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Donald Trump, What's The Deal
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00:00:07Some years ago, we made a documentary about Donald Trump.
00:00:11It wasn't flattering.
00:00:14Trump screamed and shouted and threatened lawsuits.
00:00:17And it was never broadcast.
00:00:21But now we think it's time for you to see it.
00:00:24Because the new Trump and the old Trump are the same Trump.
00:00:40I never thought I'd be doing this, I have to tell you.
00:00:42So just everybody, have a good time, enjoy yourselves, and for many years, enjoy the Trump shuttle.
00:00:48It seems hard to believe, but that triumphant ride on the Trump shuttle was barely three years ago.
00:00:54It feels like so much longer.
00:00:56Nothing marked the end of the 1980s, the decade of greed, more than the downfall of Donald Trump.
00:01:03But who is this man who rose so high and fell so fast?
00:01:08Give it to that guy over there.
00:01:11He presents himself marvelously.
00:01:14But the Donald Trump that I saw in real life was very different.
00:01:22I believe that Donald Trump would be a very unhappy man if no one paid any attention to him.
00:01:33He skirts the law in the sense that he goes right up to the edge and sometimes over it.
00:01:44He talks a good game, but he lacks character.
00:01:49I mean, it's the American dream gone berserk, really, is what it is.
00:01:55But it wasn't only Trump's sometime friends and longtime critics who told us about his flaws.
00:02:00Trump himself unknowingly predicted his own fate.
00:02:05I think one of the most important aspects of the book is I try and define people that don't have
00:02:08it.
00:02:09Because most people don't have it, and that's the sad part.
00:02:12And they want to have it, and they go out and they lose their money, they lose their families, they
00:02:16lose everything.
00:02:17And it's a sad situation.
00:02:18But you see it a lot with these hucksters that are on television selling deal books and selling, you know,
00:02:23records.
00:02:23And they never made ten cents in their lives, but now they become wealthy selling the records.
00:02:26Although most of them, if you've read, have gone bankrupt over the last year.
00:02:29So I guess they didn't sell as many records as they thought.
00:02:32But, you know, they sell, and these people put up their $500, and worse than that,
00:02:35then they go out and they borrow money against some leveraged house and this and that.
00:02:39Things that can't work, and I feel very sad for those people.
00:02:43Donald Trump hasn't had time to feel sorry for anyone in the last year.
00:02:48He's been too busy trying to save himself.
00:02:50It's so different now from his heyday, when he only had to want something to get it.
00:03:02THE INSTRUMENT
00:03:04A NETWORK
00:03:04A NETWORK
00:03:14A NETWORK
00:03:17A NETWORKز
00:03:29To move out of my way
00:03:31I want it all
00:03:34I want it all
00:03:37I want it all
00:03:39And I want it now
00:03:41I want it all
00:03:44I want it all
00:03:46I want it all
00:03:49And I want it now
00:04:06It is easy to see that Trump is in trouble now.
00:04:10His ego is bruised, his empire reeling.
00:04:13But to find out why, you must turn back the clock to look for the clues.
00:04:19We begin our story in the fall of 1988, with Donald Trump at the top of his game.
00:04:25Here he is at a political dinner, honoring Andrew Stein, president of the New York City Council.
00:04:33Trump is a hustler.
00:04:34If a big guy, a rich guy, puts his arm around a politician, often that's better than money.
00:04:41Because the politicians are in love with anybody who has money.
00:04:45Trump puts more than his arm around politicians.
00:04:49He's a frequent and generous campaign contributor to the council president.
00:04:54He is explaining to Stein that the contributions of some of his New Jersey associates
00:04:58are in violation of the new campaign laws.
00:05:01He's going to take them back and fix the problem.
00:05:05One guy from New Jersey.
00:05:06Andrew's got four.
00:05:09If you don't mind, I'll take a pass and get him corrected.
00:05:11You don't mind, do you?
00:05:12He doesn't miss a beat doing it, nor does he miss a camera turned in his direction.
00:05:17Boy, there's a lot of coverage tonight.
00:05:23He was the best known businessman in America.
00:05:26Compared to Lee Iacocca, he was Schwarzenegger.
00:05:29He was Stallone.
00:05:31Maybe he was even Elvis.
00:05:33Look how I'm making him a star.
00:05:35Look at this.
00:05:36He gets more headlines for what he doesn't do than what he does.
00:05:39Because he's new just by showing up.
00:05:42Here he is at a charity event.
00:05:44It's at the Plaza Hotel, then his newest toy.
00:05:47His wife, Ivana, had just had some very appealing cosmetic surgery.
00:05:52Don Johnson and Melanie Griffith were along for the ride.
00:05:55Not surprisingly, the press forgot all about the charity.
00:06:00It was a time when celebrities dominated the news.
00:06:03And thanks to their press agents, the rich were celebrities in the 1980s.
00:06:08Trump, in particular.
00:06:10No matter what he said or did, no one asked the hard questions.
00:06:15In merchandising the apartments in Trump Tower,
00:06:18he would plant articles in the newspaper suggesting that the Prince of Wales
00:06:23was going to take an apartment.
00:06:25Sophia Loren was going to take an apartment.
00:06:27And would it be wonderful to see Sophia sitting in her bathtub
00:06:30overlooking Central Park and all kinds of wonderful stories?
00:06:34It's a 58-story building.
00:06:36Although, if you ask Mr. Trump how tall it is, it's actually 68.
00:06:41He skipped 10 floors in the numbering system
00:06:43because it's much more exciting to live on the 55th floor
00:06:46than it is on the 45th floor.
00:06:48It drove the fire department absolutely crazy
00:06:50because they lost 10 floors in the building that they couldn't find.
00:06:53This is salesmanship, and Trump knows how to do it better than anybody.
00:06:57It's, as you and I were discussing, it's become the number one attraction in New York.
00:07:01The Trump Tower.
00:07:01The best hotel casino anywhere in the world.
00:07:04The biggest gross in the history of the gaming business.
00:07:06It's said to be the greatest yacht in the world.
00:07:08The finest transportation operation anywhere in this country.
00:07:11The largest building privately financed ever built in the world.
00:07:15The biggest selling book or one of them of the decade.
00:07:17The best apartments in the world.
00:07:19This has really turned out to be almost mystical. It's been great.
00:07:23No area of the news was immune from the Trump hype.
00:07:26When Gorbachev came to New York for a summit in 1988,
00:07:30Trump saw a chance for a PR bonanza.
00:07:33The week before he arrived, all the television stations in New York said that
00:07:40Gorbachev was planning a visit to Trump Tower.
00:07:43Some of them even printed in the paper that this was going to happen.
00:07:48At no time was Trump Tower even tentatively scheduled as a place for Gorbachev to visit.
00:07:56It's almost a textbook example of a publicity stunt, which worked,
00:08:02and which has worked on many other occasions for him.
00:08:06Trump also considered himself immune from criticism, even by a Pulitzer Prize winning architectural critic.
00:08:14I mean, you have an idiot like Paul Goldberger, who has probably the worst taste I've ever seen.
00:08:18Anytime he gives a good... I get scared when he gives me a good review.
00:08:22Because most of the time when he gets good reviews, they're not successful buildings.
00:08:26But you have a guy like Paul Goldberger, who comes in, he's going to fight this job.
00:08:31Why? Because I said bad things about him on my book?
00:08:34Because I said he suffers from a lack of taste?
00:08:37Which he does. Just take a look at the way he dresses.
00:08:40Trump is possibly the only developer who has sued an architecture critic for a bad review.
00:08:46It was Paul Gapp, the critic of the Chicago Tribune.
00:08:50It was a nuisance lawsuit. It was done just to harass Paul Gapp and the Chicago Tribune.
00:08:56Ultimately, it went nowhere, which is where it deserved to go.
00:09:01By this time, it seemed Trump could say almost anything about almost anybody.
00:09:07Do you mind if I sit back a little bit? No.
00:09:09Because your breath is very bad. It really is. Has this ever been told to you before?
00:09:13No. Huh? Okay, then I won't bother.
00:09:17Actually, that's how you get the edge.
00:09:19Who cared about Trump's abrasive behavior? Everybody loved his toys.
00:09:24For me, a fantasy fulfilled. To leave Donald Trump the money mogul with the Midas touch asking,
00:09:31who's been sitting in my chair? Who's been drinking my champagne? And who's been sleeping in my bed?
00:09:37Why, that little old Channel 10 news reporter me, that's who, Sheila Ellen Stevens.
00:09:43No matter what happened then, everybody remembered one thing Donald Trump had done.
00:09:50Donald, you performed a great public service.
00:09:56That was on November 13th, 1986, when Trump completed the reconstruction of the public ice skating rink in New York
00:10:03Central Park.
00:10:04For five years, the rink had been closed, as the city spent $12 million trying to fix it.
00:10:10Then Donald Trump stepped in. He said he'd fix it fast and on budget. And he did.
00:10:16People even thought he'd done it for nothing.
00:10:19I think it was a level of competence, and we drive, and we push, and we get things done.
00:10:24Trump got paid in full. Some of his contractors didn't. And that's a story that didn't get told.
00:10:31I want you to work, he says, but there's one caveat, and that is that the work has to be
00:10:37pro bono.
00:10:38And I said, well, pro bono. I mean, my goodness, I'm Italian-American. Bono has to be Italian. I'll go
00:10:43for it.
00:10:44Well, little did I know that pro bono meant for free for the public good.
00:10:47But in reality, what he was asking us to do was to supply the services for the rink and to
00:10:55dispense with any profits or expenses.
00:10:59Back then, Donald Trump was no ordinary rich man. He was the people's billionaire.
00:11:04You like him? You like him?
00:11:12I'm telling you. Why didn't your daughter bring him home?
00:11:18Across the street from the skating rink was the St. Moritz Hotel.
00:11:21Trump bought it a year earlier. He called it a brilliant deal.
00:11:25No one bothered to look below the surface.
00:11:28He said he paid $31 million. The real price was $70 million.
00:11:34In 1988, he sold the hotel to Alan Bond, the Australian Donald Trump.
00:11:38Bond paid a whopping $180 million.
00:11:42That, said Trump, gave him a $100 million profit.
00:11:46Conveniently, he forgot to subtract his costs.
00:11:49So, conveniently, did the press.
00:11:51When Trump bought stock, the financial press listened.
00:11:55And the financial press wrote.
00:11:57And people read. And people bought.
00:12:00And Trump sold. And Trump made money.
00:12:03Then came the crash of 1987.
00:12:05And Trump boasted,
00:12:07I got out whole. I didn't lose a dime.
00:12:09And the financial press wrote,
00:12:12But like everyone else, Trump lost.
00:12:15Resorts, Alexander's, MCA.
00:12:18He owned them all. And there were others.
00:12:22Even when Trump flaunted his marital infidelity,
00:12:25editors covered his tracks for him.
