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[Zack Arnson-Serotta] Here begins tape one
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in the videotape deposition
of Donald J. Trump
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in the Superior Court
of the District of Columbia.
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Case number...
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[Fisher Stevens] Do you think Donald Trumpis really a good businessman?
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Donald Trump, in the scope
of American business life,
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really shouldn't be understood
as someone in the tradition
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of John Rockefeller,Steve Jobs, or Henry Ford.
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He's P.T. Barnum.
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[Rebecca Woods] How would you describe
the Trump brand?
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[clicks tongue] A luxury brand.
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I think it's a brand
where people know we get things done.
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It's a very successful brand.
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And it does well.
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He's someone who is a showman,
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and a self-promoter,
and an adept marketer.
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[Woods] Is it fair to say
you are the person
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largely responsible
for building that brand?
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Yeah.
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[Woods] And is it fair to say
that you are the individual
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mostly associated with that brand?
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[Alan Garten] Objection.
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One of the great magic tricks
he's pulled on the American public
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is that he's become fixated in their mind
as a great deal maker
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and a great business operator.
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That's certainly, I think, the person
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the American electorate thought they were voting into power.
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I obviously have credibility
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because I now, as it turns out,
became the Republican nominee.
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People have said there's never been
anything like this.
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And I think the question
looming over his presidency is:
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at what point do the American peopleutterly lose confidence in him?
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[theme music playing]
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[indistinct chatter]
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[Stevens] Did you think Trumpwould be president?
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No.
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Well, we did it.
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[chuckling] It's unfathomable
that he's elected president.
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[chanting] USA! USA!
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I fucking loved it.
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My wife took the kids out.
She knew I'd be an animal.
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And I was. I cried.
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President Trump! President Trump!
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[Barbara Res] I said, "This is ridiculous.He doesn't want to be president."
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He never had to answer to anyone
in his life, except maybe his father.
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Know what I'm saying?
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I've spent my entire life in business.
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That is now what I wanna do
for our country.
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[crowd cheers]
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Honestly, I feel like we are all now
living in a Simpsons episode.
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I didn't dislike him at all. In fact,
I like Donald very much. We had fun.
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They said, "He's running for president."
I said, [scoffs]
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"Kim Kardashian
would be a better president."
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Fourteen years ago,
we shot The Apprentice,
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and now we're in that same war room,
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watching results come back
from a presidential election.
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I think a lot of people
who watched the show
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believed in Donald Trump
that we were presenting, this character.
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He's managed businesses,
and I think he can manage this country.
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I think we all sort of rose up and said,
"Now, wait a minute.
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People, that was a scam.
That was in entertainment."
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He's somebody who has run
a multi-billion dollar empire
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that he's built from the ground up.
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No matter whether you love Donald Trump
or hate him,
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the brand is powerful.
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This country is hurt financially
and needs some really good help,
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and Donald's the one to do it.
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[sighs] I tried to warn the people.
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I lost money, so, hey,
he's not gonna do it to me.
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He pays his own bills.
He makes his own money.
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And everything he puts his hands on turns great.
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He profits off his name
to the detriment of the public.
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I think he'll create some jobs,
I really do, you know.
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I was very scared
when he became president.
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Everything I knew about his business pasttold me this is an impulsive person,
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historically bad at judging risk and reward.
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From this day forward,
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a new vision will govern our land.
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[Jack O'Donnell] It was shocking to me that there were so many people
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that bought into this shtick, so to speak.
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The constant con.
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We will make America strong again.
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I liked the word "confidence."
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I hate that it's shortened down to "con."
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He didn't con you.
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We will make America wealthy again.
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-[Stevens] But he lies all the time.
-Sure, we all do.
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It's not my dog. [laughing]
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And, yes,
we will make America great again.
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[crowd cheering and applauding]
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[Rona Barrett] You are a mover. You are a doer.
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If you could make America perfect,
how would you do it?
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I think that, much like the mind,
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I think that America is using
very, very little of its potential.
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I feel that this country,
with the proper leadership,
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can go on to become what it once was.
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And I hope, and certainly hope,
that it does go on to be
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what it should be.
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If you'd lost your fortune today,
what would you do tomorrow?
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Maybe I'd run for president.
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I don't know. [chuckles]
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[Res] My name is Barbara Res.
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I worked with or for Donald for many years.
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Probably 18, on and off.
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I was vice president
in charge of construction of Trump Tower.
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I was in charge of constructionon the Plaza Hotel.
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I started on the Commodore Hotel project,
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which is now the Grand Hyatt, in 1978.
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It was a broken-down brick building, empty and in decay.
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The neighborhood was kind of sketchy.Not very safe, even.
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A lot of people had the opportunity
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to take this property
and do something with it,
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and they didn't.
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And Trump came along, and he did.
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He negotiated an incredible tax deal.
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He got Hyatt to sign on.
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[Stevens] Was Trump's father
involved at all in this?
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He may have been,
but I never saw him on the project.
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He is a chip off the old block.
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-My father, Fred.
-Right.
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[O'Brien] I think Trump likes to say
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that every venture he did in New Yorkwas outside of Fred Trump's influence,
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but that's not the case.
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Will you tell people in the film
that this is my living room?
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My name is Tim O'Brien. I'm a journalist
and an author of three different books.
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So, I was at the New York Times in 2005,
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when I wrote and publisheda book about Trump,
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TrumpNation: The Art Of Being The Donald.
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I wasn't sure
whether or not he'd cooperate,
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but he actually cooperated
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enthusiastically and lavishlywith the book.
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I think Donald has always
promoted himself publicly
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as a self-made entrepreneur,
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when, in fact, that's who his father was.
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And I think that hangs over Donald.
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The Trump family built the foundationof their riches
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on middle-class housingin Brooklyn and Queens.
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Donald definitely learned from Fred that emblazoning the Trump family name
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on a piece of propertywas good for business.
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Fred Trump knew how to stage events
to get attention on his properties.
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He would have young women in bikinisat some of the openings.
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He would court the pressand invite them to the openings.
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But Fred Trump
was authentically self-made.
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And Fred ultimately passedall that along to Donald.
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Trump has claimed over the years
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that he only borrowed a million dollarsfrom his father.
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It has not been easy for me,
and I started off in Brooklyn.
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My father gave me a small loan
of a million dollars.
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I came into Manhattan.
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And that's one of the biggest myths
he's put out there.
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He inherited, conservatively, tensof millions of dollars from his father.
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[Donald Trump] I don't needanybody's money.
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I'm really rich.
I'll show you that in a second.
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♪ How rich can you get? ♪
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[Russell Simmons] Look, my brotherRev Run and I, we called him Richie Rich.
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♪ This young boy, Richie Rich... ♪
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We'd say, "I'm going
with Richie Rich to Mar-a-Lago."
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The reason we called him Richie Rich
was 'cause he was the only person we knew
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that actually appearedto be enjoying his stuff.
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How did I meet Donald? It's so many years ago. I have no idea.
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Probably over 25 years ago.
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He wrote the forewordsto my first two books.
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As time goes by, and I'm pretty good
at judging things like this,
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Russell will get bigger and bigger.
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Donald Trump's always been
on a reality show.
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Like, you watch him bigger than life,
playing the role.
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I felt like he went to sleep
playing the role.
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Donald was the image of the gold,over-the-top stuff.
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So, I get why people aspire to be
like him.
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They want to own shit, too.
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♪Young Hova the God Nigga blast for me ♪
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♪ I'm at the Trump InternationalAsk for me ♪
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Rappers rapped about success.
"How do we get that?"
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♪ Let me in nowBill Gates, Donald Trump ♪
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♪ Let me in nowSpin now ♪
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[Simmons] Donald was,for the hip-hop community,
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and for really all Americans
and under-served community members
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that he had achieved what they thought
was the American dream.
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♪ Up like Donald Trump Chain swings like nunchucks ♪
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[Stevens] But he came from wealth,
unlike most of the people--
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Yeah, it's kinda crazy, right?
He's just like the character.
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Donald would be like, "Look at my limo, Russ.
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Look at my Trump water.
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That's my helicopter. Look, my name's on the side."
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He'd be excited if it was
on TV or in a movie.
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Like, "This guy is insane, right?"
It was like watching a movie.
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The other interesting thing about Trump
is when he graduated from college,
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he actually considered going to Hollywood,
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before he inevitably joined
his father's real estate empire.
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But I think he saw real estatein a very similar vein as show business.
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He saw himselfas the great producer of dreams,
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the spinner of tales.
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The man who lived large,
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with beautiful women in big houses,and told people what to do.
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And he has always seen New York,
and Manhattan, in particular,
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as a piggy bank and as a stage.
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[Res] I started working on Trump Towerin September of 1980.
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Donald gave me
a tremendous amount of authority.
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Of course,
I used to fight with him all the time
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about him holding me responsiblefor things that I had no control over.
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[Stevens] Are you proud?
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Am I proud of this building?
This is my building.
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Anything that had to do
with any part of this building
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had to do with me.
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But in terms of Donald's standing
in the community,
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this was the defining moment.
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Trump Tower put Donald on the map,
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and it was, without question,
his most successful project.
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[Trump] Probably, it's the greatest thing the city ever did,
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and I think the cityis the first to acknowledge it.
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It now, from a real estate standpoint,
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has probably become the hottest city
in the world.
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And I guess a lot of thingshad to do with it.
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Mostly, I feel, it was the psychology
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of making New York a winner,
as opposed to a loser.
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[O'Brien] What happens with Trump Tower
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is Donald gets his first taste
of real independent fame.
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He had become the subjectof national stories.
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He was in Time and Newsweek.
He was on television news shows.
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Take a look at my next guest.
This is Donald Trump, 33 years old.
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He now has an apartment for sale
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in a new Trump buildingcalled the Trump Tower.
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You'll walk down the street,
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and people will touch you,
just for the good luck!
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It's a strange phenomenon
that's been taking place.
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And he loved it. He reveled in it.
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Please welcome Donald Trump.
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[O'Brien] Trump has thisreptilian, knowing,
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street-smart awareness
of the powers of media.
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[Res] He was out there doing his own PR
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for Trump Tower, and he used pseudonyms.
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He called himself John Baron, I think,
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and he would talk to magazinesand newspapers
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as the representative of Trump.
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Meanwhile, there really weren't
any representatives of Trump.
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In one case, famously,
he called in to a People reporter,
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and the reporter had the senseto record it, the call.
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[recording playing]
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She likes to spin before she shits.
I don't know why.
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What people have to understand is,
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long before the Internet,
especially the '80s and '90s,
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the way people's images were built
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00:13:16,337 --> 00:13:19,715
was how they were treated
in the newspapers, the tabloids.
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00:13:20,299 --> 00:13:23,093
Anything floating aroundthat became a big story,
245
00:13:23,177 --> 00:13:24,803
usually started in the gossip columns.
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00:13:24,887 --> 00:13:27,431
O.J. Simpsonstarted in the gossip columns.
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Listen, the word "brand" wasn't even
tossed around like it is now.
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00:13:30,976 --> 00:13:34,647
Brand was a cereal brand, Levi...
249
00:13:34,730 --> 00:13:36,732
People didn't have brands, primarily.
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00:13:36,815 --> 00:13:39,318
And having done gossip in the '90s,
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I find that I am responsible for building
a lot of people's brand, so to speak,
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particularly Donald Trump.
253
00:13:47,576 --> 00:13:50,496
I met him as a gossip columnistat Newsday.
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The column was Inside New York,
255
00:13:52,081 --> 00:13:56,168
and Donald was a great source for usfor inside information.
256
00:13:56,252 --> 00:13:57,711
He also needed favors from us.
257
00:13:58,254 --> 00:14:00,714
He provided tips,
and that's the way that business works.
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It's very quid pro quo,
and he's the best at that.
259
00:14:06,303 --> 00:14:09,139
When I'm at the New York Daily News
and I'm running the column,
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00:14:09,223 --> 00:14:11,809
you get phone calls.You make phone calls in the morning.
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00:14:11,892 --> 00:14:13,352
You shake the trees
and see what's there.
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00:14:14,478 --> 00:14:16,438
When you tend to talk to Donald,
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00:14:16,522 --> 00:14:19,608
it'd be an engaging 20, 30-minute phone call.
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00:14:19,692 --> 00:14:21,819
He'd love to talk about last night, clubs,
265
00:14:21,902 --> 00:14:24,238
who said what, where was the pussy.
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00:14:24,321 --> 00:14:26,574
You know, "Was anybody talking about me?"
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00:14:27,825 --> 00:14:30,244
But he always wanted to be paid back
in a particular way.
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00:14:30,870 --> 00:14:32,663
Regardless of what you mentioned,
269
00:14:32,746 --> 00:14:36,375
he never really cared, as longas you said the word "billionaire."
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00:14:36,458 --> 00:14:38,627
So we didn't-- I didn't give a shit.
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Let the man have his wealth in the paper.
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00:14:42,214 --> 00:14:45,301
Since you've made your
Manhattan Trump millions,
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00:14:45,968 --> 00:14:48,429
you're up to a billion,
more than a billion now.
274
00:14:49,013 --> 00:14:49,889
I hope so.
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00:14:50,389 --> 00:14:51,515
-Right.
-[Trump] What are you asking?
276
00:14:51,599 --> 00:14:53,350
A billion! You're worth a billion dollars?
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00:14:53,434 --> 00:14:54,393
Perhaps.
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00:14:54,476 --> 00:14:56,395
-Perhaps?
-Perhaps.
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00:14:56,478 --> 00:14:59,315
Are we the low side of perhaps
or the high side of perhaps?
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00:15:00,482 --> 00:15:02,526
[O'Brien] He used the media
281
00:15:02,610 --> 00:15:05,321
to keep this, sort of,
financial ping-pong game going
282
00:15:05,404 --> 00:15:07,448
about, "How rich is he?"
283
00:15:07,823 --> 00:15:09,325
During the course of my reporting,
284
00:15:09,408 --> 00:15:11,952
he'd given me a range of figuresfor his net worth
285
00:15:12,036 --> 00:15:16,206
from, you know, one-plus billion,
up to nine billion.
286
00:15:16,290 --> 00:15:20,753
Total is eight billion
seven hundred and thirty-seven million
287
00:15:20,836 --> 00:15:22,796
five hundred and forty-thousand dollars.
288
00:15:22,880 --> 00:15:26,383
And now, with the increase,
it'll be well over ten billion dollars.
289
00:15:26,467 --> 00:15:29,845
I'm not doing that to brag
'cause I don't have to brag.
290
00:15:29,929 --> 00:15:32,139
I really didn't care
how much he was worth.
291
00:15:32,222 --> 00:15:35,851
No one cares as much
about how much Donald Trump is worth
292
00:15:35,935 --> 00:15:37,686
as Donald Trump himself.
293
00:15:37,770 --> 00:15:40,564
In the same day, he would tell me
he was worth one thing in the morning,
294
00:15:40,648 --> 00:15:42,399
in the afternoon,
he was worth another thing.
295
00:15:42,483 --> 00:15:46,320
I had sources very close to himwho thought, at the time,
296
00:15:46,403 --> 00:15:51,033
that he had a net worth anywherefrom 150 to 250 million dollars.
