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There are the gates of the roads of Night and Day

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Meet Donald Trump’s bankers. Like the characters in the fairy tale The Emperor’s New Clothes, a gaggle of major financial institutions has finally been forced to admit, after lending Trump billions of dollars, that there’s a lot less to the emperor — or at least his empire — than the banks had believed.

Not quite nine months after bailing out Trump with a rescue package that gave him $65 million in new loans and eased credit terms on his bank debt, Trump’s bankers last week stopped the game. Already more than $3.8 billion in the hole and sliding perilously close to a mammoth personal bankruptcy, the brash New York developer had no choice but to accept the dismantling of his vast holdings.

{ Time, May 1991 | Continue reading }

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