Trump’s accountants have dumped his business and demanded that ten years worth of financial statements be retracted.
Trump’s Ex-Accountants Say His Financial Statements Are Not Reliable
In a letter to the Trump Organization on Feb. 9, the accounting firm notified the company of its decision and disclosed that it could no longer stand behind annual financial statements it prepared for Mr. Trump. The firm, Mazars USA, compiled the financial statements based on information the former president and his company provided.
The letter instructed the Trump Organization to essentially retract the documents, known as statements of financial condition, from 2011 to 2020. In the letter, Mazars noted that the firm had not “as a whole” found material discrepancies between the information the Trump Organization provided and the actual value of Mr. Trump’s assets. But given what it called “the totality of circumstances,” the letter directed the Trump Organization to notify anyone who received the statements that they should no longer rely on them.
Trump’s Former Accountants Cut Off His Money Supply
The Trump family is constantly borrowing money. They get money by borrowing it. The impact of their accountants disavowing the last decade of financial statements is that it might become more difficult for Donald Trump to borrow money.
If Trump no longer has ten years of valid financial statements, he and his buisiness are going to struggle to find a credible lender that will give him a dime.
The former president is already about to face a financial crisis as hundreds of millions of dollars in loans to lenders like the Chinese governent are coming due.
Donald Trump is reportedly running out of cash. The retraction demanded by his former accountants should only add fuel to the criminal and civil investigations into his financial practices.
Trump looks to be in real trouble, and this time, there may be no easy way out.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association