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

[healthmyths]

Trump has already been found to have committed fraud

LIAR! Where is the proof because here are the FACTS!
Trump spoke on the final day of his trial. State Judge Arthur Engoron said immediately after closing arguments that he hopes to issue a ruling by the end of the month.

Trump rants that New York civil trial is a 'fraud on me' after judge allows him to speak during closing arguments

The trial concluded Thursday with Judge Arthur Engoron saying he hopes to decide the case by the end of the month.

www.nbcnews.com

 

[Clipper]

LIAR! Where is the proof because here are the FACTS!
Trump spoke on the final day of his trial. State Judge Arthur Engoron said immediately after closing arguments that he hopes to issue a ruling by the end of the month.

Trump rants that New York civil trial is a 'fraud on me' after judge allows him to speak during closing arguments

The trial concluded Thursday with Judge Arthur Engoron saying he hopes to decide the case by the end of the month.

www.nbcnews.com

Trump's rants, whining, playing the victim card are not facts.

Trump's outburst was so unhinged that the Judge had to shut him up.

 

[healthmyths]

Trump's rants, whining, playing the victim card are not facts.

Trump's outburst was so unhinged that the Judge had to shut him up.

NONE of that has a bearing on YOUR lie:"Trump has already been found to have committed fraud"
The FACT is this:
"It’s up to me now, and will do my best to have a final decision by Jan. 31st,"
Engoron said after hours of closing statements.......
State Judge Arthur Engoron said immediately after closing arguments that he hopes to issue a ruling by the end of the month.
Trump rants that New York civil trial is a 'fraud on me' after judge allows him to speak during closing arguments

 

[Clipper]

NONE of that has a bearing on YOUR lie:"Trump has already been found to have committed fraud"
The FACT is this:
"It’s up to me now, and will do my best to have a final decision by Jan. 31st,"
Engoron said after hours of closing statements.......
State Judge Arthur Engoron said immediately after closing arguments that he hopes to issue a ruling by the end of the month.
Trump rants that New York civil trial is a 'fraud on me' after judge allows him to speak during closing arguments

Try to keep up. The Judge's decision will decide how many millions in damages he's going to pay & whether or not he can continue to do business in N.Y.S.

The damages will be in the tens of millions.

Before you call me a liar at least get a clue of what you're talking about.

 

[healthmyths]

Try to keep up. The Judge's decision will decide how many millions in damages he's going to pay & whether or not he can continue to do business in N.Y.S.

The damages will be in the tens of millions.

Before you call me a liar at least get a clue of what you're talking about.

Then you tell me what this means...

The FACT is this:
"It’s up to me now, and will do my best to have a final decision by Jan. 31st,"
Engoron said after hours of closing statements......
The judge found Trump liable for fraud in September, leaving the trial to focus largely on how much money he should surrender as ill-gotten gains. Trump has appealed that order and is almost certain to appeal any verdict against him.

https://www.reuters.com/legal/trumps-370-million-civil-fraud-trial-set-conclude-ny-2024-01-11/#:~:text=The%20judge%20found%20Trump%20liable,appeal%20any%20verdict%20against%20him.

 

[candycorn]

I haven't been following it all that closely...

So apparently he told the banks the property was worth...just throwing out a number here...$100.00.
Did he tell the taxing authority who taxes the properties that it was worth $100.00 as well?

 

[healthmyths]

I haven't been following it all that closely...

So apparently he told the banks the property was worth...just throwing out a number here...$100.00.
Did he tell the taxing authority who taxes the properties that it was worth $100.00 as well?

Facts done with a little research on the Internet for those of you too lazy to do it on your own!

For example:
Tax Appraisals are done by the tax personnel.
Tax assessors will typically value the property every one to five years and charge the owner of record the appropriate rate according to the standards set by the taxing authority. Assessors calculate that value using the mill levy, also called the millage tax, and the assessed property value.

Property Taxes: How They Are Calculated and Ranking by State

Property taxes are calculated by multiplying your assessed home value and local tax rate. Learn more about what affects your property tax bill and the property taxes of each state.

www.investopedia.com

Bank loans how do they get the values:
Collateral value is typically determined by looking at the recent sale prices of similar assets or having the asset appraised by a qualified expert.

