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A close study of Trump’s actions over the past few years reveals a man addicted to deception, a man who invested like a fool, a man who shaved from deals and bled failing companies of cash so that he could live with absurd excess, a man who borrowed huge amounts from credulous banks and investors, a man who not only is not now a billionaire but never had $1 billion or $500 million or—very possibly—even $100 million and who has been strapped since 1987. Donald Trump is not just some cartoon character, a guy with a comb-over and a press agent and a board game named after him; he is and always has been a real and fairly treacherous human being.

In this feat of investigative journalism, John Connolly dives into Donald Trump’s financial records and finds that the real estate mogul’s most—if not only—valuable commodity is his knack for delivering scrutiny-resistant statements that blend finance, fact and fiction.

How to Fool All of the People, All of the Time was originally published in Spy, April, 1991.

Cover design by Adil Dara.