Why Donald Trump's NY Businesses Are Getting Dissolved
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- čas přidán 13. 05. 2024
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In this video, we're going over the recent court decision in the case filed by the New York Attorney General Letitia James against Donald Trump, his sons Eric and Don, Jr., and a whole bunch of other defendants. In that case, the NY AG alleged that the co-defendants are liable for fraud. In the court's order on the AG's Motion for Summary Judgment, the judge determined that they are, in fact, liable for fraud in one of the seven causes of action alleged. As a result, the judge ordered what some are calling a "Corporate Death Penalty"--that all of Trump's business certificates in the state be cancelled, and the businesses dissolved through an independent reviewer.
TIME STAMPS
0:00 Introduction
1:58 "Corporate Death Penalty"
2:45 The Lawsuit
9:01 The Motion for Summary Judgment
14:37 Future Outlook
19:15 What do YOU think?
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The banks have their own people, that value properties. This case is just another part of the witch hunt.
Mar A lago valued at 18 million dollars.. Thats a joke.
If courts can't put a stop to fraud and prevent businesses from doing so, then why bother having the laws? Our government and laws are to serve the people as a whole, not to cater to the rich and corporate overlords.
I always feel people misunderstand the purpose of laws or courts. Laws are put in place by a society to say certain acts are illegal because they harm society in some way.
Courts come in after a law is broken and it’s more of a fact finding mission. Does the accuser have proof a law was broken or they been wrong? Does the accused have a reasonable defense of their actions or do they have issues with the accuser’s evidence?
In a perfect world everyone agrees on the laws and follow without issue. But it’s not a perfect world.
The problem with this line of reasoning is that none of the parties to the transactions thought they were victims of fraud. Only the NY AG seems to believe so, and the burden of proof on the NY AG is significantly lower than if a real victim had come forward to try to get some justice.
This is a bit of a headscratcher situation for me since, well, nearly all of NY real estate is full of fraud. Nearly everyone lies about the sqft of their properties. Lies about the condition of the unit, when remodels were done, what was done in them, etc... If the NY AG was truly concerned about fraud in NY Real Estate, the market would look significantly better than what it is now where there are _obvious_ written lies about the properties on the market.
It's hard for me to take an AG seriously when they only strictly apply the laws as written to chosen political enemies who they ran their entire election campaign on persecuting. And it's just another example of how the US is a banana republic: everyone is breaking the law, but only the enemies of the regime are ever targeted.
Laws are created by lawyers for lawyers politicians sign off on them
What I understand is
"You keep doing crime, please stop. This person will check that you will stop." They didn't stop. Their ability to do crime there has been removed.
If that is too much power for the judicial system, might as well cancel the whole system.
Yes yes this.
If I have learned anything from watching all that legal eagle, its that you don't want to piss off the judge. Unfortunately for Trump, he keeps fielding lawyers that seemed to have missed that memo.
Trump's greatest weakness is he doesn't always listen to his lawyers and he often hires the worst lawyers who don't seem to know basic court procedure.
@@veganwolf3268 Seriously? Lmao, He hasn’t paid any fines or even spent anytime in a jail cell..You do realize this case won’t be decided at this lower level and it will go up to the Appellate level and onto the Supreme Court.
Thanks for breaking this down in a clear unbiased way! I work in due diligence and the differences in some of the amounts between what third parties said and what they told to banks is insane.
If this ruling goes through, this would completely brick NY real estate. Lol.
Can you explain? I don’t understand how valuing real estate at the same number for loans and taxes would be bad? Unless you mean those that hold real estate for purposes of accruing wealth would deal less in New York markets, but real estate has been like the Wild West for decades. It’s not my field of expertise though, and I love to hear how things are interconnected, so feel free to let me know if my grasp on it is bad.
@LeeannG I am not an expert myself, but what they are accusing Trump of is relatively standard process across the board in New York. If you want examples, a youtuber named Loius Rossman has a large Playlist on this. Additionally, she is clearly not versed well in real estate. Not home yet, so can't give good citations, but I would check on Loius Rossmans video on this topic. Should also mention the lack of standing. The state shouldn't be the one making this claim. The banks that would have defrauded them would have the standing. However, from what I understand, they are trying to not have them as witnesses, as they, too, would say this is standard practice.
@@xenorosthxmd7520 That is quite the claim, I'll have to check that playlist.
@@xenorosthxmd7520 If inflating value by that large of a magnitude is standard practice, the whole sector needs to be rebooted flat out....
@@xenorosthxmd7520”standard practice” is no excuse to violate the law.
Very nice. Honestly, there aren't enough controls on big corporations, so it's nice to see some of the few that still function be used.
I think it's necessary that if corporations are treated "like people" for the purposes of their rights and benefits under the law, then they also need to be treated "like people" in terms of punishment as well, and that means that you shouldn't just fine them some small percentage of what they gained by doing crimes, you need to have the option to "jail" or "execute" the company itself if it goes too far outside the bounds of the law. There need to be consequences significant enough to all involved that "don't do crime" IS the most profitable option.