297
00:15:51,116 --> 00:15:53,285
Which, by most standards,
is comfortably wealthy.
298
00:15:53,369 --> 00:15:56,664
But it didn't give him entreeinto the billionaires club,
299
00:15:56,747 --> 00:15:58,123
and this is in the book.
300
00:15:58,207 --> 00:16:01,043
Trump sued the reporterfor over two billion dollars,
301
00:16:01,126 --> 00:16:04,254
but the lawsuit exposed himto a close scrutiny of his finances.
302
00:16:04,338 --> 00:16:06,799
[O'Brien] He sued me for libel.During litigation,
303
00:16:06,882 --> 00:16:09,259
that opened him to discoveryon his bank records
304
00:16:09,343 --> 00:16:10,427
and his business records.
305
00:16:10,511 --> 00:16:14,390
I think I'm probably the only journalist
who's ever seen his raw tax returns.
306
00:16:14,473 --> 00:16:15,641
[Brian Stelter] "You said the net worth
307
00:16:15,724 --> 00:16:18,060
goes up and downbased on your own feelings?"
308
00:16:18,143 --> 00:16:21,188
Trump says, "Yes, even my own feelings,as to where the world is,
309
00:16:21,271 --> 00:16:24,566
where the world is going, and thatcan change rapidly from day to day."
310
00:16:24,650 --> 00:16:27,361
He was forced to acknowledge
that he had lied
311
00:16:27,444 --> 00:16:30,364
or misrepresented the facts
on more than 30 occasions.
312
00:16:30,447 --> 00:16:33,617
And we ended up crushing Trumpand his attorneys in court.
313
00:16:33,701 --> 00:16:36,036
And I think it was largely due to the fact
314
00:16:36,120 --> 00:16:38,622
that Donald Trump
doesn't know when to stop.
315
00:16:38,706 --> 00:16:39,790
You see, I think I'm right,
316
00:16:39,873 --> 00:16:42,042
and when I think I'm right,
nothing bothers me.
317
00:16:42,126 --> 00:16:45,462
He believes that little voice
that exists in his mind
318
00:16:45,546 --> 00:16:48,549
that your own judgment is superior,
319
00:16:48,632 --> 00:16:49,967
that you cannot fail,
320
00:16:50,050 --> 00:16:53,637
and that anyone who tells you otherwise
doesn't know what they're talking about.
321
00:17:04,690 --> 00:17:06,984
[Stevens] When Donald called youto work on the Plaza,
322
00:17:07,067 --> 00:17:08,652
what was your feeling about the Plaza?
323
00:17:08,736 --> 00:17:12,489
It was great for me. It was exciting
because the Plaza's an icon.
324
00:17:12,573 --> 00:17:13,449
I loved it.
325
00:17:14,116 --> 00:17:18,287
I think it was like the ultimate trophy,and it was the ultimate New York thing.
326
00:17:18,871 --> 00:17:21,540
It's an incredible building,and I love it.
327
00:17:22,791 --> 00:17:25,878
[O'Brien] After Trump Tower,when he bought the Plaza Hotel,
328
00:17:25,961 --> 00:17:28,714
Trump was at an interesting pointin his life at that time,
329
00:17:28,797 --> 00:17:32,217
because he had everything to gain
from using the notoriety,
330
00:17:32,301 --> 00:17:35,637
and banks were willing to throw
331
00:17:35,721 --> 00:17:38,098
humongous loans at him,as if they were snowballs.
332
00:17:38,182 --> 00:17:39,349
He ended up using that money
333
00:17:39,433 --> 00:17:42,478
to go on this shopping spree
for anything he wanted to do.
334
00:17:45,272 --> 00:17:46,482
He buys an airline.
335
00:17:47,066 --> 00:17:49,068
[Trump] I never thought I'd be doing this.
336
00:17:49,151 --> 00:17:51,445
So just, everybody, have a good time,
337
00:17:51,528 --> 00:17:53,614
and for many yearsenjoy the Trump Shuttle.
338
00:17:53,697 --> 00:17:55,074
A football team.
339
00:17:55,157 --> 00:17:57,576
This is really a very big day for myself,
340
00:17:57,659 --> 00:17:59,453
and for the United States Football League.
341
00:17:59,536 --> 00:18:01,580
[O’Brien] He went down into Atlantic City,
342
00:18:01,705 --> 00:18:04,500
and he got into businesseshe didn't understand.
343
00:18:04,583 --> 00:18:06,335
Are you smarter than everybody else?
344
00:18:06,418 --> 00:18:08,837
No, I just have
a certain amount of confidence,
345
00:18:08,921 --> 00:18:11,173
that if I want to do something,
I can do it.
346
00:18:11,590 --> 00:18:13,967
[O'Brien] Atlantic Cityis probably the largest
347
00:18:14,051 --> 00:18:17,805
bureaucratic enterprise he ever ran,
prior to becoming president.
348
00:18:18,847 --> 00:18:19,973
[slot machine chimes]
349
00:18:23,268 --> 00:18:24,853
My name's Jack O'Donnell.
350
00:18:24,937 --> 00:18:28,273
I worked for Donald Trump
in the late '80s and the '90s.
351
00:18:28,982 --> 00:18:32,027
Donald viewed Atlantic Cityas a great opportunity,
352
00:18:32,611 --> 00:18:37,241
a logical stepping stone for him to leave
New York City for the first time.
353
00:18:37,908 --> 00:18:42,579
But I was very surprised, quite frankly,at his lack of understanding
354
00:18:43,330 --> 00:18:46,416
the moving pieces in operating a casino.
355
00:18:46,959 --> 00:18:50,462
He had two properties that he ownedby the time I came to work for him,
356
00:18:50,754 --> 00:18:52,673
the Trump Plaza and the Trump Castle.
357
00:18:53,465 --> 00:18:57,678
I had been hired by a gentlemanby the name of Stephen Hyde.
358
00:18:57,761 --> 00:19:01,098
Steve Hyde was to run
all of Donald Trump's casinos,
359
00:19:01,181 --> 00:19:03,308
with Mark Etess and myself.
360
00:19:03,392 --> 00:19:06,311
The three of us were kind of married,
361
00:19:06,395 --> 00:19:08,814
you know,in terms of operating the business.
362
00:19:08,897 --> 00:19:13,068
Despite Donald Trump,we were exceptionally successful.
363
00:19:13,152 --> 00:19:16,363
We were generating close
to $100 million in cash.
364
00:19:16,446 --> 00:19:17,364
Annually.
365
00:19:17,447 --> 00:19:18,407
[clapping]
366
00:19:18,490 --> 00:19:20,576
[newscaster] Trump's next frontieris the biggest.
367
00:19:20,659 --> 00:19:22,911
The resort's Taj Mahal,still under construction.
368
00:19:22,995 --> 00:19:26,623
We think the Taj Mahal is beyond belief,
from any standpoint,
369
00:19:26,707 --> 00:19:29,543
and we think it's gonna be
a tremendous success.
370
00:19:29,626 --> 00:19:30,878
[O'Donnell] The Taj Mahal
371
00:19:30,961 --> 00:19:33,589
was gonna bethe largest casino in the world.
372
00:19:33,672 --> 00:19:35,174
Money was gonna be spent
373
00:19:35,257 --> 00:19:38,969
that had never been spent
in Atlantic City. A billion-dollar casino.
374
00:19:42,389 --> 00:19:44,266
[Marty Rosenberg] This is the Taj.
375
00:19:45,267 --> 00:19:47,519
That's the second tower of the Taj Mahal.
376
00:19:48,812 --> 00:19:50,814
My name is Martin Rosenberg,
377
00:19:50,898 --> 00:19:55,319
and I've lived in Atlantic City
for 75 years.
378
00:19:56,195 --> 00:19:58,488
We've done about seven or eight buildingsin Atlantic City
379
00:19:59,573 --> 00:20:00,616
This is our work.
380
00:20:01,116 --> 00:20:03,994
The glass in the towers, glass over here,
381
00:20:04,786 --> 00:20:09,833
mirrors, doors, bathroom enclosures,things of that nature.
382
00:20:11,251 --> 00:20:13,295
I started doing the Taj Mahal,
383
00:20:13,378 --> 00:20:16,798
and Donald Trump took over, and he said to me,
384
00:20:16,882 --> 00:20:18,884
"How much is it gonna cost
to finish it?"
385
00:20:18,967 --> 00:20:20,219
I gave him a number.
386
00:20:20,302 --> 00:20:21,762
He said, "That's way too much.
387
00:20:21,845 --> 00:20:23,347
Are you gonna do a good job?"
388
00:20:23,430 --> 00:20:24,848
I said, "We always do a good job.
389
00:20:24,932 --> 00:20:27,601
That's why we do a lot of the work in Atlantic City."
390
00:20:27,684 --> 00:20:29,353
He said, "Okay, you got the job."
391
00:20:31,313 --> 00:20:34,274
[O'Brien] What they didn't reckon on,in Atlantic City,
392
00:20:34,358 --> 00:20:37,569
is that he would want to essentially try
to consume the whole market.
393
00:20:38,153 --> 00:20:41,073
Trump was already strapped financially
394
00:20:41,156 --> 00:20:44,409
when he decided to go after the Taj Mahal.
395
00:20:44,493 --> 00:20:49,706
And it was a project so expensive and bigthat it was beyond both his managerial
396
00:20:49,790 --> 00:20:52,459
and financial abilities to run properly.
397
00:20:53,210 --> 00:20:56,129
[O'Donnell] When it came tofinancing the Taj Mahal,
398
00:20:56,213 --> 00:20:59,299
Donald, under oath,
in front of the Casino Control Commission,
399
00:20:59,383 --> 00:21:01,969
claimed that he would have no problem.
400
00:21:02,052 --> 00:21:05,013
Banks were dying to give him the money,
401
00:21:05,097 --> 00:21:07,307
and that it was gonna below-interest money,
402
00:21:07,391 --> 00:21:09,476
and swore up and down
403
00:21:10,560 --> 00:21:12,980
that he didn't have to rely on junk bonds.
404
00:21:13,063 --> 00:21:15,148
[Bill Griffeth] A junk bond,that's a bond
405
00:21:15,232 --> 00:21:17,109
rated BB+ or lower.
406
00:21:17,192 --> 00:21:19,820
And with the insider
trading scandal growing,
407
00:21:19,903 --> 00:21:22,906
many investors question just how safe
those junk bonds are.
408
00:21:23,573 --> 00:21:25,117
[O'Donnell] Based on those statements,
409
00:21:25,200 --> 00:21:29,496
the Casino Control Commissionapproved the license for the Taj Mahal.
410
00:21:29,997 --> 00:21:32,374
And, of course,it wasn't shortly after that
411
00:21:32,457 --> 00:21:36,086
that Trump had actually secured financing
through junk bonds.
412
00:21:36,169 --> 00:21:37,713
[O'Brien] When it came to the Taj,
413
00:21:37,796 --> 00:21:40,424
it wasn't just big banks who owned those bonds.
414
00:21:40,507 --> 00:21:43,427
A lot of the bondswere owned by individuals
415
00:21:43,510 --> 00:21:46,930
who weren't necessarily wealthy,who had a stake in that property.
416
00:21:49,599 --> 00:21:52,686
[newscaster] For the Taj Mahalto cover its interest payments,
417
00:21:52,769 --> 00:21:56,189
gamblers will have to losemore than a million dollars a day.
418
00:21:56,940 --> 00:22:01,737
Steve Hyde and Mark Etess and myself,
we had a big task ahead of us.
419
00:22:02,070 --> 00:22:04,364
Quite frankly,we were all worried about it.
420
00:22:05,198 --> 00:22:08,535
And then,
I was notified of the accident.
421
00:22:09,578 --> 00:22:13,540
On the way back from the press conferencefor a big boxing match,
422
00:22:13,623 --> 00:22:15,876
the helicopter crashed.
423
00:22:16,335 --> 00:22:18,920
Steve Hyde, Mark Etess,and John Benanav were killed.
424
00:22:21,590 --> 00:22:23,383
You were supposed to go
on that plane, true?
425
00:22:23,467 --> 00:22:25,594
I was going to go,
426
00:22:25,677 --> 00:22:28,722
from the standpoint that they said,
"Do you wanna come with us?"
427
00:22:28,805 --> 00:22:32,309
And I said, "I think so,
but maybe I'm just too busy."
428
00:22:32,392 --> 00:22:35,604
I was that close, so it would
have been, like, a 50-50 deal.
429
00:22:35,687 --> 00:22:38,648
I had an immediate sense of outrage
430
00:22:38,732 --> 00:22:40,525
because I knew it just wasn't true.
431
00:22:41,109 --> 00:22:44,821
So, it doesn't matter what happens.He's gonna take an event,
432
00:22:45,489 --> 00:22:48,492
and he's gonna turn it into something
about Donald Trump.
433
00:22:50,911 --> 00:22:54,664
[announcer] One step beyondyour wildest imagination,
434
00:22:54,748 --> 00:22:58,335
a billion-dollar dream come true.
435
00:22:58,418 --> 00:23:01,713
Donald J. Trump's Taj Mahal.
436
00:23:01,797 --> 00:23:04,633
The eighth wonder of the world.
437
00:23:05,926 --> 00:23:09,179
The Taj Mahal was the worst casino opening
in the history of gambling.
438
00:23:09,262 --> 00:23:11,431
[crowd clamoring]
439
00:23:11,515 --> 00:23:14,893
A monumental disaster.
I had never seen anything like it.
440
00:23:16,311 --> 00:23:20,315
[Trump] For the opening of the Taj Mahal,we had 2,400 press credentials.
441
00:23:20,398 --> 00:23:21,691
Nobody's seen anything like it.
442
00:23:21,775 --> 00:23:25,654
[O'Donnell] The problems were so badwith the slot operation,
443
00:23:25,737 --> 00:23:27,239
and the lack of training and preparation.
444
00:23:27,322 --> 00:23:30,450
They could only open a portionof the slot machines.
445
00:23:30,534 --> 00:23:32,869
What about the slot machine thing
where they were down?
446
00:23:32,953 --> 00:23:34,371
The slots were so hot.
447
00:23:34,454 --> 00:23:36,373
We had people playing
so hard and so fast--
448
00:23:36,456 --> 00:23:38,416
-They blew out the slots?
-They blew apart.
449
00:23:38,500 --> 00:23:39,626
We had machines...
450
00:23:39,709 --> 00:23:41,837
-Was it too much?
-...that were virtually on fire.
451
00:23:42,462 --> 00:23:44,172
[O'Donnell] One of the fundamental things
452
00:23:44,256 --> 00:23:47,134
that you always have to knowabout the operation of a casino,
453
00:23:47,217 --> 00:23:48,176
because it's money...
454
00:23:48,260 --> 00:23:50,053
It's money going in, money coming out.
455
00:23:50,137 --> 00:23:52,764
You have to know how much money
do you have in the house.
456
00:23:52,848 --> 00:23:55,267
They could not even answer that question.
457
00:23:56,017 --> 00:23:59,104
[newscaster] The announcement that Trumpwas looking for a buyer for his Shuttle
458
00:23:59,187 --> 00:24:02,566
was an early indication that Trumpwas running into a cash-flow problem.
