to save cash, sending brand samples to labs to determine their ingredients.

“What had cost $2 a bottle, he got mixed for 50 cents,” remembered his son.

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Reply MUST READ - Fred Trump: How the US president's father built the property empire that spawned his (Original post)
malaise Wednesday OP
Rider3 Wednesday #1
malaise Wednesday #2
ansible Wednesday #3
safeinOhio Wednesday #4
eppur_se_muova Wednesday #5

Response to malaise (Original post)

Wed Feb 12, 2020, 11:07 AM

1. Very rarely...

does someone become extremely wealthy due to playing by the rules. You only get to that level with deceit. As my mother used to say, "We'll never be rich; your father is too honest." And my dad used to say, "Do the right thing, and you'll never regret it."

That about sums it up.

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Response to Rider3 (Reply #1)

Wed Feb 12, 2020, 11:11 AM

2. And that's the truth

Your folks were correct

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Response to Rider3 (Reply #1)

Wed Feb 12, 2020, 11:13 AM

3. I don't think it's possible to get rich without being evil

Always bothers me when people here cheer for other rich people just because they're voting democratic and hate Trump. The enemy of our enemy isn't your friend either. All they care about is money.

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Response to malaise (Original post)

Wed Feb 12, 2020, 12:22 PM

4. Don't forget his sister the Federal Judge.

She retired rather than turn over her tax records that might have exposed the “dubious tax schemes” that transferred the family wealth to the kids.

Another thing to investigate after the 2020 elections. After all, he is the one that promotes going after family members.

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Response to malaise (Original post)

Wed Feb 12, 2020, 12:32 PM

5. The secret of a great success for which you are at a loss to account ...

The secret of a great success for which you are at a loss to account is a crime that has never been found out, because it was properly executed.

Honoré de Balzac


https://quoteinvestigator.com/2013/09/09/fortune-crime/

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