00:12:27A professional photographer took these pictures of Trump,
00:12:30his wife, Ivana, and his close and personal friend,
00:12:34Marla Maples, in Aspen over Christmas 1989.
00:12:37He tried to sell them.
00:12:39But for six weeks, he couldn't find a buyer.
00:12:42During the 80s, the cult of the rich and of great wealth
00:12:49and of great ostentatiousness was very much in.
00:12:52He met a need for the press.
00:12:55The press needed a poster boy for the 80s, an emblem,
00:13:00a shorthand way of telling people what was happening in the culture.
00:13:06But as the new decade began, the poster boy of the 80s woke up
00:13:10to find himself on the media's 10 most wanted list.
00:13:14Although no one had raced to be first with the story of the Trump divorce,
00:13:18there was an Olympic-sized competition not to be last.
00:13:22The devastating thing about the Marla flap
00:13:24is that it opened Trump to ridicule for the first time.
00:13:28And that is very deflating.
00:13:31It's not only deflating, but it turns the publicity machine around.
00:13:34All the lovable quirks on the way up look very foolish,
00:13:37if not stupid, on the way down.
00:13:39And it's going to be very hard for him to come back from this kind of ridicule.
00:13:43Overnight, it seems, America turned from a fascination
00:13:46with what Trump has to what he could lose.
00:13:50Do you wish we'd all go away?
00:13:51Absolutely.
00:13:55In the old days, that is just a few months earlier,
00:13:58Trump had the power to dismiss the press,
00:14:01to make reporters accept his claims as facts.
00:14:04Now the press wouldn't go away.
00:14:07And though the stories were about numbers,
00:14:09it was easy to see the numbers were working against him.
00:14:13Look at this chart,
00:14:14which is based on a report from the New Jersey Casino Control Commission.
00:14:18By the middle of 1990,
00:14:20only three of Trump's 22 assets were profitable.
00:14:24Trump wasn't rich.
00:14:26His net worth was minus $294 million at the present market value.
00:14:31He owed one bank alone $993 million,
00:14:35only slightly less than the bank had loaned to the entire country of Venezuela.
00:14:41There's nothing the press loves more than bringing down the person it built up yesterday.
00:14:46Once he had been on the cover of Time.
00:14:48When his new book came out, it was reviewed on the back page.
00:14:52And the review was scathing.
00:14:55Inside every fat ego it starts,
00:14:57there must be a thin, self-revealing book struggling to get out.
00:15:01The review didn't spare his wife either.
00:15:04Was Ivana's plastic surgeon under the impression
00:15:07that she was entering the witness protection program, it asked?
00:15:12But the press alone couldn't slay the media monster it had created.
00:15:16For a moment, the book shot to the top of the bestseller list before disappearing like Judge Crater.
00:15:30In the world beyond New York, he's Donald Trump's self-made billionaire.
00:15:35But in Brooklyn, he's still Fred Trump's son.
00:15:38And in Brooklyn, they remember it was Fred Trump who built the family fortune.
00:15:43Fred Trump would be here most every day.
00:15:46And he'd have his sons here.
00:15:47And he was teaching him the business from the ground up.
00:15:50Donald was one of my best customers.
00:15:53He'd have a hot dog most every day.
00:15:55On a few occasions, he would say to me that this must be a good business.
00:16:01And I'd say, it's a good business, I'm making a living, but I think yours is a little better.
00:16:06When Fred Trump started out, he built wood shingle houses.
00:16:10During World War II, he constructed homes for the military.
00:16:13When the war ended, using his political connections and little of his own money,
00:16:17he turned his attention to giant developments in New York's outer boroughs.
00:16:22Today, he still owns them.
00:16:24It was decent, but never good, the service.
00:16:27And the pat answer they give you here at maintenance is, this is not Manhattan.
00:16:32You get Brooklyn service here, whatever that means.
00:16:35I have no idea what that means, but walls have to fall down before you get any kind of service
00:16:39here.
00:16:39I'm just fortunate not to be a senior citizen here.
00:16:42What happens?
00:16:43They get absolutely no service at all.
00:16:45Nothing.
00:16:46Because if they move out from their $150 a month apartments, the rent will go up to $600, $700.
00:16:52But they're afraid.
00:16:54So senior citizens, they're between a rock and a heart, but they're afraid to complain.
00:16:58Mr. Trump, one more.
00:17:00Fred Trump taught his son how to be tough.
00:17:02And from childhood on, Donald had his own builder's vision.
00:17:06He used to build the most beautiful buildings, with building equipment, everything.
00:17:15He was great, even when he was a little guy.
00:17:18Donald was one of five children.
00:17:20And while he was adored at home, he was a behavior problem at school.
00:17:25I was sent to a military academy because I was really a problem.
00:17:29I was a very difficult guy for my parents.
00:17:32Then at Fordham and the Wharton School of Business, he missed the turbulent 60s.
00:17:37In 1969, when most other people in their early 20s who were from upper middle class backgrounds
00:17:46at Ivy League colleges were marching and storming the gates, Donald Trump was reading FHA foreclosure
00:17:53notices in Philadelphia, Pennsylvania, looking for houses that he could take over and rebuild.
00:18:00Donald Trump had learned that for many real estate developers, lawsuits are just part of the cost of doing business.
00:18:07Fred Trump was charged twice with making windfall profits on government-financed Brooklyn developments.
00:18:12After the completion of Trump Village, he was forced to return $1.2 million in overestimates.
00:18:18But not before he built a private shopping center on his property.
00:18:24There were more fortunes to be made in Brooklyn, but Brooklyn was comfortable.
00:18:28Brooklyn was boring.
00:18:29And most of all, Brooklyn was his father's turf.
00:18:33One way to think about Donald Trump is John Travolta in Saturday Night Fever.
00:18:40He's the guy from Ocean Parkway in his mind, though he grew up with a father who had a lot
00:18:45of money.
00:18:46He grew up in a very middle class way in his own mind, and certainly crossing the bridge was a
00:18:52huge thing for him to do
00:18:54and something his father never wanted to do.
00:18:58Ladies and gentlemen, the
00:19:46Donald Trump crossed the bridge.
00:19:48To some, it looked like twilight for the city.
00:19:51But what Donald Trump saw was a bright new dawn.
00:20:04Donald was the young man who was the second generation boy who was going to conquer Manhattan.
00:20:09And he stood with me once in his park after we'd had intense negotiations in which we'd fought, as we
00:20:17often did.
00:20:18And he pointed to all these buildings around here, just about here.
00:20:22And he said to me, I'm going to be bigger than Helmsley in five years.
00:20:27Trump made his first move for two large sites, a few miles apart and bordering on the Hudson River.
00:20:33They were owned by the Penn Central Railroad.
00:20:36But the railroad was bankrupt, and the properties were up for sale.
00:20:39As Donald Trump saw it, the opportunity was ready-made.
00:20:43The railroad was looking for a developer who was politically connected.
00:20:48I knew that right away that he didn't fit the standard mold, and that all the people who would have
00:20:55to pass on this,
00:20:56all of them, right up the line, would be troubled if, if I put it bluntly, it was, who the
00:21:02hell is Donald Trump?
00:21:03And why are we contracting what could be $100 million worth of real estate with this unknown young man?
00:21:13The 28-year-old Trump would solve the problem brilliantly, as he would in the years ahead.
00:21:19No money down, juggle the facts when necessary, and use your political connections.
00:21:25He took Eichler to meet then-Mayor Abraham Beam.
00:21:28The mayor put his arm around, after I took a few minutes to tell the mayor why I was there,
00:21:34and he put his arm around Donald's father, and he said to me,
00:21:40whatever Mr. Trump wants in this town, he gets.
00:21:43He had a very good father who knew how to get things done, and he learned a lot.
00:21:50Fred Trump and Abe Beam had been childhood friends,
00:21:53and Beam benefited from large Trump campaign contributions.
00:21:57So did Governor Hugh Carey, who would help Donald Trump again and again.
00:22:01Another close advisor was Trump's lawyer, the notorious Roy Cohn.
00:22:06Whether he could have done these things without his father's influence or his father's resources,
00:22:15I don't know.
00:22:16I don't think you'd get an ordinary 28-year-old getting options on three such magnificent pieces of real estate.
00:22:24Trump was his father's son.
00:22:26He tried to build federally financed housing on one of the sites.
00:22:29When that failed, he found a new way to get money from the government.
00:22:33With a little help from his friends,
00:22:35Trump got the city's huge new convention center built on his land.
00:22:40I'll give up my $4.4 million brokerage fee, he said,
00:22:44if the city will name the convention center for my father.
00:22:47Everyone thought that was unusually public-spirited,
00:22:50until it was discovered that Trump was only entitled to a fee of less than $600,000.
00:22:56The convention center was named for U.S. Senator Jacob Javits.
00:23:01But the Penn Central also owned the rundown Commodore Hotel, right next to Grand Central Station.
00:23:06I wouldn't have taken the Commodore if he gave it to me.
00:23:09And I didn't know anybody in New York who'd take it if he gave it to me.
00:23:12But one day he looked at me and he said,
00:23:15I'm going to buy the Commodore for $10 million.
00:23:20I'm going to get Jay Pritzker at Hyatt to manage it, turn it into a Hyatt.
00:23:27And I'm going to get Equitable to provide $75 million to rehabilitate it.
00:23:33To the point where it's almost like new construction.
00:23:35I'm going to tear it down to the skeleton and then redo it.
00:23:39And I said, you have really gone crazy.
00:23:43There was more exaggeration than truth in the way Trump lined up his partners for this project
00:23:48by suggesting he already had the option on the hotel when he didn't.
00:23:52Years later, he'd patent tactics like this, calling them truthful hyperbole.
00:23:58Trump's men went to work obtaining necessary approvals and huge tax breaks
00:24:03designed for construction of hospitals and low-income housing.
00:24:06Lawyer Roy Cohn was on the job, as was Stanley Friedman, a deputy mayor,
00:24:11who would soon join Cohn's firm.
00:24:13Years later, in an unrelated matter, Friedman went to jail for his part
00:24:17in one of the city's worst corruption scandals.
00:24:21Back then, the project was approved on the last day of the Beam administration.
00:24:26Trump and his upscale hotel walked off with one of the largest tax breaks in city history,
00:24:32worth an estimated $200 million.
00:24:35I got everything I wanted, 40 years of tax abatement.
00:24:39People would say, how did you get 40 years?
00:24:40I said, because I didn't ask for 50.
00:24:42That was the—it was so easy.
00:24:44I don't blame Donald Trump for asking for whatever he could.
00:24:48He's a private developer in business to make money.
00:24:52He had no obligation to the city.
00:24:55In fact, he was being helpful because without him,
00:24:57the site might not have been developed.
00:24:59It's up to the city, to the board of estimate, to the mayor,
00:25:02to stand fast and to negotiate a deal
00:25:05which not only allowed the property to be developed
00:25:07but was in the best financial interest of the taxpayers
00:25:11for that time and for the future.
