Man Who Bailed Out Trump Tapped for Commerce Gig
The future president-elect at one time owned a quarter of Atlantic City’s casino market. But Trump was heavily in debt, and he started missing bond payments on his — and Atlantic City’s — largest casino, the Taj Mahal, in 1990.
Ross, then an investment banker working for Rothschild Inc., helped bondholders negotiate with Trump, whose finances were unraveling. The final deal reduced Trump’s ownership stake in the Taj but left him in charge, and bondholders were unhappy when Ross presented the plan.
“Why did we make a deal with him?” one asked, according to Rosenberg’s book.
Ross insisted that Trump was worth saving.
“The Trump name is still very much an asset,” he said.http://www.latimes.com/politics/la-na-pol-wilbur-ross-commerce-20161208-story.html
To be fair I wanted to include the right wing objections to this glaring conflict of interest, pay for play if you will.
Media: Benghazi! Email! Birth Certificates! Jade Helm!
America: OMG!
Media: Russian hacking
America: You can’t trust the media
— Stonekettle (@Stonekettle) December 10, 2016