President Donald Trump’s reputation for asset inflation made him a running joke at his biggest lender, Deutsche Bank, New York Times finance editor David Enrich told MSNBC on Tuesday.
“Even before Deutsche Bank entered the picture, Donald Trump had developed a well-earned reputation for defaulting on loans and saddling his banks with hundreds of millions of dollars in losses,” Enrich said. “Deutsche Bank started the relationship knowing full well that that was his M.O., and then sure enough, he did it at least on two occasions to the bank in very acrimonious ways that led to litigation, and led to a huge public embarrassments and black eyes for Deutsche Bank.”
Enrich said Trump’s problematic history with Deutsche Bank could land him in legal trouble, including charges of fraud.
“There’s a lot of evidence, having spoken to dozens of people inside the bank who are involved with these loans, that Trump was a serial exaggerator when it came to how much he was worth,” Enrich said. “Not just his personal wealth, but the assets his company has.
Trump, Enrich said, would so regularly “assign ridiculous values” to his real estate properties, that it became a running joke at the bank.
“He was valuing them at such astronomical levels that it became a joke inside the bank that ‘this is another example of Donald just assigning these crazy out of touch levels to his values,'” he said. “They were okay with that because they, the bank, felt comfortable, they could go in and say, ‘we’re just going to chop 70% off the value of that asset’ and that they could reach a conservative enough valuation that it still made sense to lend to him.”
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LISTEN: Here’s the creepy broadcast at Trump’s rally telling supporters the right way to deal with protesters
On Tuesday, President Donald Trump officially kicked off his 2020 re-election campaign in Orlando, Florida.
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"While we all have the rights to free speech, this is a private event paid for and hosted by Donald J. Trump for President, Inc., and you came to hear the president," said the voice. "To accommodate the right to free speech and peaceful assembly, while ensuring an orderly rally, we have provided a secure area outside the venue for all protesters, and we ask anyone wishing to demonstrate to please exit to that secure area."
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"A Ukrainian-Russian developer who wanted access to President Trump’s inauguration filed a lawsuit on Tuesday saying he was bilked out of the $200,000 he paid for what he thought would be V.I.P. tickets to the event," The New York Times reported Tuesday.
"The developer, Pavel Fuks, who once discussed a Moscow real estate project with Mr. Trump, said in the lawsuit, filed in the United States District Court for the Central District of California, that he had paid the money to a firm at the direction of Yuri Vanetik, a prominent Republican fund-raiser and sometime lobbyist," the newspaper explained. "But, the lawsuit said, Mr. Vanetik failed to come through with the promised tickets, and Mr. Fuks ended up watching the inauguration from a Washington hotel bar."