THE NEW YORKER: In his journal, Schwartz wrote, “Trump stands for many of the things I abhor: his willingness to run over people, the gaudy, tacky, gigantic obsessions, the absolute lack of interest in anything beyond power and money.” Looking back at the text now, Schwartz says, “I created a character far more winning than Trump actually is.” The first line of the book is an example. “I don’t do it for the money,” Trump declares. “I’ve got enough, much more than I’ll ever need. I do it to do it. Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That’s how I get my kicks.” Schwartz now laughs at this depiction of Trump as a devoted artisan. “Of course he’s in it for the money,” he said. “One of the most deep and basic needs he has is to prove that ‘I’m richer than you.’ ” As for the idea that making deals is a form of poetry, Schwartz says, “He was incapable of saying something like that—it wouldn’t even be in his vocabulary.” He saw Trump as driven not by a pure love of dealmaking but by an insatiable hunger for “money, praise, and celebrity.” Often, after spending the day with Trump, and watching him pile one hugely expensive project atop the next, like a circus performer spinning plates, Schwartz would go home and tell his wife, “He’s a living black hole!”
According to Barrett, among the most misleading aspects of “The Art of the Deal” was the idea that Trump 
made it largely on his own, with only minimal help from his father, Fred. Barrett, in his book, notes that Trump once declared, “The working man likes me because he knows I didn’t inherit what I’ve built,” and that in “The Art of the Deal” he derides wealthy heirs as members of “the Lucky Sperm Club.”
Trump’s self-portrayal as a Horatio Alger figure has buttressed his populist appeal in 2016. But his origins were hardly humble. Fred’s fortune, based on his ownership of middle-income properties, wasn’t glamorous, but it was sizable: in 2003, a few years after Fred died, Trump and his siblings reportedly sold some of their father’s real-estate holdings for half a billion dollars. In “The Art of the Deal,” Trump cites his father as “the most important influence on me,” but in his telling his father’s main legacy was teaching him the importance of “toughness.” Beyond that, Schwartz says, Trump “barely talked about his father—he didn’t want his success to be seen as having anything to do with him.” But when Barrett investigated he found that Trump’s father was instrumental in his son’s rise, financially and politically. In the book, Trump says that “my energy and my enthusiasm” explain how, as a twenty-nine-year-old with few accomplishments, he acquired the Grand Hyatt Hotel. Barrett reports, however, that Trump’s father had to co-sign the many contracts that the deal required. He also lent Trump seven and a half million dollars to get started as a casino owner in Atlantic City; at one point, when Trump couldn’t meet payments on other loans, his father tried to tide him over by sending a lawyer to buy some three million dollars’ worth of gambling chips. Barrett told me, “Donald did make some smart moves himself, particularly in assembling the site for the Trump Tower. That was a stroke of genius.” Nonetheless, he said, “The notion that he’s a self-made man is a joke. But I guess they couldn’t call the book ‘The Art of My Father’s Deals.’ ”
The other key myth perpetuated by “The Art of the Deal” was that Trump’s intuitions about business were almost flawless. “The book helped fuel the notion that he couldn’t fail,” Barrett said. But, unbeknown to Schwartz and the public, by late 1987, when the book came out, Trump was heading toward what Barrett calls “simultaneous personal and professional self-destruction.” O’Brien agrees that during the next several years Trump’s life unravelled. The divorce from Ivana reportedly cost him twenty-five million dollars. Meanwhile, he was in the midst of what O’Brien calls “a crazy shopping spree that resulted in unmanageable debt.” He was buying the Plaza Hotel and also planning to erect “the tallest building in the world,” on the former rail yards that he had bought on the West Side. In 1987, the city denied him permission to construct such a tall skyscraper, but in “The Art of the Deal” he brushed off this failure with a one-liner: “I can afford to wait.” O’Brien says, “The reality is that he couldn’t afford to wait. He was telling the media that the carrying costs were three million dollars, when in fact they were more like twenty million.” Trump was also building a third casino in Atlantic City, the Taj, which he promised would be “the biggest casino in history.” He bought the Eastern Air Lines shuttle that operated out of New York, Boston, and Washington, rechristening it the Trump Shuttle, and acquired a giant yacht, the Trump Princess. “He was on a total run of complete and utter self-absorption,” Barrett says, adding, “It’s kind of like now.”
Schwartz said that when he was writing the book “the greatest percentage of Trump’s assets was in casinos, and he made it sound like each casino was more successful than the last. But every one of them was failing.” He went on, “I think he was just spinning. I don’t think he could have believed it at the time. He was losing millions of dollars a day. He had to have been terrified.” MORE