"Shark Tank" judge and O'Leary Ventures Chairman Kevin O'Leary joins CNN's Laura Coates to weigh in on former president Donald Trump's civil fraud trial in New York. #CNN #News
Not illegal there was no crime other than running for president it’s called election interference. Even the bank CEO of Deutsche bank said there’s no victim there’s no crime we don’t know why were even here. Setting your hatred aside for trump you have to at least admit what’s going on is political persecution
@@BlkPanther My house was a foreclosure, so they owned it. I don't plan on selling, but I'm not discriminate on who I sell to if I decide to. As long as they make a good offer.
@@user-yv4mm6bx3c Makes sense. So you have been ripped by con men like Kevin O'Leary and Donald Trump, who wanted you to take out a loan that you can't afford. Sorry that you got into trap of snake oil salesmen. My first house was a small one and I made sure I had enough cash to pay it off if I needed to. Second was bigger but I had twice as much money to pay it off. My last house is one fifth of the cash I have. I bought this house all in cash. Interest rate was 7+ % and the mortgage company agents were around me like vulture. Thanks to President Biden that I made enough money. As a bank, I wouldn't waste my time and money to look for the best buyer. I only care about recouping my investment and that is perfectly legal.
To the contrary. It's just more proof that the rich have it made and the middle and poor must follow the rules. Drumpf is not the amazing business man his cult imagines. It's so discouraging reading here how many think lying is OK.
I really wish this reporter wasnt so horrifically unprepared and asked follow up questions to Kevin such as: Is it ok to lie about the size of your building on loan applications? Is it ok to lie about whether a property can be used for residential development? CNN probably wishes they could hire good interviewers.
He seems to have forgotten the part where they devalued their own property to pay less taxes. Maybe we should investigate and sue every real estate developer.
@@Paula-kg8nc Trump has already been found guilty of Tax fraud, this case is about how much he needs to pay for being guilty. I think you need to wake up.
O'Leary's laughing and cynical dismissal of Trump's civil fraud indictment because "every real estate developer does this' demonstrates the deep and vile corruption of this business. I agree with him that all developers who indulge in fraud should be held accountable including himself if that's how he rolls. It occurs to me that the unsustainable rise in real estate prices and the ensuing housing crisis can be laid at the feet of these disgusting greed based business people who only care about feathering their own nests at the expense of the common good.
I own buildings and I have to constantly borrow money for upgrades and maintain the buildings. This is really bad for real estate developers and commercial buildings. This is a freedom killer for even small businesses.
@@tfywmnftiadp That’s O’Leary’s point. Normal business negotiations would now be considered fraud. Literally every business owner and private home owner would be guilty.
This guy is a real piece of work. He’s literally arguing that everyone lies to banks and the state governemnts and we should all just be cool with that. Also, trumps little “fudge” wasn’t a couple thousand, or even a few million. They over valued it by 100 million. And then they reported it far lower to the government. He also TRIPLED the square footage on these documents. This wasn’t “oh I wanna slap on a new coat of paint to make it look good.” He lied to defraud the banks and the NYS government.
The big DIFFERENCE is that they have above 25 million dollars but to truly be in the rules are not for ME club you should have about 100 million dollars. And then there are no rules for thee
What he didn't talk about or what very few know about is how dirty the banks are in all of this. The feds cannot even keep up with all the laws banks break on a quarterly basis. The banks get the money at the cheapest rate directly from the fed, they need to lie and play with their numbers to get more cheap money from the fed. The snake is biting its own tail....round and round we go.
@@TheClash122 he has a lot of power coupons to get the politicans to do whatever he wants. Unlike us minions he can call up the leader of the regressive GQP party and then our vote doesn't mean anything against his power coupons
The fact that the businessman started a diatribe complaining about suits against presidents -- shows that he's a shill for turdtrump. Probably getting paid for it. "Everybody else is doing it, so can turdtrump!" No, not everyone is doing it, and certainly, NOT AS MUCH.
Making false documents. Lowering the value of your properties to pay less taxes. Increasing the value to get money which is not due to you. This is not new crimes. The pool of money from the banks is not endless. Some people did not get the loans they needed. So tell me this is not fraud, nobody was harm! Tell me this is okay! Ordinary people did not make money, small businesses did not get loans, the government through taxes did not make as much money. Your thinking is crazy and twisted. Stop seeing the light through Trump's ass. You will see better.
@@jeffwilliams59 market value and taxable value are two completely separate things. The state had 0 authority to determine market value because we live in a free market. Obviously, you have never bought a house.
@@jeffwilliams59 Even if the taxes are determined by whatever you claim your property is worth, which it is not, it's based on the county assessor, Overvaluing the property would mean you overpay on taxes. You have to have a sub 70 IQ to think this is legit.
Yes Trump is not charged with negotiating a higher price. He made false documents with up to three times bigger houses than existed. If that is normal in real estate business, then things has to change. Or we get another loan crises where banks have to be bailed out. (by taxpayers)
This guy's argument seems to be that criminality is so widespread that it is acceptable behavior for some (but not for the little guys like ordinary homebuyers, of course). And did you notice that he completely sidestepped her question about how is this not a form of tax evasion?
Overestimating your property to get a bigger loan is not really the problem here (as everyone does or at least tries it) but in the same year the same property valuating a lot less as it comes to tax returns is the problem. And even if everyone does this also, it's blatant tax fraud and you know it.. #Basta
But I honestly thought that the city had a city assessor that determines how much property tax is paid. It’s not like they’re gonna take documents from one side or the other in a loan deal? right or no? I have no idea.
Well yes that can be, but in the same year underestimating more than 20 times for tax reasons is the real/bigger/biggest problem and in fact criminal @@telebubba5527
I think it was mentioned specific to Mar-A-Lago that Trump appealed to the tax assessor, stating that because of permanent easements and the fact he’d promised it would never be private home only, but always a resort. This brought the value down by tens if not hundreds of millions that Trump has publicly stated its value is, to something like 18 million.@@jes6628
No the assessor uses different factors than what someone would use if they were actually buying the property. Im afraid You dont understand real estate.
