Boston Co. Learns All That Glitters...Geoffrey Smith
When Donald Trump bought his yacht The Princess in 1988, he didn't have to throw a lavish celebration party. His lender threw it for him. Boston Co., the American Express Co. subsidiary that loaned Trump the $29 million purchase price, spared no expense. Champagne and caviar flowed as top executives toured the 282-foot yacht at its berth in Boston Harbor. For Boston Co. Chairman James N. von Germeten, the Trump loan represented the transformation of his firm from a stodgy trust-fund manager for New England's old-line elite to a big-time backer of the nouveaux riches, especially celebrities and real estate developers.
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