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Automatic TRANSCRIPT

This is the all markets summit podcast from Yahoo Finance Action Bureau with trump organization Executive Vice President Eric Trump when donald trump was elected the forty fifth ATV producer and trump twenty twenty political adviser Laura trump he's also the father of two children one who's a two year old the other who joined the trump family August so they're definitely future employees thank you to help run the trump organization please help me welcome Eric Trump to yahoo finance imagine what we're GonNa talk about crazy life that much I can tell you well you know the title of this segment is managing under pressure and you've got a lot of pressure I want to read a quote and from the hill op Ed published most recently I'm keenly aware of how fortunate I was to be born the son of one of the wealthiest and most well-known businessmen in America I'm also the first to admit that things are different when you grow up as a trump what's it like to grow up as a trump it's been crazy it's crazy a lot of ways and it seems like our lives have more than so many ways over the years we came in we were nice real estate family and we built condominiums over New York and other places and we grew that business very quickly and all of a sudden we started doing the best hotels in the world and golf courses and wineries and little show called the apprentice came along and all of a sudden we were reality TV people in I'm not really a reality. TV Not kind of who we are but the show did incredibly well and then fast forward a couple years past that and all of a sudden he's thing for a price in the United States and as a family we do everything together we love each other we are very loyal to each other and if one person does something we all hop in we help and that's what we you did politics is not something that I love it's not something that I'm passionate about it's not something quite frankly that I'd ever want to do myself but we had emission we hopped in and we figured it out and we're very unconventional and we're able to win and so it's our lives have morphed in a very very interesting way always a well known family but it's obviously kind of under the spotlight every twenty four hours it's different now and listen we always realized we had big shoes to fill always realize that we were going to be under the spotlight always realize that we were probably going to be held to a different standard and I think that's the case even more so when I've lived a very clean l. because of that well let's talk about the shoes you fill the trump organization and this is coming from Forbes they did a deep dive into the value the worth of your father's assets three point one billion dollars that was the estimated two thousand eighteen worth two thousand nineteen the value of New York real estate alone one point four seven billion and the golf courses hundred and ninety million help us understand what is the trump organization because you have the properties zone but you also have the licensing agreements I mean for instance Turkey's in the news right now and there's trump towers Turkey it was reported that was a ten million dollar licensing deal yeah well listen to the trump organization is a lot of residential buildings commercial buildings we own building as far away from year called for New Wall right next stock exchange we have we have a lot of commercial assets we have a lot of retail we have a lot of residential we have hotels all over the world we off-course all over the place and we have other properties treat heard about more law go and we have great wine region Charlottesville Virginia and we have other states in different things so we're big nation of really properties we believe in owning Hurtin we did get into licensing business as a company like ours you can't go over at the Middle East and up yourself so you don't know the language the culture many many of these countries are very very insular so what you do is certain places you go over you find the best developer you we're up with them and you create something great otherwise quite frankly just never going to happen all right I mean the learning curve would be so crazy in New York we know what contractors are going to be incredible what contractors you won't use the word but take advantage of you and you have that institutional knowledge you knew your way around the language you know the laws you know how things are not not foundation's work in the ground you don't know these if you're building in Manila Philippines or you don't know that if you're trying to invest in Turkey or go into Turkey and so model was actually very good for us but just about everything that we have in the US is our own product that we built ourselves that we have our own money into and it's been it's been great business model when you talk about the business model one of the criticisms of the trump organization when your father was running it is that he wouldn't pay bills and then would sue contractors in fact we see Scotland and we can talk because you do own turnberry and the other property as well there was just a recent report that the Scottish government is suing trying to negotiate with the trump musician because it lost a lawsuit and that the trump organization won't pay up yeah well listen it kp read for for granted in the media because the story is but listen we believe in paying people when they do great jobs and we get people paid incredibly quickly and we pay contractors but you'll have a story from thirty years ago on the other day well this person didn't pay me yeah they didn't finish the job and they didn't do a good job and they flaked out and they were two months behind schedule and so you had to let go of them and you had to bring somebody else in the job that they otherwise would've and it's it's called the real world if somebody doesn't do a job they don't show up for work they don't do this well clearly you're not going to yeah no I don't think there's probably anybody in this room I mean you guys are all business owners are working visit big businesses that if somebody doesn't fill a contract you're GONNA pay them one hundred percent because we are in because people like to take cheap shots at us they come out with this stuff and we'll talk therapies elected president now got into the dispute Deutsche Bank I mean there was default on what was it six hundred plus million dollars over the years it's what they estimated two billion in financing over the decades but the trump organization with your father at the helm went after the bank that had been his source of money no he went after a bank and he got a great extension in the world is falling apart and I think a lot of people were doing that at the time I don't think that's necessarily unique to also I think a lot of real estate companies rolling back the banks in two thousand and eight and earlier the real estate market's were imploding and saying hey guess what I want another five years on my on my term or in that case where the banks were desperately in need of of money and you were in a cash-rich position hey I'd be willing to take you out but I'm going to do it in a discount if you want the money great otherwise you just let alone ride for maturity and I think some of the steals he's ever made has been in that where he has cash bank needs cash and you're able to negotiate discounts but that's called again that's called the real world that's called doing business and What you said you said in my father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics politics on the spotlight for instance Deutsche Bank is being sued by the House Financial Services Committee House Intelligence They Want Your Dad's tax returns on what the trump organizations tax returns how difficult make it for you to do business listens difference with his lead structures out there as live distractions around the world and it's you know it's crazy you see a I always thought that Newark real estate was most cutthroat toughest industry it pales in comparison to politics I mean the evil out there you have a lot of people out there and something that's incredible a really emphasized idea and go out and get it marketed and do something great in politics the financial components.