Hail to the Conman in Chief, who has honed fraud to an art form.

 Ever since debt was invented in ancient Sumer, there have probably been people enriching themselves through bad investments. The trick is to make these investments using other people’s money.

Suppose, for example, that a wheeler-dealer uses borrowed funds to make risky investments in New Jersey casinos. If the investments somehow end up making money, he can pocket the profits. But if the investments fail, he may — if he’s been tricky about the wording in his loans or manages to persuade his creditors not to go after his other assets — be able to walk away and leave other people holding the bag. That is, it’s heads he wins, tails the creditors lose.

He may also be able to siphon off some of the borrowed money, say by having the casinos pay him or businesses he owns large sums for various services before they go bust.

As readers may have guessed, this isn’t a hypothetical example. It is the story of Donald Trump’s New Jersey casino empire, a venture ending in multiple bankruptcies that was a disaster for outside investors but appears to have been quite profitable for Trump.

Just one of MANY examples where he took the money and ran, protected by his Army of Lawyers, leaving investors, suppliers and workers ‘holding the bag’.

Truly presidential material, if your head is up your ass….