That Deal Tom Barrack Talked About? Trump Took a Bath On It.

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


Tom Barrack is now telling us about the time he sold Trump the Plaza Hotel. “He played me like a Steinway piano,” Barrack said. Trump was a steely-eyed negotiator, a tiger in the jungle.

Who is he kidding? The Plaza Hotel was a disastrous deal—for Trump. Trump went with his gut and overpaid enormously. He bought it for $407 million—far more than it was worth at the time—spent over $50 million in renovations, and then, when he was going through bankruptcy proceedings, was forced to sell it in a deal that valued the hotel at $325 million. Barrack and his boss took Trump to the cleaners.

What’s more, Barrack was highlighting the absolute worst part of this deal: that Trump was so eager to get the hotel that he agreed to forego normal due diligence and instead allowed Barrack to just give him a list of stuff that needed fixing. It was massive negligence on Trump’s part. If Harvard has a list of the worst, laziest deals ever made, this one would make the top ten list.

Yet this is the example they’re touting to show what a great businessman Trump is? That takes real balls. It’s a testament to the fact that the Trump campaign figures it can just say anything. The Trump hagiography is once again beamed out to millions of people and nobody will ever hold them to account.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate