Trump is beginning to seem like Billy Mumy in that old Twilight Zone episode, except when he wishes you into the cornfield you don't go anywhere, you just stand there wondering what the fuck is wrong with this guy.
Ms. Dye - I've spent over forty years in commercial real estate finance. You did a remarkable job of explaining Trump's real estate and insurance crimes. Well done! Your detailed analysis of the Chicago "loan" is textbook. If I may add - Trump's first Deutsche Bank private banking loan was to pay off a previous Deutsche Bank loan he defaulted on, and he not only refused to honor his personal guarantee, he sued the bank! No reasonable lender does that. But, Deutsche is the bank that financed the Auschwitz concentration camp and the I.G. Farben poison gas factory next door to it, so their standards aren't very high. I highly recommend the book Dark Towers that tells that story. There is a very interesting Business Insider article -- "Fraud like nobody's watching: Trump was probed for 5 years, and still wouldn't clean up his act" - that explains how Trump continued to crime long after he and his Disorganization began to receive subpoenas from investigators. Just couldn't get off that treadmill. Again - thank you for a great post!
Mr. Hoover was a successful business person, and an accomplished mining engineer. His translation of an ancient mining text is still in print. He thought it best for the federal government to do little or nothing - and he was very wrong. To paraphrase President Kennedy, he saw what was there and asked "Why?" instead of seeing what wasn't there and asking "Why not?" FDR didn't make the same error.
Industry Norms: “Please turn over your Statements of Financial Condition.”
Trump Corp.: “Here’s this that says our buildings are pretty.”
It’s like if someone asked me to list all my debts and holdings, and I showed them a list of all my nicest outfits, with notes on how I looked in each one. (Although a couple really are killer.)
I was involved in a number of major financing transactions during my legal career, and it blows my mind that Deutsche didn’t require audited financials.
While I certainly agree with you that compiled financial statements are generally worthless, just as Trump said they were, it is often much easier to borrow through the private banking department than through the regular commercial loan department. Read "Dark Towers" to learn more about Duetsche's remarkably sketchy history.
When I think about the shit my little nonprofit client, (total annual revenue ~$130,000, that's one three zero thousand) is going through because they filed their IRS report late I want to [redacted]
Reminder from those who knew the Trump crime family "built the crooked, mobster-dealing, money-laundering underworld of NYC", Ivanka & Don Jr. were suppose to be in prison for felony fraud back during the Russian subverted installment of agent Kompromat to White House, for doing the same type of bait & switch grand theft fraud with "Trump Soho" while working with Russian mob (see Felix Sater, Russian mob son w/ a changed name) https://www.propublica.org/article/ivanka-donald-trump-jr-close-to-being-charged-felony-fraud Letitia James & co should really go back & clean this mess up too, as well as all the massive Kushner asset & money laundering, foreign influence in NYC.
Excellent work Ms Dye! I am following the case from the start, and as an accountant myself, I have a "beef" with the whole story:
I am not disputing Trump's responsibility or the crimes he committed about this -(and I think that this case will end up really hurt him more than any other, and rightly so) but: in my profession we are told that the accountant who undersigns the financial statements bears the responsibility against all stakeholders; a term which includes all users of them like banks, investors, tax authorities, public etc. Undisputably, reporting accountants have to base the compilation of the Financial Statements to the ledgers and data provided by the comapny, there is only so much you can verify. In the end, the company's administration is burdened with the reliability of its accounts. That said, I find it highly improbable that any accounting firm would have missed such a gross misvaluation of the assets on a consistent basis. You might not know how, but you know it is happening. I am not sure if Mazaars were auditing the FS (auditors bear higher responsibity) I think they did not. But even as accountants, shouldn't they be... accountable for what they undersign? It bothers me that a disclaimer worked as a "get out of jail card". If they had an inclination of falsified accounts, and my bet is they had, shouldn't they be considered as aiding to the misrepresentatrion? I think that in a rightfully haste to condemn the main culprit, the institutions (private firms or public regulatory bodies) that put a stamp of "legality" on these things are evading their share of justice.
You are a brilliant writer. Keep up the good work, first found your stuff on Wonkette and subscribed ever since. The truth is slower, but it is catching up to the Orange Haired Kool Aid Distributor and his "adult" children.
Super basic question - what does the State of NY do with $450 million, when they are able to extract it from Trump? Does it just go into the state coffers, or is there something restitution related they have to do with it? It seems like the huge judgements for pharma and environmental suits tend to be channeled into remediation efforts by the state to address the direct harms. I'm certainly on board with the argument that Trump did cause harms to the system, but there aren't any directly injured parties here.
Trump is beginning to seem like Billy Mumy in that old Twilight Zone episode, except when he wishes you into the cornfield you don't go anywhere, you just stand there wondering what the fuck is wrong with this guy.
