Someone posted an interesting comment on the NY Post site that I did not know:
“The financial statements to banks which in Trumps case were prepared by CPA’s have footnotes that say estimates of value are just that, estimates. When I get a statement from a billionaire owner, I ignore and do my own due diligence. I am in real estate banking and I know. I have seen owner estimates being 300-500% higher. It’s not a crime at any level”
They put down estimates? Funny how I’ve never heard this from our fair and balanced media.
At the end of the day the banks in question all did their due diligence (as you’d expect) and they decided Trump was worth the risk. He got the loans and he paid them all back with interest. End of story.
“When I get a statement from a billionaire owner, I ignore and do my own due diligence.”
I’ve been told that all legitimate lending institutions absolutely do their own due diligence. They never rely on ESTIMATES of their clients.
Did Engoron actually use the fact that tax appraisals are lower than any sane owner would sell for? Tax appraisals are meant to encourage business. For example, if a wealthy dentist claims depreciation on his office equipment for taxes, that is normal, but if his wife sues for divorce, he can’t claim that “depreciated” number in the divorce settlement. But I don’t believe that is not what Trump did. Only in NY would they try to argue that the selling price is comparable to the tax assessment.