Good points
When the fine is less than the profit, it's just another cost of doing business. CEOs and COOs need to be held accountable for illegal acts by companies.
It wasn't just that they overvalued for insurance purposes. I remember hearing that they'd do that, then when time came to file for taxes on those same properties, they'd undervalue them to reduce the tax burden.
I'm pretty sure that tax assessments are done by the government, so it's a bit of a stretch to blame Trump for that.
And it's very common for tax assessments to differ from other sorts of assessments since tax ones are done objectively whereas actual market assessments are done with market considerations. Assessments are also difficult for high-value, unique properties such as the contested Mara Lago since there are no comparable properties and any assessment would have to rely on essentially educated guesses as to value.
The part of the case the judge decided “on the papers” the differences between govt assessed value for taxes and Trump’s reported value for insurance and loan collateral was HUGE.
These were not instances of disagreement over small variations.
The govt assesses “unique” properties all the time. If you as the owner believe you’re getting a raw deal, you can appeal assessments.
There are generally accepted methods of valuation - plural bc there’s more than one. Trump used none of them.
The court listed many, many of the wild discrepancies in its opinion.
@@justhecuke that is true, but I think what the problem was is that the company would ruthlessly appeal those tax valuations and insist they were far, far lower than what they claimed when applying for loans from the banks. There was, in short, too much disparity in the valuations because of the company's insistence on demanding lower tax valuations.
@@valhallaw there isn't a point in appealing a low tax appraisal. In fact, you normally want the tax assessor to appraise it very low because those appraisals determine you tax liability. You have no obligation to use their appraisal for anything, nor do you have an obligation to use any specific appraisal method. Hell, I've been asked to give on-the-spot valuations for property over the phone. It's just how real estate, and it's adjacent industries, work. They all know that valuations are subjective and ever changing, so their systems are designed such that errors in valuation get resolved when they are relevant and valuations need to be signed off on their end.
If they are off, then there will be appraisals done in the event of a triggering event such as an insurance claim or default of debt. That's normally how these things are handled. It is up to the insurer and lender to decide if they are willing to insure or lend based on the information provided. Caveat emptor applies to them as well, especially since they have the means and ability to reform their own due diligence.
If I overinsure my property, that's my own fault since it puts me in a worse position as I will be paying for more insurance than I can use. To say that it is fraud to buy more insurance than you need is insane. The insurance company will order an appraisal before they pay anything out.
A lot of the anti-trump sentiment in this comment section and more generally simply show a stark ignorance of how these things work. It's driving me crazy.
@@RMSTitanicWSL so? That isn't fraud and has never been. If the gov is willing to agree to tax less based off of them botching the valuation, how is that fraud on my part? They are negotiating value, it's a two-way agreement. That the gov agreed to it shows that it's a reasonable valuation. Same for the lenders and insurers. There was broad agreement on the various valuations. That isn't fraud, it's just how valuation works.
I need a mega pint for this
My thinking is this: They fucked around and they should NOT be surprised they get slapped down.
I really appreciate you breaking down the legal side of this! Thank you!
thank you sm for explaining! you're the first lawyer I see breaking it down, much appreciated
Either we are a nation of laws, with equal protection, or we're not. Follow the law, or suffer the consequences. Pretty simple; or it should be.
We aren't. NY real estate is rife with obvious fraud and has been for decades. Perhaps centuries. It wouldn't be difficult to go and clean it up, but they never have and they never will.
Most of NY commercial real estate fraudulently report their square footage and real estate is priced by square footage.
@@weouthere6902 Perhaps, but by thousands of square feet? Seems unlikely banks, realtors, and inspectors would sign off on that.
@dabeage how would they know? The funkier the layout of the space the harder it'll be to get an accurate measurement. If it sounds reasonable and it benefits then, who would step up to say something?
@@weouthere6902 Have you ever bought or sold property? I mean, with a loan? You have to practically submit a DNA sample to get approved....that's why there are title companies, inspectors, and loan managers.
There are roughly 4,000 data brokers at last estimate. These companies frequently sell information to each other, so that if a name/address/info is found in one data broker's database, it is probably in most of the others as well. They have successfully removed you from 40. That is 1% of all the data brokers out there. They've done, basically nothing for the money you have given them, or worse yet, paid you to remove you from virtually none of the databases... They tell you where they've gotten you removed because they know it LOOKS impressive, but these types of companies have a long history of making no difference of any kind in combating data selling.
Thanks for pointing that out. Is there a way to actually get your data out of the hands of data brokers that doesn't involve spending hours and hours manually requesting removal?
@@Elvan-Lady There's nothing reliable I'm aware of... Even manual removal isn't really reliable, they might tell you they remove it, hell they might even do it, and then the first time they buy a package from one of the other data brokers your information goes right back in...
Thanks for sharing this, Alyte.
About time we need corporate capital punishment more often
Thanks for the breakdown!
