Qualifications Redux

I've always found it strange that there are so few [official] qualifications* to become president.

  1. Be a natural-born citizen of the United States
  2. Be at least 35 years old
  3. Have been a resident of the United States for 14 years

By contrast, low paying jobs that many people consider menial and unworthy of their own consideration have stricter requirements.

Some of these jobs won't even consider a convicted felon (or they put severe restrictions on them), but even that's clearly not an issue for presidential consideration – official or unofficial.

Ignore all that though, and assume a business leader decision maker was a good candidate for the office of president.

Given those assumptions, how does it make sense that someone who put six businesses, including three casinos into bankruptcy – enterprises notorious for taking inordinate sums of money from its patrons (by design) ... “the house always wins” – could 1. be seen as a competent business person and 2. be elevated to the office of the President of the United States?

* There are other non-official qualifications; the most important one currently seems to include having an endless supply of money for years-long campaigning.