特朗普家族“逃稅門”（二）：父親如何為他鋪路

‘ONE-MAN BUILDING SHOW’ “建筑獨角戲”

Early experience, cultivated connections and a wave of federal housing subsidies helped Fred Trump lay the foundation of his son’s wealth.

早期的經(jīng)歷、人脈關(guān)系的培養(yǎng)，以及一大批聯(lián)邦住房補貼，幫助弗雷德·特朗普為兒子的財富奠定了基礎(chǔ)。

Before he turned 20, Fred Trump had already built and sold his first home. At age 35, he was building hundreds of houses a year in Brooklyn and Queens. By 45, he was building some of the biggest apartment complexes in the country.

在20歲之前，弗雷德·特朗普已建造并售出了自己的第一棟住宅。35歲起，他每年都在布魯克林和皇后區(qū)建造數(shù)百棟房子。45歲后，他已在建造一些美國最大的公寓綜合體。

Aside from an astonishing work ethic — “Sleeping is a waste of time,” he liked to say — the growth reflected his shrewd application of mass-production techniques. The Brooklyn Daily Eagle called him “the Henry Ford of the home-building industry.” He would erect scaffolding a city block long so his masons, sometimes working a second shift under floodlights, could throw up a dozen rowhouses in a week. They sold for about $115,000 in today’s dollars.

除了驚人的工作態(tài)度——他喜歡說，“睡覺是浪費時間”——這種增長也反映了他對大規(guī)模生產(chǎn)技術(shù)的敏銳使用?！恫剪斂肆助棃蟆?Brooklyn Daily Eagle)稱他為“住宅建筑業(yè)的亨利·福特”。他會搭起一個街區(qū)那么長的腳手架，好讓他的泥瓦工一周內(nèi)就能蓋起12棟聯(lián)排住宅——有的工人是在泛光燈下上夜班。以今天的美元計算，這些住宅的售價約為11.5萬美元。

By 1940, American Builder magazine was taking notice, devoting a spread to Fred Trump under the headline “Biggest One-Man Building Show.” The article described a swaggering lone-wolf character who paid for everything — wages, supplies, land — from a thick wad of cash he carried at all times, and whose only help was a secretary answering the phone in an office barely bigger than a parking space. “He is his own purchasing agent, cashier, paymaster, building superintendent, construction engineer and sales director,” the article said.

到1940年，《美國建造者》(American Builder)雜志開始注意到他，雜志用橫貫兩版的篇幅、以《最大的建筑獨角戲》(Biggest One-Man Building Show)為標(biāo)題對弗雷德·特朗普進行了報道。文章描述了一個神氣十足的獨狼角色，他用隨身攜帶的大疊厚厚的現(xiàn)金支付一切——工資、補給和土地——唯一的幫手是一名接聽電話的秘書，秘書的辦公室比一個停車位大不了多少。“他是自己的采購代理、司庫、出納員、大樓管理員、建造工程師和銷售總監(jiān)，”文章寫道。

It wasn’t that simple. Fred Trump had also spent years ingratiating himself with Brooklyn’s Democratic machine, giving money, doing favors and making the sort of friends (like Abraham D. Beame, a future mayor) who could make life easier for a developer. He had also assembled a phalanx of plugged-in real estate lawyers, property appraisers and tax accountants who protected his interests.

事情并不那么簡單。弗雷德·特朗普也花了好多年的時間靠捐款、送人情討好布魯克林的民主黨機構(gòu)，他還交了一些能讓開發(fā)商的日子好過一點的朋友(比如后來當(dāng)過紐約市長的亞伯拉罕·D·比姆[Abraham D. Beame])。他還集結(jié)了一群擁有最新信息的房地產(chǎn)律師、房地產(chǎn)估價師和稅務(wù)會計師，他們的作用是保護他的利益。

All these traits — deep experience, nimbleness, connections, a relentless focus on the efficient construction of homes for the middle class — positioned him perfectly to ride a growing wave of federal spending on housing. The wave took shape with the New Deal, grew during the World War II rush to build military housing and crested with the postwar imperative to provide homes for returning G.I.s. Fred Trump would become a millionaire many times over by making himself one of the nation’s largest recipients of cheap government-backed building loans, according to Gwenda Blair’s book “The Trumps: Three Generations of Builders and a President.”

