Quotes from one of Donald Trump's books are being used against him in a lawsuit over unpaid debts related to his Chicago tower.
Real estate developer, reality show host, and combover king Donald Trump is being hoisted by his own petard in court for quotes from a book he wrote last year.
Trump is being sued by lenders who funded his 92-story Trump International Hotel & Tower in Chicago after he failed to make scheduled payments. The developer has failed to sell all the space in the glass-clad tower as the real estate market suffers from dried-up credit, flagging demand, and a weak retail environment.
Lawyers for lead lenders, including Deutsche Bank Trusts, recently introduced excerpts from Trump's 2007 book "Think Big: Make It Happen in Business and Life" to portray the brash businessman as an untrustworthy and disingenuous negotiator, according to Crain's Chicago Business. An example:
"I turned it back on the banks and let them accept some of the blame. I figured it was the bank’s problem, not mine. What the hell did I care? I actually told one bank, ‘I told you you shouldn’t have loaned me that money. I told you that goddamn deal was no good.’"
Deutsche Bank claims Trump has the money--something executives with his company acknowledge--but simply refuses to pay it back because his Chicago tower is not the success he felt it could be when he conceived the project in a booming real estate market.
“The fact that he is now resorting to the same tactics he has consistently employed throughout his career as a real-estate magnate should surprise no one," court documents stated. "This suit is classic Trump.”