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The Trump Organization
Group of privately held companies all owned by Donald J. Trump
Industry Conglomerate
Founded 1923; 95 years ago (1923)
(as E. Trump & Son)
Founders Elizabeth and Fred Trump
Headquarters Trump Tower, New York City
Area served
Worldwide
Key people
Donald Trump Jr. (Executive Director)
Eric Trump (EVP)
Allen Weisselberg (CFO)
Matthew F. Calamari (COO)[1]
Services
Revenue US$9.5 billion (2016)[2]
Owner Donald Trump
Number of employees
22,450[2]
Website www.trump.com

The Trump Organization is the collective name for a group of approximately 500 business entities of which Donald Trump, the current U.S. President, is the sole or principal owner.[3] Around 250 use the Trump name.[4][5] Founded in 1923, by Donald Trump's grandmother and father as E. Trump & Son, Donald Trump led the organization between 1971 and 2017, as both chairman and president.[6]

The Trump Organization, through its various constituent companies and partnerships, has or has had interests in real estate development, investing, brokerage, sales and marketing, and property management. Trump Organization entities own, operate, invest in, and develop residential real estate, hotels, resorts, residential towers, and golf courses in various countries, as well as prime Manhattan real estate.[4][5][7] They also operate or have operated in construction, hospitality, casinos, entertainment, book and magazine publishing, broadcast media, model management, retail, financial services, food and beverages, business education, online travel, commercial and private aviation and beauty pageants.[8][9] Trump Organization entities also own a New York television production company that produced the reality television franchise The Apprentice.[10] Retail operations include or have included fashion apparel, jewelry and accessories, books, home furnishings, lighting products, bath textiles and accessories, bedding, home fragrance products, small leather goods, barware, steaks, chocolate bars, and bottled spring water.[11]

After September 2016, Trump Organization entities began to develop properties under the name Scion Hotels, which are priced lower and are marketed towards younger customers.[12][13]

Since the financial statements of the Trump Organization's holdings are private, as are Donald Trump's personal tax returns, there exist a wide range of estimates of the Trump Organization's true value. Donald Trump has been accused on several occasions of deliberately inflating the valuation of Trump Organization properties through the aggressive lobbying of the media, in particular the authors of the annual Forbes 400 list, in order to bolster his perceived net worth among the public over several decades. He has released little definitive financial documentation to the public to confirm his valuation claims.[14][15][16][17][18]

History[edit]

Founding and early history[edit]

An early logotype of the Trump Organization, as it appeared in 1976 correspondence from Donald Trump to the Penn Central Transportation Company

The company's background starts with Frederick Trump and Elizabeth Christ Trump, a German immigrant couple who moved to the borough of Queens in 1906. Frederick began developing real estate there. In 1918, however, he died of influenza, leaving an estate valued at $31,359 ($492,016 in 2016 dollars).[19]

Elizabeth carried on in the real estate business after her husband's death. She had a local contractor build houses on an empty piece of property they owned, sold the houses, and lived off the mortgage and rental proceeds paid by the new owners. Her vision was to have her three children continue the family business when they finished school, but her middle son, Fred Trump, wanted to start earlier. She founded the company "E. Trump & Son" in 1923, when Fred was 18, to give him his start.[20][a] Since he was underage, she signed all legal documents. E. Trump & Son went out of business during the Great Depression.[25] Fred next opened a supermarket, but quickly sold it and returned to the real estate business by 1933.[26][27]

Fred Trump became a prolific builder of single-family homes in Queens and Brooklyn.[28] During World War II, he constructed apartments and temporary housing for military personnel in Virginia and Pennsylvania.[28] In 1944, he shifted his focus back to Brooklyn and began planning to develop large apartment buildings.[29] He opened the 1,344-unit Shore Haven complex in 1949,[30] followed by Beach Haven in 1950,[31] and Trump Village in 1964.[32]

Elizabeth would remain involved in the family business throughout her life. Even in her 70s, she would collect coins from the laundromats in the Trump buildings.[20]

Leadership under Donald Trump[edit]

Donald Trump worked for his father's business while attending the University of Pennsylvania, and in 1968 officially joined the company.[33] In the early 1970s, Donald was made president of the company, while Fred became chairman of the board.[34] Around 1973, Donald began referring to the business, which had previously had no single formal name, as the Trump Organization.[35]

