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Do not fill this in! == Business career == {{Main|Business career of Donald Trump}} {{Further|Business projects of Donald Trump in Russia}} === Real estate === [[File:Trump Tower - lower part.jpg|thumb|upright|Trump Tower in [[Midtown Manhattan]]|alt=Exterior ground view of Trump tower, a contemporary skyscraper with a glass curtain and stepped faΓ§ade]] Starting in 1968, Trump was employed at his father's real estate company, Trump Management, which owned racially segregated middle-class rental housing in New York City's outer boroughs.<ref name=Mahler>{{cite web|url=https://www.nytimes.com/2016/08/28/us/politics/donald-trump-housing-race.html|title='No Vacancies' for Blacks: How Donald Trump Got His Start, and Was First Accused of Bias|work=[[The New York Times]]|date=August 27, 2016|access-date=January 13, 2018|last1=Mahler|first1=Jonathan|last2=Eder|first2=Steve}}</ref><ref name="Rich NYMag">{{cite web|first=Frank|last=Rich|author-link=Frank Rich|title=The Original Donald Trump|url=https://nymag.com/daily/intelligencer/2018/04/frank-rich-roy-cohn-the-original-donald-trump.html|work=[[New York (magazine)|New York]]|date=April 30, 2018|access-date=May 8, 2018}}</ref> In 1971, he became president of the company and began using the [[Trump Organization]] as an [[umbrella brand]].{{sfn|Blair|2015|p=[https://books.google.com/books?id=uJifCgAAQBAJ&pg=PA250 250]}} Between 1991 and 2009, he filed for [[Chapter 11]] bankruptcy protection for six of his businesses, the [[Plaza Hotel]] in Manhattan, the casinos in [[Atlantic City, New Jersey]], and the [[Trump Hotels & Casino Resorts]] company.<ref>{{cite web|last=Qiu|first=Linda|url=https://www.politifact.com/factchecks/2016/jun/21/hillary-clinton/yep-donald-trumps-companies-have-declared-bankrupt/|title=Yep, Donald Trump's companies have declared bankruptcy...more than four times|work=[[PolitiFact]]|date=June 21, 2016|access-date=May 25, 2023}}</ref> ==== Manhattan developments ==== Trump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict [[Grand Hyatt New York|Commodore Hotel]], adjacent to Grand Central Terminal.<ref>{{cite web|url=https://ny.curbed.com/2019/4/3/18290394/trump-grand-hyatt-nyc-commodore-hotel|work=[[Curbed]]|first=James|last=Nevius|date=April 3, 2019|title=The winding history of Donald Trump's first major Manhattan real estate project}}</ref> The financing was facilitated by a $400 million city property tax abatement arranged for Trump by his father who also, jointly with [[Hyatt]], guaranteed a $70 million bank construction loan.<ref name="Rich NYMag"/><ref>{{cite news|first=Glenn|last=Kessler|author-link=Glenn Kessler (journalist)|title=Trump's false claim he built his empire with a 'small loan' from his father|date=March 3, 2016|access-date=September 29, 2021|newspaper=[[The Washington Post]]|url=https://www.washingtonpost.com/news/fact-checker/wp/2016/03/03/trumps-false-claim-he-built-his-empire-with-a-small-loan-from-his-father}}</ref> The hotel reopened in 1980 as the [[Grand Hyatt New York|Grand Hyatt Hotel]],{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA84 84]}} and that same year, Trump obtained rights to develop [[Trump Tower]], a mixed-use skyscraper in Midtown Manhattan.<ref>{{cite web|title=The Expanding Empire of Donald Trump|date=April 8, 1984|access-date=September 29, 2021|first=William E.|last=Geist|author-link=Bill Geist|work=[[The New York Times]]|url=https://www.nytimes.com/1984/04/08/magazine/the-expanding-empire-of-donald-trump.html}}</ref> The building houses the headquarters of the Trump Corporation and Trump's [[Political action committee|PAC]] and was Trump's primary residence until 2019.<ref>{{cite news|last1=Jacobs|first1=Shayna|last2=Fahrenthold|first2=David A.|last3=O'Connell|first3=Jonathan|last4=Dawsey|first4=Josh|url=https://www.washingtonpost.com/politics/trump-tower-pac-rent-campaign-finance/2021/09/02/dfeae19e-0b2f-11ec-9781-07796ffb56fe_story.html|title=Trump Tower's key tenants have fallen behind on rent and moved out. But Trump has one reliable customer: His own PAC.|newspaper=[[The Washington Post]]|date=September 3, 2021 |access-date=February 15, 2022}}</ref><ref name=moved>{{cite web|url=https://www.nytimes.com/2019/10/31/us/politics/trump-new-york-florida-primary-residence.html|title=Trump, Lifelong New Yorker, Declares Himself a Resident of Florida|work=[[The New York Times]]|last=Haberman|first=Maggie|author-link=Maggie Haberman|date=October 31, 2019|access-date=January 24, 2020}}</ref> In 1988, Trump acquired the Plaza Hotel with a loan from a consortium of sixteen banks.