Bank Determined Trump Wasn’t a Billionaire

Newsweek: “In that 2007 deposition, Trump said he based estimates of his net worth at times on ‘psychology’ and ‘my own feelings.’ But those feelings are often wrong—in 2004, he presented unaudited financials to Deutsche Bank while seeking a loan, claiming he was worth $3.5 billion. The bank concluded Trump was, to say the least, puffing; it put his net worth at $788 million, records show.”

The kicker: “Trump personally guaranteed $40 million of the loan to his company, so Deutsche coughed up the money. He later defaulted on that commitment.”

FavoriteLoadingSave to Favorites