Recently, the New York Times interviewed people from eastern North Carolina about why they supported former President Donald Trump for president in the 2024 presidential race. Many from Wilson and Rocky Mount shared that they believed he was a good businessman.
Trump has long cultivated an image as a savvy businessman, but his record reveals a pattern of financial failures. While he paints his name on skyscrapers, casinos and resorts, many of these ventures ended in bankruptcy, such as Trump’s Taj Mahal, Trump Castle and the Plaza Hotel. In fact, Trump’s companies have filed for bankruptcy six times, largely due to reckless over-leveraging and a reliance on debt to fund expansion.
When I look at Trump, I do not see a good businessman — I see a person who inherited massive privilege and fumbled it several times, creating a brand more than meaningful business. If he has any success, it is in his ability to find and exploit loopholes to benefit himself personally, while leaving employees and investors in trouble. You see this with Trump University — which defrauded thousands of students and resulted in a $25 million legal settlement. You can also see it in the two month tenure of Trump Steaks in 2007, quickly discontinued by QVC and The Sharper Image due to poor product and sales, and the folding of Trump Shuttles and Trump Vodka…