Nov
12
Trump, from Henry Gifford
November 12, 2008 |
Right now we can all maybe take a lesson from Donald Trump's father Fred. During the depression, his father (who was a builder) told his subcontractors they can work for x dollars to build a building. They did the math and said, "we can barely survive on those prices - we won't make any profit at all!" He said "yes, that's true, but when the slowdown is over, you'll be the owner of a construction company". As Fred was well known as a man of his word, who paid his bills on time, you can figure out the rest of the story.
In the 1980s, when the NYC government had been trying for years to build a skating rink in Central Park, and failed again, and responded by appointing a comission to study the matter, Donald Trump told the newspapers he would build it for what they had budgeted, and have it ready by the winter, and pay any cost overruns out of pocket. In other words, he was sparring with the mayor on the front page of the tabloids in a city where his business depended on "favors" from the government (permits, etc.).
The mayor could hardly say no, so Trump told Anthony Gildeman, a recently hired employee who had been comissioner of housing in NYC (never mind), to go find out who is the best skating rink contractor around and "fly him in here." They listened to the guy (from Canada) explain what the city was doing wrong, and to his idea about how to get it done well and quickly. Trump almost gave Gildeman a heart attack by saying "Hire the guy," this without a year of requests for proposals, inquiries about contracts going to people who have donated to the right funds, etc.
The rink was done right, on time and I think under budget. The only glitch was the parks department planting a tree on opening day, which involved driving a large truck on a grassy hill after a few days of rain….
I think the story is mostly or all true the way I heard it, and if people are taken in by his image, and will pay extra for a condo with his name on it, or pay $3,000 for a handbag, I just love the USA.
Comments
Archives
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- Older Archives
Resources & Links
- The Letters Prize
- Pre-2007 Victor Niederhoffer Posts
- Vic’s NYC Junto
- Reading List
- Programming in 60 Seconds
- The Objectivist Center
- Foundation for Economic Education
- Tigerchess
- Dick Sears' G.T. Index
- Pre-2007 Daily Speculations
- Laurel & Vics' Worldly Investor Articles
