| Revision as of 05:44, 16 October 2024 editLisha2037 (talk | contribs)Extended confirmed users1,501 edits →BackgroundTags: Mobile edit Mobile web edit Advanced mobile edit← Previous edit | Latest revision as of 17:27, 28 November 2024 edit undoR. Henrik Nilsson (talk | contribs)Extended confirmed users8,449 editsm from from > from | ||
| (11 intermediate revisions by 4 users not shown) | |||
| Line 1: | Line 1: | ||
| {{Short description|2024 book about Donald J. Trump by Russ Buettner and Susanne Craig}} | {{Short description|2024 book about Donald J. Trump by Russ Buettner and Susanne Craig}} | ||
| {{Infobox book | {{Infobox book | ||
| | name = Lucky Loser | | name = Lucky Loser | ||
| | image = Front_Cover_of_Lucky_Loser.jpeg | | image = Front_Cover_of_Lucky_Loser.jpeg | ||
| | caption = Cover |
| caption = Cover page | ||
| | author = ] and ] | | author = ] and ] | ||
| | cover_artist = | | cover_artist = | ||
| | country = United States | | country = United States | ||
| | language = English | | language = English | ||
| | series = | | series = | ||
| | subject = ], ], and ] | | subject = ], ], and ] | ||
| | publisher = ] | | publisher = ] | ||
| | published = September 17, 2024 | | published = September 17, 2024 | ||
| | media_type = | | media_type = | ||
| | pages = 528 | | pages = 528 | ||
| | isbn = 9780593298640 | | isbn = 9780593298640 | ||
| | isbn_note = | | isbn_note = | ||
| | dewey = | | dewey = | ||
| | congress = | | congress = | ||
| | oclc = | | oclc = | ||
| | preceded_by = | | preceded_by = | ||
| | followed_by = | | followed_by = | ||
| | italic title = force | | italic title = force | ||
| }} | }} | ||
| Line 27: | Line 26: | ||
| '''''Lucky Loser: How Donald Trump Squandered His Father’s Fortune and Created The Illusion of Success''''' is a ] book by '']'' investigative journalists ] and ]. It was published on September 17, 2024 by ]. | '''''Lucky Loser: How Donald Trump Squandered His Father’s Fortune and Created The Illusion of Success''''' is a ] book by '']'' investigative journalists ] and ]. It was published on September 17, 2024 by ]. | ||
| It covers ]’s inherited wealth, financial and business practices alongside providing insights into his many claims on being a self-made man. The book also delves into Trump’s father ]’s wealth and fortune and how they were used as a financial leverage for his son. It also challenges the long-standing narrative that Trump built his empire from a modest loan, instead |
It covers ]’s inherited wealth, financial and business practices alongside providing insights into his many claims on being a self-made man. The book also delves into Trump’s father ]’s wealth and fortune and how they were used as a financial leverage for his son. It also challenges the long-standing narrative that Trump built his empire from a modest loan, instead saying that he inherited the equivalent of over $400 million from his father. | ||
| Craig and Buettner |
Craig and Buettner say that Trump, despite receiving substantial financial backing, repeatedly lost money on ventures, only to be bailed out by luck or the efforts of others. He was able to use the television show '']'' to rebrand himself during financially difficult times, ultimately leading to his political ascent. | ||
| ==Background== | ==Background== | ||
| Line 37: | Line 36: | ||
| On October 1, 2016, ''The New York Times'' published an article co-authored by Craig, which stated that ] had reported a loss of $916 million in 1995, which could have allowed him to avoid paying ] for up to eighteen years.<ref>{{cite web|url=https://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html|title=Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found|date=October 2, 2016|work=The New York Times}}</ref> In subsequent television interviews, Craig identified herself as the reporter who had received a portion of Trump's 1995 tax records in her mailbox from an anonymous sender.<ref>{{Cite web|title=Tax documents are 'important window' into Trump|url=https://www.nbcnews.com/politics/2016-election/times-reporter-susanne-craig-thinks-tax-documents-are-important-window-n659001|access-date=2021-03-04|website=NBC News|date=October 4, 2016 |language=en}}</ref> | On October 1, 2016, ''The New York Times'' published an article co-authored by Craig, which stated that ] had reported a loss of $916 million in 1995, which could have allowed him to avoid paying ] for up to eighteen years.<ref>{{cite web|url=https://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html|title=Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found|date=October 2, 2016|work=The New York Times}}</ref> In subsequent television interviews, Craig identified herself as the reporter who had received a portion of Trump's 1995 tax records in her mailbox from an anonymous sender.<ref>{{Cite web|title=Tax documents are 'important window' into Trump|url=https://www.nbcnews.com/politics/2016-election/times-reporter-susanne-craig-thinks-tax-documents-are-important-window-n659001|access-date=2021-03-04|website=NBC News|date=October 4, 2016 |language=en}}</ref> | ||
