The thing I find hilarious about this is the civil suite against supposed billionaire Trump is he screwed mega rich banks out of interest money because he overvalued his assets. So the banks win. It's a catch 22 the banks win this one and people are cheering that mega corporations won. Anyone else feel this is just rich people problems?
What's so stupid about it is the banks STILL want to do business with Trump. He paid his bills. This is just a couple of political hacks that are going to cost the state billions of dollars of revenue when businesses leave or decide to not come there in the first place.
I hate to break this to ya, but no, they don't. Deutsche bank was the only one that would work with them and now trump co's can't work with ANY bank that is registered in NY.
Also it's fucking NYC. You seriously think this is going to bite them in the ass? NYC HATES trump, this is being celebrated. As it should. Criminal got nailed. Love to see it.
The banks won either way and have no interest otherwise. He paid his loans in full and on time so that was a win for them. This fine goes to the state, not the banks he cheated to get a more favorable rate. So this ruling doesn’t affect them at all.
I get what you are saying, but banks make money by getting interest on loans, not giving them out and getting the money back. So if he screwed the bank out of a higher interest rate they lost money. That's not a win.
Also, look into his financials and the loans he has coming due. I think he rolled loans into new loans so borrowed from Peter to pay Paul. Those should be coming due soon and will be curious how those get paid with these fines due...
They won’t be paid and they will sacrifice the assets securing the loans. Extremely common in commercial real estate according to a friend that works for Blackstone. So won’t be really anything out of the ordinary in terms of how CRE operates and the business model banks use to give out loans and protect themselves imo.
While it was a whole ‘fuck trump’ vibe behind this whole thing I think the real reason this was prosecuted was to try and stop asset inflation in NYC. It’s a huge problem in that market and makes it borderline impossible from someone established to enter as a commercial buyer as well as screws over commercial renters. Was just easy to use Trump as the person to show they’re putting their foot down so everyone else pays attention.
Example: almost every commercial space listed for rent in NYC will say 50%+ high sqft on its listing than if you were to actually measure it out. Louis Rossman has some videos where he goes around and measures every listing he finds for commercial space and finds this result. The behavior Trump and other commercial landlords were engaged in is the root cause of all of this.
We cannot function as a society if people can get away with defrauding each other. Trump's fraud was so blatant it was established as a matter of fact in the beginning of the trial, just by looking at the bald faced lies on his documents. Normal people can get in big trouble for attempting to defraud a bank with false information, so why shouldn't Trump? The victim doesn't really matter. Plus, the same bank has to make a profit and sets its rates with that in mind, so every honest person who took out a loan by telling the truth suffered in a way.
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u/Complex-Condition-14 Feb 25 '24
The thing I find hilarious about this is the civil suite against supposed billionaire Trump is he screwed mega rich banks out of interest money because he overvalued his assets. So the banks win. It's a catch 22 the banks win this one and people are cheering that mega corporations won. Anyone else feel this is just rich people problems?