Collateral Value: Definition, How It's Used, and LTV Ratios

The term collateral value refers to the fair market value of the assets used to secure a loan.

www.investopedia.com

So NOW do you understand why the ignorant people of NY regarding Trump's valuation for bank loans was higher than the tax appraisal value.

For example: I've put this up before but I guess you didn't see it!

A nearby Florida vacant lot (2.3 acres) is for sale on Zillow for $200 million," John LeFevre, a former investment banker who created the Goldman Sachs Elevator social media account, wrote alongside a screen grab of the listing. "Mar-a-Lago sits on 17 acres, with waterfront on both sides."

This would make the market value of "Mar-a-Largo of 17 acres worth $1,478,260,869.

He added: "The primary point is this: The lending bank is required to get a valuation from a third party to cover its LTV calculation. No one had an issue with any of this. Everyone made money...Until an activist [District Attorney] came along decades later," a reference to Letitia James, who brought the case.

How much is Mar-a-Lago worth? Valuation of Trump property raises questions

The disparity between the former president's valuation of his Florida estate and that of a local assessor has prompted speculation as to its true worth.

www.newsweek.com

 

[healthmyths]

Some of you very poorly informed people that are just now understanding that Trump's NY lawsuit is so totally wrong i.e. tax appraisals values are almost always lower than market value... probably don't know this well known FACT in financial world:

Do companies maintain one set of financial books?
And the answer is :
A large company keeps three sets of books.

1. First there are the records that are used to prepare the summary reports for outsiders: the financial reports.
2. Second are the detailed internal information sources that are used to make detailed decisions.Feb 28, 2019 These internal books are not revealed to outsiders.
3. The third set of books are prepared based based on a different set of rules. on a different set of rules. These are the tax books. For tax reporting to governments.

How many sets of books does a large company keep? - Finance Foundations: Income Taxes Video Tutorial | LinkedIn Learning, formerly Lynda.com

A common misconception is that a company keeps one set of accounting books. Find out why a large company maintains three sets of books: financial reports, managerial accounting reports, and tax accounting records. Then dive deeper to find the similarities between the objective nature of income...

www.linkedin.com

 

[candycorn]

Facts done with a little research on the Internet for those of you too lazy to do it on your own!

For example:
Tax Appraisals are done by the tax personnel.
Tax assessors will typically value the property every one to five years and charge the owner of record the appropriate rate according to the standards set by the taxing authority. Assessors calculate that value using the mill levy, also called the millage tax, and the assessed property value.

Property Taxes: How They Are Calculated and Ranking by State

Property taxes are calculated by multiplying your assessed home value and local tax rate. Learn more about what affects your property tax bill and the property taxes of each state.

www.investopedia.com

Bank loans how do they get the values:
Collateral value is typically determined by looking at the recent sale prices of similar assets or having the asset appraised by a qualified expert.

Collateral Value: Definition, How It's Used, and LTV Ratios

The term collateral value refers to the fair market value of the assets used to secure a loan.

www.investopedia.com

So NOW do you understand why the ignorant people of NY regarding Trump's valuation for bank loans was higher than the tax appraisal value.

For example: I've put this up before but I guess you didn't see it!

A nearby Florida vacant lot (2.3 acres) is for sale on Zillow for $200 million," John LeFevre, a former investment banker who created the Goldman Sachs Elevator social media account, wrote alongside a screen grab of the listing. "Mar-a-Lago sits on 17 acres, with waterfront on both sides."

This would make the market value of "Mar-a-Largo of 17 acres worth $1,478,260,869.

He added: "The primary point is this: The lending bank is required to get a valuation from a third party to cover its LTV calculation. No one had an issue with any of this. Everyone made money...Until an activist [District Attorney] came along decades later," a reference to Letitia James, who brought the case.

How much is Mar-a-Lago worth? Valuation of Trump property raises questions

The disparity between the former president's valuation of his Florida estate and that of a local assessor has prompted speculation as to its true worth.

www.newsweek.com

So that would be a yes.

 

[pknopp]

There's no way the bank didn't inspect. NOT EVER GONNA HAPPEN.

I have addressed this a few times already.

Trump is guilty but he's also an inseparable component of a massive syndicated industry wide practice.

