The Donald UPDATED

One of the more amazing things about this country is its fascination with Donald Trump. The Donald has cratered his company at least three times, yet people still lend him money and, worse, view him as some kind of business icon. It really is bizarre.

Last night the Donald filed Trump Entertainment yet again. Two things strike me as funny. The first major workout I worked on involved the Donald. In 1990, I was put on a swat team for Citi and spent about six months on the restructuring. (I still have a signed copy of his book, "Surviving at the Top", which I got when we closed the restructuring).

The second is that the law firm that represented us on that deal is now representing him.

Is this a great country or what?

When is the business world finally going to fire the Donald?

UPDATE. This just in:

“Some time ago, I made an offer to buy the company in the hopes that I might be able to reverse its fortunes, but the bondholders turned me down. Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company,” the New York Times quoted Donald Trump today as saying.