Trump attended the Wharton Business School, after which he joined the family real estate business. As a talented dealmaker, he was able to secure loans with little collateral in the 1980s and created an empire in real estate, casinos, sports, and transportation.
By 1990, however, the effects of recession left him unable to meet loan payments. Although he shored up his businesses with additional loans and postponed interest payments, increasing debt brought Trump to business bankruptcy and the brink of personal bankruptcy. Banks and bondholders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid risking losing even more in a court fight.
By 1994, Trump had eliminated a large portion of his $900 million personal debt and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. He opened a new hotel and office building in New York City in 1996. In 1999, Trump indicated an interest in running for president on the Reform party ticket in 2000.
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