Jim Coats
To follow up on Frank's last (funny but true) post....
It was INEVITABLE that the $500million fine imposed by NY, a far left judge and its Attorney General Letitia James against Trump in a real estate loan matter would be thrown out....and it was....today. 8th Amendment and all that.
Let me give my outlook on the situation having actually been IN banking AND coincidentally having obtained loans myself. EVERY borrower who applies for a loan to be collateralized by ANYTHING they own will most likely "overstate the value of the collateral" as determined by someone (usually an appraiser) other than the borrower. OF COURSE the borrower would feel the collateral offered has a "value" favorable to self.
Lenders then have the right AND duty to shareholders to make "good" loans and will make their own determination of value based on sound banking principles. It's generally called an appraisal which is a snapshot in time.....a value on THAT day....period.
In Trump's case, he may have said one thing and the "appraiser" may have said another. What is clear on it's face is that the "lender/bank" was satisfied....made the loan and was paid back satisfactorily. In fact, the lender in this case (I believe it was Deutsche Bank) "said/testified" that it was a good loan and that they were paid in full and would have Trump as a client again. No harm - No foul.
BUT....the democrats had to go after Trump fang and claw because Letitia James ran on one platform....That she was going to get Trump. To hell with all of the other problems facing NY.
AMERICA FIRST!!
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