所有這些特點——深厚的經(jīng)驗、靈活的頭腦、人脈，以及把精力持續(xù)不懈地集中在高效地為中產(chǎn)階級建造住房上——讓他占據(jù)了有利位置，可以充分利用聯(lián)邦政府日益高漲的住房支出。住房支出的增加始于新政(New Deal)時期，第二次世界大戰(zhàn)期間為軍隊修建住房時有所增長，在戰(zhàn)后為返回家園的老兵提供住房時達到高潮。據(jù)格溫達·布萊爾的書《特朗普一家：三代建造者和一位總統(tǒng)》(The Trumps: Three Generations of Builders and a President)，通過讓自己成為全國政府支持的廉價建筑貸款的最大受益者之一，弗雷德·特朗普攬聚了成百上千萬的財富。

Those same loans became the wellspring of Donald Trump’s wealth. In the late 1940s, Fred Trump obtained roughly $26 million in federal loans to build two of his largest developments, Beach Haven Apartments, near Coney Island, Brooklyn, and Shore Haven Apartments, a few miles away. Then he set about making his children his landlords.

那些貸款也成了唐納德·特朗普財富的來源。20世紀40年代末，弗雷德·特朗普得到了約2600萬美元的聯(lián)邦貸款，修建了他最大的兩個開發(fā)項目——布魯克林康尼島附近的海灘港灣公寓(Beach Haven Apartments)、以及幾英里外的海岸港灣公寓(Shore Haven Apartments)。然后他開始著手讓他的孩子成為他的房東。

As ground lease payments fattened his children’s trusts, Fred Trump embarked on a far bigger transfer of wealth. Records obtained by The Times reveal how he began to build or buy apartment buildings in Brooklyn and Queens and then gradually, without public trace, transfer ownership to his children through a web of partnerships and corporations. In all, Fred Trump put up nearly $13 million in cash and mortgage debt to create a mini-empire within his empire — eight buildings with 1,032 apartments — that he would transfer to his children.

隨著土地租賃付款喂肥了孩子們的信托基金，弗雷德·特朗普開始了一項規(guī)模大得多的財富轉(zhuǎn)移。時報獲得的記錄顯示了他如何開始在布魯克林和皇后區(qū)建造或購買公寓樓，然后逐步在不留下公開蹤跡的情況下，通過復(fù)雜的合伙和公司關(guān)系將所有權(quán)轉(zhuǎn)移給了自己的孩子。弗雷德·特朗普總共拿出近1300萬美元的現(xiàn)金和抵押貸款，在他的房地產(chǎn)帝國內(nèi)建立了一個迷你帝國(包括八棟大樓共1032套公寓)，他后來將這個迷你帝國轉(zhuǎn)移給了自己的孩子們。

The handover began just before Donald Trump’s 16th birthday. On June 1, 1962, Fred Trump transferred a plot of land in Queens to a newly created corporation. While he would be its president, his children would be its owners, records show. Then he constructed a 52-unit building called Clyde Hall.

轉(zhuǎn)移是在唐納德·特朗普16歲生日之前開始的。1962年6月1日，弗雷德·特朗普將皇后區(qū)的一塊土地轉(zhuǎn)讓給了一家新成立的公司。記錄顯示，雖然他是公司的總裁，但他的孩子們是公司的所有者。然后，他建了一棟有52個單位的名為“克萊德廳”(Clyde Hall)的建筑。

It was easy money for the Trump children. Their father took care of everything. He bought the land, built the apartments and obtained the mortgages. His employees managed the building. The profits, meanwhile, went to his children. By the early 1970s, Fred Trump would execute similar transfers of the other seven buildings.

對特朗普的孩子們來說，錢來得很容易。他們的父親負責(zé)照管所有的事情。他購買了土地，建造了公寓，并獲得了抵押貸款。他的員工管理著這棟大樓。與此同時，利潤都是他的孩子們的。截至20世紀70年代初，弗雷德·特朗普對其他七棟大樓也做了類似的轉(zhuǎn)交。

For Donald Trump, this meant a rapidly growing new source of income. When he was in high school, his cut of the profits was about $17,000 a year in today’s dollars. His share exceeded $300,000 a year soon after he graduated from college.