459
00:24:02,649 --> 00:24:06,111
One report has that Shuttle losing$85 million a year.
460
00:24:06,820 --> 00:24:09,656
You owe a tremendous amount of money.
461
00:24:09,739 --> 00:24:11,158
-Are you gonna sell the Plaza?
-Know why?
462
00:24:11,241 --> 00:24:14,035
-Because I have great assets.
-Sell the Shuttle?
463
00:24:14,119 --> 00:24:16,329
It's unlikely the Shuttle gets sold.
464
00:24:16,413 --> 00:24:17,831
The Shuttle is doing very well.
465
00:24:17,914 --> 00:24:20,375
-We started with 12% of--
-Not enough to pay back your debts.
466
00:24:20,458 --> 00:24:24,045
Barbara, other people owe money
far in excess of what their assets are.
467
00:24:24,129 --> 00:24:25,213
They have lousy assets.
468
00:24:25,297 --> 00:24:26,756
I have great assets.
469
00:24:26,840 --> 00:24:29,843
He didn't pay attention
to the bottom line. He didn't care.
470
00:24:30,552 --> 00:24:33,805
That's always a dangerous place to befor a real estate developer,
471
00:24:33,889 --> 00:24:35,557
because if the economy turns down,
472
00:24:35,640 --> 00:24:39,311
or any of your projects you control
aren't throwing enough money off,
473
00:24:39,394 --> 00:24:40,729
you can't pay your debts back.
474
00:24:42,522 --> 00:24:44,983
[O'Donnell] The Taj Mahalwas a financial disaster,
475
00:24:45,066 --> 00:24:49,362
and it was the first of Trump's casinos
to go into bankruptcy.
476
00:24:49,946 --> 00:24:52,199
When Donald was having issues,
477
00:24:52,282 --> 00:24:56,203
Fred Trump showed up at the casinowith $3 million
478
00:24:56,286 --> 00:24:59,831
and converted the cash into chips.
479
00:24:59,915 --> 00:25:03,168
Now, normally, you might say,"That happens every day."
480
00:25:03,710 --> 00:25:08,632
But because he put $3 million in,
took the chips and left with the chips,
481
00:25:08,715 --> 00:25:13,178
it winds up, in effect,
being a $3 million loan to the casino.
482
00:25:14,596 --> 00:25:18,934
So, time and again, he's reached
into the Fred Trump security vault
483
00:25:19,017 --> 00:25:22,354
to get money to paper over
his own financial mistakes.
484
00:25:25,649 --> 00:25:26,942
[Res] I do remember
485
00:25:27,025 --> 00:25:30,195
at the point of time when Donald
was having his financial problems,
486
00:25:30,278 --> 00:25:35,951
that he sort of turned on the people
in Atlantic City that worked for him
487
00:25:36,034 --> 00:25:40,080
and it was a change that I saw in him.
488
00:25:42,457 --> 00:25:46,253
I mean, I saw him developinto a kind of mean-spirited person,
489
00:25:46,336 --> 00:25:50,590
but I had
this very special relationship with him.
490
00:25:50,674 --> 00:25:53,677
And it's hard to pull away from that
491
00:25:53,760 --> 00:25:57,681
even though, you know, a lot of people
that worked with him when I was there,
492
00:25:57,889 --> 00:25:59,015
really hated him.
493
00:26:01,393 --> 00:26:03,395
[O'Donnell] Donald had pushed the button with me
494
00:26:03,478 --> 00:26:05,689
too many times on Steve and Mark,
495
00:26:05,772 --> 00:26:10,527
where I'd seen him blame them
for problems that he created.
496
00:26:11,570 --> 00:26:13,071
I saw it in the newspaper.
497
00:26:14,072 --> 00:26:17,284
We wound up speaking on the phone.
498
00:26:17,492 --> 00:26:19,411
I said, "Please, don't do this.
499
00:26:19,494 --> 00:26:23,248
Nobody's gonna understandyou blaming somebody that's dead."
500
00:26:23,873 --> 00:26:27,210
I said, "These guys' wives
are reading the newspaper.
501
00:26:28,295 --> 00:26:31,298
Their children are reading the newspaper.
Why would you do this?"
502
00:26:32,716 --> 00:26:35,969
The amazing part about it,as passionate as I could be...
503
00:26:37,887 --> 00:26:39,889
"They're dead.
What does it matter, really?"
504
00:26:39,973 --> 00:26:41,224
That was his answer.
505
00:26:41,766 --> 00:26:42,767
"They're dead."
506
00:26:44,394 --> 00:26:48,481
And before I could even think,
I just said,
507
00:26:48,565 --> 00:26:50,775
"Go fuck yourself,"
and I hung the phone up.
508
00:26:54,571 --> 00:26:58,408
[Rosenberg] At the end of the job,
I was owed about one and a half million.
509
00:26:58,491 --> 00:27:01,786
I called up his construction manager,
I said, "What's going on?"
510
00:27:01,870 --> 00:27:03,913
He said, "Marty, you'll have a check
in two weeks."
511
00:27:03,997 --> 00:27:06,166
Two weeks go by and no check.
512
00:27:06,249 --> 00:27:10,170
[newscaster] Donald Trumpdisappointed his many creditors today.
513
00:27:10,253 --> 00:27:12,047
He announced he could not make payments
514
00:27:12,130 --> 00:27:13,673
of more than $30 million.
515
00:27:13,757 --> 00:27:15,300
The banks have come calling
516
00:27:15,383 --> 00:27:17,844
and he doesn't have the money
to pay them back.
517
00:27:18,678 --> 00:27:21,097
[Allan Frank]
Having borrowed three billion dollars,
518
00:27:21,181 --> 00:27:24,267
Trump now owes interestof nearly one million dollars a day.
519
00:27:24,768 --> 00:27:26,436
We're not gonna get the money.
520
00:27:26,519 --> 00:27:29,939
So you're talking about at least 200or 300 contractors.
521
00:27:30,023 --> 00:27:32,108
And some of themfrom all over the country.
522
00:27:32,901 --> 00:27:35,111
[O'Donnell] Trump's story in Atlantic City
523
00:27:35,195 --> 00:27:39,783
should have been the most successful storyin the history of gambling,
524
00:27:40,533 --> 00:27:42,494
had he not screwed it up.
525
00:27:42,577 --> 00:27:43,787
[newscaster 2] Sources point out
526
00:27:43,870 --> 00:27:46,373
the bankers do not want Trumpto file for bankruptcy.
527
00:27:46,456 --> 00:27:50,168
It would freeze all of his assetsand payments on some very big loans.
528
00:27:50,251 --> 00:27:53,505
[O'Brien] Trump basically recognizedthat he was too big to fail
529
00:27:53,588 --> 00:27:56,800
and the billions of dollars
he owed to the banks
530
00:27:57,384 --> 00:28:00,053
made him continuously necessaryto the banks.
531
00:28:00,136 --> 00:28:03,848
The bankers are also reported
to put Mr. Trump on an allowance.
532
00:28:03,932 --> 00:28:06,768
$450,000 a month.
533
00:28:06,851 --> 00:28:08,978
[Frank] Perhaps Trump is provingthat the very rich
534
00:28:09,062 --> 00:28:10,688
are different from most of us.
535
00:28:10,772 --> 00:28:13,191
Even when they just have more debtsthan we do.
536
00:28:17,695 --> 00:28:19,656
A lot of people were hurtin Atlantic City.
537
00:28:19,739 --> 00:28:24,285
There were a lot of expectations that
just never materialized with Trump.
538
00:28:25,704 --> 00:28:29,708
[Rosenberg] He used to run round saying, "Atlantic City is my cash cow."
539
00:28:30,208 --> 00:28:35,296
He ate the cash
and didn't take much for anybody else.
540
00:28:37,132 --> 00:28:39,384
[O'Brien] It's in the hundredsof millions of dollars
541
00:28:39,467 --> 00:28:41,469
that the bond holders took a bath.
542
00:28:43,847 --> 00:28:45,223
And quite frankly,
543
00:28:45,306 --> 00:28:48,226
I have no idea what he didwith the hundred million dollars a year
544
00:28:48,309 --> 00:28:50,228
that we sent up to New York.
545
00:28:50,311 --> 00:28:54,357
So whether he paid debts with it or not,
or he kept the money for himself,
546
00:28:54,441 --> 00:28:55,775
I'll never know.
547
00:28:56,568 --> 00:28:59,529
I think Donald Trumpbelieved that the Taj Mahal
548
00:28:59,612 --> 00:29:01,406
would change Atlantic City forever.
549
00:29:02,449 --> 00:29:04,492
And that's ultimately what happened.
550
00:29:13,793 --> 00:29:16,212
I was 15-0.
551
00:29:16,296 --> 00:29:17,881
And then I had one very bad year.
552
00:29:17,964 --> 00:29:20,675
I had a bad year. Maybe it was my fault--
a lot of people's fault.
553
00:29:20,759 --> 00:29:22,385
It was also the government's fault.
554
00:29:22,469 --> 00:29:26,514
A lot of smart people are
in deep trouble right now and I'm not.
555
00:29:26,598 --> 00:29:27,891
Remember the '80s,
556
00:29:27,974 --> 00:29:32,020
the yuppies, the buyouts, junk bonds
and, especially, the Donald.
557
00:29:32,103 --> 00:29:34,439
So when people ask about
what Trump was doing
558
00:29:34,522 --> 00:29:38,359
from the early '90s to about 2004,
559
00:29:38,443 --> 00:29:41,613
from a business perspective,
he really wasn't doing very much.
560
00:29:41,696 --> 00:29:43,156
-[Letterman] Didn't know we were coming?
-[Trump] Absolutely.
561
00:29:43,239 --> 00:29:45,575
You said, "Come on up."
How busy can you be?
562
00:29:45,658 --> 00:29:47,118
I'm not busy. I have nothing to do.
563
00:29:47,202 --> 00:29:50,288
You know my truth, I have nothing to do.
I wish I had more to do.
564
00:29:50,371 --> 00:29:52,582
He'd become this punchline of jokes
565
00:29:52,665 --> 00:29:54,459
about the excesses of the 1980s.
566
00:29:54,542 --> 00:29:57,337
And our guest tonight,
the next president, Donald Trump.
567
00:29:57,962 --> 00:30:00,924
Once caught a sexually transmitted diseasefrom himself.
568
00:30:01,007 --> 00:30:02,091
[audience laughing]
569
00:30:02,175 --> 00:30:04,010
And he kept himself in the public eye,
570
00:30:04,093 --> 00:30:08,765
by being a ubiquitous and easy-to-getpresence on talk shows.
571
00:30:08,848 --> 00:30:13,186
How do I go about creating the capital
that I need to start my business
572
00:30:13,269 --> 00:30:15,688
when all I have is my knowledge
and my training?
573
00:30:15,772 --> 00:30:17,941
-Meet a wealthy guy.
-[crowd laughing]
574
00:30:18,024 --> 00:30:21,986
He was mostly doing things like
talking about J. Lo's backside.
575
00:30:22,070 --> 00:30:24,113
[recording playing]
576
00:30:25,073 --> 00:30:26,324
-[Stern] Of course-[woman] It's true.
577
00:30:28,076 --> 00:30:30,954
And talking about foreign policy.
578
00:30:31,037 --> 00:30:33,623
If you go to Japan and try
to sell something, forget about it.
579
00:30:33,706 --> 00:30:36,000
They are beating
the hell out of this country.
580
00:30:36,084 --> 00:30:37,919
Hey, look, I know politicians.
581
00:30:38,002 --> 00:30:40,797
I know politicians
perhaps better than you know politicians,
582
00:30:40,880 --> 00:30:42,006
and you interview them.
583
00:30:42,090 --> 00:30:46,261
And he ran, quote, unquote,
"for president" in the early 2000s.
584
00:30:46,344 --> 00:30:48,096
[Tim Russert] People who have been watching you,
585
00:30:48,179 --> 00:30:52,809
who know you, who like you, say this
is all just a public relations stunt.
586
00:30:52,892 --> 00:30:54,519
He sees it as a help to his business
587
00:30:54,602 --> 00:30:56,354
because he's also Trump, the brand.
588
00:30:56,437 --> 00:30:58,398
And he has his name on everything.
589
00:30:58,481 --> 00:31:01,025
[newscaster]
The man who was the darling of the '80s
590
00:31:01,109 --> 00:31:04,487
is seen in the '90s as a man in trouble,and he knows it.
591
00:31:04,571 --> 00:31:08,825
[Trump] When people say something false,I attack those people.
592
00:31:08,908 --> 00:31:10,743
More people should have that attitude
593
00:31:10,827 --> 00:31:14,831
and I think you'd find a lot more
accurate reporting, including yours.
594
00:31:14,914 --> 00:31:16,708
[Charles Feldman]
What was inaccurate so far?
595
00:31:16,791 --> 00:31:19,127
I thought your demeanor was inaccurate.
596
00:31:19,210 --> 00:31:23,923
I thought that questions that you
were posing to people in my organization
597
00:31:24,007 --> 00:31:28,011
were inaccurate and false and unfair.
598
00:31:28,094 --> 00:31:30,054
[Feldman] Questions can't be inaccurate.
599
00:31:30,138 --> 00:31:33,600
Let's talk about what we talked
about yesterday. I--
600
00:31:33,683 --> 00:31:35,894
You know what?
Do this interview with somebody else--
601
00:31:35,977 --> 00:31:37,353
We talked about this yesterday
on the phone.
602
00:31:37,437 --> 00:31:38,354
This is what you--
603
00:31:38,438 --> 00:31:40,690
Do the interview
with somebody else, really.
604
00:31:41,524 --> 00:31:43,568
You don't need this.
Do it with somebody else.
605
00:31:45,320 --> 00:31:48,156
[O'Brien] I think Donald Trumpis walking through the world
606
00:31:48,239 --> 00:31:53,369
as the director and producer,and star of his own movie.
607
00:31:53,453 --> 00:31:55,538
Who knows better about hard times than me?
608
00:31:55,622 --> 00:31:58,499
And he will tell himself
any narrative he needs to
609
00:31:58,583 --> 00:32:01,252
about why he's successful
and why he's such a survivor.
610
00:32:01,336 --> 00:32:03,713
I had a company, it was doing well.
611
00:32:03,796 --> 00:32:05,882
I had tremendous debt, like this country.
612
00:32:05,965 --> 00:32:10,428
And in 1990, the whole country,it just went very, very bad.
613
00:32:10,511 --> 00:32:12,680
[O'Brien] We've screened a lot of movies together
614
00:32:12,764 --> 00:32:16,059
with a humongous feed bag
of potato chips at his side
615
00:32:16,142 --> 00:32:17,477
every time we watched a movie.
616
00:32:17,560 --> 00:32:18,394
Let's see.
617
00:32:18,478 --> 00:32:19,979
Hold it right there.
618
00:32:20,063 --> 00:32:21,606
Let's do one more.
619
00:32:21,689 --> 00:32:24,692
And I remember when we were watching
Sunset Boulevard together,
620
00:32:24,776 --> 00:32:26,402
and there's this moment in the film
621
00:32:26,486 --> 00:32:29,948
where Gloria Swanson and William Holdenare together on the couch
622
00:32:30,031 --> 00:32:34,619
and they're screening an old Norma Desmondfilm, a silent movie film.
