How Donald Trump inflated his net worth to lenders and investors

[DonViejo]

By David A. Fahrenthold and Jonathan O'Connell March 28, 2019

When Donald Trump wanted to make a good impression — on a lender, a business partner, or a journalist — he sometimes sent them official-looking documents called “Statements of Financial Condition.”

These documents sometimes ran up to 20 pages. They were full of numbers, laying out Trump’s properties, debts and multibillion-dollar net worth.

But, for someone trying to get a true picture of Trump’s net worth, the documents were deeply flawed. Some simply omitted properties that carried big debts. Some assets were overvalued. And some key numbers were wrong.

For instance, Trump’s financial statement for 2011 said he had 55 home lots to sell at his golf course in Southern California. Those lots would sell for $3 million or more, the statement said.

But Trump had only 31 lots zoned and ready for sale at the course, according to city records. He claimed credit for 24 lots — and at least $72 million in future revenue — he didn’t have.

more
https://www.washingtonpost.com/graphics/2019/politics/trump-statements-of-financial-condition/

[UniteFightBack]

1. Can someone explain something??? Lenders don't check and verify?????????????????? nt

[SWBTATTReg]

2. The lenders probably did check his facts...that's why no US bank would lend to him any longer...

and he had to go to either the Russians (in secret) or that bank they've been subpoenaing forever (finally ruled in favor to obtain rump financial records).

[True Blue American]

4. Thank you!:)

[Vogon_Glory]

3. IOKALAYAAR In Action: can You Imagine The Hue And Cry

If either Bill and Hillary Clinton had been even PERIFERALY involved in a similar scandal???

Stinking right-wing hypocrites and their contemptible accomplices in the lame-stream corporate news media.

[mahatmakanejeeves]

5. In countries where they have the rule of law, this is called "bank fraud"

PhoneEtiquetteMattersHat Retweeted

in countries where they have the rule of law, this is called "bank fraud"

Link to tweet

18 U.S. Code § 1344: Bank Fraud https://www.law.cornell.edu/uscode/text/18/1344 …

Link to tweet

[SWBTATTReg]

6. Absolutely. I guarantee you that if you inflated the facts on a mortgage application and they...

found out you lied, you would be drummed out of that bank/application faster than your head can spin!

Bank Fraud...I like the sound of this and especially when applied to rump.

[Yo_Mama_Been_Loggin]

7. Trump is all hat and no cattle

[KG]

8. there's no aspect of his life that isn't a fraud

[keithbvadu2]

9. At one time in the campaigns, he said he was worth $10billion.

At one time in the campaigns, he said he was worth $10billion.