NEW YORK DAILY NEWS
Updated: Wednesday, October 5, 2016, 5:45 PM
WASHINGTON — Donald Trump blew through his allowance and had to get his rich dad to give him a huge loan in the late 1970s.
Newsweek rehashes a report, based on a 1980 and 1981 investigation from New Jersey’s gaming regulators that came after Trump tried to get a casino license in the state, says Trump exceeded a $ 35 million line of credit with Chase Manhattan that his dad had helped him secure and needed a bailout from daddy to avoid bankruptcy.
The reexamination of Trump’s early cash problems comes after revelations that he declared losses of nearly $ 1 billion on his 1995 taxes.
Newsweek says Donald Trump (r.) “is not a self-made man. He is a self-made disaster who only avoided personal bankruptcy thanks to his father being there to clean up his mess.”
Many of the details from the New Jersey Department of Law and Public Safety report had been previously reported in March by the Washington Post.
Trump had loaded himself up with debt and exceeded the credit limit, hitting $ 38 million borrowed in 1978.
That report also showed Trump personally lost more than $ 400,000 in 1978 and $ 3.4 million in 1979 (that’d be worth $ 1.2 million and $ 11.2 million today), not paying any federal taxes either year.
Those losses were 17 times more than the combined amount he’d made from 1975 through 1977.
Fred Trump reportedly helped his son Donald Trump (pictured) by loaning him millions from one of the Trump family companies.
But Fred Trump pulled his son’s bacon out of the fire with a series of personal loans totaling $ 7.5 million and another $ 1 million from one of the Trump family companies.
That doesn’t count the “small loan of a million dollars” Trump has previously talked about.
Newsweek concludes that Trump “is not a self-made man. He is a self-made disaster who only avoided personal bankruptcy thanks to his father being there to clean up his mess.”
The Washington Post reported that Trump admitted in a 2007 deposition that he’d borrowed at least $ 9 million of his inheritance from his dad when he faced financial difficulties.