100%
So first, who's fault is that and second, I guess nobody knows what the real value was so how can they now say he overvalued properties?
+1
5.56mm
I don’t Think I know anyone in real estate that did not over inflate the value of a property on transaction’s and under value property for tax payments unless it was in their best interest to do so.
So the douche bank failed its fiduciary Duty and did not do appraisals?
Is this the same judge who said Mar-a-Lago’s market value to be about $18 million?
Trump was denied a jury trial. A partisan hack "judge" "deemed" the statements to be fraudulent. A judge has no business "deeming" anything.
“.. difference of opinion over how to account for golf membership”
This is not fraud. Case closed!
I’m still trying to understand why a private deal between two willing parties, who both agreed on the amount and terms and signed an agreement to such, where all loans were re-paid in full, and no suits nor a dispute of any kind arose between them - is subject to NY Courts at all
That’s really a hideous banking practice. Banks need to protect their shareholders by doing full appraisals on all loans. They have a fiduciary responsibility to do so. So who has actually committed fraud in this case? I sense that with a little investigation you would find that Deutsche Bank has been repeatedly lying and cutting corners that had a negative impact of it shareholders. Contrast to the Trump Organization actually repaying their loans and benefiting many in the process.
Deutsche Bank has failed its Federal Reserve stress test and is on the verge of bankruptcy. Perhaps the cause is Deutsche Bank‘s business practices or lack there of.
So there was no fraud.
“It’s not lying. It’s commercial real estate.”
The value of real estate isn’t fixed even the point of sale because its value is dependent on what the next fool is willing to pay for it. It’s a guessing game every time because nobody has perfect knowledge.
“...it sometimes gave sizable “haircuts” to the values he’d placed on such holdings as Trump Tower and his golf courses, Haigh said.”
If Trump put his property in the best possible light, and that is fraud, then EVERY company who puts out a commercial on TV has committed fraud.
Plus every woman who wears make-up for a date. The list is endless.
“But although the bank didn’t conduct its own full appraisals of Trump’s properties, “
They negligently did not do their own due diligence, so no one defrauded them. And they took no losses on the loans.
The suit is a case in search of a victim.
The private sector bank did whatever due diligence it felt comfortable with. In other words President Trump could have said his net worth was 973 gazillion dollars if that’s what he had good reason to believe. The bank would have said, uh... no we think it’s X and chose to do whatever with that result.
No one was coerced into giving the loan. No one was left unsatisfied by the loan, and if they were, they had the option to pursue it. No claim of fraud was ever stated. Rather a bank made profit off a loan, business as usual.
It’s as if there’s no adult in the room. No tenured professor to tell Ms. James or the Judge that they have stepped far out of line. No governing body to look at this and disbar, fire, and punish these persons. It’s disturbing to see how far we have fallen in the institutions we should trust.
Based on his testimony Trump made a best guess and they made a best guess. Just cutting 50% of the value he said isn’t better or worst that Trump coming up with a number based on his own internal calculus. At the end of the it’s a business deal with accepted risk and since they both won the business deal worked out. Had they both lost; well...that’s a part of the risk tolerance. This is in no way fraud.
Where is the crime?? It seems to me the crime is bringing the matter for a court of law. The plaintiff is the criminal!!!
This kind of stuff happens all the time. There is no fraud. The bank did it’s due dilegence.
But although the bank didn’t conduct its own full appraisals of Trump’s properties.
No Sale sign blinking what type of bank operates like that on such a large load.
The value to Trump will be different than its collateral value.