Trump declared bankruptcy in Puerto Rico, defaulting on municpal bonds, teacher pensions... [View all]
"Donald Trump was one of the principals in the Trump International Golf Club in Puerto Rico. It was an elegant resort, with a 46,000-square foot clubhouse and two 18-hole courses.
Unfortunately, Trump borrowed $26.4 million in municipal bonds for new construction. He defaulted on a payment of $119,814 to the bondholders in August 2014, then declared bankruptcy on July 13, 2015, due to “financial difficulties.”
In declaring this bankruptcy, Trump defaulted on municipal bonds that contained teacher pension funds from Puerto Rico.
In other words, Trump built a golf course for other rich Americans, using Puerto Rican land and Puerto Rican money. Then when the deal fell apart, Trump declared bankruptcy…and the people of Puerto Rico were left holding the empty bag, and paying for the Trump’s debt."
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