"Every real estate developer everywhere does this" says Kevin O'Leary reacts to Trump civil fraud case

[justoffal]

Myself, who was more than an appraiser, but also the owner of a respected appraisal firm, plus another appraiser who is also an expert appraiser, agree with pretty much what is said above. Trump is not guilty. And his banks would never have loaned funds were they thinking the property was over priced. The tax assessor really is not a good appraiser at all.

Well said .... And I don't see anybody stepping forward to question your credentials after having quoted your rather extensive experience in the subject

 

[HeyNorm]

So what? O'Leary just blew the whistle that the real estate market is run by developers who are all committng fraud, along with Wall St. banksters. So Trump should be let off the hook?

Should we let all drug dealers & drug lords off the hook because most of them are getting away with it?

Who gets hurt when the bank makes money?

Deep, real deep, derp derp derp

 

[Robert W]

Well said .... And I don't see anybody stepping forward to question your credentials after having quoted your rather extensive experience in the subject

I had a half dozen appraisers all licensed and working for me. I would constantly correct them when they got sloppy or flat out wrong. It used to annoy them. But they became far better appraisers doing things my way.

For example. Say I caught them putting down $20,000 for a bit larger garage. I did not tell them they were wrong, I told them they must prove it to me. And some got annoyed. But they learned the best way is not how this judge did it, but to prove they were correct. It is why the lending industry hired me to check out other appraisers work. And when they did it wrong, say so.

 

[justoffal]

So what? O'Leary just blew the whistle that the real estate market is run by developers who are all committng fraud, along with Wall St. banksters. So Trump should be let off the hook?

Should we let all drug dealers & drug lords off the hook because most of them are getting away with it?

Hahahaha.... How very noble an innocent of you to make such a comment.

The real estate/banking industry in the state of New York never mind the entire nation or the globe quietly carries far more weight and authority than the local court system could ever hope to achieve.

Don't look for any great changes to be made in any of the laws governing those transactions because 80% of your Congress critters are property owners. They are not going to make laws to shoot themselves in the foot.

If the claim is that the local municipality or even the state was cheated out of past due tax reparations and that becomes a precedent.... Every Podunk municipality within the borders of New York State will begin researching their past valuations looking to jack money out of local Land and property owners.

Municipalities are very hungry animals having to deal with pension funds and local needs that are constantly on a cost increase curve. They will very quickly jump on this opportunity to soak up more cash. Using the same standard that 0le yellow teeth just slapped on Trump would bankrupt the entire state in a matter of months.

The case will die quietly once it reaches the hands of people who understand the entire picture ugly as it may seem to us.

 

[justoffal]

I had a half dozen appraisers all licensed and working for me. I would constantly correct them when they got sloppy or flat out wrong. It used to annoy them. But they became far better appraisers doing things my way.

For example. Say I caught them putting down $20,000 for a bit larger garage. I did not tell them they were wrong, I told them they must prove it to me. And some got annoyed. But they learned the best way is not how this judge did it, but to prove they were correct. It is why the lending industry hired me to check out other appraisers work. And when they did it wrong, say so.

The standard they're trying to achieve, cherry picked in this instance for political reasons obviously, would put the brakes on most of the real estate money movement for initial purchase.

I understand where the average layman is coming from when they see an imbalance of value and money but at the same time fail to understand that money doesn't move unless there is a certain attraction in the channels for it to move.

Remove the attraction and the money doesn't move and that's bad for everybody.

As far as correcting practices I think it's moot because banks don't do things purposely against their own interest. I'm pretty sure of the appraisal company that looked at Trump's properties knew that some of the reports were not accurate.

The appraiser's job was simply to determine whether or not the lending institution could be reimbursed in the event of failure and I think they decided correctly.

 

[Robert W]

The standard they're trying to achieve, cherry picked in this instance for political reasons obviously, would put the brakes on most of the real estate money movement for initial purchase.

I understand where the average layman is coming from when they see an imbalance of value and money but at the same time fail to understand that money doesn't move unless there is a certain attraction in the channels for it to move.

Remove the attraction and the money doesn't move and that's bad for everybody.

As far as correcting practices I think it's moot because banks don't do things purposely against their own interest. I'm pretty sure of the appraisal company that looked at Trump's properties knew that some of the reports were not accurate.

The appraiser's job was simply to determine whether or not the lending institution could be reimbursed in the event of failure and I think they decided correctly.

Yes. In this court Case, the Judge is a rank amateur and stopped Trump from defending himself.

 

[healthmyths]

Myself, who was more than an appraiser, but also the owner of a respected appraisal firm, plus another appraiser who is also an expert appraiser, agree with pretty much what is said above. Trump is not guilty. And his banks would never have loaned funds were they thinking the property was over priced. The tax assessor really is not a good appraiser at all.

Thank YOU! You are confirming what more knowledgeable people have always known. There is a gross distinction
between "tax appraised value" and "market appraised value". Just as there are well known to most knowledgeable people at least 2 sets of books that businesses keep!

In fact, I believe that most if not all businesses can benefit from having two sets of books (financial statements), legally.
One set to manage their business and provide information to 3rd parties like banks and owners or stockholders, and a second set to file the company's tax return.

