This morning's Washington Post has a story that is emblematic of the Malignant Loser's shady financial dealings with lenders. After he orchestrated the insurrection on January 6, 2021, the Malignant Loser's banks and lenders cut ties with him, leaving him with hundreds of millions of dollars in loans coming due. His accounting firm, Mazars USA, issued a statement in February 2022 advising others that his "statements of financial condition" shouldn't be trusted and dropped him as a client. Things looked dire for the fraudster-in-chief, when a internet bank came to his rescue with $225 million in loans. From the WaPo story:
"Axos Bank, formerly known as Bank of Internet USA, had grown from one of the first digital banks into a profitable, publicly traded company in part by specializing in loans to borrowers other banks had shied away from — all while navigating federal regulator scrutiny over its internal operations and a congressional hearing that cited its involvement in high interest rates on some loans.
One day after the warning by Trump’s accounting firm became public, Axos’s blunt-spoken president and CEO — a Republican donor named Gregory Garrabrants — signed off on a $100 million loan for Trump Tower, the 58-story Manhattan skyscraper that had long been Trump’s home and base of operations, according to the bank.
Three months later, Garrabrants approved a second deal that provided $125 million for Trump’s Doral resort, a sprawling golf course complex in Miami-Dade County he had owned since 2012. Axos also financed part of a loan that helped facilitate the $375 million purchase of Trump’s D.C. hotel by a group of investors." (our emphasis)
Unsurprisingly, Garrabrants contributed $9,600 to the Malignant Loser's 2020 losing campaign. As the article points out, Garrabrants said he was satisfied with the financial paperwork submitted by the Malignant Loser, despite Mazar USA's warning, and the refusal of many other banks to deal with the Malignant Loser over his fraudulent dealings with them and insurance companies in the past. With his gullible cult followers supplying a healthy cash flow to the Malignant Loser, Garrabants may have seen that as sufficient collateral to float the loans. Or, he's just a MAGAt dead-ender with money to burn.
