This, the first of our regional blogs, is authored by the technology and financial journalist Dominic Basulto. Dominic is a New York native, has been a senior editor at Corante since day one and has written for a number of online and offline media companies. Send tips or story ideas to: basulto@gmail.com.
About this weblog
Here we'll report daily on the latest tech and business developments in New York City. Impossible we concede: comprehensive coverage of the city's every story. What we hope you'll find: tips, tidbits and perspectives you won't find elsewhere. As well as unique insights, original interviews and more that should be of interest to New York's vibrant community of technologists and those who track, invest in and report on them.
On the surface, Donald Trump would appear to be worth several billion dollars - or at least, that's what he'd have you believe. In reality, his net worth may be significantly lower. Forbes recently pegged his net worth at $2.7 billion, making The Donald one of the 100 richest people in America, but a sure-to-be controversial book due out on Wednesday says that there's a big difference between "verbal billions" and real, tangible wealth. On Sunday, The New York Times published an extended, seven-page excerpt from the book (TrumpNation: The Art of Being the Donald) that dug deep into Donald's finances and found a lot of "funny money":
"Forbes, in bestowing a $2.6 billion fortune on Donald in its 2004 rich list, credited him with owning 18 million square feet of Manhattan property, which certainly is an impossibility... Between 2000 and 2004, Forbes allowed Donald's verbal billions to grow by $1 billion. The jump came during a period when the stock market bubble burst, Donald's stake in his casinos - one of his most valuable assets until "The Apprentice" came along - had fallen in value to $7 million and, despite Manhattan's red-hot real estate market, he owned much less real estate there than he let on. Donald said his casinos' myriad problems - no profits, suffocating debt, disappearing cash - did not mean that he had failed in Atlantic City. Instead, he described his management of the casinos as an "entrepreneurial" success, defining "entrepreneurial" as his ability to take cash out of the casino company and use it for other things."
TrackBack URL:
http://www.corante.com/cgi-bin/mt/external.cgi/31867