| On October 2 2018, Craig and Buetner were among the three ] for '']'' that wrote a 14,000-word exposé that revealed Trump’s many fraudulent business practices and tax schemes and |
On October 2 2018, Craig and Buetner were among the three ] for '']'' that wrote a 14,000-word exposé that revealed Trump’s many fraudulent business practices and tax schemes and aimed to refute the former President's claims of self-made wealth and entrepreneurial accomplishments. The story is among the longest ever published by the paper and involved over 100,000 pages of documents both from public sources and confidential disclosures. These included "mortgages and deeds, probate records, financial disclosure reports, regulatory records and civil court files," for publicly available documents and private records such as "bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks."<ref>{{cite news |url=https://www.motherjones.com/kevin-drum/2018/10/times-report-trump-wealth-largely-based-on-tax-scams-and-bailouts-from-dad/ |title=Times Report: Trump Wealth Largely Based on Tax Scams and Bailouts From Dad |author=Drum, Kevin |publisher=Mother Jones |date=2018-10-02 |access-date=2024-09-22 }}</ref> | ||
| They, alongside ], went on to win the ] in 2019 “for an exhaustive 18-month investigation of President Donald Trump’s finances that debunked his claims of self-made wealth and revealed a business empire riddled with tax dodges."<ref name="Pulitzer">{{cite web|url=https://www.pulitzer.org/winners/david-barstow-susanne-craig-and-russ-buettner-new-york-times|title=David Barstow, Susanne Craig and Russ Buettner of The New York Times|year=2019|work=Pulitzer.org|access-date=20 May 2021}}</ref> They also shared the 2019 ] for Political Reporting.<ref>{{cite news|url=https://www.nytimes.com/2019/02/19/us/politics/george-polk-awards.html|title=New York Times Wins Two George Polk Awards|last=Polk|first=Eileen|date=February 19, 2019|work=The New York Times|access-date=20 May 2021}}</ref> | They, alongside ], went on to win the ] in 2019 “for an exhaustive 18-month investigation of President Donald Trump’s finances that debunked his claims of self-made wealth and revealed a business empire riddled with tax dodges."<ref name="Pulitzer">{{cite web|url=https://www.pulitzer.org/winners/david-barstow-susanne-craig-and-russ-buettner-new-york-times|title=David Barstow, Susanne Craig and Russ Buettner of The New York Times|year=2019|work=Pulitzer.org|access-date=20 May 2021}}</ref> They also shared the 2019 ] for Political Reporting.<ref>{{cite news|url=https://www.nytimes.com/2019/02/19/us/politics/george-polk-awards.html|title=New York Times Wins Two George Polk Awards|last=Polk|first=Eileen|date=February 19, 2019|work=The New York Times|access-date=20 May 2021}}</ref> | ||
| Line 48: | Line 47: | ||
| profited from New York’s post-war real estate market and built a vast enterprise that his son Donald would later inherit. It presents evidence that Fred Trump found methods to gift large amounts of money to children that was tax-sheltered and would turn them into millionaires before age 10. | profited from New York’s post-war real estate market and built a vast enterprise that his son Donald would later inherit. It presents evidence that Fred Trump found methods to gift large amounts of money to children that was tax-sheltered and would turn them into millionaires before age 10. | ||
| The book |
The book says that Trump inherited the equivalent of over $400 million from his father, Fred Trump, directly contradicting Trump’s public narrative that he built his real estate empire from a small loan. Trump’s financial history is marked by a series of failed business ventures, including ], airlines, and real estate projects. Despite this, the authors allege that he was repeatedly bailed out either by family support or fortuitous financial deals. | ||
