Banking Executive Defends Trump Loan In Testimony

Deutsche Bank, which loaned Donald Trump’s business hundreds of millions of dollars, has disputed that Trump has lied to them and their insurers about his wealth and assets.

Loans were made via the bank’s department that deals with wealthy people after reviewing their financial accounts; this allowed for more advantageous interest rates than would have been accessible through the business property division. Trump was obligated to provide his financial disclosures annually, and the agreements were contingent on his net worth and liquidity.

In his testimony, David Williams, the managing director, said that the bankers considered the net worth claims made by their customers to be subjective or estimations and that the bank itself formed its opinion based on their own assertions. While it wasn’t strange or concerning, the bank sometimes estimated Trump’s net worth as $1 billion less than Trump did.

According to the partisan NY Attorney General Letitia James, Trump could have allegedly risked defaulting on a loan condition that said he must maintain a net worth of $2.5 billion if he had truthfully disclosed the value of his assets.

Judge Arthur Engoron had previously declared Trump and others guilty of fraud. The trial will determine conspiracy, insurance fraud, and business record falsification. Engoron will rule because there’s no jury.

Republican 2024 presidential frontrunner Trump claims that his financial filings understated his financial position and that any overstatements, such as putting his Trump Tower penthouse more than double its size, were errors.

In his testimony this month, he said his financiers cared more about asset locations and contract restrictions than financial statistics. He said lenders were urged to do their own research.
James wants the court to fine Trump over $300 million and bar him from conducting business in New York, in addition to Engoron’s pretrial decision to seize some of Trump’s properties. An appeals court froze this order.

A report shows that Deutsche Bank was the first big Wall Street bank to predict a recession next year, albeit a “moderate” one, due to the confluence of increasing interest rates and growing prices.

There is mounting evidence that the US economy is contracting under Joe Biden’s presidency.

According to the IHS Monthly GDP Index, the GDP has declined since reaching a peak in October 2021. The US economy is contracting, not expanding.