The Nasty Public Secret of trump's Failures

It's been something I've harped on a long time: how trump's reputation as a savvy businessman was all a lie when you look at his long history of bankruptcies, failed projects, and the honest-to-god killing of an entire sports league.

And now his tax returns from the 1980s and 1990s re-affirmed all of that, pointing out how trump lost more money than any other American taxpayer - even actual billionaires  - on a scale that suggests either sheer incompetence on trump's part... or blatant acts of fraud.

Consider this little tidbit about what trump did to play the Stock Markets (from Matthew Yglesias at Vox.com):

...He would secretly buy shares of stock in a company, publicly suggest he was planning to make a bid to buy the whole company, watch the share price rise in response to the Trump takeover rumors, and then sell his shares at a profit without actually doing anything.

He did this successfully with United Airlines in 1987, which led him to try it again with Hilton Hotels, Gillette, and Federated Department Stores in 1988. This was apparently a “fool me five times, shame on you” situation, however; investors caught on to the fact that Trump was running a scam, and it didn’t work anymore...

And yet from the reports we're getting, people on Wall Street figured out trump was pulling these Pump And Dumps. WHICH ARE AGAINST THE LAW. And yet... nobody charged him with sh-t while the statue of limitations were in effect. Unless the SOB has been doing it recently based on the latest tax returns trump still refuses to release, he can't be touched on the matter. Which sucks.

This is from a specific blog rant I wrote back during the 2016 campaign, about how trump developed this not-so-secret track record of screwing over his own employees and contractors to where someone, ANYONE, should have gone public with his deal-breaking and get his ass thrown in jail for it or something:

It's good that the stories are getting out there now, during a period that our voters can realize that Trump isn't a successful businessman, he's a successful thief. But it bothers me that someone like Trump was allowed to operate like this for over 40 years and got away with it. Shouldn't some requirement of business ethics DEMAND that a crook of Trump's venality be hauled into the spotlight for his sins long ago? Before it got worse?

Which all leads to this sad open secret about the law in the United States:

The law is entirely geared to favor the wealthy.

I mean, that's the whole point of the law when you think about it. Read up on the Code of Hammurabi. One of the earliest forms of codified law in Western civilization, it may have set down punishments for criminal acts but it also spelled out who owned what, the fair rate of exchange for goods and services, and other things people tended to argue over.

Every legal system is a reflection of that, and ultimately focused on one thing: How to do business. Look at your city and county ordinances. A lot of local laws focus on zoning and property rights (who owns what). Your state laws and statutes, there's a lot in there about property rights, theft protections, wages, money, regulations for business (who owns what). The US Code covers that stuff at the federal level.

When the Founders created the federal system under the Constitution, they did so because their original model of government under the Articles of Confederation did a lousy job of spelling out who owned what... and they feared the rise of mobs who would take from the rich - the Revolutionary Founders themselves - if they didn't set up a stronger system to enforce who owns what.

As a result, you ever take a good long look our legal system, you'll see there are two different rules for the poor and the rich. A lot of laws are set up to punish the poor - high bails, prison time for most low-income crimes, legal fees that a public defense can never cover - and protect the rich - lawyers on retainer to argue probation, harder standards of proof for financial fraud, etc.

Click on the link to the US Code covering Securities Fraud: it spells out penalties covering "fined under this title, or imprisoned not more than 25 years, or both." Yet in practice the fines tend to be maybe ten thousands or hundred thousands of dollars, but never the amount that the fraudsters committed, meaning a lot of them can pay off fines with their equivalent of pocket change. And jail time? Usually measured by months instead of years. If you compared a guy who stole $10 million from an investment firm who pays a $50,000 fine and spends three months in jail to a guy who stole a flatscreen TV from WalMart who has no money to pay and spends three years in jail, you see all the rewards go to the white-collar crook while the low-income crook suffers more.

You might retort "Well we're arrested fraudsters before," and yes we've seen the likes of Boesky and Madoff and Milken head to court and even some jail time, but those are the painful exceptions to the hundreds pulling lower-scale scams. They were so brazen and reckless that they were easy to catch... and in most of their cases they ripped off fellow rich folk, which is the big no-no within their circles. And even then, it took years before anyone listened to the one investigator warning the financial world about Madoff. Even then, it takes years for white collar crooks to see the inside of a courtroom.

trump should have been one of those fraudsters who crossed those lines. he lied and cheated to a lot of fellow millionaires to pretend to be one of them... and yet he was routinely let off the hook. All because we as a nation do not take financial fraud crimes serious enough.

Let's admit it. Compared to all the sins we already know trump committed. We jailed Martha Stewart for less.

No one had the balls or decency to go after trump. Until it was too late.