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| | | Trump- In Crisis As People Shun Him -- |  |
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Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Trump- In Crisis As People Shun Him -- Mon Jan 11, 2021 6:42 pm | |
| 1-11-2021
Organization in crisis as his banks shun him --
and his brand may never recover.
President Donald Trump is facing a business crisis only nine days before he returns to the private sector.
"In the span of four days, President Trump's family business has lost its online store, the buzz from Mr. Trump's promotional tweets about its luxury resorts and bragging rights as host to one of the world's most prestigious golf tournaments.
The mob attack on Congress last week by Mr. Trump's supporters has spurred a reckoning for the Trump Organization by businesses and institutions, at a scale far greater than his previous polarizing actions," The New York Times reported Monday.
"And the Trump brand, premised on gold-plated luxury and a super-affluent clientele, may not fully recover from the fallout of his supporters violently storming and vandalizing the U.S. Capitol, hospitality analysts say and some people close to the business acknowledge.
Other companies linked with the Trumps, including Deutsche Bank, the president's largest lender, and Signature Bank, are also seeking distance
from him and his business," the newspaper noted.
Deutsche Bank, which has been Mr. Trump's primary lender for two decades, has decided not to do business with Mr. Trump or his company in the future, according to a person familiar with the bank's thinking. Mr. Trump currently owes Deutsche Bank more than $300 million, which is due in the next few years," the newspaper reported.
"The bank has concluded that, short of forgiving the debt, it has no way to extricate itself from the Trump relationship before the loans come due."
Another bank is liquidating Trump's accounts.
'Another longtime financial partner of the Trumps, Signature Bank, also is cutting ties. The bank — which helped Mr. Trump finance his Florida golf course and where Ivanka Trump, the president's daughter, was once a board member — issued a statement calling on Mr. Trump to resign as president 'in the best interests of our nation and the American people.' Susan Turkell, a spokeswoman for the bank, said
Signature had decided that it 'will not do business in the future with any members of Congress who voted to disregard the Electoral College.'
Ms. Turkell said that in the wake of the riots the bank began closing Mr. Trump's two personal accounts, which had about $5.3 million,"
the newspaper reported.
Last edited by Temple on Wed Jan 27, 2021 6:12 pm; edited 1 time in total |
| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Mon Jan 11, 2021 11:55 pm | |
| Financial giants that dumped trump.
(just a few, so far)
Goldman Sachs
Citigroup
JPMorgan
Chase
Morgan Stanley
BlueCross Blue Shield
Bank of America
Ford
AT&T
CVS
Exxon Mobil
Comcast
PGA stripped Trump’s golf course of a major tournament.
Trump Turnberry golf course no more tournaments
The National Association of Manufacturers, an industry group that has supported Trump for years, condemned the president and called for his Cabinet to invoke the 25th Amendment to remove him from office. |
| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Thu Jan 14, 2021 8:16 pm | |
| 1-14-2021
Billionaire Republican Ken Langone feels ‘betrayed,’
urges Americans to unite behind Joe Biden.
‘I think the biggest mistake anybody is going to make is try and rationalize
what happened last week, what the president did and what that crowd did.
There should be no mitigation at all. It was horrible. It was wrong. I’m shocked.’
That’s Ken Langone, the billionaire co-founder of Home Depot HD, -2.08%,
explaining to CNBC on Wednesday why he feels “betrayed”
by the riots that erupted on Capitol Hill last week.
“Last Wednesday was a disgrace,” Langone continued.
“It should never have happened in this country.
If it doesn’t break every American’s heart, something is wrong. It breaks my heart, for sure. I didn’t sign up for that.
” With that, Langone, who has backed Trump’s policies over the years as a GOP donor, urged the country to unite behind the president-elect.
“If there’s a time in history where all Americans need to be a patriot, this is that time,
” he told CNBC. “I’m going to do everything I can from Day One to make sure I do my part to make Joe Biden the most successful president in the history of this country.”
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| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Mon Jan 18, 2021 6:03 pm | |
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| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Trump Exiting The White House With His Brand In Tatters- Tue Jan 19, 2021 9:07 pm | |
| 1-19-2021
Trump Exiting The White House With His Brand In Tatters-
Banned by social media giants and cut off by a growing list of companies, the outgoing president
is also being shunned in the real estate industry.
“It’s shocking,” said one industry veteran, that major brokerages are “not taking the business.”
As Donald Trump prepares for his post-presidency in de facto exile at Mar-a-Lago, America’s soon-to-be ex-president is confronting a series of existential crises no predecessor has faced.
The most immediate threat, of course, is the upcoming Senate impeachment trial, the outcome
of which could bar him from ever serving office again.
