SO WE'RE CLEAR: THE THEORY NEW YORK STATE USED TO FINE TRUMP FOR "FRAUD" IS ABSOLUTELY INSANE. The state decided the banks should have charged Trump MORE for his loans than they did, and computed "losses" for the higher interest rates they DID NOT CHARGE. Yes, that's right.
SO WE'RE CLEAR: THE THEORY NEW YORK STATE USED TO FINE TRUMP FOR "FRAUD" IS ABSOLUTELY INSANE. The state decided the banks should have charged Trump MORE for his loans than they did, and computed "losses" for the higher interest rates they DID NOT CHARGE. Yes, that's right.
@AlexBerenson But he did that. And they charged a lower rate. And filing false financials is fraud and against the NY law in question. The defense could have tried to argue that the gap in interest rate wouldn’t have been 6% but was 1%. They didn’t.
@AlexBerenson Correct, which is why worrying about whether whatever shady transaction John Stewart was involved in is “the same” is silly. If Trump was fined half a billion, there’s no reason not to fine Stewart $700 million, or whatever.
@AlexBerenson Since the theoretical ‘loss’ belongs to the bank, they’ll get the money from Trump, right. Right?
@AlexBerenson These banks wanted Trump’s business because he was a rich, famous “whale.” They were not basing their offered rates off of his estimated value of his real estate portfolio. They would have appraised the collateral property, reviewed his income and liquidity; REO is all gravy.
@AlexBerenson Is the theory they used to litigate "insane"? Or is it just the penalty determination you disagree with? Trump made blatant demonstrable lies in his financial attestations. Not just differences of opinion on how much something could sell for. Consequences for that are sensible.
@AlexBerenson What youhave to understand is Deutsche Bank who did their due diligence packaged up and sold off portions of the loans they made. They might not have told those who purchased the loans that Trumps application was fraudulent Trump defaulted on the loan for his Chicago property