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Trump's business decisions in 1980s nearly led him to ruin

For a single businessman to declare losses approaching $1 billion is so extraordinary that it caused several accountants and lawyers consulted by The Times to blanch

Russ Buettner & Charles V Bagli 

Abraham Wallach thought he had scored a major career break when Donald J Trump hired him in 1990 for a senior executive role. Based on Trump's boasting and gaudy lifestyle, Wallach imagined he would soon be leading impressive construction projects around the globe. Instead, he found an array of failing enterprises, he recalled on Monday. Many top executives had departed the Trump Organisation, and those who remained were often huddled in closed-door meetings with bankers and whispering worriedly among themselves. "Everyone was very glum," Wallach said. "It was like ...

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First Published: Wed, October 05 2016. 00:27 IST