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Trump creditor woes

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David Cay Johnston
David Cay Johnston

Coronavirus is panicking Wall Street, but it’s got investors in Donald Trump’s second biggest creditor terrified. They should be. Their entire investment may be flushed down the financial toilet if Trump can’t pay his debts on his heavily leveraged golf resorts, hotels and restaurants.

Shares of the little, and little known, Ladder Capital (LADR) closed Monday at $8.32 a share, down from $18 less than three weeks ago.

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LADR shares lost 54% of their value. That’s double the drop in the Dow Jones Industrial Average. Shares of Trump’s biggest creditor, the large Deutsche Bank, are down 43% in the same period.

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