00:25:14That, the city failed to do.
00:25:16Trump was no longer a kid from Brooklyn.
00:25:19He was an established developer and something else.
00:25:22He was the king of tax abatements.
00:25:24In the 1980s, other developers would follow his lead
00:25:28until building luxury housing with tax abatements
00:25:30became almost as popular as junk bonds and yellow ties.
00:25:47There's nothing more pleasing to a developer
00:25:50than the words, no money down.
00:25:52At the Commodore Hotel, Trump saw firsthand
00:25:55the incredible lightness of leverage,
00:25:57so he tried it again.
00:25:58No run-down neighborhood to build up this time, though.
00:26:01It was literally a Tiffany location,
00:26:04adjacent to the famed store on Fifth Avenue
00:26:06in the heart of Manhattan.
00:26:08Here, he would build an edifice to himself,
00:26:11a retail atrium, all marble and bronze,
00:26:1413 floors of offices,
00:26:15the rest, expensive apartments,
00:26:17Trump Tower.
00:26:19Donald called me up one day in my office
00:26:21at about quarter to 12,
00:26:23and said, meet me at Bonwet Teller in 15 minutes.
00:26:26Naturally, I dropped everything I was doing
00:26:28and came right over here.
00:26:29The first thing Donald said,
00:26:31isn't this the greatest location in the world?
00:26:33We're going to build the most exciting building in the world here.
00:26:37If the Hyatt had been a term paper in doing business in New York,
00:26:41the tower was a doctoral thesis.
00:26:43Here's how it worked.
00:26:44Again, get someone to finance it.
00:26:47Equitable had been in on the Hyatt
00:26:49and owned the land under Bonwitz.
00:26:50For a 50% interest,
00:26:52Equitable would pay him to build.
00:26:54Then, get the players who can deal with the city, state, and community.
00:26:58Again, Roy Cohn came on board.
00:27:00Finally, find a way to get approval
00:27:03to replace a seven-story building
00:27:05with a 58-story tower.
00:27:08Trump was determined to have every square foot he could have,
00:27:11and so the battle began.
00:27:12And it took us 15 months
00:27:14with a lot of shivers up our backs,
00:27:16never knowing whether we were going to win or not win.
00:27:19But Trump is a brilliant taskmaster
00:27:22at maneuvering behind the scenes politically
00:27:24as well as in the real estate world.
00:27:27And he succeeded.
00:27:29Once again, Trump got millions in tax abatements
00:27:32by finding a loophole in a law
00:27:34designed to promote middle-income housing.
00:27:36To neutralize the opposition in future battles,
00:27:39he soon hired the city's housing chief,
00:27:41who had opposed him on those tax abatements.
00:27:44In 1986, after the building had been completed,
00:27:48Trump broke one of his cardinal rules.
00:27:49He bought out his partner, Equitable.
00:27:51And that cost him money.
00:27:53No matter, it would seem then,
00:27:55if the Hyatt had made him a player in New York,
00:27:58Trump Tower had made him a player in the world.
00:28:01Trump Tower was Reagan-era beauty come true for everyone.
00:28:05Trump was praised for his work,
00:28:06even by the critic he loved to hate.
00:28:09I've never minded the atrium that much
00:28:11as a work of design.
00:28:12A lot of people find it too glitzy,
00:28:14that sort of rosy, pink, apricot,
00:28:17whatever you call it, peach-colored marble.
00:28:19I always found it kind of neat, actually.
00:28:21It's sensual, it's almost sexy.
00:28:25It's one of the few cases in which
00:28:27somebody has managed to make glitz aesthetically convincing.
00:28:31I like very much the Trump Tower,
00:28:34because, especially the lobby,
00:28:38because it says exactly what it's intended to say,
00:28:41which is, spend, spend, spend,
00:28:44as you've never spent before.
00:28:46What about the apartments?
00:28:48At $1 million for two bedrooms,
00:28:51they're some of the most expensive in the city.
00:28:53Trump boasts they are the best.
00:28:55The molding, the base molding, is the cheapest.
00:28:58It's what housing projects get.
00:29:00The kitchens, if I was in a housing project,
00:29:03I would have had a better built kitchen
00:29:05than what Donald Trump put into Trump Tower.
00:29:06The kitchens were...
00:29:12I've never seen more sloppily installed
00:29:15and more cheaply built kitchen cabinets.
00:29:18All of my clients have, you know, ripped them out.
00:29:20The tower was also home to Trump and his family.
00:29:23Their 36-room suite had three floors,
00:29:26a waterfall, a 100-foot living room,
00:29:29and a lavishly decorated ceiling
00:29:31he once compared to the Sistine Chapel.
00:29:35Ross McTaggart was the second designer
00:29:37brought in to manage this remarkable apartment.
00:29:40I was once in Christie's Furniture
00:29:43and we were looking at some pieces there.
00:29:44And he focused on some Louis XVI pieces.
00:29:48Superb.
00:29:49I mean, incredible quality.
00:29:50But he didn't understand the price.
00:29:52They were estimated to be at $80,000 to $120,000 sale,
00:29:55which wasn't bad, really,
00:29:56you know, for 200-year-old furniture.
00:29:58That's superb quality.
00:29:59And Blaine Trump, who works at Christie's,
00:30:02happened to be there, his sister-in-law.
00:30:05And he said, well, why is this furniture
00:30:06going to be so expensive?
00:30:07You know, just because it's old?
00:30:09And she said, well, no, it's the quality.
00:30:13It's incredible.
00:30:14It's got a history.
00:30:15And he turned to me and he said,
00:30:16well, my stuff is better than this
00:30:17that I'm having made.
00:30:18I said, well, actually, no.
00:30:21I have a little bit of problem
00:30:22with the furniture that's been selected.
00:30:23It's not this kind of quality.
00:30:26He said, well, no, it's going to be.
00:30:27He said, it's cost a lot of money.
00:30:28It's going to be.
00:30:29It's going to be better than this.
00:30:31And we started battling.
00:30:33And he said, it's going to be better.
00:30:34He just insisted.
00:30:35And then Blaine sort of shook her head.
00:30:37He looked at her and he said,
00:30:38I can get better than this, can't I?
00:30:40And she shook her head and said,
00:30:41Donald, you're just never going to understand.
00:30:44Are you?
00:30:46Workman pounded away on Trump's apartment
00:30:48for three years.
00:30:49His downstairs neighbor stopped
00:30:51making her monthly payments.
00:30:53Lawsuits flew in both directions.
00:30:55I wanted to move in here
00:30:57because I thought it was going to be
00:30:58a great building with fantastic views
00:31:01and also a bigger apartment
00:31:04than what I used to have.
00:31:06However, I never expected
00:31:08to have all these run-ins
00:31:10with my neighbor,
00:31:11who is Donald Trump,
00:31:12who lives above me.
00:31:16And since I moved in,
00:31:19he has done nothing else
00:31:20but construction.
00:31:22The building of Trump Tower
00:31:24was the true art of the deal.
00:31:26Saving money was the key.
00:31:29Chapter one.
00:31:30Hire the cheapest demolition contractor
00:31:32you can find,
00:31:33even though he has little experience.
00:31:36Trump hired William Kosicki,
00:31:38whose principal business
00:31:39was window washing.
00:31:41Kosicki, in turn,
00:31:42hired what became known
00:31:43as the Polish Brigade.
00:31:45More than 200 immigrants
00:31:46with no working papers
00:31:47who were paid one-third
00:31:49the union rate
00:31:50and worked under difficult conditions.
00:31:52Years later,
00:31:53deny you ever knew
00:31:55they were there,
00:31:56even though you visited the site.
00:31:58They were sleeping in the building.
00:31:59They had no protective equipment.
00:32:02All the OSHA requirements
00:32:03were being ignored.
00:32:04They had no masks.
00:32:05They had no gloves.
00:32:06They were stripping wires
00:32:08with their bare hands,
00:32:09hot electrical wires.
00:32:11Chapter two.
00:32:12Don't tell anyone
00:32:14that the building
00:32:14contains asbestos.
00:32:16The reason?
00:32:17Asbestos is costly
00:32:18to remove and dispose of.
00:32:20Trump says
00:32:21he isn't legally responsible.
00:32:23The law says he is.
00:32:27With the danger
00:32:28that was involved
00:32:29in working there,
00:32:30because all the wires
00:32:35and the construction
00:32:38were a lot of construction.
00:32:42It was covered
00:32:43with asbestos.
00:32:45Chapter three.
00:32:46Hire a waste hauler
00:32:47who doesn't care
00:32:48what he carts
00:32:49and knows how not
00:32:50to leave tracks.
00:32:52Trump's demolition contractor
00:32:54got Eddie Garofalo,
00:32:55identified by law enforcement officials
00:32:57as mob connected.
00:32:59In August of 1990,
00:33:01while reportedly cooperating
00:33:02with federal authorities
00:33:03investigating racketeering
00:33:05in the construction trades,
00:33:07Garofalo was shot to death
00:33:08gangland style
00:33:09in his driveway.
00:33:10In the dead man's pocket,
00:33:12a wad of cash
00:33:13and a high-rated comp card
00:33:15for the Trump Taj Mahal.
00:33:18Chapter four.
00:33:19When the demolition begins,
00:33:20appear to be public-spirited.
00:33:22Promise artifacts
00:33:23from the building
00:33:24to the Metropolitan Museum of Art.
00:33:27Chapter five.
00:33:28Jackhammer the artifacts
00:33:30when you learn
00:33:30the cost of saving them.
00:33:32The demolition contractor
00:33:34allegedly said
00:33:35that it was going to take
00:33:37a long time
00:33:38or a longer time
00:33:39to take those heavy panels down
00:33:40and before anybody
00:33:42could make a decision,
00:33:43Trump apparently gave the orders
00:33:45to have them demolished.
00:33:47Chapter six.
00:33:48Threaten the lawyer
00:33:49that the Polish illegals hire
00:33:51after your cheap contractor
00:33:52defaults on paying them.
00:33:54Make sure that the threats
00:33:55aren't traceable
00:33:56in case the guy
00:33:57isn't scared off.
00:33:58Mr. Barron had told me
00:34:00in the one telephone
00:34:01conversation that I had with him
00:34:05that Donald Trump
00:34:06was upset
00:34:06because I was ruining
00:34:07his credit reputation
00:34:09by filing the mechanics liens
00:34:11and that Mr. Trump
00:34:14was thinking of filing
00:34:14a personal lawsuit
00:34:16against me
00:34:17for $100 million
00:34:18for defaming
00:34:19his reputation.
00:34:22It turned out
00:34:23that Mr. Barron
00:34:24was Donald Trump's
00:34:25favorite alias.
00:34:26When this was revealed,
00:34:27Trump said,
00:34:28what of it?
00:34:29Ernest Hemingway
00:34:30used the pen name,
00:34:31didn't he?
