He says he’ll run the American economy like he runs his businesses.
So it’s probably not good news for Donald Trump that today the 65-story Trump International Hotel & Tower Toronto declared bankruptcy.
The tallest residential skyscraper in Canada, and by far the fanciest, went belly up just four years after Trump and his children cut the ribbon at its grand opening.
It’s sleek cream-and-black interiors were inspired by Champagne and caviar. According to its website, you can even order gourmet treats for your dogs, and “send them off to sleep on a plush dog bed.”
But, sadly, Fido will have to enjoy the good life somewhere else soon.
The project’s developer is one of Trump’s Russian partners, a fellow billionaire who got rich in Ukraine’s steel industry. The project has faced lawsuits filed by middle-class investors who claim they were suckered into buying time-share-style units in the hotel with wildly overstated projections of Trump Toronto’s performance.
Sound familiar?
“The whole business model has been overpromise and underdeliver, and it’s Trump’s name on the thing,” said one project insider. “You can’t put all the blame on him and his people. But if they did a terrific job, do you think it would be in bankruptcy?”
A Trump spokeswoman responded today, “This has been a record year for the hotel.” At the very same time a judge gave his approval for a receiver to supervise the sale of the tower.
American voters are left asking, “Is this the way our country will be run?”