Accounting firm fires Trump

[evenflow1969]

Don't know if you ever watched the show or not but it was quite good and addressed many of the things you brought up. You ought to try the show out sometime if you haven't seen it. Not sure where it is available. Used to be on A&E.

I have not seen it but will try and check it out. My father worked as a repo man f or a short period and had some stories. He did not repo planes though. I look at my uncle's repair logs for his planes , the required and scheduled maintenance is no joke on those things. If you did not know what was going on with a plane that could be a pretty big risk. Boats would also be an adventure. I have had the same guys sitting in the same docks beside me for years. We know who belongs on who's boats and we look out for each other. Yep that stuff would be an adventure.

 

[g5000]

View attachment 601735

Not even Deutsche Bank will touch Trump any more.

Trump dropped by biggest lender Deutsche Bank for future business: NYT

Deutsche Bank will not do business in the future with U.S. President Donald Trump or his companies in the wake of his supporters' assault on the U.S. Capitol, the New York Times reported.

www.reuters.com

The Money Behind Trump’s Money (Published 2020)

The inside story of the president and Deutsche Bank, his lender of last resort.

www.nytimes.com

Before making the Chicago loan, Deutsche Bank conducted an informal audit of his finances. Trump had declared to the bank that he was worth more than $3 billion, but Deutsche Bank concluded that the real number was closer to $788 million — a quarter of what Trump said it was.

 

[AsherN]

Trump was working for an accounting firm? When was that?

You never heard the term "fire a client"?

 

[Zincwarrior]

And there’s good reason for Mazars’s refusal to state an opinion, one way or the other, on the accuracy of the Trump Organization’s statements of financial condition: It had never stated such an opinion because it had never performed the procedures that would allow it to do so—an audit conducted under Generally Accepted Auditing Standards.

Mazars performed compilations of the Trump Organization’s statements of financial condition, not audits. A compilation is a completely different animal from an audit. The accounting literature governing compilations, AR-C Section 80A*, makes the distinction clear:


When accounting firms such as Mazars issue compilation reports stating that management, not the accounting firm, is responsible for the statements, and that they neither audited the financial statements nor performed procedures to verify their accuracy, they are not hiding behind their work. They are making required disclosures designed to alert potential users that the accounting firm isn’t expressing an opinion on the accuracy of the financial statements.

Just as accounting firms are prohibited from stating in a compilation report that the client’s financial statements are in conformity with applicable accounting rules, they are also prohibited from stating that the financial statements are not in conformity with financial reporting requirements. “Such a statement would be tantamount to expressing an adverse opinion on the financial statements as a whole. Such an opinion can be expressed only in the context of an audit engagement.” (AR-C 80A.A38, emphasis added)

In other words, Mazars did not state an opinion that Trump’s financial statements were inaccurate because it could not have made such a statement under the rules that govern the accounting profession. Not having ever performed an audit, Mazars was prohibited from opining on the accuracy of the financial statements, one way or the other. Trump himself acknowledged this point in a statement released last night.

But Mazars could warn off potential users of the financial statements if, after it had issued compilation reports on Trump’s financial statements, it became aware of previously unknown facts that may have existed when it issued its reports that, if known at the time, might have caused it to believe that information supplied by the client was inaccurate. Indeed, if Mazars was aware that persons were likely to be using or relying on the Trump Organization’s inaccurate financial statements, it was required to warn them off.

Mazars Thumps Trump

Why the accounting firm has parted ways with its longtime client and his company.

www.thebulwark.com

That's a good summary.

 

[g5000]

Im wondering what Biden's crew threatened them with.

Yeah, let's just manufacture a bullshit conspiracy theory like tards always do to avoid having their delusions shattered.

 

[g5000]

you and others who cant stop talking about the guy made him a thing.....

Trump is the one who can't stop talking. He keeps himself in the news, dipshit. He likes attention. And he is cockteasing the tard herd with another run in 2024.

So shut the fuck up and deal with the consequences.

 

[g5000]

They are his primary revenue stream now.

Bingo.

