"there isn’t any evidence that the public was harmed by Trump’s actions."
Trump in his (inevitable) rant is claiming that the banks were paid back the money so there should be no case. The problem is that fraud is fraud. If I steal $100 from you, use it to bet on horse racing, and hit it big, giving you $100 back doesn't absolve me from the initial theft charges. It doesn't matter if Trump's fraud resulted in him paying the banks back. The fraud still happened.
When banks loan against property and the collateral is the property itself, there should be an independent revaluation of the property to ensure the bank is not running into excessive risk by lending say, $300, on a property that is worth $200. In case the borrower default, then the banks sells the property for $200, but losses $100 because the property was only worth $200.
Trump claiming that banks never saw losses indicate that bank relationship managers were complicit in using distorted valuations to lend, potentially violating internal credit rules established by their own employers.
Another possibility is that Trump actually defaulted multiple times but banks do not publicly admit it.
This is my shocked face
Huh, it doesn't look different. What about mine?
Lock him up! Lock him up!
"Engoron’s ruling..."
Is that something from Lord of the Rings?
You enter Engoron's Ruling. Roll for perception.
Or The Legend of Zelda (gorons)
Well for doing something like that he might really be fucked. It's one thing to throw an insurrection and plot a coup, but fuck with other elitists? Well, well.
Just ask Madoff.
This is the best summary I could come up with:
NEW YORK (AP) — A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
Judge Arthur Engoron, ruling Tuesday in a civil lawsuit brought by New York’s attorney general, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
The decision, days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
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From the story:
"Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose. James is seeking $250 million in penalties and a ban on Trump doing business in New York, his home state. The trial could last into December, Engoron has said.
Trump’s lawyers had asked the judge to throw out the case, which he denied. They contend that James wasn’t legally allowed to file the lawsuit because there isn’t any evidence that the public was harmed by Trump’s actions. They also argued that many of the allegations in the lawsuit were barred by the statute of limitations."
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