Donald Trump's Net Worth Gets Reduced by Deutsche Bank According to Latest Reports
A recent financial disclosure has revealed that Deutsche Bank has significantly reduced the reported net worth of former President Donald Trump. This development has captured considerable attention, prompting inquiries into the complexities of large-scale bank loans. Contrary to initial expectations, the term "Trump haircut" has nothing to do with the iconic hairstyle but rather with how Deutsche Bank adjusted figures related to Trump's net worth reports MSN.
Twelve years ago, Trump confidently declared his net worth at a staggering $4.26 billion. However, Deutsche Bank, his long-time financial partner, reevaluated these figures, leading to what is now known as the "Trump haircut." This term refers to the bank's practice of reducing the stated asset value to estimate its actual worth, as reported by The NY Mag. Nicholas Haigh, a key figure in Trump's financial dealings and instrumental in securing loans exceeding $400 million from Deutsche Bank, clarified the term during a New York civil fraud trial. According to Haigh, a haircut is a banking practice that determines the real value of assets. This adjustment by Deutsche Bank suggested that Trump's net worth might be only $2.365 billion, significantly lower than his initial claim.
The trial has placed Haigh under scrutiny as observers seek to understand his role and actions in the loan process. Haigh's revelation about haircuts has brought the once-obscure term into the spotlight, prompting discussions about banking practices and skepticism surrounding clients' estimations. Deutsche Bank's skepticism is evident in its official documents, where Trump's robust net worth claim is juxtaposed with an "adjusted" column. Despite their longstanding relationship, the bank appeared uncertain about the accuracy of Trump's financial claims.
The loans extended to Trump also fueled the development of the Trump International Hotel in Chicago, receiving $107 million, and the historic Old Post Office in Washington, D.C., underwent a revitalization with a $170 million investment. News of the "Trump Haircut" has sparked widespread reactions online, with the internet community expressing a mix of astonishment and curiosity regarding the financial details. Some have delved into the lighter side, generating humorous comments and memes related to the term.
Deutsche Bank Slashes @Trump's Net Worth- 'We're Tired of Listening to Him Lie' https://t.co/gDZE4dgDSn— Owl Mirror (@R_Owl_Mirror) October 26, 2023
"After Deutsche Bank's adjustments, their data suggested Trump's net worth to be around $2.365 billion, in contrast to his initial claim of $4.26 billion."
The adjusted figures by Deutsche Bank bring forth a contrasting image of Trump's financial standing, raising questions about the direct causes of the bank's reservations. Speculations range from legal troubles surrounding Trump to debates about the fairness of the bank's actions. As the trial unfolds, the spotlight remains on Deutsche Bank and its handling of Trump's optimistic financial numbers.
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Previously, Trump's New York civil fraud suit suggests that 'fraud apart,' the ex-president was a perfect borrower. According to Business Insider, a former executive at Deutsche Bank testified for a second day as two large screens displayed years of Trump's credit reports compiled by his old employer. As it turned out, according to the credit records and the banker's testimony, Trump has seemingly never missed a loan payment.
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