@legalbytes what do you think of the judge undervalue of Mar-A-Largo , putting it at 18 mil?
You mean Trump? His dumb ass argue for tax write offs by stating portions of Mara logo can’t be developed ie of no value. The judge was just reciting the info collected from FL tax registrar.
The judge wasn't "putting it at" anything; he used the existing assessed value.
@@robertawalsh2995 So you're saying he used the tax assessment figures instead of the market value to determine the true worth of Mar-A-Largo?
What makes you think the property is worth more?
Staying tuned for part 2. Still so much to unpack here. 🎉🎉🎉
Very informative. Thank you
I'm so glad this is a thing. Corporations are not people, dismantling them is not a moral question.
Interesting... So there is need to go further than punishing a corp. I would be interested in what happens in country on this. The company did not commit fraud, supervised individuals did. If 10k fraud leads to jail time, what about 10M?
I always enjoy how clear your explanations are! Any plans to discuss the Love is Blind lawsuit?
The judges decision was correct.
The evidence is incontrovertible.
Please continue following all of Trumps indictments and lawsuits.
What evidence?
@@PapaWalterWhitePeople don't like him so he's guilty, if they liked him he'd never even be in court.
Ergo they feel justified the system only targets people they don't like and pretend that is justice because it looks official even if it's irredeemable.
@@PapaWalterWhite Did you even watch the video? The literal acts of fraud are quite obvious and documented by the corporations themselves and in parallel by government tax records. Inflating the value over the tax stated values by, in some cases, 2300% is the most brain dead obvious tax fraud ever.
Who has ads when you have a pihole installed? 😂
My only issue here is shutting down all of the NY businesses before the entire case is settled. If all of this gets proven to be wrong than the damage is already done and the states will have already decimated what’s probably upwards of 30%+ of someone’s whole business.
The company is toast, that's what the sumarry judgement was about. The questions remaining will decide how much the company owes the government when it's wound up, and how much the officers of the company are personally liable for. If anything prevents the company being wound up, it would have to happen on appeal of the summary judgement
1) The state judge has already appointed a 3rd party person called a monitor who is in charge currently to prevent shenanigans. For example a NY corporation trying to set up a shell corporation in Delaware to transfer all assets to avoid judgement can be blocked. 2)The state has already proven fraud in their motion for summary judgement based documents that many times the defendants provided.
As a EU member looking from afar… it’s scary to watch how politicised the legal system has become in the USA. Maybe it was always so…
It always was, but the obviousness has been increasing quite quickly as of late.
I dont see this as an inherently political decision. I see this as a business with shady morals and legal practices getting the appropriate response from the US legal system. If this business did not belong to a popularist politician, would it be receiving as much attention and viewed as such a controversy?
@@Djiini07exactly if it didn't belong to a politician it wouldn't receive as much scrutiny. You have a democrat judge making a summary judgement in favour of a political democratic AJ... it should have been put to a jury. The other case of dissolution reffered to was also brought by James, after she'd ran on calling the NRA terrorist organisation
A criminal is a criminal, irrespective of their politics. An organisation run in a criminal manner must be shut down.
@@Djiini07 the last time this penalty was imposed was also due to political targeting. They went after the NRA for ideological reasons. They also had legalish-seeming decisions that had to be overturned upon appeal.
I'll be kind and assume that you do not see politics because you are unaware of the context with New York, it's real estate market, and the AG. It is absolutely rife with blatantly obvious fraud, false advertising, etc... Clamping down on this has never been something the current or previous AGs have been interested in. The law is only being applied to Trump, the man whom the AG specifically wanted to target as part of her election platform. The NY electorate itself is also extremely Democrat and anti-Trump. It is not a stretch to claim that it would be close to impossible for Trump to receive a fair trial in NY due to the rather large amount of bias against him.
Given the circumstances, it's very difficult to not see politics at play.
I think that from a strictly legal perspective it would be very interesting to look at each of the businesses outside of New York to see if they were operating under the business licenses in New York. For example, I believe many of the tangible and intangible assets in Chicago, Illinois are under one of the umbrella organizations that's a registered business in New York. Does a business contract signed in Chicago, Illinois still have any functional weight then if the business registered in New York no longer exists?
October 3. My birthday is Mean Girls day? I never knew that. I learn so much from your channel. 😉. This was a great breakdown. All I have heard is either “good he deserves to loose his businesses” or “Trump would Never do anything wrong.” I’m so tired of the back and forth. I just want the facts. I can make up my own mind. Personally I think someone has to keep big business in check. It’s just that I am concerned about the state of the judiciary. We have some crooked judges. Clarence Thomas, I am looking at you. We need to have some sort of non political/ non partisan oversight of the judiciary. I don’t know how that could be accomplished but it needs to happen. Especially the Supreme Court.
I don't like Trump but depending on the context of the valuation assets can have wildly different values.
The sale value would look for comparable properties, get a per square foot value, account for e.g. water blocks and then estimate the selling price.