| The book presents allegations that Trump engaged in aggressive tax avoidance strategies, including declaring significant losses in his businesses to offset his tax liabilities over many years. These practices, while possibly legal, call into question the accuracy of Trump's portrayal of his financial success. | The book presents allegations that Trump engaged in aggressive tax avoidance strategies, including declaring significant losses in his businesses to offset his tax liabilities over many years. These practices, while possibly legal, call into question the accuracy of Trump's portrayal of his financial success. | ||
| Line 60: | Line 59: | ||
| The book has received overwhelming positive critical reception, especially for its investigative depth. It is praised as a standout among books about Donald Trump, with a meticulous and gripping narrative that delves into his financial history. ''The New York Times'' noted that it demands to be read, offering a definitive examination of the myth of Trump as a self-made billionaire.<ref> {{cite news |url=https://www.nytimes.com/2024/09/18/books/review/lucky-loser-russ-buettner-susanne-craig.html?unlocked_article_code=1.Lk4.we_0.dK2OUu_CK11p&smid=url-share |title=How Donald Trump Learned to Pass the Buck |author=Nazaryan, Alexander |date=2024-09-18 |access-date=2024-09-26 |work=The New York Times }}</Ref> | The book has received overwhelming positive critical reception, especially for its investigative depth. It is praised as a standout among books about Donald Trump, with a meticulous and gripping narrative that delves into his financial history. ''The New York Times'' noted that it demands to be read, offering a definitive examination of the myth of Trump as a self-made billionaire.<ref> {{cite news |url=https://www.nytimes.com/2024/09/18/books/review/lucky-loser-russ-buettner-susanne-craig.html?unlocked_article_code=1.Lk4.we_0.dK2OUu_CK11p&smid=url-share |title=How Donald Trump Learned to Pass the Buck |author=Nazaryan, Alexander |date=2024-09-18 |access-date=2024-09-26 |work=The New York Times }}</Ref> | ||
| Critics have also noted the thoroughness with which the book explores the complicated father-son relationship between Fred and Donald Trump, emphasizing how this dynamic shaped Donald's business practices and eventual rise to the presidency. The detailed reporting, bolstered by confidential tax documents and business records, is seen as a major strength of the book, giving readers an inside look into Trump's financial dealings over several decades.<ref>{{cite web |url=https://amp.theguardian.com/books/2024/sep/26/lucky-loser-review-how-donald-trump-squandered-his-wealth |title=Lucky Loser review – how Donald Trump squandered his wealth |website=The Guardian |date=2024-09-26 |author=Delong, Brad |access-date=2024-09-28 }}</ref> | Critics like economic historian ] have also noted the thoroughness with which the book explores the complicated father-son relationship between Fred and Donald Trump, emphasizing how this dynamic shaped Donald's business practices and eventual rise to the presidency. The detailed reporting, bolstered by confidential tax documents and business records, is seen as a major strength of the book, giving readers an inside look into Trump's financial dealings over several decades.<ref>{{cite web |url=https://amp.theguardian.com/books/2024/sep/26/lucky-loser-review-how-donald-trump-squandered-his-wealth |title=Lucky Loser review – how Donald Trump squandered his wealth |website=The Guardian |date=2024-09-26 |author=Delong, Brad |access-date=2024-09-28 }}</ref> | ||
| According to '']'', the book reveals how ] gave his son “almost endless collateral for loans, connections in banking and politics, and a reliable wellspring of cash to pursue dreams and fame.” <ref>{{cite news |url=https://www.washingtonpost.com/books/2024/09/17/lucky-loser-donald-trump-finances-susanne-craig-russ-buettner-review/ |title=Donald Trump's financial failures are stunning. 'Lucky Loser' has the receipts |author=Mclean, Bethany |date=2024-09-17 |access-date=2024-09-17 |newspaper=The Washington Post }}</ref> '']'' also reported how the book details “how Trump suffered major losses, such as the closure of multiple casinos, and tax records show that his businesses lost more than $1 billion between 1985 and 1994.”<ref> {{cite news |url= https://www.newsweek.com/donald-trump-black-hole-father-money-lucky-loser-book-1955593 |title= Donald Trump Was 'Black Hole' for His Dad's Money: New Book Author |publisher=Newsweek |author=Palmer, Ewan |date=2024-09-18 |access-date=2024-09-21 }}</ref> | According to '']'', the book reveals how ] gave his son “almost endless collateral for loans, connections in banking and politics, and a reliable wellspring of cash to pursue dreams and fame.” <ref>{{cite news |url=https://www.washingtonpost.com/books/2024/09/17/lucky-loser-donald-trump-finances-susanne-craig-russ-buettner-review/ |title=Donald Trump's financial failures are stunning. 