Book Review: Lucky Loser: How Donald Trump Squandered His Father's Fortune and Created the Illusion of Success by Russ Buettner

Russ Buettner’s Lucky Loser is a detailed look at the machinations of Donald Trump and the factors that helped him achieve fame and fortune through inherited wealth, media manipulation, and dubious business tactics. The title itself hints at the overarching thesis of the book: This is where Trump was able to leverage his father’s money to build his own empire while at the same time recasting the narrative as one of personal achievement. Buettner, a Pulitzer Prize-winning investigative journalist, applies his keen insight and thorough research to this vital and engaging account of one of the most polarizing figures in American history.

The Early Years: Building on Fred Trump’s Legacy

Buettner starts the story with the childhood of Trump, Fred Trump, Donald’s father, who started a small business that would grow into a huge enterprise. Fred Trump, a shrewd businessman, who made a lot of money in real estate, benefited from the programs supported by the government and rent-controlled housing projects in post-war New York. Buettner does a good job in this aspect of explaining how Fred’s diligence and strict business sense put together a vast enterprise that Donald would later inherit. But the author makes it easy to understand that this wealth was not a ticket to success or an open cheque. However, it turned into a boon and a bane for Donald as he tried to avoid following his father’s footsteps but at the same time was dependent on the wealth his father gave him.

Buettner also highlights Donald early efforts to establish his market, especially shifting to Manhattan’s more glamorous property sector. What is rather revealing in Buettner’s account is that these early forays – such as the construction of the Grand Hyatt Hotel – were underwritten by Fred Trump’s money and influence. Trump’s early attempts at Manhattan real estate were not entirely independent, but rather highly backed by his father’s funds, which is a pattern that characterizes much of Trump’s business life.

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The Illusion of Success: Trump’s Media Savvy

Perhaps one of the most interesting parts of Lucky Loser is how Buettner analyzed Trump’s media approach. Before the era of social networks and the existence of reality shows, Trump knew how to use media as no one else. Buettner explores Trump’s interactions with tabloids and the press and describes how Trump built a persona that was not always in line with the truth. This was especially the case in the 1980s when Trump’s name was associated with wealth, power and success.

Buettner shares some episodes in Trump’s life when his public image was quite different from his business performance. As Trump’s casino business in Atlantic City was losing money and going through the process of bankruptcy, he continued to be in the public eye, organizing lavish parties and making high-profile deals. In Buettner’s view, Trump’s strength was in obfuscating his shortcomings by focusing on the few accomplishments that he had made, which would become a pattern in his life.

The Financial Troubles: From Casino Busts to Tax Loopholes

Another major target of discussion in Lucky Loser is Trump’s known history of bankruptcy and his business in the casino in Atlantic City. Buettner gives a detailed description of how Trump’s high risk taking and overtrading resulted in business failures. For example, the Trump Taj Mahal was one of his largest projects and at the same time one of the largest failures. Buettner also gives an insight into the amount of debt which Trump had accumulated that was close to bringing his business to its knees. It is the detailed analysis of the contracts, debts, and returns that reveal the truth beneath the facade that Buettner provides in his account of Trump’s life.

Buettner does not only limit himself to explaining Trump’s bankruptcies; he proceeds to show how Trump was able to minimize the impact of the bankruptcies through legal means and tax evasion. This part of the book is informative and infuriating at the same time as Buettner takes the reader through the process of how Trump was able to avoid personal bankruptcy while his creditors and investors lost their shirts.

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Trump's Brand: A House Built on Celebrity

Beyond the real estate and casino ventures, Buettner zeroes in on what he calls Trump’s most valuable asset: own brand. The Trump brand, which was slapped on everything from steaks to buildings, was associated with glamour, prosperity, and might, regardless of the companies behind them that were struggling. Buettner gives a critical analysis of how Trump leveraged his fame, especially through the show, The Apprentice. The television show, as Buettner pointed out, was a perfect branding strategy in which Trump was portrayed as the quintessential American businessman.

According to Buettner, Trump’s business skills were more of an illusion created through television and licensing agreements. Buettner’s argument lies in the fact that while Trump’s real estate business was not always successful, his brand was growing, and this is the reason behind the choice of the topic. In Buettner’s view, Trump won not as a businessman but as a celebrity, who built an image of success.

