Bloomberg: Under questioning by Suarez, Williams said the bank always reviews a… — INFORMANT
Bloomberg: Under questioning by Suarez, Williams said the bank always reviews a prospective client’s stated net worth and adjusts it as needed. “As part of our due diligence, we subject a client’s asset value to adjustments,” Williams said. “It’s part of our underwriting process we apply it to every client regardless of what’s reported.” “Is a difference of opinion in asset values between the client and the bank a disqualifying factor to extend credit?” Suarez asked Williams. “No,” he replied. “Why not?” “It’s just a difference of opinion,” Williams testified.
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