Donald Trump focused his efforts on major development projects in Manhattan, including the renovation of the Commodore Hotel, in partnership with Hyatt, as the Grand Hyatt New York (opened in 1980);[36] the construction of Trump Tower in partnership with The Equitable (1983);[37] and the development of Trump Plaza (1984).[38][39] He also opened three casino hotels in Atlantic City, New Jersey: Trump Plaza (1984),[40] Trump Castle (1985),[41] and Trump Taj Mahal (1990).[42]

In 1990, the Trump Organization approached a financial crisis and was believed to be on the brink of collapse, with Donald Trump and his companies owing estimated debts of $3.4 billion.[43] Trump spent the following years renegotiating his debts, and gave up some properties, including the Trump Shuttle airline and a stake in the Plaza Hotel in Manhattan.[44] In 1995, he took another major step towards financial stability, launching a publicly traded company for the Trump casinos, Trump Hotels & Casino Resorts.[44][45] By 1996, Trump was widely considered to be making a comeback.[44][46]

Fred Trump died in 1999.[31] In 2004, his four surviving children (Donald, Robert Trump, Maryanne Trump Barry, and Elizabeth Trump Grau) sold Fred's portfolio of 8,000 apartments for $700 million to a group led by Rubie Schron, marking the exit of Donald's family from ownership of the business.[47][48][49]

Trump presidency[edit]

Donald Trump relinquished his role as chairman and president of the Trump Organization after being elected as U.S. President. His two adult children and three others stayed on as key executives.[50]

On January 11, 2017, Trump announced that he and his daughter Ivanka would resign all roles within The Trump Organization, while his two oldest sons Donald Jr. and Eric would remain to run the various businesses along with existing Chief Financial Officer Allen Weisselberg.[51]

Trump retained his financial stake in the business, despite having offered during the campaign to put all his assets in a "blind trust" should he win the presidency.[52][53] His attorney at the time, Sheri Dillon, stated that Trump's assets would be overseen by an ethics officer, and that the Trump Organization will not pursue any new foreign business deals.[54]

Under the pre-inaugural management agreement, Forbes magazine reported in March 2017:

The Trump Organization has curtailed some of its international work, pulling out of deals in Azerbaijan, Georgia and Brazil, while pledging to do no new foreign deals (though it has apparently resurrected an old deal in the Dominican Republic). Trump’s international hotel licensing and management business only makes up $220 million of his estimated $3.5 billion fortune, but it’s the most dynamic part of the Trump portfolio—and it throws off chunks of cash with virtually no risk. As the Trumps have wound down some international deals, they continue to push forward with new domestic agreements.

Eric Trump, in the Forbes article, discussed the "clear separation of church and state that we maintain" between the business and his father and said that with his father's U.S. Presidency and related changes "[y]ou could look at it either way" in terms of business prospects. He also said that "he will continue to update his father on the business while he is in the presidency ... 'probably quarterly ... profitability reports and stuff like that'". The article quoted Larry Noble, general counsel of the nonpartisan Campaign Legal Center and a former chief ethics officer at the Federal Election Commission, and President George W. Bush’s former chief ethics lawyer, Richard Painter, as looking negatively at such multiple planned updates of President Trump per year.[55] Noble said in part "if he is now going to get reports from his son about the businesses, then he really isn’t separate in any real way” and Painter said in part "at the end of the day, he owns the business. He has the conflicts that come with it.”[55]

Also in March 2017, Forbes did a listing of all "36 mini-Trumps", as it termed the domestic and international partners—often described as "billionaires"—with whom The Trump Organization has worked over the years. Introducing the listing, the magazine reported that at least 14 of the partners attended the President's inauguration and some of them paid for $18,000-a-night accommodations at the Trump International Hotel in Washington, D.C. for the event.[56]

Real estate[edit]

Map highlights countries with properties that are either owned or licensed by the Trump Organization as of December 2016.[57][58]

In 2015 Forbes estimated that Trump's real estate holdings were worth about US$3.5 billion with a value of commercial properties totaled at US$1.3 billion, his residential properties at US$410 million, and his club facilities at US$866 million, and an additional US$940 million for properties he has less than 100% stake in.[59]

