November 10, 2008, - 2:55 pm

Sign of the Economic Times: Even Trump, Lamborghini In Trouble

By Debbie Schlussel
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.

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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%.

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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.

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13 Responses

I see that Socialism is advancing — take from the taxpapers. Bail out Detroit auto companies; they won’t make any changes or improve their operations, but we’ll pay at least $25 billion more to postpone their day of reckoning. The bottomless sieve of AIG; and all the rest of them lined up at the trough. Another ‘stimulus’ package to help deadbeats and those who don’t pay taxes, but not the middle class. The middle class gets shafted at both ends. It’s bipartisan; now the election’s over, and those Members of Congress who came out against the Bailout because they were in close elections? Not a peep out of them now, since they’ve been re-elected. Virtually none of these people represent us. It would have been no different if Juan McCain had won.

c f on November 10, 2008 at 3:30 pm

Reports heard are even T-bone Pickens lost a couple of billion recently on his cng (compressed natural gas) enterprise he has been pushing lately.

ob3 on November 10, 2008 at 3:39 pm

Cant wait to see headlines. Chicago banks to Trump: You’re Fired!!

californiascreaming on November 10, 2008 at 3:57 pm

None of the people in the article are going to have to decide whether to pay the light bill or the phone bill, or decide between gas or groceries, or try to figure out how to stay out of the homeless shelter when they get an eviction notice.

Ron Taylor on November 10, 2008 at 4:32 pm

Does anyone remember seeing Chris Matthew’s interview Trump on FOX News Sunday a few years ago?
Matthews asked Trump about the bankruptcy of one of Trump’s Atlantic City Casinos: “…Just shedding some debt” Trump shrugged as he said it. Stated with the non-chalance of someone losing someone else’s money.
There were bond holders who lost lotsa money. There were vendors that lost huge chunks of dough (and ended up declaring bankruptcy themselves) and laying off their employees, but to Trump: they were just noisy voices to be gaveled down in a Jersey courtroom.
Trump is a tramp. Another Fannie-Freddie schemer who stays wealthy by taking on exhorbitant risks with other folk’s money.
In tough times, the biggest losers are the little people, one or 2 large failures and the public turns the page or changes the channel. Out of the public eye, all the other failures come out of the closet and get little notice.
Anyone else mad yet? Or is something good on TV that you don’t want to miss.

P. Aaron on November 10, 2008 at 9:40 pm

Debbie, I think it’s cute the way you imagine wealthy people are suffering along with everyone else. Rich people keep enough cash, etc. to stay rich even if everything else explodes. At least that’s what I would do. Also, given your celebrity, how are you not getting paid? Maybe I should be your agent/Svengali.

Anonymous1 on November 10, 2008 at 9:46 pm

I don’t think Donald is going to have to get his haircuts at the local “Barber College” quite yet. :+)

There is NO Santa Claus on November 10, 2008 at 10:15 pm

TO ALL THE COMMENTERS ABOVE, TRUST ME, I’M NOT WORRIED FOR TRUMP (WHOM I DO NOT LIKE) OR LAMBORGHINI. MY POINT IS THAT THE ECONOMY IS AFFECTING THEM, TOO, THOUGH OF COURSE, NOT THE WAY IT AFFECTS US. YES, TRUMP WON’T BE WORRYING ABOUT HIS NEXT MEAL OR WHETHER HE STILL HAS A HOME–THAT’S MY OTHER POINT: HIS DEBT IS SO BIG THAT THEY CAN’T AFFORD TO WRITE HIM OFF AND LET HIM LOSE. IF ONLY THE LITTLE PEOPLE–US–WERE IN THAT POSITION. SADLY, WE ARE NOT. DS

Debbie Schlussel on November 10, 2008 at 10:22 pm

I wonder if the boys from AIG will get another spa weekend with the additional bailout money.
There have always been rich and poor, and there always will be, but there is one thing, amongst many, that have gotten out of hand over the last few years. What I am speaking of are the “golden parachutes” and bonuses for upper management who have driven or are driving a company into the ground and out of business. I can see rewarding managers who are doing a good job and making a company prosper, but it is really bizarre that the stockholders allow poor managers and even managers who are being fired to be rewarded.
There is some kind of disconnect there and it just does not make any sense.

Ron Taylor on November 11, 2008 at 2:31 am

You said it:
“there is Lamborghini–the fantasy car of many Americans”!
A REAL American fantasises about keeping their job at the American made auto plant!
The rest of us just want to pay our monthly bills!
Regarding Trump…who’s he? Nobody I care to know or know about. Just a bag of wind who has never really done anything truly good.

DDeb on November 11, 2008 at 2:40 am

Trump, Lamborghini: Both light weights.

Pat on November 11, 2008 at 3:02 am

Nice position to find oneself, our Mr. Trump. As for Lambo’s, who cares. Anyone misses a shift in their Lambo, my $50K Z06 will make of them toast. I fear for Ferrari as those vehicles are in a class of their own. The rest of the Eurocrap, feh. The fall out from the rich, as I see it, is the loss of the trickle down benefits. They won’t be supporting the local economy to the same extent as they have in the past in terms of clothing, vehicles, restaurants and so on. One crummy European car can support a lot of families. Take the guy that owns my hair salon. He bought a Lambo a couple of years ago but got tired of paying to flatbed it to KC for service. Think of the dollar ripple effect from that one car. On top of that, for some reason he got into a drag race on Leavenworth, lost it and crashed it into someone’s retaining wall. That car was churning out the dollars, insurance, masonry work, tow service and so on. I’ll stick with the Detroit composite. There is a ripple effect but the splash is small.

iowavette on November 11, 2008 at 3:53 pm

I grew up with Donald and his Brother Bobby who you do not see anything on him. Well if you have $300M Company Corporation given to you, where is the pressure.Donald was that way when we used to play in his back yard he all ways pointed the blame on others.
As far as the car companies go somehow some will survive and others would fall by the way side, it is the business.

Johnny V on November 13, 2008 at 11:32 pm

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