Fogbow

bob wrote: ↑Fri Jul 02, 2021 9:24 pm
Read the comments; I'm surprised Gallups is abiding all the people raking him.

Gregg wrote: ↑Fri Jul 02, 2021 9:26 pm No phucknut, he got curious when Trump practically bragged about all the criming he was getting away with.

I think folks are understandably cynical after 5 years of being told Trump is in trouble and about to go down.

The difference this time is the SCOTUS case. That was the turning point. The financial records they produced are like rocket fuel for a white collar prosecution.

Trump is NOT being prosecuted because of his tax returns.

He is being prosecuted because of all the backup financial records — the books, ledgers, spreadsheets, etc. Those records are the fruit of the SCOTUS decision — and the key to the NY prosecutions.

To anyone who’s skeptical of the Trump prosecution saying “well they had the goods before and Trump got off”

No. This is the first investigation of Trump to make use of the full financial records finally produced after the SCOTUS case. They had to cough up the books!

When we filed the Trump University case, Trump railed at us for bringing a politically motivated case. His lawyers falsely accused me of fabricating evidence and testimony. They threatened to subpoena me.

None of it worked. We had them dead to rights, and we prevailed.

Unindicted co-conspirator #1 appears to be Jeff McConney.

This is actually worse news for Trump than if it were Trump.

If McConney has flipped, then Weisselberg may need to save his own skin, and Trump loses his two senior most finance lieutenants

Gregg wrote: ↑Fri Jul 02, 2021 9:26 pm

bob wrote: ↑Fri Jul 02, 2021 9:24 pm
Read the comments; I'm surprised Gallups is abiding all the people raking him.

No phucknut, he got curious when Trump practically bragged about all the criming he was getting away with.

Trump’s “eyes and ears” took a pounding in court on Thursday with a 15-count indictment that spanned tax fraud, grand larceny, conspiracy and more. The 73-year old accountant who it has been said, knows essentially where every penny goes regarding the Trump Organization, took a beating and will now have some big decisions to make that will impact how he chooses to live the rest of his life and how other members of his family may live theirs. And then there is the matter of Allen Weisselberg’s loyalty to the head of the Trump Organization, the entity that was also indicted yesterday, and the potential impact the chief financial officer’s full cooperation may have on the public life of former president Donald Trump.

Undoubtedly, after seeing the indictment filed by the Manhattan District Attorney and New York State Attorney General, Weisselberg’s first question to his legal defense team was – How much jail time am I looking at? It is that question that may shape the future of all of the associated individuals and organizations. It requires peering not only into the current charges and the language of the indictment, however. It also requires knowing what the indictment may signal about prosecutors’ next steps in ratcheting up their pressure.

Brian Beutler
@brianbeutler
Who knows what the future holds, but Daniel has been a helpful and thus far accurate corrective to the familiar exuberance on here about the law finally coming for Trump.

Daniel Goldman
@danielsgoldman
This detailed history of the Weisselberg prosecution reveals an important nugget: Weisselberg has added a tax expert and former IRS senior official to his team. That’s not a move taken by someone who is planning to cooperate.

@kurteichenwald

As someone who has written for decades about corporate crime, I was reading the Trump O/Weisselberg indictment going, "Yah, ok..hmm..yah..ok..Wait..HOLY SHIT!" The Trump Org is in deep, deep trouble. And not because of the criminal charges. Because of its bank loan covenants.../1

...in fact, if even the smallest bit of this case is true, I think the Trump Org could be dead. It's complicated, but it primarily pertains to the 12th count of the indictment.Taking this a step at a time: Like most real estate companies, the Trump Org is horribly illiquid...2

...this means it cannot readily convert its assets into cash as needed. Worse, because of the incredible incompetence and business idiocy of Trump, cash on hand (and access rapid loans through what is known as the commercial paper market) is small. So, the company survives.../3

...on loans against assets. Trump originally depended on bank loans, then jumped into high-yield (junk) bond market, which is why so many of his businesses went bankrupt: Junk bonds gave him lots of cash to spend, but he was too stupid to apply an analysis beyond "I'm great".../4