對唐納德·特朗普來說，這意味著一個快速增長的新收入來源。當(dāng)他上高中時，他每年的利潤份額以如今的美元計算，大約是1.7萬美元。他大學(xué)畢業(yè)后不久，他的份額已經(jīng)超過了30萬美元。

How Fred Trump transferred 1,032 apartments to his children without incurring hundreds of thousands of dollars in gift taxes is unclear. A review of property records for the eight buildings turned up no evidence that his children bought them outright. Financial records obtained by The Times reveal only that all of the shares in the partnerships and corporations set up to create the mini-empire shifted at some point from Fred Trump to his children. Yet his tax returns show he paid no gift taxes on seven of the buildings, and only a few thousand dollars on the eighth.

目前還不清楚弗雷德·特朗普是如何將1032套公寓轉(zhuǎn)讓給了他的子女而不需要繳納數(shù)十萬美元贈與稅的。查閱這八棟樓的房產(chǎn)記錄，沒有看到他的孩子們把樓徹底買下來的證據(jù)。時報獲得的財務(wù)記錄只顯示，為了創(chuàng)建那個迷你帝國而建立起來的合伙關(guān)系和公司的所有股份，在某個時候都從弗雷德·特朗普的名下轉(zhuǎn)移到了他子女的身上。然而，他的納稅申報表顯示，他沒有為其中的七棟樓繳納任何贈與稅，只是為第八棟樓繳納了幾千美元的稅。

That building, Sunnyside Towers, a 158-unit property in Queens, illustrates Fred Trump’s catch-me-if-you-can approach with the I.R.S., which had repeatedly cited him for underpaying taxes in the 1950s and 1960s.

位于皇后區(qū)、共有158個單位的桑尼賽德大廈(Sunnyside Towers)鑒證了弗雷德·特朗普對國稅局的“有本事就來抓我”的態(tài)度，國稅局曾在20世紀50年代和60年代多次以逃稅為由傳喚過他。

Sunnyside was bought for $2.5 million in 1968 by Midland Associates, a partnership Fred Trump formed with his children for the transaction. In his 1969 tax return, he reported giving each child 15 percent of Midland Associates. Based on the amount of cash put up to buy Sunnyside, the value of this gift should have been $93,750. Instead, he declared a gift of only $6,516.

1968年，米德蘭合伙人(Midland Associates)以250萬美元的價格收購了桑尼賽德大廈，該公司是弗雷德·特朗普和他的孩子們?yōu)榱诉M行這筆交易而結(jié)成的合伙關(guān)系。在他1969年的納稅申報表中，他填寫的內(nèi)容包括給了每個孩子15%的米德蘭合伙人股份。根據(jù)購買桑尼賽德大廈的現(xiàn)金數(shù)量，相應(yīng)的贈與價值應(yīng)該是93750美元。而他只報了贈與每個子女6516美元。

Donald Trump went to work for his father after graduating from the University of Pennsylvania in 1968. His father made him vice president of dozens of companies. This was also the moment Fred Trump telegraphed what had become painfully obvious to his family and employees: He did not consider his eldest son, Fred Trump Jr., a viable heir apparent.

1968年從賓夕法尼亞大學(xué)(University of Pennsylvania)畢業(yè)后，唐納德·特朗普開始為父親工作。父親讓他當(dāng)了數(shù)十家公司的副總裁。就在這段時間，弗雷德·特朗普向家人和員工傳達了一個相當(dāng)明確的信息：他不認為長子小弗雷德·特朗普(Fred Trump Jr.)是一個可行的繼承人。

Fred Jr., seven and a half years older than Donald, had also worked for his father after college. It did not go well, relatives and former employees said in interviews. Fred Trump openly ridiculed him for being too nice, too soft, too lazy, too fond of drink. He frowned on his interests in flying and music, could not fathom why he cared so little for the family business. Donald, witness to his father’s deepening disappointment, fashioned himself Fred Jr.’s opposite — the brash tough guy with a killer instinct. His reward was to inherit his father’s dynastic dreams.

