If Donald Trump really wanted to “Make America great again,” he could start with his own employees, who lost millions in retirement savings when Trump Hotels & Casino Resorts declared bankruptcy in 2004. According to the 2004 class action lawsuit they filed, THCR encouraged them to invest their 401(k) savings in shares of THCR stock.
“Honestly. I thought, way back when, the guy was way brighter than we were,” said a former Trump casino worker who chose to remain anonymous. “He was running the company and we were working for him. We thought he was brilliant. When we invested in it, we thought, how could this stock go so low?” In 1996, the first year workers were able to invest in it, shares were priced at $30 each. By 2004, however, the price had plummeted to just $2 a share. When THCR announced on Aug. 10, 2004, that it would enter bankruptcy, stock prices plummeted overnight, grounding out at 36 cents the next morning. For a worker who invested $1,000, that meant a loss of $964. Altogether, Trump workers lost over $2.1 million in retirement savings.
Trump walked away from the bankruptcy unscathed financially and criminally — a judge dismissed the workers’ lawsuit after finding “no illegal actions” by THCR. Meanwhile, as trickster THCR chair, billionaire Trump banked an annual $2 million salary and over $44 million in total compensation. (motherjones.com, Oct. 17)