623
00:32:36,788 --> 00:32:39,624
And as they're watching it,Gloria Swanson's character, Norma,
624
00:32:39,707 --> 00:32:42,543
becomes more and more agitated
625
00:32:42,627 --> 00:32:44,545
about the fact that
Hollywood has forgotten her.
626
00:32:44,629 --> 00:32:45,922
And she stands up
627
00:32:46,005 --> 00:32:48,591
and turns to William Holdenin the spotlight and says...
628
00:32:48,675 --> 00:32:51,427
Those imbeciles!
Haven't they got any eyes?
629
00:32:51,511 --> 00:32:53,721
Have they forgotten
what a star looks like?
630
00:32:53,805 --> 00:32:56,808
I'll show them! I'll be up there again,
so help me!
631
00:32:59,394 --> 00:33:03,231
And at the moment she says that dialogue, Trump stopped it,
632
00:33:03,314 --> 00:33:06,734
and looked at me and he goes,
"Isn't that dialogue great?"
633
00:33:06,818 --> 00:33:09,779
You really think this is the right thing
for us to be doing, Ivana?
634
00:33:09,862 --> 00:33:10,989
What will people think?
635
00:33:11,072 --> 00:33:12,198
Let 'em talk.
636
00:33:12,281 --> 00:33:15,368
[O'Brien] This was the guywho had fallen from the mountaintop.
637
00:33:15,451 --> 00:33:17,870
-Then it's a deal?
-Yes, we eat our pizza the wrong way.
638
00:33:17,954 --> 00:33:20,915
[O'Brien] He was essentially reducedto being a huckster.
639
00:33:20,999 --> 00:33:23,084
A Big N' Tasty for just a dollar?
640
00:33:23,167 --> 00:33:25,044
How do you do it? What's your secret?
641
00:33:26,713 --> 00:33:29,841
[O'Brien] And he was tryingto figure a way out of that problem.
642
00:33:29,924 --> 00:33:33,011
But he still retained celebrity traction.
643
00:33:36,472 --> 00:33:40,101
This is what was originally called
the West Side Rail Yards.
644
00:33:40,727 --> 00:33:42,937
Trump bought it in the 1970s.
645
00:33:43,563 --> 00:33:49,152
When he got into trouble with the banks,
they wanted to take that away from him.
646
00:33:49,235 --> 00:33:53,239
But they decidedhe was worth more alive than dead.
647
00:33:53,823 --> 00:33:55,867
And his name
had a tremendous amount of value,
648
00:33:55,950 --> 00:33:58,995
and he ended up licensing his name
on these projects
649
00:33:59,078 --> 00:34:00,830
and got a lot of money for that.
650
00:34:00,913 --> 00:34:05,001
After this was over, he was finished beinga developer of any stripe.
651
00:34:05,084 --> 00:34:06,919
He wasn't a major developer before that.
652
00:34:07,003 --> 00:34:08,921
He had only done a handful of projects,
653
00:34:09,005 --> 00:34:13,009
compared to some of the families
that have developed in the city
654
00:34:13,092 --> 00:34:15,428
and the dynasties of developers.
655
00:34:15,511 --> 00:34:17,597
Who was Trump? He was nobody.
656
00:34:18,556 --> 00:34:21,267
[O'Brien] Well, Donald Trump's nameis on a lot of the buildings
657
00:34:21,350 --> 00:34:23,561
but that doesn't mean
he owns those buildings.
658
00:34:24,353 --> 00:34:27,982
His name is on the Trump Internationalbuilding in Columbus Circle,
659
00:34:28,066 --> 00:34:29,692
but General Electric owns that building.
660
00:34:29,776 --> 00:34:31,069
His name is on Trump Tower,
661
00:34:31,152 --> 00:34:35,865
but most of the space in Trump Toweris now owned by the condominium owners.
662
00:34:35,948 --> 00:34:38,534
And the property beneath the building
is owned by someone else.
663
00:34:38,618 --> 00:34:41,204
I'm the biggest developer
in New York by far
664
00:34:41,287 --> 00:34:42,205
and I'm doing more than any...
665
00:34:42,288 --> 00:34:44,165
I'm building 90-story buildings all over.
666
00:34:44,248 --> 00:34:46,667
[O'Brien] But he was neverthe biggest real estate developer
667
00:34:46,751 --> 00:34:48,920
in New York by any measure.
668
00:34:49,003 --> 00:34:51,047
By either the value of the property
that he had sold
669
00:34:51,130 --> 00:34:52,340
or the square footage he owned.
670
00:34:52,715 --> 00:34:54,550
But I believe it was the West Side Yards
671
00:34:54,634 --> 00:34:59,138
that launched him in his new roleas a licensing and development operation.
672
00:35:10,983 --> 00:35:14,195
I'm Adam Davidson.I'm a staff writer at The New Yorker.
673
00:35:14,612 --> 00:35:17,532
A friend of mine and Ifounded NPR's Planet Money.
674
00:35:17,615 --> 00:35:19,450
[announcer]
Adam Davidson, of Planet Money...
675
00:35:19,534 --> 00:35:23,246
[Davidson] And we spent yearscovering business and economics
676
00:35:23,329 --> 00:35:27,208
and I can't remember Donald Trump's name
ever being mentioned.
677
00:35:27,792 --> 00:35:31,129
The Trump Organization,even the most generous readings
678
00:35:31,212 --> 00:35:34,882
are it's a $10 billion or so,maybe $20 billion business.
679
00:35:34,966 --> 00:35:37,635
That's a lot of money, and certainly
a lot more money than I have,
680
00:35:37,718 --> 00:35:40,304
but there are familieswho have much bigger businesses.
681
00:35:40,388 --> 00:35:42,140
And you will never ever hear of them.
682
00:35:42,223 --> 00:35:45,726
In business terms,
his business didn't really turn a profit.
683
00:35:46,310 --> 00:35:48,354
Because he could have,at many points in his life,
684
00:35:48,437 --> 00:35:51,774
just put all his money in the stock marketand made more money than he did.
685
00:35:53,818 --> 00:35:57,280
A key change in the Trump Organization'sbusiness model
686
00:35:57,363 --> 00:36:00,283
starts sort of accidentally
in the late 1990s.
687
00:36:01,576 --> 00:36:04,162
The business starts turning international.
688
00:36:04,245 --> 00:36:07,790
One of the people who worked for Trumpwas visiting South Korea.
689
00:36:07,874 --> 00:36:09,834
He's meetingwith some Korean businesspeople.
690
00:36:09,917 --> 00:36:11,878
They mention they're building buildings.
691
00:36:11,961 --> 00:36:14,005
He says,"What are you calling those buildings?"
692
00:36:14,088 --> 00:36:15,131
They said, "They don't have a name."
693
00:36:15,214 --> 00:36:17,258
He said, "How aboutyou call them the Trump Buildings?"
694
00:36:17,341 --> 00:36:19,302
The businesspeople liked that idea.
695
00:36:19,385 --> 00:36:22,221
Trump was a famous namein Korea. "Yeah, sure."
696
00:36:23,014 --> 00:36:24,891
[announcer speaking Korean]
697
00:36:29,687 --> 00:36:32,648
That turned out to solve a lot of problems
698
00:36:32,732 --> 00:36:34,817
for Donald Trump
and the Trump Organization.
699
00:36:35,401 --> 00:36:37,028
Certainly by the 2000s,
700
00:36:37,111 --> 00:36:39,405
no major bankis gonna lend him any money.
701
00:36:39,488 --> 00:36:42,617
He defaulted so many times,
declared bankruptcy so many times.
702
00:36:42,700 --> 00:36:46,787
And you can't be a real estate developer
if you can't borrow money.
703
00:36:46,871 --> 00:36:51,125
And this licensing deal
solved that problem "bigly."
704
00:36:51,751 --> 00:36:54,754
Trump's business was alreadyin financial trouble at that time.
705
00:36:54,837 --> 00:36:59,717
And he starts to look abroad.He starts to get lots of deals overseas.
706
00:37:00,426 --> 00:37:03,262
He didn't have to borrow any money,and he didn't have to do any work.
707
00:37:04,222 --> 00:37:06,349
[O'Brien]
As much as he's put out in the world
708
00:37:06,432 --> 00:37:08,226
that he is the Energizer Bunny
709
00:37:08,309 --> 00:37:10,811
of the American business community
and real estate,
710
00:37:10,895 --> 00:37:12,563
he's always been a little bit lazy.
711
00:37:12,647 --> 00:37:15,691
He can get animated from time to timewhen there's a deal in front of him,
712
00:37:15,775 --> 00:37:20,154
but for a good chunk of his career,
up until The Apprentice,
713
00:37:20,238 --> 00:37:21,822
he was waiting for the phone to ring.
714
00:37:26,702 --> 00:37:29,372
♪ Money, money, money, money ♪
715
00:37:29,455 --> 00:37:31,374
♪ Money ♪
716
00:37:31,457 --> 00:37:32,458
[O'Brien] Trump is back.
717
00:37:32,541 --> 00:37:33,668
♪ Money ♪
718
00:37:34,877 --> 00:37:35,795
♪ Money ♪
719
00:37:36,754 --> 00:37:38,714
[O'Brien] The Apprentice really,overnight,
720
00:37:38,798 --> 00:37:41,592
repositioned him
in the American imagination
721
00:37:41,676 --> 00:37:47,014
as the embodiment of deal-makingsavvy, capable entrepreneur
722
00:37:47,098 --> 00:37:48,474
and business success.
723
00:37:48,557 --> 00:37:53,271
♪ Money can drive some peopleOut of their mind ♪
724
00:37:54,647 --> 00:37:56,607
-[Bill Pruitt] My coffee maker broke.
-[Jonathon Braun] Okay.
725
00:37:56,691 --> 00:37:58,109
[Pruitt] But I can still make it.
726
00:37:58,776 --> 00:38:00,820
[coffee grinder whirring loudly]
727
00:38:04,282 --> 00:38:07,743
[Braun] The first season was a shock,
a complete surprise to everybody.
728
00:38:07,827 --> 00:38:09,120
[Pruitt] Yeah, yeah.
729
00:38:09,203 --> 00:38:11,622
-It's really strong.
-No, I like strong.
730
00:38:13,499 --> 00:38:15,042
[Braun] What did he think
of that first season?
731
00:38:15,126 --> 00:38:17,545
Did he treat it seriously?
Did he treat it as a joke?
732
00:38:17,628 --> 00:38:21,674
No, no, no. It was one of his many things
to do that day to save his empire.
733
00:38:21,757 --> 00:38:24,260
There's nothing better in my book
than a comeback.
734
00:38:24,343 --> 00:38:29,056
[Braun] We went a little further onthe tongue-in-cheek aspect of Donald,
735
00:38:29,140 --> 00:38:35,438
thinking how funny is it to have
this washed-up five-time bankruptcy guy,
736
00:38:35,521 --> 00:38:39,775
who lives in a golden palacethat other people are paying for,
737
00:38:39,859 --> 00:38:40,901
how funny is it that
738
00:38:40,985 --> 00:38:44,322
he is now the "executive" in charge
of this big corporation?
739
00:38:46,198 --> 00:38:48,284
-Georgette, I'm going over to Sony.
-Okay, sir.
740
00:38:48,367 --> 00:38:50,828
-So just hold my calls.
-[Georgette] Yes, sir.
741
00:38:51,495 --> 00:38:58,419
So, 2004, NBC "Must See TV"
consisted of one big, huge show
742
00:38:58,502 --> 00:38:59,462
called Friends.
743
00:38:59,545 --> 00:39:01,547
[Friends theme song playing]
744
00:39:02,465 --> 00:39:04,633
[Pruitt] Butted-up against it,chasing it in the ratings
745
00:39:04,717 --> 00:39:08,429
was an hour-long reality showcalled The Apprentice.
746
00:39:08,554 --> 00:39:12,016
It was a Thursday night
"Must See TV" program.
747
00:39:14,477 --> 00:39:17,605
It's a constructalmost from the very beginning.
748
00:39:17,688 --> 00:39:22,443
If you were to walk around Donald Trump's
actual office in Trump Tower,
749
00:39:22,526 --> 00:39:27,073
-you'd see the wood's kind of chipped.
-It's a mess.
750
00:39:27,156 --> 00:39:30,993
"Is that from the '70s? Wow.
And what's that smell?"
751
00:39:31,077 --> 00:39:34,080
Hi, good morning.
It's Rhona in Mr. Trump's office.
752
00:39:34,163 --> 00:39:36,916
[Pruitt] It's still Midtown Manhattan,it's still Trump Tower,
753
00:39:37,500 --> 00:39:41,629
but it wasn't the empire that we were
going to have to sell to people.
754
00:39:41,712 --> 00:39:45,383
We needed to gussy it up a bit,and we did.
755
00:39:45,466 --> 00:39:46,467
[man] Let 'em come in.
756
00:39:46,550 --> 00:39:49,595
Everyone, please go in to see Mr. Trump.
757
00:39:50,096 --> 00:39:52,223
[Braun] The boardroom was created.
758
00:39:52,306 --> 00:39:53,891
There wasn't a room like that
in Trump Tower.
759
00:39:53,974 --> 00:39:54,809
No.
760
00:39:54,892 --> 00:39:57,603
[Braun] So it was created like on a set.
761
00:39:57,686 --> 00:39:59,814
[Pruitt] The chair was selectedvery specifically.
762
00:39:59,897 --> 00:40:02,566
But this is the thing,
everything that we could create,
763
00:40:02,650 --> 00:40:06,654
we did so with an extra added edge
of patina.
764
00:40:06,737 --> 00:40:08,614
It was a mood. It was absolutely a mood.
765
00:40:10,032 --> 00:40:13,160
[Braun] We were trying to recreatethat scene in Network
766
00:40:13,244 --> 00:40:16,539
-when Ned Beatty is confronting--
-[Pruitt] Mr. Beale.
767
00:40:16,622 --> 00:40:21,293
You have meddled with
the primal forces of nature, Mr. Beale.
768
00:40:21,377 --> 00:40:23,504
[Braun] That same sort of intimidation...
769
00:40:23,587 --> 00:40:26,507
The world is a business, Mr. Beale.
770
00:40:26,590 --> 00:40:28,551
Come on, Kwame. Time is money.
771
00:40:29,760 --> 00:40:32,471
-We worked hard on this thing.
-Yeah.
772
00:40:32,555 --> 00:40:34,932
Giving it a look, giving it a style.
773
00:40:35,015 --> 00:40:38,477
You know that shot of Donald when
he comes down to announce his candidacy?
774
00:40:42,606 --> 00:40:43,691
We used that shot many times.
775
00:40:47,611 --> 00:40:49,280
Good morning.
776
00:40:49,363 --> 00:40:52,867
[Braun] We put on thisFunkadelic kind of music,
777
00:40:52,950 --> 00:40:55,703
and we'd sit back and go,
"This is ridiculous."
778
00:40:55,786 --> 00:40:57,163
But we thought it was funny.
779
00:40:57,246 --> 00:41:00,291
Just didn't know how many people
would actually look at that and go...
