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There is also a question about where the bank got the money they were willing to risk. Deutsche Bank has already been found to participate in money laundering with ... wait for it ... Russian money. They had to find willing recipients to stash the cash.
"Deutsche Bank said that it's still cooperating with other investigations by regulators and law enforcement agencies into the Russian trades. "
"Deutsche Bank reportedly loaned more than $2 billion to President Trump over multiple decades while he was a real estate developer.
The New York Times reported Monday, based on interviews with more than 20 bank officials, that the bank repeatedly loaned money to Trump despite multiple business-related "red flags."
In attempting to secure loans from the bank, Trump often exaggerated his wealth, according to the Times.
When Trump was trying to get a loan from the bank to build a skyscraper in Chicago, he reportedly said his net worth was $3 billion. The bank, however, reportedly concluded that he was worth about $788 million.
A. Trump Repeatedly Lied to the Banks B. Trump is at least One Billion in Debt
You do understand that Trump wasn't saying he had x billion dollars in the bank, you know like Scrooge McDuck.
Trump valued his assets. That includes his real estate developments and including his intangible assets like the value of slapping his name on a real estate project (Trump steaks, Trump ties, Trump merchandise) that he wasn't actually creating. Looking at Zillow, my house has gone down by several grand in the last several weeks, but looking at other real estate sites it's only gone up - imagine what the value of a high rise in NYC must go through. I would not like to value my own business. This is why banks do their own analysis.
You also realize that most liberals like actors, tech execs, would have even a worse time than Trump in valuing assets. Facebook, for example, only has value because of the stock and the stock has value only because people haven't yet abandoned it like MySpace. (Quite literally, there are high school kids that could create a functional web site that does much/most of facebook's functionality in a weekend.)
Main takeway: (c) bank did not rely on Trump's statements.
Takeaway #2: NY Times is engaging in clickbait (to be charitable) - keep eating it up. When your "trusted news source" is emulating Buzzfeed, it's time to re-evaluate your information sources.
It is apparent that most of the posters in this thread have never had to personally deal with extremely large corporate loans. I have and in my experience, banks require a massive amount of information....including audited statements. The bank then pour over the information including, any valuations, to make their decision one way or the other. Trust me, banks would not normally take information at face value without doing their due diligence.
It is apparent that most of the posters in this thread have never had to personally deal with extremely large corporate loans. I have and in my experience, banks require a massive amount of information....including audited statements. The bank then pour over the information including, any valuations, to make their decision one way or the other. Trust me, banks would not normally take information at face value without doing their due diligence.
I thought that whole situation has been pretty well known for awhile? Maybe not the exact amount, but the general dysfunctional business relationship they had.
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I thought that whole situation has been pretty well known for awhile? Maybe not the exact amount, but the general dysfunctional business relationship they had.
The relationship yes, although the fact that Trump probably committed bank fraud is new information.
The relationship yes, although the fact that Trump probably committed bank fraud is new information.
Maybe *proof* of bank fraud, but it has certainly been written about a lot.
US can't do anything? Huh. The NY AG issued subpoenas to the D-bank. Can they force it? I don't know for sure.
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