⭐️⭐️⭐️
Ms. Dye - I've spent over forty years in commercial real estate finance. You did a remarkable job of explaining Trump's real estate and insurance crimes. Well done! Your detailed analysis of the Chicago "loan" is textbook. If I may add - Trump's first Deutsche Bank private banking loan was to pay off a previous Deutsche Bank loan he defaulted on, and he not only refused to honor his personal guarantee, he sued the bank! No reasonable lender does that. But, Deutsche is the bank that financed the Auschwitz concentration camp and the I.G. Farben poison gas factory next door to it, so their standards aren't very high. I highly recommend the book Dark Towers that tells that story. There is a very interesting Business Insider article -- "Fraud like nobody's watching: Trump was probed for 5 years, and still wouldn't clean up his act" - that explains how Trump continued to crime long after he and his Disorganization began to receive subpoenas from investigators. Just couldn't get off that treadmill. Again - thank you for a great post!
Old accounting joke: torture numbers and they will tell you anything.
And this is why you don’t want a “business man” as President.
Herbert Hoover would like a word...
Unlike Rump Hoover believed he was doing what was best for the USA, however wrong he was.
Mr. Hoover was a successful business person, and an accomplished mining engineer. His translation of an ancient mining text is still in print. He thought it best for the federal government to do little or nothing - and he was very wrong. To paraphrase President Kennedy, he saw what was there and asked "Why?" instead of seeing what wasn't there and asking "Why not?" FDR didn't make the same error.
Schrödinger's Loan: it exists and it doesn't, it's owed and it isn't; it's paid and it wasn't.
Industry Norms: “Please turn over your Statements of Financial Condition.”
Trump Corp.: “Here’s this that says our buildings are pretty.”
It’s like if someone asked me to list all my debts and holdings, and I showed them a list of all my nicest outfits, with notes on how I looked in each one. (Although a couple really are killer.)
I don’t think Trump ever persuaded anyone. He bullies, blackmails or cons.
I was involved in a number of major financing transactions during my legal career, and it blows my mind that Deutsche didn’t require audited financials.
While I certainly agree with you that compiled financial statements are generally worthless, just as Trump said they were, it is often much easier to borrow through the private banking department than through the regular commercial loan department. Read "Dark Towers" to learn more about Duetsche's remarkably sketchy history.
When I think about the shit my little nonprofit client, (total annual revenue ~$130,000, that's one three zero thousand) is going through because they filed their IRS report late I want to [redacted]
Love you Liz, hope you are feeling better!
Reminder from those who knew the Trump crime family "built the crooked, mobster-dealing, money-laundering underworld of NYC", Ivanka & Don Jr. were suppose to be in prison for felony fraud back during the Russian subverted installment of agent Kompromat to White House, for doing the same type of bait & switch grand theft fraud with "Trump Soho" while working with Russian mob (see Felix Sater, Russian mob son w/ a changed name) https://www.propublica.org/article/ivanka-donald-trump-jr-close-to-being-charged-felony-fraud Letitia James & co should really go back & clean this mess up too, as well as all the massive Kushner asset & money laundering, foreign influence in NYC.
Excellent work Ms Dye! I am following the case from the start, and as an accountant myself, I have a "beef" with the whole story:
I am not disputing Trump's responsibility or the crimes he committed about this -(and I think that this case will end up really hurt him more than any other, and rightly so) but: in my profession we are told that the accountant who undersigns the financial statements bears the responsibility against all stakeholders; a term which includes all users of them like banks, investors, tax authorities, public etc. Undisputably, reporting accountants have to base the compilation of the Financial Statements to the ledgers and data provided by the comapny, there is only so much you can verify. In the end, the company's administration is burdened with the reliability of its accounts. That said, I find it highly improbable that any accounting firm would have missed such a gross misvaluation of the assets on a consistent basis. You might not know how, but you know it is happening. I am not sure if Mazaars were auditing the FS (auditors bear higher responsibity) I think they did not. But even as accountants, shouldn't they be... accountable for what they undersign? It bothers me that a disclaimer worked as a "get out of jail card". If they had an inclination of falsified accounts, and my bet is they had, shouldn't they be considered as aiding to the misrepresentatrion? I think that in a rightfully haste to condemn the main culprit, the institutions (private firms or public regulatory bodies) that put a stamp of "legality" on these things are evading their share of justice.
Liz-
You are a brilliant writer. Keep up the good work, first found your stuff on Wonkette and subscribed ever since. The truth is slower, but it is catching up to the Orange Haired Kool Aid Distributor and his "adult" children.
Smoke and Mirrors! The dictator has no clothes!
they are always stared at with “scrutinized eyes”….and u can see they notice it.
Super basic question - what does the State of NY do with $450 million, when they are able to extract it from Trump? Does it just go into the state coffers, or is there something restitution related they have to do with it? It seems like the huge judgements for pharma and environmental suits tend to be channeled into remediation efforts by the state to address the direct harms. I'm certainly on board with the argument that Trump did cause harms to the system, but there aren't any directly injured parties here.
Hopefully the State will use the $$ to keep hiring top flight people to expose scum like tRump.