Banks and accounting regulations however often care more about going concern value, and this is where things get way more subjective. One needs to take into concern the projected revenues with matching operating expenses plus financing which actually depends on the bank that has yet to give an offer.
Let's take a "simple" example: I have a restaurant property that I'm renting to a McDonalds franchisee. They pay me 8% of their revenue with a floor of 1,500 and a ceiling of 3,000. The going concern value of my rental will vary 100% depending on what I project the revenue of the legally independent franchisee to be.
No one is saying Trump's property cannot have a range in value. The issue is even when the range is factored in, his estimates were way above them and often based on fictitious factors. For example, he based one property's current value based on buildings that could have been but were never built on that property. Famously his personal residence in NYC value was based on his 30,000 square feet declaration when the total size was 10,000 sq feet. For one tower building he increased the number of floors it had in the valuation; the man simply lied about his floors his building had. While Trump was fraudulently inflating the value of properties for one purpose, he was also lowering the values when it came to tax purposes. Let’s be frank; the man lies all the time.
You're one of the best. I watch you and Devon regularly. Legal Bytes and Legal Eagle are 2 of my favorite channels, with StarTalk being the only channel I enjoy more
Standing by for objections. 🤗
Thank you so much, that’s very high praise! 🥰💙
Honestly if this issue causes more AGs to go after business that appear to be committing fraud then thats a W in my book. Political leanings aside any time a company is committing large scale fraud it hurts the public. Either the business or another potential customer who are passed over are hurt. We need more enforcement on corporations.
I hope you played with your dog after recording this great synopsis
I've found most LLCs are registered in Delaware. If that's the case, dissolving the business certificates in the state of New York could be moot unless it specifically includes doing business in the state of New York or any state where the fraud occurred. Their organization could have already moved the assets of the corporations to LLCs registered in another state (likely Delaware or Maryland) long before this lawsuit was filed, that's possibly why they don't want this independent judge access to the documents, financial or otherwise. That's why you hire corporate attorneys to figure this stuff out. Does the A.G. address this possibility in her filing? They must have covered options in their original filings and/or motions.
DT tried to incorporate in Delaware after the AG filed the suit. That is why Barbara Jones was initially appointment. He is registered in NY. The ruling will dissolve pretty much his entire empire. The DT and his sons will also be barred from operating any business in NY for a number of years. They’re pretty much done!
@@christinem3904Sounds like they are going after the children for the father's "crime"?
@@AndromedaBARNARDINO555 no the children are officers of the company and we found to have committed the fraud themselves too
@christinem3904 OK,. because I thought we were entering some Noth Korean territory here. You commit a crime there... you, along with three generations of your family, get Gulag. Can you send me the information on the part about his family?
@@AndromedaBARNARDINO555 just read the courts rulings. It’s all over the document on the court docket and the ruling from last week.
When you think... When did that pillow get there? And then ... Oh! 😂12:30
Thanks for doing the law side of this. Hope you can look at the other cases also
Please please please cover all the Trump stuff! Live stream the trials, like you did withe the Depp case, and anything more you can!
I thought that this was amazingly color free and drama free.
This video should be celebrated for not taking sides and respecting people in the wrong.
@@Prax-HD not so much as empty, more like there is a country in the world where the powerful are held accountable when they overindulge
Great analysis and breakdown! Thanks for covering this!
If the courts would look at ALL multi million dollar companies, I'm sure a lot more would close down.
This is why repubs are against funding the IRS. Keep the IRS understaffed and you stop these sort of investigations.
Keep 'em check and then check again!
Excellent
The media (and SoMe) madness aside, for a layperson such as myself, this seemed pretty straight forward and the court legal system performing its function the way it is suposed to? Though I suppose I to a certain degree look at all of this with a slight scandinavian bias whether I want to or not
Eh, not really. There's clearly some political targeting going on since NY real estate is rife with fraud, but regular old victims such as you or I would have a much higher burden or proof than if an elected state attorney general goes after a political enemy whose persecution was an explicit part of the AG's election platform.
When the state wants to go after you, their burden of proof is tiny. If you or I want justice for being victims of fraud, we have to go through much more.
While it's true that this is the system "working as intended", the intention appears to have been to make a corrupt system.
Thank you for breaking this down for us in understandable terms.
"mildly terrified" is that even possible?
The court's ruling is unprecedented given the lack of victims, so it could be reversed on appeal. We shall see.
The value is what someone is willing to pay, or a bank is willing finance, not what the judiciary decides. If this is fraud, every other companie is guilty of the same, and also has to be prosecuted!
30.000.000 to 230.000.000 is a huge difference? LMAO
$30.000.000 is the tax assessment value which is different from the actual sale value of his property which would be 230.000.000. Only a percentage of your property is consider for taxes.
@@Michael-of6zf What? Independent experts have calculated a value of 30,000,000. Trump has given banks a value of 230,000,000 million. That is more than 6 times the calculated value. This is fraud!
