In His Testimony, Deutsche Bank official says large changes to net worth like Trump’s isn’t unusual

CNN via MSN ^ | 11/28/2023 | Lauren del Valle

[Liz]

James ran for New York AG Letitia James to get Trump.

She looked high and low eventually “found a crime”
to “get Trump”.....now it looks like she’s lost it.

She brazenly alleged Trump and his company defrauded Deutsche Bank by submitting his inflated net worth statements to get a better bank rate, and, in doing so, Trump also violated loan requirements called “covenants.”

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Now Deutsche Bank wealth manager David Williams testified: “Mr. Trump applied for the loan at a 3.5% annual percentage rate, the best rate we were offering at the time. We did our due diligence and after we adjusted his estimated net worth from $4 billion to $2.5 billion, we determined that he still qualified for the loan at a 3.5% annual percentage rate.”

[Political Junkie Too]

In 2013, the bank’s underwriters adjusted Trump’s net worth by about 50% from more than $4 billion to roughly $2.65 billion.

President Trump has said in the past that he has "brand value" that makes Trump properties more valuable just because it's a Trump property.

As a case in point, in 2015 John Lennon's 1962 J-160E Gibson acoustic guitar was sold at an auction in Beverly Hills, California for $2.41 million. The catalog price for that guitar in 1964 was $219.50 and the current value of one in excellent condition is $4,000.

If I had owned that guitar in 2015 and chose not to auction it and instead used it as collateral for a loan claiming a value of $2.5 million, would Letitia James sue me because the real value of the guitar is $4,000? Does John Lennon's "brand" add $2 million to the value of the guitar?

-PJ

[Steve_Seattle]

"David Williams: "Mr. Trump applied for the loan at a 3.5% annual percentage rate, the best rate we were offering at the time. We did our due diligence and after we adjusted his estimated net worth from $4 billion to $2.5 billion, we determined that he still qualified for the loan at a 3.5% annual percentage rate."

That should settle the case right there. The bank says that any overvaluation on Trump's part did NOT change his loan rate and hence there was no fraud involved or economic benefit to Trump from the alleged overvaluation.

[17th Miss Regt]

Clarification: That is not a quote. But if David Williams were to be allowed to say that in his testimony, a reasonable juror would immediately conclude that the charge was bogus. Of course, that assumes a reasonable juror and I am fairly sure that none of the jurors are of that type.

They probably all had to probably all had to indicate on the preliminary juror questionnaire that they thought Trump was guilty of whatever he was charged with.

[Liz]

Clarification: That is not a direct David Williams quote.

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Oh dear. That is disappointing.

Posters have to abide by FR protocols.

You must let readers know if you are posting opinion.....not direct quotes.

[suthener]

I’ve said it before; Trump must truly be the cleanest businessman in the entire country. They cannot, despite years of anal investigation, find one semi-legitimate crime to charge him with.