NY Prosecutor going after Trump for “Significant Evidence of Fraud“… is laughable. Here’s why:
Valuation of assets is something I have experience with, so this legal harassment of Trump will be fun to debunk. (my degree is accounting, and I spent years in venture finance, have done several M&A deals that involved asset valuations)
Ok, here’s a big reality that Letitia James is dancing around, knowing the MSM won’t push back on her.
nobody really knows what assets are worth.
assets are only worth whatever somebody will pay for them.
it’s trivial and ordinary for assets to be valued in a high to low range, and use either the high estimate or the low estimate in various financial matters.
Everybody estimates low when they negotiate property tax issues with an assessor. Is that lying? No, it’s a negotiation. If, at the conclusion of that negotiation… the assessor signs off on a valuation THEN it becomes valid for the purpose of that. If you submit values to an insurance portfolio analyst and they agree to accept another valuation for the same asset… guess what? That’s another bloody negotiation.
Companies hire people and pay them to deal with this issue, everybody knowing it’s all a guessing game.
Do people ever get busted for false valuations? Yes, that does happen, but it takes context, such as a subsequent transaction, insurance loss, or some other financial EVENT based on the false value, where you can be shown to have defrauded another party.
When somebody is just holding assets, or paying insurance or tax on them, you can’t make a fraud case because you think the values were off. If they haven’t sold yet… how do YOU know they are wrong? You don’t.
Fact: After getting elected on a “get Trump” platform, and saying this before even starting her investigation: “Oh, we’re definitely going to sue him [Trump]. We’re going to be a real pain in the ass. He’s going to know my name personally“… all Letitia has come up with is that she claims some of Trump’s asset valuations are unreasonable… but she hasn’t managed to find a single “victim” who was supposedly defrauded based on those valuations OR SHE’D BE USING THAT.
So this is another nothing burger good for a couple days of being the media’s new Get Trump darling.