780
00:41:00,374 --> 00:41:03,669
-"That's cool. That's wild."
-"That's real. This guy's amazing."
781
00:41:03,752 --> 00:41:05,671
[people whooping]
782
00:41:05,754 --> 00:41:07,173
[man] He's entertaining, fun to watch.
783
00:41:07,256 --> 00:41:10,384
You talk to most people about
watching a rally, they're like, "Yeah."
784
00:41:10,468 --> 00:41:13,471
But you hear Trump's coming to Clemson,
and everybody goes nuts.
785
00:41:13,554 --> 00:41:14,472
[cheering]
786
00:41:14,555 --> 00:41:16,098
We grew up with The Apprentice.
787
00:41:16,182 --> 00:41:18,559
I remember watching that TV show.
That's when he had me,
788
00:41:18,642 --> 00:41:21,187
'cause I'm trying to be CEO one day.
789
00:41:21,270 --> 00:41:26,275
I think most of the Republican Party
and a good portion of Democrats
790
00:41:26,358 --> 00:41:29,695
failed to recognize
how much The Apprentice...
791
00:41:29,778 --> 00:41:31,614
solidified his image
792
00:41:31,697 --> 00:41:35,618
in the minds of the very voters
who ended up supporting him.
793
00:41:35,701 --> 00:41:36,744
Let me ask you a question.
794
00:41:36,827 --> 00:41:39,205
-Meat Loaf, should I run for president?
-Absolutely.
795
00:41:39,288 --> 00:41:41,248
Who would not vote for me?
796
00:41:43,083 --> 00:41:44,376
My name is Randal Pinkett.
797
00:41:45,127 --> 00:41:47,630
I was the winner of Season 4of The Apprentice.
798
00:41:47,713 --> 00:41:49,423
When you become the winner,
799
00:41:49,507 --> 00:41:51,467
you get a one-year contractworking for the Trump Organization.
800
00:41:53,344 --> 00:41:57,014
One of the rules of thumb that I developedover the course of my apprenticeship
801
00:41:57,097 --> 00:42:01,810
was I will not take anything to Donald
unless I can articulate it and frame it
802
00:42:01,894 --> 00:42:03,979
in the language of what's in it for Donald.
803
00:42:04,688 --> 00:42:05,981
If I can't do that,
804
00:42:06,065 --> 00:42:08,651
there's really no point
in bringing it to him. None.
805
00:42:09,777 --> 00:42:12,738
Overall, it was a good experience.
Think about it.
806
00:42:12,821 --> 00:42:15,866
The Apprentice opened a door of opportunity for me, which I seized.
807
00:42:15,950 --> 00:42:18,911
But the realities of the job, again,
was working for Donald.
808
00:42:19,828 --> 00:42:23,415
I got the job done, but I learnedthe culture of the Trump Organization.
809
00:42:23,499 --> 00:42:25,960
That culture was not onethat reflected my values.
810
00:42:26,043 --> 00:42:28,837
What a group of killers.
811
00:42:28,921 --> 00:42:33,217
It was an unnecessarily combative culture.
812
00:42:33,300 --> 00:42:36,720
Even for simple things that I would
get into disagreements with people,
813
00:42:36,804 --> 00:42:38,222
they would threaten me.
814
00:42:38,305 --> 00:42:41,559
Knock the crap out of them,
would you? Seriously.
815
00:42:41,642 --> 00:42:43,477
Okay? Just knock the hell...
816
00:42:43,561 --> 00:42:47,147
I promise you, I will pay
for the legal fees. I promise.
817
00:42:47,231 --> 00:42:49,024
[Pinkett] I really got to see
818
00:42:49,108 --> 00:42:54,071
how those public behaviors
translated into his private business.
819
00:42:55,197 --> 00:42:57,491
People who had done businesswith Donald would say to me,
820
00:42:57,575 --> 00:43:00,369
"I tried to do business with Donald,he took advantage of me."
821
00:43:00,452 --> 00:43:04,164
"Donald got the best of the deal."
"He raked me over the coals."
822
00:43:04,248 --> 00:43:05,916
"I'll never work with Donald again."
823
00:43:06,000 --> 00:43:09,128
I heard that regularly from people
I didn't even know,
824
00:43:09,211 --> 00:43:12,673
just came to me out of the blue
at airports, restaurants, on the street.
825
00:43:12,756 --> 00:43:17,344
You really have to watch the people
that you're doing business with.
826
00:43:17,428 --> 00:43:21,765
Donald will align himself
with other businesspeople
827
00:43:21,849 --> 00:43:24,226
who may be dubious or suspect.
828
00:43:24,310 --> 00:43:28,814
They will license, borrow, impute his nameto their efforts.
829
00:43:29,898 --> 00:43:34,820
The Trump Organization was always
what people call "open for business,"
830
00:43:34,903 --> 00:43:37,573
meaning he'd hear any offer
that came his way.
831
00:43:38,365 --> 00:43:40,659
Just look at Trump Towers SoHo.
832
00:43:41,535 --> 00:43:45,247
[Trump] Located in the center of Manhattan's chic artist enclave,
833
00:43:45,331 --> 00:43:48,584
the Trump International Hotel and Tower in SoHo
834
00:43:48,667 --> 00:43:50,669
is the site of my latest development.
835
00:43:50,753 --> 00:43:55,132
Trump SoHo was his only recent development
on the island of Manhattan.
836
00:43:55,215 --> 00:43:59,762
[Trump] This 50-story building will bethe first condominium hotel in the city
837
00:43:59,845 --> 00:44:01,764
with world-class accommodation.
838
00:44:01,847 --> 00:44:05,809
And he presented it on The Apprentice
as a Trump project.
839
00:44:05,893 --> 00:44:09,104
As if Trump himself dreamed of it,
paid for it, built it.
840
00:44:09,188 --> 00:44:12,524
[Trump] This brilliant $370 million work of art
841
00:44:12,608 --> 00:44:15,235
will be an awe-inspiring masterpiece.
842
00:44:16,195 --> 00:44:18,489
[Davidson] But it was not fundedby Trump himself.
843
00:44:18,572 --> 00:44:20,783
It was funded by a group of guys,
844
00:44:20,866 --> 00:44:23,535
some of them happened to befrom the former Soviet Union
845
00:44:23,619 --> 00:44:25,746
with some pretty sketchy ties.
846
00:44:27,247 --> 00:44:31,585
In the late 1990s, a guy named Tevfik Arifshows up in America.
847
00:44:31,669 --> 00:44:34,463
Tevfik Arif was from Kazakhstan.
848
00:44:34,546 --> 00:44:38,967
He was associated with some of Kazakhstan's more notorious oligarchs
849
00:44:39,051 --> 00:44:42,221
who are known as being
unbelievably corrupt.
850
00:44:42,304 --> 00:44:45,057
[reporter in Kazakh] A prostitution ring
851
00:44:45,140 --> 00:44:46,975
has been rounded up on the Savarona.
852
00:44:47,059 --> 00:44:50,938
The leader is said to bea Kazakh billionaire, Tevfik Arif.
853
00:44:51,522 --> 00:44:55,067
He’s the business partner of Donald Trump.
854
00:44:55,317 --> 00:44:57,861
[Davidson] He movedto a Russian neighborhood on Long Island,
855
00:44:57,945 --> 00:45:02,616
and one day met one of his neighborswho also spoke Russian, Felix Sater.
856
00:45:02,699 --> 00:45:05,452
He was born in the Soviet Union,grew up in Brooklyn.
857
00:45:05,536 --> 00:45:10,416
He had a few months as a successful trader
on Wall Street.
858
00:45:10,499 --> 00:45:12,459
But one night, he gets in a bar fight.
859
00:45:12,543 --> 00:45:14,461
And in the midst of the fight,
860
00:45:14,545 --> 00:45:17,381
the stem of his margarita glass
goes in the guy's face.
861
00:45:17,965 --> 00:45:19,550
Felix ends up going to jail.
862
00:45:20,008 --> 00:45:22,553
When he gets out,there's no more Wall Street career.
863
00:45:22,636 --> 00:45:25,139
So he starts doing one of
these pump-and-dump schemes,
864
00:45:25,222 --> 00:45:28,976
almost exactly the same scheme
as the movie The Wolf of Wall Street.
865
00:45:29,059 --> 00:45:30,602
Sound fair enough?
866
00:45:30,686 --> 00:45:32,479
[mouthing] Fuck you!
867
00:45:32,563 --> 00:45:36,942
He gets arrested for that,
and he turns State's witness.
868
00:45:38,026 --> 00:45:42,030
So this Kazakh refugee,basically with a sketchy past,
869
00:45:42,114 --> 00:45:44,658
meets this hustlerfrom the streets of Brooklyn,
870
00:45:44,742 --> 00:45:46,994
and they create this company Bayrock.
871
00:45:47,077 --> 00:45:50,706
Tevfik Arif happened to have an officein Trump Tower.
872
00:45:50,789 --> 00:45:55,210
Felix Sater shows up one dayat Trump's door and says,
873
00:45:55,294 --> 00:45:58,714
"Hey, I can get you some business.
I can make some deals for you."
874
00:45:59,298 --> 00:46:03,093
And so for Trump SoHo,what Felix Sater arranged was
875
00:46:03,177 --> 00:46:07,639
for the main money to come from a mannamed Tamir Sapir.
876
00:46:07,723 --> 00:46:10,809
He was a cab driverin New York City in the '70s.
877
00:46:10,893 --> 00:46:15,606
Suddenly this cab driver from Brooklyn
is doing these massive deals
878
00:46:15,689 --> 00:46:17,441
in the former Soviet Union,
879
00:46:17,524 --> 00:46:20,694
where he becomes a multi-billionaire
very quickly.
880
00:46:20,777 --> 00:46:25,115
I know from sourcesthat many people told Trump,
881
00:46:25,199 --> 00:46:26,658
"Don't do business with these guys."
882
00:46:26,742 --> 00:46:28,911
[John Sweeney]
Why didn't you go to Felix Sater and say,
883
00:46:29,787 --> 00:46:32,289
"You're connected with the mafia.
You're fired."
884
00:46:32,372 --> 00:46:34,416
Well, first of all,
we were not the developer there.
885
00:46:34,500 --> 00:46:36,001
That was a licensing deal.
886
00:46:36,084 --> 00:46:38,462
-But your name was on it.
-A very simple licensing deal--
887
00:46:38,545 --> 00:46:40,506
But your name is on it, Mr. Trump.
888
00:46:40,589 --> 00:46:43,342
Excuse me, but you're telling me things
that I don't even know about.
889
00:46:43,425 --> 00:46:49,306
A long-time deputy of Donald,
a guy named Abe Wallach, said to me,
890
00:46:49,890 --> 00:46:53,060
"Trump doesn't do due diligence.He goes with his gut.
891
00:46:53,143 --> 00:46:54,895
And if he has a gut feeling
that he likes you
892
00:46:55,521 --> 00:46:59,650
and that you pass a test which
he thinks you've got good genes..."
893
00:46:59,733 --> 00:47:02,444
that's how Abe put it,
"then he'd do business with you."
894
00:47:03,820 --> 00:47:05,280
[woman] Do you solemnly swear...
895
00:47:05,364 --> 00:47:09,243
[O'Brien] Trump later, during litigations,including my own, was asked under oath...
896
00:47:09,326 --> 00:47:10,160
I do.
897
00:47:10,244 --> 00:47:12,412
...by attorneys whether or not
he knew Felix Sater.
898
00:47:12,496 --> 00:47:14,206
If he were sitting in the room right now,
899
00:47:14,289 --> 00:47:16,792
I really wouldn't know
what he looked like.
900
00:47:16,875 --> 00:47:19,419
Trump knows Sater.
He knows him very well.
901
00:47:19,503 --> 00:47:21,213
They've spent a lot of time together.
902
00:47:21,296 --> 00:47:25,259
Trump asked Felix Sater to show
his two children around Moscow.
903
00:47:25,342 --> 00:47:30,347
Felix Sater had an office two doors down
on the same hallway as Donald Trump.
904
00:47:30,430 --> 00:47:35,185
We're standing in Trump SoHo.
It's the tallest building in SoHo.
905
00:47:35,269 --> 00:47:39,690
One of the tallest buildings in downtown.
Doesn't get any better.
906
00:47:39,773 --> 00:47:45,988
So, while Trump is on The Apprentice
pitching Trump SoHo as his project
907
00:47:46,071 --> 00:47:50,617
that is wildly successful,
it is the exact opposite.
908
00:47:50,701 --> 00:47:53,662
They've only sold a fraction of the units,
909
00:47:53,745 --> 00:47:57,457
and he's using The Apprentice
to desperately gin up business
910
00:47:57,541 --> 00:47:59,668
for this collapsing enterprise.
911
00:47:59,751 --> 00:48:04,047
And the building does eventually failand then sold on to other owners,
912
00:48:04,131 --> 00:48:07,217
although it maintains the name Trump SoHo.
913
00:48:07,301 --> 00:48:09,011
The way the Trump Organization worked
914
00:48:09,595 --> 00:48:12,806
was just literally a handfulof high-ranking executives.
915
00:48:12,889 --> 00:48:15,392
His kids Donald Jr. and Ivanka,
916
00:48:15,475 --> 00:48:17,436
his lawyer, Michael Cohen,
917
00:48:17,519 --> 00:48:19,521
few other occasional deal makers.
918
00:48:19,605 --> 00:48:23,692
In 2010, Felix Sater goes into
the Trump Organization
919
00:48:23,775 --> 00:48:25,944
and becomessort of an official deal maker.
920
00:48:26,028 --> 00:48:27,779
So they start doing business
921
00:48:27,863 --> 00:48:32,159
with some of the sketchiest peoplein some of the sketchiest countries.
922
00:48:33,035 --> 00:48:36,121
One of the deals I'm most familiar with
is his deal in Baku, Azerbaijan.
923
00:48:36,997 --> 00:48:40,250
Azerbaijan is a very corrupt country.
924
00:48:40,334 --> 00:48:43,420
It's nestled betweenRussia, Iran and Georgia.
925
00:48:43,503 --> 00:48:45,505
But even for Azerbaijan,
926
00:48:45,589 --> 00:48:48,967
Trump did business with people
who are unbelievably corrupt.
927
00:48:49,051 --> 00:48:52,346
Trump Organization does this dealwith the Mammadov family
928
00:48:52,429 --> 00:48:54,598
for Trump Tower, Baku.
929
00:48:54,681 --> 00:48:57,517
The Trump Tower wasin a pretty lousy neighborhood in Baku
930
00:48:57,601 --> 00:48:58,977
to have a luxury tower,
931
00:48:59,061 --> 00:49:02,105
so the building
made no sense economically.
932
00:49:02,189 --> 00:49:03,690
That's a huge red flag.
933
00:49:03,774 --> 00:49:06,985
The project was with two different sitting members
934
00:49:07,069 --> 00:49:08,362
of the Azerbaijan government.
935
00:49:08,445 --> 00:49:09,446
A huge red flag.
936
00:49:09,529 --> 00:49:14,326
A very long flight, but I'm here
in Baku, Azerbaijan. Check it out.
937
00:49:14,409 --> 00:49:16,370
[Davidson] Ivanka oversaw this project.
