Accounting firm fires Trump

[Zincwarrior]

People are supposed to do their jobs. Bankers, accountants, etc should all be checking up on the figures presented to them. What idiot would give millions or billions in loans to a person who gives them their own set of facts? I mean when I go to buy a car or a house they don't just take my word on things. They check me out thoroughly. It's really these people who should be checking out Trump's figures before giving him large loans. If they just accept Trump at his word, that is on THEM.

For clarity, in a previous life I have a 20 year background in corporate and project lending, and worked in corporate level commercial reals estate for a few years before. This is common for large private entities. You can analyze the project but you have to rely to some extent on the client and the agent (who is relying on the client) for some baseline information.

The world of commercial real estate is particularly bad for this. Project financials are usually vastly different than financial documents for tax purposes. Trump's entities were known to be particularly bad at this and their forecasts were unreliable (that whole bankruptcies thing). That is deals in the last ten years were effectively just renting the brand name to other properties.

 

[Lesh]

People are supposed to do their jobs. Bankers, accountants, etc should all be checking up on the figures presented to them. What idiot would give millions or billions in loans to a person who gives them their own set of facts?

And yet it happens with Rump all the time. DeutcheBank did it over and over in spite of getting burned over and over. Why? Because the people involved received commissions and vouched for Trump.

Why would an accounting firm take Trump's word?

Because they get paid. Refuse to take Trump's word and he goes to a different accounting firm and THEY get paid.

Same thing happened with Enron

 

[Independent thinker]

For clarity, in a previous life I have a 20 year background in corporate and project lending, and worked in corporate level commercial reals estate for a few years before. This is common for large private entities. You can analyze the project but you have to rely to some extent on the client and the agent (who is relying on the client) for some baseline information.

The world of commercial real estate is particularly bad for this. Project financials are usually vastly different than financial documents for tax purposes. Trump's entities were known to be particularly bad at this and their forecasts were unreliable (that whole bankruptcies thing). That is deals in the last ten years were effectively just renting the brand name to other properties.

It just doesn't make sense to me that when they are lending out millions and billions of dollars they don't check out the facts and rely on the word of the person they are lending to. Meanwhile, when I buy a car or house they check me out several times during the process.

 

[Independent thinker]

And yet it happens with Rump all the time. DeutcheBank did it over and over in spite of getting burned over and over. Why? Because the people involved received commissions and vouched for Trump.

Why would an accounting firm take Trump's word?

Because they get paid. Refuse to take Trump's word and he goes to a different accounting firm and THEY get paid.

Same thing happened with Enron

Trump shouldn't have anything to do with it. Lenders lending millions and billions of dollars should check out the figures before lending the money. Seems like it is THEIR job.

 

[Lesh]

It just doesn't make sense to me that when they are lending out millions and billions of dollars they don't check out the facts and rely on the word of the person they are lending to. Meanwhile, when I buy a car or house they check me out several times during the process.

Welcome to the world of finance in the big leagues.

What Arthur Andersen did with Enron "didn't make sense" if you ignore all the money they made doing it.

 

[Lesh]

Trump shouldn't have anything to do with it. Lenders lending millions and billions of dollars should check out the figures before lending the money. Seems like it is THEIR job.

"Should" but that's not how it works. it's not uncommon for them to "take the word" of clients...

 

[Independent thinker]

Welcome to the world of finance in the big leagues.

What Arthur Andersen did with Enron "didn't make sense" if you ignore all the money they made doing it.

Used to watch a show I really loved called "Airplane Repo". These repo men and women went out and repoed expensive aircraft, cars, yachts, etc where rich people weren't making the payments. There were several times on the show where the repo people commented that they just didn't understand why banks continued loaning large sums of money to those who weren't paying their bills and the items needed to be repoed.

 

[Mac1958]

And yet it happens with Rump all the time. DeutcheBank did it over and over in spite of getting burned over and over. Why? Because the people involved received commissions and vouched for Trump.

Why would an accounting firm take Trump's word?

Because they get paid. Refuse to take Trump's word and he goes to a different accounting firm and THEY get paid.

Same thing happened with Enron

There's really no way of knowing how significant this will end up being.

On one hand, given Trump's longstanding proclivity for comical hyperbole and blatant bullshit, it wouldn't be surprising at all if he had been feeding them bad numbers all this time. On the other hand, it may be that they're just distancing themselves for political reasons, or that they feel some kind of societal or political pressure to do so.

I can say first hand, though, that this kind of company isn't going to do this unless it's pretty freakin' worried.

 

[whitehall]

At what point will angry lefties realize that the Trump corporation built things, met a payroll and offered good paying jobs? What did the current president ever do except live on confiscated taxpayer funds?

 

[Lesh]

On one hand, given Trump's longstanding proclivity for comical hyperbole and blatant bullshit, it wouldn't be surprising at all if he had been feeding them bad numbers all this time.

"Feeding them bad numbers" amounts to a crime

Regardless of his sense of humor or buffoonery

 

[Hutch Starskey]

Accounting firm: Trump financial statements aren't reliable

The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after investigators said they found evidence he and his company regul

apnews.com

At what point will people finally realize that Trump is just a big con man?

Maybe when he’s indicted but don’t count on it.

 

[CrusaderFrank]

Accounting firm: Trump financial statements aren't reliable

The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after investigators said they found evidence he and his company regul

apnews.com

At what point will people finally realize that Trump is just a big con man?

Wow! Can NY get any more Fascist? Probably!

 

[Hutch Starskey]

Hey Retard

Why would an accng firm sign off on unreliable financial statements they prepared themselves.

That is called accng fraud

Did you have any other siblings survive the birth canal?

That’s not how it works, dope.
Accountants provide accounting services. They reconcile the numbers given to them by their clients.
They don’t audit them.

 

[Hutch Starskey]

The accounting firm was ultimately clear. Everything is fine but they have to give in to crazy fat black woman Leticia James.

That is not what they said at all. Try again.

 

[CrusaderFrank]

Accounting firm: Trump financial statements aren't reliable

The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after investigators said they found evidence he and his company regul

apnews.com

At what point will people finally realize that Trump is just a big con man?

I recommend that Investors buy stock in companies that make straight jackets and anti-psychotic medication. Even after he's gone for a year, it's apparent that Trump may have totally, irrevocably broken the Left

 

[CrusaderFrank]

That’s not how it works, dope.
Accountants provide accounting services. They reconcile the numbers given to them by their clients.
They don’t audit them.

Accompanying firms don't do audits? Wow! Who told you that AOC or Krugman?

 

[surada]

Accounting firm: Trump financial statements aren't reliable

The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after investigators said they found evidence he and his company regul

apnews.com

At what point will people finally realize that Trump is just a big con man?

This is actually more damning than Trump's impeachments.

 

[Hutch Starskey]

Wow! Can NY get any more Fascist? Probably!

Fascism happens when men get over and the rule of law loses.

 

[Hutch Starskey]

Accompanying firms don't do audits? Wow! Who told you that AOC or Krugman?

 

[CrusaderFrank]

Fascism happens when men get over and the rule of law loses.

Using government against Trump's accounting firm is "rule of law"?