‘Mr. Wonderful’ slams Trump ruling: ‘You might as well find guilty every real estate developer on Earth’

[Rawley]

I say this because your comment clearly does not reflect the decision.

What do you mean by "the practice in this industry"? I honestly don't think people are going to such lengths to inflate their value to banks and if they are it's not a good thing.

But if you have evidence that shows people engaging in this behavior on a widespread basis, let's see it.

OK, at least you are being honest about your ignorance of industry practice. The entire purpose of submitting a Statement of Financial Condition (SFC)when a company applies for a loan is to identify the assets being used for collateral, and/or the assets the bank can go after if the company defaults. Nothing more, nothing less. They frankly couldn't give a rat's ass if you value the asset at $1 or a $1,000,000,000. The SPF is simply the jumping off point for the banks due diligence. The lawyers, the CPAs, the appraiser at the banks then start their work. If the asset is a commercial building in Manhattan they research whether the title clean, are there any liens, what other loans are there on the property, who are the tenants, what are their financial conditions, how long are their leases, what is the occupancy rate ... and on and on, for weeks. Again, the banks couldn't give a rat's ass if the company valued the asset at $1 or a $1,000,000,000.

 

[EvilCat Breath]

A valid punishment under NY law

NYS Open Legislation | NYSenate.gov

www.nysenate.gov

A valid punishment applicable to anyone they don't like today. Since there is no victim and no loss, the fine is dislocated from rational needs. It's venal, designed to hurt, not for justice. That this is a purely political punishment is proved by the governor's statement.

 

[MarathonMike]

Unfortunately for him, he is answering to our laws, instead of our bankers.

"Our laws" oh what noble sanctimony. LMAO Marxist Democrats have made a complete mockery of "Our Laws" by wordsmithing and ignoring INTENT.

 

[jc456]

I think it would be great if all the crooks would be held accountable but I doubt it happens unfortunately.

who was the victim? name the victim.

 

[jc456]

"Our laws" oh what noble sanctimony. LMAO Marxist Democrats have made a complete mockery of "Our Laws" by wordsmithing and ignoring INTENT.

you ever notice that no demofk ever has intent?

 

[Marener]

OK, at least you are being honest about your ignorance of industry practice. The entire purpose of submitting a Statement of Financial Condition (SFC)when a company applies for a loan is to identify the assets being used for collateral, and/or the assets the bank can go after if the company defaults. Nothing more, nothing less. They frankly couldn't give a rat's ass if you value the asset at $1 or a $1,000,000,000. The SPF is simply the jumping off point for the banks due diligence. The lawyers, the CPAs, the appraiser at the banks then start their work. If the asset is a commercial building in Manhattan they research whether the title clean, are there any liens, what other loans are there on the property, who are the tenants, what are their financial conditions, how long are their leases, what is the occupancy rate ... and on and on, for weeks. Again, the banks couldn't give a rat's ass if the company valued the asset at $1 or a $1,000,000,000.

The purpose of submitting the statement of financial condition is to assess the health of the organization they're doing business with. It has nothing to do with the collateral. If a property is being used as collateral, they do appraisals and whatnot, but that's not what the Statement of Financial Condition is for.

The people from Deutsche Bank testified that they took the values on the SFC as "broadly accurate". So should I believe you or should I believe the banker that actually worked ont he deal with Trump?

 

[MarathonMike]

you ever notice that no demofk ever has intent?

Well, other than Get Trump at all costs. and we are paying an enormous cost for Democrat insanity.

 

[jc456]

Well, other than Get Trump at all costs. and we are paying an enormous cost for Democrat insanity.

Hunter never had any intentions on not paying his taxes, or report foreign money. No fraud anywhere.

 

[MarathonMike]

Hunter never had any intentions on not paying his taxes, or report foreign money. No fraud anywhere.

I wish I could blow off my taxes for years and have some millionaire swoop in and pay my bill! Political privilege at it's worst.

 

[Rawley]

The purpose of submitting the statement of financial condition is to assess the health of the organization they're doing business with. It has nothing to do with the collateral.

The ignorance raises it's ugly head again. It's all about collateral. Did you read the opinion? Everything the judge took issue with was the valuation of the collateral - the properties.

If a property is being used as collateral, they do appraisals and whatnot, but that's not what the Statement of Financial Condition is for.

The people from Deutsche Bank testified that they took the values on the SFC as "broadly accurate". So should I believe you or should I believe the banker that actually worked ont he deal with Trump?

?? He's saying the same thing I am. Did you read the next paragraph after the DB dude said Trump's number were "broadly accurate?" He turned it over to Deutsche Bank’s Valuation Services Group. WTF do you think those guys do?

