$HTZ [Donald Trump] understood a famous axiom: If you owe the bank $1 million and can’t pay, you’re in trouble, but if you owe the bank $1 billion and can’t pay, the bank’s in trouble. The moment that captured his strategy perfectly came when Trump’s CFO received an $800,000 quarterly insurance bill for Trump’s yacht, Trump Princess, which was, of course, mortgaged. He simply sent the bill to the Bank of Boston, which held the note on the boat, with a reminder that if the Princess sank uninsured, there’d be no collateral for the loan. The bank paid the bill.
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