How every investor lost money on Trump Tower Toronto (but Donald Trump made millions anyway)

[highplainsdem]

https://www.thestar.com/amp/news/world/2017/10/21/how-every-investor-lost-money-on-trump-tower-toronto-but-donald-trump-made-millions-anyway.html

Let’s say you’re Donald Trump.

It’s 2002 and you’ve agreed to have your name emblazoned across the top of the tallest residential tower in Canada, a $500-million, five-star condo-hotel in downtown Toronto.

Here’s the thing: Only months into the project, your lead developer is publicly exposed in the pages of the Toronto Star as a fugitive fraudster on the run from U.S. justice. Your major institutional partner — the Ritz-Carlton Hotel Company — bails shortly after.

Your remaining partners in the deal — a group of investors assembled by the criminal who was just outed — include a New York camera store owner, a former Chicago nursing-home administrator, two small-time landlords in Britain and a little-known Toronto billionaire who earned a fortune in the former Soviet Union.

The one thing they all have in common — no experience in condo tower development.

Do you pull out? For Trump, the answer was no. The billionaire dug in, repeatedly told the world he was investing his own money in the project — claims that would prove false — and gushed about its spectacular promise, knowing his profits were guaranteed.

-snip-

Fast forward to 2016 and Trump’s Toronto tower is built but bankrupt — a rare failure in Toronto’s booming downtown condo market.

-snip-

Brilliant analysis of another example of how much damage Trump does to what he touches, all the while making money for himself.

[Botany]

1. But what about Hillary's emails?

n/t

[Achilleaze]

2. He's a republican casino hustler and business sleazeball*

republicans have chosen a crook and traitor to be their 'leader' and "family values" role model. Degenerate.

* republican Draft-Dodger-in-Chief

[Iliyah]

3. t-rump is on his way bankrupting the USA

with the help of the 1%ers and the GOP.

[Irish_Dem]

4. The wealthy privatize profit, socialize loss. That is how they get so rich.

Scamming the system.

[brush]

5. Typical trump crap. Everybody loses but he walks away with licensing fees...

and is lucky he and his son and daughter weren't prosecuted for fraudulently hype the project as a great success.

And one could say he fraudulently hyped his credentials to be president.

Millions bought it and now he sits in the WH making more chaos.