“the notion that Donald Trump puts a
number on a piece of paper and some big
bank just says, oh, okay, that’s what
it’s worth. That’s not how it works.”
Legal Insurrection,
by
William A. Jacobson
Original Article
Posted By: Harlowe,
10/3/2023 12:40:36 AM
I appeared this afternoon on Fox Live Now to talk about the civil trial of Donald Trump and numerous Trump organizations for allegedly inflating property valuations to deceive banks and insurance companies.[Snip]The judge ordered New York business certificates for numerous Trump entities cancelled.[Snip] This all is egregious. There is no claim that consumers or banks and insurance companies lost money, or were defrauded out of money.[Snip]If they wanted to charge him with fraud and penalize him for these appraisals, fine, but to then try to put him out of business, I think shows how political and how vindictive this is.
Reply 1 - Posted by:
Dreadnought 10/3/2023 1:53:45 AM (No. 1568061)
Andrew McCarthy's Monday pre trial commentary on the trial was sub-headlined "This isn’t a judicial proceeding; it’s a partisan farce."
17 people like this.
Reply 2 - Posted by:
wilarrbie 10/3/2023 1:54:15 AM (No. 1568062)
Is there a historical precedent in NY for this particular avenue of going after businesses, or newly specific to Trump?
13 people like this.
Reply 3 - Posted by:
coyote 10/3/2023 3:30:45 AM (No. 1568074)
It's Letitia James that just puts a number on a piece of paper, a number that promotes her phony charges.
24 people like this.
Reply 4 - Posted by:
avital2 10/3/2023 5:30:21 AM (No. 1568127)
this exercise is a window on Dems' business expertise (none), their understanding of the loan process and the markeplace (none), their confidence that their lemming true believers will buy whatever they are serving, and their total disrespect for fairness, decency and justice. all presided over by a grinning court jester relishing his 15 seconds of fame. hopefully the appeal process will be swift and correct.
19 people like this.
Reply 5 - Posted by:
watashiyo 10/3/2023 6:13:09 AM (No. 1568136)
Doesn't the bank approve the loan amount based on the APPRAISER'S Report?
26 people like this.
Reply 6 - Posted by:
Red Jeep 10/3/2023 7:27:06 AM (No. 1568185)
And...did President Trump PERSONALLY fill out these loan forms or does he have employees that do that.
The Media automatically assumes that President Trump is personally involved in all aspects of his billion-dollar-plus business.
14 people like this.
Reply 7 - Posted by:
Strike3 10/3/2023 8:09:57 AM (No. 1568230)
Anybody like Letitia who is brazenly stupid and biased is bound to have a skeleton or two in her closet. Somebody needs to shut this witch down with a taste of her own sick methodology. Like any of us could walk into a bank tomorrow and get a five million dollar loan by claiming our home is worth that much when we paid $200K for it. I would be on a plane to Tahiti the following day.
14 people like this.
Reply 8 - Posted by:
felixcat 10/3/2023 9:06:41 AM (No. 1568269)
I agree with Charlie Kirk - where are the Republican AGs, etc filing charges against any Dem, in particular a member of the Biden Family? Joe's brother, Jim, does business in Florida. This is why Kevin McCarthy and his ilk need to be sent out to pasture. The Dems/Left fight to win - take no prisoners while conservatives aka cowards fight like they're playing a Chutes & Ladders.
7 people like this.
Reply 9 - Posted by:
msjena 10/3/2023 10:44:52 AM (No. 1568345)
Banks do not take borrowers' word for valuations. They get their own appraisals. They are not in the business of having to foreclose on loans. And here, they didn't have to.
6 people like this.
Reply 10 - Posted by:
DVC 10/3/2023 12:12:04 PM (No. 1568413)
Dems are intensely ignorant about business, and hate businesses that are successful rather than "woke".
4 people like this.
Reply 11 - Posted by:
stablemoney 10/3/2023 12:52:17 PM (No. 1568464)
A personal financial statement is a to the best of your knowledge representation of all your assets at your assessment of fair market value, and a listing of all your liabilities, to get at your net worth. A personal financial statement is used by a financial institution, not to assess the accuracy of your fair market value numbers, but to get a list of all your assets and liabilities. The bank uses that list to check that you really own the property by searching the property records for deeds and any liens. Then, when they have satisfied themselves that you own the property, and the amounts of any recorded mortgages, they have their experts do a property valuation for the financial institution. That is how it works. It don't matter what anyone says their personal property is worth. The financial institution NEVER relies on that. All this does not really matter, as Letitia does not have any standing to bring a suit, as she or the state of NY were not a party to any of Trump's transactions.
2 people like this.
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Comments:
Professor Jacobson considers Attorney General Letitia James running for office for the purpose of “not only getting Donald Trump but getting his family” and to try to put him out of business as disgusting—a view with which fair-minded and reasonable people would agree.