I have a confession.
I never thought the show trial over Donald Trump’s loans would go this far. I never thought New York state would seriously try to enforce the absurd $464 million judgment against Trump for his “crime” of borrowing money and paying it back.
I assumed the adults would step in once the kids had had their fun putting Trump through the wringer, because the case was so obviously politically motivated. I figured a higher court would quickly reverse Judge Arthur Engoron’s verdict, or at least that New York attorney general Letitia James would ensure Trump could appeal.
I was wrong. It turns out Trump does not have $500 million lying around to post a bond, which is a requirement for him to appeal the case. And it turns out that James is actively laying the groundwork to seize Trump’s assets. If Trump can’t post the bond by Monday, she may take them.
How do I put this politely?
Everything about this case is insane.
I cannot keep emphasizing this point enough: yes, Trump overstated the value of his assets when he sought these construction loans.
But the banks that lent him the money were enormous and sophisticated institutions well aware of Trump’s penchant for exaggeration. They performed their own analysis of his assets and whether to make the loans. They made them happily.
AND TRUMP REPAID THEM.
In his own initial decision against Trump in September, Engeron himself found:
“The record is devoid of any evidence of default, breach, late payment, or any complaint of harm…”
He then blithely rejected those facts as “completely irrelevant.”
If this is civil fraud worthy of a nearly half-billion dollar penalty, then practically every business owner in New York risks losing everything for any exaggeration.
You said your bagels were the best? We’re shutting your store!
You claimed LaGuardia is a great airport these days? Too bad, we’re fining you a billion dollars and seizing your planes!
You told investors you were close to a big new contract for solar panels? Sorry, you weren’t actually close, at least not in our opinion! Your factory is ours now!
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Meanwhile, the coverage of the case has been a case study in how hatred for Trump distorts reporting. Here is how the Associated Press reported on Engeron’s initial ruing against Trump last September:
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, found that Trump and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing loans…
Nowhere - NOWHERE - in the story did the AP acknowledge that Trump had repaid all the loans with interest.
So here we are. The leading opposition candidate for President risks having a huge chunk of his assets seized and sold by an official who is a member of the party in power, for a “crime” which had no victims. Meanwhile the media leers.
The adults - if any are left - had better step in soon.
1 comment:
Interesting how the assets of individuals who have highly conflated their CV never have their assets seized. Or what about the used car salesman who manages to sell a vehicle to a widow with the full knowledge that half the crap he told her about the vehicle reliability is false?
This is a political hit job and everyone knows it.
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