Attorney General of New York however in order to explain the significance of what this executive said while on the witness stand well I need to quickly set the stage for you regarding this entire lawsuit as you may know included among the Myriad of different legal cases that have been lobbied against President
Trump you have the case which was brought forth by the New York attorney general Miss Leticia James this 200 Page civil lawsuit was brought forth back in September of last year and it accuses president Trump three of his adult children as well as the Trump organization itself of lying about their
Asset values when applying for bank loans quote in her lawsuit Miss James claimed that over a 10-year period from 2011 through 2021 president Trump and the other defendants had engaged in numerous acts of Fraud and misrepresentation in the preparation of Mr Trump’s annual statements of financial condition which included
Deceiving insurers tax officials and lenders by allegedly inflating the value of his properties including his Mar Lago estate over in Florida Miss Leticia James claims that this lawsuit of hers is the result of a three-year long investigation and here’s specifically what she’s hoping to achieve with the
Actual case quote Miss James a Democrat is seeking $250 million in penalties and wants to ban president Trump from doing business in New York and from engaging in real estate Acquisitions in the state for 5 years she’s also seeking for him and his children to be barred from
Serving as highlevel Executives at any company in New York okay so the basic claim here being made by the New York attorney general is that President Trump and his company they inflated the value of their Assets in order to get better lending terms from Banks meaning that despite the fact that these Banks
Conducted their own due diligence despite the fact that after conducting that due diligence they gave the Trump organization these loans despite the fact that these loans and all of the interest on the loans were paid back in full and despite the fact that these Banks themselves appear to want nothing
To do with these lawsuits well Laticia James still decided to sue the Trump organization on behalf of the banks which just as an aside was actually the Fulfillment of a campaign promise that she made while running for attorney general take a listen we will all rise up and resist this man and ultimately
We’ll bring him down Donald Trump has got to go hey hey Donald TR the day of Donald [Applause] Trump now for his part over the past month and a half now though the case has been a trial president Trump as well as his legal team have been maintaining the
Position that these loans were negotiated fairly that the interest and the principal was paid off in full and that the only reason that that Leticia James filed this lawsuit at all was for political purposes however up until now everything in this case has been from the prosecution side meaning that the
Attorney General’s office has been the one calling forth all the witnesses but right now it’s the defense’s turn to call witnesses and that they did yesterday Trump’s legal team they called an executive from Deutsche Bank to the witness stand and this executive’s testimony well it really called into
Question the entire premise of Leticia James’s argument specifically Mr David Williams who directly worked on at least one of the loans that were obtained by Trump from the bank he testified that it’s not unusual for there to be a discrepancy between the bank’s assessment of a property and that of the
Clients quote David Williams who worked on at least one of the three loans doche Bank made to Trump in the years before he was elected president testified on Tuesday that it’s atypical but not entirely unusual for the bank to cut a client stated asset value by 50% and
Approve the loan anyway as it did with Trump furthermore there were were several exchanges during the questioning phase which revealed something that frankly most people in real estate already know which is that during the loan process there is a natural back and forth between the client and the bank
Wherein the client tries to provide the highest valuation of their asset possible while the bank tries to lowball the value and they meet somewhere in the middle quote according to internal Bank credit memos used as evidence in the case Deutsche Bank which loaned Trump hundreds of millions of dollars for
Properties in Miami Chicago and Washington cut a stated net worth in 2011 and 2012 from about $4.2 billion to $2.3 billion when evaluating his loan requests the same documents show that the bank approved the loans anyway because it expected them to generate a profit based on Trump’s history of successful developments and other
Criteria and then during the actual questioning this Deutsche Bank executive he said that it’s actually standard practice to review a client state of net worth and then adjust devaluation as needed here are a few short Snippets from the exchange between Trump’s lawyer and Mr Williams Trump’s lawyer asks
Quote is the bank capable of reaching its own judgment based on the evaluation it makes of the guarantor’s financial condition Mr William responds by saying certainly yes then Trump’s lawyer asks about due diligence to which Mr Williams responds by saying as part of our due diligence we subject a client’s asset
Value to adjustments it’s part of our underwriting process we apply it to every client regardless of what’s reported the lawyer then asked is a difference of opinion in asset values between the client and the bank a disqualifying factor to extend credit Mr Williams says no why not Mr Williams
