Wednesday, December 12, 2007

Trump spins in foreclosure game

When I heard that President Bush wants to bail out homeowners caught up in the sub-prime mortgage mess, I figured I better move fast if I want to profit from other people's misfortune.

So I high-tailed it over to the Pasadena Hilton, where a seminar was held the other day by a representative of Trump University, Donald Trump's online institution of business education, founded in 2005. "We teach success," the venture's website declares.An ad in this very newspaper showed a picture of The Donald and quoted him as saying, "Investors nationwide are making millions in foreclosures . . . and so can you!

"I'm going to give you 2 hours of access to one of my amazing instructors AND priceless information . . . all for FREE."

OK, I know what you're thinking. You're thinking there has to be a catch, such as the fact that the ad doesn't mention anywhere that the free two-hour seminar is only a "preview" of the three-day workshops that Trump offers for $1,495.

And you're thinking, "Hey, wait a minute. Isn't this the same Donald Trump whose businesses repeatedly have had to seek bankruptcy protection and whose primary claim to fame these days has been hosting 'The Apprentice' on TV?"

And if he's so smart, what's he doing giving away his real estate secrets instead of using that knowledge to make billions for himself?

Trump wouldn't be at the Pasadena seminar, but I reached the Big Man by phone and put that very question to him.

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