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re: OT- Apparently Buck Belue is a Liberal
Posted on 10/6/23 at 2:44 pm to retooc
Posted on 10/6/23 at 2:44 pm to retooc
Deutsche Bank says he didn't pay back a $287 million dollar loan from 2010 on. Wonder who is telling the truth? Bet I can guess. Trump then sued Deutsche Bank for 3 billion dollars, claiming predatory practices. It is rumored that Trump now owes close to a billion dollars with his current loans. To say this is a victimless crime is pure bullshite.
This post was edited on 10/6/23 at 2:56 pm
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Posted on 10/6/23 at 3:36 pm to deeprig9
quote:
Who were the plaintiffs and what are claimed as actual damages in the suit?
I wonder why nobody is answering this.
Hint: The plaintiff in this civil suit isn't any bank or financial institution or investor.
Posted on 10/6/23 at 3:43 pm to deeprig9
Imagine the Gwinnett County DA suing me in civil court for possible mis-statment of my assets on my mortgage application 10 years ago. Imagine how impossible and utterly retarded that would be.
That's what NY is doing to Trump right now. All to revoke his local NY business licenses and try to bankrupt his NYC operations.
I don't care if you are a commie and want socialized medicine and repeal 2A and all the other liberal shite, but if you think this method of weaponized justice is an appropriate manner to secure those goals, you literally are Hitler and you should be shot. And if this shite keeps up, people will start getting shot. This is bigger than internet arguments and memes. We're watching the actual downfall of a free nation. I'm not over stating that, it's not hyperbole.
That's what NY is doing to Trump right now. All to revoke his local NY business licenses and try to bankrupt his NYC operations.
I don't care if you are a commie and want socialized medicine and repeal 2A and all the other liberal shite, but if you think this method of weaponized justice is an appropriate manner to secure those goals, you literally are Hitler and you should be shot. And if this shite keeps up, people will start getting shot. This is bigger than internet arguments and memes. We're watching the actual downfall of a free nation. I'm not over stating that, it's not hyperbole.
Posted on 10/6/23 at 3:47 pm to deeprig9
I agree with deeprig on this.
No laws have been broken.
No entity has been harmed.
It feels like a lot of people have become numb to the witch hunt that has become the democratic party against trump.
No laws have been broken.
No entity has been harmed.
It feels like a lot of people have become numb to the witch hunt that has become the democratic party against trump.
Posted on 10/6/23 at 3:49 pm to deeprig9
For what it is worth, deeprig and I know all about secured loans.
This is beyond retarded.
This is beyond jumping the shark.
This is New York City politics.
The behavior by politicians should be treasonous in a free market society.
This is beyond retarded.
This is beyond jumping the shark.
This is New York City politics.
The behavior by politicians should be treasonous in a free market society.
Posted on 10/6/23 at 4:04 pm to FinleyStreet
quote:
Technically he's being accused of both - understating assets for tax purposes and overstating assets to get debt from lenders.
Well, to be fair, Tax basis allows accelerated depreciation, where GAAP doesn't. Your Tax basis will typically always be lower than your GAAP basis.
You use GAAP basis to secure loans, you use Tax basis to file taxes. Your statement alones isn't indicative of anything other than basic accounting.
Posted on 10/6/23 at 4:17 pm to Barstools
quote:
Well, to be fair, Tax basis allows accelerated depreciation, where GAAP doesn't. Your Tax basis will typically always be lower than your GAAP basis.
You use GAAP basis to secure loans, you use Tax basis to file taxes. Your statement alones isn't indicative of anything other than basic accounting.
But mmmmbeer said, and I quote, "that's illegal as frick". He knows, because he heard on NPR and validated it on DU.
Posted on 10/6/23 at 4:20 pm to deeprig9
I mean if the under/overstatement was a huge enough amount, sure it could be illegal. I'm not sure of the facts, just pointing out the statement alone just shows he was doing his accounting properly.
ETA: I also wouldn't expect this judge to understand the nuances of property accounting. I would imagine they had fellow CPAS testify but I wouldn't put if past the judge to see 2 different asset values for two different things and try to say that it's fraud.
ETA: I also wouldn't expect this judge to understand the nuances of property accounting. I would imagine they had fellow CPAS testify but I wouldn't put if past the judge to see 2 different asset values for two different things and try to say that it's fraud.