Nevemind nonexistent square footage....I've seen nonexistent whole buildings get financed. I have yet to see any prosecutions. You have to remember that a good number of house and Senate members are also big landlords....things always seem to work out if you know what I mean.

SOOO I remain unconvinced that a puny district court system will be able to pursue this issue effectively before running into a wall that they cannot breach because it's too damn big.

Yes, finance is every bit as corrupt as Trump and many others. It's why the taxpayers get stuck bailing them on fairly regularly.

 

[healthmyths]

So that would be a yes.

So you say "Yes" to this statement about yourself and others commentators like you:
"Facts done with a little research on the Internet for those of you too lazy to do it on your own!"

 

[Harpy Eagle]

So, just wondering if the "everyone does it" defense has worked for anyone beyond the age of 6 or 7?

 

[healthmyths]

I have addressed this a few times already.




Yes, finance is every bit as corrupt as Trump and many others. It's why the taxpayers get stuck bailing them on fairly regularly.

Where is your proof that Trump and many others are corrupt?
FACTS... (not subjective personal unsubstantiated statements by people like you) explain what truly ignorant people evidently like you have no conception!
ARE YOU and your ignorant ilk aware of this fact that is substantiated?

The GAAP and non-GAAP discussion focused on the way that most businesses track their business financially. I like to say that most public businesses have three sets of books. Some like Enron had even more.
The three sets of financial statements or books are:

1. The GAAP audited books reported publically. These financial reports are presented quarterly in forms filed with the SEC called a 10Q and annually in a report called the 10K
2. The tax books. This version of the statements complies with the tax laws in the jurisdiction where the business is located. Accounting rules for taxes can be very different from GAAP. Therefore, every business has to produce a different set of books for taxes. In the United States these books follow the IRS tax code.
3. Finally, most businesses have their own unaudited books used by management. The books are often called the managerial accounting books. If a business chooses to share their unaudited books publically in addition to the required GAAP reports, they are required to call those books non-GAAP. Because of the constant changes to GAAP and other one-time charges to statements many companies choose to report non-GAAP with their GAAP. This is very common for technology companies that SVB works with.

Three Sets of Financial Statements | Business Literacy Institute Financial Intelligence

The GAAP & non-GAAP discussion focused on the way most businesses track their business financially. Most public businesses have three sets of books.

www.business-literacy.com

 

[candycorn]

So you say "Yes" to this statement about yourself and others commentators like you:
"Facts done with a little research on the Internet for those of you too lazy to do it on your own!"

Well, if the answer was “no”, you would have simply said so instead of some convoluted bullshit response that you authored.

 

[justoffal]

So, just wondering if the "everyone does it" defense has worked for anyone beyond the age of 6 or 7?

You're not dealing with a group of kindergarteners who may masturbate and get disciplined for it.... You're dealing with a huge multinational banking conglomerate..... There is an ominus message in the "everyone does it" statement being made about this particular thing. Everyone includes real estate magnates, elected officials, high ranking and powerful financiers, large organizations that have multiple business facets such as hospital systems and hotel chains. The word " Everyone" suddenly becomes a giant in that context and I suspect virtually immune to a local district court system.

 

[tahuyaman]

Try to keep up. The Judge's decision will decide how many millions in damages he's going to pay & whether or not he can continue to do business in N.Y.S.

The damages will be in the tens of millions.

Before you call me a liar at least get a clue of what you're talking about.

If this judge dies that, a higher court will reverse it on appeal. You’re more of an idiot vs liar.

 

[pknopp]

If this judge dies that, a higher court will reverse it on appeal. You’re more of an idiot vs liar.

He did what he is accused of doing and what he did is illegal.

 

[tahuyaman]

He did what he is accused of doing and what he did is illegal.

What Trump did was not illegal. It is the legal and proper way that type of business operates. There was nothing illegal about it.

 

[tahuyaman]

So, just wondering if the "everyone does it" defense has worked for anyone beyond the age of 6 or 7?

That’s not the argument.

The argument is that the way Trump applied for and secured his loans was both legal and within standard business practices.

You idiots need to stop thinking like partisan hacks.

 

[healthmyths]

He did what he is accused of doing and what he did is illegal.

