Trump Suckers Another Bank

Could we get Sheila Bair to simply decree that any bank that loans Donald Trump money to buy a company out of bankruptcy that he put into bankruptcy is immediately subject to FDIC conservatorship?

From the WSJ:

Real-estate mogul Donald Trump, his daughter Ivanka, and Dallas-based Beal Bank overcame competition from bondholders in bankruptcy court to buy the Atlantic City casino company he once ran and that has always borne his name.

Trump Entertainment Resorts Inc. Tuesday said it has agreed to sell the company to Mr. Trump and BNAC Inc., an affiliate of Beal Bank Nevada, and restructure about $486 million in debt.

“I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management,” Mr. Trump said. “My daughter Ivanka and I will work tirelessly to make this company great again.”

Lending money to this guy is the equivelant of walking around with a “Kick Me” sign taped to your back. Watching another bank get sucked into his web is just another indication that the banking industry has learned nothing.

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