<ref>{{cite web|url=https://www.nytimes.com/1992/11/04/business/company-news-trump-revises-plaza-loan.html|title=Trump Revises Plaza Loan|work=[[The New York Times]]|date=November 4, 1992|access-date=May 23, 2023}}</ref> The hotel filed for bankruptcy protection in 1992, and a reorganization plan was approved a month later, with the banks taking control of the property.<ref>{{cite web|title=Trump's Plaza Hotel Bankruptcy Plan Approved|work=[[The New York Times]]|date=December 12, 1992|url=https://www.nytimes.com/1992/12/12/business/company-news-trump-s-plaza-hotel-bankruptcy-plan-approved.html|agency=[[Reuters]]|access-date=May 24, 2023}}</ref> In 1995, Trump defaulted on over $3 billion of bank loans, and the lenders seized the Plaza Hotel along with most of his other properties in a humiliating restructuring that allowed Trump to avoid personal bankruptcy.<ref>{{cite web|url=https://www.nytimes.com/1995/04/12/business/trump-is-selling-plaza-hotel-to-saudi-and-asian-investors.html|title=Trump Is Selling Plaza Hotel To Saudi and Asian Investors|work=[[The New York Times]]|first1=David|last1=Stout|author-link1=David Stout|first2=Kenneth N.|last2=Gilpin|date=April 12, 1995|access-date=July 18, 2019}}</ref><ref name="plaza">{{cite web|last=Segal|first=David|title=What Donald Trump's Plaza Deal Reveals About His White House Bid|url=https://www.nytimes.com/2016/01/17/business/what-donald-trumps-plaza-deal-reveals-about-his-white-house-bid.html|work=[[The New York Times]]|date=January 16, 2016|access-date=May 3, 2022}}</ref> The lead bank's attorney said of the banks' decision that they "all agreed that he'd be better alive than dead."<ref name="plaza"/> In 1996, Trump acquired and renovated the mostly vacant 71-story skyscraper at [[40 Wall Street]], later rebranded as the Trump Building.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=Lqf0CwAAQBAJ&pg=PA298 298]}} In the early 1990s, Trump won the right to develop a {{convert|70|acre|ha|adj=on}} tract in the [[Lincoln Square, Manhattan|Lincoln Square]] neighborhood near the Hudson River. Struggling with debt from other ventures in 1994, Trump sold most of his interest in the project to Asian investors, who financed the project's completion, [[Riverside South, Manhattan|Riverside South]].<ref>{{cite web|url=https://www.nytimes.com/2005/06/01/nyregion/trump-group-selling-west-side-parcel-for-18-billion.html|title=Trump Group Selling West Side Parcel for $1.8 billion|last=Bagli|first=Charles V.|work=[[The New York Times]]|date=June 1, 2005|access-date=May 17, 2016}}</ref> ==== Atlantic City casinos ==== [[File:Trump Taj Mahal, 2007.jpg|thumb|alt=The entrance of the Trump Taj Mahal, a casino in Atlantic City. It has motifs evocative of the Taj Mahal in India.|Entrance of the [[Trump Taj Mahal]] in [[Atlantic City]]]] In 1984, Trump opened [[Harrah's at Trump Plaza]], a hotel and casino, with financing and management help from the [[Holiday Corporation]].<ref name="fall"/> It was unprofitable, and Trump paid Holiday $70 million in May 1986 to take sole control.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA128 128]}} In 1985, Trump bought the unopened Atlantic City Hilton Hotel and renamed it [[Golden Nugget Atlantic City|Trump Castle]].<ref>{{cite web|last=Saxon|first=Wolfgang|url=https://www.nytimes.com/1985/04/28/nyregion/trump-buys-hilton-s-hotel-in-atlantic-city.html|title=Trump Buys Hilton's Hotel in Atlantic City|work=[[The New York Times]]|date=April 28, 1986|access-date=May 25, 2023}}</ref> His wife Ivana managed it until 1988.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA137 137]}} Both casinos filed for [[Chapter 11]] bankruptcy protection in 1992.<ref>{{cite web|url=https://www.upi.com/Archives/1992/03/09/Trumps-Castle-and-Plaza-file-for-bankruptcy/3105700117200/|title=Trump's Castle and Plaza file for bankruptcy|work=[[UPI]]|date=March 9, 1992|access-date=May 25, 2023}}</ref> Trump bought a third Atlantic City venue in 1988, the [[Hard Rock Hotel & Casino Atlantic City|Trump Taj Mahal]]. It was financed with $675 million in [[junk bonds]] and completed for $1.1 billion, opening in April 1990.