Trump's real estate holdings form the core of his assets and provide much of his income, with a wide array of real estate licensing, branding and marketing deals and royalties that provide millions in annual cash flow.[60][61] As of 2005 Trump-branded condominiums in New York City sold for 36% more than comparable properties, according to the Corcoran Group.[62] In 2015, Trump earned $71 million from condo sales and collects $41.9 million in rental income on his buildings annually.[63]

Selected completed properties[edit]

  • Trump Tower, 725 Fifth Avenue, Midtown Manhattan: A 58-story[64] mixed-use tower, the headquarters of the Trump Organization, was developed in partnership with The Equitable, and opened in 1983. Trump bought out the Equitable's stake in 1986,[65] and now owns the office and retail components of the tower.[66] The building also contains the three-story penthouse apartment that was Donald Trump's primary residence until he moved to the White House.[67] The value of the tower was estimated at $450 million in 2017.[68] Trump took out a $100 million mortgage on the building in 2012.[66]
  • Trump World Tower, 845 United Nations Plaza, also in Midtown Manhattan: In 2006, Forbes magazine estimated "$290 million in profits and unrealized appreciation" going to Trump.[69]
  • AXA Financial Center in Manhattan and 555 California Street in San Francisco: Trump owns a 30 percent stake in these two office buildings, resulting from a property swap involving Riverside South. Trump's stake in the two buildings was estimated to be at least $850 million as of 2013.[66]
  • The Trump Building at 40 Wall Street: Trump bought and renovated this building for $1 million in 1995. The pre-tax net operating income at the building as of 2011 was US$20.89 million and is valued at $350 to $400 million, according to the New York Department of Finance. Trump took out a $160 million mortgage attached to the property with an interest rate of 5.71% to use for other investments.[66] Forbes valued the property at $260 million in 2006.[69]
  • Trump International Hotel and Tower Chicago: The entire project is valued at $1.2 billion ($112 million stake for Trump).
  • Trump International Hotel Las Vegas: A joint development with fellow Forbes 400 members, Phil Ruffin ("key partner"), and Jack Wishna ("minority partner").[70] In 2006, Trump's stake was estimated at $162 million.[69] In Forbes in March 2017, the Trump International Las Vegas was described as a 50-50 partnership between Donald Sr. and Ruffin, with Eric as the primary manager for the Trump Organization.[55]
  • Trump International Hotel and Tower New York: Trump provided his name and expertise to the building's owner (GE) during the building's re-development in 1994 for a fee totaling $40 million ($25 million for project management and $15 million in incentives deriving from the condo sales). Forbes values Trump's stake at $12 million. In March 2010, the penthouse apartment at Trump International Hotel & Tower in New York City sold for $33 million.[71][72]
  • Trump Park Avenue Park Avenue & 59th Street: It is valued at $142 million. Trump owns 23 apartments at Trump Park Avenue, which he rents for rates as high as $100,000 per month, and 19 units at Trump Parc.[66]
  • 6 East 57th Street: Trump has a leasehold interest on this retail building, adjacent to Trump Tower, through the year 2079.[73] The building was occupied by a Niketown store from 1996 to 2018.[73][74] The value of Trump's interest was estimated at $470 million as of 2015.[75]
  • Mar-a-Lago: A historic estate in Palm Beach, Florida, most of which was converted by Trump into a members-only resort. The property was worth as much as $250 million as of 2013.[66] Trump also owns two neighboring private houses, valued at $6.5 million and $3 million.[66]
  • Seven Springs: A 213-acre (86 ha) estate with a 13-bedroom mansion near Bedford, New York. Trump paid $7.5 million for the property in 1995.[76] Local brokers put the property's value at around $40 million as of 2013.[66] Trump had hoped to develop the land with a golf course or houses, but apparently abandoned those plans in 2015.[76]
  • Beverly Hills house: A 5-bedroom home purchased by Trump in 2007 for $7 million,[77] and valued at $8.5 to $10 million as of 2013.[66]
  • Trump International Hotel Washington, D.C.: The Old Post Office Pavilion, historically known as the Old Post Office and Clock Tower, is a property located at 1100 Pennsylvania Avenue NW in Washington, D.C. The Trump Organization developed the property into a luxury hotel, which opened in September 2016.

