A close study of Trump’s actions over the past few years reveals a man addicted to deception, a man who invested like a fool, a man who shaved from deals and bled failing companies of cash so that he could live with absurd excess, a man who borrowed huge amounts from credulous banks and investors, a man who not only is not now a billionaire but never had $1 billion or $500 million or—very possibly—even $100 million and who has been strapped since 1987. Donald Trump is not just some cartoon character, a guy with a comb-over and a press agent and a board game named after him; he is and always has been a real and fairly treacherous human being.
In this feat of investigative journalism, John Connolly dives into Donald Trump’s financial records and finds that the real estate mogul’s most—if not only—valuable commodity is his knack for delivering scrutiny-resistant statements that blend finance, fact and fiction.
How to Fool All of the People, All of the Time was originally published in Spy, April, 1991.
In his reprinted article from April 1991 for the now-defunct Spy magazine, How to Fool All of the People, All of the Time, John Connolly eviscerates Donald Trump’s public image, revealing the con-man lurking behind the visage of success. And it’s an entertaining read!
These days on the campaign trail, Trump is fond of criticising the media despite them being a large factor for his success, then and now. Back in the ‘80s, Trump would throw out brazen lies about his wealth that magazines like Fortune, Forbes, and Businessweek would irresponsibly print without checking the facts. These lies played a role in Trump acquiring sizeable loans from banks.
Connolly systematically breaks down the quoted figures against the actual and the differences are quite stark. He can’t confirm it but Trump’s claims as a billionaire certainly seem suspect - even his wealth in the hundreds of millions seems questionable given one instance where he once had to scramble to raise $31 million. He also highlights Trump’s series of bad business deals after coasting on his only two successes, Trump Tower and the Grand Hyatt, early in his career, both of which were driven by business partners who refused to work with him afterwards.
There are links to organised crime, shady partnerships with the likes of Bear Stearns that hint of stock market fraud, and more examples of Trump’s dumb business decisions, opting for higher interest rates and overpaying for properties, all of which play against his image of a savvy business guru. Connolly’s attention to detail in the figures are a necessary part of the piece but is the only aspect that gets a little tiring to read after a while - otherwise, it’s a very compelling article.
Though 25 years old, Connolly’s 1991 portrait of Trump syncs up with the one we’ve seen in countless news pieces from the last year: a man willing to say anything with no qualms about deception, who looks and sounds like a shyster. How to Fool All of the People, All of the Time is an important, thoroughly-researched article that unfortunately won’t be read by his supporters who really should see the unvarnished, duplicitous and selfish twit behind the public illusion.
How to Fool All of the People, All of the Time by John Connolly is a good book showing the finanial wheeling and dealing of Trump in the '80's and '90's. It is pretty detailed with lots of facts and less opinion. It mostly showed how Trump claimed he had more than he said, how he got loans from banks because the press and everyone believed he was richer than he was. His dealings, some were pretty tricky and hard to follow but he made out like a bandit and everyone lost. Dealings with the Gambino family, and so much more. Short book but all facts and pretty interesting. Even then the press was questioning his real worth and he was lying about it. LOL Used KU to get this book.
I remember reading other articles about Trump in the late '80s and thinking What a slimeball, conniving huckster. This story is fascinating, not only because of its famous crime novelist author, but for the toothsome background that is so timely for today. How did he manage to insult, play, betray and belittle the media and yet escape their due scrutiny? How did he evade those audits? How did he so easily dupe his constituents?
There are no sources listed to validate John Connolly's claims. His chosen title indicates his hate of our current president, since we are only reading the financial side of his (Trump's) alleged foolery. Any "sources" listed are vague, such as "A former . . . well, top Trump executive" and "two of the top banks in the world." Snort and scoff. I shouldn't have wasted my time here. I was hoping for some real evidence, not allegations with the numbers from the first links in a Google search.
Confusing and disjointed formatting makes this SPY article from 1991 virtually incomprehensible. At least I downloaded it for free! That'$ the real art of the deal...
