A Deutsche Bank executive may have just dropped New York Attorney General Letitia James’ lawsuit against former chairman Donal Drump, which revolved around representing the German lender as Trump’s biggest victim in an alleged scheme to inflate their assets to obtain favorable terms from banks and insurers.
David Williams, who worked directly on at least one of several loans obtained by Trump over several decades, said Tuesday in Manhattan that it is “atypical, but not entirely unusual” for a bank to internally reduce a customer’s declared asset values ​​by 50% and approve a loan anyway, as they did with Trump, Bloomberg reports
“It just depends on the circumstances,” said Williams, the bank’s chief executive.
Deutsche Bankwho lent hundreds of millions of dollars to Trump for properties in Miami, Chicago and Washington, cut your declared net worth in 2011 and 2012 from about $4.2 billion to $2.3 billion, according to internal bank credit notes. The same documents indicated that the bank approved the loans anyway because it expected them to make a profit based on Trump’s track record and other criteria.
Trump, who denies wrongdoing and says the case is politically motivated, is subpoenaing four current and former Deutsche Bank employees this week, including former family private banker Rosemary Vrablic, as part of his defense case for to try flip the script on the state’s version of events. -Bloomberg
The witness completely undermines the premise of AG Jamesthat Trump defrauded the German bank.
“As part of our due diligence, we subject the value of a client’s assets to adjustments,” Williams said.
“It’s part of our underwriting process that we apply to every customer regardless of what’s reported.”
“Is the difference of opinion in the value of the assets between the customer and the bank a disqualifying factor for granting credit?” Trump’s lawyer, Jesus Suarez, asked Williams.
“No,” answered.
“Why not?”
“It’s just a difference of opinion,” Williams continued.
“I think we expect customers to provide accurate information.”
Victimless crime?
Trump and two of his sons, Donald Trump Jr. and Eric Trump, previously testified at trial that no bank had been victimized by the alleged inflated valuationand that several lenders had done million dollars in interest about the loans. Trump also argued that his name and potential for future development were a factor in past ratings.
James, a Democrat AG activist, says Trump and his company falsified documents at banks and insurers. The judge in the case, Arthur Engoron, has similarly shown himself to be a partisan agent and not a neutral arbiter.
Judge Aurthur Engoron, who is overseeing the case, found Trump guilty of fraud on the eve of the trial.settling the largest claim in the case and putting Trump’s control over his assets at risk.
The trial focuses on six remaining claims, as well as penalties. State seeks return of $250 million in “illegal profits” and barring Trump and his children from serving as directors or officers of any New York-based company. -Bloomberg
Could it be a more transparent trial?
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