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

[Orangecat]

I can't imagine him getting disqualified over this charge.

Then you might be one of the few democrats that haven’t been to turned into useful idiots.

 

[Orangecat]

And yet the judge has already acknowledged there was.

Judges are not infallible.

 

[Crepitus]

Watch Kevin O'Leary reaction to Trump's New York civil fraud case by the CNN reporter:


"Well, let's leave out Trump for a minute, and let's leave out politics, and just talk about what happens in real estate development anywhere.
So, if you're a developer and you've got a building on the block, anywhere in America, and it's worth, let's say, $500 million, and you want to build a building right beside it, you go to the bank and say, "This building is worth $500 million. I'd like to borrow a construction finance loan against this asset, and I want you to tell me it's worth $500 million too."
And by the way, forget about Trump, every single real estate developer everywhere on earth does this.
They always talk about their asset being worth a lot and the bank says no. That's just the way it is.
So in this case, what I'm trying to figure out, and I'm not pro or con, or I don't care about the politics, who lost money?
Nobody. The bank got paid back the construction finance loan, and a new building was built.

And O'Leary goes on...
If you're going to sue this case and win, you've gotta sue every real estate developer everywhere. This is all they do.
This is what they do all day long every day.
So I don't think this thing will ever survive appeal regardless of what the fine is. This doesn't even make sense.

Now Those of you that aren't aware of this, let's put this into something you can comprehend.
In Dallas, Texas this property has a Zillow Market value of as high as $29.36M...

But the city of Dallas says the "Taxable Value" value for tax appraisal for the city, School,College, Hospital,

View attachment 887755

So as O'Leary states... "Every real estate developer everywhere does this':
Market value:

Real Estate & Homes For Sale - 42610 Homes For Sale | Zillow

Zillow has 42610 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.

www.zillow.com

Start now Home value Zestimate $21,745,900 Zestimate range $15.87M - $29.36M Last 30-day change
Highest Market value of this property: $29,360,000
Tax value of this property: the most: $18,923,660
A 64% of market value...

So in the Trump case using the same ratios Trump has done as O'Leary says..
"every single real estate developer everywhere on earth does this. "

I smell a class action suit!!

Real estate developers must obey the law just like everybody else.

 

[progressive hunter]

Of course he did. He didn't allow him to rant and rave and call people names.




I already covered this.

it would help if you knew what you were talking about,,
the judge made a summary judgement and didnt allow trump to give any defense,,

 

[tahuyaman]

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?

You don’t understand how the business works. It’s over your head.

 

[Orangecat]

LOL This defense is similar to the one I used when I got a speeding ticket. Everybody goes at 80 miles an hour, officer...how come you are singling only poor me out...?
Yeah, you guessed right. It didn't work. I still had to pay the fine.

Tickets are easy to talk your way out of if you’re not an insufferable jackass.

 

[healthmyths]

Frank helped to hurt a lot of people who played by the rules.

AND HE agrees with you!!!

BUT NOTE Barney Frank in 2021 he re-canted his support for Fannie and Freddie MAE!!

Barney Frank Used Influence with Fannie Mae, the Failed Mortgage Giant Bailed Out by Taxpayers"
Former House Banking Committee Chairman Barney Frank (D-Mass.) tenaciously opposed efforts to reform Fannie Mae and Freddie Mac, the government-sponsored mortgage giants that were bailed out at a cost to taxpayers of between $148 billion and $363 billion.

Now it turns out that he got his boyfriend a “handsomely rewarded gig at Fannie Mae” while Frank “was helping to inflate the housing bubble” by pushing affordable housing mandates and policies that encouraged Fannie Mae to buy up risky mortgages.

(Rep. Barney Frank Admits to Helping Ex-Lover Land Job at Fannie Mae
Frank, who was a junior member of the House Financial Services Committee at the time, said he told the executive that he thought Moses would be "great" for the "entry-level position.")

Rep. Barney Frank Admits to Helping Ex-Lover Land Job at Fannie Mae

Rep. Barney Frank says there was no conflict of interest in him helping his former lover secure a job with Fannie Mae 20 years ago while he was on the committee charged with overseeing the lending giant.

www.foxnews.com

Fannie Mae and Freddie Mac engaged in massive accounting fraud and other abuses.
But Fannie Mae’s collapse was not entirely due to bad policies of its own making.
Pressure from liberal lawmakers like Barney Frank to buy up risky mortgages was also a factor in triggering the mortgage crisis, judging from a story in the New York Times. For example, “a high-ranking Democrat telephoned executives and screamed at them to purchase more loans from low-income borrowers, according to a Congressional source.”
The executives of government-backed mortgage giants Fannie Mae and Freddie Mac “eventually yielded to those pressures, effectively wagering that if things got too bad, the government would bail them out.”

Despite his key role in causing the financial crisis, Frank became even more influential after President Obama took office. As the New York Times noted, the massive financial overhaul later passed in response to the financial crisis is “largely the product of extensive conversations” between the Obama administration and “Representative Barney Frank of Massachusetts and Senator Christopher J. Dodd of Connecticut.”
That law, known as the Dodd-Frank Act, harms the economy, and violates both the Constitution’s separation of powers, and private property and equal-protection rights.
Frank’s co-sponsor of the Dodd-Frank Act, Senator Chris Dodd, left office in disgrace after ethical lapses.

