A forensic accounting of the former president’s business empire reveals a reputation built on myth
onald Trump started his career at the end of the 1970s, financed by his father Fred Trump. Over the years this transfer of wealth added up to around $500m in today’s money in gifts.
How he did that is what Buettner and Craig chronicle in a book dense with facts and figures, but punctuated with moments of irony and dark humour – particularly when contrasting Trump’s public bravado with the often pathetic reality of his money management. The combination turns what might have been a rather boring tome, of interest only to trained financial professionals like me, into something of a page turner.
Buettner and Craig delve more deeply into this story than anyone I have encountered. They have done their interview and newspaper-morgue homework, checked it against tax information and business records spanning three decades, and so gained an unprecedented look into the real workings of Trump’s financial empire.
What sort of psychology produces this kind of behaviour? Buettner and Craig psychoanalyse Trump as unable to take the hit of recognising his relative incompetence. A deep need for public validation as the master of the Art of the Deal led him, over and over again, to make increasingly risky decisions. The illusion of success had to be maintained at all costs, which meant that a loss had to be followed by an even bigger bet.
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