00:34:32Chapter seven.
00:34:33Managed to stay
00:34:34out of trouble
00:34:35when your contractor
00:34:36is tried,
00:34:37found guilty,
00:34:37and fined
00:34:38for not paying
00:34:39his Polish illegals.
00:34:40And at any moment,
00:34:41this should have
00:34:42fell out of bed.
00:34:44Now, the people
00:34:45you've got to ask
00:34:45the questions for
00:34:47is over in Newark,
00:34:49New Jersey,
00:34:49in the Department of Justice,
00:34:51where, interestingly enough,
00:34:52Donald's sister worked.
00:34:54She was the number three
00:34:55person in the office.
00:34:56The assistant U.S. attorney
00:34:57said, don't mention
00:34:59the name Trump
00:35:00inside here.
00:35:01If you want to
00:35:01talk about Trump,
00:35:03just say,
00:35:03let's go outside
00:35:04and take a walk.
00:35:06At the time,
00:35:07Trump's sister
00:35:07was an assistant
00:35:08in the U.S. attorney's
00:35:09office in Newark.
00:35:10Today, she's
00:35:11a federal judge.
00:35:13Chapter eight.
00:35:14Have Daniel Sullivan
00:35:15make peace
00:35:16between the union
00:35:17and non-union workers
00:35:18on the tower.
00:35:19In late July,
00:35:20July 27,
00:35:21Donald called me
00:35:22and asked me
00:35:24to please come
00:35:25to New York
00:35:26because he had
00:35:27a major problem.
00:35:28The employees
00:35:29he represented
00:35:31on the demolition
00:35:32of the Bonwatella building
00:35:33were going to hang
00:35:34one of his vice presidents,
00:35:35Tom McCary,
00:35:36off the building.
00:35:37Prevent the hanging,
00:35:38but a decade later
00:35:39face legal charges
00:35:40that you defrauded
00:35:41the union pension
00:35:42and welfare fund.
00:35:45What do you think?
00:35:46You got a business
00:35:46right, Donald?
00:35:47Yeah, we're fine.
00:35:49Chapter nine.
00:35:50To build the largest
00:35:52concrete structure
00:35:53in New York City,
00:35:54turn again to Roy Cohn.
00:35:55Cohn is also the lawyer
00:35:57for the New York crime boss
00:35:58who controls
00:35:59the concrete business.
00:36:01Payoffs from contractors
00:36:02are dropped off
00:36:03at Cohn's office,
00:36:04so he may get paid twice
00:36:05for his services here.
00:36:06But then,
00:36:07you get who you pay for.
00:36:10Conclusion.
00:36:11In every respect,
00:36:12the building was pure trump.
00:36:14Behind every facade,
00:36:16another facade.
00:36:18When you're going to spend
00:36:19the kind of money
00:36:20that we've spent
00:36:21on a building
00:36:22where we spend
00:36:23for the finest marble,
00:36:24for the finest bronze,
00:36:25for the finest everything else,
00:36:26you have to be careful
00:36:27to be perfectly honest
00:36:28because it really does
00:36:29add to your risk.
00:36:30And we decided to go
00:36:31absolutely first class
00:36:32all the way
00:36:33and it's something
00:36:33we're very happy
00:36:34that we did.
00:36:35He calls it
00:36:36Trump Tower is
00:36:38money power
00:36:40that'll get you
00:36:41up where you want to be.
00:36:55Around the corner
00:36:56from Trump Tower
00:36:57was another golden
00:36:58opportunity for Trump.
00:36:59He found two neighboring
00:37:01buildings on Central Park South
00:37:02and bought them.
00:37:03One was a hotel,
00:37:05the other was a problem.
00:37:06It was an apartment house
00:37:08and it was occupied.
00:37:09In 1981,
00:37:11a group of tenants
00:37:12from 100 Central Park South
00:37:15came to interview me
00:37:16and discuss a problem
00:37:18they had.
00:37:19Apparently Donald Trump
00:37:20had bought the building
00:37:20and started spreading
00:37:23rumors immediately
00:37:23that they intended
00:37:24to evict all of the tenants
00:37:25and demolish the building
00:37:26and build a tower.
00:37:28This man walks in,
00:37:30makes a blanket statement,
00:37:32you're all evicted,
00:37:33I'm Donald Trump,
00:37:34get out of our building.
00:37:35He hired one of the worst
00:37:37companies in New York
00:37:38who was specialists
00:37:39in basically emptying buildings.
00:37:41Previously censured
00:37:42by the Attorney General's office.
00:37:44They have a record there
00:37:45this long.
00:37:47And that firm
00:37:48went to work on us
00:37:49and we were told
00:37:50by the superintendent
00:37:51that they were going
00:37:52to begin looking
00:37:53into our sex lives,
00:37:54our drinking,
00:37:55our,
00:37:55is anyone a homosexual
00:37:57or a lesbian
00:37:58and what are all these,
00:37:59where are the weak spots
00:38:01of the tenants?
00:38:01And they were going
00:38:02to find them.
00:38:03Tenants were being approached
00:38:04and told that you better
00:38:06move out
00:38:07because if you don't move out
00:38:08now or you don't allow us
00:38:09to put you somewhere else now,
00:38:10you'll be a victim
00:38:11and you'll have nothing,
00:38:12you'll be thrown into the street.
00:38:13And a woman knocking
00:38:14on the door and saying,
00:38:15I've got to come in
00:38:16and help you,
00:38:16we're going to look
00:38:17for a place for you
00:38:17because tomorrow
00:38:18you're going to be out,
00:38:19you're going to be out.
00:38:20Services were immediately
00:38:22discontinued.
00:38:23There were all kinds
00:38:24of problems from,
00:38:26they wouldn't repair anything,
00:38:28they wouldn't paint,
00:38:29elevators out,
00:38:30lack of water,
00:38:33problems with the electrical.
00:38:34He brought many eviction cases
00:38:36against tenants
00:38:37in the building
00:38:38and he brought the case
00:38:39to evict every tenant
00:38:40in the building.
00:38:41In addition,
00:38:42as I indicated,
00:38:42he brought a lawsuit
00:38:43against attorneys
00:38:44representing the tenants
00:38:45in the building.
00:38:45I can't think of any other lawsuits
00:38:47he could have brought.
00:38:48He took six people
00:38:51and told them
00:38:52that they were going
00:38:52to be evicted.
00:38:53This was a Christmas Day
00:38:55lawsuit.
00:38:56Rebuild your walls
00:38:57which have been taken down
00:38:58for 30 years now.
00:38:59Within 10 days
00:39:00or you will be in violation
00:39:02of a substantial provision
00:39:03of your lease.
00:39:04The tenants here say
00:39:05that Trump's harassment
00:39:06has taken on many forms.
00:39:08For example,
00:39:09they say a couple of years ago
00:39:11Trump offered
00:39:12the vacant apartments
00:39:13in this building
00:39:14to the city's homeless.
00:39:16I'm willing to give them
00:39:18heated, beautiful apartments
00:39:21with services
00:39:22and medical services
00:39:23if necessary.
00:39:24Why not set up cots
00:39:25in this conference room?
00:39:27Well, I'll tell you
00:39:28because right here
00:39:29I don't have the room.
00:39:30Over there I do.
00:39:31New York State
00:39:32basically brought its power
00:39:34to bear on Donald Trump
00:39:35and said you can't do this.
00:39:36They conducted
00:39:3810 and a half months
00:39:38of hearings
00:39:39to find out
00:39:40whether they had
00:39:40probable cause
00:39:41for a violation
00:39:42and found out yes
00:39:44Trump had harassed us.
00:39:46That we were able
00:39:47to also gain access
00:39:49through the media
00:39:50to the public
00:39:53and interest
00:39:53therefore the state
00:39:55in our problems
00:39:57was only a fortuitous event
00:39:58since we are not
00:39:59nearly as skilled
00:40:00at public relations
00:40:01as Donald.
00:40:03This was Trump's
00:40:04first major defeat
00:40:05in New York
00:40:06but he hasn't left
00:40:07the tenants
00:40:07with much to celebrate.
00:40:09It hasn't stopped.
00:40:10The present is what
00:40:11I'm really concerned
00:40:12about now
00:40:13because even though
00:40:13we signed an agreement
00:40:15where it was supposed
00:40:16to be the end
00:40:16of harassment
00:40:17Donald Trump
00:40:18and his people
00:40:19are still trying
00:40:20to evict tenants
00:40:21in this building.
00:40:22He wants the world
00:40:24but what he wants
00:40:25primarily is Manhattan
00:40:27to be turned
00:40:28into a Donald Trump
00:40:30mecca
00:40:30for the super rich.
00:40:34No room
00:40:35for anyone else.
00:40:47If Donald Trump
00:40:48had tried to capture
00:40:49the money crowd
00:40:50with Trump Tower
00:40:50nothing made him
00:40:52more of a people's
00:40:53billionaire
00:40:53than his entrance
00:40:54into the world
00:40:55of professional sports.
00:40:57The United States
00:40:58Football League
00:40:59was playing
00:40:59an autumn sport
00:41:00in the spring
00:41:01when Donald Trump
00:41:02bought the New Jersey
00:41:03Generals franchise.
00:41:04It was a team
00:41:05with no players
00:41:06anyone would call
00:41:07the best
00:41:08or the greatest.
00:41:09Trump quickly
00:41:10set about changing
00:41:11all that
00:41:11obtaining Doug Flutie
00:41:13and other stars
00:41:14and promoting them
00:41:15and himself.
00:41:16Quite frankly
00:41:17he loved it
00:41:18because the United States
00:41:20Football League
00:41:20in general
00:41:22and the
00:41:23the generals team
00:41:24in particular
00:41:27started Donald
00:41:28toward his
00:41:29celebrity status.
00:41:30What he really wanted
00:41:32was a National Football League
00:41:33franchise
00:41:34and he quickly
00:41:35provoked the confrontation
00:41:36by pushing
00:41:37the other USFL owners
00:41:38into going
00:41:39head to head
00:41:40with the NFL.
00:41:41Playing in the fall
00:41:42meant big money
00:41:43and fame.
00:41:45His withdrawal
00:41:46would have killed the league
00:41:47and Donald was aware
00:41:48of that
00:41:48and Donald used
00:41:49that magnificently well.
00:41:51Donald never came
00:41:53right out
00:41:53and said
00:41:54if you guys
00:41:55don't go to the fall
00:41:56I'm going to take
00:41:57my football
00:41:57and go home
00:41:58but it was implied
00:42:00enough so that
00:42:01you can put two
00:42:02and two together
00:42:03and get four.
00:42:04Donald was hellbent
00:42:05to get into the NFL
00:42:07either via an accommodation
00:42:09or a merger
00:42:10or a court case
00:42:12which in my opinion
00:42:13he hoped would
00:42:14lead to a merger.