...to figure out how he was going to generate enough cash to pay interest on bonds. He couldn't. With his dad, he tried laundering money through Trump Castle to get past a requirement with his bank loans brought on by his junk debt, but got caught. Everything crashed down.../5

...so, the bottom line: Trump knows how to borrow money, he doesn't know how to manage it. Then came The Apprentice, which gave him lots of cash. Of course, he spent it all, then used assets he purchased as security to borrow from banks on apparent assumption that "I'm great"...6

...would fix any cash flow problems. He now has huge amounts of debt against assets that are plummeting in value because of January 6 and his toxic brand name. He *needed* the presidency to survive financially. I have always believed, that is why he is so desperate to keep it...7

....because if he was president, he could hit up the Russians, Saudis, etc to bail him out. Now, with him toxic and a threat to the country, those nations know that any secret payments they make to him run a huge risk of being discovered.Which brings us to today's charges...8

...all bank loans with a business come with "lending covenants." These are basically a series of requirements, some of which include "you'll behave" in minor character. But *the most important part* of any loan covenant is the "books and records" portion. It is included in.../9

...every covenant for a bank loan to a business. The terms are simple: You maintain truthful books and records, you attest to us that they are truthful, and we are allowed to review them at any time. There is no "You can lie *just a little bit* on your books and records".../10

...it's all or nothing, like pregnancy: You either are or you arent. The books and records either are truthful or they aren't. Which brings us to count 12, which I think you can now understand the significance of:

Count 12.png (65.53 KiB) Viewed 2786 times

...Forget Weisselberg. That is every every corporate defendant, every entity that could have a loan covenant in its name. Every Trump Org bank lender in the world, right now, is looking at this indictment, looking at their covenants, and calling the Trump Org demanding.../12

...they turn over every relevant book and record pertaining to these issues. If they refuse...BOOM. Loans pulled. If they do and the banks don't like what they see...BOOM. Loans pulled. If the loans come due (which 100s of millions do next year) no way they get refinanced..../13

...there may be something I am missing here, but I do not see how the Trump Org survives this without some sort of corrupt deal overseas. But even that seems far-fetched. Instead, it may be the biggest real estate corp bankruptcy in history..../14

......and given that those of us who covered his business for decades - back when he was a democrat/reform party/whoever would have him - and always knew he was a crook, all I can say is, what the hell took so long?

Gregg wrote: ↑Fri Jul 02, 2021 9:26 pm No phucknut, he got curious when Trump practically bragged about all the criming he was getting away with.

much ado wrote: ↑Sat Jul 03, 2021 4:09 pm Yes, Weisselberg has added a tax expert and former IRS senior official to his team. Weisselberg needs someone to advise him who really knows what is likely to happen legally. An advisor who really knows tax law and Weisselberg's circumstances may at some point say "Mr. Weisselberg, you are truly f**cked. My advice is to fold your defense and flip to reduce your jail time."

noblepa wrote: ↑Sat Jul 03, 2021 5:00 pm

Gregg wrote: ↑Fri Jul 02, 2021 9:26 pm No phucknut, he got curious when Trump practically bragged about all the criming he was getting away with.

And, evading tax on over $1M in income is hardly a "minor" crime. Many people have gone to jail for a lot less.

In 2006, Hatch was convicted of tax evasion and served 51 months in prison. Hatch served another nine-month sentence in 2011 for a probation violation.

After being released from prison, he later served an additional nine months in prison for not amending his 2000 and 2001 tax returns.

filly wrote: ↑Sat Jul 03, 2021 3:32 pm I understand Goldman's caution but what is the tax expert going to say? It's perfectly legal to keep two sets of books and not declare what is clearly income on one's taxes? It's perfectly legal to reside in NYC and not pay NYC income taxes? I'm not a tax lawyer, but those things seem to be difficult to advance as defenses.

New York State’s Trump Investigation: An analysis of the reported facts and applicable law

orlylicious wrote: ↑Sun Jul 04, 2021 1:20 am Nice.


https://twitter.com/JoyceWhiteVance/sta ... 3311972352