This post was edited on 10/6/23 at 4:24 pm
Posted on 10/6/23 at 4:23 pm to FinleyStreet
quote:
Technically he's being accused of both - understating assets for tax purposes and overstating assets to get debt from lenders.
Probably every person on this board complains when we get our property valuation for taxes....then we complain when we try to sell our house thinking we should get a whole lot more than that.
Posted on 10/6/23 at 4:53 pm to Barstools
quote:
I mean if the under/overstatement was a huge enough amount, sure it could be illegal. I'm not sure of the facts, just pointing out the statement alone just shows he was doing his accounting properly
Huh?
A loan application is a loan application.
It is the lender's job to assign value for collateral assets. It is the lender's job to deem qualifications for the terms of the loan.
If I have a rare coin and list it as an asset on a loan application, the lender can use the asset for underwriting, not use the asset for underwriting, or order their own appraisal and go off that 3rd party valuation for the asset for underwriting.
We are talking about applications and ensuing underwriting of said applications.
There should be no prosecuting attorney involved in this horseshite of a witch hunt.
Posted on 10/6/23 at 5:01 pm to deeprig9
Probably more like a Georgia GOPe Republican if I had may guess.
Posted on 10/6/23 at 5:10 pm to Whiznot
quote:
Trump is a billionaire only if debts are considered assets.
If I have a $1000 a month debt payment on an investment property that I make $3000 a month on, there is value in my business. The debt is an asset. Not in accounting terms on a balance sheet, but on the income statement, it adds considerable value to my company.
quote:
Donald is the world's biggest beggar. Billionaires don't spend every minute thinking about how to beg for more money.
What in the absolute cinnamon toast crunch frick are you talking about?
Posted on 10/6/23 at 5:20 pm to deeprig9
BREAKING- This afternoon a NY appeals court halted this insane judge's order for Trump to dissolve his NY assets.
CNN link- LINK
They just want to put him out of business and bankrupt him. If this doesn't convince yall that it's all bullshite, then nothing will, and it is civil war II time.
CNN link- LINK
They just want to put him out of business and bankrupt him. If this doesn't convince yall that it's all bullshite, then nothing will, and it is civil war II time.
Posted on 10/6/23 at 5:42 pm to deeprig9
Isn't this the same type of charges that sent the Crissley's to prison. They over stated what they were worth in order to get favorable loans, but under reported to evade taxes?
Posted on 10/6/23 at 5:53 pm to AirbusDawg
quote:
Isn't this the same type of charges that sent the Crissley's to prison. They over stated what they were worth in order to get favorable loans, but under reported to evade taxes?
No, the Chrissley's were found guilty of criminal charges for tax evasion and ripping off banks. Trump and his organization have not been formally accused, criminally or civilly, for either. The civil case that is being litigated now does not have a plaintiff, it is the local DA suing on behalf of a victim that does not exist.
Posted on 10/6/23 at 6:18 pm to deeprig9
This is a bad vibe thread. Save this shite for the off season.
Posted on 10/6/23 at 6:20 pm to K9
Go Dawgs
Posted on 10/6/23 at 6:46 pm to K9
quote:
This is a bad vibe thread. Save this shite for the off season.
Buck Belue said it yesterday. So I posted it yesterday. The topic is clearly titled, nobody was tricked into coming into this thread.
Posted on 10/6/23 at 6:58 pm to meansonny
A loan application is going to look at your GAAP basis for an asset you are pledging as collateral and will be different than your tax basis in the same asset.
In this case, the asset value of mar a lago on his tax forms is going to be different than the asset value he lists for a loan. The banks don't care about you tax basis (MACRS depreciation). The bank is going to use the FMV. 2 very different numbers for the same asset.
Lenders use audited financial statements which are prepared under gaap basis. They aren't using the value you list on your tax forms.
In this case, the asset value of mar a lago on his tax forms is going to be different than the asset value he lists for a loan. The banks don't care about you tax basis (MACRS depreciation). The bank is going to use the FMV. 2 very different numbers for the same asset.
Lenders use audited financial statements which are prepared under gaap basis. They aren't using the value you list on your tax forms.
This post was edited on 10/6/23 at 7:11 pm
Posted on 10/6/23 at 7:01 pm to Barstools
Once the experts and facts started coming out in this thread, isn't it funny how certain people disappear?
Like cockroaches when the lights come on.
Like cockroaches when the lights come on.
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