Posted on 10/12/2023 1:31:03 PM PDT by thegagline
Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official testified Wednesday at the former president’s New York civil fraud trial.
Trump’s “statements of financial condition” were key to his approval for a $125 million loan in 2011 for his golf resort in Doral, Florida, and a $107 million loan in 2012 for his Chicago hotel and condo skyscraper, former Deutsche Bank risk management officer Nicholas Haigh testified.
But although the bank didn’t conduct its own full appraisals of Trump’s properties, it sometimes gave sizable “haircuts” to the values he’d placed on such holdings as Trump Tower and his golf courses, Haigh said.
“I think the phrase we used might have been ‘sanity checks’ on the numbers,” he said.
***
A judge last month ruled that the former president and his company, the Trump Organization, committed years of fraud by exaggerating the value of Trump’s assets and net worth on the financial statements he gave to banks, insurers and others to make deals and secure loans.
Trump’s longtime finance chief, Allen Weisselberg, acknowledged in testimony Tuesday that information in the financial statements wasn’t always accurate. ***
Trump’s 2011 financial statement listed his net worth as $4.3 billion, though Deutsche Bank pegged it around $2.4 billion in an internal credit report as he sought the Doral loan. The bank knocked 75% off the worth he’d given for planned developments, with the internal document citing “the uncertainty in valuing undeveloped land,” for example. The bankers halved the value he’d listed for his golf courses and had a $94 million difference of opinion over how to account for golf membership deposits among his liquid assets. ***
(Excerpt) Read more at apnews.com ...
incorrect .
Trump over stated the property values on his financial statements .
His own CPA firm resign over his questionable records a few years ago .
For example ,On his financials he reported Ivankas condo as 2O M
when in fact the same units in her building went for 8 M .
She admitted to that and will testify about it for the state .
She hired her own lawyer .
Trumps financials are dubious at best .
Net worth doesn’t really matter for these purposes. His ability to service the debt is what matters the most. I’ve never played at the billions 0f dollars playing field but solely based on the expert testimony they seem to agree.
Trump is being prosecuted for fudging the numbers on a mortgage application. If you have ever used a mortgage broker, I can almost guarantee that something on that application was tweeked to make the numbers come in right. If they manage to strip Trump’s assets, you can bet they will be coming after everyone else, starting with the loudest mouths first.
I'm supposed to believe that a bank made a loan for $125,000,000 without their own appraisal? Now THAT doesn't pass the sanity check.
You can not do that anymore .
The Banks are brutal .
Trump defaulted on hundreds of millions of dollars on loans from Deutche bank. Research the Trump tower in Chicago.
Women wearing makeup is not subjected to the laws on financial disclosure. Good grief.
“Women wearing makeup is not subjected to the laws on financial disclosure. Good grief.”
I was referring to the principal, the intent of the heart, not the detail.
Good grief.
This Judge has NO background in Commercial Law. He only oversees Civil cases, This case is in the wrong courtroom. We all know why.
So says the New York Times. Trump says the debt was forgiven and he made a great deal. Two very different stories. I don’t trust a damn thing written in the New York Times.
Well, it matters. On is illegal, the other is not.
Lol. Hundreds of millions of dollars forgiven? Where do I sign up?
I’d sign up with you.
“You can not do that anymore .”
We are not talking about today. We are talking about loans you might have had years ago that were paid off years ago.
Such idiocy. Banks have protocols for approving loans. They verify information.
Don’t state facts - you will get slaughtered on FR!
Incorrect.
Prior to Trump changing the land use at Mara Lago, his valuation as a residential property was the highest classification for tax purposes.
Vacant 1 acre residential beachfront lots currently list for $100M. The Palm Beach Golf Club just down the road from Mara Lago, with multiple acres, is appraised for $17M based on land use.
A zoning request to convert back to residential lots will immediately result in a valuation near market rate.
Condos sell based on square footage, location in the building, view, and improvements. A builder grade 800 sq ft condo by the trash room with no view will sell for $250K.
An upgraded 800 sq. ft. penthouse unit will sell for $550K.
I’ve been in property management, risk management, and real estate for 20 years.
Even realtors are laughing at this judge.
There are a lot of folks who believe the tax evaluations are too high for the property and go to the tax assessor to review/argue the tax estimate. Many are folks who are not selling but believe that the assessor is incorrect. I worked at a county office in Colorado and we had many people come in after the new assessments were out to lower their tax burden. How many won their case I do not know but I was told it not many. Anyone owning property can try but results vary.
Deutschbank did not do their own appraisals? What did their stock holders think about that? Why wouldn’t they? Could it be because they knew Trump was good for it?
“Well, it matters. On is illegal, the other is not.”
No, even what Trump is accused of doing is not illegal. Never has been. Lending institutions don’t just take someone’s word for how much they are worth. That is outrageous. Everybody puts their best foot forward.
But Trump did not even do that.
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