Bailout or Bust (Retweet This Book)

Debt crisis: as it happened - September 7, 2011

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The concerns that drove Trump's lenders were brought sharply into focus in a telephone conference call in June , when people who had the right to seize the Trump Castle casino chose not to do so. The fear of bankruptcy dominated their deliberations, according to a tape recording of the discussion made available to The Washington Post.

Bankruptcy was "a huge wild card," a participant warned during the strategy session. The lenders -- bondholders who had helped finance the Trump Castle casino and hotel -- expressed contempt for the way Trump had managed the casino.

TRUMP WENT BROKE, BUT STAYED ON TOP

But their cynicism about the bankruptcy system outweighed their cynicism about Trump. Even Trump himself is said to have expressed amazement at the power a man in his position held over his lenders. Trump, who emphasized in interviews that his bankers showed good judgment, denied having made such comments. There was a time when Trump was one of the lending community's favorite customers.

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For most of the s, bankers were in a fierce competition to make loans, and Trump was a professional money borrower. The more he borrowed, the more they wanted to lend him.

After all, they reasoned, who could be a safer credit risk than the obviously rich and successful Donald Trump? When recession set in, real estate markets collapsed and the bankers' expectations proved wildly optimistic, Trump's debt became too much for him to handle. The crunch came in , when Trump appeared headed for default on a payment to Trump Castle bondholders.

Money Myth # Greek bailouts a fiction – Claire Connelly

Anxious financiers believed he was on the brink of financial collapse. But instead of cutting Trump off, the key banks that financed many of Trump's holdings agreed to lend him even more. They put up additional tens of millions of dollars and suspended interest payments on more than a third of his bank debt. In return, they demanded that Trump give them rights to more of his property as additional collateral for their loans. As it turned out, the bailout was just the beginning of a long and arduous financial restructuring.

Trump has spent the past two years negotiating with banks and other creditors to salvage what he can. He and his major lenders last year agreed on general terms. Many of their deals have been completed, while others are in the final stages. Trump gave up some of his holdings, such as his yacht, his private jet and the Trump Shuttle. He also has agreed to hand over his share of the Grand Hyatt Hotel in Manhattan. A room estate in Palm Beach, Fla. Where all of that leaves Trump's bottom line is hard to gauge. His latest personal scorecard, an unaudited financial statement prepared in June, said his net worth as of Dec.

The wide range reflects the extremely subjective nature of property valuations, especially in today's stagnant commercial real estate markets. Various observers familiar with Trump's holdings dismissed those estimates as wishful thinking or self-promotion.

Some bankers said Trump still owes more than he owns, because properties such as the Trump Castle and the Plaza Hotel are still worth less than the debt owed on them. What is clear is that Trump has not had to face the ultimate financial reckoning. That day could come in a few years, Trump and his creditors could keep putting it off, or Trump could make the issue moot by generating enough cash to pay off his remaining debt. Over the past year, the financial performance of Trump's Atlantic City casinos has improved markedly. If the economy and the real estate markets rebound before his borrowed time runs out, Trump could end up in sounder financial condition than ever.

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Even if banks and bondholders could have taken away all his properties without a fight, they "would have lost a tremendous amount of money, because other people would not have been able to do what I've done," he said. I think it's morally reprehensible what he gets away with," said Lawrence Lambert, a Fairfield, Conn. Trump understood that his creditors were reluctant to push him into bankruptcy, and he used their fear to his advantage.

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The Silence of the Hucows. Frankfurt's DAX closed up 4. Citing a draft document, the article claims that the IMF now forecasts 4pc growth this year and 4. In its last official forecast from June, the IMF estimated that the world economy would grow by 4. The court ruling in Germany has avoided what some deemed a potentially cataclysmic event for the eurozone. The US markets were desperate for the European issue to stop their weak run, with heavy losses seen either side of the Labour day weekend.

But it still needs to pass parliament to be ratified, and it doesn't sound like that will be easy. Richard Sulik , leader of Slovakia's Freedom and Solidarity Party and parliamentary speaker, vowed to block the plans, calling it "a road to hell", reports AP. Sulik wants Slovakia to vote on the matter this autumn, once all other eurozone nations have delivered their verdict. So far the Budget Committee has consistently taken the government line on the bailout, albeit reluctantly, and it remains to be seen whether it dares to exercise its new power.

The calls for the whole Bundestag to have a greater say in the dispersion of financial aid are, therefore, likely to continue. This could set Europe up for a major clash of national democracies in future, should Eurobonds be deemed necessary to hold the Single Currency together in the long term. This unsettling question is likely to resurface in future. In the US, too, things are looking good. The Dow Jones is up 1. The UK continues to experience weak economic growth. But even this poor rate of growth is flattered by the drop in output in April.

If this economic weakness persists over the next few months, the MPC will probably implement a further round of quantitative easing.

Controversially, he will ask Congress to offset the cost of the exercise by raising tax revenue in the future. Just what the Tea Party-ists were hoping to hear! The Dow Jones added 1. Europe's leaders will no doubt be very interested in the contents of the lecture - particularly whether the eurozone is already 'beyond the crisis', in Mr Van Rompuy's view, or when that is likely to happen The time to launch QE2 has arrived. The downside economic risks are sufficiently great to warrant an extension in quantitative easing now, in order to avoid the risk of a double-dip recession.

We already have an L-shaped economic recovery and the hit to business and consumer confidence over the summer risks a slip back into recession, which could have dire fiscal consequences. The price of the metal is down for a second day as stock markets rally. The price dipped 2. Equities are in positive territory for a change, and small profit-taking could now move the market substantially.

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There is good physical buying interest every time the market dips. No comments on national stereotypes from this blog When George Osborne left the Lloyds of London dinner early last night for another engagement, he was off to collect his 'Politician of the Year' gong at GQ's 'Men of the Year' awards ceremony. George Osborne left last night's Lloyds City dinner early for "another engagement". Turns out it was this: Generally the European Commission has taken note with satisfaction. This ruling confirms compatibility with the German constitution. It has an important bearing on capacity of Union and member states to act to surmount the debt crisis.

And the court in action:. The verdict "should not be misinterpreted as a constitutional blank check for further rescue packages. My colleague Bruno Waterfield in Brussels reports on the reaction to the German's court ruling. The response in the Brussels corridors to the Karlsruhe ruling is "phew". But the feelings of initial relief are also coupled with unease at the constitutional court's demand for Bundestag scrutiny and approval of future euro fund rescues. It seems the debt crisis has been inspiring lyricists all over Europe.

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