“I am the majority shareholder” doesn’t cut it for bank fraud.
First of all, you have the other shareholders.
Second, any depositor in the bank has a legal interest – ultimately it’s not Calk’s money.
Third, the FDIC rules aren’t just “no fraud allowed.” The bank has to maintain all of the various liquidity and capital requirements no matter how it’s ownership is structured. There are also state banking regulators to contend with.
If a bogus loan is 1/3 of the bank’s portfolio, they are probably insolvent; would you keep your money there these days?
The punishment for a rich white male Republican who is, you know, “a good person,” is that Manafort will be forced to promise to pay off the Bank loan plus a 30-day suspended sentence. It’s not like anyone got hurt.
Westling also asked Brennan if it’s acceptable for the borrower to create his or her own profit and loss statement for a loan application
I’m not sure where he is going with that question. The right to prepare your own P&L does not include the right to prepare a false P&L for the purpose of defrauding the bank.
His antics will make it more difficult for the inevitable appeal, better legal minds than mine have stated. And even though he has been picking on the prosecution he has decided in their favor at every turn.
The trial, which resumed Monday afternoon after recessing on Friday, is entering it’s third week. Prosecutors are nearing the end of presenting their case, and the jury is expected to get the case later this week.
The prosecution is about done calling their witnesses? Any indication how many witnesses the defense will call?
On the other hand, a judge who presses the lawyers to move things along faster will be a hero to the jury.
On the third hand (don’t tri-shame me), he was speeding up the Lifestyles of the Rich and Famous part of the prosecution, and that was probably the most interesting portion of the trial for the jurors.
Why aren’t we entertaining the idea that he could be appointed head of the FDIC and strip all banking regulations he doesn’t like? It’d be a win-win for him and is ilk.
The answer to that question came up in testimony, presumably after Tierney and Caitlin filed this report. I won’t step on their toes and give it away here. Those who must know right now can find the answer in the tubes.
So if I am 1 minute late with my payment on an$3000 credit card debt I get fined, hounded and reported to the credit agencies, but Manafort, 3 months delinquent on $300,000 gets a $9 million dollar loan? The rich and connected never pay, do they?
Yeah—I’ve heard this TP, but it simply false—in fact, he has ruled against the prosecution repeatedly, and to their detriment. Out of curiousity, where did you read this?