Im glad that the judge issued these orders. Keeping in mind that he could not have done it without substantial proof, wealthy people and corporations slways seem to get out of these types of situations. People dont like being cheated & neither does the govt.
HE can say there was substantial proof. It does not mean there was. Just like indictments
The government doesn't rob us? When did they ever ask you if you want to send billion of tax payer $$$ to our colony Ukraine?😅
Now only if we can hammer the law equally. Does Trump deserve to have this done, well, clearly from a legal standpoint yes. Should all businesses be looked at with the same fine tooth comb? Yes.
Can we do Amazon next please? Then we can move to Elon, Walmart. Let's get all the rich people arrested.
If that is the case, every single real estate company would shut down. They do the practice of over value their property. Every landlord would do the same.
@@Michael-of6zf Then let it happen. Why are we treating each business differently?
They are looking into Amazon... The FTC has already said they are in trouble for some things. Can't remember what though.
@@leasoundslikelee Wellll until Bezos gets the Trump treatments, I don’t have faith .
@@leasoundslikelee I think it is monopoly stuff. I cannot imagine why Amazon is 1 company still.
Hey, first video of yours I've seen. Maybe consider changing your transition? the repeated light flashes and clicking sound is a bit painful. Good video!
Unless they are using IFRS and not GAP, the problem is the asset value doesn't typically change in unpredictable ways unless there is an incident of loss (like a fire, or earthquake). Or substantial renovations.
There is no valid excuse for a substantial difference in value between one document and the next at a given time if nothing notable has occurred.
From my understanding this wasn't just an issue of one or two random clerical errors or miscommunications, but an established pattern. That's a problem.
Sitting here on my boat on a calm canal in the UK, watching the US saga continue, it is a bit like the show that just keeps on giving.
Thank you (I feel for what you all going through though). x
@@Prax-HD lol you so funny, also come across as racist, if you want to know, religion is no where near what it is in the US.
very very few go down the God of whatever kind route.
@@Prax-HDjust totally ignoring the fact that “no religion” is the 2nd largest group in UK
@@Prax-HD Yhea that 6% of the population that are Muslim are going to overwhelm us in a decade. Totally. Yep. I 100% believe that and don’t think you have no idea about the actual facts
@@Prax-HDWe have historic connections with the Indian subcontinent going back centuries. Islam has also been a respected religion here for well over a century. In fact Britain's first mosque opened on Christmas Day, 1889 just around the corner from me. We also have a synagogue, two cathedrals - Catholic and Angelican, a Scandinavian church, a German church, Welsh church, a Chinatown and a Greek Orthodox church all within walking distance. I myself am atheist but benefit hugely from the gentle wisdom of my neighbours. We've lived together as a mix for as long as we've been a city.
As the song goes:
"People around every corner
Seem to smile and say
We don't care what your name is, boy
We'll never turn you away
So I'll continue to say
Here I always will stay
So ferry 'cross the Mersey
'Cause this land's the place I love
And here I'll stay
And here I'll stay
Here I'll stay"
We are so blessed and I hope you are too.
@KarrierBag Stating an opinion is racist? 😮 How is your economy doing? 😅
Great information. I think it’s good to have these types of checks and balances in place.
Trump should change his name to Mr. Crimey McCrimington
😂😂😂😂
I'm just confused by all of this craziness.
There is a lot of Trump litigation out there right now, so I definitely understand your plight!
@@LegalBytesMediaDo you honest feel this is justice?
How many companies you think do this every day, even the fact it was never brought up until he was running again?
@@VioletDeathRei
A better question would be "did he (or his representatives) do it?"
@@shawnh9590 We'll never know, no trial, no jury, the judge under this law can just take everything you own because they feel like it.
Now expects across the board find his valuation wrong, the law unconstitutional, and the entire concept bordering on tyranny but sure "it's the law" right?
Sounds like everybody will start getting arrested for jaywalking
I believe that normally it would be a fine. I also believe that fines just mean legal for a price.
I find it strange how you're asking if it's an over-step for the judiciary system to do it's job?
I guess Trump's 'useless clause' was not as useful as he thought. 😂😂😂
Dog needs to run, the dog not trump
Incogni has some really specific marketing practices, they apparently exclusively want lawyers discussing this one specific trump case
Love your cat and dog!
The more I learn about US corporations, the farther I lean towards actual communism...
The shenanigans going on to maximize profit while minimizing responsibilities is absolutely INSANE! Xouliyou at keast force companies on soending the equivalent of remunerations for management and boards towards providing affordable housing, medical care and child care for at leasr their own employees?
I suppose you could also try out this weird system that is sometimes used in orher countries, I think it's called something like
Progressive
(Wait for it...)
(Prepare to feel outraged, drum up the offended feeling!)
TAXES?