"It's ok for /rich/ people to commit fraud, because the whole system is rigged! The rules are only designed to apply to the poor." --Kevin O'Leary, if you actually think about what the words he's saying mean.
That is how our system works though. Your average American would never be allowed to inflate the value of their property the bank would 100% hold them to an appraisal the bank ordered. It has always been rigged in favor of the rich. But it should be illegal and trump should be held accountable.
They suffer from "Affluenza." It's already been upheld in a court as a real condition worthy of our sympathy and less severe consequences. If a young man with a bright future and family connections to the machinations of power rapes a young woman who's passed out drunk behind a dumpster he shouldn't face the same harsh judgment as other rapists because he suffers from "Afluenza." We've got to treat the rich differently they've had a very hard time in life, and we can't hold them to the same standards as young POC who grew up w/o privilege.
@@TECO1234 30,000 != 11,000. He signed two different documents, one claiming that his apartment was 11,000 square feet, and the other claiming it was 30,000 square feet. One of those documents is fraudulent.
@@TECO1234Trump's fraud has already been proven in court. He already lost the case. They're just deciding the penalty now. Try to keep up. But we know MAGAts aren't good with reality.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold.
The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.
If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I’ve been a banker for almost 40 years. Customers always try to overstate the value of their individual assets, but not in financial statements. When you alter your financial statements, it’s fraud.
That's ridiculous. A building value is always ultimately a matter of opinion about the market. That's why you can get three different appraisals for the same property and end up with three different property values. If a real estate asset goes on a financial statement, it's up to the bank to decide whether or not to question the value. We're not talking about cash on hand or any other precisely quantifiable asset. This case is an attack on the rule of law and on decency and fair play. Democrats are scared to death of democracy, and apparently all they have is frivolous, specious legal arguments hatched by partisan attorneys who care nothing about justice and everything about winning elections. FAFO
They wont be they have the New York attorney general doing this to Trump they’re all corrupt democrats on down to the courthouse janitor. They’re all marxists fascists. Election interference this is the true insurrection attempts
If that were the case, yeah. Of course everybody wants his assets to be valued as positively as possible. But not everybody just makes up numbers vastly outside a property's actual value, and hardly anybody just makes up numbers about the size of their property (let alone overestimating it three times). No, Kevin O'Leary is an idiot who apparently once again thinks he can fool everybody, just like with this "Mr Wonderful" nickname he came up with for himself.... There's a difference between silver-lining one's assets and fraud, and Kevin knows damn well that what Trump did is plain fraud.
Correct. If everyone is a crook then everyone should be indicted. The alternative is to abrogate the law but of course this is America where the rich gets away with murder. CNN is absolutely PUTRID bringing on these Mafia Thugs to speak in favour of the Smelly orange Orangutan. What a shit hole country America is , just like any other BANANA REPUBLIC.
Or anyone who believes in honest dealings. I think everyone in your claim is limited to the MAGhat cult. Anyone who has more than 2 brain cells and appreciates honest dealings believe that Trumps case should just be the tip of the iceberg, if we can believe Kevin.
Yes, indict all those who try to defend Trump. In fact, let us indict those who try to sell their cars higher than the market price. Indict also those who try to pawn their things and try to escalate their items value.
@@ToThinkTruth that’s not how it works but keep crying…this entire self proclaimed victimization, poor rich white male, grievance “retribution” BS is really old and honestly just a bunch of narcissistic cult of personality delusions… Learn history and gain some empathy and self responsibility. If anyone else had done 1/10 of what Trump had done they’d long be in prison by now.
@@ToThinkTruth Well if they try to sell their 1999 Honda as if it's a 2024 BMW and they try to pawn 1 item but say its actually 3 items. then yea. He lied in his financials about the square footage of his NYC apartment by 300% and lied about buildings having more floors than they have. He would lie and say ALL his buildings were 100% occupied taking in the maximum rent when they were only 70% occupied and had rent control. its FRAUD. The banks would have made millions more off the loans if the numbers were not fraudulent. and in Palm beach- Mar a lago in the deed says it can only be a club which makes the property worth $18 million and makes taxes and insurance extremely low, but to get better loans, Trump fraudulently valued it as a residential property worth $250-500 million. While still paying the extremely low taxes and low insurance as if it was a club worth $18 million. It's fraud plain and simple. Bank fraud, tax fraud and insurance fraud and he has been doing it for DECADES.
So Kevin is correct in that everyone who wants to borrow money tries to make the collateral look as good as possible. The problem is when you change that evaluation depending on who you talk to, i.e., the IRS or insurance. Then, we move from financing to fraud, which the case is about.
I think you guys understand little about this. Capital allowances that a business gets in tax are based on the value of the asset at cost, meaning what you actually spent on acquiring/constructing it WHILE for financing/loans with bank, you're looking at a different valuation like the present value of future cash inflows say rentals of a property into perpetuity. And so what the gentleman here is saying makes total sense. I would advise to research the subject matter before rushing to comments please.
Exactly. Back in the real world, I lost my job and wasn't eligible for welfare assistance because my husband was in full-time work and we had savings and other assets that put me well above the cut off point. If I'd taken thousands of dollars in welfare payments while *cough* forgetting to mention that? It's called welfare fraud. People go to prison for doing it because IT IS A CRIME. And "everyone does it, what's the fuss" is not a valid defence -- even if that was true, which it isn't.
@@CRanapia His financial statements said the estimates are not audited. It’s up to the banks to do their homework and see if Trump is exaggerating the value of his assets. And guess what? They did just that. They testified that the cut back on Trump estimates and gave him loans matching his means. Then all parties were happy and the bank made profits. AG Tish James is waiting public ’money by perusing this ridiculous case.
