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.”