Judge puts Trump Organization's finances under oversight of independent monitor

Originally published at: Judge puts Trump Organization's finances under oversight of independent monitor | Boing Boing


loop GIF by bigblueboo


It will be interesting to see what crawls from under the rocks now that the finances aren’t controlled by weaselly sycophants and overgrown children.




And was roundly mocked for doing so…


There are some nice statements in the order.

SFC = Statements of Financial Condition

On page 4:

SFCs serve an important function in the real world; allowing blanket disclaimers to insulate liars from liability would completely undercut that function.

The specific “following examples [of fraud] are particularly compelling” on pages 6-8 are fun to read, like his representation of the value of his apartment in Trump Tower

would have valued the apartment at more than $7,200 per square foot, when the highest price paid for an apartment in that building was $3,027 per square foot.

and on page 8

Mr. Weisselberg represented to the Zurich underwriter that the fair values of the properties within the SFCs were deteremined by outside professional firms such as C&W, when, in fact, the Trump Organization itself concocted them out of whole cloth.

The judge ordered an independent monitor and the defendants (Trump and his cronies) are going to pay for it.


Breaking news: Trump responds by threatening the judge.


I read awhile ago that TFG was saying that “so I lied a little about valuations, no harm done, the loans get paid back”

Well, numero uno, the loans haven’t all been paid back every time, have they? Isn’t that what bankruptcy is about? Not to mention various strongarm tactics to get non-performing debts written off even before bankruptcy.

And, numero two-o, all the economic theory I read a hundred or so years ago when I was in college (it was the 70s/80s) insists on free and equal access to information as critical to the good functioning of capitalism’s invisible hand. So they lies directly attack capitalism. Maybe some given lie ended up in a deal that paid off ok to the lender, but if it prevented the lender from seeking a better place to put his money then it’s bad for capitalism.


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