@@pfury67Man, you are living in fantasy land. You think you are going to tell a bank, Hey I have a 5,000 sqft home, and then they aren’t going to verify the address? You must’ve never applied for a loan.
@@pfury67 See they have these people who work at the bank that physically verify every claim made before negotiating a loan. They do not simply take things I say on face value. My equity for example is still double checked even when established in my tax forms and county records.
@@sauron1692 if you lied on your applications by wildly overvaluing the asset and lying about other objective items, would you get the loan? No. Yet trump does? Either the bank was fooled or they decided to just let it happen. Either way, Trump was able to make millions off of lying, while you cannot. Do you not see how this is a problem? That money comes from somewhere. It’s akin to money laundering. It comes from distributing everybody getting just a teeny tiny bit fucked. There’s a reason these suits come from the people/the state and not a private entity. It’s in the public interest not to give a pass to lying on financial documents.
@@pfury67 have you ever pulled title on a home? it tells you the square footage. Do you think a bank does not pull this info before handing out millions. I don't get you people. You think you know more than a bank.
The democratic party, is based off emotional support instead of reading or research. I challenge you to talk to a republican family member about how or why most people convert from democrats to republican when they finally know what they are talking about in my words
Actually, the Democrat Party does TONS of research but unfortunately most of it is to undermine not Democrat voters. This country would be so much better if Democrat operatives spent half their time trying to make the country better for everyone instead of for a tiny fraction of ne'er-do-wells, misfits, saboteurs and miscreants.
@@Joe-ku1ko ..when they finally know what they are talking about in my own words’, followed by, .that’s why women bote for them’. No offence but it’s like we’re on planet of the apes here. Ahh, right wingers..
Showing assets in their best light is one thing; tripling their actual value for loans then slashing the value of the same assets for tax purposes is another thing entirely. We're not all as stupid as you obviously think we are. Thanks for confirming all our suspicions that real estate developers are a bunch of sociopathic crooks.
Disgraced Former Lawyer Michael Cohen and His Attorney Busted Using Google Bard AI to Generate Fake Case Citations. Cohen is caught again Lying & Falsifying documents. He cleared Trump when he appeared about falysfing property assets and the case should have been done. This Democrat distraction/ election interference. Trumps Polls keep growing from the Democrat tactics to Stop Trump. Face it Biden is a Loser in 2024.
Lying about the size of your property, the occupancy rate, the permitting...these are not "talking up" your property. They are lies. Is every real estate developer doing that?
Sorry, but Kevin O'Leary is the real joke. To suggest or imply that criminals and lawbreakers should not be indicted and prosecuted is really dumb.....regardless of whether they are ex-presidents or ordinary citizens. To suggest or imply that "the voters should decide" and thereby ignore the DISQUALIFICATION clause of the Constitution and the rule of law is TOTAL IGNORANCE. Of course if Kevin O'Leary happened to have a legal situation that affected him personally, no doubt he would expect and demand that the full force of the law be applied to protect him. If the rule of law does not apply, then perhaps someone should break in to O'Leary's house and bank and take everything he has .. then lets ask him what he thinks about the rule of law.
He LITERALLY just admitted HE commits fraud! Why Coates didn't pounce on this is why CNN is losing thousands of viewers monthly! I think his state's AG should investigate HIM.
Sad thing is the criminals in Armani suits are winning and working class Americans are paying the price in blood and wasted years of work that never gets them anywhere but a hole in the ground buried under a mountain of debt!
What is your idea of an over valued degree? Do brain surgeons have over valued degrees? How about nuclear engineers? Are financial advisors worth the money they charge? How about when financial advisors advise their clients to invest in bitcoin stocks like FTX that goes poof?@@repairman99
As a 40+ year CPA that's worked for real estate developers, trust me, Mr. Wonderful is spot on. When I tried to explain this to my liberal older brother, his response was "if everyone is doing it, they should all be sued!". Good Lord, there's no fixing stupid.
If I were your parents, I would be proud of your brother. His belief that the label "real estate developer" is NOT an entitlement to lie at tax time makes him sound ethical and moral to me. If I were your parents, I would be proud to have raised him.
I literally help these millionaires commit fraud and take advantage of taxpayers. I will defend to my death that it is ethical because i directly benefit from defrauding taxpayers for a living. And don't conflate ethical with legal. Yeah, it's legal what you do, but it's corrupt as hell. The only reason the common man celebrates you is because we fetishize the wealthy.
I bought my home for $62,000. Now, imagine I went to the bank and tried to get a loan against my home at $186,000, but then in the same year I only paid property taxes on the $62,000 figure. That is fraud and I would never get away with it, nor should I.
Where I live, Canada, that could never happen. Folks aren’t taking my word on a piece of paper about anything. Numerous times, I’ve encountered the property assessor in July, noting specific changes on the property and the local market is always taken into account. The bank, just for a residential mortgage, sends someone to take a look before giving up the money. How can you folks just lie? Is nobody verifying anything?
@@markstevens1729that's they way it works in most countries, it's just in Amurica they get away with this shit. And that's because corporations own the politicians and the judicial system.
@@markstevens1729 It's irrelevant if a creditor does due diligence. The act of submitting a highly exaggerated valuation on application, is still fraud. Even if a bank goes along with it.
That is not the fraud in question in Trump's case. Trump's fraud happened when he claimed that his building was valued at a higher amount because it was fully occupied with people paying the highest possible monthly lease rate for the area, when, in truth, the building was not fully occupied and the building was rent-controlled at a guaranteed lower monthly lease rate. Or his apartment is valued more because he claimed it was 3 times bigger than it actually was at the time. Or Mar-a-Lago was worth more because it is a residential property, when it is actually worth less because it is a commercial property with land development restrictions.
