The Soapbox

Joined: 01/04/2001 Posts: 35240
Likes: 51422

What's this?

That's right. In fact, most banks didn't make loans on the info.

But that's all a compilation is, and that is plainly stated in an attached letter.

We're talking Deutsch bank mainly---and they were busted repeatedly during that period for money laundering. I suppose you look a little less closely when you have buckets full of money to clean up.

But back to Compilations, the firm's primary role is to take management's numbers and present those unverified numbers in a manner consistent with standard formatting. If I were to make a guess, I'd guess that the American banks were NOT comfortable with the underlying numbers from Trump Org, and that discomfort and Don's refusal to undergo an audit (that would have provided some assurance) was the reason he could no longer get money from American banks even on plum New York property.

There are a lot of bankers feeling vindicated over this now.

[Post edited by Shenhoo at 09/22/2022 10:08AM]

(In response to this post by Cold Hoober Hoo)

Posted: 09/22/2022 at 10:02AM

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Donald Trump blames banks/investors for relying on Org's financials ... -- Blah 09/22/2022 07:32AM

I don't really have an issue with Trump screwing with the banks. I do have -- Faz d. Hoo 09/22/2022 11:15AM

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Purposely misrepresenting your financials on your prospectus is illegal. -- Blah 09/22/2022 11:52AM

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I doubt that disclaimer exists. What bank would accept that? -- Plano Hoo 09/22/2022 08:19AM

The statements were only compiled. The disclaimer attached -- Shenhoo 09/22/2022 08:41AM

Alright, I'll buy that. The implication of the post was that the disclaimer -- Plano Hoo 09/22/2022 11:28AM

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All I know is I have seen firms -- Zhoo 09/22/2022 10:17AM

Exactly ** -- 111Balz 09/22/2022 09:07AM

This February, Mazars, retracted the financial statements. -- Blah 09/22/2022 08:28AM

Mazars was just as guilty IMO -- Zhoo 09/22/2022 09:00AM

I'm not masochistic enough to have sat down and read the indictment but I -- southdenverhoo 09/22/2022 08:42AM

I'm not sure what you mean when you say "most of the info came -- Shenhoo 09/22/2022 08:53AM

So Mazars only compiled the information into a document to give lenders -- Cold Hoober Hoo 09/22/2022 09:55AM

To add, I'd have to assume Deutsch Bank insisted on seeing Trump's tax -- Shenhoo 09/22/2022 10:13AM

I don’t know much about Deutsch Bank but it sounds -- Cold Hoober Hoo 09/22/2022 10:39AM

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That's right. In fact, most banks didn't make loans on the info. -- Shenhoo 09/22/2022 10:02AM

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He was asset rich, cash poor??? :) -- Zhoo 09/22/2022 10:29AM

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Wouldn’t the creditor also be defrauded since they didn’t receive -- SixerHoo 09/22/2022 11:03AM

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