Accounting firm fires Trump

[BackAgain]

They were hired to prepare taxes. Not to audit Trump’s financials. Those are prepared in house by Trump org CFO, Weisselberg. No outside firm can know the accuracy of those statements. They simply don’t have access to that data. Nor should they as they weren’t hired to do so.

If you’re right about what type of accounting they performed, you may have a point. Frankly, I’d have to double check what work they performed and then see if there is a corresponding obligation on the accountant to verify the info. I’ll do some digging.

 

[Hutch Starskey]

If you’re right about what type of accounting they performed, you may have a point. Frankly, I’d have to double check what work they performed and then see if there is a corresponding obligation on the accountant to verify the info. I’ll do some digging.

I have no doubt that they suspected those numbers were cooked. That’s how they were able to state what they stated They may have some culpability and that’s why they’re playing ball now. They’ve cut ties with Trump org so it seems likely that they will continue to cooperate with investigators.

 

[SassyIrishLass]

And now, not only off topic, but making it about another poster. Two degrees of desperation there, hun.

Like you just did

 

[Indeependent]

Note the original off topic trolling post

It’s an actual fear that law abiding people now have.

 

[Lesh]

It’s an actual fear that law abiding people now have.

No. It’s not

 

[Mac1958]

he's gonna get nailed on tax evasion, bank fraud, & insurance fraud & is gonna die in prison from syphilitic brain syndrome just like al capone.

Another thing that could potentially happen is that, because of this accountant thing, his current creditors (those few who have been willing to get within a million miles of him) could enforce debt covenants, which could allow the lender to change or reverse terms of the loan if the borrower breaks certain rules.

Now THAT would be interesting, though it could be a risky PR move for the lenders.

 

[Zincwarrior]

I imagine it's not in the covs except a FM clause, but that wouldn't work. CPs would cover but those aren't continuing.

It would put pressure on finance companies to not extend or refinance existing credit. Their long term liquidity definitely takes a hard hit.

 

[Indeependent]

No. It’s not

Because no one's getting pushed on to train tracks in farm land.

 

[Mac1958]

I have no doubt that they suspected those numbers were cooked. That’s how they were able to state what they stated They may have some culpability and that’s why they’re playing ball now. They’ve cut ties with Trump org so it seems likely that they will continue to cooperate with investigators.

Yeah, this timing is pretty clear. I'd think there's a pretty good chance that they knew damn well the numbers -- or more accurately, the wildly varying numbers, depending on what they were being used for -- were bullshit.

So now maybe we'll see that firm's ownership trying to distance itself from both Trump Co and their own freaking people. And yeah, the chances that they're trying to get a deal just increased exponentially. That's the only explanation for this.

Then we'll see what the lenders and insurance companies think of all this. Yikes.

 

[Lesh]

Because no one's getting pushed on to train tracks in farm land.

Or anywhere else

 

[Indeependent]

Or anywhere else

You like to gamble?
Stand on a NYC train platform and you may never get to post a lie again.

 

[Chillicothe]

Now THAT would be interesting, though it could be a risky PR move for the lenders.

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I dunno. But am willing to acknowledge this is a bigger fishbowl and a brighter light.........however,
in my experience in having to communicate 'adjustments' based on developments that were defined in the contract or covenant......well, it was done quietly.
A phone call, or lunch, an invite over to a big ass tabled conference room....(to convey the 'importance'.) (But never dinner.)

There is no need for the one with the hammer to publicize the changes. Or why they are needed. Outside of the faces in that meeting.

And we were always confident the 'changee' wasn't gonna advertise it. They may be royally pissed. They may shop the deal. But, they didn't advertise why they were. At least not truthfully.

YMMV.

 

[Astrostar]

‘“While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based upon the totality of the circumstances, we believe our advice to you to no longer rely upon those financial statements is appropriate,” Mazars General Counsel William J. Kelly wrote to his Trump Organization counterpart, Alan Garten.’ ibid

Translation: Trump is a crook.

Not only is Trump a crook, he always has been. But, and he well knows this, the faithful are too dumb to realize it. That's why he loves them so! Bigly!!!

 

[Mac1958]

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I dunno. But am willing to acknowledge this is a bigger fishbowl and a brighter light.........however,
in my experience in having to communicate 'adjustments' based on developments that were defined in the contract or covenant......well, it was done quietly.
A phone call, or lunch, an invite over to a big ass tabled conference room....(to convey the 'importance'.) (But never dinner.)

There is no need for the one with the hammer to publicize the changes. Or why they are needed. Outside of the faces in that meeting.

And we were always confident the 'changee' wasn't gonna advertise it. They may be royally pissed. They may shop the deal. But, they didn't advertise why they were. At least not truthfully.

