On the 20th day of January 2017, Mr. Donald j. trump will take office as the 45th president of the United States of America. Our team of researchers thought it wise to serve the profile of the man who takes charge of the world’s largest economy.
Giving the centrality of the US to both world economy and politics including the importance of the man who heads such country as America, we give you now
THE PROFILE OF DONALD JOHN TRUMP
Born June 14, 1946, Donald John Trump is an American politician, businessman, and television personality. He is currently President-elect and is scheduled to take office as the 45th President on January 20, 2017.
Trump was born and raised in the Queens borough of New York City and received a bachelor’s degree in economics from the Wharton School of the University of Pennsylvania in 1968. In 1971, he took charge of his family’s real estate and construction firm, Elizabeth Trump & Son, which was later renamed The Trump Organization. During his business career, Trump has built, renovated, or managed numerous office towers, hotels, casinos, and golf courses. He owned the Miss USA and Miss Universe pageants from 1996 to 2015, and has lent the use of his name to brand various products. From 2004 to 2015, he hosted The Apprentice, a show on NBC. As of 2016, Forbes listed Trump as the 324th wealthiest person in the world (113th in the United States), with a net worth of $4.5 billion.
Trump sought the Reform Party’s presidential nomination in 2000, but withdrew before voting began. He considered running as a Republican for the 2012 election, but ultimately decided against it. In June 2015, he announced his candidacy for the 2016 election, and quickly emerged as the front-runner among 17 contenders in the Republican primaries. His final opponents suspended their campaigns in May 2016, and in July he was formally nominated at the Republican Convention. Trump’s campaign received unprecedented media coverage and international attention. Many of his statements in interviews, on social media, and at campaign rallies were controversial or false. Numerous anti-Trump protests occurred during his campaign and after the election.
Trump won the general election on November 8, 2016, gaining a majority of the U.S. Electoral College, while receiving a smaller share of the popular vote nationwide than Democratic nominee Hillary Clinton. At age 70, Trump will become the oldest and wealthiest person to assume the presidency, and the first without prior military or governmental service.
Trump’s platform emphasizes renegotiating U.S.–China relations and free trade agreements such as NAFTA and the Trans-Pacific Partnership, strongly enforcing immigration laws, and building a new wall along the U.S.–Mexico border. His other positions include pursuing energy independence while opposing climate change regulations such as the Clean Power Plan and the Paris Agreement, reforming veterans’ affairs, replacing the Affordable Care Act, abolishing Common Core education standards, investing in infrastructure, simplifying the tax code while reducing taxes across the board, and imposing tariffs on imports by companies offshoring jobs. Trump advocates a largely non-interventionist approach to foreign policy while increasing military spending, “extreme vetting” of Muslim immigrants to preempt domestic Islamic terrorism, and aggressive military action against ISIS. Trump’s positions have been described by scholars and commentators as populist, protectionist, and nationalist.
Trump was born on June 14, 1946, in Jamaica, Queens, a neighborhood in New York City. He was the fourth of five children born to Frederick Christ “Fred” Trump (1905–1999) and Mary Anne Trump (née MacLeod, 1912–2000). His siblings are Maryanne, Fred Jr., Elizabeth, and Robert. Trump’s older brother Fred Jr. died in 1981 from alcoholism, which Trump says led him to abstain from alcohol and cigarettes.
Trump is of paternal German ancestry and maternal Scottish ancestry. His mother and all his grandparents were born in Europe. His paternal grandparents were immigrants from Kallstadt, Germany, and his father, who became a New York City real estate developer, was born in the Bronx. His mother emigrated to New York from her birthplace of Tong, Lewis, Scotland. Fred and Mary met in New York and married in 1936, raising their family in Queens.
His uncle, John G. Trump, a professor at Massachusetts Institute of Technology from 1936 to 1973, was involved in radar research for the Allies in the Second World War, and helped design X-ray machines that prolonged the lives of cancer patients; in 1943, the Federal Bureau of Investigation requested John Trump to examine Nikola Tesla’s papers and equipment when Tesla died in his room at the New Yorker Hotel. Donald Trump’s grandfather was Frederick Trump who amassed a fortune operating boom-town restaurants and boarding houses in the region of Seattle and Klondike, Canada.
