New York AG sues Trump Organization & Trump family members

Pardlion

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Misrepresenting financial information in order to obtain loans, file income taxes, etc . Is fraud. GAAP is one of the standards used to determine proper conduct.
Gaap generally doesn’t apply here. There is an allegation that there was a representation of gap compliance but I have questions abt that.

different valuations can occur for different purposes and fraud doesn’t exist without reliance and damage.
 

bdgan

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Misrepresenting financial information in order to obtain loans, file income taxes, etc . Is fraud. GAAP is one of the standards used to determine proper conduct.
So now you're saying Trump committed tax fraud by overvaluing asset values? Tell us how you illegally avoid paying taxes by doing this.
 

fbh1

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Nice word salad but you continue to avoid answering my question.
And your question was what? I think I did a good job of explaining the relevance of GAAP to this situation. And oh by the way I have never gotten any answer to the question I asked a few weeks ago asking someone like yourself to explain the justification for Trump taking all of the files and documents to MAL. You never even tried to justify him doing so since they were not his to take. If I am supposed to answer your question why don’t answer mine?
 

fbh1

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Gaap generally doesn’t apply here. There is an allegation that there was a representation of gap compliance but I have questions abt that.

different valuations can occur for different purposes and fraud doesn’t exist without reliance and damage.
I guess we’ll just have to wait and see how the court treats these blatant misrepresentations.
 

bdgan

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And your question was what? I think I did a good job of explaining the relevance of GAAP to this situation. And oh by the way I have never gotten any answer to the question I asked a few weeks ago asking someone like yourself to explain the justification for Trump taking all of the files and documents to MAL. You never even tried to justify him doing so since they were not his to take. If I am supposed to answer your question why don’t answer mine?
I don't recall weighing in on the documents at Mar a Lago except to say that the raid appeared to be politically motivated.

I heard that the GSA works with White House officials to pack up and move stuff including paper documents. I have no idea if/why Trump would take documents he was not allowed to have or why the GSA would allow that to happen anyway. I've read that it's common for people from the National Archives to work with former presidents to sort things out years after the move.
 

fbh1

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So now you're saying Trump committed tax fraud by overvaluing asset values? Tell us how you illegally avoid paying taxes by doing this.
Where did I say tax fraud? You have a habit of putting words in my mouth. I do know they are looking at possible tax ramifications. Did he use his absurd valuations to raise money from banks and potential investors? I believe that we are going to learn a lot about the unethical way that Trump conducted his business. I can’t wait to see where this leads.
 

bdgan

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And your question was what? I think I did a good job of explaining the relevance of GAAP to this situation. And oh by the way I have never gotten any answer to the question I asked a few weeks ago asking someone like yourself to explain the justification for Trump taking all of the files and documents to MAL. You never even tried to justify him doing so since they were not his to take. If I am supposed to answer your question why don’t answer mine?
You did not explain the relevance of GAAP.

U.S. generally accepted accounting principles, also known as GAAP, is a common accounting method but is not the only choice for real estate companies that issue financial statements. Real estate owners should also consider how the use of the income tax basis for financial reporting would impact their reported financial results and balance sheet.1 The income tax basis of accounting often produces reported financial results that are more closely aligned with certain economics of the business, particularly the cash flows associated with leases.

GAAP reporting would be required if the real estate entity is a public company, such as a publicly traded REIT, and would likely be required by institutional investors who are partners in a private real estate company. But when the entity’s choice of accounting method is not dictated by governing bodies, real estate owners should be aware that income tax basis financials might be a more useful management tool and provide greater transparency and insight into how the business is performing. This article will highlight some of the more common differences that occur in real estate financials when using GAAP vs. the accrual basis2 of income tax basis reporting — not all of them, but rather those that are most likely to arise in the normal course of operations. It will discuss the impact the choice of accounting method will have on a real estate company’s financial position and results of operations.
 

fbh1

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I am certainly well aware of the difference between how accrual based vs cost based accounting works. I am done arguing this out with you as in the past I have spent far too much time on this board arguing about issues like this. GAAP is still considered the gold standard as to how accounting in supposed to be practiced. It is not an "accounting method" as you describe in you response above. I have served as an expert witness in a case against Tandy Corporation (Radio Shack)... where compliance to GAAP was the whole basis for the final ruling against Tandy. I will agree that real estate accounting practices prefer using accrual accounting rather than valuing by cost, etc. However, proper accounting practices representation are supposed to be determined using realistic valuation methods. Read the actual lawsuit that contends that there are dozens of examples of allegedly false financial filings that inflated Trump's net worth as part of a variety of questionable business schemes. I am more than willing to wait to see what surfaces as the result of this indictment. I have to go to work now so I am not interested in continuing this dialogue... at least for now. I have one question to ask before ending my participation. Don't you ever grow weary of having to defend your hero against all of the charges and investigations going on about him?
 

