President Donald Trump’s political career has been defined by his constant pattern of lying. His business career also saw success when he would lie, The New York Times bombshell report on the president’s taxes revealed.
The report detailed staggering loses for Trump after multiple failed business ventures.
However, Trump did find a way to make money. Not by constructing buildings or managing casinos, but by lying to the press.
“As losses from his core enterprises mounted, Mr. Trump took on a new public role, trading on his business-titan brand to present himself as a corporate raider. He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating buying enough to become a majority owner, then quietly sell on the resulting rise in the stock price,” The Times explained.
However, the tactic lost power as people came to distrust Trump’s public statements.
“The tactic worked for a brief period — earning Mr. Trump millions of dollars in gains — until investors realized that he would not follow through,” The Times added. “As with many things Trump, his adventures in the stock market were more image than substance, helped greatly by news reports quoting anonymous sources said to have knowledge of Mr. Trump’s actions.”
— David Fahrenthold (@Fahrenthold) May 7, 2019