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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