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Chiwas · 08-09-2004, 09:18 AM

Billionaires Back Bush Over Kerry

And if the country's billionaires could select the president, Bloomberg News is reporting President Bush would easily win. According to Bloomberg, nearly four times as many billionaires have contributed to Bush's candidacy than to Kerry's. Bush has received donations from a total of 131 billionaires including Bill Gates of Microsoft. John Kerry has received the backing of 31 billionaires. Donald Trump was one of six billionaires to give to both campaigns.

Democracy Now

LRB · 08-09-2004, 09:24 AM

Generally you have to be at least a little smarter than average to make a billion dollars. Even if you inherit the billion, you need to be smart to invest it or at least hire smart advisors. That being said, it doesn't surprise me in the least that Bush gets more support. Still it's an awful small sampling. I think that the electoral vote will be more telling. At least it will legally decide who gets to be President for the next 4 years.

Drbio · 08-09-2004, 10:11 AM

Is it really a small sample size LRB? I mean, how many billionaires do we have?

Usually Lurkin · 08-09-2004, 10:13 AM

gotta love Trump.

LRB · 08-09-2004, 11:35 AM

Quote:

Originally posted by: Drbio
Is it really a small sample size LRB? I mean, how many billionaires do we have?

It's a small sample size for the voting population, not for the voting billionaire population. Having just returned form Louisiana, I can tell you that there are a hell of a lot of people making yearly incomes in the low 5 digits that have Bush/Cheney signs up in their front yards. One hell of a lot more than Kerry/Edwards signs. Leastwise alont the route that I took through rural LA.

reeds · 08-09-2004, 11:52 AM

"Generally you have to be at least a little smarter than average to make a billion dollars. Even if you inherit the billion, you need to be smart to invest it or at least hire smart advisors" "That being said, it doesn't surprise me in the least that Bush gets more support. Still it's an awful small sampling"

LRB- you cant be serious??? You think because they are smarter is the reason they are backing Bush?
It couldnt be the simple fact that Kerry has already said the Rich wont get the tax breaks could it? The rich know they will be paying more taxes- period..

LRB · 08-09-2004, 12:20 PM

Reeds what scares me is that I believe that you might actually be serious with your nonsense. 1st of all, tax breaks only apply to the money you earn. 1st of all you have to earn money. To earn money for anyone as rich as billionaires, generally means the economy needs to be doing well, certainly the better the economy, the more the billionaires earn. Next these men and women don't need any money saved from tax breaks to pay the rent or buy groceries. Money is is a power game at worst to them. They'd rather make 200,000,000 and pay 35% tax on it than make 100,000,000 and pay 25% tax on it. It doesn't take a genius to figure that they still pocket more money with the higher tax. However the ideal scenario is for them to make 200,000,000 and pay only 25% tax on it. Actually this benefits everyone the most, because it means that our economy is doing great and there is more money being pumped efficiently back into the economy instead of into the government morass. However other areas are just as important to these individuals: defense, foreign relations, law enforcement, etc. But to say that these billionaires make their decisions based soley or even mostly on who will make them pay the least tax is totally ridiculous.

reeds · 08-09-2004, 12:45 PM

"Reeds what scares me is that I believe that you might actually be serious with your nonsense. 1st of all, tax breaks only apply to the money you earn. 1st of all you have to earn money. To earn money for anyone as rich as billionaires, generally means the economy needs to be doing well, certainly the better the economy, the more the billionaires earn. Next these men and women don't need any money saved from tax breaks to pay the rent or buy groceries. Money is is a power game at worst to them. They'd rather make 200,000,000 and pay 35% tax on it than make 100,000,000 and pay 25% tax on it. It doesn't take a genius to figure that they still pocket more money with the higher tax. However the ideal scenario is for them to make 200,000,000 and pay only 25% tax on it. Actually this benefits everyone the most, because it means that our economy is doing great and there is more money being pumped efficiently back into the economy instead of into the government morass. However other areas are just as important to these individuals: defense, foreign relations, law enforcement, etc. But to say that these billionaires make their decisions based soley or even mostly on who will make them pay the least tax is totally ridiculous. "

YOU give the billionaires too much credit- some got rich by being greedy, but squeezing every last penny they could out of whatever they could..the new money billionaires.. And I am not just speaking of tax breaks by work income. That also includes dividends from investments- and who has more investment income/ dividend income than billionaires? I dont feel it is ridiculous at all to accuse the rich of wanted to get richer

madape · 08-09-2004, 11:16 AM

class warfare, it's faaaaantastic

Drbio · 08-09-2004, 03:13 PM

LOL! LRB is trying to teach reeds something about investments and capital gains. I'd rather try to teach a poodle differential equations. It would be more successful. [img]i/expressions/face-icon-small-tongue.gif[/img]

reeds · 08-09-2004, 04:50 PM

"For example, if you purchased about 10,000 dollars of Microsoft stock back when they wen public, it would now be worth millions."

