He was personally on the hook for more than $800 million. His judgment was wrong.'Īt one point, Trump owed $3.4 billion. 'All the assets that he bought - the shuttle, his real estate - he believed he could make a lot of money on them,' said Alan Pomerantz, a lawyer who represented dozens of banks in negotiations with Trump in the early 1990s. 'I was able to use the tax laws of this country and my skills as a businessperson to dig out of the real estate depression when few others were able to do that,' Trump said.īut former employees and business associates say Trump himself was also to blame.
But he blamed the recession of the early 1990s for his financial problems. All the assets that he bought - the shuttle, his real estate - he believed he could make a lot of money on them.Īlan Pomerantz, lawyer who represented banks negotiating with Donald TrumpĪt a rally in Colorado on Monday, Trump did not dispute the broad strokes of the story.
