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President Biden: The NEW one and only politics thread

Discussion in 'Sports and News' started by Moderator1, Jan 20, 2021.

  1. Azrael

    Azrael Well-Known Member

    OK

    https://thehill.com/regulation/cour...anks-168m-in-interest-ny-ag-financial-expert/

    The Trump Organization’s skewed financial statements may have cost banks more than $168 million in interest, according to an expert witness hired by the New York attorney general’s office.

    Michiel McCarty, chairman and CEO at the investment bank M.M. Dillon & Co., testified Wednesday to his “lost interest calculations” for banks that handed out loans to the Trump Organization. His calculations determined that across four Trump Organization assets, banks lost out on just over $168 million in interest.
     
  2. justgladtobehere

    justgladtobehere Well-Known Member

    So private banks lost a hypothetical $168 million even though they agreed to the deal with the chance for due diligence and the the state of New York gets to collect almost 3x the hypothetical losses?
     
  3. melock

    melock Well-Known Member

    That wench from Georgia would vote against giving puppies to kids.
     
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    So the point is that the head of a third-rate boutique investment bank has an opinion (which is like having an. ...) and thinks that the banks Trump dealt with were stupid and didn't earn $168 million that he thinks they should have earned, because he thinks they didn't appraise Trump's properties properly?

    Because. ... and once again with feeling, they had no obligation to accept Trump's financial statements (or even do business with Trump if they didn't think they were being collateralized properly), and in fact, none of us (including Michiel McCarty) know that they relied on those financial statements at all!

    Either way. ... that is their business, not yours (or Michiel McCarty's). But I'm glad to know some random investment banker has an opinion on the matter.

    FWIW, if I wanted to do the dancing monkey act I have faced because I keep pointing these things out. ... during the financial crisis, Michiel McCarty was a Managing Director at Dillon Read, which had a hedge fund that got wiped out to the tune of billions of dollars because of bad bets on the subprime mortgage industry. Given his association with Dillon Read at the time, surely you have concluded that his credibility as a witness when it comes to valuing anything is worth shit, right?

    Not that it should matter. All that matters is that those banks valued Trump's properties the way THEY did, not how some random person thinks they should have done their business.
     
  5. Azrael

    Azrael Well-Known Member


    All of which is understood.

    I don't even disagree with you. 63(12) is a hunting license for prosecutors.

    And $168 million to land a whale might be an absolute bargain. Maybe it was more. Maybe it was less.

    At some point I would think any shareholders in these banks can make themselves heard as well.
     
  6. The Big Ragu

    The Big Ragu Moderator Staff Member

    Sounds like we're in agreement about this.

    I know way more about Deutsche Bank than you can possibly imagine (if I told you how, I'd have to kill you). Their relationship with Trump over time isn't some sinister money laundering thing, if you are really thinking that. ... but as a private bank where the private banking operations were so relatively insignificant to the overall business, they had a person (in particular) or two who were left free there to do transactions that benefited themselves, even if it had the potential to not end well for the bank. Nobody cared in a cheap money environment, your mistakes are never fatal, it creates a survival of the unfittest environment. That is how Donald Trump became a client when he had worn out his welcome at the more prestigious private banks.
     
  7. Brooklyn Bridge

    Brooklyn Bridge Well-Known Member

    2muchcoffeeman likes this.
  8. Baron Scicluna

    Baron Scicluna Well-Known Member

    “Protect” them from a library book and a transgender athlete. Good.

    “Protect” them from giving birth to their rapist’s baby or from being shredded at their school desk by an AR-15 or being kidnapped by Putin’s goons. Oh well, thoughts and prayers.

    Ladies and Gentlemen, your 2024 Republican Party.
     
  9. Songbird

    Songbird Well-Known Member

    Prison witnesses are the best witnesses.

     
  10. Deskgrunt50

    Deskgrunt50 Well-Known Member

    It’s somewhat hard to believe Comer and his merry band of lying trumplican scumbags are still at this. All this time, they’ve got nothing because it’s all made-up bullshit. They must get off on being publicly embarrassed.

    Tho, it is more interesting that reading a dozen overwritten, repetitive and bloviating posts about how trump has been so wronged for being fined for breaking the law.
     
  11. jr/shotglass

    jr/shotglass Well-Known Member

    Somewhere, I no longer know where, yankeefan is chuckling softly.
     
  12. garrow

    garrow Well-Known Member

Draft saved Draft deleted

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