Trouble in paradise?
This is
YUUUUGE news:
Trump International Golf Club Puerto Rico files for bankruptcy protection. * The filing was made by Coco Beach Golf & Country Club S.E. in bankruptcy court in San Juan, Puerto Rico. * The 18-hole championship course is listed as a golf property affiliated with Donald Trump’s Trump Organization on its website. * Filing lists assets of $9.2 million and as much $78 million in debt.
Of course, Trump is
no stranger to bankruptcy court:
Donald Trump has filed for corporate bankruptcy four times, in 1991, 1992, 2004 and 2009.
Former Secretary of Labor Robert Reich has argued Trump
abuses the system with bankruptcy filings:
In America, people with lots of money can easily avoid the consequences of bad bets and big losses by cashing out at the first sign of trouble.
The laws protect them through limited liability and bankruptcy.
But workers who move to a place like Atlantic City for a job, invest in a home there, and build their skills, have no such protection. Jobs vanish, skills are suddenly irrelevant, and home values plummet.
They’re stuck with the mess.
Bankruptcy was designed so people could start over. But these days, the only ones starting over are big corporations, wealthy moguls, and Wall Street.
Can't wait to hear how Trump spins this as a brilliant financial success for himself.