Deutsche Bank may have just significantly exacerbated Letitia James’ civil fraud case against President Trump.
Letitia James, the radical Marxist attorney general of New York, is requesting $250 million in “damages” even though there isn’t a victim in this fraud case. Additionally, she wants to prevent Trump and his sons from running any businesses in New York. She charged that Trump had lied to lenders and insurance providers about his holdings.
Reducing a client’s asset values while still approving a loan is “atypical, but not entirely unusual,” according to a Deutsche Bank executive who worked to approve at least one of Trump’s loans, according to their testimony on Tuesday.
This kind of loan is common among wealthy, well-known clients like Donald Trump. This is evident to anyone with a rudimentary understanding of lending, banking, portfolio management, and credit risk assessment.
“A Deutsche Bank AG executive gave testimony that could bolster Donald Trump’s defense in his civil fraud trial, telling a New York judge that prospective clients can get loans even after reporting a net worth far higher than the lender’s own calculations.” Bloomberg reported.
“David Williams, who worked on at least one of three loans Deutsche Bank made to Trump in the years before he was elected president, testified Tuesday that it’s “atypical, but not entirely unusual” for the bank to cut a client’s stated asset value by 50% and approve a loan anyway, as it did with Trump,” Bloomberg reported.
Williams attested that Trump’s claimed assets are only an opinion and that a prospective borrower is not automatically denied a loan because of a disagreement over the worth of their holdings.
“It’s just a difference of opinion,” Williams said, according to Bloomberg.
In a fraud case with no victims, far-left New York Judge Arthur Engoron attacked Trump’s attorneys late last month and declared that fining Trump for “illegal profits” is an “available remedy.”
Even if there are no victims and a Deutsche Bank executive testified that lending money to Trump was a “good credit decision,” Engoron claimed that fining Trump for “illegal profits” is a remedy that can be applied.
Last month, convicted felon Michael Cohen, Trump’s former attorney, gave a testimony.
Michael Cohen, a well-known liar, informed the court last month that Trump had overstated his wealth.
Later that week, he proceeded with his testimony, stating in court that he had never received a directive from Trump to falsify his financial statements.
“So Mr. Trump never asked you to inflate the numbers on his financial statement,” Trump attorney Cliff Robert asked Michael Cohen, according to CNN.
“Correct,” Michael Cohen said.
Cliff Robert, the attorney for Trump, requested the trial’s dismissal from the judge right away after Cohen, the main witness, testified that Trump had never given him instructions to inflate his assets.
At this time, Judge Engoron refused the petition to dismiss, and Trump got up and left the courtroom without warning.
“The witness just admitted that we won the trial and the judge should end this trial immediately,” Trump said after he stormed out of the courtroom last month.