Trump's big failure to put a deal together
Here comes Donald Trump, again, and again, and again, touting his prowess at dealmaking. There goes Donald Trump, again, and again, and again, touting his prowess at dealmaking. Gliding into February’s Republican presidential primaries atop a flotilla of polls, Trump has made “deals” the litmus test of his candidacy.That sounds like the way Trump is running his campaign. His temperament becomes an impediment to his vision when it comes to negotiations on things large and small.
“If I’m president,” he announced at the most recent GOP debate, “there won’t be stupid deals anymore.”
But a well-documented and widely reported trail of bad deals litters Trump’s career as a real estate developer and gambling mogul. (Disclosure: I wrote a book about the Republican candidate,“TrumpNation,” for which he sued me in 2006 because, among other things, it questioned the size of his fortune; the suit was laterdismissed.)
Fueled by a slew of bank loans in the late 1980s, Trump absorbed an airline, a football team, a landmark hotel, a bunch of casinos, a yacht, and other nifty stuff -- almost all of which he eventually lost because he couldn’t juggle the debt payments.
He overcame those setbacks, but the man who emerged from that mess wasn’t really a dealmaker anymore. Kept afloat by his wealthy father’s funds and his own gifts for self-promotion, Trump became a reality TV star, golf course developer and human shingle who licensed his name on everything from real estate and vodka to mattresses and underwear.
With the property, financing and plans in place, a large part of what Trump needed to do to make Television City a reality was to bring together different stakeholders: locals (like the late actor Paul Newman) who wanted parks and a less imposing development, and a mayor, Ed Koch, who had his own outsize personality and who was trying to balance the city’s redevelopment with the needs of the area’s longtime residents.
Had Trump appeased these interests, he might have made the project a reality. Instead, the author of “The Art of the Deal” quickly became entangled in an epic, only-in-New-York round of public fisticuffs with Koch in the spring and summer of 1987. The brawl devolved into name-calling -- and ultimately helped doom a deal that could have had vastly different results if Trump chose different tactics.