小弗雷德比唐納德年長七歲半，大學(xué)畢業(yè)后也為父親工作。親戚和前雇員在采訪中說，事情并不順利。弗雷德·特朗普公開嘲笑長子人太好、太軟弱、太懶惰、太愛喝酒。他不贊成長子對飛行和音樂的興趣，不明白長子為什么對家族的生意那么不感興趣。唐納德目睹了父親對小弗雷德日益加深的失望，把自己塑造成了哥哥的反面——一個具有拼殺本能的盛氣凌人的硬漢。他得到的回報是繼承了他父親的王朝夢。

Fred Trump began taking steps that enriched Donald alone, introducing him to the charms of building with cheap government loans. In 1972, father and son formed a partnership to build a high-rise for the elderly in East Orange, N.J. Thanks to government subsidies, the partnership got a nearly interest-free $7.8 million loan that covered 90 percent of construction costs. Fred Trump paid the rest.

弗雷德·特朗普開始逐步把財富聚集在唐納德一人身上，讓他認識到用廉價政府貸款蓋樓的吸引力。1972年，父子倆建立了一個合伙公司，以在新澤西州東奧蘭治建一棟供老年人居住的高樓。由于政府的補貼，他們的合伙公司獲得了780萬美元的幾乎無息的貸款，相當(dāng)于建設(shè)成本的90%。弗雷德·特朗普支付了其余的費用。

But his son received most of the financial benefits, records show. On top of profit distributions and consulting fees, Donald Trump was paid to manage the building, though Fred Trump’s employees handled day-to-day management. He also pocketed what tenants paid to rent air-conditioners. By 1975, Donald Trump’s take from the building was today’s equivalent of nearly $305,000 a year.

但記錄顯示，弗雷德·特朗普的兒子獲得了經(jīng)濟利益的大部分。除了利潤分配和咨詢費外，唐納德·特朗普得到的錢中還包括管理這棟大樓的工資，盡管是弗雷德·特朗普的員工在負責(zé)大樓的日常管理工作。唐納德·特朗普還得到了住戶租空調(diào)的費用。到1975年時，唐納德·特朗普從這棟大樓得到的收入用今天的美元來算相當(dāng)于每年將近30.5萬美元。

Fred Trump also gave his son an extra boost through his investment, in the early 1970s, in the sprawling Starrett City development in Brooklyn, the largest federally subsidized housing project in the nation. The investment, which promised to generate huge tax write-offs, was tailor-made for Fred Trump; he would use Starrett City’s losses to avoid taxes on profits from his empire.

弗雷德·特朗普還通過自己的投資給了兒子額外的幫助。20世紀70年代初，他投資了位于布魯克林的龐大的斯塔雷特城(Starrett City)開發(fā)項目，這是美國最大的聯(lián)邦補貼住房項目。這筆投資有望產(chǎn)生巨額的稅務(wù)減免，這對弗雷德·特朗普來說簡直就是量身定做的;他后來利用在斯塔雷特城的損失來避免政府對其房地產(chǎn)帝國的利潤征稅。

Fred Trump invested $5 million. A separate partnership established for his children invested $1 million more, showering tax breaks on the Trump children for decades to come. They helped Donald Trump avoid paying any federal income taxes at all in 1978 and 1979. But Fred Trump also deputized him to sell a sliver of his Starrett City shares, a sweetheart deal that generated today’s equivalent of more than $1 million in “consulting fees.”

弗雷德·特朗普投資了500萬美元。他為子女們建立的另一個合伙公司對這個項目又投資了100萬美元，這讓弗雷德的子女們在未來幾十年里都能享受大量的稅收優(yōu)惠。這些投資幫助唐納德·特朗普在1978年和1979年避免繳納任何聯(lián)邦所得稅。弗雷德·特朗普還委托唐納德來出售父親所持的斯塔雷特城股份的一小部分，這項“甜心交易”給他帶來相當(dāng)于今天的100多萬美元的“咨詢費”。

The money from consulting and management fees, ground leases, the mini-empire and his salary all combined to make Donald Trump indisputably wealthy years before he sold his first Manhattan apartment. By 1975, when he was 29, he had collected nearly $9 million in today’s dollars from his father, The Times found.

在唐納德·特朗普還遠未售出他的第一套曼哈頓公寓的時候，通過咨詢費和管理費、地租、迷你帝國以及薪水的形式給他的錢，就已經(jīng)讓他成為毫無疑問的富人。時報發(fā)現(xiàn)，到1975年，也就是唐納德·特朗普29歲的時候，他從父親那里獲得的錢已經(jīng)相當(dāng)于今天的近900萬美元。

Wealthy, yes. But a far cry from the image father and son craved for Donald Trump.

