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March 18, 2009

ICYMI: Donald Trump weighs in on the economic crisis

Posted: 07:44 AM ET

Donald Trump, chairman and president of The Trump Organization and the executive producer of NBC's "Celebrity Apprentice," spoke with LKL last night about the public's furor with AIG, the Bernie Madoff saga and the nation's economic woes.

Here's a portion of the interview:

Larry King: We have public anger over the AIG bonuses. Is it justified?

Donald Trump: Well, it's unbelievable anger. I heard people saying things that you wouldn't even believe - a very major senator saying that the people that did this should commit suicide. That's a pretty strong statement, I would say.

It is very bad politics in terms of what AIG did. They took $165 billion in money from the government and now they're going around giving out bonuses and giving people bonuses that really, in many cases, did not do a very good job and, in many cases, took the bonus and left right after the bonus. The bonuses were supposed to hold these people together and hold them into the company.

I think it's a very, very foolish thing that they did, and certainly should have used a different name if they had to do something.

King: We - the collective we - we the people, own 80 percent of AIG. Should we allow it to fail?

Trump: Well, Larry, now that you're in for $160 billion, it's a lot harder to walk away. I think AIG has the politicians right where they want them. Frankly, I think letting Lehman fail was far worse than letting AIG fail.

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Filed under: Economy • Trump


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Nery Rife   March 18th, 2009 9:17 am ET

I love "DONALD TRUMP", he is such an honest person that if I had a business or dealt in the same league as him I would love to do business with him. A straight shooter and he calls it like it is. May GOD bless him, always!!!!


Terry, TX   March 18th, 2009 9:45 am ET

I am not angry at AIG....
Republican Snowe had the legislation in to prevent it in the Pork Job Stimulus Bill....Democrat Dodds removed it and put in legislation to allow them to receive the bonuses...Remember that's when the bill swelled from 800 pages to 1200 pages...and no one was allowed to read it....because it was a crisis, no time to read it, Obama's desk by Friday....Pelosi in Italy Monday and Obama on vacation until Tuesday. Anyone who voted NO was called an oppositionist...I wouldn't of signed it if I couldn't read it.
So whose fault is it?

Now we are outraged...by the same people in the Democratic Run Congress who allowed it... What's their response...we will sue....how... you wrote the legislation in...case lost. We will tax it all.... unconstitutional.... the government cannot tax any entity 100% or unreasonably in this country. Case lost.

I know what you can do ..President Obama can show up on Jay Leno....that's the Presidential thing to do.


Joe G. (Illinois)   March 18th, 2009 4:21 pm ET

Outrage after the fact seems to be an American Classic…When you step into the ring with the devil you get what you get.. And it just don’t matter how much you whine about it.. All them rules you thought that were in place for you to rely upon become all fuzzy, weak and inexistent.. It’s a classic.. So enjoy while you have it!


Qrysta   March 18th, 2009 5:54 pm ET

In the last 8 minutes on Larry Donald talked about this being the greatest time ever to buy real estate. Donald would have explained the phrase TAKE BACK THE PAPER, if only Larry had allowed him to expound. He and other real estate experts may know what that means but the rest of us would like to know. Some someone please educate me. What on earth does, "the bank will take back 90-100% of the paper" mean? They'll reduce the mortgage on foreclosed properties by that much? I hate phrases without explanations. I see plenty foreclosed properties but they are not THAT LOW in price and nearly all require large expenditures in repairs to make them livable again so by the time you add all that to the price I don't see they bargain basement prices people seem to be hollering about. Perhaps if I got that PAPER TAKEN BACK, I'd get it.


Lloyd M Abrahams CPA   March 18th, 2009 6:46 pm ET

There is a federal law called "TITLE 18" which in essence says "if two or more persons conspire in a document (assumed to be a written one) to defraud the US Government, they are guilty of a "TITLE 18" offense which can result in a $10,000 fine and or 10 years in jail for each count (under "Title 18").
I wonder if the CNN legal gurus want to comment on the application of TITLE 18 to AIG lack of proper disclosure to the Secretary of the Treasury in a timely fashion about the AIG golden parachutes.
MRCANDU10 (Cousin of MR. Get It Done)


Robert, Washington State   March 18th, 2009 11:21 pm ET

I am beginning to believe the “change” that President Obama was talking about on the campaign trail is the two cents I will have left from every dollar I earn.

I need to figure out how to get on the other side of this “change” and get the ninety eight cents of what others have earned.


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