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Drudge Retort: The Other Side of the News
Wednesday, October 28, 2020

President Trump had $287 million in debt forgiven within the past decade, with most of it related to his Trump International Hotel & Tower in Chicago, The New York Times reported on Tuesday.

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What a deadbeat. LOSER.

#1 | Posted by Effeteposer at 2020-10-28 09:01 AM | Reply | Newsworthy 1

So now that Trump understands, he'll work to relieve student loan debt as well, right?

#2 | Posted by TFDNihilist at 2020-10-28 03:51 PM | Reply

His cultists will believe this is just more proof of what a "genius" Trump is.

#3 | Posted by ClownShack at 2020-10-28 04:38 PM | Reply

This is what really fries my bacon! These types of sweetheart deals aren't available to the average person on main street. When was the last time a bank forgave a home mortgage, or a student loan, or an auto loan, let the borrower walk away, and then borrow more money on more bad bet real estate ventures? NEVER! They screw the little guy, but when somebody famous threatens to sue them, they roll over and play dead. Simply disgusting. This is a perfect example of Joe Biden's Scraton vs. Park Ave pitch and should be in an ad tomorrow in every blue collar district in every swing state!

#4 | Posted by _Gunslinger_ at 2020-10-28 07:23 PM | Reply | Newsworthy 1

In my time as a lender I've learned that lenders like DB and Fortress-CMBS lenders-are not only lousy lenders but also weak ass negotiators when problems come along. An experienced real estate guy like Trump knows this and takes advantage of such weaklings.

What the article doesn't play up is that forgiveness of debt is treated as ordinary income. Trump generated a lot of losses to offset those gains. The last thing Trump wants to talk about is hundreds of millions in losses. The media should talk about and ask about those losses, which demonstrate failure and represent humiliation for Trump. Ask him about his losses...

#5 | Posted by catdog at 2020-10-28 09:00 PM | Reply

"Trump generated a lot of losses to offset those gains. "

Trump had over $900,000,000.00 banked, back before the tax code was fixed. The biggest error in the fix was it wasn't made retroactive, meaning Trump got to wrote off $900 Million in losses of Other People's Money.

Look at 1995, the year he got to write it forward.

Look at 2005, when he still had $200 Million of losses left.

Trump pocketed $700,000,000.00, tax-free.

#6 | Posted by Danforth at 2020-10-28 10:37 PM | Reply

I wonder what political favor he gave them to get this forgiven.

------- is the most corrupt president this nation has ever seen.

#7 | Posted by Nixon at 2020-10-29 07:20 AM | Reply

About 15 years ago I negotiated with a credit card company to reduce how much I owed. They did reduce my balance and then sent me a tax form indicating how much additional income tax I owed because the debt reduction was considered income. Apparently, the same rule do not apply to millionaires.

#8 | Posted by danni at 2020-10-29 09:20 AM | Reply

#6

Might be the most infuriating post I have ever seen on the DR.

My small business went bankrupt over $3,000 during the 2010 recession because I could not find a penny to save a formerly profitable enterprise.

The United Way wouldn't even help me and it changed my entire life and career (with mixed regrets)

And the Worst Person on Earth(tm) Got almost a billion dollars in free money.

Makes me want to kil.... errr scream.

#9 | Posted by bocaink at 2020-10-29 11:02 AM | Reply

This along with the other known information on how Trump does business and how he screws people over......I never understood why he wasn't hammered with that during the 2016 election.

That was why I didn't think he had a prayer of winning......I believed the democratic party would kill him with ---- like this.

#10 | Posted by eberly at 2020-10-29 11:15 AM | Reply

Danni:

smallbusiness.chron.com

Forgiven debt, even business' forgiven debt, is income.

Of course, there are bankruptcy laws (Written by both parties)

Then there are the commercials all the time about getting out of tax debts - pennies on the dollar.

So, don't pay your bills that you agreed to pay.
Then, when it's considered income and you have to pay tax on it, don't.
Then, pay pennies on the dollar on the tax you owe.

All people have the opportunity to try to get money, not pay it back, and get off of paying it.

It's the American way.

#11 | Posted by Petrous at 2020-10-29 11:54 AM | Reply

"According to statistics released by the Administrative Office of the U.S. Courts, the March 2019 annual bankruptcy filings totaled 772,646, compared with 779,828 cases in the previous year.

The government forgives debt for over 700k people. Liberals only care about one. They just don't care about the people. All they do is care about their hatred of the ones that have a different opinion than they do.

#12 | Posted by humtake at 2020-10-29 12:23 PM | Reply

#12 | POSTED BY HUMTAKE

Earth to HUMTAKE, only one of those 700k people are the POTUS. Couple that with Trumps nefarious dealings with money and clearly one can understand the higher level of scrutiny upon that single individual.

Not difficult to consider; not sure why you're attempting to make it seem so difficult.

#13 | Posted by rstybeach11 at 2020-10-29 12:39 PM | Reply

During calendar year 2019, more than 733,000 bankruptcy petitions were filed by individuals with debts that are predominantly consumer in nature ("consumer cases"), largely unchanged from 2018. Approximately 62 percent of the petitions were filed under chapter 7, in which a debtor's nonexempt assets are liquidated and the proceeds distributed to creditors. About 38 percent were filed under chapter 13, in which individuals with regular income and who have debts below a statutory threshold make installment payments to creditors under court-confirmed plans. One-tenth of 1 percent of petitions filed by individuals with predominantly consumer debt were filed under chapter 11, which allows businesses and individuals to continue operating while they formulate plans to reorganize and repay their creditors.

www.uscourts.gov

#14 | Posted by schifferbrains at 2020-10-29 01:23 PM | Reply

Old news.

#15 | Posted by MSgt at 2020-10-29 03:00 PM | Reply

Old news.
#15 | POSTED BY MSGT

And yet still significant and newsworthy considering the current environment (i.e., presidential election).

You don't get out much, eh?

#16 | Posted by rstybeach11 at 2020-10-29 03:06 PM | Reply

Msgt

Where did you run off to?

drudge.com

#17 | Posted by Danforth at 2020-10-29 03:24 PM | Reply

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