Two Sets of Books? | Financial Statement Audits | Boyum Barenscheer

Most if not all businesses can benefit from having two sets of books (financial statements), legally. One set to manage their business and provide information to 3rd parties like banks and owners or stockholders, and a second set to file the company’s tax return.

myboyum.com

​

Keep Two Sets of Books​

Keep one set of books for taxes and another set that more realistically treats depreciation

Keep Two Sets of Books for Taxes and Borrowing Purposes

Keep one set of books for taxes and another set that more realistically treats depreciation

www.forconstructionpros.com

But obviously the New York Supreme Court Justice Arthur Engoron and others of his ignorance aren't aware of this.

I'm curious to know if any lawsuits have been filed against these companies that keep two or more sets of financial statements.

 

[Robert W]

Thank YOU! You are confirming what more knowledgeable people have always known. There is a gross distinction
between "tax appraised value" and "market appraised value". Just as there are well known to most knowledgeable people at least 2 sets of books that businesses keep!

In fact, I believe that most if not all businesses can benefit from having two sets of books (financial statements), legally.
One set to manage their business and provide information to 3rd parties like banks and owners or stockholders, and a second set to file the company's tax return.

Two Sets of Books? | Financial Statement Audits | Boyum Barenscheer

Most if not all businesses can benefit from having two sets of books (financial statements), legally. One set to manage their business and provide information to 3rd parties like banks and owners or stockholders, and a second set to file the company’s tax return.

myboyum.com

​

Keep Two Sets of Books​

Keep one set of books for taxes and another set that more realistically treats depreciation

Keep Two Sets of Books for Taxes and Borrowing Purposes

Keep one set of books for taxes and another set that more realistically treats depreciation

www.forconstructionpros.com

But obviously the New York Supreme Court Justice Arthur Engoron and others of his ignorance aren't aware of this.

I'm curious to know if any lawsuits have been filed against these companies that keep two or more sets of financial statements.

Let me stick to what so called tax appraisers actually do.

They bundle all homes in an area as being the same clones. They do not inspect homes. They can't consider depreciation. Appraisers must inspect the homes or declare to the lenders that they simply guessed.

 

[Clipper]

No, and even Democrats admit it, the market is run by the Bankers. Bankers always protect themselves. Trump did nothing at all wrong. End of story.

The Judge found differently. End of story.

 

[Robert W]

The Judge found differently. End of story.

This is a great case for the innocence project. They represent those found guilty when they really are innocent.

 

[Delldude]

Nope....not fraud....nobody is holding a gun to the loan officer's head.

They broke in on the networks, better half was trying to find something else on....stopped on ABC, they had their legal beagle on, some woman, she was saying Trump has a very good case for appeal and a strong likelihood of it being overturned.

I was taken back......duh....ABC?

This is an even dumber explanation than I didn’t know it was illegal.

Reminds me of Fani on the stand claiming she hadn't heard of ethics laws.

You are still using the everybody breaks the law defense.

The law James went after Trump with wasn't suited for this 'case'. In fact, it was said several of the committed acts were beyond the statute of limitations.

 

[Delldude]

The Judge found differently. End of story.

Appeals court most likely will end this BS.

 

[Clipper]

Appeals court most likely will end this BS.

Riiiiiiight. As soon as your boy bonds for the $355 million. You can help out by springing for a pair of those rediculous looking sneakers that that jerkoff is now pedaling.

He thinks he's Michael Jordan.

 

[Delldude]

Riiiiiiight. As soon as your boy bonds for the $355 million.

You think he can't? Like 10% or so.

Can't do business in New York for three years.....OMG!!!!

pssst - Melania and Ivanka can.

 

[justoffal]

Appeals court most likely will end this BS.

They're going to have to end some of it. Since these are state charges I'm not sure if Trump can take this to the federal system. He might be able to if he can prove prosecutorial misconduct.

 

[healthmyths]

They're going to have to end some of it. Since these are state charges I'm not sure if Trump can take this to the federal system. He might be able to if he can prove prosecutorial misconduct.

The attorney general's office argued that the law at issue does not require the existence of victims to be enforceable.
They also disputed the notion that there were no victims, saying Trump's bankers were harmed because they could have charged higher interest on loans if they knew his true net worth was lower than he claimed.
Trump's claim that there were no obvious victims, while not helpful for him when presented to Justice Arthur Engoron during the trial, could be a matter of concern for appellate judges.

https://www.reuters.com/legal/trumps-civil-fraud-verdict-appeal-may-hinge-no-victims-defense-2024-02-16/

Think about the above! The poor uninformed bankers were "harmed" because the could have charged higher interest!
Hmmm... let's see where else this rationale would work!

 

[Delldude]

They're going to have to end some of it. Since these are state charges I'm not sure if Trump can take this to the federal system. He might be able to if he can prove prosecutorial misconduct.

State only. Testimony from the defense blew this out of the water. Even the fine, if warranted is way excessive for the so called 'crimes'.
Heard Engeron has lost four previous appeals. This has a real good shot at making it five.

 

[hadit]

So what? O'Leary just blew the whistle that the real estate market is run by developers who are all committng fraud, along with Wall St. banksters. So Trump should be let off the hook?

Should we let all drug dealers & drug lords off the hook because most of them are getting away with it?

I can hear the screams now when zealous DA's go after big developers and shut down big ticket construction projects. Remember, no damages have to be suffered in order to successfully sue a developer. Heck, I can see Florida DA's going after Disney projects.

 

[Zincwarrior]

WHo is that guy and why am i supposed to care?

 

[justoffal]

I can hear the screams now when zealous DA's go after big developers and shut down big ticket construction projects. Remember, no damages have to be suffered in order to successfully sue a developer. Heck, I can see Florida DA's going after Disney projects.

This is going to be a real circus