Been looking over Trump’s casino doings in Atlantic City. Question is, how do you really lose serious money over many years on casinos, especially in times when your competitors in the same town are raking it in? I used to think there were only two answers, either grotesque incompetence or stealing off the top (not just straight grabbing, of course: it would take all kinds of tricks involving debt restructuring etc.). Then it hit me that there’s a third way: Is there any better possible vehicle for laundering large amounts of money from, oh, I don’t know, let’s say Russian criminals, than busting out a casino?

Then it hit me yet again: All of ‘em, Katie.