<ref>{{cite web|url=https://www.nytimes.com/1990/04/08/business/trump-s-taj-open-at-last-with-a-scary-appetite.html|title=Trump's Taj β Open at Last, With a Scary Appetite|date=April 8, 1990|last=Glynn|first=Lenny|work=[[The New York Times]]|access-date=August 14, 2016}}</ref>{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA135 135]}} Trump filed for Chapter 11 bankruptcy protection in 1991. Under the provisions of the restructuring agreement, Trump gave up half his initial stake and personally guaranteed future performance.<ref>{{cite web|work=[[The New York Times]]|url=https://www.nytimes.com/1991/10/05/business/company-news-taj-mahal-is-out-of-bankruptcy.html|title=Company News; Taj Mahal is out of Bankruptcy|access-date=May 22, 2008|date=October 5, 1991}}</ref> To reduce his $900 million of personal debt, he sold the [[Trump Shuttle]] airline; his megayacht, the ''[[Trump Princess]]'', which had been leased to his casinos and kept docked; and other businesses.<ref>{{cite web|url=https://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/|title=Fourth Time's A Charm: How Donald Trump Made Bankruptcy Work For Him|work=[[Forbes]]|date=May 29, 2011|access-date=January 27, 2022|last=O'Connor|first=Claire}}</ref> In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza.<ref>{{cite web|title=Trump Plaza casino stock trades today on Big Board|work=[[The New York Times]]|first=Floyd|last=Norris|author-link=Floyd Norris|date=June 7, 1995|url=https://www.nytimes.com/1995/06/07/business/trump-plaza-casino-stock-trades-today-on-big-board.html|access-date=December 14, 2014}}</ref> THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving Trump with 10 percent ownership.<ref name="fall">{{cite web|url=https://www.phillymag.com/news/2015/08/16/donald-trump-atlantic-city-empire/|title=The Truth About the Rise and Fall of Donald Trump's Atlantic City Empire|work=[[Philadelphia (magazine)|Philadelphia]]|date=August 16, 2015|access-date=March 21, 2016|first=Dan|last=McQuade}}</ref> He remained chairman until 2009.<ref>{{cite web|url=https://fortune.com/2016/03/10/trump-hotel-casinos-pay-failure/|title=How Donald Trump Made Millions Off His Biggest Business Failure|last=Tully|first=Shawn|date=March 10, 2016|work=[[Fortune (magazine)|Fortune]]|access-date=May 6, 2018}}</ref> ==== Clubs ==== In 1985, Trump acquired the [[Mar-a-Lago]] estate in Palm Beach, Florida.<ref>{{cite web|last=Peterson-Withorn|first=Chase|url=https://www.forbes.com/sites/chasewithorn/2018/04/23/donald-trump-has-gained-more-than-100-million-on-mar-a-lago/|title=Donald Trump Has Gained More Than $100 Million On Mar-a-Lago |work=[[Forbes]]|date=April 23, 2018|access-date=July 4, 2018}}</ref> In 1995, he converted the estate into a private club with an initiation fee and annual dues. He continued to use a wing of the house as a private residence.<ref>{{cite web|url=https://www.townandcountrymag.com/style/home-decor/a7144/mar-a-lago-history/|title=A History of Mar-a-Lago, Donald Trump's American Castle|last1=Dangremond|first1=Sam|last2=Kim|first2=Leena|date=December 22, 2017|work=[[Town & Country (magazine)|Town & Country]]|access-date=July 3, 2018}}</ref> Trump declared the club his primary residence in 2019,<ref name=moved /> and the town determined in 2021 that he was [[Mar-a-Lago#Use as a Trump residence|legally entitled to live there]] as an employee of the club.<ref name=moved /><ref>{{cite news|last=Durkee|first=Allison|url=https://www.forbes.com/sites/alisondurkee/2021/05/07/trump-can-legally-live-at-mar-a-lago-palm-beach-says/|title=Trump Can Legally Live At Mar-A-Lago, Palm Beach Says|work=[[Forbes]]|date=May 7, 2021|access-date=March 7, 2024}}</ref>{{importance inline|date=February 2024}} The Trump Organization began [[Donald Trump and golf|building and buying golf courses]] in 1999.<ref name="CNN">{{cite web|last=Garcia|first=Ahiza|title=Trump's 17 golf courses teed up: Everything you need to know|url=https://money.cnn.com/2016/12/29/news/donald-trump-golf-courses/|access-date=January 21, 2018|work=[[CNN Money]]|date=December 29, 2016}}</ref> It owns fourteen and manages another three Trump-branded courses worldwide.<ref name="CNN"/><ref>{{cite web|url=https://golfweek.usatoday.com/lists/take-a-look-at-the-golf-courses-owned-by-donald-trump/|title=Take a look at the golf courses owned by Donald Trump|work=[[Golfweek]]|date=July 24, 2020 |access-date=July 7, 2021}}</ref> === Licensing of the Trump brand === {{See also|List of things named after Donald Trump}} The Trump name has been [[The_Trump_Organization#Related_ventures_and_investments|licensed for]] consumer products and services, including foodstuffs, apparel, learning courses, and home furnishings.