Free Republic

At the beginning of this week, the Eastman Kodak Company handed its chief executive 1.75 million stock options. It was the type of compensation decision that generally wouldn’t attract much notice, except for one thing: The day after the stock options were granted, the White House announced that the company would receive a $765 million federal loan to produce ingredients to make pharmaceuticals in the United States. The news of the deal caused Kodak’s shares to soar more than 1,000 percent. Within 48 hours of the options grants, their value had ballooned, at least on paper, to about $50 million.

Donald J. Trump was burning through cash. It was early 2016, and he was lending tens of millions of dollars to his presidential campaign and had been spending large sums to expand the Trump Organization’s roster of high-end properties. To finance his business’s growth, Mr. Trump turned to a longtime ally, Deutsche Bank, one of the few banks still willing to lend money to the man who has called himself “The King of Debt.”