Millions of Americans believe that Donald Trump is a business failure who cheats on his taxes. But to borrow one of his favorite insults, the president may not be “the stone-cold loser,” many imagine. In some ways, he’s a success even considering his businesses generate vast losses, and he personally liable for the hundreds of millions of dollars in bank loans and junk bonds borrowed by those businesses. Instead, think of Trump as practicing an extreme alchemy of the shameless rich: He uses loans from other people to generate millions in annual tax losses as a tax shelter from millions in...…Millions of Americans believe that Donald Trump is a business failure who cheats on his taxes. But to borrow one of his favorite insults, the president may not be “the stone-cold loser,” many imagine. In some ways, he’s a success even considering his businesses generate vast losses, and he personally liable for the hundreds of millions of dollars in bank loans and junk bonds borrowed by those businesses. Instead, think of Trump as practicing an extreme alchemy of the shameless rich: He uses loans from other people to generate millions in annual tax losses as a tax shelter from millions in...WW…