<ref name="neckties">{{cite news|newspaper=[[The Washington Post]]|date=April 13, 2018|access-date=September 29, 2021|first1=Zane|last1=Anthony|first2=Kathryn|last2=Sanders|first3=David A.|last3=Fahrenthold|author-link3=David Fahrenthold|title=Whatever happened to Trump neckties? They're over. So is most of Trump's merchandising empire.|url=https://www.washingtonpost.com/politics/whatever-happened-to-trump-ties-theyre-over-so-is-most-of-trumps-merchandising-empire/2018/04/13/2c32378a-369c-11e8-acd5-35eac230e514_story.html}}</ref><ref>{{cite web|last=Martin|first=Jonathan|url=https://www.nytimes.com/2016/06/30/us/politics/donald-trump-institute-plagiarism.html|title=Trump Institute Offered Get-Rich Schemes With Plagiarized Lessons|work=[[The New York Times]]|date=June 29, 2016|access-date=January 8, 2021}}</ref> According to ''[[The Washington Post]]'', there are more than 50 licensing or management deals involving Trump's name, and they have generated at least $59 million in revenue for his companies.<ref>{{cite web|first1=Aaron|last1=Williams|first2=Anu|last2=Narayanswamy|url=https://www.washingtonpost.com/graphics/world/trump-worldwide-licensing/|title=How Trump has made millions by selling his name|newspaper=[[The Washington Post]]|date=January 25, 2017|access-date=December 12, 2017}}</ref> By 2018, only two consumer goods companies continued to license his name.<ref name="neckties" /> === Side ventures === [[File:Donald Trump and Doug Flutie at a press conference in the Trump Tower.jpg|thumb|left|upright=1.2|Trump and New Jersey Generals quarterback [[Doug Flutie]] at a 1985 press conference in the lobby of Trump Tower|alt=Trump, Doug Flutie, and an unnamed official standing behind a lectern with big, round New Jersey Generals sign, with members of the press seated in the background]] In September 1983, Trump purchased the [[New Jersey Generals]], a team in the [[United States Football League]]. After the 1985 season, the league folded, largely due to Trump's attempt to move to a fall schedule (when it would have competed with the [[NFL]] for audience) and trying to force a merger with the NFL by bringing an antitrust suit.<ref>{{cite web|first=Arash|last=Markazi|author-link=Arash Markazi|title=5 things to know about Donald Trump's foray into doomed USFL|date=July 14, 2015|access-date=September 30, 2021|work=[[ESPN]]|url=https://www.espn.com/espn/story/_/id/13255737/five-things-know-donald-trump-usfl-experience}}</ref><ref>{{cite web|url=https://fortune.com/2017/09/24/donald-trump-nfl-usfl/|title=Donald Trump Fought the NFL Once Before. He Got Crushed|work=[[Fortune (magazine)|Fortune]]|date=September 24, 2017|access-date=June 22, 2018|last=Morris|first=David Z.}}</ref> Trump and his Plaza Hotel hosted several boxing matches at the [[Atlantic City Convention Hall]].<ref name="fall"/>{{sfn|O'Donnell|Rutherford|1991|p=137β143}} In 1989 and 1990, Trump lent his name to the [[Tour de Trump]] cycling stage race, an attempt to create an American equivalent of European races such as the [[Tour de France]] or the [[Giro d'Italia]].<ref>{{cite web|url=https://www.politico.com/magazine/story/2016/04/donald-trump-2016-tour-de-trump-bike-race-213801|title=The Strange Tale of Donald Trump's 1989 Biking Extravaganza|first=Kevin|last=Hogan|work=[[Politico]]|date=April 10, 2016|access-date=April 12, 2016}}</ref> From 1986 to 1988, Trump purchased significant blocks of shares in various public companies while suggesting that he intended to take over the company and then sold his shares for a profit,<ref name=Buettner-190508/> leading some observers to think he was engaged in [[greenmail]].<ref>{{cite web|last1=Mattingly|first1=Phil|last2=Jorgensen|first2=Sarah|url=https://cnn.com/2016/08/22/politics/donald-trump-activist-investor/|title=The Gordon Gekko era: Donald Trump's lucrative and controversial time as an activist investor|work=[[CNN]]|date=August 23, 2016|access-date=September 14, 2022}}</ref> ''[[The New York Times]]'' found that Trump initially made millions of dollars in such stock transactions, but "lost most, if not all, of those gains after investors stopped taking his takeover talk seriously".<ref name=Buettner-190508/> In 1988, Trump purchased the [[Eastern Air Lines Shuttle]], financing the purchase with $380 million (equivalent to ${{Inflation|US|380|1988}} million in {{Inflation/year|US}}){{Inflation/fn|US}} in loans from a syndicate of 22 banks. He renamed the airline [[Trump Shuttle]] and operated it until 1992.