Very true, along with Yahoo, Harley Davidson, Dell, etc...that is hindsite..most people would have sold much much sooner and reaped a minute fraction of that..Most want some cash sooner or later. And what happens when they sell? CAPITAL GAINS!! ...Id be willing to bet they would do much better selling now vs. if Kerry was in office...

reeds · 08-09-2004, 04:54 PM

LOL! LRB is trying to teach reeds something about investments and capital gains. I'd rather try to teach a poodle differential equations. It would be more successful.

Didnt you buy ENRON @ $60.00 a share Ms. DrBIO?

LRB · 08-09-2004, 04:56 PM

Quote:

Originally posted by: reeds
LOL! LRB is trying to teach reeds something about investments and capital gains. I'd rather try to teach a poodle differential equations. It would be more successful.

Didnt you buy ENRON @ $60.00 a share Ms. DrBIO?

And if he sold it at $65.00 a share it would have been a decent move. [img]i/expressions/anim_roller.gif[/img]

reeds · 08-09-2004, 07:35 PM

or sold it when it crashed and went to .01

Drbio · 08-09-2004, 08:46 PM

Never owned Enron....doofus.

Even your putdowns are pathetic.

reeds · 08-09-2004, 09:19 PM

"Never owned Enron....doofus.

Even your putdowns are pathetic. "

Thats because I dont get the practice that you do.

Drbio · 08-09-2004, 09:57 PM

Quote:

Originally posted by: reeds
"Never owned Enron....doofus.

Even your putdowns are pathetic. "

Thats because I dont get the practice that you do.

Well....at least you know you suck. That's a start.

reeds · 08-10-2004, 09:59 AM

you are the star of the Mavs board, and I am just a wanna be..very depressing

Chiwas · 08-10-2004, 10:06 AM

Funny enough here, the ambidexter was the first to bite the dust under reeds' thesis:

Trump in Casino Debt Deal

Mon Aug 9,10:06 PM ET

By Peter Henderson

LOS ANGELES (Reuters) - Trump Hotels & Casino Resorts Inc. (NYSE: DJT - news) on Monday said key bond holders had agreed to take the company into voluntary bankruptcy and restructure its $1.8 billion in debt to get a $400 million capital infusion.

Donald Trump, the real estate developer and star of reality show "The Apprentice" appeared poised to use his trademark line "You're fired!" on himself as chief executive and to cut his controlling stake to 25 percent if the deal with debt holders and a Credit Suisse First Boston equity fund goes through.

CSFB's DLJ Merchant Banking Partners III will co-invest $400 million with Trump and take a majority stake.

Trump will remain chairman of the company, which owns four casinos, including the Taj Mahal in Atlantic City, and has been seeking for months to restructure its debt.

It has come close to defaulting on interest payments in the process, although that did not threaten the developer's non-casino real estate projects, which are held separately.

A significant amount of casino bond holders had agreed to swap $1.8 billion in debt for $1.25 billion in new 10-year publicly traded debt and a mix of cash and stock in the new company.

The annual interest rate will fall to 7.875 percent from an average of approximately 12 percent, and the company said it would be able to secure up to $500 million in new financing.

Stockholders will have the right to buy new shares in a rights offering, which will leave shareholders other than Donald Trump with between 0.1 percent and 4 percent of the new company.

"The Company intends to effect the transactions in a Chapter 11 (bankruptcy) proceeding pursuant to a pre-negotiated plan of reorganization in order to implement the Recapitalization Plan in an efficient and timely manner," the company said.

It aims to begin the filing by the end of September and end in the first quarter of 2005.

Trump himself will invest $55 million in the new company with CSFB and $15.9 million in notes. He would also receive land in Atlantic City and his real estate firm would get the right of first offer to serve as contractor for new development.

The restructuring will cut the company's annual cash interest expense by about $110.2 million.

Drbio · 08-10-2004, 10:54 AM

Quote:

Originally posted by: reeds
you are the star of the Mavs board, and I am just a wanna be..very depressing

It's all about the baby steps reeds.....Congratulations on your budding enlightenment.