The news networks tonight are all over the story from New York in which the New York attorney general, Letitia James, has filed a comprehensive lawsuit against Donald J. Trump and three of his adult children.
Her allegation? That the Trumps falsified their business’s net worth in obtaining loans. They allegedly fudged the value of their assets, allowing them to get loans at a favorable rate.
Something has raced past me. How did the Trumps fool lenders into thinking their assets were greater than they were?
Financial institutions are regulated by the feds. If a borrower simply says he or she is worth X amount of money, do the lenders take them at their word? Of course not! They can check tax rolls to know the truth, right?
I am waiting for an explanation into how the Trumps (allegedly) fooled the banks.