I prefer to hear what American juries say.
Banker involved in big loans to Trump Organization testifies in civil fraud trial
A Deutsche Bank executive says the bank followed its own guidelines — which include independently verifying information — when deciding to lend Donald Trump's company hundreds of millions of dollars.www.pbs.org
Deutsche Bank reviewed the financial statements before making the loans through its department that works with rich individuals — a pathway that allowed for more favorable interest rates than likely available from the commercial real estate division, according to the lawsuit. The deals came with conditions about Trump’s net worth and, sometimes, liquidity, and they often required annual submissions of his financial statements.
But, testifying for the defense, managing director David Williams said the bankers viewed clients’ reports of their net worth as “subjective or subject to estimates” and took its own view of such financial statements.
“I think we expect clients-provided information to be accurate. At the same time, it’s not an industry standard that these statements be audited. They’re largely reliant on the use of estimates,” Williams said, so bankers routinely “make some adjustments.”
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