Testimony from a Deutsche Bank executive might have destroyed New York Attorney General Letitia James’ political prosecution against President Trump.
James’ lawsuit has attempted to portray the German bank as Trump’s “victim” in an alleged scheme to inflate his assets, aiming to secure more favorable terms from banks and insurers.
It appears there’s a problem with her supposed “victim.” The bank appears to have approved Trump’s asset valuations.
David Williams, directly involved in managing at least one of Trump’s loans for several decades, testified in Manhattan on Tuesday, stating that it’s “uncommon, but not entirely unheard of” for a bank to significantly reduce a client’s stated asset values by 50% and still sanction a loan, as was the case with Trump, Bloomberg reported.
Williams further explained that banks consider factors like a client’s track record of successful ventures and their performance in the investment world. In other words, President Trump didn’t do anything wrong.
George from Behizy independent media asked: “Williams also said he personally went to Trump Tower in December 2011 to review bank and brokerage statements to verify there was $51.8 million in marketable securities [and] $178 million cash balances. So exactly who did Trump defraud here? And what laws were broken?”
BREAKING: The bank Trump allegedly defrauded just gave a testimony saying Trump did nothing wrong in their dealings with him.
— George (@BehizyTweets) November 29, 2023
“It’s not unusual or atypical for any client’s provide financial statements to be adjusted to this level to this extent.” Bank Exec David Williams… pic.twitter.com/Ud7LSjoiFR
From the Bloomberg report, including a partial transcript of Williams’ testimony:
Deutsche Bank, which loaned hundreds of millions of dollars to Trump for properties in Miami, Chicago and Washington, cut his stated net worth in 2011 and 2012 from about $4.2 billion to $2.3 billion, according to internal bank credit memos. The same documents indicated 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.
Trump, who denies wrongdoing and claims the case is politically motivated, is calling to the stand this week four current and former Deutsche Bank employees — including the family’s former private banker Rosemary Vrablic — as part of his defense case, seeking to flip the script on the state’s version of events.
Under questioning by Suarez, Williams said the bank always reviews a prospective client’s stated net worth and adjusts it as needed.
“As part of our due diligence, we subject a client’s asset value to adjustments,” Williams said.
“It’s part of our underwriting process we apply it to every client regardless of what’s reported.”
“Is a difference of opinion in asset values between the client and the bank a disqualifying factor to extend credit?” Suarez asked Williams.
“No,” he replied.
“Why not?”
“It’s just a difference of opinion,” Williams continued.
“I think we expect clients to provide information to be accurate.”
James’ fraud case against President Trump is unraveling and this significant blow did not go unnoticed by MAGA patriots.
There was no fraud.
NY AG Letitia James’ Case Against Trump Gets Wrecked by Deutsche Bank Testimony. AG James says Trump mislead Deutsche Bank. The bank says he didn’t. It was business as usual. No fraud. A difference of opinion.
— MAGA PATRIOT TGM (TERI) (@udreams30) November 29, 2023
Did James bite off more than she can chew?https://t.co/B67WivbJkr
"It turns out that she [Letitia James] has a problem with her alleged ‘victim.’ The bank seems to have approved of Trump’s asset valuation."
— Trump2024_no_matter_what (@TexasTrump2024) November 29, 2023
NY AG Letitia James' Case Against Trump Gets Wrecked by Deutsche Bank Testimony https://t.co/ndYiIxk0Ex
David Williams,testified on Tuesday in Manhattan that it’s “atypical, but not entirely unusual” for a bank to internally slash a client’s stated asset values by 50% and still approve a loan, as they did with Trump, https://t.co/zPMDz4AtER
— *Gun♤Delta™* D1/4 (@Gun_DeltaFMF) November 29, 2023
