Judge Engoron’s inflation of Trump’s ‘ill-gotten gains’ is the true financial fraud
In a stunning twist of lawfare irony, New York Supreme Court Justice Arthur Engoron has committed the very same financial fraud that he accused former President Trump of: economic overvaluation. The difference is that Judge Engoron’s fraud has real victims – Trump, the Trump organization, and the American people. On the other hand, Trump’s alleged fraud had no victims.
You’re probably familiar with the basic facts of the Trump civil fraud case. New York Attorney General Letitia James, who campaigned on a Third World-esque platform targeting Trump, launched civil fraud proceedings against the Trump organization under a New York consumer protection statute. These laws are meant to protect consumers from fraud in their transactions.
James claimed that Trump overestimated the value of real estate and other assets used to secure commercial loans. She believed that even large banks like Deutsche Bank needed her protection in their loan business. However, banks perform their own valuations when lending, even for smaller amounts. They do more thorough estimates for larger loans.
Now let’s talk about Engoron, the man who ruled on the Trump case and committed financial fraud against Trump and America. Engoron had to draw certain conclusions based on undisputed evidence. There were no victims of Trump’s alleged fraud, and no losses resulted from it. The lenders who made the loans had performed their own valuations, were fully paid back, and made significant profits. They were satisfied with their business with Trump and wanted to continue working with him.
Overvaluing Trump’s ‘Ill-Gotten Gains’
In a sane world, that would have been the end of it. But in Democrat-controlled New York, Engoron used a rarely used form of “equitable” relief called “disgorgement” to prevent Trump from keeping his alleged “ill-gotten gains.” Engoron then proceeded to overvalue Trump’s gains to an absurd extent, surpassing anything Trump was accused of.
First, Engoron ordered Trump to disgorge $168 million in so-called interest payment “savings” that he supposedly gained from certain loans. Engoron claimed that Trump took advantage of lower interest rates on recourse loans compared to non-recourse loans.
Recourse loans provide more security for lenders and therefore have lower interest rates compared to non-recourse loans. Engoron’s calculation of disgorgement was based on a false comparison between the two types of loans, resulting in a grossly overvalued amount.
Engoron could have used a proper economic analysis to calculate Trump’s alleged gains accurately. However, doing so would have resulted in zero “ill-gotten gains” for Trump. The interest rates Trump obtained were based on the lenders’ own valuations, not Trump’s. Therefore, Engoron’s $168 million disgorgement calculation was falsely overvalued by the full amount.
Fabricating Old Post Office Building Profits
Judge Engoron also ordered the Trumps to disgorge approximately $135 million in profits from the acquisition, transformation, and sale of the Old Post Office property in Washington, D.C. Engoron based his order on the theory that without alleged “ill-gotten savings on interest rates,” Trump wouldn’t have been able to invest in the project. However, this determination is also overvalued as Trump obtained no such savings. Engoron falsely inflated this portion of his disgorgement valuation by the full $135 million.
Engoron’s analysis is economically absurd. His reasoning is limited and fails to establish that Trump’s profits are “ill-gotten gains.” The loans may have helped Trump enter the deal, but the profits were made through Trump’s creative transformation of the old post office building. Loans alone don’t guarantee success. Engoron’s decision to attribute all the profits to the loans is another improper and extreme overvaluation.
Unlike Trump’s alleged overvaluations, Engoron’s financial manipulation has real victims – Trump, his family, and the Trump organization. But the harm goes beyond that. Made during an election year against a major party candidate, Engoron’s ruling is a financial fraud on America.
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What negative consequences does Engoron’s ruling have on Trump’s businesses and the American economy, and how does it set a dangerous precedent for future cases
Lued figure. Furthermore, Engoron did not take into account the fact that Trump had obligations and expenses associated with those loans, which would have significantly reduced any supposed savings.
Second, Engoron ordered Trump to disgorge an additional $25 million in so-called “fraudulent benefits” that he gained from certain brand licensing agreements. Engoron claimed that Trump overvalued the worth of his brand, resulting in inflated royalty payments. However, Engoron failed to consider the subjective nature of brand valuation and the fact that many brand licensing agreements are negotiated between willing parties. It is not uncommon for well-known figures to receive large royalty payments for the use of their brand, and there is no evidence to suggest that Trump’s agreements were any different.
In total, Engoron ordered Trump to disgorge a staggering $193 million based on his questionable and overinflated calculations. This is a blatant abuse of judicial power and a clear example of biased decision-making. Engoron’s actions demonstrate a political agenda rather than a commitment to justice and fairness.
Not only does Engoron’s ruling unjustly harm Trump and his business interests, but it also has negative consequences for the American people. Trump’s businesses employ thousands of individuals and contribute significantly to the economy. By imposing such excessive financial penalties, Engoron is effectively punishing innocent employees and hindering economic growth.
Furthermore, Engoron’s ruling sets a dangerous precedent for future cases. If judges are allowed to overvalue assets and impose exorbitant penalties based on subjective interpretations, it undermines the integrity of our legal system. Justice should be based on facts and evidence, not personal biases and political agendas.
It is clear that Engoron’s actions are a prime example of hypocrisy and abuse of power in the legal system. While accusing Trump of financial fraud, Engoron himself has engaged in the very same misconduct. His overvaluation of Trump’s assets and his unjustified disgorgement orders reveal a lack of integrity and impartiality.
It is crucial for the American people to be aware of the injustices carried out by individuals in positions of power. Engoron’s ruling not only targets Trump but also undermines the principles of fairness and justice that our legal system should uphold. It is a stark reminder that the pursuit of justice should not be clouded by personal biases or political motivations.
In conclusion, New York Supreme Court Justice Arthur Engoron’s ruling in the Trump civil fraud case is an egregious example of hypocrisy and abuse of power. By overvaluing Trump’s assets and imposing excessive financial penalties, Engoron has shown a clear bias and a disregard for justice. His actions not only harm Trump and his business interests but also have negative consequences for the American people. It is essential for the integrity of our legal system that such injustices are brought to light and rectified.
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