EvilCat Breath
Diamond Member
- Sep 23, 2016
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Because there is no victim, the public is subjected to whatever petty bureaucrat wants to grind an axe. The prosecutor and judge determined that Trump received interest rates he wasn't entitled to. Not a single lender made that claim. Not a single lender stepped forward to ask for reimbursement for losses out of the money demanded from Trump. Not a single lender shows any loss.I keep reading this claim that the New York real estate market will be destroyed by this ruling but see no justification for this claim.
In simple terms the law that Trump broke repeatedly from 2011 to 2021 forbid knowingly exaggerating the value of assets used as collateral for bank loans. All states including New York have criminal and civil laws against lying on bank loan applications. The DA chose to charge Trump will violations of civil statutes rather than criminal statues, probably because the bar for establishing criminal intent is much higher with criminal statues.
When the well-connected and powerful break the law to get more money and lower rates than they are entitled to, it reduces resources available to those who follow the law as most businesses do. Thus, the claim, that no one is damaged by these activities is completely false.
Enforcing the law actually benefits most businesses because most businesses attempt to operate in a lawful manner.
This is the reason for the real estate investors and lenders withdrawing from the New York market. It has become politicized and untrustworthy. If this works, the temptation to do it again will be overpowering.