Tax firm Mazars fires Trump Organization as client, says former president’s financial statements are unreliable

#1
MontyPython

MontyPython

Dorothy Mantooth is a saint!
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#1
Trump is a cheating liar? Wut.

Tax firm Mazars fires Trump Organization as client, says former president’s financial statements are unreliable


The accounting firm Mazars has fired the Trump Organization as a client after saying that a decade’s worth of statements of ex-President Donald Trump’s financial condition “should no longer be relied upon,” the New York Attorney General’s office revealed in a court filing Monday.

Mazars, which for years prepared Trump’s income tax returns and financial statements used to obtain loans for his company, told the Trump Organization’s top lawyer Alan Garten that it would no longer represent the company due to the lack of reliability of the financial statements in a letter last Wednesday.

The letter was cited by AG Letitia James’ office on Monday as it asked a state judge to order the Trump Organization, Donald Trump Jr. and his sister Ivanka Trump, and others to comply with subpoenas seeking documents and testimony.

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#5
#5
VolStrom said:
Yeah, the we F'd up for 10 years so we're going to drop him as a client doesn't exactly hold water does it?
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Nope. I wonder which junior associates will be sacrificed? Or maybe they’ll go the recently retired partner route. But coming out and saying your firm cannot be trusted to audit is a terrible look.
 
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#6
#6
hog88 said:
I was wondering about that myself. It's a head scratcher.
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Might want to go have that looked at...I had this tiny bump on my head in my har and itched like the dickens last few weeks. dermatologist today said it was pre cancerous.Froze it off.
 
#8
#8
Bet there are a bunch of rich folks in NYC that read this article and a shiver runs up their spine hoping they stay focused on Trump . Lol
 
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#9
#9
I wonder how much political pressure was brought to bear on the firm. How many other large clients had pressure applied to them to nudge Mazars along this line.

I have little doubt Trump Organization was very aggressive in their tax preparation. But to date, they have been tagged with only minor items from the IRS.
 
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#10
#10
GroverCleveland said:
I wonder how much political pressure was brought to bear on the firm. How many other large clients had pressure applied to them to nudge Mazars along this line.

I have little doubt Trump Organization was very aggressive in their tax preparation. But to date, they have been tagged with only minor items from the IRS.
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I’d say an immense amount of pressure and several deals made for them to make an announcement like that.
 
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#13
#13
hog88 said:
I couldn’t imagine announcing that my firm is completely incompetent. That’s never good for business.
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If the head of an internal audit team ever privately made this confession to the board, he or she would expect entire departments to be whacked.

I’d like to know how much business they have with the state of NY.
 
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#14
#14
DC_Vol said:
If the head of an internal audit team ever privately made this confession to the board, he or she would expect entire departments to be whacked.

I’d like to know how much business they have with the state of NY.
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Yes, I doubt this was a result of a sudden attack of conscience or desire to be Dudley Do-Right.
 
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#16
#16
You know deals were made, huge payoffs made, immunities promised if needed. The timing of this alone makes that a certainty, right when the focus of impropriety and unethical conduct shifts firmly back on the Democrats in the Russiagate bullish!t lie.
 
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#20
#20
DC_Vol said:
We cannot believe the financial statements that Mazars audited and signed off on? This is a bold strategy!
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If you read the article the firm says it doesn't think there are any material discrepancies in the financials. Another sadburger for the got him now crowd.

They seem to be picking a bone between audited valuations and how the company valued itself or its assets. Which any banker worth his salt is going to ask for your audited financials so I don't really know what the issue is. The banks are certainly free to make the choice to lend or not based on their perceived value of the collateral held or the project in question. If you think a client is blowing smoke up your ass just don't lend the money. Seems pretty straightforward.
 
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#22
#22
Wait. So a billionaire is a person who lies about their finances? Lol. That’s how billionaires stay rich. OP needs to grow up and start living in reality. Does Trump lie about his finances? Yes. His taxes? Yes. Is he doing anything different than Bezos, Zuckerberg, Gates or Buffett? No.
 
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#24
#24
Maybe I am reading this wrong, but aren't they saying that Trump org did not submit all info, or intentionally left out info they needed, to make a accurate return? Like Trump org not reporting paying for housing correctly for certain individuals? I don't see why anyone would be surprised Trump org got dumped. An accountant isn't going to stand behind returns they made for you on bs info.
 
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