<ref name="TA">{{cite web|work=[[The Daily Beast]]|title=The Crash of Trump Air|first=Barbara|last=Peterson|date=April 13, 2017|url=https://www.thedailybeast.com/the-crash-of-trump-air|access-date=May 17, 2023}}</ref> Trump defaulted on his loans in 1991, and ownership passed to the banks.<ref>{{cite magazine|url=https://time.com/4343030/donald-trump-failures/|title=10 Donald Trump Business Failures|magazine=[[Time (magazine)|Time]]|date=October 11, 2016|access-date=May 17, 2023}}</ref> [[File:Donald Trump star Hollywood Walk of Fame.JPG|thumb|upright=0.7|Trump's star on the Hollywood Walk of Fame|alt=A red star with a bronze outline and "Donald Trump" and a TV icon written on it in bronze, embedded in a black terrazzo sidewalk]] In 1992, Trump, his siblings [[Maryanne Trump Barry|Maryanne]], Elizabeth, and [[Robert Trump|Robert]], and his cousin John W. Walter, each with a 20 percent share, formed All County Building Supply & Maintenance Corp. The company had no offices and is alleged to have been a shell company for paying the vendors providing services and supplies for Trump's rental units, then billing those services and supplies to Trump Management with markups of 20β50 percent and more. The owners shared the proceeds generated by the markups.<ref name="Tax_Schemes" /><ref>{{cite web|last=Blair|first=Gwenda|url=https://www.politico.com/magazine/story/2018/10/07/trump-new-york-times-tax-evasion-221082|title=Did the Trump Family Historian Drop a Dime to the New York Times?|work=[[Politico]]|date=October 7, 2018|access-date=August 14, 2020}}</ref> The increased costs were used to get state approval for increasing the rents of Trump's rent-stabilized units.<ref name="Tax_Schemes" /> From 1996 to 2015, Trump owned all or part of the [[Miss Universe]] pageants, including [[Miss USA]] and [[Miss Teen USA]].<ref name="pageantsaleWME">{{cite web|url=https://www.nytimes.com/2015/09/15/business/media/trump-sells-miss-universe-organization-to-wme-img-talent-agency.html|title=Trump Sells Miss Universe Organization to WME-IMG Talent Agency|date=September 14, 2015|first=John|last=Koblin|work=[[The New York Times]]|access-date=January 9, 2016}}</ref><ref>{{cite web|url=https://www.businessinsider.com/donald-trump-sells-miss-universe-img-2015-9|title=Donald Trump just sold off the entire Miss Universe Organization after buying it 3 days ago|date=September 14, 2015|first=Jethro|last=Nededog|work=[[Business Insider]]|access-date=May 6, 2016}}</ref> Due to disagreements with CBS about scheduling, he took both pageants to NBC in 2002.<ref>{{cite web|url=https://www.nytimes.com/2002/06/22/business/three-beauty-pageants-leaving-cbs-for-nbc.html|title=Three Beauty Pageants Leaving CBS for NBC|date=June 22, 2002|first=Jim|last=Rutenberg|author-link=Jim Rutenberg|access-date=August 14, 2016|work=[[The New York Times]]}}</ref><ref>{{cite web|url=https://www.washingtonpost.com/archive/lifestyle/2002/06/22/there-she-goes-pageants-move-to-nbc/2ba81b9a-bf67-4f3e-b8d6-1c2cc881ed19/|title=There She Goes: Pageants Move to NBC|date=June 22, 2002|first=Lisa|last=de Moraes|author-link=Lisa de Moraes|newspaper=[[The Washington Post]]|access-date=August 14, 2016}}</ref> In 2007, Trump received a star on the [[Hollywood Walk of Fame]] for his work as producer of Miss Universe.<ref>{{cite web|last=Zara|first=Christopher|author-link=Christopher Zara|url=https://www.fastcompany.com/4023036/why-the-heck-does-donald-trump-have-a-walk-of-fame-star-anyway-its-not-the-reason-you-think|title=Why the heck does Donald Trump have a Walk of Fame star, anyway? It's not the reason you think|work=[[Fast Company (magazine)|Fast Company]]|date=October 26, 2016|access-date=June 16, 2018}}</ref> NBC and Univision dropped the pageants in June 2015.<ref>{{cite web|url=https://www.usatoday.com/story/life/tv/2015/06/29/nbc-dumps-trump/29471971/|title=NBC to Donald Trump: You're fired|work=[[USA Today]]|first=Maria|last=Puente|date=June 29, 2015|access-date=July 28, 2015}}</ref> ==== Trump University ==== {{Main|Trump University}} In 2004, Trump co-founded [[Trump University]], a company that sold real estate seminars for up to $35,000.<ref>{{cite web|url=https://www.vanityfair.com/news/2014/01/trump-university-fraud-scandal|title=Big Hair on Campus: Did Donald Trump Defraud Thousands of Real Estate Students?