- Sep 28, 2020
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I don’t know I work for a top 10 firm and we actually do audits of private companies pretty frequently and annually for many.
Granted I work on the tax side so it’s different and my clients are all SEC. But I have plenty of friends in the commercial audit side at work who work on them.
Oh, back when I was financing small businesses, we often required audited statements. But we’ve seen how sloppy Deutsche and his other financiers were. If they didn’t insist on audits, I really don’t think Trump would volunteer them and I suspect he’d push back hard if asked for them.
I just don’t see him cooperating with any 3rd party review; it’s not consistent with his personality. If I’m right, sifting through decades of unaudited statements will be slow going for the forensic accountants.
(Edited to add below)
My guess is that most of his lending was done to corporations set up for each project. He likely injected cash via personal loans and agreed to subordinate his debt to the bank. So he’d argue loan to value and the “capitalization” of each project were sufficient that the bank didn’t need guarantees from either himself or any of his other legal entities. So no need for those statement. And who needs an audit for a company with a single transaction: credit cash debit loan to DJT - especially if proceeds from the loan were held at the bank.
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