 

[Wild Bill Kelsoe]

Yeah, let's just manufacture a bullshit conspiracy theory like tards always do to avoid having their delusions shattered.

Like "Russia collusion"?

 

[g5000]

Like "Russia collusion"?

I never bought the idea Trump colluded with Russia, dipshit. Nice try.

However, the Mueller investigation did reveal the length and breadth of Russia's attempts to influence our election. That much is fact.

 

[playtime]

When you are a fool you tend to go down with the ship.

It's how dunces roll.

 

[playtime]

He will con it out of his followers some how.

if his media platform gets going - he'll be hawking all kindsa cheap chinese sweatshop made crap, plus his fans are donating to the RNC 'n paying his mounting legal fees, so that has freed up some cash.

 

[evenflow1969]

if his media platform gets going - he'll be hawking all kindsa cheap chinese sweatshop made crap, plus his fans are donating to the RNC 'n paying his mounting legal fees, so that has freed up some cash.

That SOB sure seems to be a Teflon don

 

[g5000]

Trump was so accustomed to hoaxing investors and bankers, he thought he could fool the entire country.

Since investors and bankers are supposed to be savvy, he thought it would be a cinch to fool the common man.

He was about half right.

But his belief was based on a false premise. Investors and bankers have not been savvy for a very long time. All they care about these days is constant growth of their bottom line on a quarterly basis. They deliberately overlook obvious hucksterism. They delude themselves just as much as any MAGA hat-wearing rube.

"I want to bleev it, so it must be true."

I mean, how profoundly incompetent do you have to be to lose money on a fricking CASINO!?!?

Trump went a bridge too far, and now the chickens are coming home to roost, if you'll pardon my mixed metaphors.

 

[Independent thinker]

I have not seen it but will try and check it out. My father worked as a repo man f or a short period and had some stories. He did not repo planes though. I look at my uncle's repair logs for his planes , the required and scheduled maintenance is no joke on those things. If you did not know what was going on with a plane that could be a pretty big risk. Boats would also be an adventure. I have had the same guys sitting in the same docks beside me for years. We know who belongs on who's boats and we look out for each other. Yep that stuff would be an adventure.

It's on Discovery Go or you can pay $1.99 per episode if you have Amazon Prime. I really enjoyed the show immensely. They do do an inspection of the plane before repoing it but that doesn't always catch everything, as they find out after the fact. But, they are all still alive.

 

[playtime]

This could literally bankrupt Trump. Again.

the great biz'nez man has always been nothing but smoke & mirrors.

Quick: Who'd Have Trouble Living on $450,000 a Month?
By Kurt Eichenwald

• June 26, 1990

Donald J. Trump, who has lectured America about architecture, foreign policy and, most of all, how to do deals, may be about to learn a lesson of his own: how to live in Manhattan on $450,000 a month.
That scarcely onerous restriction is being imposed by Mr. Trump's bankers, who have insisted that the man who has made conspicuous consumption a personal trademark must curb his spending a bit.
Moreover, the $450,000-a-month allowance excludes some of the largest of Mr. Trump's daunting expenses, the bankers say. These extras, based on Mr. Trump's spending in May, include the costs of maintaining his personal 727 jetliner ($246,000) and his 282-foot yacht ($841,000). The yacht and the personal jet, to be sure, may be sold to trim the real estate developer's mountainous debts.
In May, Mr. Trump also paid interest of $2.1 million on his personal debt, while his legal, charitable and business expenses totaled $382,000. His interest payments and various expenses do not count as personal spending, either.

Still, the $450,000-a-month limit will require some belt-tightening on Mr. Trump's part. In May, his bankers report, Mr. Trump's personal spending amounted to $583,000 for day-to-day necessities of the ultrarich life style, which range from his $2,000 suits to the costs of maids, gardeners and chefs at his three homes.
So to meet the bankers' target, Mr. Trump must trim his personal expenses by more than $100,000 from the May level. If he can do that, the banks will agree to lend Mr. Trump even more money.

