Washington Post faces the wrath of Trump over casino’s bankruptcy story

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The real estate mogul reportedly threatened a reporter for the Washington Post that he would sue if the paper decided to run a story about his Taj Mahal casino, which went bankrupt in 1991.

The news outlet reported that Trump used junk bonds to raise some $675 million to finish building the casino in Atlantic City. This happened despite the fact that the businessman had been very critical of junk bonds, or high-critical loans, saying his reputation in the business world is enough to win him low interest rates. According to the Post, Trump told the state Casino Control Commission back in 1988 that his reputation as a “dealmaker” will have bankers “lining up to lend him money at prime rates.”

The newspaper got ahold of transcripts of the hearing, in which Trump testified: “I’m talking about banking institutions, not these junk bonds, which are ridiculous. The funny thing with junk bonds is that junk bonds [are] what really made the companies junk.”

 

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