Trump lies about his assets

[BidenPresident]

It's going to be hard for a New York prosecutor to use property in other states and countries as the basis for her suit. There is no way for her to know the actual value of a property that Trump didn't sell, and if he didn't default on loans or other stuff IN New York, she's got shit for a case.

That isn't to be on anybody's side here, that's just facts.

Nothing you said is factual.

 

[BidenPresident]

New York AG’s office alleges Trump inflated his net worth by as much as $2.2 billion

Over a 10-year period, the attorney general’s office said that when it corrects the Trump financial statements for alleged misvaluations it “reduces Mr. Trump’s net worth by between 17-39% in each year, or between $812 million to $2.2 billion, depending on the year.” The $2.2 billion disparity came in 2014, the state said.

“Based on the undisputed evidence, no trial is required for the court to determine that defendants presented grossly and materially inflated asset values in the (statements of financial condition) and then used those SFCs repeatedly in business transactions to defraud banks and insurers,” the attorney general’s office wrote. “Notwithstanding defendants’ horde of 13 experts, at the end of the day, this is a documents case, and the documents leave no shred of doubt that Mr. Trump’s SFCs do not even remotely reflect the ‘estimated current value’ of his assets as they would trade between well-informed market participants.”

https://www.cnn.com/2023/08/30/politics/donald-trump-wealth-new-york/index.html

 

[Dutch Uncle]

The assessor valuates for taxes. What he or anyone else does is irrelevant. I would think. I’m certainly not a lawyer either.

Prosecutors don't like getting their asses kicked in court. If they file charges against a big, fat target like Trumpco, they better have their ducks in a row.

IMO, they do, otherwise they wouldn't bring the charges.

 

[NiftyNiblick]

Prosecutors don't like getting their asses kicked in court. If they file charges against a big, fat target like Trumpco, they better have their ducks in a row.

IMO, they do, otherwise they wouldn't bring the charges.

Good point.

 

[Dutch Uncle]

The county or other tax assessor places a value on a property for taxes. That can be negotiated, but usually isn't. In any case, the government and property owner agree that's the value for taxes. The value of a property otherwise is a guess unless you sell it. There is no sure way to know what a property is really worth any other way.

For example, I sold two houses about two years ago, one for a bit more than $400K, another for just shy of $500K. Both went to a company that flips houses nationally. The first sold about 8 months later for a bit more than I sold it for. The second sold about two months ago for about $425 K a big loss for the company. Property values are what somebody is willing to pay for it and not a fixed thing.

Unless Trump grossly-- made the values many times what they were possibly worth and misstated the condition and stuff on the property--the prosecution's got nothing. Now, if he did, and he lied about buildings, structures, etc., as well maybe the prosecutor has something, but I doubt it given she's another Trump hater.

That appears to be the situation.

While I doubt Donnie will go to prison for it, Junior and Eric could end up doing time. Do you think Daddy will visit them or just blow them off?

 

[Poor Richard Saunders]

The problem with that is what fair market value is at any given time. The ONLY sure way to know that is to sell the property. Then you KNOW what the market value is. You can make a guess as to what the property value is, but without selling it, there's no way to know if that's accurate.

One small problem with your argument. Houses and apartments don't grow and shrink in square footage.
Donald Trump Claimed Apartment Was Three Times Its Actual Size To Increase Value: NY AG

For most business loans you also have to provide an accurate figure for your net worth. If you are claiming things you own are 3 times the size they are then you clearly are not trying to provide an accurate net worth. That would be a violation of the law.

 

[Poor Richard Saunders]

As always, I don’t care and I’m no lawyer.
Just seems like an odd law.
I could get about $600,000 for my house here in anchorage. If I want to borrow $2,000,000 with my house as collateral and tell the bank that’s what my house is worth, well the bank is pretty stupid.
But they’re not stupid. They take advantage of other’s stupidity. They’re notorious for that.

Why did you post there was no law if you don't care?
It seems you only care about Trump and not about the law.
This isn't necessarily about putting property up as collateral. It's also about declaring your ability to repay the loan.
If I want to buy a $5 million property and the bank intends to use that as collateral but then I tell the bank I have $10 million in other assets so I can afford the payments but I really only have $1 million in assets, I have committed a crime. Claiming four other properties I own that have a tax basis of $250,000 each really have a value of $2.5 million would be pretty hard to argue I am simply using their current value.

The real problem is it wasn't just value that Trump was lying about.

Trump allegedly valued his triplex apartment at $327 million in 2015 and 2016 financial statements, based on claims it was 30,000 square feet in size.

However, the actual size of Trump's triplex apartment was 10,996 square feet.

https://www.newsweek.com/trump-tower-apartment-size-value-letitia-james-1670655

 

[Poor Richard Saunders]

It's going to be hard for a New York prosecutor to use property in other states and countries as the basis for her suit. There is no way for her to know the actual value of a property that Trump didn't sell, and if he didn't default on loans or other stuff IN New York, she's got shit for a case.

That isn't to be on anybody's side here, that's just facts.