00:42:15It would take a lawsuit
00:42:17and lawsuits
00:42:18were one of Donald Trump's
00:42:19favorite sports.
00:42:21He pressured the other owners
00:42:22into joining him.
00:42:23The results were disastrous.
00:42:26I believe that Donald
00:42:27felt that he could
00:42:27single-handedly
00:42:28win the trial.
00:42:29If you talk to Donald today
00:42:31I'm sure he'll tell you
00:42:32that that was not a defeat.
00:42:33But the key is
00:42:34whether the USFL won
00:42:37and that's won in quotes
00:42:38won the trial or not
00:42:39the fact is that
00:42:40the USFL
00:42:41is not playing today.
00:42:48Boxing for a time
00:42:50brought Trump
00:42:50the fame he was seeking.
00:42:52When Trump landed
00:42:53the Tyson-Sphinx
00:42:54championship fight
00:42:55he and the other
00:42:56Atlantic City casino operators
00:42:58realized their greatest
00:42:59gaming jackpots ever.
00:43:00But that wasn't enough
00:43:02for Trump.
00:43:02He wanted to own
00:43:03Mike Tyson.
00:43:05First he tried
00:43:05to join forces
00:43:06with Bill Caton
00:43:07Tyson's manager.
00:43:09Trump was rebuffed
00:43:10in his efforts
00:43:11to become Caton's partner
00:43:12so he set about
00:43:13trying to steal the fighter.
00:43:15At a celebrity cocktail party
00:43:17he had come over
00:43:18to the table
00:43:19where I was sitting
00:43:19with my family
00:43:20and friends
00:43:20put his arm around me
00:43:22and told all people
00:43:23at the table
00:43:24how wonderful I was.
00:43:26How much he loved me.
00:43:27How much he appreciated
00:43:28and respected me
00:43:29for putting together
00:43:30this fight.
00:43:30He said only you
00:43:31could have kept it
00:43:32on track Bill
00:43:32we owe you
00:43:33for getting this fight on.
00:43:35But then two days later
00:43:37I found out
00:43:37he was working
00:43:39with the women
00:43:39against my interests.
00:43:42When Tyson's marriage
00:43:43to Robin Givens
00:43:44set up a three-cornered
00:43:45power fight
00:43:46with Givens
00:43:46and her mother
00:43:47Ruth Roper
00:43:48in one corner
00:43:48Caton in another
00:43:49and promoted
00:43:50Don King in a third
00:43:51Trump saw the answer
00:43:53to everything
00:43:53or so he thought.
00:43:56Trump had to be involved
00:43:57directly or indirectly
00:43:59into this
00:44:01into this new scenario
00:44:03for Tyson
00:44:04when he got the lawyers
00:44:05when he got the publicist
00:44:08Trump had to be behind that.
00:44:10Trump used Givens
00:44:12and Roper
00:44:12against Caton.
00:44:13He even moved them
00:44:14into an apartment
00:44:15in Trump Tower
00:44:16but Givens
00:44:17and Tyson
00:44:17didn't stay married.
00:44:19When Tyson
00:44:20lost the women
00:44:23Trump lost the power
00:44:24because Trump's ticket
00:44:27to Tyson
00:44:28were the women.
00:44:31Though Trump
00:44:31made the wrong bet
00:44:32he didn't lose entirely.
00:44:34Iron Mike
00:44:35may have skipped
00:44:36to another corner
00:44:36but Trump still gets
00:44:38some of his fights
00:44:39and some of the money.
00:44:49that's the only reason
00:44:50I'm here for now.
00:44:51That's not good.
00:44:53So to Avana
00:44:54I'll give you
00:44:54a special thanks
00:44:55and congratulations
00:44:56because this is
00:44:57a really good night
00:44:58that went.
00:44:58Congratulations.
00:44:59Good luck everybody.
00:45:00Thank you very much.
00:45:02It looked too good
00:45:04to be true
00:45:04and it was.
00:45:06She was a mother,
00:45:07a wife,
00:45:07a casino executive,
00:45:09a fashion plate.
00:45:10No wonder
00:45:10she talked so fast.
00:45:12What's good
00:45:13for Atlantic City
00:45:15is good for Trump
00:45:15as a Trump
00:45:16because as nicer
00:45:17the city is going
00:45:18to become
00:45:19and as more visitors
00:45:20we are going to bring
00:45:21in not only a Trump
00:45:22but Atlantic City
00:45:23is going to benefit from.
00:45:25Like everything else
00:45:26in Trump's story,
00:45:27the facts his publicity
00:45:28machine ground out
00:45:30about Ivana
00:45:30were just a point
00:45:31of departure.
00:45:32Born in Czechoslovakia,
00:45:34she made a marriage
00:45:35of convenience
00:45:36to an Austrian,
00:45:37allowing her to leave
00:45:38and join her lover
00:45:39in Montreal.
00:45:40There she was
00:45:41a runway model,
00:45:42not a top fashion model
00:45:43as Trump
00:45:44and his publicists said.
00:45:46She was an accomplished skier
00:45:48but not an Olympic skier
00:45:49as publicized.
00:45:53Donald and Ivana
00:45:54met in a New York
00:45:55singles bar.
00:45:56They were married
00:45:56in 1977
00:45:57by the Reverend
00:45:58Norman Vincent Peale,
00:46:00the exponent
00:46:01of the power
00:46:01of positive thinking.
00:46:03The Trumps
00:46:03had three children
00:46:04but Ivana
00:46:05wanted more.
00:46:08I was a girl
00:46:09and I was young.
00:46:10and I was supposed
00:46:11to be at home.
00:46:12I was supposed
00:46:13to be maybe
00:46:13collecting the art.
00:46:14I wasn't supposed
00:46:15to be in their domain.
00:46:16I wasn't supposed
00:46:17to be running
00:46:17hotel and casino
00:46:18which was a totally
00:46:20male-oriented business.
00:46:22Now she started
00:46:23at the top,
00:46:24promoting the Trumpian
00:46:25vision as the
00:46:26titular president
00:46:27of Trump's
00:46:27Atlantic City Castle.
00:46:29But as she helped
00:46:30her husband,
00:46:31she also established
00:46:32herself.
00:46:33She became,
00:46:34in a sense,
00:46:34a competitor
00:46:35for media attention.
00:46:37There is competition
00:46:38in certain marriages.
00:46:39This one,
00:46:40since the marriage
00:46:41seemed to be played
00:46:41out more
00:46:42in the tabloid press
00:46:44and in the broadsheet
00:46:45newspapers of New York
00:46:46rather than
00:46:47in a private household,
00:46:49there is a competitiveness
00:46:50there for headlines,
00:46:52for attention.
00:46:54But for all the smiles
00:46:56and the glittering entrances
00:46:57at society events,
00:46:58this marriage was not
00:47:00as harmonious
00:47:00as it seemed.
00:47:01If you're good to him,
00:47:03he's incredible to you.
00:47:04If you bet at him,
00:47:06you're dead.
00:47:07Someone told me once
00:47:09who was involved
00:47:09in the Trump organization
00:47:10who worked there,
00:47:11that everyone that works
00:47:12for Donald
00:47:13spends 50% of their time
00:47:16worrying about
00:47:17incurring Donald's wrath
00:47:18except for one person,
00:47:21Vonna Trump.
00:47:21He said she spends
00:47:2390% of her time
00:47:24trying to worry about
00:47:26how not to get Donald
00:47:26to yell at her
00:47:27and now how not
00:47:28to incur his wrath.
00:47:30But even as she worried,
00:47:32she stood up
00:47:32to her husband.
00:47:34It may have been Donald
00:47:36who coveted
00:47:36the biggest yacht
00:47:37in the world.
00:47:38It was Ivana
00:47:39who used it.
00:47:40It may have been Donald
00:47:42who bragged
00:47:42about his Palm Beach house.
00:47:44It was Ivana
00:47:45who loved it.
00:47:47She has her own
00:47:47little spa there
00:47:48and I know
00:47:49Barbara Walters
00:47:50I hear is coming.
00:47:51So she has many
00:47:52wonderful friends
00:47:53who are in business
00:47:54who are workers.
00:47:55I guess she's quite
00:47:56a chore worker herself.
00:47:58I have to ask Ivana
00:48:00to stand up
00:48:00because if we had
00:48:01this dinner here
00:48:02a year ago
00:48:02it would not have
00:48:03been the same,
00:48:04believe me.
00:48:04She's done a great job.
00:48:07When Trump bought
00:48:08the Plaza Hotel
00:48:09he made her president.
00:48:10Her salary, he said,
00:48:12would be $1 a year
00:48:13and all the dresses
00:48:14she could buy.
00:48:15A way of complimenting her
00:48:16and putting her
00:48:17in her place
00:48:18at the same time.
00:48:19It was also a convenience.
00:48:21His romance
00:48:22with Marla Maples
00:48:23was blossoming.
00:48:24He wanted to install her
00:48:25in Atlantic City
00:48:26and to do that
00:48:27he had to bring
00:48:28Ivana back
00:48:29to New York.
00:48:31In 1989
00:48:32an event that telegraphed
00:48:34the stress in her life
00:48:35Ivana underwent
00:48:36a physical transformation.
00:48:37Was it to save
00:48:38her marriage?
00:48:39If so, it didn't work.
00:48:40By now, Donald
00:48:41had Marla.
00:48:42When the Trumps
00:48:43finally reached
00:48:44the divorce settlement
00:48:45after reams of
00:48:46gossip column speculation
00:48:47it looked just like
00:48:48the prenuptial agreement
00:48:50they had all along.
00:48:51But Ivana left
00:48:52with something extra.
00:48:53She became a Trumpian star
00:48:55in her own right
00:48:55with a seven-figure book deal
00:48:57a career as an advertising
00:48:59model with a daughter
00:49:00and the freedom
00:49:01to enjoy the glittering
00:49:02social life
00:49:02her husband so often
00:49:04said he hated.
00:49:05As for Donald
00:49:06the art of the deal
00:49:06with Marla
00:49:07was to stay in the headlines
00:49:08but not necessarily
00:49:09close the transaction.
00:49:23There's old money
00:49:24there's new money
00:49:25and there's Trump money
00:49:27the kind of money
00:49:28that buys the biggest
00:49:29most famous house
00:49:30in town
00:49:31Mar-a-Lago
00:49:32other people
00:49:33wanted to buy
00:49:34Mar-a-Lago
00:49:35many many other people
00:49:36but they had
00:49:37different ideas
00:49:38they wanted to
00:49:38condo it
00:49:39they wanted to
00:49:40make it into a hotel
00:49:41they wanted to do
00:49:42all of
00:49:43in my opinion
00:49:44the wrong things
00:49:45with Mar-a-Lago
00:49:45this is a treasure
00:49:46this is a U.S. treasure
00:49:48and it had to be preserved.