'Lucky Loser' has the receipts |author=Mclean, Bethany |date=2024-09-17 |access-date=2024-09-17 |newspaper=The Washington Post }}</ref> '']'' also reported how the book details “how Trump suffered major losses, such as the closure of multiple casinos, and tax records show that his businesses lost more than $1 billion between 1985 and 1994.”<ref> {{cite news |url= https://www.newsweek.com/donald-trump-black-hole-father-money-lucky-loser-book-1955593 |title= Donald Trump Was 'Black Hole' for His Dad's Money: New Book Author |publisher=Newsweek |author=Palmer, Ewan |date=2024-09-18 |access-date=2024-09-21 }}</ref> | ||
| Line 76: | Line 75: | ||
| ] | ] | ||
| ] | ] | ||
| ] | |||
Latest revision as of 17:27, 28 November 2024
2024 book about Donald J. Trump by Russ Buettner and Susanne Craig Cover page | |
| Author | Susanne Craig and Russ Buettner |
|---|---|
| Language | English |
| Subject | Donald Trump, his wealth, and his family |
| Published | September 17, 2024 |
| Publisher | Penguin Random House LLC |
| Publication place | United States |
| Pages | 528 |
| ISBN | 9780593298640 |
Lucky Loser: How Donald Trump Squandered His Father’s Fortune and Created The Illusion of Success is a nonfiction book by New York Times investigative journalists Susanne Craig and Russ Buettner. It was published on September 17, 2024 by Penguin Random House LLC.
It covers Donald Trump’s inherited wealth, financial and business practices alongside providing insights into his many claims on being a self-made man. The book also delves into Trump’s father Fred Trump’s wealth and fortune and how they were used as a financial leverage for his son. It also challenges the long-standing narrative that Trump built his empire from a modest loan, instead saying that he inherited the equivalent of over $400 million from his father.
Craig and Buettner say that Trump, despite receiving substantial financial backing, repeatedly lost money on ventures, only to be bailed out by luck or the efforts of others. He was able to use the television show The Apprentice to rebrand himself during financially difficult times, ultimately leading to his political ascent.
Background
On October 1, 2016, The New York Times published an article co-authored by Craig, which stated that Donald Trump had reported a loss of $916 million in 1995, which could have allowed him to avoid paying income taxes for up to eighteen years. In subsequent television interviews, Craig identified herself as the reporter who had received a portion of Trump's 1995 tax records in her mailbox from an anonymous sender.
On October 2 2018, Craig and Buetner were among the three investigative journalists for The New York Times that wrote a 14,000-word exposé that revealed Trump’s many fraudulent business practices and tax schemes and aimed to refute the former President's claims of self-made wealth and entrepreneurial accomplishments. The story is among the longest ever published by the paper and involved over 100,000 pages of documents both from public sources and confidential disclosures. These included "mortgages and deeds, probate records, financial disclosure reports, regulatory records and civil court files," for publicly available documents and private records such as "bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks."
They, alongside David Barstow, went on to win the Pulitzer Prize for Explanatory Reporting in 2019 “for an exhaustive 18-month investigation of President Donald Trump’s finances that debunked his claims of self-made wealth and revealed a business empire riddled with tax dodges." They also shared the 2019 George Polk Award for Political Reporting.
On February 22, 2024, Craig and Buettner announced through an Axios article that they would be publishing a book titled Lucky Loser with Penguin Random House LLC in fall of 2024. The book would draw on over twenty years’ worth of Trump’s confidential tax information, including the tax returns he tried to conceal, alongside business records and interviews with Trump insiders.
Synopsis
Lucky Loser begins by explaining Fred Trump’s life story as a shrewd businessman who profited from New York’s post-war real estate market and built a vast enterprise that his son Donald would later inherit. It presents evidence that Fred Trump found methods to gift large amounts of money to children that was tax-sheltered and would turn them into millionaires before age 10.
