Trump campaign to file Chapter Eleven, seeking protection from creditors

[Cigar]

[Safety]

Yup, good for the economy evidently....

'Murica.

[AZ Jim]

What Trump is saying of his bankruptcies is "those were not PERSONAL bankruptcies, they were businesses I mismanaged." Ok, so in other words you skated free, lost nothing but the little people in those companies, the worker bees lost their jobs and in many cases their pensions (which the government had to make good through the PBGC). But, you fools don't care about looking into those little details.

PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private-sector defined benefit plans - the kind that typically pay a set monthly amount at retirement. If your plan ends (this is called "plan termination") without sufficient money to pay all benefits, PBGC's insurance program will pay you the benefit provided by your pension plan up to the limits set by law. (Most people receive the full benefit they had earned before the plan terminated.) Our financing comes from insurance premiums paid by companies whose plans we protect, from our investments, from the assets of pension plans that we take over as trustee, and from recoveries from the companies formerly responsible for the plans, but not from taxes. Your plan is insured even if your employer fails to pay the required premiums.

[OGIS]

What Trump is saying of his bankruptcies is "those were not PERSONAL bankruptcies, they were businesses I mismanaged." Ok, so in other words you skated free, lost nothing but the little people in those companies, the worker bees lost their jobs and in many cases their pensions (which the government had to make good through the PBGC). But, you fools don't care about looking into those little details.

This frankly sounds a bit like people complaining about how Walmart doesn't pay their workers a living wage... but ignoring every other retail outlet business in the country, big and small, that does precisely the same thing. Chapter 7 and 11 BKs are a standard part of the American business landscape, and have been for decades. And abuse of it has been a systemic problem.

Part of that abuse is when financially-interested CEOs manipulate a Chapter 11 BK (court-protected breathing space and reorganization, often with partial debt write-down) into a Chapter 7 BK (corporation is dissolved, creditors and employees get screwed, and the owners walk away with either golden parachutes or the financial means to set up another such sting. And it is totally legal, trust me on that. I'm been involved in a couple of those, and I'm not proud of it.

Trump has had four business BKs. As I recall, they are all Chapter 11s. So, within the context of the lesser of two evils, point for Trump. If he was Evil he could have arranged to torpedo the firms and pocket hidden millions (though he could have also done quite well under the terms of an 11).

Questions:
- How many separate companies does Trump own?
- What is the percentage of those four BKs to that number?
- How does that percentage compare to similar business ventures?

These are, I think, the reasonable questions to make regarding the Trump bankruptcies.

[Peter1469]

What Trump is saying of his bankruptcies is "those were not PERSONAL bankruptcies, they were businesses I mismanaged." Ok, so in other words you skated free, lost nothing but the little people in those companies, the worker bees lost their jobs and in many cases their pensions (which the government had to make good through the PBGC). But, you fools don't care about looking into those little details.

PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private-sector defined benefit plans - the kind that typically pay a set monthly amount at retirement. If your plan ends (this is called "plan termination") without sufficient money to pay all benefits, PBGC's insurance program will pay you the benefit provided by your pension plan up to the limits set by law. (Most people receive the full benefit they had earned before the plan terminated.) Our financing comes from insurance premiums paid by companies whose plans we protect, from our investments, from the assets of pension plans that we take over as trustee, and from recoveries from the companies formerly responsible for the plans, but not from taxes. Your plan is insured even if your employer fails to pay the required premiums.

The PBGC is going broke. But even in the past if your company pushed its pension there you took a big hit. I posted a thread on this last night.