New York AG Letitia James found a crime to “get Trump”.....now it looks like she’s lost it.
She has brazenly alleged Trump and his company defrauded Deutsche Bank by submitting his inflated net worth statements to get better rate and in doing so also violated loan requirements called covenants.
Now a professional Deutsche Bank wealth management group managing director testified in court that large changes to net worth like Trump’s isn’t unusual.
The bank anticipates that the net worth of high-wealth clients like Donald Trump can be elevated on self-reported financial statements, but it wouldn’t necessarily stop the bank from issuing the loan – and didn’t for Trump’s loans.
It’s even worse than that. The bank witness testified that borrowers for these specific loans must have a minimum net worth of $100 million. So the whole case hinges on whether Donald Trump was worth 50x that minimum or “only” 26x the minimum.