00:49:50Trump's original idea
00:49:52wasn't that high-minded
00:49:53he wanted to
00:49:54subdivide the property
00:49:55and create
00:49:5614 luxury homes
00:49:57the city
00:49:58turned him down
00:49:59and that was just
00:50:00the beginning
00:50:00of Trump's quarrels
00:50:01with Palm Beach
00:50:10everybody in real estate
00:50:11and all the residents
00:50:12of the city of Palm Beach
00:50:13know that that huge house
00:50:15the Post Foundation home
00:50:17is in the direct
00:50:18flight path
00:50:19of West Palm Beach
00:50:20International Airport
00:50:20so how Mr. Trump
00:50:22overlooked this fact
00:50:23when he bought the house
00:50:24I don't know
00:50:25for Donald Trump
00:50:26to come down here
00:50:28like an invading
00:50:29bacteria
00:50:29like a carpet
00:50:30bagger
00:50:31and say
00:50:32those planes
00:50:33fly over
00:50:34my mansion
00:50:35Mar-a-Lago
00:50:36I don't like
00:50:37the noise
00:50:38Palm Beach County
00:50:39I don't care
00:50:40how much money
00:50:41you've spent
00:50:41move your damn airport
00:50:43I would be shocked
00:50:44and amazed
00:50:45that anybody reasonable
00:50:46would expect
00:50:47to move
00:50:47a federal facility
00:50:48for their own
00:50:49personal convenience
00:50:51and interest
00:50:52in New York
00:50:53when Trump
00:50:54had a problem
00:50:54there was always
00:50:55a politician
00:50:56with a sympathetic ear
00:50:57it wasn't so simple
00:50:59in Palm Beach
00:51:01people then perceived
00:51:02myself as being
00:51:03in the hands
00:51:04or in the pockets
00:51:05of Donald Trump
00:51:06wrongly perceived
00:51:07but they perceived
00:51:08that just the same
00:51:09and that resulted
00:51:10in a problem
00:51:11in terms of
00:51:12electability
00:51:15on election day
00:51:16Trump's candidates
00:51:17lost
00:51:17socially
00:51:18Trump lost
00:51:19as well
00:51:19when he flew in
00:51:21guests from New York
00:51:22they went home
00:51:22buzzing about
00:51:23the unfashionably
00:51:24early dinner hour
00:51:25and the room phones
00:51:26that were programmed
00:51:27to prevent expensive
00:51:28long distance calls
00:51:31among the locals
00:51:32Trump fared
00:51:32no better
00:51:33when he tried
00:51:34to get his tax
00:51:35assessment lowered
00:51:35he failed
00:51:36finally it turned out
00:51:38that this deal
00:51:39wasn't as artful
00:51:40as he claimed
00:51:40in his book
00:51:41The Art of the Deal
00:51:42Trump said
00:51:43that he bought
00:51:44the house
00:51:45for 8 million dollars
00:51:46paying 100% cash
00:51:49actually he spent
00:51:5010 million
00:51:50of which only
00:51:512,000 was cash
00:51:53now Mar-a-Lago
00:51:55is on the market again
00:51:56and because Trump
00:51:57can't find a buyer
00:51:58he's filed another plan
00:52:00to subdivide
00:52:01his national treasure
00:52:03then there's
00:52:04Trump Plaza
00:52:05of the Palm Beaches
00:52:06beautiful to look at
00:52:07from Palm Beach
00:52:08but actually
00:52:09in West Palm Beach
00:52:10across the water
00:52:11and in a definitely
00:52:12downscale neighborhood
00:52:14Trump bought these
00:52:16condos out of bankruptcy
00:52:17and put his name on them
00:52:18when they didn't sell
00:52:19he offered prospective buyers
00:52:21rides on the Trump Princess
00:52:22now the bank
00:52:24that held the mortgage
00:52:25on these towers
00:52:25has auctioned
00:52:26the apartments
00:52:27at fire sale prices
00:52:30there's an underground
00:52:31passage from Trump's house
00:52:33to the Bath and Tennis Club
00:52:34other owners
00:52:35have been able to use it
00:52:36Palm Beach veterans
00:52:38say Trump never will
00:52:39and they're not shy
00:52:40about telling Trump
00:52:41why he hasn't made it here
00:52:43we fear change
00:52:44like here
00:52:45like we fear tigers
00:52:46we're terrified of change
00:52:48we've just had to
00:52:49landmark the bridges
00:52:50because they wanted
00:52:50to make huge
00:52:51high span bridges
00:52:53we don't want
00:52:54change here
00:52:55at all
00:52:56what's irked
00:52:57some people about Trump
00:52:58is that he hasn't
00:52:59really become a part
00:53:00of the charity thing
00:53:00if he really wanted
00:53:02to be a part
00:53:02of this town
00:53:04then perhaps
00:53:05they feel
00:53:06he should give money
00:53:07toward those causes
00:53:08it could help us
00:53:09with money
00:53:09yes
00:53:11money for charities
00:53:13he could lend his
00:53:14lend his name
00:53:15lend his house
00:53:16and contribute
00:53:17to a lot of things
00:53:18anybody can buy
00:53:20your way into a charity ball
00:53:21you give me $500
00:53:22you're in
00:53:23you donate $20,000
00:53:24maybe you can be
00:53:25one of the co-chair people
00:53:26well what is that
00:53:28that's nothing
00:53:29as far as
00:53:30getting in
00:53:31to the parties
00:53:32and into the people's homes
00:53:33you can't buy your way in
00:53:34they like you
00:53:35they will invite you
00:53:36or they won't
00:53:37the criteria still is
00:53:39the old family name
00:53:42the Vanderbilts
00:53:43the Whitney's
00:53:44the Munns
00:53:45the Phipps
00:53:46and to them
00:53:47Nouveau Riche
00:53:48is just
00:53:50another thing
00:53:51he couldn't get
00:53:51into Palm Beach
00:53:52was his yacht
00:53:53the harbor
00:53:53was too small
00:53:54so while it was there
00:53:56the Trump Princess
00:53:56had to be moored
00:53:57in Fort Lauderdale
00:53:58next to a
00:53:59Best Western motel
00:54:01I don't think
00:54:02he has the making
00:54:03of being a real
00:54:04Palm Beach
00:54:04I don't think
00:54:18he has the making
00:54:19of being a real
00:54:20Palm Beach
00:54:20once the public
00:54:26caught on
00:54:27to Trump's games
00:54:28Trump bashing
00:54:29became a popular sport
00:54:30but right up to the moment
00:54:32his infidelities were revealed
00:54:33he could do no wrong
00:54:35he's very sexy
00:54:36very handsome
00:54:37very powerful
00:54:38he cares about America
00:54:40he cares about New York City
00:54:41and he's doing something
00:54:42trying to help New York City
00:54:44some thought he should run for president
00:54:46Trump considered it
00:54:50would you really like to take over
00:54:53and run
00:54:53and run
00:54:55the country
00:54:55as you have run
00:54:56your organization
00:54:57I would much prefer
00:54:58that somebody else
00:54:59do it
00:55:00I just don't know
00:55:01if somebody else is there
00:55:02I don't know
00:55:03if we have the kind of advocate
00:55:05that you need
00:55:05we need major surgery
00:55:07this country needs
00:55:08major surgery
00:55:10I think I do a fantastic job
00:55:13he doesn't give a good rat's hoot
00:55:14about poor people
00:55:16who might be living on sidewalks
00:55:17outside his building
00:55:18he talks a good game
00:55:20but he lacks character
00:55:23those who have worked closely with Trump
00:55:25have seen a more personal side
00:55:27of this most public man
00:55:28he has a loner quality
00:55:31there's no question about it
00:55:33and there
00:55:34for all the sense of Donald Trump
00:55:37as someone who's out and around
00:55:38all the time
00:55:39there are dozens
00:55:41if not hundreds
00:55:42of times
00:55:44that I have spoken to him
00:55:46at 9.30 or 10.30
00:55:48or 8 o'clock at night
00:55:50on a weekday
00:55:52when the only thing
00:55:54between me and him
00:55:55interfering
00:55:56is the remote control changer
00:55:58changing the channels
00:56:00he presents himself marvelously
00:56:03but the Donald Trump
00:56:04that I saw in real life
00:56:05was very different
00:56:07than the Donald
00:56:08that I saw on TV
00:56:10or on some sort of video
00:56:12or a talk show
00:56:13or something
00:56:14and that fascinated me
00:56:15and that's when I realized
00:56:15how much a performance it was
00:56:18he can be articulate
00:56:21and very well mannered
00:56:22and he has this marvelous
00:56:24sort of boyishness
00:56:27that projects
00:56:28I think rather successfully
00:56:31on camera
00:56:32in person
00:56:33you see a hostility
00:56:35and anger
00:56:37I've known him to say
00:56:38after a meeting
00:56:39where he'll freak out
00:56:39and scream at people
00:56:40that he'll walk out
00:56:41and say
00:56:41some performance wasn't it
00:56:44but a lot of times
00:56:45it's not a performance
00:56:46and he'll claim it is
00:56:47because then again
00:56:48it maintains his image
00:56:49that he's always in control
00:56:50he's often out of control
00:56:53he treats people
00:56:54I've seen people
00:56:55treated horribly
00:56:56including his own family
00:56:58by him
00:56:59extraordinary verbal assaults
00:57:04he doesn't define himself
00:57:06from within
00:57:07he doesn't define himself
00:57:09through relationships
00:57:11or through some spiritual interests
00:57:15and concerns
00:57:16he does not have close friends
00:57:20outside of his family
00:57:21but I don't think
00:57:23and he himself has said
00:57:25that friendship
00:57:26in the way that other people
00:57:28might think it's important
00:57:31is as high a priority for him
00:57:35you expect employees
00:57:36to speak well of the boss
00:57:38but some of Trump's associates
00:57:39seem to genuinely love him
00:57:41one in particular
00:57:42was this man
00:57:43John Beninov
00:57:44vice president
00:57:45of Trump Plaza Hotel and Casino
00:57:48we have a great leader
00:57:49in Mr. Trump
00:57:50and in Mr. Hyde
00:57:51and they care about their people
00:57:53and that's the difference
00:57:54at Trump Plaza
00:57:55they truly care about
00:57:56their employees
00:57:57we don't like to overwork
00:57:58four months after this interview
00:58:00Beninov, Stephen Hyde
00:58:02and Mark Eddis
00:58:02another key Atlantic City executive
00:58:04were killed in a helicopter accident
00:58:06a stunned Trump
00:58:08publicly mourned their loss
00:58:09nine months later
00:58:11in an interview
00:58:11in the New York Times
00:58:12Trump attacked
00:58:13the three dead men
00:58:14blaming many of his
00:58:16financial problems
00:58:17in Atlantic City
00:58:17on their mismanagement
00:58:21the comments enraged
00:58:22some Trump employees
00:58:23Trump later denied
00:58:25he made the criticism
00:58:26but the reporter
00:58:27who wrote the story
00:58:28told us
00:58:29Trump couldn't have been
00:58:30more explicit
00:58:32when you work for Trump
00:58:33you know you're working
00:58:34for the best
00:58:35I think it's human nature
00:58:36when people say
00:58:38where do you work
00:58:38when you're working
00:58:39for the number one place
00:58:40there's a lot of pride
00:58:41behind that
00:58:50he's a crap game operator
00:58:52why do you say that?