2lion70

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I don't recall weighing in on the documents at Mar a Lago except to say that the raid appeared to be politically motivated.

I heard that the GSA works with White House officials to pack up and move stuff including paper documents. I have no idea if/why Trump would take documents he was not allowed to have or why the GSA would allow that to happen anyway. I've read that it's common for people from the National Archives to work with former presidents to sort things out years after the move.
The GSA has no authority to question what is in boxes they are moving. The person/entity moving items is solely responsible for what is packed - probably WH Staff and Family.
 

2lion70

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An audit means very little unless it is a certified audit. Did Mazars certify the statements? If so Mazars could be in the same trouble that Anderson faced.
Mazars never audited the financials - it's in the Complaint PP 12-13. The Financials were prepared and attested to by DJT, CFO & other officers of the organization. Mazars made sure all Financials or other docs with their name plainly stated 'unaudited' and they never issued an Opinion on the statements.
 

RoyalT12

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Mazars never audited the financials - it's in the Complaint PP 12-13. The Financials were prepared and attested to by DJT, CFO & other officers of the organization. Mazars made sure all Financials or other docs with their name plainly stated 'unaudited' and they never issued an Opinion on the statements.
A little side of topic tweet/ karma is a bitch named Stormy
 

bdgan

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I am certainly well aware of the difference between how accrual based vs cost based accounting works. I am done arguing this out with you as in the past I have spent far too much time on this board arguing about issues like this. GAAP is still considered the gold standard as to how accounting in supposed to be practiced. It is not an "accounting method" as you describe in you response above. I have served as an expert witness in a case against Tandy Corporation (Radio Shack)... where compliance to GAAP was the whole basis for the final ruling against Tandy. I will agree that real estate accounting practices prefer using accrual accounting rather than valuing by cost, etc. However, proper accounting practices representation are supposed to be determined using realistic valuation methods. Read the actual lawsuit that contends that there are dozens of examples of allegedly false financial filings that inflated Trump's net worth as part of a variety of questionable business schemes. I am more than willing to wait to see what surfaces as the result of this indictment. I have to go to work now so I am not interested in continuing this dialogue... at least for now. I have one question to ask before ending my participation. Don't you ever grow weary of having to defend your hero against all of the charges and investigations going on about him?
Trump is not my hero. I supported a majority of his policies but not all of them. I have been critical of some of Trump's antics. I have been very clear on this but board libs revert to things like hero, cult, Nazi, racist, etc. when they run out of arguments.

P.S. I never claimed that Trump provided accurate valuations for his properties. In fact I strongly suspect that he used high valuations. I only asked two questions. One was about who was the victim and what were the damages. The other was about GAAP reporting requirements for privately owned companies. You didn't answer either.
 
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jferretti

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Trump is not my hero. I supported a majority of his policies but not all of them. I have been critical of some of Trump's antics. I have been very clear on this but board libs revert to things like hero, cult, Nazi, racist, etc. when they run out of arguments.

P.S. I never claimed that Trump provided accurate valuations for his properties. In fact I strongly suspect that he used high valuations. I only asked two questions. One was about who was the victim and what were the damages. The other was about GAAP reporting requirements for privately owned companies. You didn't answer either.
If the IRS proves that his valuations of properties were unfairly understated to avoid taxation then we are all damaged. If he overstated values to get loans that he would otherwise not be qualified for then stockholders and pension funds that invest in banks are damaged. Attorneys General have jurisdiction to sue for fraud and to refer cases to other agencies, like the IRS, if warranted.
 

BW Lion

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It’s
I am certainly well aware of the difference between how accrual based vs cost based accounting works. I am done arguing this out with you as in the past I have spent far too much time on this board arguing about issues like this. GAAP is still considered the gold standard as to how accounting in supposed to be practiced. It is not an "accounting method" as you describe in you response above. I have served as an expert witness in a case against Tandy Corporation (Radio Shack)... where compliance to GAAP was the whole basis for the final ruling against Tandy. I will agree that real estate accounting practices prefer using accrual accounting rather than valuing by cost, etc. However, proper accounting practices representation are supposed to be determined using realistic valuation methods. Read the actual lawsuit that contends that there are dozens of examples of allegedly false financial filings that inflated Trump's net worth as part of a variety of questionable business schemes. I am more than willing to wait to see what surfaces as the result of this indictment. I have to go to work now so I am not interested in continuing this dialogue... at least for now. I have one question to ask before ending my participation. Don't you ever grow weary of having to defend your hero against all of the charges and investigations going on about him?
Freddy the Fraud,

it’s probably best that you quit while behind seeing as how you summarily got your ass handed to you.
 
