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Locked on 01/13/2024 9:47:05 AM PST by Jim Robinson, reason:
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Posted on 01/13/2024 6:07:30 AM PST by george76
Everything about the case in New York City against the Trump Organization business operations is ridiculous. There are no victims. There was no fraud. All of the lenders did their own due diligence. All of the loans were paid back without issue, and the statement of financial condition was factual and accurate. There were no defaults or banking interests adversely impacted. There are no victims of what the State calls “fraud.”
New York Attorney General Latisha James campaigned for office with promises to target the Trump Organization and Donald Trump himself. This is malicious Lawfare in the extreme. Additionally, the statute being used as the predicate for the case is a consumer fraud statute, intended to protect borrowers from predatory lenders. In the four corners of this case, Trump is the borrower, and the banks were the lenders. New York is flipping the statute to claim the borrower defrauded the lenders, despite the lenders denying there was any fraud and there was no harm. The entire case is ridiculous.
Appearing on CNN, O’Leary Ventures Chairman Kevin O’Leary outlines, to a perplexed Laura Coates, why Donald Trump’s civil fraud trial in New York is political nonsense.
...
O’LEARY: Well, let’s leave out Trump for a minute, and let’s leave out politics, and just talk about what happens in real estate development anywhere. So, if you’re a developer and you’ve got a building on the block, anywhere in America, and it’s worth, let’s say, $500 million, and you want to build a building right beside it, you go to the bank and say, “This building is worth $500 million. I’d like to borrow a construction finance loan against this asset, and I want you to tell me it’s worth $500 million too.”
And the bank negotiates with you, and says, “Well no, we think it’s worth $400 million,” and you fight it out. You are always trying to show your assets in the brightest light with the sunshine you can possibly determine for them. You want them to be worth the very most because you’re only going to get a 40 to 50 percent loan to value, as it’s called. Then you borrow that money, in the case of a $500 million asset, maybe you get $250 million, and you build the new building with a construction finance loan. So that’s what this case is all about.
And by the way, forget about Trump, every single real estate developer everywhere on earth does this. They always talk about their asset being worth a lot and the bank says no. That’s just the way it is. So in this case, what I’m trying to figure out, and I’m not pro or con, or I don’t care about the politics, who lost money? Nobody. The bank got paid back the construction finance loan, and a new building was built. If you’re going to sue this case and win, you’ve gotta sue every real estate developer everywhere. This is all they do. This is what they do all day long every day. So I don’t think this thing will ever survive appeal regardless of what the fine is. This doesn’t even make sense.
Now look, I understand Trump has a lot of problems in other indictments and everything else, but if you’re a real estate developer, you’re watching this and saying, “What is this? This is ridiculous.”
Yep.
Icing on the cake would have been him explaining that if President Trump was doing what James alleges, that the state and city have been overcharging him on his taxes for years and that he could sue for a refund.
I’m betting that would have ended the segment quickly.
Just like when you get a house appraisal for a mortgage, you don't control what value the appraiser estimates even though you pay the appraiser. You don't select or even know the appraiser, the mortgage company does that.
Anyone who has ever bought a house and needed a substantial mortgage knows that it’s the bank’s determination as to what the house’s value is that matters, not what you offered the seller. Will the house “appraise out” by the mortgage lender is a common discussion item among buyers, agents, sellers,
Oh, and I also enjoyed learning recently about how James’ office seemingly kept making sexual harassment allegations against her chief of staff from being made public knowledge until after her reelection. Maybe not directly germane to this case against Trump, but it seems to say a lot about the integrity (or lack thereof) of how James conducts her affairs.
This guy sums it all up very well, although he doesn’t touch on one aspect of the case that has bothered me, which is that the court is arguing that it was a fraud for Trump to claim his properties were worth more than the tax appraised value.
95% of properties are worth more than the tax-appraised value!
I’d argue this is just another explanation of what any sane person already knows.
If you were to ask anyone what their net worth is on any given day, they’d probably be wrong, at least ‘to the penny’. This case tries to say it’s criminal, even when nobody is complaining. It’s absurd. If the State can do this then they’re giving themselves new broad powers that they’ve never had before.
Here you go Ms. James, go after these developers also! Prove you’re not bias! Oh I like #8, JP Morgan Chase, do you think the bank defrauded itself? Look Ms. James, that’s a twofer, evil developer and evil bank…….
https://therealdeal.com/new-york/2020/12/28/nycs-10-most-active-developers-of-2020/
Ghetto-nurtured Latisha James went slumming, and campaigned
for office targeting Donald Trump. But first she had to find a crime.
<><>the statute she inexplicably chose to “get Trump” is a consumer fraud statute,
<><>the statue is intended to protect borrowers from predatory lenders.
<><>in this case, there is no mistaking that Trump is the borrower, and the banks were the lenders.
<><>James is ghettoizing the statute, reducing it to an extralegal claim
<><>she claims the borrower defrauded the lenders,
<><>yet lenders deny there was fraud, loans were repaid, there was no “legal harm” perpetrated.
Who was stunned?
There was no evidence of stunning.
And you pay their appraiser
Bad appraisal or not which sucks when it’s low
I appraised residential and commercial properties. Sellers always think the appraisal is low, buyers think it’s high. We pay no attention and bring it in where the research says it comes in.
The entire case is ridiculous.”
That is a factual statement utterly bereft of hyperbole.
Now, how much do we suffer this vicious illegal lawfare before we refuse to play the game. They are perverting law to serve their political ends. At some point enough must be enough.
At some point they will stop playing around and kill him (or try).
The aggravating part of this sordid scenario is Judge Imamoron has already declared Trump guilty. They’re now just arguing how much Trump has to pay.
Right, and the NY commie AG used consumer protection laws to target a business transaction between two businesses. No one was defrauded because no one lost any money. It’s all a political attack, and nothing more.
Good job Kevin
However isn’t it
Letitia James?
If one is watching CNN one is by definition already stunned. Stuned Beebers optional.
As a residential redeveloper, I do this all the time. It’s called “ARV” - and I win some positioning with my bankers... and lose some positioning, at times. If Trump and his team mess that up, then they are the ones who will likely pay for that mistake in millions of $$ in interest. This is why Dems should stop asking to see Trump’s taxes. They are not remotely experienced or smart enough to parse them. That googly eyed black grifter cow should be recalled.
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