Expert: Trump Organization Cost Banks Over $168M
Facts
- Michiel McCarty, a banking expert, Wednesday testified that former Pres. Donald Trump and his company cost banks more than $168M by obtaining favorable loan terms on lending that Trump guaranteed personally.1
- McCarty, chairman and CEO at the investment bank MM Dillon & Co., said his lost interest calculations applied to four Trump Organization assets — 40 Wall St. in New York, Trump’s Chicago hotel, the hotel at the Old Post Office in Washington, DC, and Trump’s Doral, Florida golf course.2
- Trump is being sued by New York Democratic Attorney General Letitia James, whose office claims the Trump Organization falsely inflated and deflated the value of its assets to receive lower taxes and better insurance coverage.3
- Previously, Manhattan Supreme Court Justice Arthur Engoron in September ruled Trump was liable on the top count of fraud. This trial will determine if Trump and his associates must disgorge ill-gotten gains; if this is the case a value will also be assigned.4
- Since McCarty’s testimony, the trial has continued with testimony from Trump’s sons – Eric and Donald Jr.5
Sources: 1CNN, 2Newsweek, 3The Hill, 4The Messenger and 5Verity.
Narratives
- Pro-Trump narrative, as provided by Breitbart. This case is part of an ongoing witch hunt brought by a Democratic prosecutor to a Democratic judge in a Democratic city. There’s no way Trump can get a fair trial, especially considering in 2018 James ran for the Attorney General's office on promises she would punish Trump. This is nothing but an attempt to derail Trump’s bid to return to the White House.
- Anti-Trump narrative, as provided by Salon. Trump and his lawyers can make up all the excuses they want, but this case is going to be the end of his empire. The Trump Organization committed widespread fraud, and now the former president is going to pay the price he always feared — he’s going to lose a vast fortune and prestige.