In an article in the April 1991 issue of Spy magazine John Connolly (amazing Irish writer) detailed these very same issues with trump. 30 years ago he was doing the exact same thing, and has probably done so his entire life, yet only now is anyone trying to do anything about it. None of this has been a secret in any way and nothing was ever done. I am not impressed that now someone is finally calling him out. If he had been dealt with long ago we wouldn't have to put up with his crap now.
The problem is that property valuation is EXTREMELY subjective. Like if you ask one person who WANTED to live somewhere, he might pay $100M, while someone who didn’t want to might only pay $1. So given that as a business you choose the numbers available to you at any given moment which will benefit you the most at that moment…I see this as incredibly unethical but probably not illegal.
E]xtreme is not the same as illegal. Legal experts said that if prosecutors wish to prove a crime, they will need to do more than simply prove Trump's valuations were wrong.
Sure, but a difference in value by a factor of 30? The prosector’s main argument should be:
If I had a dime every time a story was run about an investigation into Trump I too would be a billionaire. It's time we made a meme for the phenomenon known as "Trump under Investigation" articles. What's up with this? He's just the tip of the iceberg. If he's getting away with this with all his high profile then what are the rest of the billionaires getting away with?
2.0 - The value of a commercial property is based on its ability to produce income. The appraisals in question will have analyzed either the actual or potential income. Facts and figures. Good faith can be demonstrated by documentation. Lack of documentation = lack of good faith.
In my wildest fantasies Trump fucks himself by directing his lawyers to use a mental defect defense, and then it gets used against him over and over to take everything he owns piece by piece.
I wish this co-opting of the Bible for political ends offended the Christians as much as it offends atheists. I've never had quibble with people of faith, until they started coming after me, and trying to take away my human rights.
They cry victim like any guilty party does; afraid that one day what they do to others, will be turned back on them.
That is definitely not something you want to run in your family My son has one of the worst forms of it.I wouldn't wish it on my worst enemy.I do realize you were joking though.
Yet if I try to get a $5,000 loan and lie about my income I can be arrested. If you cannot explain why a piece of real estate went from a value of $527 million to $16.7 million in less than a year, especially if there was a profit motive for both valuations, it should be up to you to explain the loss. Just like if the company you are treasurer of had $5 million in cash assets in January but only $250,000 in July, with no receipts on where the money went. You will be asked to explain where it went and that is not a situation of innocent until proven guilty. Saying "I don't have to tell you" will not work. Especially when you just bought a $300,000 boat and a $100,000 car for cash on an income of $80,000 a year.
More than anything, cities, states, and the federal government need to start looking into high value real estate. But now, especially with city tax and zoning, it's often who you know, how many attorneys you can hire, and how much yelling and threatening you do that determines assessed values and variances from zoning codes. Donations to political campaigns help too. And the feds need to look into cash sales of $5 million condos that are worth $2.5 million like they do $20,000 down payment gifts from parents on a $200,000 house.
NYC could have paid a professional appraiser on some of these properties. Hell, someone in the tax office should have been able to do a close estimate, and if that was off by 20% or more, dug into it deeper. Like asking "where did you get that valuation" and demand more than "I just pulled a number out of my ass."
In an article in the April 1991 issue of Spy magazine John Connolly (amazing Irish writer) detailed these very same issues with trump. 30 years ago he was doing the exact same thing, and has probably done so his entire life, yet only now is anyone trying to do anything about it. None of this has been a secret in any way and nothing was ever done. I am not impressed that now someone is finally calling him out. If he had been dealt with long ago we wouldn't have to put up with his crap now.
The problem is that property valuation is EXTREMELY subjective. Like if you ask one person who WANTED to live somewhere, he might pay $100M, while someone who didn’t want to might only pay $1. So given that as a business you choose the numbers available to you at any given moment which will benefit you the most at that moment…I see this as incredibly unethical but probably not illegal.
Spy did yeoman’s work exposing Trump’s fuckery. Everyone else was afraid of being sued.
E]xtreme is not the same as illegal. Legal experts said that if prosecutors wish to prove a crime, they will need to do more than simply prove Trump's valuations were wrong.
Sure, but a difference in value by a factor of 30? The prosector’s main argument should be:
https://m.youtube.com/watch...
Only tfg would buy property that had a history of fallng into the ocean.
Wouldn't him saying that the valuation depended on what his butt was telling him that day be proof of intent?
If I had a dime every time a story was run about an investigation into Trump I too would be a billionaire. It's time we made a meme for the phenomenon known as "Trump under Investigation" articles. What's up with this? He's just the tip of the iceberg. If he's getting away with this with all his high profile then what are the rest of the billionaires getting away with?
2.0 - The value of a commercial property is based on its ability to produce income. The appraisals in question will have analyzed either the actual or potential income. Facts and figures. Good faith can be demonstrated by documentation. Lack of documentation = lack of good faith.
In my wildest fantasies Trump fucks himself by directing his lawyers to use a mental defect defense, and then it gets used against him over and over to take everything he owns piece by piece.
I'll bet the BSOA introduces a new Law merit badge specifically for trying to bring Trump to the table.
"Does that make it a lie?" WTAF? Can this possibly be real?!?
I saw some serious accounting fuckery in my days as an M&A lawyer but this is certainly at a level beyond the boundaries of anything I ever saw.
I wish this co-opting of the Bible for political ends offended the Christians as much as it offends atheists. I've never had quibble with people of faith, until they started coming after me, and trying to take away my human rights.
They cry victim like any guilty party does; afraid that one day what they do to others, will be turned back on them.
That is definitely not something you want to run in your family My son has one of the worst forms of it.I wouldn't wish it on my worst enemy.I do realize you were joking though.
Yet if I try to get a $5,000 loan and lie about my income I can be arrested. If you cannot explain why a piece of real estate went from a value of $527 million to $16.7 million in less than a year, especially if there was a profit motive for both valuations, it should be up to you to explain the loss. Just like if the company you are treasurer of had $5 million in cash assets in January but only $250,000 in July, with no receipts on where the money went. You will be asked to explain where it went and that is not a situation of innocent until proven guilty. Saying "I don't have to tell you" will not work. Especially when you just bought a $300,000 boat and a $100,000 car for cash on an income of $80,000 a year.
More than anything, cities, states, and the federal government need to start looking into high value real estate. But now, especially with city tax and zoning, it's often who you know, how many attorneys you can hire, and how much yelling and threatening you do that determines assessed values and variances from zoning codes. Donations to political campaigns help too. And the feds need to look into cash sales of $5 million condos that are worth $2.5 million like they do $20,000 down payment gifts from parents on a $200,000 house.
NYC could have paid a professional appraiser on some of these properties. Hell, someone in the tax office should have been able to do a close estimate, and if that was off by 20% or more, dug into it deeper. Like asking "where did you get that valuation" and demand more than "I just pulled a number out of my ass."
I used to LOVE Spy Magazine back in the day...