富有，是的。但這與父子兩人渴望的那種唐納德·特朗普的形象還相去甚遠。

THE SILENT PARTNER

悶聲不響的合伙人

Fred Trump would play a crucial role in building and carefully maintaining the myth of Donald J. Trump, Self-Made Billionaire.

“唐納德·J·特朗普，白手起家的億萬富翁”，在這個神話的營造和精心維護中，弗雷德·特朗普將起到至關(guān)重要的作用。

“He is tall, lean and blond, with dazzling white teeth, and he looks ever so much like Robert Redford. He rides around town in a chauffeured silver Cadillac with his initials, DJT, on the plates. He dates slinky fashion models, belongs to the most elegant clubs and, at only 30 years of age, estimates that he is worth ‘more than $200 million.’”

“他高瘦，金發(fā)，牙齒白得耀眼，看上去非常像羅伯特·雷德福(Robert Redford)。他去哪都坐一輛配司機的銀色凱迪拉克，車牌上有他的姓名首字母DJT。他約會身材婀娜的時裝模特，出入最高雅的會所，外界估計年方30的他身家已‘逾兩億美元’。”

So began a Nov. 1, 1976, article in The Times, one of the first major profiles of Donald Trump and a cornerstone of decades of mythmaking about his wealth. How could he claim to be worth more than $200 million when, as he divulged years later to casino regulators, his 1976 taxable income was $24,594? Donald Trump simply appropriated his father’s entire empire as his own.

1976年11月1日《紐約時報》的一篇文章這樣開頭，這是最早的唐納德·特朗普人物特稿之一，也是后來幾十年他的財富神話創(chuàng)造的一塊基石。數(shù)年之后他曾向博彩業(yè)監(jiān)管機構(gòu)透露，他在1976年的應(yīng)稅收入是24594美元，他憑什么號稱身家逾兩億呢?只不過把他父親的商業(yè)帝國全算成自己的而已。

In the chauffeured Cadillac, Donald Trump took The Times’s reporter on a tour of what he called his “jobs.” He told her about the Manhattan hotel he planned to convert into a Grand Hyatt (his father guaranteed the construction loan), and the Hudson River railroad yards he planned to develop (the rights were purchased by his father’s company). He showed her “our philanthropic endeavor,” the high-rise for the elderly in East Orange (bankrolled by his father), and an apartment complex on Staten Island (owned by his father), and their “flagship,” Trump Village, in Brooklyn (owned by his father), and finally Beach Haven Apartments (owned by his father). Even the Cadillac was leased by his father.

就在那輛配司機的凱迪拉克里，唐納德·特朗普帶著《紐約時報》記者參觀了他所謂的“工作”。他告訴她自己計劃把曼哈頓一家酒店改造成君悅酒店(他父親擔(dān)保了建設(shè)貸款)，還有他打算開發(fā)的哈德遜河鐵路貨場(開發(fā)權(quán)是他父親公司買下的)。他帶她看了“我們的慈善事業(yè)”，東奧蘭治的高層老年公寓(由他父親出資)，史丹頓島的一座公寓樓(由他父親擁有)，以及他們位于布魯克林的“旗艦”項目特朗普村(由他父親擁有)，最后是天堂海灘公寓(由他父親擁有)。連這輛凱迪拉克也是他父親租的。

“So far,” he boasted, “I’ve never made a bad deal.”

“到現(xiàn)在，”他吹噓道，“我還從沒做過一筆虧本生意。”

It was a spectacular con, right down to the priceless moment when Mr. Trump confessed that he was “publicity shy.” By claiming his father’s wealth as his own, Donald Trump transformed his place in the world. A brash 30-year-old playboy worth more than $200 million proved irresistible to New York City’s bankers, politicians and journalists.

這是一場驚人的騙局，包括那個不可思議的瞬間——他坦白自己“不喜出風(fēng)頭”。通過把父親的財富說成自己的，唐納德·特朗普改變了自己的地位。事實證明，一個自吹自擂的30歲花花公子，是紐約市的銀行家、政客和記者都無法抗拒的。

Yet for all the spin about cutting his own path in Manhattan, Donald Trump was increasingly dependent on his father. Weeks after The Times’s profile ran, Fred Trump set up still more trusts for his children, seeding each with today’s equivalent of $4.3 million. Even into the early 1980s, when he was already proclaiming himself one of America’s richest men, Donald Trump remained on his father’s payroll, drawing an annual salary of $260,000 in today’s dollars.