At the same time, Trump is reportedly the target of multiple state-level civil and criminal investigations that could subject him to heavy financial penalties or even jail.
And when he’s not meeting with lawyers or sitting in a courtroom, Trump faces this grim reality: his brand is in tatters.
Trump has been effectively banished from vast swathes of the American economy.
The list of companies and organizations that have announced they will no longer do business with him is long––and getting longer.
In the days after Trump incited the deadly Capitol riot, social media platforms (Twitter, Facebook, YouTube), financial institutions (Deutsche Bank, Signature Bank), and e-commerce platforms (Shopify, Stripe) have cut ties with him. PGA of America said it wouldn’t hold its 2022 championship tournament at Trump’s Bedminster golf course. In Trump’s native New York, Mayor Bill de Blasio declared the city would cancel municipal contracts with Trump to operate two ice rinks, Central Park Carousel, and a public golf course in the Bronx.
Meanwhile, Trump’s peers in the real estate industry have also shunned him.
Two days after the riot, real estate firm JLL, which was overseeing the sale of the Trump International Hotel in Washington, D.C.—better known as the MAGA clubhouse during the Trump presidency—announced it wouldn’t be involved in selling the hotel.
A few days later, the Trump Organization was dropped by brokerage giant Cushman & Wakefield, which handled leasing at Trump Tower and 40 Wall Street.
Damage control hasn’t been successful.
According to a New York real estate source, a lawyer representing the Trump Organization has called executives at major brokerages such
as CBRE and Newmark and pitched them to sign Trump as a client.
“They were looking for a big broker to elevate their brand,” the source said. So far, firms are passing, the source said.
(A Trump Organization spokesperson disputed the source’s claim in an email, writing:
“This isn’t true.”) A CBRE spokesperson said:
“CBRE is not engaged in nor are we contemplating any work for the Trump Organization.”
A veteran real estate executive told me he couldn’t remember a time when a brokerage turned down a major client like Trump.
“It’s shocking they’re not taking the business,”
he said.
The outgoing president’s pariah status essentially torches the existing Trump business model at a moment when he owes Deutsche Bank $340 million in loans that are due in 2023 and 2024.
Selling the few real estate assets his family owns into a depressed COVID economy is likely not an option. Which means Trump will have to quickly “pivot,” as they say.
It’s true that, despite leaving office with record-low approval ratings, Trump retains a cult following that would, conceivably, pay to consume Trump-themed “content.” How many, and how much they would pay, is the question.
Another source of capital could be the petro-dictatorships Trump coddled in office.
Russia, Saudi Arabia, and the United Arab Emirates could loan Trump cash from their sovereign wealth funds.
“Trump will have to be bailed out by someone he bailed out,” said longtime Trump observer Mitchell Moss, the Henry Hart Rice professor of urban policy at New York University’s Wagner school.
But as an ex-president with significant legal liabilities, Trump may discover his strongmen allies are reluctant to write blank checks.
“Money goes towards power.The problem today is Trump doesn’t have power.”
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| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Tue Jan 19, 2021 9:08 pm | |
| 1-19-2021
Trump is about to enter the worst days of his business career:
Stories of President Donald Trump's final days before his casino filed for bankruptcy include an image of him agonizing over fabric swatches while he was hemorrhaging money. It's remarkably similar to the final days of his presidency.
While his White House begs everyone they know
to come to Trump's send-off at dawn Wednesday morning, the outgoing president faces a slew of lawsuits and stacks of bills coming due for his debt.
New Yorker reporter Gabe Sherman's final piece of Trump's presidency addresses the tattered brand that Trump leaves the White House with.
"Trump is reportedly the target of multiple state-level civil and criminal investigations that could subject him to heavy financial penalties or even jail.".
"And when he's not meeting with lawyers or sitting in a courtroom, Trump faces this grim reality:
his brand is in tatters."
He noted that there is a list of companies and organizations that want nothing to do with him.
After the insurrection at the Capitol that list grew. At the same time, Trump is quickly losing his access to free promotion on social media. He's been suspended on Twitter and it's unclear if Facebook and YouTube will allow him back.
"Financial institutions (Deutsche Bank, Signature Bank), and e-commerce platforms (Shopify, Stripe) have cut ties with him," Sherman noted.
He cited the recent decision by the PGA to pull out of hosting its 2022 championship at the Bedminster golf course. While Trump is suing the PGA, there's likely a provision in the contract that protects them.
"In Trump's native New York, Mayor Bill de Blasio declared the city would cancel municipal contracts with Trump to operate two ice rinks, Central Park Carousel, and a public golf course in the Bronx," said Sherman.
He might have a powerful cult of followers, but it's unclear how much they'll be willing to give him to help sustain his businesses. It's unknown if they can be the ones to save him.