You fo realize what Communism and even proto-communism practices have done to their countries correct? The USSR was hellish tyrant state that caused a multi-decades long Cold War that has left multiple generation in and outside of it traumatized to various existents, the "Peoples" Republic of China has been Humans Rights disaster, as has North Korea, and I'm quite sure we all know what Nam turned into. I wholly disavow Communistic practices because all the do is cause harm for extremely little gain, if any gain at all. Even when they give you something "nice", it's an abusive trap as with all absuive relationships.
I understand what Marx, Lenin and Trotsky were trying to do, however you would need to be able to truely trust human beings to act rationally and honestly for Communism to work as they hoped, and as the rather long and documented History of humanity has shown; you simple cannot trust human beings with power.
@@nightmarechevalier2529there is never been a successful practibe of communism. Not Russia or China r any.
@@Handlethis342 Even if we entertain that rather weak non-defense, it can be continued and countered as; yeah, and there never will be a truly Communist country by the quote "ideal" standard.
Because for that to exist and function you need to be able to trust human beings with power to always act rationally without any bias or personal ambition and judge everything calmly with absolute care for the people below them while finding the time to hold to a deep practice of constantly staying in tune with both the needs and wants of every peoples below them, while also maintaining a high legal and military acuity.
It is rather extremely rare to get even one person who can do that, nevermind two or three people, and let alone the amount of people needed to fully staff a government, that government's law keeping fields (police, lawyers, judges, etc.), it's military and it's civilian sector leaders, to have even one of those traits while also actually having the practical qualifications to hold their various positions of power to competently run the country in question.
In short, Communism asks something of an entire Human governing body, it's legal keepers, military and civilian body, that isn't seen anywhere on Earth outside of the stories of Heavenly Pantheons. It can never work because it's requirements are far beyond what humans alone can achieve. And again goes back to; you cannot trust those in power unreservedly, because those with power are oft want to abuse it.
@@nightmarechevalier2529 I agree that the idea of communism is far better than any attempt that has been made to implement it! However, all those attempts have taken place in cultures that were highly authoritarian, which is the direct opposite mindset of what would be needed.
Reforming cultures take centuries, so judging communism by what happened in those countries could only have become valid after 300 years or more developing as a system. None of them lasted long, but was that a failure of communism, or a built in function of power dynamics and fights for status?
Nothing is getting Dissolved, and No fines paid until this goes to the Appellate level and on to the Supreme Court.. Unlikely he lose his money and or business
Correct, but don't mention that to these commenters. They will freak out.
It has already been to the Appellate level petitioned by Trump and all matters sent back to the state court as the Appellate division deemed Trump's motions as frivolous and moot. As for the Supreme Court, you do understand that the NY court system has the Supreme Court lower than the Appellate level, right? Yes there will be plenty of people who will freak out if the case goes to the Supreme Court after appeals because that is not how things work in NY. Namely NY lawyers.
@@minhduong1484 As I said this case will be reversed because it’s baseless and Frivolous. Oh and Trump still has his money and businesses in cesspool NY..
@@spinfish1434 And as I said, it has already been to the Appellate division and rejected. Also you didn't seem to know that the Supreme Court in NY is lower than the Appeals Court so I do not put much stock in your legal opinion. Also you seem to miss the part where there is currently a court appointed monitor at the Trump organization meaning he does not have total control of his own business. The next step is receivership where he loses all control.
@@minhduong1484 😂 NY Supreme Court 😂… This will go to the US Supreme Court and we all know who has the Majority there.. Trumps lawyers will have this tied up for awhile..
I am shocked that this is an actual possibility in the US oe rather I ak shocked how insanely high the bar swems to be for this to happen all things considered. I am all for it, if appropriate
1:44: Awwwwwwwwwwww 😻😹
I wish you didn't have to piss someone off for the law to matter to rich people. Im approaching 100% certainty that this whole over inflated estimation of the value of assets is ubiquitous in at the very least reality business
Thank you for your non-politicized take. This is the best break down on this case I have seen!
It seems like people are having a misunderstanding on how things work with Commercial Real Estate and financing. It's hard to imagine the courts and prosecutors are also having the same misunderstanding, buy I guess we should assume that before assuming outright malice on their end. Usually when you are underwriting a property for financing you present the bank with the best scenario to get the best terms for financing. Separately, you create a much more conservative or worst-case underwriting scenario internally so that you can manage risk better if things go south. Typically, you might have underwriting for the bank using market estimates/appraisal numbers for the property value, underwriting for investors that focuses on the future projections of that property based on historical averages, and internal underwriting based on personal assumptions of where the market is going based on your industry experience. This is the norm, not fraud. The lenders are banks and sophisticated investors--they aren't just taking your stated numbers at face value. The Banks and Trump org would have both agreed on the numbers.
While I thought the video very informative there was one part that needed further explanation. How can it find "fraud" in a summary judgement without a documented intent? Fraud isn't a mistake, oversight, irrational belief, or act of ignorance. It is the willful, wrongful or criminal deception with an intention to result in financial or personal gain. If the same belief that property X was worth Y is repeatedly used because of a delusional belief in a speculative value, then its replication doesn't necessary show fraud, right?
