Trump loses in NY
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@Mik said in Trump loses in NY:
Rich and liquid are two very different things.
He can sell assets as quickly as he wants, if he has them to sell.
He has such a good record of success too, I think only 6 bankruptcies.
Trump Airlines — Trump borrowed $245 million to purchase Eastern Air Shuttle. He branded it Trump Airlines. He added gold bathroom fixtures. Two years later Trump could not cover the interest payment on his loan and defaulted.
Trump Beverages — Although Trump touted his water as "one of the purest natural spring waters bottled in the world," it was simply bottled by a third party. Other beverages, including Trump Fire and Trump Power, seem not to have made it to market. And Trump's American Pale Ale died with a trademark withdrawal.
Trump Game — Milton Bradley tried to sell it. As did Hasbro. After investment, the game died and went out of circulation.Trump Casinos — Trump filed for bankruptcy three times on his casinos, namely the Trump Taj Mahal, the Trump Marina and the Trump Plaza in New Jersey and the Trump Casino in Indiana. Trump avoided debt obligations of $3 billion the first time. Then $1.8 billion the second time. And then after reorganizing, shuffling money and assets, and waiting four years, Trump again declared bankruptcy after missing ongoing interest payments on multi-million dollar bonds. He was finally forced to step down as chairman.
Trump Magazine — Trump Style and Trump World were renamed Trump Magazine to reap advertising dollars from his name recognition. However, Trump Magazine also went out of business.
Trump Mortgage — Trump told CNBC in 2006 that "I think it's a great time to start a mortgage company. … The real-estate market is going to be very strong for a long time to come." Then the real estate market collapsed. Trump had hired E.J. Ridings as CEO of Trump Mortgage and boasted that Ridings had been a "top executive of one of Wall Street's most prestigious investment banks." Turned out Ridings had only six months of experience as a stockbroker. Trump Mortgage closed and never paid a $298,274 judgment it owed a former employee, nor the $3,555 it owed in unpaid taxes.
Trump Steaks — Trump closed Trump Steaks due to a lack of sales while owing Buckhead Beef $715,000.
Trump's Travel Site — GoTrump.com was in business for one year. Failed.
Trumpnet — A telephone communication company that abandoned its trademark.
Trump Tower Tampa — Trump sold his name to the developers and received $2 million. Then the project went belly-up with only $3,500 left in the company. Condo buyers sued Trump for allegedly misleading them. Trump settled and paid as little as $11,115 to buyers who had lost hundreds of thousands of dollars.
Trump University or the Trump Entrepreneur Initiative — Trump staged wealth-building seminars costing up to $34,995 for mentorships that would offer students access to Trump's secrets of success. Instructors turned out to be motivational speakers sometimes with criminal records. Lawsuits and criminal investigations abound.Trump Vodka — Business failed due to a lack of sales.
Trump Fragrances — Success by Trump, Empire by Trump, and Donald Trump: The Fragrances all failed due to being discontinued, perhaps as a result of few sales.
Trump Mattress — Serta stopped offering a Trump-branded mattress, again likely due to slacking sales.
Truth Social — This existing Trump business owes big money, and may well be breathing its last.
And this doesn't count that he lose the popular vote in the election twice, lost the election once, saw 3 losing elections for Republicans in congress, was impeached twice, currently on what... 4 criminal (or civil?) charges, including this latest for fraud that makes him pay back the ill-gotten gains from inflated loan collateral/worth numbers... oh he also has bragged about assaulting women, making fun of a special needs person, but I guess is "such a good christian" (who couldn't name any favorite verses).
What a con man. Still selling the con.
But maybe his Trump shoes will be a winner?
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He's a smart man. He knows how to sell, and he knows his audience. That often involves the creation of his own reality and then using his name brand and communication dominance to convince others. He has done that with his various brands, real estate, and casinos, the loan terms along the way, the stated value of his assets, his election and win, his reason for losing the next election, and knows when to hold up a bible. He's had remarkably the same script since the 80s.
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VDH comments:
"Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted."
Mark Levin (I know, I know)
More:
More from SCOTUS:
"For good reason, the protection against excessive fines has been a constant shield throughout Anglo-American history: Exorbitant tolls undermine other constitutional liberties. Excessive fines can be used, for example, to retaliate against or chill the speech of political enemies, as the Stuarts’ critics learned several centuries ago."
-Justice Ginsburg
Now, tell me again about DA James' platform when she was running. She said it, "I'm out to get Trump."
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"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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Would it be any different for a corporation vs. a person?
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@George-K said in Trump loses in NY:
Here's where I can't connect the dots.
Judge: "This was a venial transgression. No one was harmed. But, you're an asshole, so cough up a third of a billion - plus interest at $90K a day."
It’s not about being harmed. I guess the banks were harmed because they should’ve made more interest, but nonetheless. It’s like if someone falsifies their financial statements to pay less tax. No one was harmed but if they’re caught they will owe what they should’ve paid, plus interest/fines, and if they don’t acknowledge their fraud then the judge won’t be very happy.
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@89th said in Trump loses in NY:
It’s not about being harmed.
As @jon-nyc pointed out, you're right. It's not about harm being done.
I guess the banks were harmed because they should’ve made more interest, but nonetheless.
But they weren't. They were happy, and wanted to continue business because they made money.