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Jason1743

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You constantly defend Biden and his lies.
Actually I can't remember defending Biden "and his lies." Biden has issues for sure, but I do like him a million percent more than Donald. I'd like to see new blood in both parties.
DeSantis goaded wealthy, powerful people into exposing just how disingenuous, immoral, selfish and greedy they are.
If you are talking about the Martha's Vineyard plane of immigrants, I disagree. There certainly are a lot of hypocrites floating around (Desantis is one), but I thought the people of the Vineyard treated the plane load of Desantis's political pawns well.
 
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m.knox

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You must really like me - you remember dates of my posts- a bit pathetic but flattering.

Not really. I just have a really good memory. For example, I remember when your fellow liberal ideologue @NJPSU posted an article about a woman on assistance who couldn't afford meat at the end of the month because her assistance was running out. NJ wanted more assistance. I guess he felt bad and wanted to feel good by giving her more money.

It became clear that he didn't read the entire article. The woman was a single mother whose daughter was living with her, and she was a single mother too. Both went on to say that they wouldn't find work as it would reduce her assistance.

The archives go back to 2015. I think it was prior to 2015.

See, good memory..... Especially for the ridiculous.
 
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RoyalT12

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Not really. I just have a really good memory. For example, I remember when your fellow liberal ideologue @NJPSU posted an article about a woman on assistance who couldn't afford meat at the end of the month because her assistance was running out. NJ wanted more assistance. I guess he felt bad and wanted to feel good by giving her more money.

It became clear that he didn't read the entire article. The woman was a single mother whose daughter was living with her, and she was a single mother too. Both went on to say that they wouldn't find work as it would reduce her assistance.

The archives go back to 2015. I think it was prior to 2015.

See, good memory..... Especially for the ridiculous.
You need a hobby, that was pathetic.
 

Aardvark86

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Jan 23, 2018
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Long overdue action here. She is seeking over $250 million in damages, due to widespread fraud by the defendants in "grossly overvaluing" properties for years. (How shocking.) She has sued not just the Trump Organization, but Cheeto, Cheeto, Jr., Eric, and Ivanka. (No Jared?!) Here's the link:


I loved the following excerpt from the linked article:

"James said that Trump had falsely claimed that his apartment in Manhattan was more than triple its actual size as part of the fraud."

Wait, wut? Cheeto claiming something of his was way bigger than its actual size?

trump_small_hands.jpg
You know, I don't doubt that their finances aren't the greatest thing since sliced bread, as it's consistent with the historic MO of his organization as being fundamentally a marketing organization.

With that said, I'm sure his lenders and investors are big boys and girls. Which of course leads me to my next point, which is that let's not be under any illusion that the current NY AG is really anything but an attention whore. (That's no unique slam against her; I'm sure you'd say the same thing about, say, Greg Abbott.)
 
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fbh1

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It’s

Freddy the Fraud,

it’s probably best that you quit while behind seeing as how you summarily got your ass handed to you.
I thought about responding to your stupid post and then I decided you aren't worth the time or effort. Keep on stalking and doxxing... that seems to be the only thing you can actually do...you must be an insecure creep. If you want to discuss this further I invite you to contact me directly since you obviously know who I am.
 

Jason1743

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Jan 23, 2006
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You know, I don't doubt that their finances aren't the greatest thing since sliced bread, as it's consistent with the historic MO of his organization as being fundamentally a marketing organization.

With that said, I'm sure his lenders and investors are big boys and girls. Which of course leads me to my next point, which is that let's not be under any illusion that the current NY AG is really nothing but an attention whore. (That's no unique slam against her; I'm sure you'd say the same thing about, say, Greg Abbott.)
I agree, Letitia James is an attention whore, who I might add is up for re election this year. There are many attention whores in politics. It's how they get elected.
Attention whore or not, it doesn't change the facts of the case which are not good for the Donald and his family.
 

Hotshoe

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Feb 15, 2012
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Actually I can't remember defending Biden "and his lies." Biden has issues for sure, but I do like him a million percent more than Donald. I'd like to see new blood in both parties.