00:58:54well most of his money
00:58:55comes from crap games
00:58:56in Jersey
00:58:57I mean if that takes
00:58:58a genius to get money
00:58:59out of a crap game
00:59:00come on
00:59:01there's been geniuses
00:59:02in this city
00:59:02for a hundred years
00:59:04that's what gambling
00:59:05is all about
00:59:06you win some
00:59:06and lose some
00:59:07but it's really a trap
00:59:09they were giving you
00:59:10thousand dollar bills
00:59:11and that's how you
00:59:12you ran to the casino
00:59:13you wanted the perking
00:59:15up of your heart
00:59:16and the feeling
00:59:17of a different kind of life
00:59:19I almost sound like
00:59:20a baby up here
00:59:21I haven't smoked
00:59:21I haven't drank
00:59:22and I don't take drugs
00:59:23okay
00:59:23I have other problems
00:59:24but I can't tell you
00:59:25about them
00:59:26Trump has an addiction
00:59:28all his own
00:59:29cash flow
00:59:30and to satisfy
00:59:31his craving for cash
00:59:32he went where the money was
00:59:34to Atlantic City
00:59:36Atlantic City liked the fact
00:59:38that Trump seemed to have
00:59:39a clean image
00:59:40with no prior ties
00:59:41to the gambling industry
00:59:43Donald's problem
00:59:43is a simpler one
00:59:44he wanted to become
00:59:46a super citizen
00:59:46he wanted to get
00:59:47to be the beneficiary
00:59:48of a privilege
00:59:49granted by the state
00:59:50of New Jersey
00:59:50namely a gaming license
00:59:51and therefore you have to
00:59:53it's like going to confession
00:59:54you have to prove
00:59:56that you are
00:59:56an absolute
00:59:57first class citizen
00:59:59that was a little hard
01:00:00to do considering
01:00:01his connection
01:00:01to Daniel Sullivan
01:00:02to the Teamsters Union
01:00:04Sullivan was a reformer
01:00:05to the law
01:00:06he was a man
01:00:07with a criminal record
01:00:08to Donald Trump though
01:00:09he was an asset
01:00:10on his construction jobs
01:00:12and he was also
01:00:13co-owner of the land
01:00:14on which Trump
01:00:14wanted to build
01:00:15his first casino
01:00:17one of Sullivan's
01:00:18partners on that land
01:00:19had links to
01:00:19Nicky Scarfo
01:00:20the crime boss
01:00:21of Atlantic City
01:00:22currently in jail
01:00:23Sullivan and his
01:00:24partners had bought
01:00:25the land just one week
01:00:26before they sold it
01:00:27to Trump
01:00:28Trump owned the land
01:00:29but he said he wouldn't
01:00:30build until he had
01:00:31a casino license
01:00:32the casino control
01:00:33commission granted it
01:00:34to him in record time
01:00:35he had almost everything
01:00:38he did not have the
01:00:39financing for the Trump
01:00:42plaza and at that time
01:00:43you know he was in the
01:00:44process of building
01:00:45the Trump tower
01:00:48in New York
01:00:49and he was under
01:00:50construction with the
01:00:52Hyatt New York
01:00:55Trump soon found a
01:00:56partner with Deepak
01:00:57pockets this time it
01:00:58was Harris for half
01:01:00ownership Harris put
01:01:01up fifty million
01:01:02dollars and for that
01:01:03Trump had to take
01:01:04second billing
01:01:05he'd soon buy Harris
01:01:06out and rename the
01:01:07casino Trump Plaza
01:01:10just like going to
01:01:11confession casino
01:01:12applications must be
01:01:13renewed every few
01:01:14years so casino
01:01:15owners must stay clear
01:01:17of associations like
01:01:18Daniel Sullivan
01:01:19that leads to
01:01:20questions about
01:01:21Trump's relationship
01:01:22with this man
01:01:23Joseph Wechselbaum
01:01:25to Donald Trump he
01:01:27provided helicopter
01:01:28service to Atlantic
01:01:29City to drug
01:01:30enforcement officials
01:01:31he was a sometime
01:01:32middleman between
01:01:33Colombian cocaine
01:01:34suppliers and American
01:01:36drug dealers in 1985
01:01:38he was indicted on drug
01:01:39and tax conspiracy
01:01:40charges and eventually
01:01:42served 18 months in jail
01:01:43Trump proved to be a
01:01:45loyal friend after
01:01:46Wechselbaum had been
01:01:47indicted Trump rented him
01:01:48one of his New York City
01:01:50apartments on a part cash
01:01:51part barter basis
01:01:52when Wechselbaum got
01:01:54out of jail he moved
01:01:55into a Trump Tower
01:01:56apartment owned by his
01:01:57girlfriend
01:01:59others wouldn't have
01:02:00Trump's luck with the
01:02:01casino control commission
01:02:02when it came to
01:02:03investigating their ties
01:02:05with undesirables
01:02:06that's why Baron Hilton
01:02:07struck out
01:02:08the division of gaming
01:02:10enforcement then
01:02:10recommended licensing
01:02:11but the casino control
01:02:13commission said no
01:02:14accusing key executives
01:02:16and one of Hilton's
01:02:17lawyers of being too
01:02:18close to organized crime
01:02:20the license was denied
01:02:21Trump purchased the hotel
01:02:23and opened it as
01:02:24Trump's castle
01:02:30everything is just bigger
01:02:31much bigger and frankly
01:02:33more expensive but it's
01:02:34something that when it's
01:02:35done if done right is a
01:02:37wonderful investment
01:02:38Trump only saw the cash
01:02:40coming in early on a
01:02:42casino analyst named
01:02:43Marvin Rothman saw it
01:02:45pouring out
01:02:47while cash flow numbers
01:02:48sound very impressive
01:02:51it's very important to be
01:02:52able to cover your debt
01:02:53service because in fact
01:02:55cash flow doesn't mean
01:02:56anything if you can't
01:02:57cover debt
01:02:58covering debt wasn't on
01:03:00Trump's mind having it
01:03:01all was so Trump's debt
01:03:03grew larger as he relied
01:03:05on the magic of junk bonds
01:03:06instead of partners to
01:03:08finance his habit but this
01:03:10was the mid-1980s Trump
01:03:11was on top every hand was
01:03:13full of aces and he kept
01:03:15going Trump began playing
01:03:17a new game
01:03:18weaken your competition
01:03:19first came Harrah's his
01:03:21former partner he bought
01:03:22its stock and the company
01:03:24spent 30 million dollars
01:03:25buying him out with the
01:03:26profits he went after
01:03:27Bally's there was litigation
01:03:29on both sides and in the
01:03:30end Bally succumbed to his
01:03:32apparent green mail and
01:03:33paid him off
01:03:35he skirts the law in the sense
01:03:37that he goes right up to the
01:03:39edge and sometimes over it
01:03:42he uses his enormous economic
01:03:45clout
01:03:47instead of using his Bally
01:03:48profits to pay down debt
01:03:50Trump went after the biggest
01:03:51prize in town the unfinished
01:03:53Taj Mahal owned by Resorts
01:03:55International he began buying
01:03:57resort stock the rest of the deal
01:03:59was pure Trump within a matter of
01:04:02months he had convinced
01:04:05resort's board of directors to
01:04:07permit him to put into effect a
01:04:09management contract which was
01:04:11worth something like 60 million
01:04:12dollars to him nothing like this
01:04:15has ever happened before and in
01:04:18essence they were paying him to
01:04:20supervise his own investment in his
01:04:22own company everybody was just
01:04:25aghast because there would be
01:04:26nothing you know nothing left for
01:04:28the shareholders in return for the
01:04:31management contract Trump was
01:04:32supposed to finance the
01:04:33completion of the Taj Mahal he
01:04:35never had any intention of doing
01:04:37that until he owned the company
01:04:39outright the contract bled the
01:04:41company dry stock prices fell but
01:04:44they weren't low enough yet for
01:04:45Trump so he tried something else
01:04:48Resorts hired bankruptcy counsel and
01:04:51Mr. Trump walked them through the
01:04:53unfinished building within hours all of
01:04:57Atlantic City and indeed the entire
01:04:59financial community knew that
01:05:01Resorts had consulted bankruptcy
01:05:03counsel and the rumors were
01:05:05rampant that Resorts was going into
01:05:08bankruptcy there's no doubt that
01:05:11this had a very intimidating effect on
01:05:14the casino control commission today
01:05:16Donald Trump sat in the audience as
01:05:18state officials considered his
01:05:19request to gobble up even more Trump's
01:05:22next frontier the biggest of them all
01:05:24the resort's Taj Mahal still under
01:05:26construction you ask yourself why did
01:05:28the casino control commission approve it
01:05:30I think they were literally bowled over by
01:05:34Donald Trump and by the utter fear that
01:05:37they had that he would walk away from
01:05:40Atlantic City that he would let this hotel
01:05:43under construction remain unfinished that it
01:05:47would be another blight on the Atlantic City
01:05:49landscape to have New Jersey's tallest
01:05:52building sitting there as a skeleton for
01:05:55everybody to see everyone was happy about
01:05:59the deal except the shareholders before
01:06:01Trump's deal could be completed out of the
01:06:04West came what looked like a white night it
01:06:06was the biggest high stakes game on the
01:06:08boardwalk in years the players entertainer
01:06:11Merv Griffin and billionaire businessman
01:06:13Donald Trump prize Resorts International and the
01:06:16unfinished Taj Mahal the winner some might call it
01:06:19a tie Griffin gets resorts Trump the Taj Mahal
01:06:22I love that perception I won I won I won he is
01:06:26still you know a year later standing in New York
01:06:28I won I won I won he wants to make sure
01:06:30everybody in America knows he won and so I
01:06:33look at him and say Donald you won now do you
01:06:36feel better now eat he had called me after he had
01:06:41negotiated to sell the property to Merv Griffin and
01:06:44he said didn't I didn't do the best deal didn't I get the
01:06:47best of Merv Marvin and I said Donald I think it was great
01:06:51that you sold the property but I think you made a mistake I
01:06:54think I think buying the Taj Mahal is going to be a very bad
01:07:00thing for you well what do you mean I mean I think the Taj Mahal
01:07:03is going to be the greatest success ever I mean you just don't
01:07:05understand and I said well I I can't understand why you want to
01:07:10operate three different properties in Atlantic City how do you
01:07:14differentiate the marketing and the Taj is going to be such an
01:07:17expensive property operate Marvin you just don't have vision you
01:07:20just don't understand this thing is going to be a monster
01:07:23having won this battle Trump thought he could do anything he
01:07:26plunged in and bought two more Atlantic City properties now he really
01:07:30needed cash so he invested in another competitor hoping to get bought
01:07:34out at a profit again this time the casino control commission made him
01:07:38back down it threatened to take his licenses if he did it again that cut
01:07:43off his cash supply mr. Trump or for that matter any other casino operator may not
01:07:49use a subsequent sale or disposition to purge himself of the taint created by the
01:07:53purchase of an interest in a New Jersey casino competitor or its holding or
01:07:57intermediary companies this was the turning point for Trump but he didn't see
01:08:02his sights were set only on the opening of the Taj Mahal
01:08:19one step beyond your wildest imagination a billion-dollar dream come true Donald J.
