Assistant Attorney General Kevin Wallace guided Donald Trump through several loan deals between the Trump Organization and Deutsche Bank.
Wallace asked Trump to acknowledge his signature on the documents and confirm that the loan documents include requirements for annual financial statements and a minimum net worth of $2.5 billion.
Trump personally guaranteed all loans with Deutsche Bank’s private wealth management group for these properties, which is why he was bound by liquidity and net worth requirements.
Wallace reviewed 2012 documents governing the Trump Organization’s debt to the Doral Golf Resort & Spa.
Trump confirmed that he personally guaranteed the loan.
Wallace highlighted a loan agreement that requires Trump to provide a personal guarantee to maintain $50 million in cash flow.
Trump said he would comply with that requirement. “Yes, I had a lot of money,” he said.
“They wanted to keep the money,” Trump says of Deutsche Bank
“It goes up and down,” Trump said, “but I’ve had a lot of money for a long time.”
The loan agreement requires him to maintain a net worth of $2.5 billion.
“Do you believe you complied with this loan?” Wallace asked Trump.
“Yes, I do,” Trump replied.
Trump said it would not have been difficult to meet the $2.5 billion net worth requirement in the loan document.
“I could have given them a few properties,” the former president said.
Trump also said he believed the Chicago International Hotel & Towers in Chicago would be in compliance with the debt requirement to maintain $50 million in unencumbered cash and a net worth of $2.5 billion.
“The loan was paid off in full, no problem, no problem, and the bank was happy. They got their money back,” Trump said. “The bank really liked me.”
The complaint alleges that Trump defrauded the bank by providing fraudulent, inflated financial statements to obtain the loans and maintain them in the years after the initial transaction.
During the questioning, Trump’s lawyer, Chris Kiss, raised another objection about the statute of limitations, which was overruled.
Trump laughed during one of those objections and said, “Overruled, it’s in the evidence,” Engoren said.
Kiss has made frequent objections to the statute of limitations today, all of which have been overruled.
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