If you are talking about the Martha's Vineyard plane of immigrants, I disagree. There certainly are a lot of hypocrites floating around (Desantis is one), but I thought the people of the Vineyard treated the plane load of Desantis's political pawns well.
Yeah, because America is in such a better place today than 2 years ago. The economy is a disaster, and we have a president that cannot walk off a stage in the right direction. Most of what he states gets walked back by his team. The other day he said we would put boots on the ground to defend Taiwan. And you defend this nonsense all for your ridiculous party.
 

Aardvark86

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Jan 23, 2018
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I agree, Letitia James is an attention whore, who I might add is up for re election this year. There are many attention whores in politics. It's how they get elected.
Attention whore or not, it doesn't change the facts allegations of the case which are not good for the Donald and his family.
Let's be precise here, in the interest of fairness. Otherwise I agree. (BTW, I'm a little surprised you weren't deemed worthy of being in the 'smartest liberal' poll, as i've always found you to be largely fair-minded, if often exasperated.)
 
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Hotshoe

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Let's be precise here, in the interest of fairness. Otherwise I agree. (BTW, I'm a little surprised you weren't deemed worthy of being in the 'smartest liberal' poll, as i've always found you to be largely fair-minded, if often exasperated.)
Jason is fair minded, he just white washes all the sh&t the Dems do. He supports Biden, even though, he's been a flat out racist his entire life. Wants boots on the ground to defend Taiwan. Then the dumbass canceled the tactical, nuclear cruise missel program. We have no way to defend against strategic nuclear attacks. Absolutely nothing.

Oh yeah, then he supports 8 year olds should be able to do transgender transformation. What adult with a proper mind says that?
 
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Jason1743

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Yeah, because America is in such a better place today than 2 years ago. The economy is a disaster, and we have a president that cannot walk off a stage in the right direction. Most of what he states gets walked back by his team. The other day he said we would put boots on the ground to defend Taiwan. And you defend this nonsense all for your ridiculous party.
Yep, September 2020 was great. Unemployment was 7.9%, 2500 people/day were dying from COVID and the Dow was down 15% for the year.
 

Jason1743

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(BTW, I'm a little surprised you weren't deemed worthy of being in the 'smartest liberal' poll, as i've always found you to be largely fair-minded, if often exasperated.)
The thought did cross my mind, LOL. I do try to be fair minded.
 

Hotshoe

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Yep, September 2020 was great. Unemployment was 7.9%, 2500 people/day were dying from COVID and the Dow was down 15% for the year.
Seriously? We were in a pandemic. You and your party insisted on shutting down business and closing schools. Yiu, personally, made numerous comments regarding football players and heart conditions. Get real. So, I guess you think Trump was responsible for Covid. Biden has far more deaths with 3 vaccines. You and your party blamed him for deaths. Try some fking honesty.
 

Hotshoe

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Speaking of dumb asses, your Sun Devil pedigree is showing ... :cool:
Coming from the political hack that thinks this is going somewhere. The same fking idiot that said Trump would be in jail over a year ago. Cal grad. Lmao. You're no one with a paper degree worth nothing more than any others. I had real professors that were world class. You went to fking Cal. You didn't go to Stanford, and you didn't go to Berkeley. You're a fat ass pathetic joke.
 

PSUEngineer89

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Where did I say tax fraud? You have a habit of putting words in my mouth. I do know they are looking at possible tax ramifications. Did he use his absurd valuations to raise money from banks and potential investors? I believe that we are going to learn a lot about the unethical way that Trump conducted his business. I can’t wait to see where this leads.
Can we look at your valuations?

I bet I can find a violation.
 

2lion70

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Trump is not my hero. I supported a majority of his policies but not all of them. I have been critical of some of Trump's antics. I have been very clear on this but board libs revert to things like hero, cult, Nazi, racist, etc. when they run out of arguments.

P.S. I never claimed that Trump provided accurate valuations for his properties. In fact I strongly suspect that he used high valuations. I only asked two questions. One was about who was the victim and what were the damages. The other was about GAAP reporting requirements for privately owned companies. You didn't answer either.
The valuations used by trump and the Trump Org were adjusted up and down to meet the need of what was being done. For loans they were inflated so that the collateral seemed larger. For Taxes they were devalued to reduce the taxes, property, due. Trump also wanted to have everyone think he was very wealthy and inflated the values of properties to achieve that end. Just another case of lying for Donnie.
 

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