She actually did cite law that explained intent isn’t necessary to prove, only a pattern of behavior.
But the value of Y went up and down depending on where the number was being used. That does show willful deception.
@@robertawalsh2995 Thanks, that explains it. A pattern of behavior showing the same deluded belief isn't necessarily fraudulent intent, but showing widely different values depending on circumstance does.
Just in! Trump was awarded a stay on the judgment pending his appeal.
I see your dog popped in to check up on you. Probably worries about you talking to and gesturing to a wall.
why would trump's lawyers think that NY real estate pricing is so "flexible"?
They have no valid or even half-way reasonable defences…
The issue here is the judges factual basis is just nonsense.
In real estate there will always be multiple valuations of wildly different levels. That is because different people have different needs. It is the same everywhere. London is the same. It is why accounting treatment of big developments is actually complex.
Now this could be the judges just not being competent in the field. Or it could be corruption of the NY judiciary from bias.
Look at the Mara Largo valuation. It is impossible for the judges claims to be remotely accurate to any observer, even reslly low IQ peopke. This lends weight the issue we are looking at is bias not just incompetence (but there is probably some of that).
This is really damaging to NY state. Who wants a contract in a state where the legal system is such a mess. The reason Delaware holds its status despite competition is good rulings. NY is at risk of losing banking business due to the desire of commercial operators to ensure adequate legal stability.
One argument I've heard is that this entire lawsuit lacks standing because there's not any proof that anyone was harmed by any of these actions. I would like to hear an opinion on that aspect. If you get a loan, and you pay the loan without missing any payments, where's the damages?
You're saying it's OK to commit crimes as long as you don't get caught. If that's not a problem for you, there isn't much point in trying to explain the financial implications.
So running red lights are ok and should be legal if nobody gets harmed?
There's a big difference between a civil case and a criminal case. Being found Liable is not the same as being found guilty of a crime. You guys are bringing up criminal examples where this is not a criminal case.
@@newspin2477 crime or civil, doesn’t negate the point of why laws exist.
@@newspin2477 do you honestly not understand claiming the law used to prosecute is civil rather than criminal is making a false equivalence? Do you believe the state and fed. should not file civil suits against anyone for any reason?
Would you agree that at the time this country was founded, corporations were seen as dangerous because they would not die? You have to have a death penalty so you can be rid of them.
What foes "shutting down" his business actually mean? They can't take his property and they cant get into his bank accounts (even if they do he would have already moved the assets). I'm very unclear on all of this. The attorney general needs to focus on far more important things than this unless she wants him preoccupied thereby preventing another presidential win.
I didnt vote for him and I i think he's pretty much nuts but none of this feels right to me.
I doubt there are many CEOs vocal of supporting Trump in NYC. If there are any, they should prepare for the AG to begin investigating their company for similar asset miscalculations.
They won't. If the name was not Trump nobody would care. All real estate office do this practice.
@@Michael-of6zfwhich ones do?
Everyone who is in the real estate business, architects, engineers, GC’s here in NYC, knows not to get into business with that Org. It’s literally the last company anyone here wants to be involved with. And this has been the fact before he even got into politics.
@@Michael-of6zfno they absolutely do not to this extend. 10% up and down maybe but not hundreds. This is a completely different ballgame.
@@oliver9465 this is my understanding too. 5-10% might be considered reasonable or fraudulent. But he ranged 600-1200%. That is flaunting incredulity.
I like this lady but that ad
If he had never been President, this never would have happened, and I think that's all you need to consider to determine whether or not this is fair.
New York's been pissed off at Trump for years. I don't think his presidency had much to do with it, TBH.
@@FranNyan then where were the charges for these exact same behaviors in the 80s, 90s, 2000s, or 2010s?
@@BobMcDowell he’s been under audit for 15 years and this fraud issue was raised prior to his election. It was put on hold because he was president. It’s why as soon as 2021 she made these charges. NYC has huge delay on trial ie the 2016 civil assault/defamation case only making it to court this year.
I think it would have. Trumps been pushing the envelope for decades with his different crimes; he can't help but think he's entitled, & invariably goes too far, then brags about how great he is.
@@FranNyanDidn't he save NYC in the 80's?😅
Its crazy to me that felons cant vote but busniess men and presidents can commit terrible crimes haveing no legal repercussions and never be barred from running for president.. I've never been more disgusted with my own country
The court didn't order disgorgement or restitution, so, at worst, Trump will leave NY for a more business friendly state. Not a bad idea!
I have long thought that the government ought to have the option of flat-out buying properties for the "value" listed by people valuing their own property for tax purposes. It might provide an incentive to avoid lowballing it anyway.
The notion that someone who "owns" property could be forced to sell for _any_ price is abhorrent to me.
The notion that someone who "owns" property could have their property taken away from them by the government because they don't pay the mandatory rent to the nanny government is similarly abhorrent, but unfortunately we already live in _that_ reality...