Carousel[edit]

Central Park Carousel: A merry-go-round carousel located in Central Park, Manhattan. In 2010, Trump took over the management of the Central Park carousel, where he promised to revive the merry-go-round after its previous operator was removed by the city's parks department. The carousel generates $589,000 from annual admissions.[78][79][80] The Trump Organization has a contract to operate the carousel through 2021.[81]

Skating rink[edit]

Wollman Rink: A public ice rink in the southern part of Central Park. Wollman Rink has been operated by a joint venture between Trump Organization and Rink Management Services of Mechanicsville, Virginia since 2001. The Trump name is prominently displayed on the walls of the rink as well as on the Zamboni that maintains the rink. Operation of the Lasker Rink on the north edge of Central Park is also handled by the two companies. The rink generates close to $8.7 million in annual income from rink admissions.[63][78][79] The Trump Organization has a contract to operate the rink through 2021.[81]

Trump Winery[edit]

Trump Winery is a winery situated on Trump Vineyard Estates near Charlottesville, Virginia. It is valued between $5 million to $25 million.[63]

The vineyard was purchased by Trump in April 2011 from Patricia Kluge, the widow of John Kluge. The property was distressed.[82] and was officially opened in October 2011.[83] Trump Winery is situated in the Monticello Wine Trail. Trump's son Eric was a partner in the purchase.[84]

After purchasing the property, Trump turned over management of the winery to his son.

Golf courses[edit]

The Trump Organization owns or manages seventeen golf courses in the United States, Scotland, Ireland, and the United Arab Emirates.[85] As of 2015, Trump listed income of at least $176 million in an 18-month span from his golf courses – about 41% of the low-end estimate of his income.[63]

United States[edit]

International[edit]

Real estate licensing[edit]

Trump International Hotel at Las Vegas

Many developers pay Donald Trump to market their properties and be the public face for their projects.[92] For that reason, Trump does not own many of the buildings that display his name.[92] According to Forbes, this portion of Trump's empire, actually run by his children, has valuation of $562 million. According to Forbes, there were 33 licensing projects under development including seven "condo hotels" (i.e. The seven Trump International Hotel and Tower developments). Trump has generated more than $74 million in real estate licensing deals and has $823.3 million worth of real estate in joint ventures.[66]

  • Manhattan:
    • Trump Palace: 200 East 69th Street, New York, NY.
    • Trump Parc and Trump Parc East: Two adjoining buildings on Central Park South on the southwest corner of The Avenue of the Americas. Trump Parc East is a 14-story apartment building and Trump Parc (the former Barbizon Plaza Hotel) is a 38-story condominium building.
    • Trump Plaza: 167 East 61st Street, New York, NY (36-story, Y-shaped plan condominium building on the Upper East Side)
    • 610 Park Avenue (Old Mayfair Hotel): Trump is helping with the construction and development of this property for Colony NorthStar.
    • Trump SoHo: Hotel Condominium: A partnership with Bayrock Group to build a 42-story building in Soho.[citation needed] "Russian-born" Felix Sater was listed as an employee of Bayrock when the partnership was born. Sater had served time in prison for injuries he inflicted in a bar fight before the Soho partnership.[56]
  • New York City suburbs:
  • Florida:
  • Other domestic:
  • International:
    • Elite Tower, Ramat Gan, Israel was a planned commercial real estate development slated to be the tallest building in Israel. Called the Trump Plaza Tower, Trump shelved the plans in 2007, when the site was sold on to Azorim for NIS 306.5 million.[107][108] Trump purchased the site for $44 million.[109]
    • Trump International Hotel & Tower Lido Lake, West Java, Indonesia. Trump Hotels will be involved with the 700-hectare Lido Lake development, 1 hour from Bandung, Indonesia including a six-star luxury resort, 18-hole signature Ernie Els championship golf course, elite Lifestyle Country Club & Spa as well as a high-end residential offering including luxury villas and condominiums.[110][111] One of the Trump Organization’s partners in Indonesia is Tanoesoedibjo, who is "building up a following as he mulls a presidential run", according to Forbes.[55][56] MNC Lido City is partially funded by the Chinese government.[112][113]
    • Trump International Hotel & Tower Vancouver, Vancouver. A skyscraper under construction in Downtown Vancouver, British Columbia, Canada. The 63-story, 188-metre-high (617 ft), mixed-use tower is located at 1133 West Georgia Street, and has been completed in 2016. Trump Vancouver is the second tallest building in the city, after the Shangri-La tower located across West Georgia Street.[citation needed] The licensed tower in Vancouver is a project primarily of Donald Jr.'s with its builder, "Malaysian heir Joo Kim Tiah".[55]
    • Trump Towers Istanbul, Istanbul, Turkey[114]

Former properties[edit]

Other ventures and investments[edit]

Trump owns a wide variety of other enterprises outside real estate (which had an estimated 2013 value of US$317.6 million).[128] Other investments include a 17.2% stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company.

