Saturday, July 27, 2024

Net Worthless

Because he’s no longer in charge.
The publication learned that Trump's court-appointed financial monitor, retired judge Barbara Jones, wrote in a recent footnote of her latest report on the Trump Organization that the real estate mogul will no longer send out statements publicizing his net worth — something he's done since 2004. 
"Based on discussions with the Trump Organization, my understanding is that the Trump Organization does not intend to develop any estimations of value for any entity, the Trump Organization as a whole, or the guarantors' collateral," Jones' footnote read. 
In the event that a lender needs to know the value of the Trump Organization's real estate portfolio, the company is now reportedly inviting outside parties to simply hire their own appraiser to determine the value of a given asset. The ex-president's company has also said it would hire an independent property appraiser to gauge the worth of a building in the event of an inquiry.
Why else is this happening?
The fraud trial that lasted from late 2023 to early 2024 found that while he was a New York real estate developer, Trump had a deliberate pattern of lying about his net worth in order to obtain favorable insurance premiums, collateralize his buildings to get bigger and better loans and to garner more favorable tax breaks. Judge Engoron wrote that the level of fraud Trump perpetrated had the ability to "leap off the page and shock the conscience."
Trump is a fraud, and his financial statements were fraudulent. So now, under court control, he’s no longer able to make fraudulent financial statements.

And the appeal of the final judgment? That’s only on damages. The Appellate Division already ruled against Trump on the fraud findings. 
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