YMMV.

Sure, a lender doesn't need to make a circus out of it. But he has been so toxic that his options were few, even before this thing hit. Hell, Deutsche was the only major bank to go near him, and they have a pretty shady rep in the industry too.

Just thinking out loud here -- I wonder if a lender would just eat it, to avoid the bad PR that might come with sticking it to him.

Well, who knows. The silly soap opera continues.

 

[Chillicothe]

pretty shady rep in the industry too.

Deutsche Bank........true that.
On steroids!

I don't know who is holding what paper. But, I'd hafta be persuaded about the wisdom of "eating it".
This customer is not one you want to let off the gas, or give an inch, or signal weakness.

Again, with the boldness of ignorance I would say: 'It is what it is, Don. You know what the contract says. Let's get on with it."

With the hindsight of a couple of decades of being retired, out of the the grind and the fire-fights......I would say now to my old colleagues, my old staff, 'Yes, yes, I know, I coulda, maybe shoulda, been less of a hard-ass on that guy, or that guy, or that guy.'

But that's all water over the dam now. It was a great career. And now an even better retirement.

So there is that.

 

[Wild Bill Kelsoe]

Accounting firm: Trump financial statements aren't reliable

The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after investigators said they found evidence he and his company regul

apnews.com

At what point will people finally realize that Trump is just a big con man?

Im wondering what Biden's crew threatened them with.

 

[Mac1958]

Deutsche Bank........true that.
On steroids!

I don't know who is holding what paper. But, I'd hafta be persuaded about the wisdom of "eating it".
This customer is not one you want to let off the gas, or give an inch, or signal weakness.

Again, with the boldness of ignorance I would say: 'It is what it is, Don. You know what the contract says. Let's get on with it."

With the hindsight of a couple of decades of being retired, out of the the grind and the fire-fights......I would say now to my old colleagues, my old staff, 'Yes, yes, I know, I coulda, maybe shoulda, been less of a hard-ass on that guy, or that guy, or that guy.'

But that's all water over the dam now. It was a great career. And now an even better retirement.

So there is that.

I don't mean "eat it" as in the loan itself, just the option they may have to call or change the loan terms based on this information. I'm sure they don't want to eat the loan.

As with any other institution or any individual, they willingly entered his orbit. So anything that happens after the documents are signed are THEIR problem, thankfully. They asked for it.

 

[Fort Fun Indiana]

Another thing that could potentially happen is that, because of this accountant thing, his current creditors (those few who have been willing to get within a million miles of him) could enforce debt covenants, which could allow the lender to change or reverse terms of the loan if the borrower breaks certain rules.

Now THAT would be interesting, though it could be a risky PR move for the lenders.

Indeed, because now they have to go after the co-signers of the loans.

 

[Chillicothe]

Your point is well made.
They knew what they were getting into.
Sleep with mutts......get fleas.

Still, with the comfortable position of ignorance......my probable, tentative flexible position remains: This ain't the kind of client you wink at. Not anymore. You know, by now, there is no loyalty coming your wary. Strength flexed, or you are roadkill.


And then, the great big friggin' risk that you could lose a lot more than a rate-bump, or a collateral bump, or a seat on the Board. The whole shmear could implode..... with litigation forever as you try to claw back your investment, your loan.

But they are the ones positioned to know if this is a house of cards or not.
And if enforcement of a clause will bring it down.
I dunno any of that.

 

[The Breeze]

Accounting firm: Trump financial statements aren't reliable

The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after investigators said they found evidence he and his company regul

apnews.com

At what point will people finally realize that Trump is just a big con man?

"So a NY based accounting firm, MAZARS USA, is squeezed by the Attorney General of New York, and effectively says "were out". Wanna bet AG James is threatening to go after them and all their clients, while offering them immunity to blame all their accounting malfeasance on Trump, as if Trump is the accountant? Isn't part of the job of your accountant to stick by you when you are audited? I guess not when the government boot is on your neck. This has to be a pretty big black eye for MAZARS. How can any client trust them?"

"Ironically, the source for this story is Business Insider, a news website founded by Henry Blodget.

Blodget was an omnipresent technology stock promoter before and during the dot.com boom/bust from the late 1990s to the early 2000s.

Blodget was permanently banned from the securities industry by the SEC in 2003.

Incredibly, Blodget is still CEO of Business Insider and is a critic of all things Trump on a daily basis.

At least once a week, the lead news story on MSN.com is some anti-Trump screed from Business Insider.

Obviously, every anti-Trump source in the world contacts Henry Blodget after every whisper of scandal.

I have not read this article yet, but I assume Trump's accounting firm has been threatened by the politically corrupt AG of New York state."