Trump ordered to pay over $350M for business fraud

Will Letitia James and the good judge be prosecuting DB next? Afterall they accepted the claimed inflated valuations and information on Trump’s loan application and allegedly have been doing so for decades. They are sophisticated financial lenders and fiduciaries which requires responsibility to their shareholders. Surely Letitia can find some part of the NY leagal code that can be used to punish such irresponsible actions regardless of whether BD made money or not.

 

Yeah, I'm sure they're shaking in their boots. LOL

 

Business men are definitely worried. Kevin O’Leary who is no fan of Trump is locating new businesses in Oklahoma and North Dakota where they don’t convict and fine for estimating assets.

 

Good for Kevin. Don't let the door hit him in the ass on the way out. Again, NY will survive and I'm sure they aren't worried.

 

I’s not going to survive looking anything like what it was. It’s already happening now. You probably think gangs of illegals destroying businesses and beating cops helps the city Don’t you understand what happens to a city once the smart people running businesses MOVE away?

There’s a reason I see a **** ton of NYC transplants down here in So Florida.

 

Yes, yes. I'm sure NY will turn into a Mad Max apocalyptic fantasy land because rightists believe they will go belly up for convicting their mango messiah.

DM me when this actually happens, would ya?

You see them move to Florida because they're old boomers and despise the cold. LOL

 

Only the ones who don't follow the rules and laws.
Has it occurred to any of the Trumpers that Trump caused this by trying to skirt the law? Amazing how they feel the need to cover for Trump's responsibilities, like the court should make decisions on not what occurred but how much business it'll cost them, or better yet, if they're running for an elected position.
Frank committed bank fraud.
What? But Frank is running for city council! And business people might be upset!
Oh, change that, don't charge Frank.
Really?
This country will be a little worse off if Trump is elected.

 

NY will survive. The population is growing.

 

Tell me your short sighted and ignorant of business policy without telling me

When was the last time you saw gangs beating up cops in NYC? And nothing is done. How long do you think smart people willl stick around risking their necks once they know they can and will be attacked and robbed at any moment and cops won’t or can’t do anything? How long?

 

The country (and the world) will be a LOT worse off if Trump is elected.

 

Curiously the world became a better place when he was President.

 

That’s just an opinion. TRaitor tRump’s problems won’t amount to the ripple a small rock would make in New York harbor.

The last thing anyone wanting to do business in New York is going have influence their decision is tRaitor tRump’s criminal activity.

New York won’t miss a beat. New Yorkers with money use “real” tax and real estate lawyers to make sure they don’t step outside the law. New Yorkers with money can’t stand the son of a bitch, tRaitor tRump.

 

LOL! Good one!

 

I think it would be a rare one. TRaitor tRump claims Mara Lardass is worth 100 times 18 million, do you really believe tRaitor tRump is paying taxes for a 1.8 billion dollar property? I own a lot of real estate and I’ve NEVER been able to tell a bank or the tax assessor the value of any of it. NEVER!

 

You’re mischaracterizing the situation. Rather than trying to read and understand the decision itself, you’re choosing to ignore the law and instead focus on the judge and cry about him being “unfair”.

Trump and his idiot underlings lied numerous times and in ridiculous ways. The Trump witnesses were not credible. A healthy business environment is not the Wild West, but one that is predictable, stable and where people don’t lie their asses off.

 

That's funnny.."noone likes this"

BTW.. how can the world get worse off? Biden's handlers have wars breaking out everywhere (good for the arms dealers..eh) economy in the tank, Fortunately, Trump's lead has given rise to many strong leaders worldwide .. who ae doing great things for their countries and their economies , Bukele is blessing, what he's done (and God as his leader) in El Salvador is a miracle. !

 

Yeah, "lol".

Why are you ignoring 63(12)? Because a cursory reading of that section conclusively proves you wrong?

 

Covid was better? Than what?????

 

Trump was NOT the final say in the evaluation: the banks were. They can (and do) say no sometimes. They didn't balk on this one. Trump did nothing that others don't do regularly. They haggle, as explained by Kevin O'Leary. And that is why the Governor had to try to calm the situation: they've just made it illegal to engage in normal business practices that produce happy parties without complaints or damages.

 

You remember the scene in Wizard of Oz where Dorothy lands in OZ, and it suddenly switches to color? That's what Trump's presidency was like.

Except for ineptitude, Covid, self-dealing, inexperience, attacks on NATO, withdrawing from trade agreements, chaos, a collapsing economy, smooching totalitarian anus, etc.

 

They have already missed multiple beats. Florida real estate prices are skyrocketing due to NY’ers exiting the Empire State. Some say not to worry, the population of NY is increasing.

 

Trump started covid?

 

No, he didn’t claim that’s the value. He said it's the tax appraisal value - and used it to illustrate the magnitude of value added by Trump. This does not equate to saying that the value should be the same.

"Non-comparables" doen’t mean comparable properties don’t exist!. It means properties that are not the same. Trump's values are based on unrestricted residential properties, which Mar-a-lago is not.

A comparable would be commercial property, a social club. Properly, it should be an income-based valuation. Banks and other lenders/insurers are not interested in what if’s and maybe’s.

Trump should ask for his money back on Shubin.

The 1993 agreement was permission to use the property as a club. It was followed by a 1995 conservation deed agreeing it could ONLY be used as a club, and a 2002 conservation easement in which Trump relinquished all rights to use it for anything else or develop the property in anyway - in perpetuity.

That’s how conservation easements are - they run with the land, not the owner, in perpetuity.

As explained, it cannot revert back to a residential property. And agreed, that if that was possible (which it isn’t) no one would want to do that and end up having to pay $18 million in taxes. Which, of course, says something about Trump’s values of Mar-a-Lago as residence.

No. Half a billion dollars (or $1-$1.5 billion per Trump) for an historical landmark with 17 acres of land that can’t be developed in any way and can't be converted to residential, ever.

You, Trump and others may think it's possible someone would pay $500,000,000 for that, but at the end of the day, it’s wishful thinking. Banks and others aren’t interested in wishful thinking.

Values used to secure loans, mortgages, insurance and so forth must be based in reality - have a credible rationale that engenders confidence that that, in reality, they can be realized.

And let’s not forget, Mar-a-lago is just a small part of the picture in this case.

 

Ignorance is a wonderful thing. With ignorance, you don't have to know the facts and you can repeat your party's line with all the righteous indignation you can muster and feel like you did a good thing.

For example, this case:
was not about common law fraud,
was not about taxes,
was not about damages,
wasn't even about "weaponization" of the justice system.

Put simply, It WAS about:
Someone with a bunch of corporations who conducted business in NY over a period of time and repeatedly used false financial statements to make profits.
Those profits, under NY law and on the basis of this decision, have now been taken from those corporations by the State of NY. Note that the lenders have not,
and will not be penalized.

PS - On another note, suppose Trump's companies failed and were unable to repay the loans. Had that default caused financial harm to the lenders(many of whom were publicly traded companies), the stockholders of those companies would have had lawsuits available to them against both the company in which they held stock AND Trump's companies for fraud. This eventuality is even mentioned in NY law and is one of the motivations for enforcing the law: insuring that false financial statements, whether they cause damage or not, are not used for the purpose of conducting business in NY state. If anything, the result of this case will ATTRACT more business to NY because it shows NY is serious about a secure business environment.

 

Inflation low, ISIS gone, no wars, border under control, corporate income tax reform, individual income tax reform, small business tax reform,