NEW YORK (AP) — New York’s Democratic attorney general asked a court Monday to enforce subpoenas into an investigation into whether President Donald Trump and his businesses inflated assets on financial statements.
Best Infrastructure Week yet – and it’s only Monday!
I’m not in banking or real estate, but are you just allowed to declare, without any third-party appraisals or anything, what your various properties are worth? What kind of institution accepts that? “Uh, yeah, my building is like totally worth $50 million. Can I haz loan now?” I know if I waltzed into my bank and told them by $300,000 house was actually worth $500,000 so I should get a $300,000 HELOC, I would be shown the door.
How long before the ‘Nasty Woman’ comments start flying?
Taking bets…
James keeps moving up my list for AG. My guess is that Xavier Becerra (CA A.G.) gets it, but damn, she sure knows how to go after Trump…
The key to this is the records from Deutsche Bank, arguably the world’s most corrupt bank. When no other bank would touch him, Deutsche lent hundreds of millions to Bunker Boy. Records from Deutsch are the gold standard.
I am expecting more to “watch” than the RNC.
Jerry, this, and if you have not seen it this ad is killer:
https://twitter.com/i/status/1297858754294059008
Worth watching 7-8 times to get it all in…
First, we get a story about the pool boy “probing” Becki Falwell. Now we get another story about a probe of Donnie’s alleged inflated assets. This must be “Probing Monday.”
I’m sure Mazars can explain how the FASB Accounting Standards for loan applications are materially different from those for tax accounting purposes.
Let’ not forget that Trump has priors about inflating and deflating assets…most recent is his fraudulent financial submission to US govt for his foreign golf courses. So it’s not inconceivable that he will do the same to his domestic assets too!
IIRC the Virginia AG is also looking into the KKKockholster Klan for shenanigans in that state as well.
The Lincoln Project and Rick Wilson, coiner of Everything Trump Touches Dies, has promised great fun everyday of the RNC hatefest.
NY AG Probes How President Trump Inflated Assets for Loans
FIFY
Yesterday I was reading that the Dems are going to be street fighters and disrupt the Repub Con this week. Rump’s actions last week were unprecedented in party convention history.
Looks like Letitia is giving them a hand.
Love it!
When there’s laundered Russian mob money being dangled in front of them, you’d be surprised what some banks will do.
Christmas in August!
Is all this the Democrats’ counterprogramming that I read about?
If it is, I hope I’m sure that they’ll have enough material to last through Thursday.
Another example of different rules for the rich vs. the poors.
Typically a commercial appraiser is provided the leases and historical operating statements. The leases would be vetted legal documents as the tenants have signed them, so no room for funny business there unless they are committing outright fraud (yeah, I know), but very unlikely. The operating statements leave a lot of room for playing with numbers and if you wanted to juice the value, you could easily just report lower expenses on some key items. If the statements show a year-over-year trend that appears reasonable for the market, who is to say that the G&A expense on your 800,000 SF building is $0.10 or $0.15 per square foot? The value difference could be $650k or so. Do that to a couple other expenses, add in some phantom “Other Income” and you could easily move value up a not-insignificant amount. Then on the tax side, you do the opposite and claim ‘poor me’ my building is worth less.
GOOD morning!
NYAG, pool boy smut…the coffee is full-bodied this am.