Lucky Loser (book)
| Author | Susanne Craig and Russ Buettner |
|---|---|
| Language | English |
| Subject | Donald Trump, his wealth, and his family |
| Published | September 17, 2024 |
| Publisher | Penguin Random House LLC |
| Publication place | United States |
| Pages | 528 |
| ISBN | 9780593298640 |
Lucky Loser: How Donald Trump Squandered His Father’s Fortune and Created The Illusion of Success is a nonfiction book by New York Times investigative journalists Susanne Craig and Russ Buettner. It was published on September 17, 2024 by Penguin Random House LLC.
It covers Donald Trump’s inherited wealth, financial and business practices alongside providing insights into his many claims on being a self-made man. The book also delves into Trump’s father Fred Trump’s wealth and fortune and how that was used as a financial leverage for his son and challenges the long-standing narrative that Trump built his empire from a modest loan, instead revealing that he inherited the equivalent of over $400 million from his father.
Demonstrating how Trump, despite receiving substantial financial backing, repeatedly lost money on ventures only to be bailed out by luck or the efforts of others was able to use the television show The Apprentice to rebrand himself during financially difficult times, ultimately leading to his political ascent.
Background
[edit]On October 1, 2016, The New York Times published an article co-authored by Craig, which stated that Donald Trump had reported a loss of $916 million in 1995, which could have allowed him to avoid paying income taxes for up to eighteen years.[1] In subsequent television interviews, Craig identified herself as the reporter who had received a portion of Trump's 1995 tax records in her mailbox from an anonymous sender, who was later revealed to be Mary L. Trump.[2]
On October 2 2018, Craig and Buetner were among the three investigative journalists for The New York Times that wrote a 14,000 word exposé that revealed Trump’s many fraudulent business practices and tax schemes and refuted the former President's claims of self-made wealth and entrepreneurial accomplishments. The story is among the longest ever published by the paper and involved over 100,000 pages of documents both from from public sources and confidential disclosures. These included "mortgages and deeds, probate records, financial disclosure reports, regulatory records and civil court files," for publicly available documents and private records such as "bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks."[3]
They, alongside David Barstow, went on to win the Pulitzer Prize for Explanatory Reporting in 2019 “for an exhaustive 18-month investigation of President Donald Trump’s finances that debunked his claims of self-made wealth and revealed a business empire riddled with tax dodges."[4] They also shared the 2019 George Polk Award for Political Reporting.[5]
On February 22, 2024, Craig announced that she would be publishing a book titled Lucky Loser with Penguin Random House LLC in collaboration with her colleague Russ Buettner on September 17, 2024. The book would draw on over twenty years’ worth of Trump’s confidential tax information, including the tax returns he tried to conceal, alongside business records and interviews with Trump insiders. [6]
Synopsis
[edit]Inheritance vs. Self-Made Narrative
[edit]The book reveals that Trump inherited the equivalent of over $400 million from his father, Fred Trump, directly contradicting Trump’s public narrative that he built his real estate empire from a small loan.
Consistent Business Failures
[edit]Trump’s financial history is marked by a series of failed business ventures, including Trump Plaza Hotel and Casino, airlines, and real estate projects. Despite this, the authors allege that he was repeatedly bailed out either by family support or fortuitous financial deals.
Tax Avoidance
[edit]The book presents allegations that Trump engaged in aggressive tax avoidance strategies, including declaring significant losses in his businesses to offset his tax liabilities over many years. These practices, while possibly legal, call into question the accuracy of Trump's portrayal of his financial success.
The Apprentice’s Role
[edit]Lucky Loser alleges that Trump’s role on The Apprentice played a crucial part in reviving his public image as a successful businessman during a period when his real financial situation was far from robust. The show with the help of Mark Burnett rebranded him, helping him monetize his persona despite mounting financial difficulties.
Licensing and Debt Maneuvering
[edit]The book details how Trump relied on licensing his name for various businesses and taking on large amounts of debt, often with minimal personal financial risk. Many of these deals led to lawsuits and financial entanglements that he was able to sidestep, often without fulfilling the loans.
Release
[edit]Promotion
[edit]Craig and Buettner appeared on numerous talk shows, interviews, podcasts, and book signings to promote their book including on CNN, MSNBC, Times Radio and at Politics and Prose.
Critical reception
[edit]According to The Washington Post, the book revealed how Fred Trump gave his son “almost endless collateral for loans, connections in banking and politics, and a reliable wellspring of cash to pursue dreams and fame.” Further, it was reported that much of the glamour behind The Apprentice was fake, staged or exaggerated.[7] Newsweek also reported how the book detailed “how Trump suffered major losses, such as the closure of multiple casinos, and tax records show that his businesses lost more than $1 billion between 1985 and 1994.”[8]
Trump’s campaign advisor Steven Cheung labelled the book as lies and claimed the book was "a desperate attempt to interfere" in the 2024 United States presidential election.[9]
References
[edit]- ^ "Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found". The New York Times. October 2, 2016.
- ^ "Tax documents are 'important window' into Trump". NBC News. October 4, 2016. Retrieved 2021-03-04.
- ^ Drum, Kevin (2018-10-02). "Times Report: Trump Wealth Largely Based on Tax Scams and Bailouts From Dad". Mother Jones. Retrieved 2024-09-22.
- ^ "David Barstow, Susanne Craig and Russ Buettner of The New York Times". Pulitzer.org. 2019. Retrieved 20 May 2021.
- ^ Polk, Eileen (February 19, 2019). "New York Times Wins Two George Polk Awards". The New York Times. Retrieved 20 May 2021.
- ^ "ABOUT LUCKY LOSER". Peguin Random House. Retrieved 29 April 2024.
- ^ Mclean, Bethany (2024-09-17). "Donald Trump's financial failures are stunning. 'Lucky Loser' has the receipts". The Washington Post. Retrieved 2024-09-17.
- ^ Palmer, Ewan (2024-09-18). "Donald Trump Was 'Black Hole' for His Dad's Money: New Book Author". Newsweek. Retrieved 2024-09-21.
- ^ Peck, Emily (2024-09-17). ""Lucky loser:" New book details how Trump got rich". Axios. Retrieved 2024-09-17.