New York Attorney General Letitia James’s case against Donald Trump in Manhattan took a huge hit yesterday when the Deutsche Bank executive David Williams said that high-wealth clients are allowed to elevate their net worth on financial statements.
There is no case.
Besides, no bank accepts an applicant’s appraisal. They always do their own. Her case is so ridiculous that she should be impeached, but New York is too corrupt for that.
James is trying to make a criminal case out of practice that is common, and there were no victims nor is there a crime.
Deutsche Bank lent hundreds of millions of dollars to Trump for properties in Miami, Chicago, and Washington. In 2011 and 2012, the bank cut Trump’s stated net worth from roughly $4.2 billion to $2.3 billion but approved the loans based on Trump’s history of successful developments and other criteria. “It’s not unusual or atypical for any client’s provide financial statements to be adjusted to this level to this extent,” Williams explained.
“We expect clients provided information to be accurate,” he continued, but “at the same time, it’s not an industry standard that these financial statements are audited they [are] largely reliant on the use of estimate…”
Williams testified that Trump had “one of the strongest balance sheets we have seen and totally unlike any of our major redeveloper clients.”
“He reported both a net worth and investable assets well in excess of our minimum requirements.”
James is a Soros-funded Attorney General.
Trump paid the loans. Banks made a large profit. Executives were happy and wanted more Trump business. Despite that, James wants the “corporate death penalty.” She wants to take away his properties and prevent the Trump family from doing business in New York.