But that's not how it works. I bought my house for $225,000 in 1995, My current assessment is $500,000 which is what the government says my house is worth and what I pay taxes on. I go out today and ask for a cash out loan for $600,000 to buy a vacation home, because I think its worth $800,000 based upon what my neighbors house sold for 2 weeks ago. The bank sends out an appraiser and the appraiser says its only worth $700,000 because my neighbors house has an additional bathroom that I didn't know about. Since they will only loan me 75% loan to value for a cash out loan They agree to loan me $525,000 which I accept. Am I committing fraud? No that would be stupid.
"You gotta sue every real estate developer ever." Good idea, Mr. O'Leary. Crooks always assume everyone else is a crook too. It helps normalize their behavior in their minds.
@@JudyStroyer-bk6fb It's like porn... you know it when you see it. 10% over valuation... gamesmanship... you are working the system. 300% overvaluation and you are definitely committing fraud.
There's a difference between negotiating and outright fleecing, which is what Donnie has always done. Also, Donnie severely lowballed his assets at tax time, all the time. You cant have it both ways, and that is what is at the heart of this trial
Then maybe you should have had a witness to on the stand say that because every single witness that took the stand agreed with Donald Trump's view on this ..... And not one single witness took the stand that said anything different .... So we just have to go on the judge and the prosecutor's word .... Orange man bad
@@billypardew2337 Maybe you are only capable of repeating what the ex LIAR-IN-CHIEF says in his whine sessions, er, I mean "press conferences" in the halls of the courthouse. He also said the Mueller report found no collusion. You probably baa-lieve 🐑 that lie too.
Yes Kevin O'Leary, every rich piece of $h*+ developer does it.....but if a working class homeowner ever tried to do it they would be charged with bank fraud, tax fraud and all kinds of other felonies and you'd be all good with them going to prison for something you see as a rich man's privilege....but is in all reality a crime...a felony!
especially if you blatantly lie about the square footage or give development potential as a value increaser when you know development is not possible.@@walex5462
@@walex5462 When you sell your home you go for top market value... you don't start at market average or below market... hence why people negotiate when buying homes... same thing the bank does when dealing with real estate.
@@CaptainW1nky "Top market" value is based on comps, location, and REAL SQUARE FOOTAGE. Taxes are also based on valution of similar properties, previous taxes, location, and PROPERTIES LEGAL STATUS. When you start to intentionally misrepresent these for Loan purposes and to Evade taxes this is FRAUD.
No you’re clueless . You don’t understand the law and the reason you can’t prosecute on cases like these . Because there is no crime according the law . Completely unnecessary and it’s impossible to set a standard it’s a free market economy .. for a good reason . it comes to a matter of opinion when determining value there’s no way to exactly calculate. Bank accepted it was paid back in full with interest . It’s their due diligence . There’s no crime . You people are full of hated and your comment just shows how you want to go after innocent people and prosecute them basically for no reason. It’s just insane 😂 .
@@cynthialeveque6606 please tell us Cynthia what new rules and regulations need to be set in place . What’s exactly your issue with this ? 😂 do you know how much mar a lago generates per year ?
I make an attempt to explain what he was saying, if you own a flat paid 5 years ago 100k, and you want to borrow some money from the bank, the bank as private company agree on the price, can be estimate at 300k the actual value now, you agree to borrow 200k, 😉. Now you own 200 k to the bank, so you need pay back with an interest. Where is the problem or the fraud or a crime?
Here is the question she should have asked for this interview to have any value: At what point does inflating or deflating the value of your properties become fraudulent? Can you triple or claim 10x the value? At what point would O'Leary find the action illegal from someone he's doing business with?
She was not the person for this interview. It would have been extremely easy to ask “Mr. Wonderful”, do all Real Estate developers drastically lie about the size of their property to get better loans, such as tripling the square footage and then reducing the square footage when it’s time to pay property taxes.
What is missing is the tax collectors and their appraisers have the authority to place their own value on these properties. They cannot be denied this. The owners can contest their appraisal but ultimately they must defer to the government. In this case if the government determines the taxable value of the property, no crime has been committed.
This guy's argument seems to be that criminality is so widespread that it is acceptable behavior for some (but not for the little guys like ordinary homebuyers, of course). And did you notice that he completely sidestepped her question about how is this not a form of tax evasion?
If you think that appraisal numbers aren't inflated by appraisers on regular consumer/homebuyers loans/refis you are wrong, we also pay a way lower county assessed value on our taxes... not a fan of trump either but this is pretty par for the course. The main differences between commercial and home loans started happening after 2008 when the market crashed(still inflated just not as high).
@@daniellawson5127 the examples you site are miniscule... 5.. 10... maybe 15% for extreme examples. This case involves 200.. 300% exaggerations. Have you ever seen a 1200 Sq ft house on the Tax rolls as a 3600 Sq foot house???... no... and you never will.
@@daniellawson5127 Then, as someone else said on this forum, it should be addressed and these fraudsters taken to court. It's wrong. If any one of us pulled these stunts when applying for a mortgage we would pay the consequences.
Kevin - I have followed you for many years - re: real estate development. "This is what the real estate game is about and do every day" . Real Estate shouldn't be a a game and involve fraud - no justification for falsifying information - let's stop rationalizing illegal activity in the market.
Every real estate developer was yelling at the top of their lungs at their tv .. "shut up kevin, only us rich guys are supposed to know about this"😂😂😂😂
I don't see the problem, the same type of thing happens when you take a loan against your car. You want 8k for it and the bank says no its only worth 6k, so you take the loan for 6k and pay it back with interest. Everyone is happy, no crime. As far as the tax argument, we should have a flat tax with no loopholes; problem solved.
Naw its just the way it is and the banks aren't stupid and no one lost money. Its just real stuff that normal people don't get but want to change it or hurt it.
Is it just me or is fetishizing the rich, weird? Like, we celebrate people who are unethical because they have more than 8 digits of value? I really wish we could talk about class in this country instead of pretending it doesn't exist.
