Trump says banks shouldn’t have relied on his numbers for tax valuations

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Former President Donald Trump on Wednesday blamed banks for lending money based on bogus valuations after being prosecuted for “multiple acts of fraud.”

New York Attorney General Letitia James, after a three-year civil investigation into fraud charges, sued the 45th president, his three adult children, and several companies, organizations and individuals associated with his famed real estate and licensing business.

The attorney general claimed that Mr Trump and his businesses inflated the value of his net worth by billions of dollars in an attempt to gain tax benefits.

Calling it “the art of theft”, Ms James alleged that the Trump Organization and its representatives made more than 200 false and misleading valuations of her assets over a 10-year period.

In an interview with Fox News host Sean Hannity, the former president called the lawsuit a “witch hunt” and argued that the banks had failed to conduct their own assessment.

“Do you give a warning that actually says these are our evaluations?” Hannity asked.

“Because I don’t know a lending institution or bank or financial institution that will lend money to anyone and only according to the borrower’s assessment or valuation of a particular asset.”

“We have a disclaimer,” Trump replied.

“My guys put it together. I’ll look at it, and it seemed fine. But it’s not overly important. What’s important is the asset. The best asset I have. What happened, Sean, will we have a disclaimer in front of us? .

“It basically says, you know, get your people, you’re at your own risk, it was done by management, it was not done by us.”

“So, don’t trust the statement you’re getting,” he continued.

“By the way, it runs like a page and a half. That’s a huge disclaimer. This is a very powerful disclaimer.

“It basically says to an institution: ‘You’re going to borrow money. You have to go out and make sure you get your own appraiser, your lawyer, everything.

Mr Trump claimed he had previously rejected an offer to settle a three-year investigation into whether his real estate company committed tax fraud because paying “a small amount” would be tantamount to admitting guilt.

“I met them. I really thought they wanted to settle down, but I didn’t want to settle because how can you, even though I paid a very small amount, you are admitting guilt.”

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