president. he understands an overleveraged balance sheet with a lot of debt that someone else is responsible for. maybe he should be president is what i'm hearing here. >> i don't plan to endorse him. >> all right. trust me this was not either. let's get to the real estate. put the casinos aside. how do we know he owns the real estate? >> we don't. >> stop. we don't. >> it's murky. we do know he has licensing agreements which is the biggest part of his business. the largest part of his business. that's where he makes most of his money. >> what does he licenses? >> he licenses his name. >> i thought floyd said the casinos were taking the name off. >> that's only for the casinos. >> if you want to see buildings with the name trump on them, you can go around new york city and some other cities and see lots of buildings. >> he's getting licensing for all of those. >> what you are saying is if his name is being licensed to the people who actually build them, he doesn't own those buildings. >> he does help develop and he gets a development fee and gets