@@FirstLast-gw5mg Yeah living in an organized civil functioning society is such a bother so 'abhorrent' when you could instead be living in an abstract entirely nonfunctional anarchic or communist utopia that only exist in minds that are or equivalent to a 15yr olds.
haha. Uhh. What you tell a loaner (bank) about what your assets are means zero. They send appraisers to make sure you can cover any loan. You should know that. Delusional to say otherwise.
The law is not there just to keep the 'little people ' in check. It is important that we are protected from the abusive use of power and privilege that is inherent in the corporate world. Conmen like Trump must not be allowed to prey on the week. (irrespective of their politics).
Personally I don't trust NY judicial system!
But will this happen to other businesses doing the same or is it just Trump hatred. Remember this judge campaigned to take him down no matter what.
Thanks for the video Alyta, you're always great at breaking concepts down to a level I can digest. I feel this is just one of the many dominos falling for Trump. If his assets in New York get dissolved, I'm sure other states will follow close behind. I mean I doubt NY was the other place he was conducting business like this 🙄
People like you are only concerned with businesses being run this way when it's politically or socially convenient for you.
@@ydoucare55 seems to me that it's awfully convenient for you to fire at someone without seeking any clarify or for a back and forth to seek understanding and reason. Have a happy life 👍
I think this is just legal prosecutions for political reasons
Read the documents. The man has been shady for years. He’s no victim.
Its mean nothing. The same judge did the same to several corporations before and they all got over turned on appeals. A judgement by an appeal court on one case even said that the judge did not understand real estate. And that he mistaken tax assessment value vs property value. I except this to get overturned.
Any links to court documents showing that?
Do you have links to those claims?
🤣🤣🤣 Trumpers are always out of reality.
You've made a number of false claims here.
Judge violated the 7th amendment. Right to trial for civil case. This is going nowhere and Trump as usual will win again.
I believe Trumps motion to stay pending appeal has been denied by 11th circuit. They are back in court before judge Engoron on Monday so should be interesting. Thank you Alyte for covering this - very little coverage of Trumps legal woes by lawtube other than Meidas. Popok does a fairly good job of breaking it all down but Meidas is left leaning sometimes to excess.
Glenn Kirschner & Harry Litman also very good.
It's difficult to go over because it's so unprecedented and there is so much legal stuff going on that is specific to New York and this particular AG who was elected to persecute Trump. It's hard for a non-New York attorney to comment on what's going on since they won't be familiar with how things "should" or usually work and so can't determine when things are odd.
For deep analysis, you'll probably have to wait a while. I don't think anyone expected an outcome anywhere near what happened here which is why so many haven't been following the case.
Personally I feel like they've repeatedly wasted the courts time, the prosecution showed clear fraud, and they refused to cooperate with the monitor. I think this is just NY saying we've had enough of the games.
Being truly honest that man should have never been a president for anyting.
Lock him up!
My only issue here is that it seems that if the arguments were valid they should still stand. In addition, if the people who did business with that Trump organizations do not claim any fraud, then the state literally has no standing.
The particular statute here does not include loss as a part of the crime.
The policy rationale for this type of crime is to protect from the distortions & damage to a fair market caused by repeated lying in business.
Summary judgments are only given when on the papers it is absolutely clear & undeniable that the crime has been committed & there is no valid defence.
The defence team had repeatedly raised various arguments in pre-trial motions which were dismissed by the court & appeal courts twice! The defence lawyers were sanctioned precisely because they kept raising arguments that the court had already heard & rejected.
The defence will be able to appeal the summary judgment.
@@meganm1074Correct me if I am wrong, but I believe the issue is that the state itself has brought the case itself. This is without being harmed and suffering financial loss. This is a civil suit, hence damages need to be proven and the only those who are supposedly harmed by this have the standing to bring suit. This to my understanding did not happen.
COMMUNNZZTT NY JUDGG CANT TUCH CAPTAN AMERIKA TRUMP 2023 USA 🇺🇸⚡️⚡️🗽
I was wondering when the law would finally catch up to Trump and all his organisations linked with him. But damn, all this stuff is quite confusing to fully understand if any judgement/punishments are either too weak, right or too strong.
A suggestion… when in doubt apply common sense.
Someone has flagrantly & repeatedly lied in business for decades, to the scale of millions & billions, to get loans & insurance on favourable terms. Then a monitor is appointed during the court process (a year ago), & the monitor reports back to the court that despite their efforts the fraud has continued.
Does such a person deserve permission to keep on doing business?
!!!WARNING!!!
THIS VIDEO CONTAINS FACTS, NOT OPINIONS.
It must be really difficult to phrase all of this in a non-partisan manner. Kudos for even trying. Trump is clearly a corrupt, law-breaking sack of shit, but well done for putting it across as neutrally as you have.
When NY is done with him so will every blue state he has business in. His business is finished......bye Donnie
Please don’t use flashing lights without warning people first. They can trigger seizures!