Banks do not think they are a victim of Trump companies

 AP:

Deutsche Bank viewed Donald Trump as a “whale” of a client, was eager to land him and eagerly cultivated a relationship that grew from $13,000 worth of revenue to $6 million in two years, according to documents presented Wednesday at the former president's civil fraud trial.

The bank's dealings with Trump are a key issue in New York Attorney General Letitia James’ lawsuit, which accuses Trump, his company and some executives of hoodwinking lenders and insurers by presenting them with grossly inflated statements of his asset values.

The defendants deny any wrongdoing. They have sought to show that the bank felt delighted, not deceived, by Trump and courted his business.

“We are whale hunting,” then-bank managing director Rosemary Vrablic wrote colleagues in November 2011, after she had been introduced to Trump's son Donald Jr. but had yet to meet the elder Trump. The bankers used “whale" to refer to a very wealthy client, Vrablic testified Wednesday.

Vrablic first came into contact with the Trumps when they were looking for a loan to buy the Doral golf resort near Miami. Over the next three years, that contact blossomed into loans for that project, then two others in Chicago and Washington, as well as multimillion-dollar deposits in the bank.

The bank's revenue from its Trump business shot up from about $13,000 in 2011 to a projected $6 million in 2013, according to a bank document prepared for the then-co-chairman, Anshu Jain, before a lunch with Trump in early 2013.

The briefing document suggested “key asks” for Jain to make: “Obtain more deposits and investment management assets,” and “strategically discuss leveraging Mr. Trump’s personal and professional network within the real estate industry in NY” for the bank's benefit.

And how did it go?

“It was a very, very nice, productive lunch,” Vrablic recalled on the stand.

Behind the scenes, she told a colleague at the time in an email: “It went great. Donald was low key and demure. Unbelievable. The conversation was fantastic. Not sure he could do it again for a second meeting but hey … miracles can happen."

Adding that the two were planning to golf together that spring, she wrote: “I bet the real D shows up for that one.”

The next year, her direct boss went to lunch with Trump to thank him and “ask whether we can work on other opportunities with them,” according to a document for that meeting.

James maintains that Trump’s allegedly inflated financial statements were critical to netting his company the Deutsche Bank loans at favorable rates, saving him many millions of dollars in interest.

Trump says the financial statements actually underestimated his wealth and that a disclaimer on them absolves him of liability for any problematic figures. Trump, the current front-runner for the Republican presidential nomination in 2024, claims that James, a Democrat, is trying to harm his prospects of returning to the White House.
...

This looks like another attempt by Democrats to criminalize Trump rather than deal with him on the issues in a straightforward campaign. Based on the testimony reported in this story, it looks like the lenders were happy with their Trump busienss arrangements and that they were profitable.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t...
Read more

Is the F-35 obsolete?

Headline USA: Pentagon Fires Back after Musk Calls Its Most Expensive Project ‘Obsolete’ 'Yeah, as I'm sure you can appreciate, Mr. Musk is, currently, a private citizen, I'm not going to make any comments about what a private citizen may have to say about the F-35....'   ... ... Drones appear to be replacing jets for many operations.  The Russia-Ukraine war is an example of that.  Drones are often hard to detect and can be used for intelligence operations as well as for attacking enemy targets.  It would not surprise me to see drones engaging other drones in combat.  They also cost much less than manned fighters.  
Read more