The terms are being required by the banks, which are attempting to structure a loan to Mr. Trump to keep his faltering empire out of bankruptcy court.
The personal spending limits agreed to by the banks, though a cutback for Mr. Trump, still come to $5.4 million a year. If the banks agree to the terms of the new loan, in the month of July, for example, Mr. Trump would have to hold his expenses to just $14,516.13 a day, or $10.08 every minute of the day and night.
'It's Just Phenomenal'
Even the truly wealthy found Mr. Trump's manner of spending, reduced circumstances or not, to be remarkable.


''I would have no idea how to spend $450,000 a month,'' said one billionaire, who asked not to be identified. ''It's just phenomenal.''
Financial planners for the well heeled agreed.
''We have handled a lot of entertainers, some of whom lived very extravagantly, but I have never come across anybody who spent that way,'' said Lawrence B. Eichler, president of Sentinel Asset Management. ''Donald Trump lives in strata few of us approach, or even want to approach.''
Even Mr. Trump, who declined to comment, once said: ''A little more moderation would be good.'' But he was quick to add, ''Of course, my life hasn't exactly been one of moderation.''
Deadline on a Payment
Mr. Trump's unfolding financial drama may reach a climax tonight as the developer faces a deadline to make a payment on a high-yield ''junk bond'' issue. No matter what the outcome, the glimpse of Mr. Trump's spending habits is certain to add another layer to the high-spending lore to the 1980's.

Mr. Trump's new allowance may be absorbed easily, given the style of living to which he has become accustomed. The developer owns three homes, including Mar-a-Lago, in Palm Beach, Fla. That home, which was willed to the State of Florida by Marjorie Merriweather Post, was sold to Mr. Trump because the state could not afford to pay for its upkeep. Scores of household staff members are paid to help keep up the 118-room residence.
Mr. Trump will also have to continue to maintain his 50-room penthouse triplex in Manhattan's Trump Tower, which comes complete with an 80-foot living room, bronze-edged floor-to-ceiling windows overlooking Central Park, and a 12-foot waterfall.
[...]
Quick: Who'd Have Trouble Living on $450,000 a Month?

 

[evenflow1969]

It's on Discovery Go or you can pay $1.99 per episode if you have Amazon Prime. I really enjoyed the show immensely. They do do an inspection of the plane before repoing it but that doesn't always catch everything, as they find out after the fact. But, they are all still alive.

I do have prime. I will check it out.

 

[Wild Bill Kelsoe]

I never bought the idea Trump colluded with Russia, dipshit. Nice try.

However, the Mueller investigation did reveal the length and breadth of Russia's attempts to influence our election. That much is fact.

How about all of Trump's alleged crimes? Like the rebellion claim?...lol

The Mueller hunt proved no such thing.

 

[playtime]

I mean, how profoundly incompetent do you have to be to lose money on a fricking CASINO!?!?

yep. a biz'nez designed so the house wins.

 

[Tommy Tainant]

Donald Trumpâs legal woes threaten to engulf him as accountants abandon ship

Mazars’ cutting ties with ex-president mark significant step in New York investigation of his financial affairs, among 19 current cases

www.theguardian.com

Being dumped by your accountants is rarely a positive sign. Neither is their disowning 10 years of your accounts..

The good news is that there are plenty of other firms available and plenty of dodgy firms as well.

I am looking forward to his friends explaining that there is nothing to see here. Hillary and all that !!

 

[playtime]

Not even Deutsche Bank will touch Trump any more.

Trump dropped by biggest lender Deutsche Bank for future business: NYT

Deutsche Bank will not do business in the future with U.S. President Donald Trump or his companies in the wake of his supporters' assault on the U.S. Capitol, the New York Times reported.

www.reuters.com

The Money Behind Trump’s Money (Published 2020)

The inside story of the president and Deutsche Bank, his lender of last resort.

www.nytimes.com

Before making the Chicago loan, Deutsche Bank conducted an informal audit of his finances. Trump had declared to the bank that he was worth more than $3 billion, but Deutsche Bank concluded that the real number was closer to $788 million — a quarter of what Trump said it was.

signature bank cut donny loose too.