Quote (SharpNips @ Nov 8 2023 02:06pm)
Well there are layers to it
The banks were defrauded by a business operating within the jurisdiction of the attorney general of New York. That’s pretty cut and dry
Also, that’s not the only fraud relevant to this case. The same assets inflated to acquire loans were deflated when paying property taxes. Literally defrauding the state of New York.
Either way, he’s going to lose hundreds of millions. Probably more than the original 250million referenced
right, but the fraud in question should be and typically is subject to the investigation into valuation of collateral assets banks themselves are supposed to do. just seems like a textbook example of victimless crime.
and really the tax issue isn't trump's problem, the state either undervalued his property (not his issue unless he failed to disclose improvements, afaik he didnt) or they valued them accurately. either way it seems he paid the amount in taxes he was supposed to.
the story here to me isn't how solid the case is legally, its how terribly trump personally has handled the case. that's been insanely poor.
on paper i just find the legal concept wild, the state tells trump his property is work X dollars, and he pays taxes based on that value. trump tells a bank its worth Y dollars, and gets a loan with Y as collateral. state demands Y in taxes and claims its trumps fault not the banks for accepting a Y loan. X values are almost always low, my house's tax assessed value is far below the market value in this current market.
This post was edited by thesnipa on Nov 8 2023 01:36pm