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Don't follow Trump's example, said Buffett to students back in 1991

Don't follow Trump's example, said Buffett to students back in 1991

Don't follow Trump's example, said Buffett to students back in 1991
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By CNBC-TV18 May 2, 2018 12:21:16 PM IST (Published)

Buffett made the comments back in 1991 at Notre Dame while talking to students about the perils of borrowing money.

Don’t follow the example of Donald Trump when it comes to financial planning, business magnate Warren Buffett had once told students, as per a CNBC report.

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The old comment by Warren Buffet about Donald Trump is now raising eyebrows of many across the globe.
Buffett made the comments back in 1991 at Notre Dame while talking to students about the perils of borrowing money. “I’ve seen more people fail because of liquor and leverage – leverage being borrowed money. Donald Trump failed because of leverage. He simply got infatuated with how much money he could borrow, and he did not give enough thought to how much money he could pay back," Buffett was quoted as saying in the report.
As per the report, Buffett was pointing towards Trump’s investment in the Taj Mahal casino in Atlanta city. And true to Buffet’s assessment, the casino would file for protection against bankruptcy in matter of months, the report stated.
According to Buffet, Trump “never went right.” The present President of the US overpaid for properties using borrowed money, he said, as per report.
The example by Buffet comes at a time when Trump’s trade policies have created global concerns and fear of trade war.
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