MSNBC’s Steve Rattner revealed how President Donald Trump accidentally blew up his attempt at a hostile takeover in hilariously inept fashion.
The “Morning Joe” economic analyst and former “car czar” for the Obama administration recalled how Trump, whom he’s known for decades, tried to set himself up as a corporate raider in the 1980s — during the time period covered in a bombshell report showing he lost $1 billion in a decade.
“Back in the ’80s, when companies were being greenmailed, Donald Trump got in the business,” Rattner said.
Investors greenmail companies by buying enough shares to threaten a hostile takeover, and the target must then stop the bid by repurchasing its own shares back from the corporate raider at inflated prices.
“I was representing one of the companies that was being greenmailed by somebody else,” Rattner recalled. “Donald Trump decided this was a kind of a fun thing to do, let’s greenmail companies. So he sent out a bunch of letters to different companies saying, unless you do so and so, I’m going to launch a hostile bid for your company.”
“Well, he got the letters in the wrong envelopes,” he added, “and my company got a letter for a different company and the other company got the letter for our company. So even mailing letters proved to be challenging for Donald Trump in the 1980s.”
Gordon Sondland’s explosive televised testimony piles more pressure on Trump and Giuliani
The US ambassador to the European Union told an impeachment hearing Wednesday that he followed President Donald Trump's orders in seeking a "quid pro quo" deal for Ukraine to probe a political rival in exchange for a White House summit.
In explosive televised testimony, Sondland -- whose appearance was being watched especially closely as he was a Trump ally -- said he believed the president was pressing Ukraine to investigate his potential 2020 challenger Joe Biden.
"We followed the president's orders," Sondland testified before the House Intelligence Committee.
He said that Trump forced US diplomats to work with his personal lawyer, former New York mayor Rudy Giuliani.
‘Far deeper and broader than Watergate’: Ex-US diplomat appalled at scope of Trump’s corruption
R. Nicholas Burns, a longtime diplomat who served as Under Secretary of State for Political Affairs under former President George W. Bush, found himself shocked and appalled by the scope of corruption under President Donald Trump.
Reacting to European Union ambassador Gordon Sondland's devastating impeachment inquiry testimony, in which he confirmed there was a quid pro quo that involved arranging a face-to-face meeting between Trump and Ukrainian President Volodymyr Zelensky in exchange for launching investigations of former Vice President Joe Biden, Burns argued that the current scandal is bigger than anything he's ever seen.
Ken Starr suggests Sondland’s testimony could prompt GOP to ‘make a trip to the White House’ and ask Trump to resign
In the run-up to the release of Gordon Sondland's opening statement for this Wednesday's impeachment hearings, Fox News contributor Ken Starr suggested that Sondland's testimony could cause GOP senators to push for President Trump's resignation.
“The real issue is the senators are watching,” Starr said. “Are senators going to now say in light of what we hear today, it’s going to be a long day even with the ambassador alone, in light of what we have heard, ‘We need to make a trip down to the White House’?"
"That historic example set during the Nixon presidency," Starr continued. "From what I’ve been able to glean I don’t think that’s going to happen. But obviously what happens today could—has the potential to be a game-changer."