938
00:49:16,453 --> 00:49:18,413
She met with Anar Mammadov,
939
00:49:18,497 --> 00:49:21,333
the son of the transportation minister,Ziya Mammadov.
940
00:49:21,416 --> 00:49:24,044
And then, about as big a red flag
as it gets,
941
00:49:24,127 --> 00:49:28,298
the US officials considered Ziya Mammadovto likely be laundering money
942
00:49:28,382 --> 00:49:29,966
for the Iranian Revolutionary Guard.
943
00:49:30,050 --> 00:49:32,427
[newscaster]
This is the single biggest state sponsor
944
00:49:32,511 --> 00:49:34,805
for terrorism in the world.
945
00:49:35,180 --> 00:49:39,935
We think Trump made
around $5 million for the deal. And...
946
00:49:40,477 --> 00:49:42,896
Forget morality,
let's say you don't care,
947
00:49:42,979 --> 00:49:45,107
it's just bad business.
948
00:49:46,024 --> 00:49:48,735
Just from a simplerisk-reward calculation,
949
00:49:48,819 --> 00:49:52,280
what should be the basic skill
of a businessperson,
950
00:49:52,364 --> 00:49:53,824
the deal was insane.
951
00:49:53,907 --> 00:49:56,284
You're taking $5 million today,
952
00:49:56,368 --> 00:49:58,578
but the risk to doing businesswith people like this,
953
00:49:58,662 --> 00:50:00,831
if the Department of Justicegot a hold of it,
954
00:50:00,914 --> 00:50:04,292
is hundreds of millions of dollarsof exposure.
955
00:50:05,127 --> 00:50:08,964
And a great example of this
is the Trump Tower, Moscow.
956
00:50:09,047 --> 00:50:13,719
Trump has expressed many timeshe wants a Trump Tower, Moscow.
957
00:50:13,802 --> 00:50:17,889
So Sater starts talking to a guyhe grew up with, named Michael Cohen,
958
00:50:17,973 --> 00:50:20,809
who became a high-ranking executiveat the Trump Organization
959
00:50:20,892 --> 00:50:23,395
and is now Trump's personal attorney.
960
00:50:23,895 --> 00:50:26,440
Pretty soon,
they signed a letter of intent,
961
00:50:26,523 --> 00:50:29,109
which is the first phasebefore a development.
962
00:50:29,192 --> 00:50:32,863
But then, they're not getting the right
permissions from the Russian government,
963
00:50:32,946 --> 00:50:38,410
and Michael Cohen sends an e-mail to the PR department at the Kremlin,
964
00:50:38,493 --> 00:50:40,412
saying, "Hey, can we get this moving?
965
00:50:40,495 --> 00:50:43,165
I represent Donald Trump
and we wanna make this a deal."
966
00:50:43,248 --> 00:50:48,003
The thing is, this all happens
in January 2016,
967
00:50:48,086 --> 00:50:51,214
in the middle ofthe presidential campaign.
968
00:50:51,298 --> 00:50:56,219
Trump knew, because Michael Cohen says
he spoke to Trump about it three times,
969
00:50:56,303 --> 00:51:00,807
that his own high-ranking executivewas reaching out to the Kremlin
970
00:51:00,891 --> 00:51:05,353
to try and get political favorsto get a Trump Moscow built.
971
00:51:06,062 --> 00:51:09,441
I don't know this for sure,
but there's certainly a theory
972
00:51:09,524 --> 00:51:12,569
that he never imaginedhe would become president.
973
00:51:12,652 --> 00:51:14,988
I may make money running for president.
974
00:51:15,071 --> 00:51:16,031
It's very interesting.
975
00:51:16,114 --> 00:51:19,743
And the very fact that he authorized this
supports that idea.
976
00:51:27,918 --> 00:51:31,505
[O'Brien] Donald Trump is notoriouslyshort-term in his thinking
977
00:51:31,588 --> 00:51:36,635
and making cash quickly
without being discerning
978
00:51:36,718 --> 00:51:39,346
is one of the great Achilles' heels
of Donald Trump.
979
00:51:39,930 --> 00:51:42,808
It's what's gotten him into bedat times with questionable people.
980
00:51:42,891 --> 00:51:47,646
It's what's made him plaster his nameon so many different products,
981
00:51:47,729 --> 00:51:49,356
he's essentially become a human shingle.
982
00:51:49,439 --> 00:51:51,858
♪ When I'm thinking Arby's ♪
983
00:51:51,942 --> 00:51:55,320
♪ I'm thinking Chicken NaturalsWhen I'm thinking tasty ♪
984
00:51:55,779 --> 00:51:58,031
♪ I'm thinking Chicken Naturals ♪
985
00:51:58,573 --> 00:52:02,244
Trump has scores of ventures
that are affiliated.
986
00:52:02,327 --> 00:52:04,079
That either are licensing his name...
987
00:52:04,162 --> 00:52:07,833
When it comes to great steaks,
I've just raised the stakes.
988
00:52:07,916 --> 00:52:12,337
Or have cut Donald into an equity stake
to the venture. I'm talking scores.
989
00:52:12,420 --> 00:52:13,713
You seize opportunity.
990
00:52:13,797 --> 00:52:18,176
You get a hit TV show,
and the show isn't even on that long,
991
00:52:18,260 --> 00:52:22,430
and you're thinking, fragrance,
board game, books, suits.
992
00:52:22,514 --> 00:52:23,765
And you get all that out there.
993
00:52:23,849 --> 00:52:28,311
I've been on the air for 11,
coming up on 12 years, not one product.
994
00:52:28,895 --> 00:52:32,566
I saw the rise of his multiple ventures
in 2005 when I won.
995
00:52:33,441 --> 00:52:35,735
People come to him wanting to do deals.
996
00:52:35,819 --> 00:52:39,197
Donald did such a great jobof marketing himself as successful,
997
00:52:39,281 --> 00:52:41,616
and the most successful,that you would never know
998
00:52:41,700 --> 00:52:43,910
that there are so many failed ventures.
999
00:52:43,994 --> 00:52:47,205
So many people
who were left with their hand out.
1000
00:52:47,289 --> 00:52:49,499
So many people
who never got what they expected,
1001
00:52:49,583 --> 00:52:51,001
'cause that's not the story he tells.
1002
00:52:53,420 --> 00:52:54,838
My name is Jenna Knudsen.
1003
00:52:54,921 --> 00:52:56,423
My name is Doug Tumen.
1004
00:52:57,424 --> 00:53:01,178
This is a rags to riches
to rags kinda story.
1005
00:53:01,261 --> 00:53:06,516
You know, because when I first met you,
you were living in a little--
1006
00:53:06,600 --> 00:53:08,101
In a single-wide trailer.
1007
00:53:08,184 --> 00:53:09,436
-I'll put that out to America.
-Right.
1008
00:53:10,687 --> 00:53:14,482
[Knudsen] Eight years ago, I became a single mom with two young children.
1009
00:53:14,566 --> 00:53:17,611
And I needed to find a way
to have an income.
1010
00:53:18,320 --> 00:53:20,822
I was introduced to Ideal Health.
1011
00:53:21,573 --> 00:53:23,867
It was a health and wellness company
1012
00:53:23,950 --> 00:53:27,954
with customized vitaminsin a profession called network marketing.
1013
00:53:28,163 --> 00:53:29,956
It's word-of-mouth marketing.
1014
00:53:30,040 --> 00:53:32,292
It's like seeing a movie
and recommending it,
1015
00:53:32,375 --> 00:53:33,835
except you get paid.
1016
00:53:34,336 --> 00:53:36,838
I had all of these people
on the products, loving it,
1017
00:53:36,922 --> 00:53:41,885
and then one day I went out to my mailboxand I took out my paycheck,
1018
00:53:41,968 --> 00:53:45,263
and the check was for over $10,000
for one month.
1019
00:53:45,347 --> 00:53:50,185
So I went from single mom and struggling
to really successful in this company.
1020
00:53:52,270 --> 00:53:55,857
[Tumen] So the company was doing well,in the multi-millions
1021
00:53:55,941 --> 00:53:57,776
and it really took off.
1022
00:53:57,859 --> 00:54:01,571
I remember being in Santa Monica,
California, with Lou DiCaprio,
1023
00:54:01,655 --> 00:54:03,698
one of the founders and he said,
1024
00:54:03,782 --> 00:54:08,036
"We're partnering with somebody who's
gonna change the face of our company."
1025
00:54:08,119 --> 00:54:12,082
He made me play a guessing gameand I was able to say,
1026
00:54:12,165 --> 00:54:13,959
"Is it Donald Trump?"
1027
00:54:14,042 --> 00:54:16,711
And as soon as I said that, he smiled.
1028
00:54:16,795 --> 00:54:21,299
It was a moment of excitementbecause everybody felt
1029
00:54:21,383 --> 00:54:26,888
now we are going to be
a billion-dollar company, guaranteed.
1030
00:54:26,972 --> 00:54:31,267
And it just seemed like it was
only gonna get better and better.
1031
00:54:33,269 --> 00:54:37,857
At Trump University, we teach success.
That's what it's all about. Success.
1032
00:54:37,941 --> 00:54:42,487
[announcer] Donald Trump isthe world's most famous businessman.
1033
00:54:45,532 --> 00:54:47,033
I'm Ron Schnackenberg.
1034
00:54:47,117 --> 00:54:52,414
I started at Trump Universityin October of 2006.
1035
00:54:52,497 --> 00:54:54,124
When I started at the organization,
1036
00:54:54,207 --> 00:54:58,378
we were selling a 12-month long
portfolio of products.
1037
00:54:58,461 --> 00:55:02,132
It started with the real estate investment
training program.
1038
00:55:02,215 --> 00:55:05,427
We called it the "Reit."
And this is all online.
1039
00:55:05,510 --> 00:55:06,928
It was a really solid program.
1040
00:55:07,012 --> 00:55:08,680
I went through it, I enjoyed it.
1041
00:55:08,763 --> 00:55:11,850
So I felt like I was gettingsuper early in at a start-up
1042
00:55:11,933 --> 00:55:15,770
with the CEO being Donald Trump
who was, in my eyes, a huge success.
1043
00:55:16,688 --> 00:55:19,274
The sales team was, like,
in this little closet.
1044
00:55:20,442 --> 00:55:23,278
As we grew, 'cause we grew pretty quick.
1045
00:55:23,361 --> 00:55:24,988
Set up, like, kinda like this.
1046
00:55:25,071 --> 00:55:27,782
And this would be the, like,
the sales pit is what we called it.
1047
00:55:27,866 --> 00:55:29,617
It was kind of Boiler Room-esque.
1048
00:55:31,077 --> 00:55:33,496
For the first several months,it was all over the phone.
1049
00:55:33,580 --> 00:55:36,166
I was making more moneythan I'd ever made before.
1050
00:55:37,042 --> 00:55:39,169
We had more leadsthan the three of us could phone.
1051
00:55:39,252 --> 00:55:42,505
That's a good problem to have if you're
making your money on commissions.
1052
00:55:43,465 --> 00:55:48,845
Life was really good. It was fun.
That lasted for four to six months.
1053
00:55:49,345 --> 00:55:52,098
But the business drastically
changed into something
1054
00:55:52,182 --> 00:55:54,559
that I just wasn't necessarily
comfortable with.
1055
00:55:55,310 --> 00:55:59,647
But it became kind of fly-by-night-ishtype of seminar program.
1056
00:55:59,731 --> 00:56:04,486
And we were now selling
$1,500 to $35,000 seminars.
1057
00:56:05,653 --> 00:56:08,239
[announcer] Mr. Donald J. Trump.
1058
00:56:08,323 --> 00:56:09,783
[crowd cheering]
1059
00:56:09,866 --> 00:56:12,660
[Tumen] The launch of the Trump Network was an event.
1060
00:56:12,786 --> 00:56:17,123
And it's exciting
and Donald Trump gets up on stage
1061
00:56:17,207 --> 00:56:19,793
and he starts talking
about the Trump Network.
1062
00:56:19,876 --> 00:56:25,840
You know, it's funny. I just came
from the final shooting of The Apprentice.
1063
00:56:25,924 --> 00:56:28,051
Has everyone heard of The Apprentice?
1064
00:56:28,134 --> 00:56:32,806
And every time Donald Trump
would talk about the Trump Network,
1065
00:56:32,889 --> 00:56:36,684
he would use the same words.
Which we now call Trump speak.
1066
00:56:36,768 --> 00:56:39,437
We want to be the biggest
in the industry. I believe we can.
1067
00:56:39,521 --> 00:56:42,941
We will have so much winning
if I get elected
1068
00:56:43,024 --> 00:56:45,151
that you may get bored with winning.
1069
00:56:45,235 --> 00:56:47,112
"It's gonna be great. It's gonna be huge."
1070
00:56:47,195 --> 00:56:51,282
And you are going to be successful.
We're all gonna be successful together.
1071
00:56:51,366 --> 00:56:52,367
"This is gonna be so big.
1072
00:56:52,450 --> 00:56:54,577
You guys aren't gonna believe how big."
1073
00:56:54,661 --> 00:56:57,664
I'm really a good businessman.
I'm so good at business. Oh!
1074
00:56:57,747 --> 00:57:00,792
You people are gonna be so rich so fast,
you don't even...
1075
00:57:01,251 --> 00:57:06,506
When he was on stage, every bit of
confidence that he projected was about us.
1076
00:57:07,298 --> 00:57:12,428
He made you feel like, through him,you could have the life that you wanted
1077
00:57:12,512 --> 00:57:16,599
and when people are looking for a way,
it's easy to believe him.
1078
00:57:16,683 --> 00:57:20,562
And let's make this the number one
network marketing company anywhere.
1079
00:57:21,146 --> 00:57:25,275
We are going to make America great again.
Thank you.
1080
00:57:25,358 --> 00:57:27,944
-Thank you.
-[crowd cheering]
1081
00:57:30,738 --> 00:57:32,115
My name is Sherri Simpson.
1082
00:57:32,198 --> 00:57:34,701
I'm an attorney
in Fort Lauderdale, Florida.
1083
00:57:34,784 --> 00:57:38,371
I handle foreclosure defense
and bankruptcy cases primarily.
1084
00:57:39,205 --> 00:57:44,377
In 2010, the real estate pricesin South Florida
1085
00:57:44,461 --> 00:57:46,463
had just dropped so incredibly low.
1086
00:57:47,255 --> 00:57:52,302
It really was an opportune time to buyand I have a 17-year-old daughter
1087
00:57:52,385 --> 00:57:55,180
so I was looking for something
to help my daughter.
1088
00:57:56,764 --> 00:57:59,225
Trump University
sent a mailer to my office
1089
00:57:59,309 --> 00:58:01,978
and said we're offering this free seminar.
Come and learn from the master,
1090
00:58:02,061 --> 00:58:04,314
come and learn from Trump himself.
1091
00:58:04,397 --> 00:58:07,066
He'll teach you all of his secrets.
Come, come, come.
1092
00:58:07,150 --> 00:58:11,112
Come. Come. Get all the knowledge that
you need to be successful in real estate.
1093
00:58:11,196 --> 00:58:13,573
Come to the Sheraton Hotel. It's free.
