President Biden: The NEW one and only politics thread

So the point is that the head of a third-rate boutique investment bank has an opinion (which is like having an. ...) and thinks that the banks Trump dealt with were stupid and didn't earn $168 million that he thinks they should have earned, because he thinks they didn't appraise Trump's properties properly?

Because. ... and once again with feeling, they had no obligation to accept Trump's financial statements (or even do business with Trump if they didn't think they were being collateralized properly), and in fact, none of us (including Michiel McCarty) know that they relied on those financial statements at all!

Either way. ... that is their business, not yours (or Michiel McCarty's). But I'm glad to know some random investment banker has an opinion on the matter.

FWIW, if I wanted to do the dancing monkey act I have faced because I keep pointing these things out. ... during the financial crisis, Michiel McCarty was a Managing Director at Dillon Read, which had a hedge fund that got wiped out to the tune of billions of dollars because of bad bets on the subprime mortgage industry. Given his association with Dillon Read at the time, surely you have concluded that his credibility as a witness when it comes to valuing anything is worth shit, right?

Not that it should matter. All that matters is that those banks valued Trump's properties the way THEY did, not how some random person thinks they should have done their business.

 

Sounds like we're in agreement about this.

I know way more about Deutsche Bank than you can possibly imagine (if I told you how, I'd have to kill you). Their relationship with Trump over time isn't some sinister money laundering thing, if you are really thinking that. ... but as a private bank where the private banking operations were so relatively insignificant to the overall business, they had a person (in particular) or two who were left free there to do transactions that benefited themselves, even if it had the potential to not end well for the bank. Nobody cared in a cheap money environment, your mistakes are never fatal, it creates a survival of the unfittest environment. That is how Donald Trump became a client when he had worn out his welcome at the more prestigious private banks.