Page 123 - Too Much and Never Enough - Mary L. Trump

carried $94 million in annual debt, and the Taj alone needed to pull in more than $1 million a day to break even.
The banks were bleeding money. Just as the Taj was opening, Donald and his lenders were meeting to try to figure out how to rein in and manage his spending. The possibility of more defaults and bankruptcies still loomed, and a solution had to be found that would protect Donald’s image, which, in turn, would protect the banks’ money. Without the veneer of success and confidence he projected (and had projected for him), the bankers feared that his properties, already in trouble, would lose even more value. His last name was the draw: without the name there would be no new gamblers or tenants or people willing to buy bonds and hence no new revenue.
In addition to fronting Donald the money to cover his businesses’ operating expenses, the banks reached an agreement with him in May 1990 to put him on a $450,000-a-month allowance—that is, almost $5.5 million a year for having failed miserably. That money was just for personal expenses: the Trump Tower triplex apartment, the private jet, the mortgage on Mar-a-Lago. In order to sell his image, Donald needed to be able to continue living the lifestyle that bolstered it.
In order for the banks to keep tabs on him, Donald had to meet with them every Friday to report on his expenditures as well as progress he’d made selling assets such as the yacht. In May 1990, there was no denying how dire the situation was. As much as Donald complained to Robert that the banks were “killing” him, the truth was that he was beholden to them in a way he had never been to his father: he had never been on a leash before, let alone a short one, and it chafed. He was legally obligated to pay the banks back, and if he didn’t, there would be consequences. At least there should have been.
Despite the restrictions, Donald continued spending cash he didn’t have, including $250,000 for Marla’s engagement ring and $10 million to Ivana as part of their divorce settlement. I don’t think it ever occurred to him that he couldn’t spend whatever he wanted no matter what the circumstances. The banks admonished him for betraying their agreement, but they never took any action against him, which just reinforced his belief that he could do whatever he wanted, as he almost always had.
In a way, you can’t really blame Donald. In Atlantic City, he had become unmoored from his need for his father’s approval or permission. He no