The Republican candidate’s financial difficulties pose risks for America as well as for himself.
Already a subscriber?For Donald Trump, it would not be seven times a charm. His first six bankruptcies all took place before he went into politics.
He has already been turned down by 30 entities, including Berkshire Hathaway, Allianz, Munich Re, Swiss Re and Tokio Marine HHC. Even if Trump had the collateral they need, the bond companies do not want the reputational risk. Greenberg nevertheless adjusted course. Chubb was one of those that gave a firm no last week when Trump’s brokers sought coverage for the $US454 million in damages for inflating the value of his assets.Leaving aside the irony of the fact that Trump lacks the assets to cover the damages he owes for having inflated them, this puts him in a dangerous spot. As early as next week, Letitia James, New York’s attorney-general, could forcibly sell his properties to pay his debts.
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