The food-stamp economy
On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America? Full Article
Trump sues lenders of unfinished skyscraper: WSJ
NEW YORK (Reuters) - Donald Trump sued the lenders of an unfinished Chicago skyscraper as he seeks an extension of the credit facility, amid the impact of the financial crisis in the real estate business, the Wall Street Journal said on its Website on Friday.
According to the paper, Trump had been trying to extend a $640 million construction credit from a group of lenders led by Deutsche Bank AG, and including a unit of Merrill Lynch & Co., Union Labor Life Insurance Co, real-estate investment trust iStar Financial Inc, and a division of Highland Capital Management LP.
Calls to all the parties involved were not immediately returned.
Trump demands an extension of the original loan agreement due to the impact of the financial crisis in the credit markets.
The millionaire investor also blamed Deutsche Bank for the problems to refinance the loan, as he said the bank divided and the credit and sold it to so many parties that it complicated an agreement.
Trump asked for $3 billion in damages, according to the paper.
The 92-story Trump International Hotel & Tower -- which would be the second-tallest building in the U.S. behind Chicago's Sears Tower -- is expected to be completed in mid-2009.
The lawsuit was filed in the New York State supreme court in Queens, the Journal said.
(Reporting by Juan Lagorio)