Then says the following it’s just a difference of opinion I think we expect clients to provide information to be accurate but such financial statements are made largely relying on the use of estimates and indeed according to earlier testimony that was given by President Trump when he himself was on
The witness stand he made the argument that his estimates for the values of his properties they included the potential value of future development as well as the Boost that the properties would receive from the overall Trump name and so that is the essence of the witness’s testimony that these valuations are
Estimates on both the client side as well as on the bank side and that regardless of what the client says the bank always conducts their own due diligence anyway which ties directly back to the argument that Trump’s lawyers are making in this particular case which is that no banks were
Financially harmed by loaning to either president Trump to his kids or to the Trump organization however on the flip side even after this testimony for Mr Williams the lawyers representing the state of New York they continue to double down on their argument for instance quote Kevin Wallace a lawyer
For Leticia James told the judge at the end of the day that the bank executive’s testimony does not undercut the state’s case because the trial doesn’t hinge on whether Deutsche Bank was a victim instead he said it’s whether Trump knowingly created and used false financial documents meaning that the
State argument here is that even if there are absolutely no victims at all both Trump and the Trump organization can still be found guilty regardless though this testimony did have the effect of essentially undermining the state’s portrayal of Deutsche Bank as one of Trump’s biggest victims however
That might all not really even matter that’s because this case is not playing out before a jury instead this is what’s known as a bench trial with judge Arthur inran as the sole determiner and he has already determined several months ago that President Trump was guilty of committing fraud in fact right after
This Deutsche Bank executive gave his testimony on the witness stand Trump’s attorney he turned to the judge and he asked them to immediately issue a verdict in favor of the defendant meaning president Trump arguing that the testimony from the bank executive had destroyed the claim that any of the
Alleged asset inflation was material to the bank’s decisions here’s specifically what Trump’s lawyer told the judge quote the bank had no problem with a $2 billion difference a $3 billion difference large changes to net worth Are Not Unusual there’s been no demonstration of any materiality issues
At all however this story gets a lot Wilder which we’ll get into right after I introduce today’s sponsor by showing you this little piece of money or rather I should say that this is fake money being printed into Oblivion by those Geniuses over in Washington DC and so before they completely obliterate your
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Silver with your first purchase it’s 866 24223 52 or you can simply text the word Roman r o an Roman to 65532 of course all their details will be down in the description box below and now let’s head on back to the studio however the judge was not convinced
Without that argument and he responded simply by saying this quote the mere fact that lenders were happy doesn’t mean that the statute wasn’t violated and so there you have it the banks themselves appear to have been perfectly fine with both the estimates as well as the loan terms but the state is still
Pursuing the case anyway arguing that regardless of the bank’s opinions the Trump organization did lie on the official forms which is a crime now moving forward the defense is set to call another three current and former Executives of Deutsche Bank as Witnesses in order to essentially flip the script
Even further on the prosecution’s version of events those testimonies they should be coming in today tomorrow and on Friday and just for your general reference because the judge in the case has already determined that President Trump is guilty of financial fraud the rest of the trial is mostly about
Figuring out the dollar amount of the fine that will be levied against Trump as well as his organization as I mentioned earlier Miss Leticia James is pushing for a $250 million fine which she claims is the amount of illegal profit that the Trump organization made when they inflated their Assets Now if I
Had to wager a guess here I would assume that the reason that Trump’s lawyers are calling these different bank Executives to the stand well it has less to do with lowering the dollar amount of the actual fine and more to do with the inevitable appeal of this case because when they
Take this case to appeal all the testimonies from these different bank Executives they will be in the official transcripts that is of course just my guess I think that because they’ve already been found guilty getting these Bank Executives to to say their peace on the witness stand has more to do with
The appeal process rather than the fine again just my guess regardless though moving forward we have several more Banker testimonies to look forward to and then subsequently on December the 11th which is two weeks from now president Trump is set to once again take the witness stand himself and so
We’ll just have to wait and see how this all plays itself out in the meantime if you’d like to dig through the testimony of Mr David Williams for yourself I’ll throw my research notes they’ll be down in the description box below this video If you happen to be the type of person
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