The book says that Trump inherited the equivalent of over $400 million from his father, Fred Trump, directly contradicting Trump’s public narrative that he built his real estate empire from a small loan. Trump’s financial history is marked by a series of failed business ventures, including Trump Plaza Hotel and Casino, airlines, and real estate projects. Despite this, the authors allege that he was repeatedly bailed out either by family support or fortuitous financial deals.
The book presents allegations that Trump engaged in aggressive tax avoidance strategies, including declaring significant losses in his businesses to offset his tax liabilities over many years. These practices, while possibly legal, call into question the accuracy of Trump's portrayal of his financial success.
Lucky Loser alleges that Trump’s role on The Apprentice played a crucial part in reviving his public image as a successful businessman during a period when his real financial situation was far from robust. The show, with the help of Mark Burnett, rebranded him, helping him monetize his persona despite mounting financial difficulties.
The book details how Trump relied on licensing his name for various businesses and taking on large amounts of debt, often with minimal personal financial risk. Many of these deals led to lawsuits and financial entanglements that he was able to sidestep, often without fulfilling the loans.
Critical reception
The book has received overwhelming positive critical reception, especially for its investigative depth. It is praised as a standout among books about Donald Trump, with a meticulous and gripping narrative that delves into his financial history. The New York Times noted that it demands to be read, offering a definitive examination of the myth of Trump as a self-made billionaire.
Critics like economic historian Brad DeLong have also noted the thoroughness with which the book explores the complicated father-son relationship between Fred and Donald Trump, emphasizing how this dynamic shaped Donald's business practices and eventual rise to the presidency. The detailed reporting, bolstered by confidential tax documents and business records, is seen as a major strength of the book, giving readers an inside look into Trump's financial dealings over several decades.
According to The Washington Post, the book reveals how Fred Trump gave his son “almost endless collateral for loans, connections in banking and politics, and a reliable wellspring of cash to pursue dreams and fame.” Newsweek also reported how the book details “how Trump suffered major losses, such as the closure of multiple casinos, and tax records show that his businesses lost more than $1 billion between 1985 and 1994.”
According to John Cassidy of The New Yorker,
The more penetrating argument that Buettner and Craig make is that he’s a lousy businessman who only got as far as he did because of a series of lucky breaks that “could paper over a litany of failure and still fund a lavish life.”
Trump’s campaign advisor, Steven Cheung, labelled the book as lies and claimed the book was "a desperate attempt to interfere" in the 2024 United States presidential election.
References
- "Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found". The New York Times. October 2, 2016.
- "Tax documents are 'important window' into Trump". NBC News. October 4, 2016. Retrieved 2021-03-04.
- Drum, Kevin (2018-10-02). "Times Report: Trump Wealth Largely Based on Tax Scams and Bailouts From Dad". Mother Jones. Retrieved 2024-09-22.
- "David Barstow, Susanne Craig and Russ Buettner of The New York Times". Pulitzer.org. 2019. Retrieved 20 May 2021.
- Polk, Eileen (February 19, 2019). "New York Times Wins Two George Polk Awards". The New York Times. Retrieved 20 May 2021.
- "ABOUT LUCKY LOSER". Peguin Random House. Retrieved 29 April 2024.
- Nazaryan, Alexander (2024-09-18). "How Donald Trump Learned to Pass the Buck". The New York Times. Retrieved 2024-09-26.
- Delong, Brad (2024-09-26). "Lucky Loser review – how Donald Trump squandered his wealth". The Guardian. Retrieved 2024-09-28.
- Mclean, Bethany (2024-09-17). "Donald Trump's financial failures are stunning. 'Lucky Loser' has the receipts". The Washington Post. Retrieved 2024-09-17.
- Palmer, Ewan (2024-09-18). "Donald Trump Was 'Black Hole' for His Dad's Money: New Book Author". Newsweek. Retrieved 2024-09-21.
- Cassidy, John (2024-09-23). "Donald Trump's Many Lucky Breaks". The New Yorker. Retrieved 2024-09-26.
- Peck, Emily (2024-09-17). ""Lucky loser:" New book details how Trump got rich". Axios. Retrieved 2024-09-17.