A former exec of a bank that lent Paul Manafort $16 million told his boss to “take a deep breath” before he showed him paperwork for one of the loans because it was so inconsistent with their usual policies.
Dennis Raico, a former senior vice president at Federal Savings Bank, testified in federal court in Washington Friday that he had “never seen it done before,” describing the process that led Manafort to get a hefty loan, The Washington Post reported.
Raico said he got a call telling him that Manafort suddenly wanted the loan to refinance his Bridgehampton house instead of getting it for a project in California using the Bridgehampton home as collateral, as he had originally applied for.
Raico said he forwarded the terms to bank Vice President Jim Brennan with the message, “Take a deep breath.”
But chief executive Steve Calk — who served as an economic adviser to the Trump campaign and who was angling for a White House job — signed off anyway.
Manafort faces up to life behind bars for bank fraud, tax fraud and failing to disclose 30 foreign bank accounts.
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