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this post was submitted on 28 Feb 2024
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politics
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I don't understand why he would be allowed to borrow money for this purpose. Seems to me that would be an opportunity to commit more fraud by using properties at inflated values as collateral.
I am sure there's a Russian bank out there that will give him amazing terms on a "loan".
Would love for that to happen, then US seizes the Russian funds. Would be hilarious.
Realistically, selling something like Trump Tower isn't the same as getting cash for a car.
You mean he doesn't have the cash on hand.
Realistically, if you need to sell your car, your .ode of transport to mount your appeal, it should be no easier for someone with investments that won't impact their life, only their income.
Most rich people don't have cash on hand and don't want it.
I remember reading a story where a con man is talking about money. He tells his protege that if he wants to look like a rube he'll pull out a fat wad of hundreds. If he wants to look like a doctor or lawyer he'll use a premium credit card, but if he wants to look like a real high roller he'll come in with an assistant who handles the payments.
It's a little like physics. Different rules when you get to the quantum level.
I'll take it one step further, most rich people pay for big bills with debt whenever possible. That's because debt doesn't incur tax events. It's better to take out a 10 year loan for 1 billion dollars and pay it off by slowly selling of equity then it is to sell 1 billion in equity + the extra you'll need to pay off the tax man.
I'm sure some real accountants and lawyers could give us many more examples.
The difference with most "billionaires" is that the bank wants their business and wants to lend to them. Trump, not so much.
That's the point. He's not really a billionaire. He'd be even further from it if it wasn't for the grifting that has happened since he started his run.
Nobody had ever made money campaigning before. He didn't find a loophole, he wanted the ego boost but a confluence of factors meant he made money to cover his debts. That's all starting to crumble as the malfeasance that got him there has consequences. However he has yet to really feel them.
There's a Mafia scam called a 'bust out.'
The mob takes over a legit business, call it Joe's Diner. Joe starts ordering new equipment and tons of food. Joe's partners sell the new stuff and keep the cash, whle poor Joe is left with a mountain of debt. Eventually the diner goes broke.
I can see something like that happening here. I'm not a lawyer or an accountant, but I know that when you're playing with billions of dollars, it's easy to skip out with a few million here and there.
Hopefully, every bank is on to his scams at this point and would require 3rd party appraisals.
I would be more concerned that he would use it to launder money. For example, he can't use campaign money to pay his civil judgment, but his campaign could "rent" some space and other services from Trump corp for exorbitant amounts to raise the funds to pay the loan. He has been using the scam to launder Russia mob money since the 80s.
Got to be honest, I don't think it was an issue of banks not knowing about the scam.
I wouldn't be surprised if some of these "loans" weren't partially secured with foreign checkbooks.
Any bank lending to Trump is at high risk of losing money. He could've gotten a loan from any bank in any other state, right? How is having access to a bank in NY going to change anything?
Probably because they would accept Trump Tower and other NY assets as collateral. But any bank that actually did and tried to sieze them after he defaults would likely face years of lawsuits. Caveat emptor and all that.
Well, the feds fucking love letting someone commit additional crimes while they watch
I bet it's more of a non-issue in that no bank is going to lend anymore.
I can see why no bank would lend him money, especially with the risk of his properties being seized. But this guy keeps getting away with it. I won't believe it until I see it.
Might be a bank in Russia....
Isn't there a special master monitoring his finances? If so, I'm fine with giving him more rope
I think so. I'm not sure what the special master does.