Debbie Schlussel: Sign of the Economic Times: Even Trump, Lamborghini In Trouble
Is this any lesson to teach "The Apprentice"?
It seems like ancient history, but at one time, billionaire (who might actually only be a millionaire) Donald Trump was the world's largest debtor. But because he was the world's largest debtor, his creditors couldn't afford for him to go under.
Such may yet again end up being the case for him--not the largest debtor part, but the part about the creditors not being able to allow him to go under because they have so much tied up with him. Yes, unlike the rest of us--whose debts are dwarfed in comparison--Donald Trump just can't be written off by his creditors, so they allow him to float.
Still, even Trump is in trouble. He failed to make good on a $640 million loan on a Chicago skyscraper development. So, he's responding in the "American way"--he's suing. Not the kind of thing he teaches on his annoying, egomaniacal, Jumped-the-Shark unreality show, "The Apprentice." It's a very Omarosa move.
Trump is now suing his lenders for more time to pay the money back. He'll cost them a ton of additional money in legal fees, and they'll have to settle with him anyway because they can't afford to write off $640 in loans, for which he probably doesn't have enough collateral and/or property to seize in return.
And then, there is Lamborghini--the fantasy car of many Americans. At $200,000 and just 8-13 miles per gallon, it's not just a fantasy anymore. It's gauche. And that's why the nation's most prominent and largest Lamborghini dealership just closed its doors. Lamborghinis ain't selling like they used to:
Lamborghini Orange County--which typically sold 10% of the world's annual production of Lamborghinis and counted NBA stars Kobe Bryant and Dennis Rodman as clients--has shut its doors. . . .Lamborghini has sold 657 cars this year, down 15% from 771 cars a year earlier. October was even worse, down 65% from last October.
Other supercars aren't faring so well either. Ferrari sales are down 2.6%, while Porsche's car sales are down more than 30%.
While neither of these items helps you out economically, it's good to know that we're all in the same boat. Or is it?
Well, there's no denying that misery still loves company.
Posted by Debbie on November 10, 2008 02:55 PM to Debbie Schlussel