Posted on 06/21/2022 4:22:56 AM PDT by MtnClimber
President Trump recently lost an appeal and must testify in a civil investigation by New York State attorney general Letitia James. Her action was taken based on testimony and evidence given by former Trump attorney Michael Cohen. This is the same Michael Cohen who pleaded guilty to eight counts, including criminal tax evasion and campaign finance violations.
While we may not be privy to the inner workings of our justice departments in the United States, it seems rather convenient that the government could take evidence from Michael Cohen regarding his claims of the improprieties of President Trump's financial records after Cohen pleaded guilty to eight counts. We could question the entire agreement the Justice Department made with him.
It is necessary to point out that Michael Cohen was Trump's attorney, not his accountant or financial adviser. This is necessary because Mr. Cohen may or may not be aware of the rules of accounting. He has, after all, pleaded guilty to tax and financial crimes. He may be guilty of incompetence more than outright fraud. I wonder if his attorneys ever considered that defense.
Michael Cohen claims to have documents showing that President Trump uses different valuations of his wealth based on what purpose the statements are required for. Mr. Cohen may not be aware that this is consistent with the standards of accounting set forth by the American Institute of Certified Public Accountants (AICPA). If he is aware, he may have offered this information in a misleading way to save himself from a lengthy imprisonment.
I wrote about these rules of accounting in a previous edition of the American Thinker and how it relates to President Trump's business and profession. Without needing to see his business and personal financial statements, I am certain that they differ significantly.
(Excerpt) Read more at americanthinker.com ...
The NY persecution of Trump seems never ending. And they don’t even have crime, just searching for one. Isn’t that prosecutorial misconduct?
Tax depreciation may result in a lower net value for an asset than either book or fair value. These are each legitimate valuation methods, and may be used simultaneously.
Letitia James doesn’t have anybody in anything.
She’s a Deep State stooge.
President Trump is living rent-free in Letitia James’ head.
It’s part of the strategy to put him in legal jeopardy to keep him from running in 2024, to keep him from getting the nomination if he does run, to destroy his campaign. I would not be surprised if the “Roger Stone” Trump in the early morning hours during a campaign stop. And when it is all over, it will be like Ray Donovan, Ted Stevens, Mike Flynn - there was nothing there, but, oh well, the objective of destroying a person was achieved.
I hope they do they same to EVERY person who owns a lot of real estate because they all do the same thing!
“ Michael Cohen claims to have documents showing that President Trump uses different valuations of his wealth based on what purpose the statements are required for. ”
This assumes the IRS is inept for not finding any wrongdoing (even after lengthy audits) and that lenders do no due diligence.
In other words, an idiotic charge meant to enrage lefty idiots.
When one has a mouse in a catch-22, it usually ends badly for all involved.
Basing a case on Michael Cohen testimony? I’m surprised they didn’t rely on Jusse Smollet.
I’m not 100% sure what Trump is accused of, but assume it relates to obtaining inflated loans (or lower interest rates) by convincing the lender(s) that his net assets pledged as collateral for the loan (as well as his other assets that he could potentially call upon to cover the loan payments or principle) had greater values than they actually had. If so, it would have to be shown that the difference between the claimed and real valuations were material to the lenders’ decisions to make a loan, in what amount, and at what interest rates. It would also seem that defaulting on the loans and causing losses to the lender(s) through deliberate fraudulent valuation must be shown.
The accounting and valuation rules would be those that were required by the lenders, unless State law sets some other standard. Lenders dealing in massive sums have sophisticated knowledge of how to evaluate the borrowers’ positions. They have recourse to top notch, heavily experienced lawyers and accountants who independently audit the borrowers’ financial records, tax returns, appraise businesses and assets, look at tax returns. Such folk have immensely more expertise and experience than clods working in a politicized prosecutor’s office, and are more likely to be wolves than babes in the woods. Forbes’ list of the wealthiest individuals means precisely zip — it exists to sell magazines.
If Trump publicly puffed claims of his net worth in the media, whoop-te-do. That is not a crime, and players in big money games assume it’s bs until proved otherwise.
If Trump or those working at his direction submitted forged information, falsified financial statements and records, hid liabilities that were required to be disclosed, etc., that is another matter, but mostly a civil one. But if Trump did all this, wouldn’t the lenders have sued him (or his companies involved in the loans) to recover their losses? Are there any losses? Which lenders say they were defrauded?
Not much of Catch-22. Trump will invoke his 5th Amendment privilege. Nobody would blame him.
As Stalin’s chief of secret police Beria put it, “show me the man, I’ll find his crime.”
Almost any corporation investor or asset- owning taxpayer does that. And indeed is required to do so under certain laws and regulations.
From US Comic Dave Chappelle, you do mean that French actor Juicy Smell-Lay.
Just my 2 cents' worth.
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