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Did Deutsche Bank Just Destroy New York AG's Case Against Trump?

• https://www.zerohedge.com, by Tyler Durden

A Deutsche Bank executive may have just tanked New York Attorney General Letitia James' lawsuit against former President Donal Drump - which revolved around portraying the German lender as Trump's biggest victim in an alleged scheme to inflate his assets in order to obtain favorable terms from banks and insurers.

David Williams, who directly worked on at least one of several loans obtained by Trump over several decades, testified on Tuesday in Manhattan that it's "atypical, but not entirely unusual" for a bank to internally slash a client's stated asset values by 50% and approve a loan anyway, as they did with Trump, Bloomberg reports.

"It just depends on the circumstances," said Williams, a managing director at the bank.

Deutsche Bank, which loaned hundreds of millions of dollars to Trump for properties in Miami, Chicago and Washington, cut his stated net worth in 2011 and 2012 from about $4.2 billion to $2.3 billion, according to internal bank credit memos. The same documents indicated the bank approved the loans anyway because it expected them to generate a profit based on Trump's history of successful developments and other criteria.

Trump, who denies wrongdoing and claims the case is politically motivated, is calling to the stand this week four current and former Deutsche Bank employees — including the family's former private banker Rosemary Vrablic — as part of his defense case, seeking to flip the script on the state's version of events. -Bloomberg

The testimony completely undermines AG James' premise, that Trump defrauded the German bank.


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