So if I understand correctly. According to Kevin O'Leary, all real estate developers deceive lenders and the IRS as a normal practice. They misrepresent their assets by inflating or deflating size, occupancy rates, rent-controlled status, residential vs commercial, zoning restrictions, completed vs planned development, and the actual estimated values and potential value of their holdings. I find this to be an extremely troubling premise and he makes a strong case for the need for large increases in investigation and prosecution of white-collar crime.
@@Reallydumbtakes It is one thing to claim all legitimate deductions. It is another story when falsifying income and deductions on a tax return. If that is what you do, then it is good your name is not associated with your post, but at least your handle fits.
If every real estate developer lies to banks, regulators and lawmakers in the course of business, then real estate is a criminal enterprise, not a "game."
@corriecrazy it's not lying, it's called negotiating. Otherwise everyone who has ever put their house up for more than a Zillow estimate is guilty of fraud Once you move out of your parents basement and own your own house, you'll realize how ignorant you are
I have to agree. It was quite nice seeing a conversation without the host interrupting the guest every other second. He answered her questions truthfully, she countered with a couple typically dumb questions but that's CNN, and he countered her counters. Nobody got hostile. I wish she knew a little more about negotiating loans. I'm sure she's worth millions of dollars and has bought and sold a number of homes or apartments by now. What O'Leary and Trump do is just on a much larger scale and more frequently. Most people aren't signing half billion dollar loans every week to put up new 60 story buildings.
As a result of this interveiw Kevin O'Leary will not be on CNN ever again. Thanks for telling the truth Mr. O'Leary. I love to see CNN get schooled on Common Sense. TRUMP 2024....
Exactly and if "Everyone does it, so nobody should ever be charged with anything until the cops, prosecutors and courts have a 100% clearance rate" is the new standard, where does it end? Burglaries? Home invasions? Bank robberies? Arson? Sex crimes? Murder?
THANK YOU KEVIN! For trying to get educate uneducated people in real estate. The bank does there own appraisals regardless what a persin say. Real Estate goes up and down sometimes weekly.
It's not about values, it's about what they're based on. Objective facts, not subject to unforeseeable fluctuations. Like the physical dimensions, the nature of intended occupancy, and such. Why would a reputable lender ask screeds of questions of fact, if it was happy for the answers to be random bullcr@p?
@@Gottenhimfella Do you have any idea how assessing a property works, or are you just saying words you think means something hoping other morons agree with your nothingburger?
Like the post says, THE BANKS USE THEIR APPRAISER to value the property before agreeing to the laon with interest, which was all paid in full, NO VICTIM. thus us all election interference. But its not working. 🇺🇸 THE MORE THEY INDICT THE MORE WE UNITE. 🇺🇸 🇺🇸 TRUMP FOREVER 🇺🇸 @@Gottenhimfella
Right, right, because you're ignoring the tax devaluation nature of the program. He overvalued for loans and undervalued for taxes. He made money because of the difference. He defrauded the taxpayer. Just because our money is available when the money cannon goes brrr, doesn't mean that he didn't steal from the taxpayer. Defend the criminal cause you want to be able to take advantage of unethical behavior when your million dollar ship comes sailing into port.
Basically Real-Estate investors and developers are saying it's okay to lie in both directions to over value for favorable loans and under value for favorable property taxes. No wonder the Real-estate market explodes and implodes on a regular basis, with Mr. Average Joe having to pay the cost and suffer in both the short and long run. I say sue the crap out of all of them, they can afford it.
There is an unspoken margin of error but NOT the kind of misrepresentation / systemic FRAUD in this case. Trump's behavior, based on the facts was criminal on unheard-of levels.
Let me put this in a way where even you can understand.... You make 40k a year and buy a 100k house. Jeff Beezo announces he is building a warehouse 2 blocks down from your house. Now the value of your house goes up from 100k to 500k.. When preparing a financial statement for the bank to get a loan, you can put that your house is worth 500k, even though you only paying the city property taxes based off of the price you paid when you bought the house (100k). The bank will send appraisers, surveyors, and do their own Due Diligence to make sure what your saying on your financial statement is accurate. The city cannot tax you 500k on your property even though it worth that much or they will bankrupt you if your only making 40k a year. If you refinance your loan based off the 500k value, then the taxes get reassessed...that, or if you sell your home for 500k, the new owners will pay taxes for 500k.. See how stupid you sound when you speak on something you know nothing about?
Oh crap. You have opened a can of worms. You gave real life facts to people who don't want them. There was NO fraud. No one was hurt. And I guarantee 💯 he paid the property taxes the GOVERNMENT said he owed.
There's some merit to what O'Leary says of course, but he conveniently left out some aspects of it. For instance, he said if you have a building fully leased out and it is therefore worth $500M you take that number to the bank and negotiate. But what if that same building is NOT fully leased out, and you claim it is? That's a lie, and is where the fraud occurs. It isn't so much that everyone tries to show their assets in the best light, it's when they flat out lie about it. Like saying a luxury resort is worth over a Billion because it's a residence, but in fact the building is NOT a residence because you've listed it as commercial for a tax benefit. That's a lie, and it is fraud. Trump's case goes well beyond just trying to show his assets in a positive light. Furthermore, Trump has proven himself to be such a slimy low life liar in all aspects of his life that it is nearly impossible to give him any benefit of the doubt. Lastly, it is sad, but true, that O'Leary is saying dishonesty and lies is the way business is done. That's the reason the vast majority of people never achieve that kind of wealth. They don't know how to "play the game". That's capitalism I guess.
Everything that you said is accurate except your last point. A lot of people know how to achieve massive amounts more wealth than they currently have. The difference between the vast majority of us and people like Trump and O’Leary is that we are not willing to break established law in order to do so, because generally most people are “good”.