1094
00:58:13,656 --> 00:58:16,826
[Simpson] When you first walked in,there was a huge cutout of Donald Trump.
1095
00:58:17,410 --> 00:58:19,704
[Schnackenberg] And the guy gets up.
1096
00:58:19,787 --> 00:58:23,458
Pulls out his American Express black card,and puts it under the little projector
1097
00:58:23,541 --> 00:58:25,502
and asks everyoneif they know what it is...
1098
00:58:25,585 --> 00:58:28,671
Starts going on to say, "Don't you wish
you had one of these, you know?
1099
00:58:28,755 --> 00:58:31,299
This means that you are successful.You made it.
1100
00:58:31,382 --> 00:58:33,718
This is what you guys should want."
1101
00:58:33,801 --> 00:58:38,723
"But in order to really, really do this,
you need to sign up for our mentorship."
1102
00:58:39,349 --> 00:58:43,895
The Gold Elite Mentorship was $35,000.
1103
00:58:43,978 --> 00:58:46,272
And I didn't even have that kind of money.
1104
00:58:46,356 --> 00:58:48,566
[newscaster]
"You must be very aggressive,"
1105
00:58:48,650 --> 00:58:50,735
one passage from the playbook reads.
1106
00:58:50,818 --> 00:58:55,031
"If they complain about the price,remind them that Trump is the best!"
1107
00:58:55,114 --> 00:58:57,075
One of the front-end pitch guys
1108
00:58:57,158 --> 00:59:00,662
told everyone to go home
and increase their credit limits.
1109
00:59:01,246 --> 00:59:05,458
Sure enough, Sunday afternoon,
when it comes time to wrap up the seminar
1110
00:59:05,542 --> 00:59:08,586
and he's saying, "Now it's timeto use that newly available credit
1111
00:59:08,670 --> 00:59:11,214
to fund that $35,000 program.
1112
00:59:11,297 --> 00:59:13,925
To sweeten the deal,
I'll tell you what we can do.
1113
00:59:14,008 --> 00:59:17,262
We can let you partner with somebody
and so it's half-off."
1114
00:59:18,513 --> 00:59:21,808
I don't know.
Maybe I'm susceptible to sales pitches.
1115
00:59:22,684 --> 00:59:24,185
But there was a lot of excitement.
1116
00:59:24,269 --> 00:59:27,730
A lot of buzz that it was himand we would learn from him.
1117
00:59:27,814 --> 00:59:30,775
And these are all people
that are handpicked by me.
1118
00:59:30,858 --> 00:59:33,069
I really believed in him.
1119
00:59:33,152 --> 00:59:37,740
Because at that time,this is 2010, all I knew about him
1120
00:59:37,824 --> 00:59:40,368
was that he wasa successful real estate investor.
1121
00:59:42,078 --> 00:59:44,872
What everyone later came to find out
1122
00:59:44,956 --> 00:59:49,252
was that this was the licensing deal
that he had done other places.
1123
00:59:49,335 --> 00:59:51,963
I've become a very rich guy.
1124
00:59:52,046 --> 00:59:55,633
A billionaire many times over
by taking action.
1125
00:59:55,717 --> 00:59:59,512
We had to pay him for everything.
For every conference call,
1126
00:59:59,596 --> 01:00:02,432
for every time he showed up...
1127
01:00:02,515 --> 01:00:07,395
And once the original buzz was over,
there was no follow-through on his end.
1128
01:00:08,479 --> 01:00:11,733
So the money left the company
to go to Donald Trump,
1129
01:00:11,816 --> 01:00:14,611
and eventually,when it wasn't being promoted,
1130
01:00:14,694 --> 01:00:17,572
people stopped rushing
to join the company.
1131
01:00:18,865 --> 01:00:22,368
[Schnackenberg] After the seminar,a couple came and talked to me
1132
01:00:22,452 --> 01:00:23,494
and they wanted to buy it.
1133
01:00:23,578 --> 01:00:26,623
I started talking to them
about their current situation.
1134
01:00:26,706 --> 01:00:28,333
I learned that the person
didn't have a job,
1135
01:00:28,416 --> 01:00:30,376
and this was their fallback.
1136
01:00:30,460 --> 01:00:32,420
So I asked how he was gonna
pay for the program,
1137
01:00:32,503 --> 01:00:36,132
and he was gonna take out
some equity from his apartment.
1138
01:00:36,215 --> 01:00:39,510
I wasn't comfortable with it
and an hour or so later,
1139
01:00:39,594 --> 01:00:43,765
he tracked me down with his
new business partner that he had just met.
1140
01:00:44,557 --> 01:00:47,810
And so I was really disappointed to knowthat one of the other salespeople
1141
01:00:47,894 --> 01:00:50,438
had gotten hold of himand they ended up buying it.
1142
01:00:50,521 --> 01:00:54,400
[reporter] Playbooks for the sales teamcoach them on how to market the courses,
1143
01:00:54,484 --> 01:00:58,988
even to single mothers with three childrenwho, quote, "may need money for food."
1144
01:00:59,072 --> 01:01:03,451
I was reprimanded
for not selling the program to this guy.
1145
01:01:05,036 --> 01:01:07,789
They brought me into the office and said,"This isn't right.
1146
01:01:07,872 --> 01:01:11,209
Who are you to say that this person
can't afford this program?"
1147
01:01:11,292 --> 01:01:15,797
And it was very clear that,ethically, we were not in line.
1148
01:01:17,757 --> 01:01:19,217
I went back to my desk
1149
01:01:19,300 --> 01:01:24,138
and drafted a resignation letterand resigned,
1150
01:01:24,222 --> 01:01:26,974
and they showed me the door15 minutes later.
1151
01:01:30,019 --> 01:01:34,399
[Knudsen] Then one day, I go to my mailboxand there is no paycheck.
1152
01:01:35,608 --> 01:01:39,737
So I called up the founders
and I just said, "What's going on?"
1153
01:01:40,321 --> 01:01:43,408
And they told me,"Little cash-flow problem.
1154
01:01:43,491 --> 01:01:46,077
You're going to get paid.
It's just tough."
1155
01:01:46,703 --> 01:01:48,621
[Tumen] I did call the Trump Tower
1156
01:01:48,705 --> 01:01:51,874
and I spoke to his executive assistant, Cathy.
1157
01:01:51,958 --> 01:01:54,419
And basically, it was,
1158
01:01:54,502 --> 01:01:58,131
"I'm sorry. We're not affiliated
with the company anymore," and that's it.
1159
01:01:58,756 --> 01:02:02,260
And we never got paid again. Ever.
1160
01:02:03,344 --> 01:02:06,180
We were devastated.We were in a state of crisis.
1161
01:02:06,264 --> 01:02:10,393
This was our life.
This was little kids saying,
1162
01:02:10,476 --> 01:02:15,440
"Mom, is everything gonna be okay?"
It was tough. It was really hard.
1163
01:02:20,570 --> 01:02:23,573
The mentor was supposed to be
handpicked by Trump.
1164
01:02:23,656 --> 01:02:25,742
It was supposed to be somebody
that he had taught.
1165
01:02:25,825 --> 01:02:28,828
[man] Did you spend time with peoplethat go into the Elite program?
1166
01:02:28,911 --> 01:02:31,622
[Trump] I was very much involvedwith the school
1167
01:02:31,706 --> 01:02:33,958
from the standpoint of, I see instructors.
1168
01:02:34,041 --> 01:02:37,170
I talk to instructors. I talk to people.
1169
01:02:37,253 --> 01:02:40,047
I check resumes.It was very important to me.
1170
01:02:40,131 --> 01:02:42,133
And the mentor dropped off
the face of the Earth.
1171
01:02:42,216 --> 01:02:45,386
He had never met Donald Trump.
Didn't know Trump from Adam.
1172
01:02:45,928 --> 01:02:49,098
Do you remember when you said this?
"I'm a former license agent broker.
1173
01:02:49,182 --> 01:02:52,059
At 29, I became the top 1% broker
in the country.
1174
01:02:52,143 --> 01:02:55,730
I build homes in Atlanta, Georgia.
And I used to live in Beverly Hills."
1175
01:02:55,813 --> 01:03:00,526
Yes. If I said those things, they're true.
I did live in Beverly Hills and I--
1176
01:03:00,610 --> 01:03:03,237
We have no record of you ever living
in Beverly Hills.
1177
01:03:03,321 --> 01:03:04,405
Okay, well...
1178
01:03:04,489 --> 01:03:07,325
We can't find
your broker's license anywhere.
1179
01:03:07,408 --> 01:03:08,242
Okay.
1180
01:03:08,326 --> 01:03:12,205
And I have no idea what homes
you built in Atlanta, Georgia.
1181
01:03:12,288 --> 01:03:15,875
-You build homes in Georgia?
-I'm not prepared to answer today.
1182
01:03:15,958 --> 01:03:18,753
[Simpson] I'm trying to reach them.I'm e-mailing, calling...
1183
01:03:18,836 --> 01:03:23,049
I'm getting no response.
And then it just shut down.
1184
01:03:23,549 --> 01:03:26,552
And I had no idea
until it ended up on the news.
1185
01:03:26,636 --> 01:03:29,347
Students of Trump University
who are suing him
1186
01:03:29,430 --> 01:03:31,432
are calling the real estate courses
a fraud.
1187
01:03:31,516 --> 01:03:34,435
This is thousands of people who were taken
for millions of dollars.
1188
01:03:34,519 --> 01:03:37,897
[newscaster] They claim the university used high-pressure sales tactics
1189
01:03:37,980 --> 01:03:39,857
and never taught real estate success.
1190
01:03:39,941 --> 01:03:41,651
-[reporter] You didn't learn anything?
-No.
1191
01:03:41,734 --> 01:03:44,862
He took my self-respect
and he embarrassed me.
1192
01:03:44,946 --> 01:03:46,864
[Eric Schneiderman] This was a lie.
1193
01:03:46,948 --> 01:03:49,659
The only person who was
guilty of a cheap publicity stunt
1194
01:03:49,742 --> 01:03:54,205
is America's leading expert on cheap
publicity stunts, Donald Trump.
1195
01:03:54,288 --> 01:03:57,458
A law firm reached out and said,
"Hey, would you be willing to testify
1196
01:03:57,542 --> 01:03:59,544
and give your story of your experience?"
1197
01:03:59,627 --> 01:04:04,549
When something hits my ethics, I'm gonna
share my truthful feedback on it,
1198
01:04:04,632 --> 01:04:06,592
and so, that's what happened.
1199
01:04:07,176 --> 01:04:10,179
[Simpson] Once I found outthat litigation had started,
1200
01:04:10,680 --> 01:04:12,431
I said, "I will join in with you."
1201
01:04:13,516 --> 01:04:18,104
I think I'd be more comfortable
with my attorney talking to you
1202
01:04:18,187 --> 01:04:21,816
about all of the legal ramificationsof everything.
1203
01:04:23,025 --> 01:04:28,322
What happened in this case
is that the defendant in the lawsuit
1204
01:04:28,406 --> 01:04:30,449
was elected
president of the United States.
1205
01:04:31,117 --> 01:04:33,035
That doesn't happen every day.
1206
01:04:33,119 --> 01:04:34,203
I don't settle cases.
1207
01:04:34,287 --> 01:04:36,539
I don't do itbecause that's why I don't get sued often.
1208
01:04:36,622 --> 01:04:38,833
Because I don't settleunlike a lot of other people.
1209
01:04:38,916 --> 01:04:41,085
We just learned that Donald Trumphas agreed to settle the lawsuits
1210
01:04:41,168 --> 01:04:44,547
related to Trump University.It's for $25 million dollars.
1211
01:04:44,630 --> 01:04:48,801
I think Trump was absolutely correct
when he tweeted that
1212
01:04:48,885 --> 01:04:52,847
that's a small fraction of the exposurehe could have faced had he lost at trial.
1213
01:04:52,930 --> 01:04:56,851
Trump University took inclose to $50 million in tuition.
1214
01:04:56,934 --> 01:04:59,770
Under the RICO statute,the damages are tripled.
1215
01:04:59,854 --> 01:05:04,483
So if the case goes to trial, he's pushing$200 million in exposure.
1216
01:05:04,567 --> 01:05:07,069
I think he owes us
everything that we paid.
1217
01:05:07,904 --> 01:05:09,780
He needs to be stopped.
1218
01:05:09,864 --> 01:05:11,699
[Friedman]
I had been looking at this settlement.
1219
01:05:11,782 --> 01:05:16,120
It struck me as really odd based on
my knowledge as a class-action lawyer,
1220
01:05:16,203 --> 01:05:18,331
that the class membersdid not have the opportunity
1221
01:05:18,414 --> 01:05:19,665
to opt out of the settlement.
1222
01:05:19,749 --> 01:05:23,294
When I drilled into it,
I saw that they had been promised
1223
01:05:23,377 --> 01:05:26,589
that if there was a settlement,
they'd have the opportunity to opt out.
1224
01:05:26,672 --> 01:05:31,260
The only way to stop it
is a real judgment in a court of law.
1225
01:05:31,344 --> 01:05:34,764
[newscaster] She's filed a motionwith the San Diego federal court.
1226
01:05:34,847 --> 01:05:38,392
[Friedman] I believe that the presidentis gonna go to trial for fraud.
1227
01:05:38,476 --> 01:05:41,437
And I am very confident
that we're gonna win.
1228
01:05:42,480 --> 01:05:46,651
The world doesn't change without people
standing up to people like Trump.
1229
01:06:05,503 --> 01:06:07,088
My name's Walt Shaub.
1230
01:06:07,171 --> 01:06:10,257
I used to be the directorof the U.S. Office of Government Ethics.
1231
01:06:10,341 --> 01:06:12,551
And now I'mwith the Campaign Legal Center.
1232
01:06:13,511 --> 01:06:19,100
I worked under three different presidents.
Bush, Obama and Trump.
1233
01:06:20,226 --> 01:06:22,061
There were times when thingswould get heated
1234
01:06:22,144 --> 01:06:25,815
with folks from both the Bushand the Obama Administrations.
1235
01:06:26,315 --> 01:06:29,402
But they always respected you
for standing up and doing your job,
1236
01:06:29,485 --> 01:06:31,988
and in the end,
we were always able to work it out.
1237
01:06:32,071 --> 01:06:35,491
Everything changed when
the Trump Administration came in.
1238
01:06:37,827 --> 01:06:42,039
The morning after the election,I sent them a congratulations e-mail
1239
01:06:42,123 --> 01:06:44,125
and said, "I was looking forwardto working with you."
1240
01:06:44,208 --> 01:06:46,752
And then they disappeared. Just gone.
1241
01:06:47,670 --> 01:06:51,841
And a few weeks went bybefore I managed to get Don McGahn,
1242
01:06:51,924 --> 01:06:54,593
who is counsel to the president,to meet us.
1243
01:06:54,677 --> 01:06:56,470
And from the moment I met him,
1244
01:06:56,554 --> 01:06:59,765
I was struck by how little he knew
about what was going on.
1245
01:06:59,849 --> 01:07:03,769
In fact, at one point,
Don McGahn even raised his voice
1246
01:07:03,853 --> 01:07:06,022
in our very first meeting with him.
