Still waiting to cite that law. Perhaps you know more than the bank executives.
Haigh testified that when Trump approached the bank for loans, he offered several properties as collateral, including his Doral golf course and his Chicago hotel and condo building. Those properties alone, Haigh said, would not ordinarily have been enough. Haigh, who was head of risk assessment for the Deutsche’s private wealth management division—a division that handles banking for very wealthy clients—said that it was unusual for a customer to try to offer those types of properties as collateral.
“In general terms, my conclusion was the client owned a lot of real estate, a lot of golf courses, which I didn’t know how to value,” Haigh said.
Fancy houses, works of art, or planes were more typical big-ticket items offered for collateral, he said. With Trump offering golf courses and condo projects instead, Haigh said, the bank relied on Trump’s guarantee that he could use his personal wealth to cover the loans if his business went bad. And, Haigh said, Deutsche agreed to that arrangement based on the documents Trump provided. James’ now charges that those same documents were fraudulent.
He vastly overstated his wealth to obtain favorable loan deals, prosecutors allege.
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