雖然在那些傳說里他在曼哈頓獨力開拓，唐納德·特朗普卻越來越依賴他的父親?！都~約時報》的那篇文章見報數(shù)周之后，弗雷德·特朗普又給子女設(shè)立了更多的信托基金，每個子女都獲得了相當(dāng)于今天430萬美元的資助。甚至到了1980年代早期，唐納德·特朗普已經(jīng)號稱自己是美國最富有的人之一時，他仍在父親那里領(lǐng)一份薪水，以今天的美元計算，年薪26萬。

Meanwhile, Fred Trump and his companies also began extending large loans and lines of credit to Donald Trump. Those loans dwarfed what the other Trumps got, the flow so constant at times that it was as if Donald Trump had his own Money Store. Consider 1979, when he borrowed $1.5 million in January, $65,000 in February, $122,000 in March, $150,000 in April, $192,000 in May, $226,000 in June, $2.4 million in July and $40,000 in August, according to records filed with New Jersey casino regulators.

同時，弗雷德·特朗普和他的公司還開始向唐納德·特朗普提供大筆貸款和信用額度。這些貸款讓另外幾個子女的所獲相形見絀，有時候這些資金流源源不斷，就如同唐納德·特朗普有自己的印鈔機。根據(jù)提交給新澤西州博彩業(yè)監(jiān)管機構(gòu)的記錄，以1979年為例，他在1月借款150萬美元，2月借6.5萬美元，3月借12.2萬美元，4月借15萬美元，5月借19.2萬美元，6月借22.6萬美元，7月借240萬美元，8月借4萬美元。

In theory, the money had to be repaid. In practice, records show, many of the loans were more like gifts. Some were interest-free and had no repayment schedule. Even when loans charged interest, Donald Trump frequently skipped payments.

理論上，這些錢是要還的。實際上，記錄顯示，許多筆借款更像是贈與。有些是免息的，也沒有還款時限。即使某些借款收取利息，唐納德·特朗普也時常不予償還。

This previously unreported flood of loans highlights a clear pattern to Fred Trump’s largess. When Donald Trump began expensive new projects, his father increased his help. In the late 1970s, when Donald Trump was converting the old Commodore Hotel into a Grand Hyatt, his father stepped up with a spigot of loans. Fred Trump did the same with Trump Tower in the early 1980s.

這些此前從未披露的大量貸款突顯出弗雷德·特朗普慷慨解囊的清晰模式。當(dāng)唐納德·特朗普啟動昂貴的新項目時，他的父親便加大援手。1970年代后期，唐納德·特朗普把過去的海軍準(zhǔn)將酒店(Commodore Hotel)改造成君悅酒店時，他父親給他打開了借款的水龍頭。1980年代初建設(shè)特朗普大廈時也是這樣。

In the mid-1980s, as Donald Trump made his first forays into Atlantic City, Fred Trump devised a plan that sharply increased the flow of money to his son.

1980年代中期，當(dāng)唐納德·特朗普初次進軍大西洋城，弗雷德·特朗普制定了一項計劃，大幅增加了流向兒子的資金。

The plan involved the mini-empire — the eight buildings Fred Trump had transferred to his children. He converted seven of them into cooperatives, and helped his children convert the eighth. That meant inviting tenants to buy their apartments, generating a three-way windfall for Donald Trump and his siblings: from selling units, from renting unsold units and from collecting mortgage payments.

這個計劃事關(guān)一塊小產(chǎn)業(yè)——弗雷德·特朗普已轉(zhuǎn)移到子女名下的8幢住宅樓。他把其中七幢轉(zhuǎn)換為合作公寓，又幫助子女把第八幢也轉(zhuǎn)了。這意味著鼓勵租戶把他們住的公寓買下來，如此就給唐納德·特朗普和兄弟姐妹創(chuàng)造了三條財路：公寓單位銷售、未售出單位的租金以及收取按揭供款。

In 1982, Donald Trump made today’s equivalent of about $380,000 from the eight buildings. As the conversions continued and Fred Trump’s employees sold off more units, his son’s share of profits jumped, records show. By 1987, with the conversions completed, his son was making today’s equivalent of $4.5 million a year off the eight buildings.