@@lukewilliams9428I mean I'm sure some poor person has done it. But the average poor person doesn't have the amount worth hiding nor the money to hire an army of tax lawyers and accountants
“ tell me you’re OK with fraud without saying you’re OK with fraud” Every real estate developer uses every **legal** means of increasing their bottom line. Yes, the keyword here being legal. You might try to get more value out of a home or appraise it high in the process of bargaining but you don’t increase the square footage by three times in order to do it. Any of the rest of us would be subject to lawsuits if we misrepresented the actual dimensions and qualities of the building in the ways that he has, which were learned from his father before him, and then even more blatantly.
7 месяцев назад
You don't know what went into the calculation. Since it's public knowledge, it's not fraud. Trump could say that Trump Tower was 3,000 feet high and the tallest building in the world. It's not true, but it's public knowledge how highe it is.
Civil fraud is people willing and knowingly putting down false information about their buildings. If the worst you can find is a single instance on literally millions of papers for a massive real estate tycoon is that the sq ft for one apartment building was screwed up in the paperwork, and there is no evidence that Trump directly ordered his entire floor of paperwork jocks managing hundreds/thousands of properties to commit fraud on this one apartment building... I'm saying it's more likely an error. People are only human. Honestly it's amazing there aren't more errors in a real estate empire that big which the DA prosecuting the case went over with a fine tooth comb to uphold her sole election promise of vowing she'll "get Trump".
Civil fraud is where by a preponderance of the evidence you prove that someone with malice and on purpose writes down a number on a document meant to benefit themselves. I don't believe that happened here. Here is why. Out of millions of documents in a multibillion dollar real estate empire, to my knowledge the only paperwork error the DA could find that benefited Trump was this instance where the sq ft was overrepresented. Which to be honest is an amazing feat in and of itself with that sheer number of paperwork that stretches over decades that there weren't more errors. The court's job is to find out if this was a human mistake or done on purpose by the whole line up of paper pushers filling out these documents on hundreds of properties. Which based on what I could research, they couldn't find any evidence as such. Also just step back and think about it for a minute. If you have a real estate tycoon committing civil fraud, you would expect there to be a significant amount of "errors" in the paperwork that always benefit him. Not a single error on some random apartment complex.
@@bcbock His financial statements said the estimates are not audited. It’s up to the banks to do their homework and see if Trump is exaggerating the value of his assets. And guess what? They did just that. They testified that the cut back on Trump estimates and gave him loans matching his means. Then all parties were happy and the bank made profits. AG Tish James is waiting public ’money by perusing this ridiculous case.
They guy is shitty in general. I had some friends meet him by Kevin trying to steal their cab they called for themselves (it's a small city you need to call cabs) and leave them out in the rain. They had to argue with him over it and he came out like an ass. Shitty entitled prick. I wouldn't mind Canadian government investigate his ass.
Any Republican would do for him. They all get paid to Tax the Rich less and less, and none of them ever mention Trump added more to the National Debt in one term than any President in history has in two terms. Debts only count when we're the ones paying them.
If the stated value is based on false information it must be fraud. The size of an apartment, the number of floors in a building and number of tenants. This is so much more than putting the best light on an asset. It's outright fraud.
When you sell your car you always ask more than you will settle for. Same. Welcome to the real world of sales. Been in sales for 35 years and this is how it works, it’s normal and is not a “crime”.
@@hothatch1520 The business community has already lost an enormous amount of credibility but they don't seem to care. Don't care if Trump gets screwed or banks go onto bankruptcy.
I'm not a huge fan of Trump at this point in time, in fact, I support DeSantis. However, this NY case is a pile of poop, and I've been stating this fact from the very first day it was filed. I retired after 40 years of being a CPA, and can tell you every word "Mr. Wonderful" just said is 100% fact. This case is a waste of time. I state no opinion on the election cases.
Indeed, it's like saying "every gang member uses drugs. You cannot prosecute my client until you prosecute everyone else who breaks the law in the same way"'
You re missing the point. Everybody does it because its a negociation, the banks have their own appraisers to determine values of assets. If the Bank approves the loan, that’s on the bank to live with the risk. In Trumps case, the bank even got repaid, Trump paid the loan, making the judgment even more insane.
@@marcocannon87 Negociation is not a contest to see who can tell the biggest lies. Have you heard of "good faith" bargaining?. Trump hasn't. It would be pointless for a bank to ask a prospective lender for the details off their collateral assets if the world worked the way you (and right wing TalkBack radio hosts) pretend to think it does.
@@Gottenhimfellaif you walk into a house for sale and think it's overpriced, are you calling the state AG on your way out? 😂 In my area, homes are selling for 100k and 200k above recent county revaluation numbers. Is the county guilty of fraud or all these home owners?
That's ridiculous. He's not sued for reporting wrong numbers to the banks. He's sued for reporting wrong numbers to the IRS.If he had reported the same numbers to both sides, he would be out of trouble.
I have worked for several real estate developers over the past 20+ years and NONE of them do this. NONE of them overvalue certain properties by 3x in order to get loans and then slash the value in order to pay less taxes. That is called fraud and none of them did it because they didn't want to lose their businesses and go to jail. All of them hired auditors to come in and verify their records and those of us in the purchasing departments would have to sit down with them and go over any questions they had in regards to our subcontractor contracts, supplier contracts or services contracts. I know this guy is a Shark Tank investor but it is clear that he has never worked for or as a real estate developer. If he has, then I guess he has just admitted that his companies committed fraud and should be investigated.
He is a Mike Lindell 0.5 (whatever happened to him, btw?). This is clearly an attempt to 'normalize' poor little Trumpy. Apparently, CNN earns its money this way.
the hiring of auditors is required by law, and they must sign off on the statements they submit for tax and other purposes. Trump's accounting guys washed their hands of him and exited. Auditing companies can lose everything if they enable such fraud. That's what happened to accounting giant Arthur Andersen for enabling Enron's fraud. IF it could happen to them it could happen to anybody--including Mazar's, who'd done this work for Trump. I guess they decided Trump's fraud wasn't worth his business. One only can wonder how much work he stiffed them for before all this happened.