The Trump family were originally Lutherans, but Trump’s parents belonged to the Reformed Church in America. The family name, which was formerly spelled Drumpf, was changed to Trump during the Thirty Years’ War in the 17th century. Trump has said that he is proud of his German heritage and served as grand marshal of the 1999 German-American Steuben Parade in New York City.
Education, June 30, 1964
Trump’s family had a two-story mock Tudor home on Midland Parkway in Jamaica Estates, where he lived while attending The Kew-Forest School. He left the school at age 13 and was enrolled in the New York Military Academy (NYMA), in Cornwall, New York, where he finished eighth grade and high school. Trump was an energetic child; his parents hoped that the discipline at the military school would allow him to channel his energy in a positive manner. In 1983, Fred Trump told an interviewer that Donald “was a pretty rough fellow when he was small”
Trump participated in marching drills, wore a uniform, and during his senior year attained the rank of captain. He was transferred from a student command position after the alleged hazing of a new freshman in his barracks by one of Trump’s subordinates; Trump later described the transfer as “a promotion”. In 2015, he told a biographer that NYMA gave him “more training militarily than a lot of the guys that go into the military”.
Trump attended Fordham University in the Bronx for two years, beginning in August 1964. He then transferred to the Wharton School of the University of Pennsylvania in Philadelphia, which offered one of the few real estate studies departments in United States academia at the time. While there, he worked at the family’s company, Elizabeth Trump & Son, named for his paternal grandmother. He graduated from Penn in May 1968 with a Bachelor of Science degree in economics.
Trump was not drafted during the Vietnam War. While in college from 1964 to 1968, he obtained four student deferments. In 1966, he was deemed fit for service based upon a military medical examination, and in 1968 was briefly classified as fit by a local draft board, but was given a 1-Y medical deferment in October 1968. In an interview for a 2015 biography, he attributed his medical deferment to heel spurs. In 1969, he received a high number in the draft lottery, which would also have exempted him from service.
Prior to graduating from college, Trump began his real estate career at his father’s company, Elizabeth Trump and Son, which focused on middle-class rental housing in the New York City boroughs of Brooklyn, Queens, and Staten Island. During his undergraduate study, Donald Trump and his father, Fred Trump, used a $500,000 investment to successfully reopen the foreclosed Swifton Village apartment complex in Cincinnati, Ohio.
After being promoted to president of the company in the early 1970s (while his father became chairman of the board), he renamed it to The Trump Organization. In 1973, he and his father drew wider attention when the Justice Department contended that the organization systematically discriminated against African Americans wishing to rent apartments, rather than merely screening out people based on low income as the Trumps stated. An agreement was later signed in which the Trumps made no admission of wrongdoing, and under which qualified minority applicants would be presented by the Urban League.
Early Manhattan developments
Trump’s first major real estate deal in Manhattan was the remodeling of the Grand Hyatt Hotel in 1978, located next to Grand Central Terminal. The building was remodeled from an older Commodore Hotel, and was largely funded by a $70 million construction loan jointly guaranteed by Fred Trump and the Hyatt hotel chain.
In 1978, Trump finished negotiations to develop Trump Tower, a 58-story, 202-meter (663-foot) skyscraper in Midtown Manhattan, for which The New York Times attributed his “persistence” and “skills as a negotiator”. The building was completed in 1983, and houses both the primary penthouse condominium residence of Donald Trump and the headquarters of The Trump Organization. Trump Tower was the setting of the NBC television show The Apprentice, and includes a fully functional television studio set.
Repairs on the Wollman Rink in Central Park, built in 1955, were started in 1980 by a general contractor unconnected to Trump. Despite an expected 2 1⁄2-year construction schedule, the repairs were not completed by 1986. Trump took over the project, completed it in three months for $750,000 less than the initial budget of $1.95 million, and operated the rink for one year with all profits going to charity in exchange for the rink’s concession rights.
