Word: trumps
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Dates: during 1990-1999
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Even the currently troubled Donald Trump has allegedly paid his Genovese dues, perhaps unwittingly. Last month Trump took the stand in Manhattan's federal court to deny that he knowingly hired 200 illegal Polish aliens to demolish a building in Manhattan in 1980 to make way for his glittering Trump Tower. Members of Housewreckers Local 95, who also accuse their own president in the scheme, allege that Trump was able to avoid making payments that would now total $1 million (including interest) into the union's pension funds. % "You can bet there was a wise guy somewhere in the background...
These days, almost everyone else in the upper echelons of American life is cushioned from the consequences of failure. Congressmen bask in a 98% re- election rate, Donald Trump is rescued by a last-minute bank bailout, and CEOs almost never face executive outplacement after a few quarters of skimpy earnings. But there are no banked turns on the tenure track in baseball, where the typical dugout denizen lasts two years and a manager has been fired during every season since...
Bankers went along with the agreement, which amounts to a privately arranged bankruptcy, in the hope that the value of Trump's properties will rise. Trump could then sell many of his holdings to raise cash to repay his loans. But if the depressed Northeastern real estate market fails to improve, Trump could still wind up in bankruptcy court...
...perils of lending to Trump became apparent last week, when Manufacturers Hanover, a major Trump creditor, acknowledged that it has been unable to collect interest on $157 million of loans to the developer. Meanwhile, gaming experts said gamblers from Japan and other Asian nations have begun to shun Trump's casinos out of fear that his troubles will bring them bad luck. While that may be mere superstition, even bettors seem to be showing more prudence than bankers these days...
World leaders will gather in Houston for rodeos and barbecues, but what the meeting needs is a bolder economic agenda. -- Bankers put Donald Trump on an allowance...