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If this is true and its a substantial amount of money how come these lenders did not go after Trump for the money? And how was it they were not able to determine the value of the properties they loaned Trump money on?
Remember Trump's failed casino? The following is commentary from today:
Quote:
The creditors could have crushed Trump and taken the property after he missed a $41 million payment. But it cost more to bring Trump down than bankrupt him. Much of the deliberations on that June 1991 conference call concerned the fear of being stuck in bankruptcy court for years if they pushed Trump out...New York Attorney General Letitia James is trying to do what Trump’s financial backers have long failed to accomplish, which is to make him accountable for his failings and falsehoods as a businessman.
That news item explains a lot about the situation and the bankers' response. They just don't need the headache involved in suing Trump. Wealthy people get away with a lot.
It is well-known that Trump has a habit of delaying and dragging out litigation. Only government can deal with his stall tactics.
That news item explains a lot about the situation and the bankers' response. They just don't need the headache involved in suing Trump. Wealthy people get away with a lot.
My opinion is people in general are shady and take advantage of what they can get away with. Trump is doing it on a bigger scale. That is why the IRS audits people. That is why there are police departments, etc. But if you are saying Trump has this rep to drag out a lawsuit why lend to him in the first place?
Quote:
Originally Posted by Manigault
It is well-known that Trump has a habit of delaying and dragging out litigation. Only government can deal with his stall tactics.
The legal system works best for those who can afford the best lawyers. OJ for example.
Still my question is how did the lenders not know the value of the properties? I am not buying that he fooled the banks.
I get that he might know as much as anyone outside of Trump's close family what goes on. He is the perfect guy for MSNBC or whoever to interview because he says exactly what that audience wants to hear. Trump is bad, a criminal and will be going to prison soon.
But Cohen is a guy who sold access to the Trump white house right after Trump won. Collected 12 million dollars from corporations and did not have the access or info he claimed to have. So Cohen has already been caught lying about Trump. Maybe this time he is telling the truth but I am highly skeptical. Its like having your star witness who is a career drug dealer snitching on another drug dealer.
“These people who say or look like they’re close to Trump on paper in actuality don’t know what he’s going to do,” said Ivan Adler, a headhunter who specializes in filling lobbying jobs.
“He promised access to the new administration,” Eric Althoff, a spokesman for the company said. “Keep in mind – it was a whole new environment and the usual players were no longer in [their] role.”
For that access, the company paid Cohen $1.2 million, Althoff said.
In March 2017, Novartis had its first meeting with Cohen under the consulting arrangement, Althoff told ABC News.
He said the company soon became convinced that Cohen would not be able “to provide the services that Novartis had anticipated related to U.S. healthcare policy matters and the decision was taken not to engage further.”
Yet, the company said it continued to pay Cohen because the contract could be terminated only for cause.
“Basically the company did not feel that he could provide the access [he claimed]," Althoff said.
We all believe what we choose to believe. The DOJ obviously believed him enough to bring him in for depositions (I think) eight times, Congress believed him, and both the Manhattan DA and the NYAG believed him.
This could blow back on this hack attorney. Her entire existence feeds on GET TRUMP and if Trump has good lawyers--I question why he hires all these cute young things, I'd want a mean cantankerous very smart experienced SOB myself--then this hack could end up with abuse of office, misuse of office, whatever other charges that can result when a public official uses their office for personal reasons.
Don't try to land a 50 pound fish with a four pound test line.
For Trump it's well past the time where he has unlimited choices as to who will accept acting as his legal representative.
We all believe what we choose to believe. The DOJ obviously believed him enough to bring him in for depositions (I think) eight times, Congress believed him, and both the Manhattan DA and the NYAG believed him.
Of course these investigations wanted to talk to him.
That is the problem with people surrounding Trump. Roger Stone, Mannafort, Bannon, Michael Cohen, etc. They are just bad people to the core. Honesty is not their core value.
Do we know for a fact that why he said in these depositions is exactly what he said in his book?