01:08:28Trump's Taj Mahal the eighth wonder of the world
01:08:36an eighth wonder wasn't enough Trump needed a miracle a business that would
01:08:40throw off enough cash to pay his enormous debt the regulators were turned off the
01:08:45banks cried for blood Trump gave it to them he personally guaranteed the loans
01:08:49and put his properties at risk Trump saw only the upside Marvin Rothman saw it
01:08:54differently if the company doesn't generate the kind of wins it takes to pay 95 million dollar debt
01:09:03service to pay a hundred and twenty five million dollars to the payroll and payroll expenses if we got
01:09:11into a bad economy and all of a sudden the Atlantic City market stopped growing I think that would be
01:09:19catastrophic to to the to an operation like the Taj Mahal that was so leveraged in death
01:09:25Trump went ballistic over a similar prediction in the Wall Street Journal to
01:09:30appease him Rothman's employers Montgomery Jannie Scott fired him the analyst sued
01:09:36not only did he win the judge awarded him seven hundred thousand dollars in
01:09:41damages when the Taj Mahal opened in the spring of 1990 it didn't solve Trump's problems it made
01:09:49them worse within six months the once invincible Trump had to file for bankruptcy and give his
01:09:55bondholders a one-half ownership in his crown jewel by now Trump was in danger of being washed out to
01:10:02sea on a wave of death his castle was being held for ransom Trump Plaza couldn't bail him out
01:10:08Trump's addiction for cash had brought him to the brink I in a way get high from what I do
01:10:15okay in a
01:10:17way that's my and I look at it as a positive addiction because addiction can be positive the casinos
01:10:24are tough nut they're tough they're really tough I wish there was a chance to beat them I'll be the
01:10:29first in line but there isn't you got to die broke with the game
01:10:43Donald Trump's failures in Atlantic City might not have been so damaging to him if another of his
01:10:49grand designs hadn't failed on his home turf in New York this abandoned railroad yard on Manhattan's
01:10:55west side was Donald Trump's field of dreams the largest undeveloped site of land in Manhattan with
01:11:01magnificent views of the Hudson River Trump bought it for 93 million dollars and he planned to put up the
01:11:08world's tallest building there you can build to 75 story towers for less cost than you can build a
01:11:16single 150 story tower so the only reason you would want to build a 150 story tower is for status
01:11:24economically it's insane you know one of the reasons that I'm trying to get approval to build the world's
01:11:31tallest building it's the only lure I can see to get a major company to come to New York Trump
01:11:39thought
01:11:39he could get NBC to leave Rockefeller Center and relocate in his project they didn't he also saw
01:11:46Trump City as a gift to the west side but the people of that neighborhood rose up against him
01:11:53run out into the parking lot laughing actors writers political activists in no time at all they were
01:11:59fighting Trump he's moving head full steam with the project trying to win approval for the plan as a
01:12:06matter of fact he's filed what's called an environmental impact statement I can show you to the ceiling is
01:12:13this correct to the ceiling in EIS it goes to the ceiling this is a four volume 2,000 page
01:12:22technical
01:12:22document which is supposed to project the impact of the plan well you can claim all sorts of things if
01:12:28no one bothers to question you I don't know who the hell's gonna read it I don't know how it's
01:12:33even
01:12:33possible to read West Pride has a team of professionals top experts in environmental engineering law urban
01:12:40design and economics who are going through this whole thing with a fine-toothed comb but Trump
01:12:45kept promoting his dream is our biggest city and I think New York should have the world's tallest
01:12:49target in all due respect here in New York we have always believed the biggest is best in the old
01:12:57days
01:12:57there were a tiny handful of skyscrapers in New York and they were thrilling to us especially when we
01:13:02could see them from a distance and they symbolize the greatness of New York City but when you pile one
01:13:07skyscraper next to another so the squirrels could leap from one top to the next pretty soon you're
01:13:13living in the bottom of a well psychologically you feel uneasy you're in shadow something is wrong you're
01:13:19trapped inside something which is way beyond the human scale and none of the things that we need
01:13:25like light and air and the Sun on our skins is any longer present to us certainly he wants to
01:13:32build a
01:13:32tallest building in the world somewhere I mean he has a real edifice complex I mean he's got a problem
01:13:40it's got to have the biggest it's like the kid who has to have the biggest of the best toy
01:13:44it's the
01:13:45American dream gone berserk really is what it is when you're allowed to dream as big as you want but
01:13:50if
01:13:50your dreams step on the lives of ordinary people and ruin the quality of their life and their
01:13:56neighborhood you have to be stopped for now Donald Trump's field of dreams lies empty and it has
01:14:02become another debtors field for him in interest in taxes it costs him sixty thousand dollars a day
01:14:081.8 million dollars a month 21 million dollars a year it took years but those numbers finally began
01:14:17to impress even Trump and to the surprise of many the dictatorial developer turned into a conciliatory
01:14:23collaborator and all those people he used to fight with suddenly they were his best friends the tallest
01:14:30building in the world suddenly it was any building his opponents in the city would let him put up but
01:14:37like almost everything else in Trump's life this project's future remains uncertain
01:14:50heard about Trump's new deal what Trump has a new game in the late 1980s smart players were paying down
01:14:57debt protecting their equity Donald Trump went right on playing his game my new game is Trump the game Trump
01:15:04the game where you deal for everything you ever wanted to own because it's not whether you win or
01:15:09lose it's whether you win all your life you grow up you go to the plaza you go to a
01:15:15ball you go and have
01:15:15dinner you see the plaza it represents something that's very special to New York the plaza was the
01:15:22ultimate trophy to him the crown jewel of his New York properties its price tag of 407 million dollars
01:15:28also made it one of the most expensive hotel purchases ever to get it he violated his own art
01:15:35of the deal rules he paid too much leveraged other properties and went deeper into debt but to the
01:15:41world he had won again few saw the reality he was now risking everything this is a characteristic of all
01:15:49self-made and in a sense Donald itself made in this way highly driven and there is lying behind it
01:15:58an
01:15:58idea I think an idea ultimately about immortality this thing about Donald's going to be going to die and
01:16:04and success there's the gamblers analogy you got to keep rolling the dice and you got to keep rolling bigger
01:16:13back in 1989 most people thought Trump was one of the richest men in the world when we started asking
01:16:19questions about his wealth Trump gave us this letter from his accounting firm it said he had 700 million
01:16:26dollars in cash the letter made it look as if Trump could write a check for that amount on the
01:16:31spot he
01:16:32forgot to mention that most of the money was tied up in credit lines from his banks his next gamble
01:16:39was the
01:16:39eastern shuttle with New York a hub for flights to Boston and Washington getting the shuttle all of
01:16:46my life I've flown on the eastern shuttle and to think of owning the eastern shuttle was beyond me I
01:16:52was
01:16:52just beyond imagination that it was in a year the shuttle in the plaza had cost him three quarters of
01:16:59a
01:16:59billion dollars mostly borrowed and Trump wasn't finished buying desperate for cash he next made a bid for
01:17:06American Airlines at the very least he hoped they'd buy him off he was easily rebuffed he lost more than
01:17:12money his aura of invincibility was shattered for generations men in trouble have fled to California
01:17:20and that's where Trump looked next it would be a fresh start in every way a new base of operations
01:17:26with a
01:17:26new blonde he set his sights on the old ambassador hotel the city had been planning to build a high
01:17:33school there Trump thought that was silly what the area really needed was the same thing he said New
01:17:38York needed the year before the world's tallest building LA proved too much for the man I'm not
01:17:46telling tales out of school but the man is almost bankrupt trying to acquire all kinds of things and I
01:17:51don't know why he's bothering us in Los Angeles tell him to settle his problems in New York stay there
01:17:56and let us get on with the show the breakup of his marriage put him on the front page but
01:18:04he could no
01:18:04longer control the stories Ivana asked for half of his assets and the press now asked half of what
01:18:12Forbes magazine took him out of the billionaire class everyone now knew what his architect had told
01:18:18us a year earlier sometimes I think that when you hear a figure quoted uh by Donald you divide by
01:18:26two and
01:18:26then divide by four you're probably closer to the real answer Trump had built his empire on other
01:18:32people's money now he couldn't pay it back and that empire was on the verge of bankruptcy the banks
01:18:39who had relied on Trump's math were in trouble too suddenly everything was for sale things got so bad Trump
01:18:46tried to slip his private plane out of its hangar without paying the storage fee the state police
01:18:51were called clearly order had to be restored and for now some semblance of it has been even Donald's
01:18:58father has helped out a three million dollar purchase of chips in one of his son's casinos went toward paying
01:19:04interest to bondholders has to find some of them at least for a time today there are no new Trump
01:19:12extravaganzas what sustains him perhaps the sense that even this low point is just a moment that
01:19:19it's all a game I do understand it's all basically a game we're all here to play the game and
01:19:25we're all
01:19:26hopefully going to play it well but some people obviously can't play it well for Trump the game
01:19:34that made him its hero was over so this is a big hurdle and it's great and I'm happy and
01:19:39maybe you
01:19:40people can cover one of the millions of other people now and sort of leave Trump alone they just
01:19:47might do what he wants and where would that leave him the only end to this road is sort of
01:19:53ultimate
01:19:53madness and you know living alone in an apartment complex in Panama and growing your fingernails long
01:20:01and storing your urine in mason jars he just there's no other way I mean that or taking over the
01:20:07world
01:20:07one or the other it's either the most public life in the world or the most private at the end
01:20:12of this
01:20:12there's no in between he's not going to you're not going to catch him out you know with a Toro
01:20:15on a
01:20:16Sunday afternoon cutting the lawn somewhere it is it's going to be some one extreme or another either
01:20:21the greatest Bond villain of all time or Howard Hughes if you should forget that Trump's his name
01:20:27you'll see it 553 times in the game now we know that Donald is one rich guy so how come
01:20:35in every
01:20:35shot he wears the same shirt and tie if your deals turn out lucky and you're smart as a fox
01:20:42you could be
01:20:42like Donald and end up on a box big bucks will never seem the same when you play Trump
01:20:48the game
01:21:23you
01:21:59you
01:21:59you
01:21:59you
01:22:00you
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