|last=Cohan|first=William D.|author-link=William D. Cohan|work=[[Vanity Fair (magazine)|Vanity Fair]]|date=December 3, 2013|access-date=March 6, 2016}}</ref> After New York State authorities notified the company that its use of "university" violated state law (as it was not an academic institution), its name was changed to the Trump Entrepreneur Initiative in 2010.<ref>{{cite web|first=Michael|last=Barbaro|author-link=Michael Barbaro|title=New York Attorney General Is Investigating Trump's For-Profit School|date=May 19, 2011|access-date=September 30, 2021|work=[[The New York Times]]|url=https://www.nytimes.com/2011/05/20/nyregion/trumps-for-profit-school-said-to-be-under-investigation.html}}</ref> In 2013, the State of New York filed a $40 million civil suit against Trump University, alleging that the company made false statements and defrauded consumers.<ref>{{cite news|url=https://www.washingtonpost.com/news/fact-checker/wp/2016/02/27/donald-trumps-misleading-claim-that-hes-won-most-of-lawsuits-over-trump-university/|first=Michelle Ye Hee|last=Lee|title=Donald Trump's misleading claim that he's 'won most of' lawsuits over Trump University|newspaper=[[The Washington Post]]|date=February 27, 2016|access-date=February 27, 2016}}</ref> Additionally, two class actions were filed in federal court against Trump and his companies. Internal documents revealed that employees were instructed to use a hard-sell approach, and former employees testified that Trump University had defrauded or lied to its students.<ref>{{cite web|url=https://www.usatoday.com/story/money/business/2013/08/26/trump-entrepreneur-initiative-case/2700811/|title=Trump faces two-front legal fight over 'university'|work=[[USA Today]]|first=Kevin|last=McCoy|date=August 26, 2013|access-date=September 29, 2021}}</ref><ref>{{cite web|url=https://www.nytimes.com/2016/06/01/us/politics/donald-trump-university.html|title=Former Trump University Workers Call the School a 'Lie' and a 'Scheme' in Testimony|last1=Barbaro|first1=Michael|author-link1=Michael Barbaro|last2=Eder|first2=Steve|date=May 31, 2016|work=[[The New York Times]]|access-date=March 24, 2018}}</ref><ref>{{cite web|url=https://www.npr.org/2016/06/01/480279246/hard-sell-the-potential-political-consequences-of-the-trump-university-documents|title=Hard Sell: The Potential Political Consequences of the Trump University Documents|last=Montanaro|first=Domenico|date=June 1, 2016|work=[[NPR]]|access-date=June 2, 2016}}</ref> Shortly after he won the 2016 presidential election, Trump agreed to pay a total of $25 million to settle the three cases.<ref>{{cite web|url=https://www.nytimes.com/2016/11/19/us/politics/trump-university.html|title=Donald Trump Agrees to Pay $25 Million in Trump University Settlement|last=Eder|first=Steve|date=November 18, 2016|work=[[The New York Times]]|access-date=November 18, 2016}}</ref> === Foundation === {{Main|Donald J. Trump Foundation}} The Donald J. Trump Foundation was a [[Private foundation (United States)|private foundation]] established in 1988.<ref>{{cite web|url=https://projects.propublica.org/nonprofits/organizations/133404773|title=Nonprofit Explorer|work=[[ProPublica]]|first1=Mike|last1=Tigas|first2=Sisi|last2=Wei|date=May 9, 2013 |access-date=September 9, 2016}}</ref><ref>{{cite news|first=David A.|last=Fahrenthold|author-link=David Fahrenthold|url=https://www.washingtonpost.com/news/post-politics/wp/2016/09/01/trump-pays-irs-a-penalty-for-his-foundation-violating-rules-with-gift-to-florida-attorney-general/|title=Trump pays IRS a penalty for his foundation violating rules with gift to aid Florida attorney general|newspaper=[[The Washington Post]]|date=September 1, 2016|access-date=September 30, 2021}}</ref> From 1987 to 2006, Trump gave his foundation $5.4 million which had been spent by the end of 2006. After donating a total of $65,000 in 2007β2008, he stopped donating any personal funds to the charity,<ref name="retool">{{cite news|first=David A.|last=Fahrenthold|author-link=David Fahrenthold|url=https://www.washingtonpost.com/politics/how-donald-trump-retooled-his-charity-to-spend-other-peoples-money/2016/09/10/da8cce64-75df-11e6-8149-b8d05321db62_story.html|title=How Donald Trump retooled his charity to spend other people's money|newspaper=[[The Washington Post]]|date=September 10, 2016|access-date=March 19, 2024}}</ref> which received millions from other donors, including $5 million from [[Vince McMahon]].