1982年，唐納德·特朗普從這八幢樓獲得的收益相當(dāng)于今天的38萬美元。記錄顯示，隨著合作公寓轉(zhuǎn)換繼續(xù)，弗雷德·特朗普的員工賣出了更多單位，他兒子那份利潤也隨之躍升。到1987年全部轉(zhuǎn)換完畢時，他兒子從這八幢樓獲得了相當(dāng)于今天450萬美元的年收入。

Fred Trump made one other structural change to his empire that produced a big new source of revenue for Donald Trump and his siblings. He made them his bankers.

弗雷德·特朗普還對他的帝國做了另一項結(jié)構(gòu)性改變，為唐納德·特朗普及其兄弟姐妹帶來新的收入來源。他讓他們成為他的按揭貸款銀行家。

The Times could find no evidence that the Trump children had to come up with money of their own to buy their father’s mortgages. Most were purchased from Fred Trump’s banks by trusts and partnerships that he set up and seeded with money.

《紐約時報》沒有發(fā)現(xiàn)任何證據(jù)證明弗雷德·特朗普的兒女需要拿自己的錢買下父親持有的按揭貸款。大多數(shù)貸款都是通過弗雷德·特朗普設(shè)立并注資的信托基金及合伙關(guān)系，由他自己的銀行買下的。

Co-op sales, mortgage payments, ground leases — Fred Trump was a master at finding ways to enrich his children in general and Donald Trump in particular. Some ways were like slow-moving creeks. Others were rushing streams. A few were geysers. But as the decades passed they all joined into one mighty river of money. By 1990, The Times found, Fred Trump, the ultimate silent partner, had quietly transferred today’s equivalent of at least $46.2 million to his son.

合作公寓銷售、按揭供款、土地租賃——在設(shè)法給所有子女尤其是唐納德·特朗普輸送財富方面，弗雷德·特朗普是個高手。有的方法是細水長流，有的是激流，有少數(shù)是噴涌。但幾十年后它們都匯聚成一條金錢的大河。《紐約時報》發(fā)現(xiàn)，到1990年，弗雷德·特朗普這位悶聲不響的合伙人已經(jīng)靜悄悄向兒子轉(zhuǎn)出了相當(dāng)于今天的4620萬美元。

Donald Trump took on a mien of invincibility. The stock market crashed in 1987 and the economy cratered. But he doubled down thanks in part to Fred Trump’s banks, which eagerly extended credit to the young Trump princeling. He bought the Plaza Hotel in 1988 for $407.5 million. He bought the Eastern Airlines shuttle fleet in 1989 for $365 million and called it Trump Shuttle. His newest casino, the Trump Taj Mahal, would need at least $1 million a day just to cover its debt.

唐納德·特朗普顯現(xiàn)出一種所向披靡的風(fēng)采。1987年美國股市崩盤，經(jīng)濟重創(chuàng)，但他卻加倍下注，部分得益于弗雷德·特朗普的銀行急切地向年輕的少東家提供信貸。1988年他以407.5萬美元買下了紐約廣場酒店(Plaza Hotel)。1989年他以3.65億美元買下“東方航空”(Eastern Airlines)快線機隊，改稱“特朗普快線”(Trump Shuttle)。他最新的賭場特朗普泰姬陵賭場(Trump Taj Mahal)，每天僅償還債務(wù)就需要至少100萬美元。

The skeptics who questioned the wisdom of this debt-fueled spending spree were drowned out by one magazine cover after another marveling at someone so young taking such breathtaking risks. But whatever Donald Trump was gambling, not for one second was he at risk of losing out on a lifetime of frictionless, effortless wealth. Fred Trump had that bet covered.

質(zhì)疑者認為這種由借貸支撐的狂熱收購是有問題的，但一本又一本雜志的封面報道贊嘆他這么年輕卻敢于冒如此驚人的風(fēng)險，淹沒了質(zhì)疑聲。然而，不管唐納德·特朗普怎樣押注，以他一輩子得來不費吹灰之力的財富，他毫無蝕本之虞。賭注已由弗雷德·特朗普支付。