It’s like if someone falsifies their financial statements to pay less tax. No one was harmed
Stop right there. The government was harmed by a loss of revenue. That's not the case here. This has nothing to do with taxes. It has to do with loans, which the banks approved and profited from.
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Section 63...
A pertinent part:
Starting by posting part of the exact law in question:
SECTION 63 General duties
- Whenever any person shall engage in repeated fraudulent or illegal acts or otherwise demonstrate persistent fraud or illegality in the carrying on, conducting or transaction of business, the attorney general may apply, in the name of the people of the state of New York, to the supreme court of the state of New York, on notice of five days, for an order enjoining the continuance of such business activity or of any fraudulent or illegal acts, directing restitution and damages and, in an appropriate case, cancelling any certificate filed under and by virtue of the provisions of section four hundred forty of the former penal law or section one hundred thirty of the general business law, and the court may award the relief applied for or so much thereof as it may deem proper. The word "fraud" or "fraudulent" as used herein shall include any device, scheme or artifice to defraud and any deception, misrepresentation, concealment, suppression, false pretense, false promise or unconscionable contractual provisions. The term "persistent fraud" or "illegality" as used herein shall include continuance or carrying on of any fraudulent or illegal act or conduct. The term "repeated" as used herein shall include repetition of any separate and distinct fraudulent or illegal act, or conduct which affects more than one person. Notwithstanding any law to the contrary, all monies recovered or obtained under this subdivision by a state agency or state official or employee acting in their official capacity shall be subject to subdivision eleven of section four of the state finance law.
In connection with any such application, the attorney general is authorized to take proof and make a determination of the relevant facts and to issue subpoenas in accordance with the civil practice law and rules. Such authorization shall not abate or terminate by reason of any action or proceeding brought by the attorney general under this section.
- Whenever any person shall engage in repeated fraudulent or illegal acts or otherwise demonstrate persistent fraud or illegality in the carrying on, conducting or transaction of business, the attorney general may apply, in the name of the people of the state of New York, to the supreme court of the state of New York, on notice of five days, for an order enjoining the continuance of such business activity or of any fraudulent or illegal acts, directing restitution and damages and, in an appropriate case, cancelling any certificate filed under and by virtue of the provisions of section four hundred forty of the former penal law or section one hundred thirty of the general business law, and the court may award the relief applied for or so much thereof as it may deem proper. The word "fraud" or "fraudulent" as used herein shall include any device, scheme or artifice to defraud and any deception, misrepresentation, concealment, suppression, false pretense, false promise or unconscionable contractual provisions. The term "persistent fraud" or "illegality" as used herein shall include continuance or carrying on of any fraudulent or illegal act or conduct. The term "repeated" as used herein shall include repetition of any separate and distinct fraudulent or illegal act, or conduct which affects more than one person. Notwithstanding any law to the contrary, all monies recovered or obtained under this subdivision by a state agency or state official or employee acting in their official capacity shall be subject to subdivision eleven of section four of the state finance law.
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@89th said in Trump loses in NY:
@George-K said in Trump loses in NY:
Here's where I can't connect the dots.
Judge: "This was a venial transgression. No one was harmed. But, you're an asshole, so cough up a third of a billion - plus interest at $90K a day."
It’s not about being harmed. I guess the banks were harmed because they should’ve made more interest, but nonetheless. It’s like if someone falsifies their financial statements to pay less tax. No one was harmed but if they’re caught they will owe what they should’ve paid, plus interest/fines, and if they don’t acknowledge their fraud then the judge won’t be very happy.
No, no, no. This is a private business transaction between 2 corporate entities. It is the responsibility of the bank to establish and verify the property values, and believe me, they did. If they didn’t, the crime here is on the part of the banks by ignoring their fiduciary responsibilities to the depositors in their bank. In addition, it is in no way shape or form the responsibility of any government to establish the value of a business. That is the responsibility of businesses to come to an agreement on the values. Finally, utilizing a law to target a specific person? Police in some states aren’t allowed to pull over cars with expired safety inspections because it might be seen as targeting communities, to use a bad law to specifically target an individual? As Uncle President Joe would say, C’mon Man!
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By the way, as somebody against Trump, this ought to REALLY piss you off. All this does is solidify support for Trump. I’m a “Never Again, Trumper” but this make me feel much more sympathetic to the cause. There will be many other voters that were in the fence that will be leaning towards Trump now.
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@LuFins-Dad said in Trump loses in NY:
No, no, no. This is a private business transaction between 2 corporate entities. It is the responsibility of the bank to establish and verify the property values, and believe me, they did. If they didn’t, the crime here is on the part of the banks by ignoring their fiduciary responsibilities to the depositors in their bank. In addition, it is in no way shape or form the responsibility of any government to establish the value of a business.
I haven’t reviewed the details but I believe the government has plenty of proof and testimony that the financial statements Trump used were purposefully inflated (aka fraudulent), no?
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@LuFins-Dad said in Trump loses in NY:
By the way, as somebody against Trump, this ought to REALLY piss you off. All this does is solidify support for Trump. I’m a “Never Again, Trumper” but this make me feel much more sympathetic to the cause. There will be many other voters that were in the fence that will be leaning towards Trump now.
Don’t really think so. Those who will vote for Trump already know it. It’s a smaller number than what he got in 2020 because of his election loss antics. I doubt anyone will be like “well I wanted to vote for someone else but now I feel bad for Trump being held accountable for fraudulent financial statements to banks”