This is just a short list of the problems that the outgoing president is facing.
But in his final day in office, Trump is trying to get people
to his pity-party at Joint Base Andrews.
Read his full report at the New Yorker. New Yorker.
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| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Tue Jan 26, 2021 3:24 pm | |
| 1-26-2021
Southern Hills awarded PGA stripped from Trump course.
Southern Hills Country Club in Oklahoma has been awarded the 2022 PGA Championship after the tournament was stripped from former US President Donald Trump's Bedminster course, the PGA of America said.
"We're excited to return to SHCC for the fifth time," the PGA of America said in a statement released on Monday.
"The course offers a tough-but-fair test for the strongest field in golf."
The 2022 championship will take place at the Tulsa course from May 16-22.
The announcement comes just over a fortnight after the PGA of America yanked the 2022 event from the Trump National course at Bedminster, New Jersey in the wake of the January 6 US Capitol attack.
The PGA of America said staging the event at Trump's course would be "detrimental to the brand" of the organisation.
The decision followed mounting calls in the golf world for the sport to distance itself from Trump, an avid golfer who regularly played at Bedminster during his reign in the White House.
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| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Wed Jan 27, 2021 6:15 pm | |
| 1-26-2021
Ottawa residents seek to dump Trump street name.
Residents of an Ottawa neighborhood are looking to distance themselves
from Donald Trump by renaming their street, which bears his name- once
a source of intrigue, but now an embarrassment.
Trump Avenue on the Canadian capital's west side
is lined with brick homes, each with two-car garages
and kids playing hockey in driveways.
The Central Park neighborhood, known for New York City-themed street names,
was built in the late 1990s -- long before a certain Big Apple real estate
mogul entered politics.
There's also a Madison Park, Bloomingdale Street, Manhattan Crescent,
and Staten Way in the area.
"When I used to tell people I live on Trump Avenue and I would add,
'Yes, it is The Donald,' people would smirk, some offered sympathies,
that sort of thing," she told AFP.
"But now -- after he's undermined democracy, and incited an insurrection,
a violent attack on the US Capitol -- it's time to change our street name,"
she said.
"Trump doesn't deserve the honor and I think it's inappropriate to have
a street named after him in Canada's capital."
Ottawa city councilor Riley Brockington started gathering support for
the name change from people who live on the street this week.
Some residents had been petitioning the city for years to change it,
but Brockington resisted, saying he feared offending Trump while he was in office.
"I was concerned that there might be ramifications against Canada,
that Trump would take punitive measures if word got out that Canada's
national capital wanted to take his name off a street sign," Brockington said.
"With his exit from the White House, I felt now was a good time to try it."
At least 50 percent of residents must agree to the name change to trigger
a process that would take several months.
That's not soon enough for Diane Hosker, who was out walking her dog Tuesday afternoon.
"It was a novelty at first, a fun way to start off a conversation when
you told people where you lived," she said. "Now it's an embarrassment."
"The man's an idiot and I don't like his brand of politics," she added.
Nearby, a father stuck his head out of his front door to call his son
in from the cold, and nodded in agreement.
"I hope we end up with a name that everybody is happy with," she concluded.
"Of course, some people say 'Anything would be better.'"
 2021 AFP
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| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Sun Feb 21, 2021 8:37 am | |
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| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Tue Feb 23, 2021 10:01 am | |
| |
| | | | Temple
Regular Member
Posts : 7317
Join date : 2014-07-29
| | Subject: Re: Trump- In Crisis As People Shun Him -- Wed Mar 24, 2021 3:38 pm | |
| 3-24-2021
'Awful news' for Trump hotels and resorts after top luxury travel agency dumps them,
Former President Donald Trump's hotel business took a fresh blow this month when a top luxury travel agency reportedly ended its preferred partnership with ten different Trump hotels.
Luxury Launches reports that the Trump hotels received "awful news" in early March when Virtuoso, which it describes as "the travel industry's most prominent and undisputed player," removed all Trump hotels and resorts from its network.
"This quiet elimination of all 10 Trump-branded hotels and resorts from its list of preferred partners will... severely hamper Trump's hotel management and licensing business, which is already down $24 million since 2019, as well as his golf resorts in Miami and Europe, which are down another $120 million," the publication writes.
A spokeswoman for Virtuoso confirmed that Trump hotels were no longer part of the agency's network and said that "we consider many variables when reviewing both existing and new network participation," although she would not comment on why the Trump hotels had been delisted.
Trump is facing an array of legal and financial challenges now that he's no longer in the White House, and tax records obtained by the New York Times last year revealed that he must pay back at least $421 million in personally guaranteed debt -- and that much of that debt is coming due within the next four years. |
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