Beyond his traditional ventures in the real-estate, hospitality, and entertainment fields and having carved out a niche for the Trump brand within these industries, Trump has moved on to establish the Trump name and brand in a multitude of other industries and products. He has made millions attaching his name to numerous products and services that range from energy drinks to books.[7][9] He took in $1.1 million in men's wear licensing royalties.[129] Trump earns $15,000 to $100,000 in book royalties and $2.2 million for his involvement with Trump Model Management every year.[130] Until 2015 Trump owned the Miss Universe, Miss USA and Miss Teen USA pageants, collectively worth $15 million.[66]

Trump has marketed his name on a large number of products and services achieving mixed success doing so. Some of his external entrepreneurial and investment ventures include or have included:

In addition, Trump reportedly receives $1.5 million for each one-hour presentation he does for The Learning Annex.[138][139] Trump also endorsed ACN Inc. a multi-level marketing telecommunications company. He has spoken at ACN International Training Events at which he has praised the company's founders, business model and video phone.[140] He earned a total $1.35 million for three speeches given for the company amounting to $450,000 per speech.[141][142]

The Trump Organization also houses ventures started by Donald Trump's daughter Ivanka, which includes Ivanka Trump Fine Jewelry (a jewelry line) and The Ivanka Trump Lifestyle Collection (a high-end designer-fashion and cosmetics line that includes fragrances, footwear, handbags, outerwear and eyewear collections).[143]

Valuation disputes[edit]

The financial statements of the Trump Organization's holdings are private, as are Donald Trump's personal tax returns, and there exist a wide range of estimates of the Trump Organization's true value. Donald Trump has been accused on several occasions of deliberately inflating the valuation of Trump Organization properties through the aggressive lobbying of the media, in particular the authors of the annual Forbes 400 list, in order to bolster his perceived net worth among the public over several decades. He has released little definitive financial documentation to the public confirm his valuation claims.[14][15][16][17][18]

It is difficult to determine a net value for the Trump Organization's real estate holdings independently since each individual property may be encumbered by debt.[14]

In October 2015 the Forbes, the owner of the Forbes 400 list published an article titled, "Inside The Epic Fantasy That's Driven Donald Trump For 33 Years" detailing its struggle to estimate the true new worth of Trump and his Trump Organization.[144] In 2018 a former Forbes journalist who had worked on the Forbes list claimed in an Op-Ed to the Washington Post that Trump had lied about his wealth to Forbes to get on the list repeatedly and suggested that Forbes' previous low-end estimates of Trump's net worth were still well above his true net worth.[14]

Controversies[edit]

In 1973, the U.S. Department of Justice's (DOJ) Civil Rights Division filed a civil rights suit against The Trump Organization charging that it refused to rent to black people. The National Urban League had sent black and white testers to apply for apartments in Trump-owned complexes; the whites got the apartments, the blacks did not. According to court records, four superintendents or rental agents reported that applications sent to the central office for acceptance or rejection were coded by race. A 1979 Village Voice article quoted a rental agent who said that Fred Trump instructed him not to rent to black people and to encourage existing black tenants to leave. In 1975, a consent decree described by the head of DOJ's housing division as "one of the most far-reaching ever negotiated," required Trump to advertise vacancies in minority papers and list vacancies with the Urban League. The Justice Department subsequently stated that continuing "racially discriminatory conduct by Trump agents has occurred with such frequency that it has created a substantial impediment to the full enjoyment of equal opportunity."[145]

Also, it is alleged that The Trump Organization has a history of not paying for services rendered. Several hundred contractors or workers for the organization have filed lawsuits or liens saying they were not paid for their work, and others say they had to settle for cents on the dollar.[146]

In 1989, New York State officials ordered the Grand Hyatt New York, a hotel owned at the time by the Trump Organization and the Hyatt Corporation, to pay New York City $2.9 million in rent that had been withheld by the hotel in 1986 due to "unusual" accounting changes approved by Donald Trump.[147] An investigation by New York City auditors noted that the hotel was missing basic financial records and found that the hotel was using procedures that violated generally accepted accounting principles.

