The Trump 'haircut': yes, Deutsche Bank really used this term in reducing what Trump said he was wor

[Eugene]

Source: Insider

The Trump 'haircut': yes, Deutsche Bank really used this term in reducing what Trump said he was worth

Laura Italiano
Wed, October 11, 2023 at 5:07 PM EDT·5 min read

• Trump's civil fraud trial, which could run him and Trump Org out of NY, is in its second week.
• On Wednesday, state officials called former Deutsche Bank banker Nicholas Haigh to the stand.
• He described the so-called Trump "haircut": routinely applied reductions to Trump's stated worth.

They called it the Trump "haircut."

Really, that was what Deutsche Bank – Donald Trump's most generous lender – called the routine cuts they applied to whatever the former president told them he was worth.

The "haircut" reference was made Wednesday at Trump's New York civil fraud trial, now mid-way through its second week. The word jumped out during an esoteric finance discussion.

"First of all, what is a haircut?" Kevin Wallace, an attorney for the AG's office, asked while questioning one of the former president's chief barbers, so to speak, Nicholas Haigh.

-snip-

Read more: https://news.yahoo.com/trump-haircut-yes-deutsche-bank-210728495.html

[tanyev]

1. Makes sense, actually.

Donald's own descriptions of his wealth match his puffed up, leonine illusion of a hairdo when the reality is a large balding area with a very long and complicated comb-over.

[unblock]

2. This is a standard term in finance, having nothing to do with Donnie's do.

Although in his case it's particularly fitting....

[chicoescuela]

4. I used the term as a reduction in compensation or pay typically

[unblock]

7. Yes, really any amount that gets reduced.

Actually in this case what's unusual is that they directly adjusted the estimate. More typically, a bank would "take a larger reserve" against the estimate.

[milestogo]

10. So his dick is actually 1.5 in less than he says it is.

Like a mushroom, actually.

[stopdiggin]

3. this is sort of amusing

but actually lends credence to an argument that Trump's creditors were not in essence 'deceived'. (never believed his 'figures' in the first place)

Or at least that's what I come away with here ..

[Grins]

12. My first thought, too. NM

[Silent Type]

5. Don't have much sympathy for banks in this, but I doubt they've been hurt.

I used to work for state government. We presented our budgets to a guy known as “20 off the top” Smith. So you inflated the budget.

The property tax will get him/organization fined big time, although you have to wonder about officials that let him get away with it.

[Joinfortmill]

6. That bank is known to be sketchy

[wiggs]

8. why did DB loan Trump Org money when no one else would? nt

[aggiesal]

11. Maybe this might remind you ...

At Deutsche Bank, Justice Anthony Kennedy’s Son Loaned Trump $1 Billion
https://www.democracynow.org/2018/7/2/headlines/at_deutsche_bank_anthony_kennedys_son_loaned_trump_1_billion

[stopdiggin]

14. yes, but this was with 100% approval

of the bank's corporate heads. Nothing back door or shady about it. Kennedy was doing exactly what his superiors were asking of him. (and in fact Deutsche specifically hired he, and others, to fulfill that prescribed role)

https://www.nytimes.com/2019/03/18/business/trump-deutsche-bank.html

[stopdiggin]

13. as I understand it it was becuse DB

was desirous (almost desperate) to 'get in' to the New York real estate market - and were willing to take a 'known risk' (in DJT) to that end. And their corporate officers (directors?) brought in people whose remit was just exactly that. (and apparently that mission wasn't really any kind of secret, either within or without the organization)

[Buns_of_Fire]

9. I read somewhere a while back that the loans were guaranteed...

...by Russian banks and other friends of Pootie, of course.

Which might explain why DB lent him money, even after the "haircut". Having a co-signer works wonders.