As if things weren't bad enough with the worst recession in 75 years, the political backlash on lavish spending by financial institutions receiving government aid was a further blow to operators of luxury hotels and resorts like the Tisch family's Loews Corp, writes Darrell Delamaide.
Loews, founded by James Tisch's father, Laurence, and his brother, Preston Robert, 60-some years ago, has been battered by the economic downturn. The stock has plummeted more than 35% over the past year, squeezing even so well-endowed a family as the Tisches, who still own 24% of the business.
