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Posted At : May 19, 2009 02:14 PM | Posted By : D McKee
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Wall Street,Pennsylvania,Donald Trump
It's a scary place. According to a story in Monday's Wall Street Journal, "world famous ... television personality" Donald Trump's net worth is determined subjectively. According to the Trumpster, "it goes up and down with markets and with attitudes and with feelings, even my own feeling."
So what if banks estimate that net worth to be, say, $788 million (to cite a 2005 Deutsche Bank determination)? If the scowling mogul feels that he's worth 10 times that amount, say, it must be so! All of this is according to a deposition that the WSJ managed to get hold of, part of a Trump lawsuit against the French publisher of a book which he blames for, among the other things, his failure to land a Philadelphia casino.
Trump is piqued by author and New York Times editor Timothy O'Brien's 2005 contention that his net worth was as low as $150 million. Reached on the golf course by WSJ reporters, Trump stuck by his deposition, which included the statement that "mental projections" stored in his noggin and never committed to paper were part of his valuation process. As of Sunday, the Value According to Trump was $5 billion -- plus at least $2 billion in implied brand value.
When testifying, Trump admitted to exaggerating the value of his properties, "Not beyond reason." He also considers the sub-licensing of his name to other condo developers "a form of ownership. I'd rather have this than own the building." He also believed himself to be half-owner (or more) of a project in which he actually only held a 30% stake because he was getting management fees, too.
The deposition also contained this exchange ...
Attorney: "Have you discounted in your mind for the risk that you won't sell [country club memberships] at the prices you are anticipating?"
The Donald: "I think I will, but it's possible I won't. But I think I will."
Perhaps the official Trump corporate motto should be, "I think I can, I think I can, I think I can ..."
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