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ProfessorGAC

(74,641 posts)
13. Minor Correction
Fri Jul 1, 2022, 01:26 PM
Jul 2022

Under the law, private companies are audited for creditworthiness every 5 years.
A group of banks contracts an audit firm (in TFG's case, Moody's). They all provide the information revealed in loan applications, the auditor consolidates them, then does an independent review of asset value.
In 2013, Moody's assessed that the assets were overvalued by $1.7 billion & loans totaled $1.2 billion more than advertised. This brought the net worth from the fraudulent $4.5 billion reported by Forbes to about $1.6 billion.
In 2018, the loan accumulation was found to be $300 million higher BEFORE the Deutschbank Germany, Bank of China, and Saudi loans were identified.
Hence, it appears he was never a billionaire. We still don't know how much he owes Russia, but his idiot kid admitted to borrowing from them.
As to the $400 million inherited, you're dead on. However, we have to remember the no repayment term "loans" (really a tax avoidance scheme) from daddy in 1971-1978. Those "loans" totaled $54 million in 1978.
If it lived off of 100x the median household income for those 8 years, and still had $60 million.
In the 13 years up to the inheritance, that $60 million would have increased to $125 million, while living lime a king & doing nothing.
By 2016, that would have been worth $1.2 billion, and the inheritance would have gone up to nearly $3 billion.
No "business" deals, no branding, no bankruptcies, no stupid TV show...
He would have been worth 5-8 times actual, for doing nothing.
He's up there with the worst businessmen ever.

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So on July 17th Trump will come back into power? Botany Jul 2022 #1
Or... dchill Jul 2022 #2
Why does T-11 equal July 11th? lame54 Jul 2022 #3
It's just that the Ketchup-Flinging Backseat Strangler's short stubby fingers MerryHolidays Jul 2022 #4
Oh, come on. Obviously "Socks" viva la Jul 2022 #5
This message was self-deleted by its author Generic Other Jul 2022 #6
The clintons Generic Other Jul 2022 #7
LOL-- viva la Jul 2022 #8
Socks will return with JFK jr. The pair faked their own deaths to go underground and ... FSogol Jul 2022 #16
MT Greene said as much when asked if she asked for a pardon Generic Other Jul 2022 #18
OH, you're right! viva la Jul 2022 #25
They do that horseshit with literally everything. LuckyCharms Jul 2022 #9
What a joke. Drumpf's fans think he's some kind of business genius. The reality is... keep_left Jul 2022 #10
I have never figured out how in the hell the man bankrupted casinos. Thtwudbeme Jul 2022 #11
There was a business article several years ago about how Drumpf could have just sat on his ass,... keep_left Jul 2022 #12
Minor Correction ProfessorGAC Jul 2022 #13
Doesn't Drumpf also have at least one massive "balloon" payment coming due soon? keep_left Jul 2022 #15
I Read That Too ProfessorGAC Jul 2022 #23
Jean has a long sock. lpbk2713 Jul 2022 #14
Geeze, just imagine what Qanon is doing to their socks! FSogol Jul 2022 #17
More than just making them stiff enough to stand up by themselves? n/t Generic Other Jul 2022 #19
Ahh trumpy, VGNonly Jul 2022 #20
Fucking delusional sakabatou Jul 2022 #21
But the whole message is only valid if JFK reads it aloud to them. Vinca Jul 2022 #22
You would think the fact that they have been 100% wrong BlueIdaho Jul 2022 #24
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