Trump fraudulently inflated his net worth by billions of dollars, New York AG says

MicroWave@lemmy.world to politics @lemmy.world – 599 points –
politico.com

Donald Trump fraudulently inflated his net worth by as much as $2.2 billion per year, New York officials said in court filings unsealed Wednesday ahead of his upcoming civil fraud trial.

The new estimates came in filings from the New York state attorney general’s office, which is suing Trump, some of his adult children and his business empire for falsifying his net worth in an effort to obtain favorable terms from banks and insurance companies. The trial is set to begin Oct. 2.

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This certainly explains why he needs broke ass dumbasses to pay his legal fees for him.

So much winning!

I love the poorly educated!

-Trump in 2016

There is a reason the GQP it trying to dismantle the education system in the US...

oh absolutely. ironically, he's just as dumb as his constituents.

Professor Kelley told me 100 times over three decades that “Donald Trump was the dumbest goddam student I ever had.” I remember his emphasis and inflection — it went like this — “Donald Trump was the dumbest goddam student I ever had.” Dr. Kelley told me this after Trump had become a celebrity but long before he was considered a political figure. Dr. Kelley often referred to Trump’s arrogance when he told of this — that Trump came to Wharton thinking he already knew everything.

https://www.dailykos.com/stories/2017/10/12/1705902/-Former-Wharton-Professor-Donald-Trump-Is-the-Dumbest-Goddam-Student-I-Ever-Had

Explains his having to get a bail bond, L, O, Fucking L.

Is there anything that Trump doesn’t fraudulently inflate about himself?

Yes, this:

Donald Trump’s booking documents also note Trump’s weight, pre-supplied by Trump himself: 215 pounds.

Id heard he lied or whatever but 215? Shouldn't he at least make it believable? Like pretend there's muscle under there or something.

Apparently we're suppose to believe he's an inch taller but 10lbs lighter than Patrick Mahomes of the Kansas City Chiefs.

Shouldn't he at least make it believable?

Why bother? He's a serial bullshitter.

So if he claimed it was 2.5 billion, but is inflated by 2.2 billion, his net worth is more like 300 million?

In other words, substantially less than he inherited from his father.

h, saying he falsely boosted it by between $812 million to $2.2 billion (or 17-39%) in each year from 2011 to 2021.

More like he's worth about 2.5B but he was telling banks he was worth 5.

Forbes counts 550m for truth.social, which is a ridiculously high valuation. The rest is mainly ties up in NY real estate, which is struggling. He's not poor by any means, but 2.5B is still a massive overvaluation most likely. Count his liabilities (1B in debts as of 2020) and I doubt he breaks a billion.

He's so leveraged and indebted to his Russian and Saudi overlords it's quite possible he's underwater

Thusly his motivation to peddle secret docs

I feel like having someone indebted to foreign countries handling top secret documents is a national security issue, but what do I know I just make drawings.

NY real estate, which is struggling

Sorry, what did I miss? Isn't NY real estate the place where a 200sqft apartment costs millions of dollars?

Ok, so a couple of things make his portfolio worth less than you would think. To start, he doesn't own all of it outright, most of it is financed with debt and a large part of his portfolio is in commercial real estate, which is struggling to get back to pre-covid occupancy. Last but not least, he slaps his name on everything and many people do not want to be associated with him in any way, shape or form, so his luxury condos are also struggling with occupancy.

Ok, thanks. I totally get the massive debts and his name being a liability (at least to the people who have enough money to buy what he's selling).

We need to know trump's actual net worth right before his first campaign launched.

I'm betting it isn't much higher than 50k

Seriously how did anyone think this guy was wealthy? I have a rat who has more business acumen than that idiot. That's been true since the apprentice days.

Wasn't there a guy once who managed to become a multi-millionaire by just claiming to already be a millionaire and getting favourable bank loans?

Why are the banks not checking this shit. What's the point in them.

I'm betting it isn't much higher than 50k

lol if you hate the guy you could just go with negative numbers instead.

it's not uncommon for rich people to go into the negative millions when their investments go belly up.

Any chance that some of the lenders might sue him as well, for falsifying his application?

Everything trump does is done fraudulently. Because he’s a fraud.

More indictments on the way?

This is a civil case, so no

Sure but is financial fraud not a crime? Why not charge him criminally if he has been demonstrably fraudulent? I'm not a lawyer and I guess I don't really understand.