[Alberta's Child]

1. Nobody would have cared in 2007-09 if it only involved commercial lending with no FDIC protection for the lenders. And it's very telling that nobody was prosecuted under New York State law for any of the potentially tens of thousands (if not more) transactions involving banks, borrowers and investment banks in the CMO business in New York back in those days.

2. The facts of this case demonstrate the absurdity of having the government override or ignore the sound business practices of commercial lenders. The bank dude on the witness stand described how his bank cut Trump's personal net worth estimate in half after they reviewed all the documentation, and Trump still had something like ten times more than the minimum net worth he would have needed to qualify for the loan in question.

3. This is going to have impacts far beyond banking and real estate. Hell -- I myself was involved in two different ends of a commercial transaction in New York over the course of a decade in the early 2000s (buying and selling a business) ... and I probably could have been subject to civil complaints identical to the Trump case for BOTH transactions under this stupid law -- even though nobody involved in any part of either transaction would believe you if you told them the transactions were "fraudulent" by any measure.

[ding_dong_daddy_from_dumas]

Political prosecution and political sentencing.

[mo]

the intent is to shut down business in the USA....its Bolshevism

[joesbucks]

In regard to #1, there were some charges filed. Standard & Poors paid a 1.5 billion dollar fine for their role. Kareem Serageldin was the only banker in the United States who was sentenced to jail time for his role in the 2008 financial crisis. He was convicted of hiding losses by mismarking bond prices. Countrywide head man Angelo Mozilo paid $67.5 million to settle with the SEC on insider trading charges. In 2016, the DOJ dropped prior charges of mortgage fraud against Mozilo. The fine leveled against the corporation was assumed by was assumed by BOA in their acquisition of Countrywide. IMHO at the end of the day, far too few were charged and paid a price.

The bank’s admission that they knew Trump gave fraudulent numbers by cutting his claims in half. They in doing so ratted Trump out as submitting fraudulent financial documents. While they did business, it’s still against NY law to do what Trump did.

Since I don’t know the circumstances of your transaction(s), I can only say that if you did what Trump did, you may have been in violation, especially if you’re in NY. Your states laws may not be as severe as NY or you slid under the radar, if you did something similiar to Trump. I trust you didn’t.