He claimed a lot of things without providing proof. He did have some proof like the Stormy Daniels checks. The congressional questions seemed to be focused on the Russian collusion stuff. And what Trump knew. Trump says one thing, Cohen another. Impossible to know for sure. He is a dirty but smart lawyer. He knows what he can get away with saying. He was able to con corporations out of millions and lock them into paying him even when they knew he was lying. I guess you have to give him kudos for figuring that out. Question is, is just still conning these news outlets and book buyers just like those corporations?
I think a lot of what he says is true. But some of the more salacious stuff might be embellished for effect or profit
Every time in my life that I have applied for a loan they don't just take whatever you tell them at face value. Lenders will verify everything and require documents. And Trump was borrowing a lot more money than I ever did.
And even if everything the NY AG says is true. He paid his loans, his lenders have never sued him on this and where does she get $250 million in money owed the state?
Actually, he defaulted on millions of dollars that Deutche Bank (and others) mysteriously "forgave".
"The New York attorney general’s lawsuit against former President Donald Trump uses a common state business law to make allegations about property valuations, which lawyers say are rarely the focus of civil-fraud cases."
From the WSJ: Letitia James vs. the Trump Family
New York’s AG found her defendants first, then looked for evidence to charge them with something.
Common wisdom says that on a good day state attorneys general do 70% politics and 30% law. That’s on a good day. On Wednesday New York Attorney General Letitia James lived up to that reputation by filing a civil lawsuit against Donald Trump. The suit alleges that the former President and three of his children inflated the asset values and net worth of their properties to get better terms from banks on loans and better deals from insurers.
Ms. James ran for office promising to indict Mr. Trump, which is the opposite of the way justice should be done. You’re supposed to find a crime and then identify the perpetrator. Ms. James declared Mr. Trump could “be indicted for criminal offenses” and has hunted ever since for a crime to charge him with.
Her civil lawsuit requires a mere preponderance of evidence standard to prove guilt, not proof beyond a reasonable doubt. She has referred the case to the Internal Revenue Service and federal prosecutors in Manhattan, though the Manhattan district attorney didn’t file charges after examining the same issues.
This isn’t to dismiss the financial fraud charges. The lawsuit says Mr. Trump used “objectively false numbers to calculate property values,” including counting his Trump Tower apartment at 30,000 sq. ft. when it was 10,996 sq. ft. so that it could be improperly valued at $327 million. His golf course in Scotland was valued at $327 million on the calculation that 2,500 homes could be developed (worth $267 million) when he had zoning approval for only 1,500 homes and apartments.
“All told, Mr. Trump, the Trump Organization, and the other Defendants, as part of a repeated pattern and common scheme, derived more than 200 false and misleading valuations of assets,” the lawsuit says.
No one who has ever listened to Mr. Trump will be surprised if he hyped the value of his holdings in dealing with bankers. But then no one in New York finance would ever trust only what Mr. Trump claims before signing a document or lending him money.
As far as we’ve seen, the lenders don’t seem to consider themselves victims. They made money on the loans, which didn’t default. The transactions were presumably scoured by auditors and bank due-diligence officers. There is enormous variability in real-estate valuations. The question Ms. James will have to prove is whether Mr. Trump’s claims amounted to intentional fraud.
The scent of politics can be detected in the sanctions Ms. James is seeking. She wrapped the three adult Trump children into the suit and is seeking to bar them for life from being officers of any business in New York. Mr. Trump would be barred from entering into any commercial real-estate acquisitions in New York state for five years and also barred from applying for loans from “any financial institution chartered by or registered with the New York Department of Financial Services” for five years.
She is also seeking $250 million in restitution, which probably exceeds the interest earned on the difference in interest rates that banks might have charged Mr. Trump if his assets were worth less than advertised.
Ms. James’s decision to drop this lawsuit only a few weeks before the midterm election also smacks of political motivation. Mr. Trump isn’t on any ballot. But she knows Mr. Trump drives Democrats to vote, and keeping him at the center of the news is a Democratic priority.
Mr. Trump has made a business and political career of getting away with whatever he can, and it’s easy to imagine he crossed a line. But the Democrats pursuing him have become Captain Ahabs bent on taking him down by any means necessary. Ms. James is a partisan prosecutor, and her charges and evidence need to be examined in that context.
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