<ref>{{cite news|last=Pallotta|first=Frank|url=https://edition.cnn.com/2022/08/18/media/vince-mcmahon-donald-trump-payments/index.html|title=Investigation into Vince McMahon's hush money payments reportedly turns up Trump charity donations|work=[[CNN]]|date=August 18, 2022|access-date=March 19, 2024}}</ref> The foundation gave to health- and sports-related charities, conservative groups,<ref>{{cite web|work=[[Long Island Business News]]|date=September 15, 2016|access-date=September 30, 2021|first=Claude|last=Solnik|title=Taking a peek at Trump's (foundation) tax returns|url=https://libn.com/2016/09/15/taking-a-peek-at-trumps-foundation-tax-returns/}}</ref> and charities that held events at Trump properties.<ref name="retool"/> In 2016, ''The Washington Post'' reported that the charity committed several potential legal and ethical violations, including alleged self-dealing and possible [[tax evasion]].<ref>{{cite news|first1=Chris|last1=Cillizza |author-link1=Chris Cillizza|first2=David A.|last2=Fahrenthold |author-link2=David Fahrenthold|title=Meet the reporter who's giving Donald Trump fits|url=https://www.washingtonpost.com/news/the-fix/wp/2016/09/15/how-the-reporter-behind-the-trump-foundation-stories-does-it/|newspaper=[[The Washington Post]]|date=September 15, 2016 |access-date=June 26, 2021}}</ref> Also in 2016, the New York Attorney General determined the foundation to be in violation of state law, for soliciting donations without submitting to required annual external audits, and ordered it to immediately cease its fundraising activities in New York.<ref>{{cite news|newspaper=[[The Washington Post]]|date=October 3, 2016|access-date=May 17, 2023|first=David A.|last=Fahrenthold|author-link=David Fahrenthold|title=Trump Foundation ordered to stop fundraising by N.Y. attorney general's office|url=https://www.washingtonpost.com/politics/trump-foundation-ordered-to-stop-fundraising-by-ny-attorney-generals-office/2016/10/03/1d4d295a-8987-11e6-bff0-d53f592f176e_story.html}}</ref> Trump's team announced in December 2016 that the foundation would be dissolved.<ref>{{cite web|url=https://www.theguardian.com/us-news/2016/dec/24/trump-university-shut-down-conflict-of-interest|title=Donald Trump to dissolve his charitable foundation after mounting complaints|last=Jacobs|first=Ben|author-link=Ben Jacobs (journalist)|date=December 24, 2016|work=[[The Guardian]]|access-date=December 25, 2016}}</ref> In June 2018, the New York attorney general's office filed a civil suit against the foundation, Trump, and his adult children, seeking $2.8 million in restitution and additional penalties.<ref>{{cite web|url=https://thehill.com/regulation/court-battles/392392-five-things-to-know-about-the-lawsuit-against-the-trump-foundation|title=Five things to know about the lawsuit against the Trump Foundation|last=Thomsen|first=Jacqueline|date=June 14, 2018|work=[[The Hill (newspaper)|The Hill]]|access-date=June 15, 2018}}</ref> In December 2018, the foundation ceased operation and disbursed its assets to other charities.<ref>{{cite web|url=https://www.nytimes.com/2018/12/18/nyregion/ny-ag-underwood-trump-foundation.html|title=Trump Foundation Will Dissolve, Accused of 'Shocking Pattern of Illegality'|work=[[The New York Times]]|date=December 18, 2018|access-date=May 9, 2019|first=Shane|last=Goldmacher}}</ref> In November 2019, a New York state judge ordered Trump to pay $2 million to a group of charities for misusing the foundation's funds, in part to finance his presidential campaign.<ref>{{cite web|url=https://abcnews.go.com/US/trump-foundation-ordered-pay-2m-collection-nonprofits-part/story?id=66827235|title=President Donald Trump ordered to pay $2M to collection of nonprofits as part of civil lawsuit|work=[[ABC News]]|date=November 7, 2019|access-date=November 7, 2019|first=Aaron|last=Katersky}}</ref><ref>{{cite web|url=https://www.bbc.com/news/world-us-canada-50338231|title=Judge orders Trump to pay $2m for misusing Trump Foundation funds|date=November 8, 2019|work=[[BBC News]]|access-date=March 5, 2020}}</ref> === Legal affairs and bankruptcies === {{Main|Personal and business legal affairs of Donald Trump}} [[Roy Cohn]] was Trump's [[Fixer (person)|fixer]], lawyer, and mentor for 13 years in the 1970s and 1980s.