Trump acquired the Plaza Hotel in Manhattan in 1988 for $400 million, and tapped his then-wife Ivana to manage its operation and renovation.
Palm Beach estate
Trump acquired the historical Mar-a-Lago estate in Palm Beach, Florida, in 1985 for $5 million, plus $3 million for the home’s furnishings. In addition to using the home as a winter retreat, Trump also turned it into a private club with membership fees of $150,000. At about the same time, he acquired a condominium complex in Palm Beach with Lee Iacocca that became Trump Plaza of the Palm Beaches.
Atlantic City casinos
Harrah’s at Trump Plaza opened in Atlantic City, New Jersey in 1984. The hotel/casino was built by Trump with financing by Holiday Corp. and operated by the Harrah’s gambling unit of Holiday Corp. The casino’s poor results exacerbated disagreements between Trump and Holiday Corp. Trump also acquired a partially completed building in Atlantic City from the Hilton Corporation for $320 million. When completed in 1985, the hotel/casino became Trump Castle. Trump’s wife, Ivana, managed the property.
Later in 1988, Trump acquired the Taj Mahal casino in Atlantic City in a transaction with Merv Griffin and Resorts International. The casino was opened in April 1990, and was built at a total cost of $1.1 billion, which at the time made it the most expensive casino ever built. Financed with $675 million in junk bonds at a 14% interest rate, the project entered Chapter 11 bankruptcy the following year.Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt.
The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt. He also sold his financially challenged Trump Shuttle airline and his 282-foot (86 m) megayacht, the Trump Princess. The property was repurchased in 1996 and consolidated into Trump Hotels & Casino Resorts, which filed for bankruptcy in 2004 with $1.8 billion in debt, filing again for bankruptcy five years later with $50 million in assets and $500 million in debt. The restructuring ultimately left Trump with 10% ownership in the Trump Taj Mahal and other Trump casino properties. Trump served as chairman of the organization, which was renamed Trump Entertainment Resorts, from mid-1995 until early 2009, and served as CEO from mid-2000 to mid-2005.
During the 1990s, Trump’s casino ventures faced competition of the Native-American owned Foxwoods casino in Connecticut. In 1993, Trump made controversial comments in his testimony to a Congressional committee, famously stating that the casino owners did not look like real Indians. But despite that well-publicized quote which related to the Mashantucket Pequot Tribe, Trump became a key investor who backed the Paucatuck Eastern Pequots who were seeking state recognition.
Trump has never filed for personal bankruptcy, but his hotel and casino businesses have been declared bankrupt six times between 1991 and 2009 in order to re-negotiate debt with banks and owners of stock and bonds. Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded. Trump was quoted by Newsweek in 2011 saying, “I do play with the bankruptcy laws – they’re very good for me” as a tool for trimming debt.
The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Plaza Hotel (1992), Trump Castle Hotel and Casino (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009). Trump said, “I’ve used the laws of this country to pare debt … We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on The Apprentice. It’s not personal. It’s just business.”
An analysis of Trump’s business career by The Economist in 2016, concludes that his “… performance [from 1985 to 2016] has been mediocre compared with the stock market and property in New York”, noting both his successes and bankruptcies. A subsequent analysis by The Washington Post, whose reporters were denied press credentials by the Trump presidential campaign, concluded that “Trump is a mix of braggadocio, business failures, and real success.”
Trump acquired an old, vacant office building on Wall Street in Manhattan in 1996. After a complete renovation, it became the seventy-story Trump Building at 40 Wall Street. After his father died in 1999, Trump and his siblings received equal portions of his father’s estate valued at $250–300 million.
In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. Trump also began construction on Trump Place, a multi-building development along the Hudson River. He continued to own commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle which he acquired in 1996, and also continued to own millions of square feet of other prime Manhattan real estate.
