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Trump’s reputation for ‘crazy’ asset inflation made him ‘a joke’ inside Deutsche Bank: NY Times reporter

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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.”

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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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… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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Russia and China blast US missile test

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Russia and China warned Tuesday that a new US missile test had heightened military tensions and risked sparking an arms race, weeks after Washington ripped up a Cold War-era weapons pact with Moscow.

The US and Russia ditched the Intermediate-Range Nuclear Forces (INF) treaty this month after accusing each other of violating the accord.

Washington said the agreement also tied its hands in dealing with other powers such as China.

The US Department of Defense announced on Monday it had tested a type of ground-launched missile that was banned under the 1987 INF agreement, which limited the use of nuclear and conventional medium-range weapons.

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Leaked audio shows oil lobbyist bragging about success in criminalizing pipeline protests

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"We've seen a lot of success at the state level, particularly starting with Oklahoma in 2017," said Derrick Morgan of American Fuel & Petrochemical Manufacturers

As a growing number of states move to pass laws that would criminalize pipeline protests and hit demonstrators with years in prison, an audio recording obtained by The Intercept showed a representative of a powerful oil and gas lobbying group bragging about the industry's success in crafting anti-protest legislation behind closed doors.

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Trump’s latest attempt to smear Scaramucci dunked in mockery

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At least one White House or campaign staffer apparently helped President Donald Trump attack his short-lived communications director Anthony Scaramucci -- and he was met with mockery.

The president tweeted out a supercut video late Monday of Scaramucci defending Trump before his recent public disavowal, and attacked his former staffer as a "dope" who's seeking fame.

Nobody ever heard of this dope until he met me. He only lasted 11 days! pic.twitter.com/RzX3zjXzga

— Donald J. Trump (@realDonaldTrump) August 20, 2019

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