@@mikedavis-ip5cx - Being a successful business while obeying the laws is pretty smart to me. Clearly you like companies that break the law, that are now facing financial repercussions for that and the possible dissolving of their company and you think that is smart. I really do feel sorry for you.
@@nates9029 Everyone in New york does this to secure a loan. They either inflate the value and square footage . Not a city problem but a tax problem if he overstated square footage on his schedule c. Then the accountant is to blame. Not Fraud at all if he bad back the bank. Case should be dismissed or Trump should sure the NY DAs office for slander and damages.
😂 I loved her statement about never hearing that angle before. What the truth? I think it might be a problem if the person who is reporting the news hasn't heard the truth angle before, especially with a story that is years old. The fact that she even called the truth an angle is funny. 😅
Engoron and James belong in prison for their obvious political persecution. Everybody knows what they're doing yet they're allowed to continue, awful corruption.
They negotiate value, not lie about the square footage. If I'm not mistaken, the judge pointed to filings where the square footage was 3x what it actually was.
Makes you wonder what else Trump has that is 3x smaller than he claims it to be. Let's be honest, a lot of his behaviour could be explained by him having a tiny you-know-what.
@@jamesgravil9162 His financial statements said the estimates are not audited. It’s up to the banks to do their homework and see if Trump is exaggerating the value of his assets. And guess what? They did just that. They testified that the cut back on Trump estimates and gave him loans matching his means. Then all parties were happy and the bank made profits. AG Tish James is waiting public ’money by perusing this ridiculous case.
So basically he's saying that all Real Estate developers commit fraud?? My mother worked in Real Estate for nearly 40 years and at no stage did any developer over-valued their properties in the way that Donald Trump did. Maybe they break the law regularly in the US, but in the rest of the world it isn't tolerated.
No, Kevin O'Leary is obviously not talking about anything he knows about to understand the difference between a difference of opinion vs acts (not just words) that cross the line into fraud.
@@GMunoz-oj5zbthe issue is then reporting the exact opposite on taxes. And fudging things that are NOT subjective like square footage. That is fraud plain and simple.
@@GMunoz-oj5zb Trump inflates the assets to get favorable loans and then devalues those same assets to pay less taxes and pay less insurance. He lied in his financials to get those loans by lying about the square footage of his NYC apartment by 300% and lied about buildings having more floors than they have. He would lie and say ALL his buildings were 100% occupied taking in the maximum rent when they were only 70% occupied and had rent control. its FRAUD. The banks would have made millions more off the loans if the numbers were not fraudulent. and in Palm beach- Mar a lago in the deed says it can only be a club which makes the property worth $18 million and makes taxes and insurance extremely low, but to get better loans, Trump fraudulently valued it as a residential property worth $250-500 million. While still paying the extremely low taxes and low insurance as if it was a club worth $18 million. It's fraud plain and simple. Bank fraud, tax fraud and insurance fraud and he has been doing it for DECADES.
I think the problem was he claimed to pay $750 in fed taxes in a decade when the average American pays more than that before we receive it ourselves in just a matter of months so that in itself sound odd when he was using tax dollars to have a $600 lunch and a haircut. It just sounds like an autocrat when you even hear these things.
@@lazerrhino It's very easy to reduce your 'tax burden' when you have loads of assets, a business and can make very large charitable contributions. I have a friend with a one-person business that paid zero taxes as long as he was running the business because everything can be claimed at a loss. It's not a "loophole". It's the tax law.
@sarcasticguy4311 That is the tax loop hole lol, and what your friend did is apart of the problem. Not to mention tax write offs for charites is a joke. They just donate to their own charities and circle that money back to them when they can. You know most charities are pretty much scams right?
Geeze, another CNN viewer!!!...Allow me to enlighten you,....Trump paid estimated taxes quarterly during the year on his projected income and as it turned out that in one year he underestimated the amount he actually owed by $750,..that $750 was not his total taxes paid
There's a huge HUGE difference between telling a bank, "Hey, my home is worth $500,000, and I'd like a loan against it," when you know it's only worth $300,00...and filing a financial statement of your company, and listing a 10,000 sq.ft. asset as being 30,000 sq.ft.
Disgraced Former Lawyer Michael Cohen and His Attorney Busted Using Google Bard AI to Generate Fake Case Citations. Cohen is caught again Lying & Falsifying documents. He cleared Trump when he appeared about falysfing property assets and the case should have been done. This Democrat distraction/ election interference. Trumps Polls keep growing from the Democrat tactics to Stop Trump. Face it Biden is a Loser in 2024.
Ofcourse, if there is evidence ,they will do it cos they are defrauding both the state and the citizen,is like rubbing the common folks and the state per tax.
A good question dear, bringing this guy here makes it look like it is a normal thing to do,and that trump is being punished for northing,these are trump's pal,they are trying to help him,so that they get favours from him if he gets back to the white house,he is currupt,just like his friend trump.
He's been fangirling dRumpf for years, and here he cries he's neither here or there... Not shady at all, surely not, all his defense of the orange convicted sexual tax evasion predator. @@Rafaelleao1977
She got schooled. He explained it so clearly. Trump did nothing wrong on this one 100% I agree, we the people want to hear about policy and better our country.
Yes 10,000 real estate developers in America 🇺🇸 need to go to jail and also all politicians because they over-values their capabilities and also the media house too. They carried those stories. And I think everyone in America 🇺🇸 need to see jail because they say their country is a democracy or republic and that it is the greatest country on earth 🌍. All lies
Oh I agree. Leticia James and the judge 100% need to be investigated. This is malicious prosecution using a law that has NEVER been used against anyone before Trump.
Didn't answer that last question, which is a really important one, but Laura let him off easy. If it is true that the practice of giving higher asset valuations to lenders and lower asset valuations to the IRS is so common, does this mean we should let everyone get away with it, or nobody? Should it be legal or illegal, Kevin?
