President Trump was set to testify once more in his New York City civil case. The lawsuit, instigated by New York Attorney General Letitia James, alleged that Trump had misled lenders by significantly inflating his net worth.
However, testimony from a Deutsche Bank executive might have destroyed New York Attorney General Letitia James’ political prosecution against President Trump.
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 elaborated that various factors, including an individual or entity’s track record of successful business endeavors or investments, are weighed during this assessment.
Fluctuations in an individual’s net worth on paper can vary considerably from year to year, sometimes even showing negative values.
“It’s just a difference of opinion,” Williams said.
In an interview with Fox News, Trump’s attorney, Halina Habba, said that the Deutsche Bank AG executive told the court that Letitia James’ complaint has no merit.
“After hearing Deutsche Bank say that they still consider the Trump Organization a great client – that they paid their loans off early, and nobody was not paid – their statements of financial condition were actually undervalued. And hearing that from experts who are on the Nobel Committee Executive Committee, recommendations saying that the accounting records were perfect, and those mistakes that may or may not have been on were not mistakes at all; they were called subjective valuations, which every real estate developer has. They were absolutely fine, and there was absolutely no fault at all. And frankly, they even went further and said the New York attorney general’s complaint had no merit; there was absolutely no violations of any accounting principles,” said Habba.
Deutsche Bank says they still consider the Trump Org a great client— Liz Harrington (@realLizUSA) December 8, 2023
Loans paid off early, statements of financial condition were *undervalued*
The accounting records were perfect
The banks say the AG’s complaint has no merit…
And yet this fraud continues. Banana republic! pic.twitter.com/9A9pRsW6Mh
President Trump released a fiery statement on Truth Social Sunday, announcing that he will not testify in his scheduled appearance in New York, initially set for Monday.
Trump denounced the investigation led by New York Attorney General Letitia James as a “election interference witch hunt.”
Attorney General Letitia James is seeking $250 million in “damages”, despite the absence of a clear victim in this alleged fraud case. Furthermore, she aims to prevent Trump and his sons from conducting any businesses in New York. James accused Trump of inflating his assets and deceiving lenders and insurance firms.
In his statement on Truth Social, Trump blasted James’ trial as “corrupt” and “Biden directed,” claiming to have already provided conclusive testimony. Trump stated that numerous “world-renowned experts” and “highly respected” professionals from the banking, insurance, and real estate sectors had confirmed the legality of his and his company’s financial dealings.
Read his full statement below:
AS EVERYONE KNOWS, I HAVE VERY SUCCESSFULLY & CONCLUSIVELY TESTIFIED IN THE CORRUPT, BIDEN DIRECTED, NEW YORK STATE ATTORNEY GENERAL’S RIGGED TRIAL AGAINST ME.
WORLD RENOWNED EXPERTS, HIGHLY RESPECTED BANK & INSURANCE EXECUTIVES, REAL ESTATE PROFESSIONALS, AS WELL AS OTHERS, BOTH HONEST & CREDIBLE, HAVE STATED, CLEARLY & UNEQUIVOCALLY, THAT I, & MY VERY SUCCESSFUL COMPANY, DID NOTHING WRONG!
MY FINANCIAL STATEMENTS WERE CONSERVATIVE, LIQUID, & “EXTRAORDINARY.”
A TOP PROFESSOR FROM NYU STERN SAID, “IF MR. TRUMP WERE MY STUDENT, HE WOULD GET AN ‘A’ ON HIS FINANCIAL STATEMENTS. IV’E NEVER SEEN A STATEMENT THAT PROVIDED SO MUCH DETAIL, & IS SO TRANSPARENT, AS THESE STATEMENTS.”
PLUS, THEY ALL HAVE AN IRONCLAD DISCLAIMER CLAUSE STATING THAT THE USERS MUST DO THEIR OWN DUE DILIGENCE & ANALYSIS – NO RELIANCE! THE ONLY FRAUD COMMITTED WAS BY THE HIGHLY PARTISAN & OUT OF CONTROL JUDGE, & RACIST A.G. (WHO PROMISED THAT, “I WILL GET TRUMP”)….
Bolding added for emphasis:
THEY CLAIMED THAT MAR-A-LAGO WAS WORTH ONLY $18,000,000, WHEN IT IS WORTH 50 TO 100 TIMES THAT AMOUNT, IN ORDER TO ILLEGALLY REDUCE MY VALUES & MAKE A FAKE CASE AGAINST ME. THEY DID THIS ON OTHER PROPERTIES, AS WELL, & WOULDN’T GIVE ME A JURY. LIKEWISE, THE A.G. THUGS DO NOT WANT TO ACKNOWLEDGE THAT I HAVE PAID ALMOST 300 MILLION DOLLARS IN NEW YORK CITY & STATE TAXES DURING THE YEARS IN QUESTION. IMPORTANTLY, I WON AT THE APPELLATE DIVISION, WHICH EFFECTIVELY ENDED MOST OF THE CASE, BUT THE BIASED JUDGE REFUSED TO ACCEPT THEIR ORDER, AN UNHEARD OF FIRST!
BASED ON THE ABOVE, AND THE FACT THAT OUR UNASSAILABLE FINAL EXPERT WITNESS HAS BEEN SO STRONG AND IRREFUTABLE IN HIS TESTIMONY, WHICH WILL CONCLUDE ON TUESDAY, & THAT I HAVE ALREADY TESTIFIED TO EVERYTHING & HAVE NOTHING MORE TO SAY OTHER THAN THAT THIS IS A COMPLETE & TOTAL ELECTION INTERFERENCE (BIDEN CAMPAIGN!) WITCH HUNT, THAT WILL DO NOTHING BUT KEEP BUSINESSES OUT OF NEW YORK, I WILL NOT BE TESTIFYING ON MONDAY. MAGA!
CBS News previously reported: “Trump is expected to take the stand again on Monday, which “is advantageous” for his presidential campaign.”
Former President Trump returned to a New York courtroom on Thursday to attend his civil fraud trial as the case approaches its conclusion.— CBS News (@CBSNews) December 7, 2023
Trump is expected to take the stand again on Monday, which “is advantageous” for his presidential campaign, @majorcbs reports. pic.twitter.com/1Z89u4DJD5