The Political Rise: Leveraging the Illusion

When the book shifts to Trump’s political career, Buettner makes it easy to distinguish between the business tactics and political maneuvers. His 2016 presidential campaign is presented as the triumph of the spectacle over the reality. Buettner says that just like his business in real estate, Trump’s campaign was based on big words, showmanship and the capacity to attract the media. Buettner does not spend much time on Trump’s presidency because this book is more about his financial and business background, but the author does argue that Trump’s political career was simply a continuation of his lifelong talent for branding himself as successful.

It is especially significant to note that Trump, who had faced a lot of financial setbacks, was able to ascend politically as pointed out by Buettner. It is therefore clear that Trump’s appeal to the voters especially those who felt that they have been left behind by the political elites was greatly informed by his persona as a businessman who had risen to power on his own merit. But Buettner, in a very methodical way, takes apart this story, explaining how Trump was able to amass wealth, achieve power, and sustain success through the structures created by Fred Trump and the ones Trump leveraged.

The Complex Legacy: Myth vs. Reality

In the last chapters of Lucky Loser, Buettner tries to understand what Trump is leaving behind. Even though Trump did become famous and rich, according to Buettner, most of the success is rather fake, based on the image that was constructed by the candidate. The Trump Organization is still a vast empire, but its real financial situation is much more complicated than Trump’s words and tweets convey. According to Buettner, legal cases, tax issues, and liabilities are still a reality, and they prove that Trump’s business is not as solid as it seems.

In analyzing Trump, Buettner does not paint the picture of a completely incompetent president, and although the book is clearly negative, it does not wholly disregard Trump’s accomplishments. What it offers is a picture of a man who has been living on a thin line between success and failure and has been leaning heavily on his father’s wealth as well as the media influence to keep him afloat.

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Conclusion

Lucky Loser is an engaging book, whether one is interested in the life of Donald Trump or not, and the book really brings out the themes of money, power, and image. It is clear that Buettner has done his homework in investigating Trump’s business ventures and his public persona, and the reader is given a fair and balanced view. The book does a splendid job in analyzing the personality behind the brand and presents a fresh perspective on how Trump managed the rough seas of real estate, media and politics.

Pros:

1. In-Depth Research: It is clear that Buettner is an investigative reporter, especially when he is discussing Trump’s finances, bankruptcies and legal strategies. It provides the readers with a factual account of Trump’s business ventures.
2. Sharp Media Critique: Buettner does a great job in explaining how Trump was able to use media to tell a story of success despite the fact that he had major business losses.
3. Nuanced Portrait: Contrary to the attempts to make Trump a caricature, Buettner paints a multi-faceted picture of a man whose most impressive accomplishment seems to be the ability to keep up a facade of success.
4. Accessible Language: The writing style is simple and easy to understand and the author does not shy away from using financial jargons that can easily be explained to the layman. It is very easy to understand even for those who are not well informed about real estate and business related terms.
5. Balanced Criticism: Despite the fact that the book contains a number of negative statements about Trump’s business activities, Buettner does not indulge in sensationalism and provides the reader with facts and documented evidence.

Cons:

1. Focus on Financials: Some readers may also be disappointed by the focus on business and finance because they are seeking more information about Trump’s political career or personal life. The book mostly focuses on Trump’s financial experience, which means that there is less space for other periods of his life.
2. Complex Financial Details: Although Buettner tries his best to explain financial matters, there are some parts of the book which focus on legal and financial details that many readers might not be interested in.
3. Lengthy Descriptions: Occasionally, the extent of the documentation, especially where Trump’s business strategies and his tax returns are concerned, may be overwhelming. Perhaps, if the book had been written in a more linear manner, it would have been even more interesting to read.
4. Minimal Focus on the Trump Organization’s Employees: The book is mostly about Trump himself, and the subordinates and the organization that revolved around him are not discussed as much.
5. Absence of New Revelations: Due to this, some of the information presented in Lucky Loser might seem like a repetition of what readers have already come across in other books or articles about Trump’s business ventures.

In conclusion, Lucky Loser is a well-researched and an interesting analysis of Donald Trump’s journey to stardom, wealth, and politics. Despite the fact that it is mainly concerned with business and financial aspects, it will be of interest to some readers because it sheds light on the sham of success that has been the hallmark of Trump’s life.

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