I had the best bank in the world!
Turns out that
$1 million loan Donald Trump got from his daddy so he could pull himself up by his bootstraps was just the tip of the iceberg,
reports Andrew Kacyunski.
In December of 1990, a lawyer for Fred Trump walked into Trump Castle in Atlantic city and, according to reports at the time, deposited a check with the casino for $3.36 million in exchange for chips. Instead of using the chips to play in the casino, the lawyer left.
The result: an interest free loan to Trump from “Daddy-O.”
The same day that Fred Trump made his chip purchase, The Donald stunned the gaming world and his creditors by making a scheduled bond payment.
“The payment gave the younger Trump enough cash to make an $18.4 million payment due bondholders in the casino and surprised analysts who said it appeared Trump lacked enough money to make the payment,” read the Associated Press account from the time.
So daddy Trump bailed out The Donald when he couldn't make his payments. Isn't it a miracle how much money you can "make" when your father's a millionaire? It's like the stuff just rains down upon you.
The loan scheme was ultimately found to be illegal, btw, and Trump kept the money but had to pay a $30,000 fine. That's a pretty good return on investment for breaking the law. Oh, and then this happened:
Fred Trump would make further payments to his son, and Donald Trump ultimately settled his debts.