WHEN A LITTLE BLOKE LIKE ME HITS THE FINANCIAL WALL, IT’S OVER
For the past eighteen months it has been a personal battle to stay one paycheck ahead of disaster. Like most Americans, fortunate enough to still have a job, I have taken a huge hit with a 20% reduction in salary. To remain alive I “juggle” my fortnightly pay to satisfy all my creditors. I know if I slip up just once my credit rating could take a huge hit and it could be all downhill from there. Should I ever need to resort to making part payments on my credit card, if my FICO score is ever downgraded, I will be hit with 30% interest. Most American families have had to tighten their belts to the point of a reduced standard of living. For me, as a bachelor, I used to enjoy my routine of restaurant dinners. Last month I bought a crock pot and my weekly delicacy is no longer sushi prepared by Nagao, but plain old Irish stew that lasts for four meals courtesy of chez-moi; no more fancy muffins, but home baked banana nut loaf or carrot cake!
Meanwhile life at the top of the American pile just seems to get better and better. I live in fear of the social stigma and the personal negative connotations that a financial collapse of my business would bring. By contrast Donald Trump has nearly two decades of many of his businesses collapsing around him but he can still appear on “The Apprentice” basking in the self professed glory as one of America’s most successful entrepreneurs. Hedge Fund operators and big name investors are walking away from acquisitions in droves (after of course extracting every dime they can from the stripping of assets) leaving them in the hands of creditors and bond holders. For the third time in a decade the Trump gambling empire has entered Chapter 11. The gall of this epitome of an arrogant worthless dirt-bag he is has the temerity to seek 10% of the reformed company so it can retain the Trump name. In his eyes, the “Trump” name signifies success and excellence! If the Texans, who bought most of the bonds for next to nothing and now control the casinos, buy that piece of boloney then they are fools. Anything Trump to me represents crassness, brass instead of gold and matches the aura of a Persian palace in Beverly Hills; the ultimate of poor taste. This jerk, in my opinion, should have a FICO score of -500!
Ronald Perelman who has been an asset stripper for decades and personally accumulating $billions while doing so using bank and other people’s money has just let go of another one of his investments. Perelman has just walked away from Panavision which has made and rented out movie cameras to the studios for nearly one hundred years. He and his trophy wife are the toast of society in Manhattan. They have been for years. Isn’t it incredible there is never any shame attached to him, Trump or any of their ilk for being failed businessmen. They all strut down Fifth Avenue as though they own it. What is even worse the banks will stand in line and continue to lend to them unabated. Poor little guys, the likes of you and me, with that sort of track record would be shunned by every creditor, bank and possible landlord, with hardly a chance to be able to ever rise up again. There is no justice in this world is there?
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