A Deutsche Bank AG executive testified in Donald Trump’s civil fraud trial, telling a New York judge that clients are able to get a loan after reporting a greater net worth than the lender’s estimation.
David Williams, an individual who worked on a loan Deutsche Bank made to Trump, said it is “atypical, but not entirely unusual” for a bank to cut a client’s asset value and still approve a loan.
Trump said his net worth was around $4.2 billion in 2011-2012, although the bank’s Valuation Services Group calculated it was around $2.3 billion.
According to ABC News, Williams said, “My reaction was probably pretty measured. We are expected to conduct due diligence and verify information to the extent that is possible,” adding that Trump “reported both a net worth and investable assets well in excess of our minimum requirements.”
Williams explained that a bank cannot provide an exact calculation of a client’s net worth.
“I think an individual’s net worth as reported is largely subjective, or subject to the use of estimates,” he said.
Trump attorney Jesus Suarez asked Williams, “Is a difference of opinion in asset values between the client and the bank a disqualifying factor to extend credit?”
Williams said “no” and explained that it is “just a difference of opinion.”
“I think we expect clients to provide information to be accurate,” he stated, noting that financial statements primarily rely on “the use of estimates.”
Christopher Kise, another Trump attorney, told the judge that the bank had no problem with a $2 billion difference, a $3 billion difference — large changes to net worth are not unusual,” emphasizing, “There’s been no demonstration of any materiality issues at all.”
Trump denies any wrongdoing in the fraud case.
In another development, Trump’s lawyers announced in a legal filing last week that his federal election trial needs to be televised.
“For the first time in American history, an incumbent administration has charged its main, leading electoral opponent with a criminal offense. Aware that its charges are meritless, the prosecution has sought to proceed in secret, forcing the nation and the world to rely on biased, secondhand accounts coming from the Biden Administration and its media allies,” Trump’s filing read.
“As a result, the citizens of our great country are unable to review for themselves what the facts of this case show, and how unfairly President Trump is being treated at the hands of his political opponent.”