You really need to get caught up on facts.
Donald Trump's apartment in Manhattan is in NYC which is in NY

https://www.newsweek.com/trump-tower-apartment-size-value-letitia-james-1670655

Trump allegedly valued his triplex apartment at $327 million in 2015 and 2016 financial statements, based on claims it was 30,000 square feet in size.


However, the actual size of Trump's triplex apartment was 10,996 square feet.

 

[Dutch Uncle]

One small problem with your argument. Houses and apartments don't grow and shrink in square footage.
Donald Trump Claimed Apartment Was Three Times Its Actual Size To Increase Value: NY AG

For most business loans you also have to provide an accurate figure for your net worth. If you are claiming things you own are 3 times the size they are then you clearly are not trying to provide an accurate net worth. That would be a violation of the law.

Trumpers work tirelessly to prove Trump is innocent of everything. If Trump did shoot someone in the middle of the street, Trumpers would claim the victim was asking for it.

 

[Poor Richard Saunders]

Unless Trump grossly-- made the values many times what they were possibly worth and misstated the condition and stuff on the property--the prosecution's got nothing. Now, if he did, and he lied about buildings, structures, etc., as well maybe the prosecutor has something, but I doubt it given she's another Trump hater.

Stating your apartment is 3 times what it actually is so you can claim it is worth $233 million more than it actually is worth seems to fit your definition of grossly misstated the condition and stuff on the property.

 

[anonymoose]

Why did you post there was no law if you don't care?

I said odd.
I don’t care.
What happens to Trump won’t affect my life one iota.
I was commenting on the law, not Trump. Geez you guys with TDS….

 

[Poor Richard Saunders]

I said odd.
I don’t care.
What happens to Trump won’t affect my life one iota.
I was commenting on the law, not Trump. Geez you guys with TDS….

I’m no fan of trump but I don’t see where lying about the valuation of personal assets is against any law. If he did it to get loans that’s the bank’s responsibility to verify.
If he paid assessed property taxes, so what.

I show you that the law exists and your response is you don't care and the law is odd.

 

[anonymoose]

I show you that the law exists and your response is you don't care and the law is odd.

I don’t care about Trump.
The law is odd.

 

[Geeko Sportivo]

I’m no fan of trump but I don’t see where lying about the valuation of personal assets is against any law. If he did it to get loans that’s the bank’s responsibility to verify.
If he paid assessed property taxes, so what.

Dude, I am sorry for you that your parents didn't teach you that lying and cheating is wrong!

First of all, lying is stealing! Yes, Sir!

When you lie to others, you are stealing someone's trust in you!

Stealing is a crime- AND SHOULD NEVER PAY AND IT SHOULD NEVER BE CONDONED!

 

[Geeko Sportivo]

I think what some people here are trying to say is, lying to insurance companies and cheating on your taxes is OK and the way to go!

This attitude goes along with Donald Trump's philosophy that "NOT" lying to insurance companies, and "NOT" cheating on your taxes is for suckers!

CAN ANYONE IMAGINE A WORLD WHERE EVERYONE USED DONALD TRUMP'S PHILOSOPHY?

 

[archives]

https://www.law.cornell.edu/uscode/text/18/1344

If Trump provided valuations to a bank knowing they were false to get a loan it is a violation of the law. Claiming the bank is responsible to make sure his valuations are accurate doesn't make it not a crime.

This law also applies
https://www.law.cornell.edu/uscode/text/18/1014

But, but, but, he didn’t break any law did he, the Trump rationale we’ve been hearing since 2015

 

[Lionfish]

I’m no fan of trump but I don’t see where lying about the valuation of personal assets is against any law. If he did it to get loans that’s the bank’s responsibility to verify.
If he paid assessed property taxes, so what.

Bullseye

 

[T. A. Gardner]

That appears to be the situation.

While I doubt Donnie will go to prison for it, Junior and Eric could end up doing time. Do you think Daddy will visit them or just blow them off?

I doubt it. Whatshername's case is wishful thinking. It's piling on, and nothing more. The DC case has the best chance of succeeding simply because of the judge and venue.

 

[T. A. Gardner]

One small problem with your argument. Houses and apartments don't grow and shrink in square footage.
Donald Trump Claimed Apartment Was Three Times Its Actual Size To Increase Value: NY AG

For most business loans you also have to provide an accurate figure for your net worth. If you are claiming things you own are 3 times the size they are then you clearly are not trying to provide an accurate net worth. That would be a violation of the law.

The only thing the square footage matters for is tax assessment by the government. Larger means more taxes paid on a property. I suspect she's grasping at straws here.

 

[Poor Richard Saunders]

The only thing the square footage matters for is tax assessment by the government. Larger means more taxes paid on a property. I suspect she's grasping at straws here.

Square footage in NYC matters a lot. A 1,000 sq foot apartment is not the same value as a 3,000 sq foot apartment. Just as a 10,000 sq foot apartment is not the same value as a 30,000 sq foot apartment.

The only one grasping at straws is you. Apartments in NYC sell by the sq foot. Assessments depend on the sq footage to compare to similar one. How can you not know that comparables when doing an assessment require that you use recent sales of similar size and location?