<ref name="Mahler2016Cohn">{{cite web|last1=Mahler|first1=Jonathan|last2=Flegenheimer|first2=Matt|title=What Donald Trump Learned From Joseph McCarthy's Right-Hand Man|url=https://www.nytimes.com/2016/06/21/us/politics/donald-trump-roy-cohn.html|access-date=May 26, 2020|work=[[The New York Times]]|date=June 20, 2016}}</ref> According to Trump, Cohn sometimes waived fees due to their friendship.<ref name="Mahler2016Cohn" /> In 1973, Cohn helped Trump countersue the U.S. government for $100 million (equivalent to ${{Inflation|US|100|1973}} million in {{Inflation/year|US}}){{Inflation/fn|US}} over its charges that Trump's properties had racial discriminatory practices. Trump's counterclaims were dismissed, and the government's case went forward, ultimately resulting in a settlement.<ref>{{cite news|newspaper=[[The Washington Post]]|date=January 23, 2016|first1=Michael|last1=Kranish|author-link1=Michael Kranish|first2=Robert Jr.|last2=O'Harrow|title=Inside the government's racial bias case against Donald Trump's company, and how he fought it|access-date=January 7, 2021|url=https://www.washingtonpost.com/politics/inside-the-governments-racial-bias-case-against-donald-trumps-company-and-how-he-fought-it/2016/01/23/fb90163e-bfbe-11e5-bcda-62a36b394160_story.html}}</ref> In 1975, an agreement was struck requiring Trump's properties to furnish the [[National Urban League|New York Urban League]] with a list of all apartment vacancies, every week for two years, among other things.<ref>{{cite web|last=Dunlap|first=David W.|author-link=David W. Dunlap|title=1973: Meet Donald Trump|url=https://www.nytimes.com/times-insider/2015/07/30/1973-meet-donald-trump/|access-date=May 26, 2020|date=July 30, 2015|work=[[The New York Times]]}}</ref> Cohn introduced political consultant [[Roger Stone]] to Trump, who enlisted Stone's services to deal with the federal government.<ref>{{cite web|last=Brenner|first=Marie|title=How Donald Trump and Roy Cohn's Ruthless Symbiosis Changed America|url=https://www.vanityfair.com/news/2017/06/donald-trump-roy-cohn-relationship|access-date=May 26, 2020|work=[[Vanity Fair (magazine)|Vanity Fair]]|date=June 28, 2017}}</ref> According to a review of state and federal court files conducted by ''[[USA Today]]'' in 2018, Trump and his businesses had been involved in more than 4,000 state and federal legal actions.<ref>{{cite web|title=Donald Trump: Three decades, 4,095 lawsuits |work=[[USA Today]] |url=https://www.usatoday.com/pages/interactives/trump-lawsuits/ |access-date=April 17, 2018 |archive-url=https://web.archive.org/web/20180417181428/https://www.usatoday.com/pages/interactives/trump-lawsuits/ |archive-date=April 17, 2018|url-status=dead}}</ref> While Trump has not filed for [[personal bankruptcy]], his over-leveraged hotel and casino businesses in Atlantic City and New York filed for [[Chapter 11 bankruptcy]] protection six times between 1991 and 2009.<ref name="TW">{{cite web|last=Winter|first=Tom|url=https://www.nbcnews.com/news/us-news/trump-bankruptcy-math-doesn-t-add-n598376|title=Trump Bankruptcy Math Doesn't Add Up|work=[[NBC News]]|date=June 24, 2016|access-date=February 26, 2020}}</ref> They continued to operate while the banks restructured debt and reduced Trump's shares in the properties.<ref name="TW" /> During the 1980s, more than 70 banks had lent Trump $4 billion.<ref>{{cite web|work=[[Reuters]]|date=July 17, 2016|first=Emily|last=Flitter|title=Art of the spin: Trump bankers question his portrayal of financial comeback|access-date=October 14, 2018|url=https://www.reuters.com/article/us-usa-election-trump-bankruptcies-insig/art-of-the-spin-trump-bankers-question-his-portrayal-of-financial-comeback-idUSKCN0ZX0GP}}</ref> After his corporate bankruptcies of the early 1990s, most major banks, with the exception of Deutsche Bank, declined to lend to him.<ref>{{cite web|work=[[Business Insider]]|date=December 8, 2017|first=Allan|last=Smith|title=Trump's long and winding history with Deutsche Bank could now be at the center of Robert Mueller's investigation|access-date=October 14, 2018|url=https://www.businessinsider.com/trump-deutsche-bank-mueller-2017-12}}</ref> After the [[January 6 Capitol attack]], the bank decided not to do business with Trump or his company in the future.<ref>{{cite web|last1=Riley|first1=Charles|last2=Egan|first2=Matt|title=Deutsche Bank won't do any more business with Trump|url=https://cnn.com/2021/01/12/investing/deutsche-bank-trump/|access-date=September 14, 2022|work=[[CNN]]|date=January 12, 2021}}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. 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