Wellss Fargo is holding Trumps junk (debt)

Thread regarding Wells Fargo & Co. layoffs

TIMBER!!!!!!!

Now you know why charlie is h3ll bent in cutting expenses (anf employees) and shedding assets as fast as he can.

When this all shakes out its gonna leave one hell of a crater!

https://www.cbsnews.com/news/trump-buildings-investigation-new-york/

This is part of the off balancesheet/ENRON-isq cmbs financing wells loaded up on over the past decade.

Wells has a nice thick traunche (slice) of this bad debt.

If cmbs fails its gonna make the mbs fiasco of 2008 look like a duck walk.

The four Trump properties have NEVER met their CMBS income targets, the CBS MoneyWatch review found. In addition, Wells Fargo and other banks have told investors who have funded Trump's loans that an income slump due in part to the "COVID-19 global pandemic" means the buildings might not generate enough cash to cover their mortgage payments, according to banker notes to investors reviewed by CBS MoneyWatch. "The loan is being monitored," said a note to investors in one CMBS deal tied to a Trump property

Comment! It's anonymous!

2 replies (most recent on top)

When I worked on Wall Street in the early 90's all his companies were on a list that we were not to do business with under any circumstances. Outside of Deutsche Bank, which nobody understood, nobody would cover him. Not sure how many banks have a share of the CMBS but more fool them for doing it. Regardless of what you think of him politically, he's always been a c-ap businessman.

In office or not in office is moot. All that matters is that the properties are not producing income.

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