Trump acquired the former Hotel Delmonico in Manhattan in 2002. It was re-opened with 35 stories of luxury condominiums in 2004 as the Trump Park Avenue.
Most recently, The Trump Organization has expanded its footprint beyond the United States, with the co-development and management of hotel towers in Chicago, Honolulu, Las Vegas, New York City, Washington D.C., Panama City, Rio de Janeiro, Toronto and Vancouver.
Trump has licensed his name and image for the development of a number of real estate projects including two in Florida that have gone into foreclosure. The Turkish owner of Trump Towers Istanbul, who pays Trump for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate’s call to temporarily ban Muslims from entering the United States.
Trump also licensed his name to son-in-law Jared Kushner’s fifty-story Trump Bay Street, a Jersey City luxury development that has raised $50 million of its $200 million capitalization largely from wealthy Chinese nationals who, after making an initial down payment of $500,000 in concert with the government’s expedited EB-5 visa program, can usually obtain United States permanent residency for themselves and their families after two years. Trump is a partner with Kushner Properties only in name licensing and not in the building’s financing.
The Trump Organization operates many golf courses and resorts in the United States and around the world. The number of golf courses that Trump owns or manages is about 18, according to Golfweek. Trump’s personal financial disclosure with the Federal Elections Commission stated that his golf and resort revenue for the year 2015 was roughly $382 million.
In 2006, Trump bought the Menie Estate in Balmedie, Aberdeenshire, Scotland, creating a golf resort against the wishes of some local residents on an area designated as a Site of Special Scientific Interest. A 2011 independent documentary, You’ve Been Trumped, by British filmmaker Anthony S. Baxter, chronicled the golf resort’s construction and the subsequent struggles between the locals and Donald Trump. Despite Trump’s promises of 6,000 jobs, in 2016, by his own admission, the golf course has created only 200 jobs. In June 2015, Trump made an appeal objecting to an offshore windfarm being built within sight of the golf course, which was dismissed by five justices at the UK Supreme Court in December 2015.
In April 2014, Trump purchased the Turnberry hotel and golf resort in Ayrshire, Scotland, which is a regular fixture in the Open Championship rota. After extensive renovations and a remodeling of the course by golf architect Martin Ebert, Turnberry was re-opened on June 24, 2016.
In September 1983, Trump purchased the New Jersey Generals, an American Football team playing in the United States Football League (USFL), from oil magnate J. Walter Duncan. The USFL played its first three seasons during the spring and summer, but Trump convinced the majority of the owners of other USFL teams to move the USFL 1986 schedule to the fall, directly opposite the National Football League (NFL), arguing that it would eventually force a merger with the NFL, which would supposedly increase their investment significantly.
After the 1985 season, the Generals merged with the Houston Gamblers, but had continuing financial troubles. The USFL, which was down to just seven active franchises from a high of 18, was soon forced to fold, despite winning an antitrust lawsuit against the NFL.
Trump remained involved with other sports after the Generals folded, operating golf courses in several countries. He also hosted several boxing matches in Atlantic City at the Trump Plaza, including Mike Tyson’s 1988 fight against Michael Spinks, and at one time, acted as a financial advisor to Mike Tyson.
In 1989 and 1990, Trump lent his name to the Tour de Trump cycling stage race, which was an attempt to create an American equivalent of European races such as the Tour de France or the Giro d’Italia. The inaugural race was controversial, and Trump withdrew his sponsorship after the second Tour de Trump in 1990, because his other business ventures were experiencing financial woes. The race continued for several more years as the Tour DuPont.
Trump submitted a stalking-horse bid on the Buffalo Bills when it came up for sale following Ralph Wilson’s death in 2014; he was ultimately outbid, as he expected, and Kim and Terrence Pegula won the auction. During his 2016 presidential run, he was critical of the NFL’s updated concussion rules, complaining on the campaign trail that the game has been made “soft” and “weak”, saying a concussion is just “a ding on the head.” He accused referees of throwing penalty flagsneedlessly just to be seen on television “so their wives see them at home.”
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