It Couldn't Happen to a Nicer Bunch of Losers

Posted on March 7, 2009 - The Los Angeles Times published an AP report that says investors in Donald Trump's Baja hotel-condo project will lose $32 million.

Trump's Baja fiasco is incorporated under Mexican law, and the people who put up their deposits have no legal recourse to recover their money.

Besides, even if it were under American law, Trump is bankrupt again, so they couldn't get their money out of him anyway. His casinos are in bankruptcy court right now, and his Chicago Tower is apparently about to go the same route.

Note the same thing happened to Trump back in the 1992 recession -- he's always been one of these all glitter-and-hype developers who only does well when the boom is on and people are being foolish with their money.

However, I simply can't muster up much sympathy for silly people who plopped down $200,000 to $3 million each so they could become "millionaires living in Baja." These investors had a stupid fantasy and they put their money into a stupid fantasy and got what they deserved.

People have been getting burned by falling for the "buy in at the pre-construction price" development scam forever, and not just by Trump.

People never learn: You only buy it when you can see it and touch it.

For the whole story, visit LAtimes.com's "Trump Baja venture leaves buyers high and dry," or Click Here>

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http://www.latimes.com/business/la-fi-trump7-2009mar07,0,5760149.story