Barney Frank Used Influence with Fannie Mae, the Failed Mortgage Giant Bailed Out by Taxpayers - Competitive Enterprise Institute

Former House Banking Committee Chairman Barney Frank (D-Mass.) tenaciously opposed efforts to reform Fannie Mae and Freddie Mac, the government-sponsored mortgage giants that were bailed out at a cost to taxpayers of between $148 billion and $363 billion. Now it turns out that he got his...

cei.org

BUT NOTE Barney Frank in 2021 he re-canted his support for Fannie and Freddie MAE!!
Just to repeat this is what Barney said in 2021.... after he and his boyfriend profited !
...in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."
He then added, "I had been too sanguine about Fannie and Freddie."

Barney Frank Comes Home to the Facts | RealClearPolitics

Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time...

www.realclearpolitics.com

 

[Orangecat]

I smell a class action suit!!

Real estate developers must obey the law just like everybody else.

You pissants are trying to outlaw opinions. Due diligence is on the lender, not the borrower.

 

[justoffal]

Watch Kevin O'Leary reaction to Trump's New York civil fraud case by the CNN reporter:


"Well, let's leave out Trump for a minute, and let's leave out politics, and just talk about what happens in real estate development anywhere.
So, if you're a developer and you've got a building on the block, anywhere in America, and it's worth, let's say, $500 million, and you want to build a building right beside it, you go to the bank and say, "This building is worth $500 million. I'd like to borrow a construction finance loan against this asset, and I want you to tell me it's worth $500 million too."
And by the way, forget about Trump, every single real estate developer everywhere on earth does this.
They always talk about their asset being worth a lot and the bank says no. That's just the way it is.
So in this case, what I'm trying to figure out, and I'm not pro or con, or I don't care about the politics, who lost money?
Nobody. The bank got paid back the construction finance loan, and a new building was built.

And O'Leary goes on...
If you're going to sue this case and win, you've gotta sue every real estate developer everywhere. This is all they do.
This is what they do all day long every day.
So I don't think this thing will ever survive appeal regardless of what the fine is. This doesn't even make sense.

Now Those of you that aren't aware of this, let's put this into something you can comprehend.
In Dallas, Texas this property has a Zillow Market value of as high as $29.36M...

But the city of Dallas says the "Taxable Value" value for tax appraisal for the city, School,College, Hospital,

View attachment 887755

So as O'Leary states... "Every real estate developer everywhere does this':
Market value:

Real Estate & Homes For Sale - 42610 Homes For Sale | Zillow

Zillow has 42610 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.

www.zillow.com

Start now Home value Zestimate $21,745,900 Zestimate range $15.87M - $29.36M Last 30-day change
Highest Market value of this property: $29,360,000
Tax value of this property: the most: $18,923,660
A 64% of market value...

So in the Trump case using the same ratios Trump has done as O'Leary says..
"every single real estate developer everywhere on earth does this. "

Yep....it's common....it's wrong yes....but it's very common. If you're trying to take down Trump on this one issue you are actually wrestling with a Giant you cannot defeat. Engoron, James and anyone else involved here will be pushed quietly aside by much larger power... They is my hunch on this.

 

[pknopp]

Then you might be one of the few democrats that haven’t been to turned into useful idiots.

I'm not a Democrat. You've been brainwashed into believing that anyone that doesn't support Trump must he a Democrat.

Some are simply decent people.

 

[pknopp]

Judges are not infallible.

Which is why people can appeal.

Trump doesn't deny he did what he was accused of doing.

 

[tahuyaman]

I smell a class action suit!!

Real estate developers must obey the law just like everybody else.

There’s nothing illegal about developers negotiating loans with lenders. That’s standard practice in that business. Of course if you’re a dumb-shit, you don’t get it.

 

[pknopp]

it would help if you knew what you were talking about,,
the judge made a summary judgement and didnt allow trump to give any defense,,

Doesn't happen. I am aware of the situation.

 

[healthmyths]

I smell a class action suit!!

Real estate developers must obey the law just like everybody else.

But what is the "LAW"?
The total point of this is simple!
Who values the property for what it specifically is, versus who values for what someone will pay for it?
Since when is that a crime? You show the bank the property is taxed appraised for $100,000.
But you have a real estate expert who knows more about future sales, etc., market value in other words.
The real estate expert says the property is worth $150,000 because of it's location, the potential for other
properties to be sold, i.e. "MARKET VALUE"! If the bank believes the appraiser and loans only $100,000..
a competitor bank will say ok... I'll charge you more interest AND give you $150,000 as the banker knows
the market value also!!!
So where is the LAW today that real estate experts are breaking?

 

[tahuyaman]

Yep....it's common....it's wrong yes....but it's very common. If you're trying to take down Trump on this one issue you are actually wrestling with a Giant you cannot defeat. Engoron, James and anyone else involved here will be pushed quietly aside by much larger power... They is my hunch on this.

Why is it wrong to negotiate the terms of a loan? There are various values assigned to real property.

 

[pknopp]

Why is it wrong to negotiate the terms of a loan? There are various values assigned to real property.

The terms must be factual. You can't negotiate a 30,000 sq foot property when it's only 12,000 square feet.

 

[tahuyaman]

I know banks are in on the fraud. But guess who deregulated them? Their cronies like Trump & the Republican Party who's pockets are being lined by Wall St. banksters.

Liberals never fail to demonstrate their ignorance and stupidity.

 

[tahuyaman]

The terms must be factual. You can't negotiate a 30,000 sq foot property when it's only 12,000 square feet.

That’s not what’s happening you idiot. Real properties are assigned various values. Taxable value, resale value, etc.

 

[pknopp]

That’s not what’s happening you idiot. Real properties are assigned various values. Taxable value, resale value, etc.

And yet it is.

 

[pknopp]

Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million. No apartment in New York City has ever sold for close to that amount, James said.

Judge rules Trump defrauded banks, insurers as he built his real estate empire.