From 2000 on, the Trump Organization held 50% of TD Trump Deutschland AG, a corporate venture with a German company, planning to build a skyscraper named "Trump Tower Europe" in Frankfurt, Berlin or Stuttgart, but allegedly never paid the full amount of their 2 million share.[148] At least three lawsuits followed and the company was disestablished in 2005.[149]

As of August 2017,[150] Tom Scharfeld owns the trademark of "iTrump" mobile app which plays the trumpet. As "the word trump has other meanings",[151][152] the Court did not rule in favour of The Trump Organization.

On March 15, 2018, the New York Times reported that Special Counsel Robert Mueller, as part of his inquiry into Russian interference in the 2016 presidential election, had previously issued a subpoena for documents from the Trump Organization. Alan S. Futerfas, a lawyer representing the Trump Organization, said: “Since July 2017, we have advised the public that the Trump Organization is fully cooperative with all investigations, including the special counsel, and is responding to their requests.”[153]

Notes & references[edit]

Notes[edit]

  1. ^ Some modern sources, including Donald Trump's The Art of the Deal, refer to the company as "Elizabeth Trump & Son."[21][22] Contemporary sources, however, refer to it as "E. Trump & Son."[23][24]

References[edit]

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  2. ^ a b "Trump Organization is now America's 48th largest private company". CNN. February 17, 2017. 
  3. ^ Morgan, Lewis & Bockius LLP. "Status of U.S. federal income tax returns" (PDF). The Trump Organization. Retrieved October 7, 2016. 
  4. ^ a b Zurcher, Anthony (July 23, 2015). "Five take-aways from Donald Trump's financial disclosure". BBC. Retrieved January 17, 2016. 
  5. ^ a b Garver, Rob (July 24, 2015). "7 Revelations from Donald Trump's Financial Disclosure". CNBC. Retrieved January 17, 2016. 
  6. ^ "Donald J. Trump Biography". The Trump Organization. Retrieved October 7, 2016. 
  7. ^ a b Lisa, Andrew (August 21, 2015). "How Donald Trump brings in over $250M a year". Las Vegas Review-Journal (GoBankingRates.com). Retrieved January 17, 2016. 
  8. ^ "21 Unusual Facts About Billionaire Politician Donald Trump". Inc.com. Retrieved January 17, 2016. 
  9. ^ a b Yanofsky, David (July 22, 2015). "A list of everything Donald Trump runs that has his name on it". Quartz. Retrieved January 16, 2016. 
  10. ^ Epstein, Reid J.; Heather Haddon (August 11, 2015). "Donald Trump Is Frugal With His Cash in Republican Presidential Race". The Wall Street Journal. Retrieved January 17, 2016. 
  11. ^ "The Trump Organization LLC". Bloomberg Businessweek. Retrieved January 15, 2015. 
  12. ^ Vora, Shivani (October 25, 2016). "A New Trump Brand Not Named for Trump? Yes, Meet Scion". The New York Times. Retrieved January 30, 2017. 
  13. ^ Kirkham, Chris; Berzon, Alexandra (January 25, 2017). "Trump hopes to open 17 new hotels under Scion brand The Wall Street Journal". MarketWatch. Retrieved January 30, 2017. 
  14. ^ a b c d Greenberg, Jonathan (2018-04-20). "Perspective | Trump lied to me about his wealth to get onto the Forbes 400. Here are the tapes". Washington Post. ISSN 0190-8286. Retrieved 2018-04-20. 
  15. ^ a b producer, By Kiran Khalid, CNN. "Donald Trump net worth: I'm worth whatever I feel - Apr. 21, 2011". money.cnn.com. Retrieved 2018-04-20. 
  16. ^ a b "Trump Once Said Some Amazing Things About His Net Worth Under Oath". Fortune. Retrieved 2018-04-20. 
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  30. ^ Barrett, Wayne (2016). Trump: The Greatest Show on Earth: The Deals, the Downfall, the Reinvention. Simon & Schuster. p. 78. 
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