 

[Dragonlady]

If you worked in the real estate industry as you claim, then and only then you would know that all banks have independent appraisals done. My experience with appraisers is they don’t stick there heads out for anyone, they base their opinions of value on comps and current market value. There are several factors that go into appraisers decisions of value. To assert that they were corrupt is such a stretch it’s comical.
If an appraisal comes in under value, they can request a reconsideration, in most cases the value is not adjusted unless comps are submitted that support the value. The process has worked out well for a long time, the only reason this fiasco is going on is they’re afraid of President Trump exposing their rotten system

I didn't work in the "real estate industry". I worked in law and banking. In law, I specialized in Corporation, Commerical and real estate law, and ended my career on Bay Street working in development and financing of mega properties, like Trump Tower.

Trump is accused of lying on his Financial Statements, and statements of net worth. That has NOTHING to do with appraised values, and should rely on the book values of the properties.

Hahaha..... You have no idea what you're dealing with. Getting rid of slavery was child's Play compared to the system you're up against right now with this ruling.

The banks and the real estate industry in New York state absolutely dwarf the court system as far as power and authority.

This isn't a defense of anybody or a political position This is just a hard, cold reality that is about to be discovered by a lot of shocked people.

You post assumes that all real estate developers are lying to their bankers and insurance companies, which is simply not the case. Few real estate developers are as incompetent or as corrupt as Donald Trump. They're NOT losing money at every turn or going bankrupt like Donald Trump's corporations.

The idea that Trump's prosecution is going to have any impact on real estate developers who are making money on their projects and not running scams, stiffing sub-trades, and milking bankruptcy laws to make their money is laughable.

This is no different than saying every President will be prosecuted unless he gets unqualified immunity. Why hasn't it happened to any other President before you Donald? Perhaps because previous Presidents weren't criminals or conmen, lining the own pockets while in office.

 

[Dragonlady]

I wish I could blow off my taxes for years and have some millionaire swoop in and pay my bill! Political privilege at it's worst.

You realize you just described Donald Trump, do you not??????? Except Trump is getting his donors to pay his tax and legal bills.

 

[justoffal]

I didn't work in the "real estate industry". I worked in law and banking. In law, I specialized in Corporation, Commerical and real estate law, and ended my career on Bay Street working in development and financing of mega properties, like Trump Tower.

Trump is accused of lying on his Financial Statements, and statements of net worth. That has NOTHING to do with appraised values, and should rely on the book values of the properties.


You post assumes that all real estate developers are lying to their bankers and insurance companies, which is simply not the case. Few real estate developers are as incompetent or as corrupt as Donald Trump. They're NOT losing money at every turn or going bankrupt like Donald Trump's corporations.

The idea that Trump's prosecution is going to have any impact on real estate developers who are making money on their projects and not running scams, stiffing sub-trades, and milking bankruptcy laws to make their money is laughable.

This is no different than saying every President will be prosecuted unless he gets unqualified immunity. Why hasn't it happened to any other President before you Donald? Perhaps because previous Presidents weren't criminals or conmen, lining the own pockets while in office.

You have a reasonable point except for the fact that you're not dealing with just anywhere.... You're dealing with New York State. It's basically just a crime syndicate with a license to call themselves elected representation.

 

[john doe 101]

Obama promised everyone at least $2,500 in savings on their health insurance. That fraud has to be in the billions of dollars. Should he be sued and bankrupted?

The mental gymnastics you Red hats go through is amazing. To answer your question.....no.

 

[BS Filter]

Read the statute.
You are wrong.

NYS Open Legislation | NYSenate.gov

www.nysenate.gov

So the state better get to work on a bunch of criminals they have ignored. Otherwise, it looks like this was a targeted case. James campaigned on getting Trump. Looks shady unless she goes after others for doing the same thing.

 

[BS Filter]

You realize you just described Donald Trump, do you not??????? Except Trump is getting his donors to pay his tax and legal bills.

Maybe the democrats in NY should pass a law that prevents citizens from giving money to Trump.

 

[justoffal]

So the state better get to work on a bunch of criminals they have ignored. Otherwise, it looks like this was a targeted case. Willis campaigned on getting Trump. Looks shady unless she goes after others for doing the same thing.

The problem is that the entire state system is embedded with a high percentage of criminals.
Which is why I believe this entire case will flounder and die before it gets too far.

Jo

 

[BS Filter]

The problem is that the entire state system is embedded with a high percentage of criminals.
Which is why I believe this entire case will flounder and die before it gets too far.

Jo

Yes, once it gets out of the hands of democrat bureaucrats and democrat lawyers, the real legal system will reject it.

 

[justoffal]

Yes, once it gets out of the hands of democrat bureaucrats and democrat lawyers, the real legal system will reject it.

They really have no choice....lol....

 

[Marener]

The ignorance raises it's ugly head again. It's all about collateral. Did you read the opinion? Everything the judge took issue with was the valuation of the collateral - the properties.

?? He's saying the same thing I am. Did you read the next paragraph after the DB dude said Trump's number were "broadly accurate?" He turned it over to Deutsche Bank’s Valuation Services Group. WTF do you think those guys do?

No, the collateral was a golf course and spa. The rest of the properties in the SFC were not used as collateral.

You are only talking about property used as collateral. The case isn't about valuation of collateral. Its about valuation in the SFC.