Trump overstated net worth by up to $3.6 billion each year,
NY attorney general Lacreature James alleges in new filing
Lacreature James’ sweeping fraud lawsuit alleges Trump, his adult sons, and
his businesses made fraudulent financial claims “to obtain better bank loan terms”........
This ridiculous on its face........realty is mostly leverage, ergo many banks signed off on Trump loans.
No bank lends money without a brutal vetting of a client’s holdings........b/c this is their collateral.
In the financial world collateral is a valuable asset that a borrower pledges as security for a loan that reverts to the the lender if the client defaults. For example, when a homebuyer obtains a mortgage, the home serves as the collateral for the loan. For a car loan, the vehicle is the collateral.
NOT ONE lender has ever sued Trump for making “fraudulent financial claims.”
Even if what Lacreature says is somehow true, this would be a civil action
between Trump and his lenders......not a “sweeping state criminal action.”
She is essentially outlawing negotiating.
In her world, everything is fixed pricing and the government sets the price based on tax needs. Your assessed value becomes the only value that matters and all private business transactions must be based on the assessed value for tax purposes.
-PJ