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Again - I was only using it as an example of how I believe the state of NY is applying the penalties.
I wasn't factoring in guilty or not guilty in my example.
These people inflate values all of the time. I figured he did like everyone else and the bank said nothing... because people inflate values all of the time.
If I say my house is worth 1 million dollars because for A, Y and Z and the banks who have the power to do their own work and approves it and the loan gets paid and the bank makes a huge profit of the loan, how can you punish 1 side and not the other? because these hacks would put the whole industry on trial and put their own economy in the toilet. They are just going after 1 guy. Is it obvious?
Who decides what a property is worth for a loan , the banks and their financial experts and the stock holders and their money that picked these bankers to make them more money or a political judge.
If I say my house is worth 1 million dollars because for A, Y and Z and the banks who have the power to do their own work and approves it and the loan gets paid and the bank makes a huge profit of the loan, how can you punish 1 side and not the other? because these hacks would put the whole industry on trial and put their own economy in the toilet. They are just going after 1 guy. Is it obvious?
Who decides what a property is worth for a loan , the banks and their financial experts and the stock holders and their money that picked these bankers to make them more money or a political judge.
It all doesn't pass the smell test.
The judge was going to do this anyway. Now Team Trump has a solid document on how to appeal it.
If I say my house is worth 1 million dollars because for A, Y and Z and the banks who have the power to do their own work and approves it and the loan gets paid and the bank makes a huge profit of the loan, how can you punish 1 side and not the other? because these hacks would put the whole industry on trial and put their own economy in the toilet. They are just going after 1 guy. Is it obvious?
Who decides what a property is worth for a loan , the banks and their financial experts and the stock holders and their money that picked these bankers to make them more money or a political judge.
That is my point too. Also, why not put all the banks on trial? they always "undervalue"
If the judge had found Trump used his whatever power to force the banks to approve the loan, we would have a banks' "me too" movement. We don't see that.
That is my point too. Also, why not put all the banks on trial? they always "undervalue"
If the judge had found Trump used his whatever power to force the banks to approve the loan, we would have a banks' "me too" movement. We don't see that.
They won't because they will be putting the whole bank and capitalist system on trial and mess up taxes and revenues. Just like these banks makes a huge profit out of loans, New York and the Feds take a cut.
They are just going after 1 guy for politics in an election year.
You would think if Trump committed fraud that the banks that approved the numbers, approved the loans and made a huge profit keeps the money and nothing happens to them while they do this everyday forever.
It's like a City allowing everybody to go 10 mph over the speed limit on the highway because they take a cut of people driving more cars and using gasoline to get to work faster and keep the economy flowing but only go after 1 driver and gives him the biggest fine of speeding in history and prohibits him driving a car again for years.
They wanted to get Trump by any means necessary.. Didn't matter what it was, the judge already decided before the court came to order. No jury, no giving Trump a chance to defend himself, no evidence allowed by Trump, Trump ordered not to speak.
The facts nor the law mattered. it was get Trump by any means necessary.
if I get stolen goods and sell it for a profit, I'm as guilty as the person that stole it and the courts won't let me keep the profits of the stolen goods.
The Judge said, "I'm only going to punish Trump. There were huge fraud in these loans and I know better in deciding property value than the financial experts in the banks who does this everyday and it's their money. I will not punish the banks who were in the position of power and approved the numbers and made huge profits while they continue to do this everyday. I'm only going to punish Trump, just 1 person."
They won't because they will be putting the whole bank and capitalist system on trial and mess up taxes and revenues. Just like these banks makes a huge profit out of loans, New York and the Feds take a cut.
They are just going after 1 guy for politics in an election year.
You would think if Trump committed fraud that the banks that approved the numbers, approved the loans and made a huge profit keeps the money and nothing happens to them while they do this everyday forever.
It's like a City allowing everybody to go 10 mph over the speed limit on the highway because they take a cut of people driving more cars and using gasoline to get to work faster and keep the economy flowing but only go after 1 driver and gives him the biggest fine of speeding in history and prohibits him driving a car again for years.
I have no sympathy for Tump, but this is a fair point. Why are the banks not being investigated for not doing due diligence? After all if Plain Joe went in asking for a loan based on the value of his house the bank would not have just handed him the money. Surely they knew the assets were inflated in value. Who complained?
He didn't. To prove fraud, they have to put the whole capitalist system on trial which New York is the world's main hub in that . You can't punish 1 party while giving the other party in power a pass when this is normal business practice in property loans.
The banks does their work and approves the value of the property and takes into consideration the prospect of future values of that property when they approve the value of a property in a loan. To say Trump committed fraud, then you have to say the banks committed fraud for approving the loans and making a profit of those loans but We all know these hacks are not going after the system, New York will fall in the toilet. They are going after 1 person.
I tend to agree with you here.
The banks played the game too, and had no interest in upholding the integrity of the system, like they would if you and I were making an application.
You can bet if we did what Trump did they’d turn us over to the authorities for fraud.
If you read the witness testimonies, it was just one fraud and outright deception after another after another.
The banks got around it by taking the “valuations” and giving them a 50% haircut.
They also required Donald to personally guarantee the loans. They required monitoring of his net worth and financials (there was a litany of fictional shenanigans involved in that too). In order to hedge against that risk, they have his personal net worth a haircut as well, and valued that internally at 50% below the valuation provided by the Trump Org.
All this was arranged via the bank’s Private Wealth Division. A very different system than what the plebs of New York go through to get capital.
I agree with you that all parties should be held to account.
Perhaps there’s no victims here in a classical sense (although there were people quoted on the applications that never gave the recommendations put forth, and if I were them I’d be livid) but when these deals go arse up, as they can do, the fall out to employees and others down the chain can be catastrophic.
It’s the SDNY’s job to monitor integrity in the financial and business practices in the city. There are substantial risks to allowing companies to just go rougue and make crap up. Look at the GFC of 2008. The ramifications are huge. It’s right to hold them to account. Absolutely.
I have no sympathy for Tump, but this is a fair point. Why are the banks not being investigated for not doing due diligence? After all if Plain Joe went in asking for a loan based on the value of his house the bank would not have just handed him the money. Surely they knew the assets were inflated in value. Who complained?
100% agree.
They did do due diligence though. And after they did, they cut all the declared valuations by half.
They required iron clad guarantees from Trump that they would be repaid by him as a personal guarantor.
They knew it was all dodgy. But there’s some testimony that they were willing to give leeway using the personal guarantee as a safety net in order to have Trump as a customer, because, basically, marketing to other HNW individuals.
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