1247
01:07:06,105 --> 01:07:09,400
I stopped the meeting and went and got him
some cookies and coffee,
1248
01:07:09,483 --> 01:07:12,111
'cause I thought he was having
a low blood-sugar moment.
1249
01:07:12,194 --> 01:07:14,155
It didn't get better from there.
1250
01:07:14,238 --> 01:07:17,783
Things went downhill for the rest
of the time that we dealt with them.
1251
01:07:19,285 --> 01:07:21,912
One of the issueswith the Government Ethics program is
1252
01:07:21,996 --> 01:07:26,500
it's based on an assumption that
the president cares about ethics,
1253
01:07:26,584 --> 01:07:28,419
and he's gonna hold his staff accountable.
1254
01:07:28,502 --> 01:07:30,880
But from the start,
when the president declared
1255
01:07:30,963 --> 01:07:33,883
he was not going to divest
his financial interest,
1256
01:07:33,966 --> 01:07:35,843
he departed from an ethical norm
1257
01:07:35,926 --> 01:07:39,346
established by every president before him
since the 1970s.
1258
01:07:39,430 --> 01:07:41,432
[Trump]
You learn very little from tax returns,
1259
01:07:41,515 --> 01:07:45,227
but nevertheless,I really have a very, very clean company.
1260
01:07:46,520 --> 01:07:49,732
One of the biggest scams
that President Trump has tried to pull
1261
01:07:49,815 --> 01:07:53,819
is making it sound like
he's stepped back from his businesses.
1262
01:07:53,903 --> 01:08:00,117
My two sons, who are right here,
are going to be running the company.
1263
01:08:00,201 --> 01:08:03,913
They are going to be running it
in a very professional manner.
1264
01:08:03,996 --> 01:08:05,998
They're not gonna discuss it with me.
1265
01:08:07,166 --> 01:08:10,377
[Shaub] Then you have cabinet officials
and foreign governments
1266
01:08:10,461 --> 01:08:13,923
moving their events
to the president's hotel.
1267
01:08:14,590 --> 01:08:17,927
[newscaster] A member of the ruling familyof the UAE and Turkish Airlines
1268
01:08:18,010 --> 01:08:21,931
were among the sponsorsof this Turkish-American conference
1269
01:08:22,014 --> 01:08:25,601
at Trump International Hotel,just a few blocks from the White House.
1270
01:08:25,684 --> 01:08:28,896
At his New Jersey property,
there was a flyer saying,
1271
01:08:28,979 --> 01:08:33,400
if you rent the facility for an event,
the president might pop in on you.
1272
01:08:33,484 --> 01:08:35,111
And he's made good on that.
1273
01:08:35,194 --> 01:08:37,571
-Everyone having a good time?
-[woman] Yes, sir.
1274
01:08:37,655 --> 01:08:39,448
[woman 2] Looking good, Donald.
1275
01:08:39,532 --> 01:08:43,536
You're literally engaging in pay-for-play
by selling access to the government.
1276
01:08:43,619 --> 01:08:45,830
[newscaster]
The president has spent roughly one-third
1277
01:08:45,913 --> 01:08:47,873
of his time in office at Trump properties,
1278
01:08:47,957 --> 01:08:51,293
including his current working vacation in Bedminster, New Jersey,
1279
01:08:51,377 --> 01:08:55,256
and 25 days at his Mar-a-Lago resortwhere membership fees
1280
01:08:55,339 --> 01:08:58,592
have doubled to $200,000since he took office.
1281
01:08:58,676 --> 01:09:04,348
But even beyond that, just using
the presidency to advertise businesses.
1282
01:09:04,431 --> 01:09:05,766
Trump Steaks. Where are the steaks?
1283
01:09:05,850 --> 01:09:08,352
Do we have the steaks?
Right. We have Trump Steaks.
1284
01:09:08,435 --> 01:09:10,396
Go buy Ivanka's stuffis what I would tell him.
1285
01:09:10,479 --> 01:09:12,982
She developed anotherunbelievably entrepreneurial,
1286
01:09:13,065 --> 01:09:16,193
wildly successful businessthat bears her name.
1287
01:09:16,277 --> 01:09:20,489
The man tweeted at one point,
"Everybody should buy L.L. Bean products
1288
01:09:20,573 --> 01:09:22,950
because they supported mein the campaign."
1289
01:09:23,033 --> 01:09:26,620
[Hayes] Dow Chemical donated $1 millionto Trump's inauguration fund.
1290
01:09:26,704 --> 01:09:29,373
And most recently sent lettersto three federal agencies
1291
01:09:29,456 --> 01:09:32,126
asking them to ignore pesticide studies.
1292
01:09:32,209 --> 01:09:34,420
Should I give this pen to Andrew?
Dow Chemicals.
1293
01:09:34,503 --> 01:09:38,299
The president misusing the presidency
to give free advertising
1294
01:09:38,382 --> 01:09:40,926
to his own properties whenever possible.
1295
01:09:41,010 --> 01:09:42,344
Hello, everybody.
1296
01:09:42,428 --> 01:09:44,555
[newscaster]
This was the liberal college town
1297
01:09:44,638 --> 01:09:46,891
of Charlottesville, Virginia, on Friday.
1298
01:09:46,974 --> 01:09:48,976
Jews will not replace us!
1299
01:09:49,059 --> 01:09:53,230
[woman] The alt-right is behind
these attacks in Charlottesville.
1300
01:09:53,314 --> 01:09:56,942
But you also had people,
very fine people on both sides.
1301
01:09:57,026 --> 01:10:00,070
[clamoring]
1302
01:10:00,696 --> 01:10:02,907
Does anyone know
I own a house in Charlottesville?
1303
01:10:02,990 --> 01:10:03,824
[woman] Where is it?
1304
01:10:03,908 --> 01:10:06,535
Oh, boy, it's gonna be...
It's in Charlottesville. You'll see.
1305
01:10:06,619 --> 01:10:07,953
[woman] Is it near the winery?
1306
01:10:08,037 --> 01:10:09,663
It is the winery.
1307
01:10:10,372 --> 01:10:12,166
I know a lot about Charlottesville.
1308
01:10:12,249 --> 01:10:16,462
I own one of the largest wineries
in the United States, in Charlottesville.
1309
01:10:16,545 --> 01:10:20,216
It's just the complete monetization
of the presidency.
1310
01:10:23,719 --> 01:10:27,223
The thing I'm most worried about
regarding the intersection
1311
01:10:27,306 --> 01:10:30,643
between the Trump brand
and Federal Government
1312
01:10:30,726 --> 01:10:36,065
is that we now no longer have the ability
to assess whether his decisions
1313
01:10:36,148 --> 01:10:40,152
are based on his policy aims
or his financial interests.
1314
01:10:40,236 --> 01:10:46,158
When you have Trump praising Erdoğanin Turkey when he seizes more power...
1315
01:10:46,242 --> 01:10:48,744
President Erdoğan and I
are also discussing
1316
01:10:48,827 --> 01:10:52,539
the need to reinvigorate
our trade and commercial ties.
1317
01:10:52,623 --> 01:10:56,502
...or inviting a murderer like Duterte
to come stay in the White House.
1318
01:10:56,585 --> 01:10:58,212
[Trump] He's popular in the Philippines.
1319
01:10:58,295 --> 01:11:02,132
He has a very high approval rating.I look forward to meeting him.
1320
01:11:02,216 --> 01:11:03,759
And then you learn that he's got
1321
01:11:03,842 --> 01:11:07,805
Trump-branded propertiesin Turkey and in the Philippines.
1322
01:11:07,888 --> 01:11:12,226
You start wondering, "Does he admirethese men for their authoritarian traits,
1323
01:11:12,309 --> 01:11:15,980
or is he trying to make a buck?"
And whatever the answer is,
1324
01:11:16,063 --> 01:11:18,399
even if you wanna
give him the benefit of the doubt,
1325
01:11:18,482 --> 01:11:21,902
what's wrong is that
we have to even ask the question.
1326
01:11:23,195 --> 01:11:25,781
Back in Washington,
the Government Ethics watchdog
1327
01:11:25,864 --> 01:11:29,868
who raised red flags about Trump family
business dealings, resigned today.
1328
01:11:30,536 --> 01:11:32,329
[Shaub]
It was a difficult decision to quit,
1329
01:11:32,413 --> 01:11:36,417
but it was a lot more difficult to watch
the ethics program being dismantled.
1330
01:11:36,500 --> 01:11:39,628
I had been there
for the better part of 17 years.
1331
01:11:39,712 --> 01:11:43,632
And I now had been dealing witha White House that was determined
1332
01:11:43,716 --> 01:11:45,592
to drive a Mack Truckthrough any loopholes
1333
01:11:45,676 --> 01:11:48,137
they could find in the ethics program.
1334
01:11:50,848 --> 01:11:55,853
[Davidson] Every deal I've looked atcontains unbelievable ethical lapses
1335
01:11:55,936 --> 01:11:59,148
and many of the warning signsof criminal activity.
1336
01:11:59,231 --> 01:12:01,567
But sometimes I wonder,
if maybe his greatest fear is,
1337
01:12:01,650 --> 01:12:04,486
he doesn’t know what he's done.
1338
01:12:04,570 --> 01:12:07,364
The way the Trump Organization worked is
1339
01:12:07,448 --> 01:12:10,034
that there were these peoplein the world,
1340
01:12:10,117 --> 01:12:11,869
who knew they could make a connection
1341
01:12:11,952 --> 01:12:15,080
between Trump and people with money
to set up a deal.
1342
01:12:15,164 --> 01:12:20,085
When you have these people in the worldwandering around cutting deals,
1343
01:12:20,169 --> 01:12:22,713
you don't know what you've agreed to.
1344
01:12:23,797 --> 01:12:25,549
But that is not a legal defense.
1345
01:12:25,632 --> 01:12:28,594
There's a concept
called "willful blindness."
1346
01:12:28,677 --> 01:12:32,598
You are guilty if you knowinglyengage in an illegal action
1347
01:12:32,681 --> 01:12:34,850
or you're with somebodywho's performing an illegal action.
1348
01:12:34,933 --> 01:12:37,561
You're just as guilty
if you're willfully blind.
1349
01:12:38,020 --> 01:12:39,897
That doesn't meanyou just don't happen to know.
1350
01:12:40,397 --> 01:12:44,068
It means you have actively structured
your organization
1351
01:12:44,151 --> 01:12:46,111
to stop yourself from finding out.
1352
01:12:46,695 --> 01:12:50,366
[announcer]
Ladies and gentlemen, Mr. Donald Trump.
1353
01:12:50,449 --> 01:12:51,700
[man] Step right up, folks.
1354
01:12:51,784 --> 01:12:56,538
Here's the answer to your problems.
Sensational new discovery, ISM.
1355
01:12:56,622 --> 01:13:00,501
ISM will cure any ailmentto the body politic.
1356
01:13:01,752 --> 01:13:04,421
[Davidson] What truly scares me and makes me think we have a problem
1357
01:13:04,505 --> 01:13:08,467
that will last much, much longer
than the Trump presidency,
1358
01:13:08,550 --> 01:13:10,552
is that this whole thing has worked.
1359
01:13:11,845 --> 01:13:15,766
Maybe it's just 35%,but that a significant and crucial part
1360
01:13:15,849 --> 01:13:19,603
of the American peopleso fundamentally misunderstand
1361
01:13:19,686 --> 01:13:24,775
the most basic principles of ethics,and morality and business practices.
1362
01:13:24,858 --> 01:13:27,236
And that to me is really scary
1363
01:13:27,319 --> 01:13:31,115
'cause what choices are they gonna
keep making again and again?
1364
01:13:32,574 --> 01:13:36,036
The best way to think of his thoughtabout the presidential campaign
1365
01:13:36,120 --> 01:13:39,206
was it was a great con.It was a great grift.
1366
01:13:39,790 --> 01:13:44,211
This was all part of the 45-year
1367
01:13:44,294 --> 01:13:47,714
showbiz project called
the Trump Organization.
1368
01:13:52,219 --> 01:13:55,722
The con man is a storied figure
in American life.
1369
01:13:56,890 --> 01:13:59,476
The snake oil salesmanwho visits a small town
1370
01:13:59,560 --> 01:14:02,688
and convinces the yokelsto buy a magic potion.
1371
01:14:03,188 --> 01:14:05,441
Father Coughlin, in the 1930s,
1372
01:14:05,524 --> 01:14:09,653
who inveighed over a new mediumcalled radio to foster anti-Semitism.
1373
01:14:09,736 --> 01:14:14,324
Joe McCarthy, in the 1950s,who used a new medium called television
1374
01:14:14,408 --> 01:14:17,744
to foment a scareabout Communist infiltration.
1375
01:14:17,828 --> 01:14:21,498
Donald Trump, in the year 2017,who used social media
1376
01:14:21,582 --> 01:14:23,250
to foment the fear of the other
1377
01:14:23,333 --> 01:14:27,838
and to destabilize people's faithin bipartisan public policy making.
1378
01:14:28,338 --> 01:14:33,719
The con man is a fixture of American life
and con man is short for confidence man.
1379
01:14:33,802 --> 01:14:38,765
He is someone who preysupon people's confidence in them
1380
01:14:38,849 --> 01:14:42,144
to deliver on their dreams,to deliver on their needs,
1381
01:14:42,227 --> 01:14:44,771
knowing full well that they have
1382
01:14:44,855 --> 01:14:48,358
neither the ability or the intent
to deliver on any of that.
1383
01:15:11,673 --> 01:15:14,384
♪ We're gonna make it, me and you ♪
1384
01:15:14,468 --> 01:15:16,637
♪ I know just what to do ♪
1385
01:15:16,720 --> 01:15:19,473
♪ We'll take the scarsAnd the ditches too ♪
1386
01:15:19,556 --> 01:15:21,558
♪ There ain't nobody rich like me ♪
1387
01:15:22,726 --> 01:15:25,145
♪ They say trouble should be my name ♪
1388
01:15:25,229 --> 01:15:27,564
♪ I get by just the same ♪
1389
01:15:28,023 --> 01:15:30,150
♪ When they're gone, lost again ♪
1390
01:15:30,234 --> 01:15:32,653
♪ Oh, there ain't nobody rich like me ♪
1391
01:15:32,736 --> 01:15:35,948
♪ There are winners, there are losers ♪
1392
01:15:36,031 --> 01:15:38,200
♪ Rivers paved with gold ♪
1393
01:15:38,283 --> 01:15:41,620
♪ Come here, I'll tell you ♪
1394
01:15:41,703 --> 01:15:44,331
♪ Oh, Lord, I've been told ♪
1395
01:15:44,414 --> 01:15:46,917
♪ I've seen sights you can't believe ♪
1396
01:15:47,000 --> 01:15:49,670
♪ Then againSay money don't grow on trees ♪
1397
01:15:49,753 --> 01:15:52,673
♪ I ain't so funnyWhen I'm counting money ♪
1398
01:15:52,756 --> 01:15:55,175
♪ And there ain't nobody rich like me ♪
1399
01:15:55,259 --> 01:15:57,261
♪ Ain't nobody rich like me ♪
1400
01:15:58,095 --> 01:16:00,055
♪ There ain't nobody rich like me ♪
131074
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