Can anyone point to a single ongoing successful business? In this book, a reprint from an article in Spy, Connolly recounts all the public records of Trump’s earnings to show how the Donald has played the fool all the way to the bank. One of Trump’s own executives, the article said, once called him “evil incarnate.” Reading this article is like reading a spread-sheet, lots of numbers, that would be boring except when you realize that he was pushing numbers around just to convince others to lend him money he couldn’t afford to borrow. The author shows that none of Trump’s businesses were successful, not even on paper.
This is actually an essay by John Connolly in the 90s discussing why Trump is not what he claimed he is. One point that I felt interesting is that the media has protected him for very long because Trump was considered a joke, but actually a joke is much better than who he actually is: “a charlatan, a liar, a cheat.” John Connolly talked about how Trump made money, which I don’t quite understand, “not by investing brilliantly or managing brilliantly but by getting a big up-front piece of the deals that were floated on his behalf.” Trump was able to borrow money and make up-front deals because everyone thinks he is a billionaire.
This entire review has been hidden because of spoilers.
I had no idea that John Connolly, whose books I greatly enjoy, did financial writing in the past. And very detailed, complex financial writing at that. This is, of course, the kind of reporting needed to attempt to make sense of Donald Trump’s finances and separate reality from his lies and boasts. Holding Trump to the rules of math and law that the rest of us mere mortals must observe shows just how little merit there is to all of his claims and lies. Sadly, we are now experiencing what was described in this 1991 article on a much bigger, much more dangerous scale.
You see a big celebrity, a face you can recognize anywhere and think well he has money. And thats the end. No audits, no credentials no checks on anything because he is a billionaire, right?
Wrong! Donald Trump is a deceitful, evil liar. And that is proven in this article. It's all about his personal gain and screwing over anyone in the process. Sounds about right still to this day.
How did this country ever elect this man to be president? It is beyond me.
Trump is "just" a millionaire playing with other people's money
Maybe Trump wasn't that great businessman. According to this story, he loaned much of the money for his business ventures, and pocketed a good deal of that money, and let the businesses go down. This story might give a good hindsight on why he threatens people - who value his net worth to millions instead of billions - with law suits.
Though well written and researched, this short “book” is a actually an outdated essay on Trump’s net worth and portfolio at the beginning of the 1990s. Obviously an attempt to cash in on his presidency. But the worst part is, it’s just a rehash of an article that appeared in Spy magazine in April 1991, and can be found in a number of magazine archives on the Internet for free. Save your money and go to the Internet Archive.
An interesting read on some level, but would have loved for it to have been updated to today. Being 30+ years old, and how business has changed in the ensuing years, it would be interesting to see how the financials add up today and if the same business practices are done today. Would have also been interesting to see a similar examinations to others of the same level at the time in relation to financial dealings.
I don't have a background in finance or business, so it was a little difficult to follow...I suppose that's part of Trump's ridiculousness the author was trying to point out. Still, an interesting read, just hard to fact check and confirm these numbers.
Having lived in NY and seen his salacious behaviour for years its nice to see an accounting of his numbers, I fear the country is going to be taken on the same ride .
After reading this i feel many of us too will have been played a fool like the investment bankers have been by Trump in the past. I didnt realize that he was so loose with other people's or investors monies. Glad I read this informative article.
This 1991 piece could now be taken as a cautionary tale. It is important to watch what Trump does and not what he says. His only desire is to increase his wealth by any means he can get away with.
Good short read with detailed accounts of dubious details on the supposedly "great" deals. Interesting to see how a balance sheet can be based out of almost nothing in today's day and age.
“Donald Trump made cavalier use of other peoples money. He deceived without hesitation. He required more and more borrowing to maintain the illusion of success, and he utterly lacked business judgment.”
Interesting read of a mogul playing pretend with institution’s money. Not sure how he has made it this far. No wonder he hasn’t shown his taxes to the public.