Exactly what did Trump do in NYC that was illegal?
Now since very ignorant people like you have NO IDEA you just heard it...
FACTS:
NEW YORK (AP) — Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official testified Wednesday at the former president’s New York civil fraud trial.
Trump’s “statements of financial condition” were key to his approval for a $125 million loan in 2011 for his golf resort in Doral, Florida, and a $107 million loan in 2012 for his Chicago hotel and condo skyscraper, former Deutsche Bank risk management officer Nicholas Haigh testified.

Banker says Trump’s financial statements were key to loan approvals, but there were 'sanity checks'

Donald Trump obtained millions in loans using financial statements that a court has since deemed fraudulent, a retired bank official testified.

apnews.com

FACTs:
Deutsche Bank’s rules required Trump to act as a guarantor for the Doral and Chicago loans in addition to putting up the Miami-area resort and Wabash Ave skyscraper as collateral, meaning he would’ve been obligated to repay the loans if his properties faltered.
Deutsche Bank’s private wealth management unit, which handled the loans, wouldn’t have approved them without a “strong financial guarantee” from Trump, Haigh said.

Trump's fraudulent financial statements were key to getting loans, former bank official says

The former president obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official testified at the New York civil fraud trial.

www.pbs.org

So where was the fraud? OH... right Deutsche bank required Trump put up this property
the Miami-area resort and Wabash Ave skyscraper as collateral.
Let's look at the Miami-area property known as Mar-a-Largo. Valued by a New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%.
From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million,” Engoron wrote in his ruling.
The judge noted Trump valued Mar-a-Lago at between $426.5 million and $612 million, “an overvaluation of at least 2,300%, compared to the assessor’s appraisal.”

https://www.cnn.com/2023/10/03/business/trump-fraud-judge-mar-a-lago/index.html

To those of you that understand this distinction that Engoron is totally as a well known Democrat very very ignorant of and he is a JUDGE!

But it’s widely known that the tax assessor valuation is typically, though not always, less than what a property would command on the open market.
In other words, it’s not an apples-to-apples comparison.

These experts point this out folks... NOT me I'm not an expert... I just find the truth!

“Appraisal values and market values are just not the same thing. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University.
“That’s especially true for properties that are unique. And it’s very easy to argue this is a unique property."

And the above expert says this about YOU, pknopp and other ignorant people including that idiot Judge that voted for Biden!!!
Dina Goldentayer, executive director of sales at Douglas Elliman in South Florida, said in her experience in the ultra-luxury marketplace the tax assessor’s valuation isn’t considered when trying to value a property.
He wouldn’t make a very good realtor,” Goldentayer said of the judge.
“It’s so widely known that it’s not an accurate determination of market value.”

Now here is the proof via an example:

" A nearby vacant lot (2.3 acres) is for sale on Zillow for $200 million," John LeFevre, a former investment banker who created the Goldman Sachs Elevator social media account, wrote alongside a screengrab of the listing. "Mar-a-Lago sits on 17 acres, with waterfront on both sides."

He added: "The primary point is this: The lending bank is required to get a valuation from a third party to cover its LTV calculation. No one had an issue with any of this. Everyone made money...Until an activist [District Attorney] came along decades later," a reference to Letitia James, who brought the case.

How much is Mar-a-Lago worth? Valuation of Trump property raises questions

The disparity between the former president's valuation of his Florida estate and that of a local assessor has prompted speculation as to its true worth.

www.newsweek.com

According to Zillow:1980 S Ocean Blvd, Palm Beach, FL 33480 | MLS #22-347 | Zillow this property..1980 S Ocean Blvd, Palm Beach, FL 33480 a nearby lot 2.28 acres sold for $150,000,000 or $65,217,391.30 /ACRE.

hmmm.. 17 acres would be $1,108,695,652.17 or $1.108 Billion dollars.. !
Nearly 66% more than what Trump valued Mar-a-Lago as high as $739 million —

Is Mar-a-Lago worth $1 billion? Trump's winter home valuations are at the core of his fraud trial

How much is Donald Trump’s Mar-a-Lago worth? That’s now a point of contention after a New York judge ruled that the former president exaggerated the Florida property’s value when he said it is worth at least $420 million.

apnews.com