Grilled by an attorney for New York Attorney General Letitia James, the company's assistant vice president Patrick Birney agreed that former chief financial officer Allen Weisselberg told him that Trump wanted to puff up his net worth on his statements of financial condition.
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The exchange marks a fulfillment of a vow that the attorney general's office made at the start of trial weeks ago, in arguing that Trump, his family members and business associates fraudulently inflated his assets in financial statements to banks and insurers.
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The state argues that Trump wanted his net worth to be assigned as high as possible on those forms to spike his rank on Forbes' billionaires list and to attain benefits with banks and insurers. The testimony elicited by the attorney general intends to show that Trump wanted his net worth to go up on the financial statements, regardless of whether or not his wealth moved in that direction.
Previous testimony by Deutsche Bank's former risk manager showed that the German lender required Trump to maintain a “minimum net worth of $2.5 billion," in order to a receive an up to $125 million loan, during a time that the AG claims the former president was worth less.
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[E]vidence showed that the Trump Organization ultimately added a 15 percent brand premium on his golf courses, a practice that the judge already determined to have been fraudulent.
The Messenger
UPDATE 06:15 pm:
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