Former Deputy Assistant Attorney General John Yoo provides legal insight into former President Donald Trump’s NYC fraud trial on ‘The Story with Martha MacCallum.’ A former Deutsche Bank executive testified Wednesday that the bank viewed Donald Trump as a “whale” of a client, and sought to do additional business with him, while praising the Trump Organization for taking its properties from a “shell” into “fully operational” spaces.
Rosemary Vrablic, a former Deutsche Bank managing director, took the stand in the civil trial stemming from New York Attorney General Letitia James’ lawsuit against former President Trump, his family, and his businesses. James accused Trump of inflating his financial statements and deceiving banks. Former President Trump and his family have denied any wrongdoing, with Trump repeatedly stating that his assets were undervalued and that his financial statements had disclaimers, asking banks to evaluate the numbers.
Vrablic’s testimony revealed that the bank’s revenue from its business with Trump increased significantly from approximately $13,000 in 2011 to a projected $6 million in 2013. The bank had high hopes for further collaboration with Trump, as evidenced by a briefing document prepared for then-co-chairman, Anshu Jain, which outlined key requests for Jain to make during a lunch meeting with Trump. These requests included obtaining more deposits and investment management assets from Trump, as well as leveraging Trump’s personal and professional network in the real estate industry in New York.
According to Vrablic, the meeting with Trump was productive, and the bank’s direct boss later went to lunch with Trump to express gratitude and discuss potential future opportunities. Vrablic also highlighted the Trump Organization’s transformation of the Old Post Office in Washington, D.C., from an empty shell to a fully operational hotel and event space.
While Vrablic acknowledged that Deutsche Bank turned down a loan request from Trump for the Scotland golf course, Trump International Golf Links Aberdeen, she attributed it to concerns about increased exposure and potential risks associated with Trump’s presidency. Vrablic further stated that she never saw Trump’s statement of financial condition, and expected her clients to present their financial information accurately.
The civil fraud trial, presided over by Justice Arthur Engoron, has been ongoing, with Trump and his defense team seeking to counter James’ allegations. The trial follows a ruling by Judge Engoron in September, which found that Trump and the Trump Organization had committed fraud by overvaluing assets and exaggerating net worth on paperwork used for deals and financing.
Trump’s defense attorneys have indicated that they may move for a mistrial. The lawsuit filed by James against Trump and his children, Donald Jr., Ivanka, and Eric, accuses them of numerous acts of fraud and misrepresentation on their financial statements. However, a Trump spokesperson noted that the lawsuit was filed under a consumer protection statute that denies the right to a jury trial.
The testimony from the former Deutsche Bank executive sheds light on the bank’s perception of Trump as a valuable client and their desire to expand their business relationship. It also highlights the Trump Organization’s success in transforming properties and the bank’s decision to decline a loan due to concerns surrounding Trump’s presidency. The trial continues, and Trump and his defense team aim to counter the allegations made by James.
