NY suit into Trump's company

"punishment smacks of political overkill"

from The Gray Area:
The Wall Street Journal article below summarizes the New York trial of Donald Trump's real estate dealings and the verdict very well, "punishment smacks of political overkill". 1. Did Trump falsify his numbers? Yes, apparently so. 2. Who was hurt by those exaggerations? No one. 3. Did Deutsche Bank complain, or bring suit? No. 4. Did the bank make money on the deal? Yes 5. Did the bank give his exaggerated numbers a 'haircut' before agreeing to the deal? Yes. 6. Did the bank require Trump to personally guarantee the loan? Yes 7. Do many other people applying for loans with accurate numbers, the bank gives them a haircut, and the people don't get the loan? Yes. 8. Who was a victim of this deal? No one. 9. Did the prosecutor, New York Attorney General Letitia James (D), say while running for office in 2018 that she would shine a bright light into Trump's real estate dealings and get him somehow? Yes. 10. Did she also say he was an illegitimate president, had obstructed justice, and that the people of NY should rise up and resist, agitate & irritate him and his administration until victory is won or Trump is defeated?  Yes. There is so much wrong with this case and verdict that the political persecution cannot be denied.  That the legal establishment, not to mention the Democrat party & the media would go along with this should frighten every American. As the Wall Street Journal says below; This is choosing a target and then hunting for something to charge him with, which is an abuse of the law.
from The Wall Street Journal,
Donald Trump and his business were found liable Friday of inflating asset values in paperwork to lenders, but given that nobody lost money, this punishment smacks of political overkill. In a 92-page ruling, New York Judge Arthur Engoron ordered him to pay $355 million, while also banning him from being an officer for any New York corporation for three years. The judge had previously found that Mr. Trump fudged numbers submitted on Statements of Financial Condition (SFCs), most egregiously by claiming that his 11,000-square-foot triplex in Trump Tower was actually 30,000 square feet. Friday’s ruling, putting a price tag on that conduct, includes pages of summarized testimony from business partners. Donald Bender, an accountant at Mazars who helped draw up the documents, said he discovered later, after being interviewed by investigators, “that the Trump Organization had withheld records, such as appraisals, that Mazars had requested,” in the judge’s telling. “Bender made clear that Mazars would not have issued the SFCs if it had known.” Nicholas Haigh, formerly a managing director of Deutsche Bank’s Private Wealth Management Division, signed off on loans to the Trump Organization. “Haigh relied on Donald Trump’s 2011 SFC and assumed that the representations of value of the assets and liabilities were ‘broadly accurate,’” the judge says. Mr. Haigh affirmed that Mr. Trump’s “personal guarantee” was “the reason for favorable pricing on the loan.” Deutsche loans included covenants requiring Mr. Trump “to maintain a minimum net worth of $2.5 billion, excluding any value related to his brand.” Perhaps this explains some of the obsession by the mogul-turned-President with puffing up his valuations over the decades. It’s true that Mr. Trump was interacting with sophisticated financial counterparties. But not for the first time, Mr. Trump’s casual relationship to the truth has come back to bite him. Yet this remedy is like using a Hellfire missile to annihilate a shoplifter. Deutsche Bank made money on the loans, and its valuation teams gave a “haircut” to the numbers provided by Mr. Trump. There was no real financial victim. More troubling is that this case was brought by New York Attorney General Letitia James, a Democrat who campaigned for office promising to find Mr. Trump guilty of something. This is choosing a target and then hunting for something to charge him with, which is an abuse of the law. Mr. Trump denounced the verdict and says he’ll appeal. More From The Wall Street Journal (subscription required):
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