What did you hear? The negotiation with the developer and the bank is a debate on value of the property no one was degraded not the bank they are the ones that decide how much money you get. James is saying Trump stole money from the bank by overstating the value and that can't happen the bank is only going to give you 40% anyway they know how much a building in worth. As far as the taxes she was asking if that was illegal no because the bank decides how much money you get. And developers pay a lot more in taxes, far more, than the normal business owners. So no she and James has got NOTHING on Trump or any other developer. You can't make something illegal just because you don't like that some people make more money than you, or you don't like their politics. Besides you wouldn't even have a first world without developers we all can't live in mud huts. We live in a Capitalist market economy so quit bitching about rich people, they work harder than you get over it.
Does it mean what Donald Trumd did is even close to the realm of what they're talking about. F no. Using high evaluations is one thing saying something is worth 10x 15x 20x what it's most generous valuation could possibly be valued at is not within the margins of industry or the law... it's fraud period. How many contractors have been screwed because this guy just refused to pay or jumped ship through bankruptcy or other means... only to get bailed out over and over. Trump lived the life of a billionaire the entire time while people who owned smaller businesses that Trump owed money to went broke because they couldn't get paid by Trump, it's not a small number. He is a parasite... the fact 90% of the country doesn't realize that is sad.
@@DiligoBarba you gotta chill the fuck out, please. Don't know what in my comment made you angry enough to write three paragraphs and question the work ethic of an anonymous RU-vid commenter you know nothing about. Obviously to say the very least, it is dishonest to argue that your property is worth X to the bank and Y to the government, as obviously at least one of those things isn't true. The question I am asking - which is, in fact, a QUESTION - is should it be illegal, or at least frowned upon, for this to be a common practice in real estate? I just wanted Kevin's perspective on that point, and it's irritating that he refused to give it even when asked. I wasn't talking about Trump, just the industry standards in general. Not sure why you seem so keen on defending real estate developers.
@@DiligoBarba The big problem here is that "supposedly" in New York exactly what's being done is considered a "crime". It's flimsy as all hell and NOBODY has ever been convicted of it. The real problem lies in the fact that if Trump doesn't win this case or win on appeal then it will open the floodgates for millions of lawsuits where nobody is a plaintiff. It's just the State DAs suing companies for politics and interfering with businesses. Any State that tries this is going to see a mass exodus of business.
Massaging valuations in ways that are favorable to you is not necessarily fraud if the valuations are at least plausibly supported by the market, and you can't lie about the physical features of properties. Trump just picked stuff out of the air that bore no relation to reality.
I'm a 44 yr old lifetime democrat and i loved seeing Trump get caught here and there but, when i started to see CNN,Fannie Pak Wilson,and all the other scavengers that are obviously going after Trump for his politics,so after this my political outlook took a 360 i started to see that the things i once was in favor of start to look a little bit concerning because they seemed to be politically motivated, and now that all these trials are starting they solidify my change from democrat to independent all of this will get president Trump reelected for sure now because I'm yet to meet a former supporter/supporter of biden that has said they'd vote for biden in this coming election,so you can thank all of the ones that made their politics known and motivated their eagerness to go after president Trump people have taken note and see this an will not let this stand mark my words....
@@justsomeguy6133 No, he said to protest peacefully MANY times. Both the day of and the day before. He is less guilty of classified documents than Biden is. At least President Trump was President. Biden was a Senator & VP when he stole classified docs & took millions from China & Ukraine. Educate yourself before posting idiotic comments.
@justsomeguy6133 What did Trump say to foment insurrection? Go peacefully and patriotically make your voices heard ? Why is Ray Epps getting such a light sentence?
@@cogitoergosum1474 How does "will be wild" invitation describe a peaceful protest? His followers that came brought guns, knives, bats, spears, bear spray, tactical gear and zip tie cuffs. Hardly appropriate for a peaceful protest, but very fitting a "will be wild" insurrection. How would a peaceful protest "stop the steal"? Republicans were in the minority in both houses, no objection to electors could prevail no matter how much pressure was applied. Mike Pence could never legally replace legal electors with fraudulent ones or turn it back to the states. How does him saying "fight" or "fighting" 21 times get negated by him saying "peaceful once". How is "fight like hell" a description of a peaceful protest? Why did Don the Con ignore the desperate pleas from his family and Fox hosts begging him to tell his people to go home for 187 minutes long after it was clear it wasn't peaceful? Ray Epps got sentence the same as others that committed the same offenses. If you're hanging your tin foil hat on fantasies of FBI entrapment, entrapment requires coercion to go against a person's free will. MAGAs were there to do as their Dear Leader commanded to "stop the steal" and "fight like hell" and based on them being armed, they understood what he meant by "will be wild".
Even home owners can relate. If you sell a home and lie on the disclosures about termite infestations and the like, you do it too. If you lie to the tax assessor and tell them it's 1/3 the square feet it is, you do it too. And if you get caught lying, you pay large penalties and maybe go to jail.
Real estate developer dissagrees with enforcing real estate law against real estate developers... thank you CNN for this amazing insight. Maybe next time interview a doctor to tell us why they shouldn't be held accountable for malpractice. Or a walrus to why he shouldn't be called fat.
I don't think Kevin O'Leary is even a Real Estate Developer, it's just a general pundit talking about stuff he doesn't even know about. And, it's too bad that CNN has an interviewing host that doesn't know the subject, either.
@@tonysu8860 he's a co-investor and developer in Miami. He's part of the "housing" boom here. In quotations because most sit vacant and are just being developed for investment and tax shelters. Nothing wrong with capitalism so long as the rules are fairly enforced.
@@ciscoytube5352 His financial statements said the estimates are not audited. It’s up to the banks to do their homework and see if Trump is exaggerating the value of his assets. And guess what? They did just that. They testified that the cut back on Trump estimates and gave him loans matching his means. Then all parties were happy and the bank made profits. AG Tish James is waiting public ’money by perusing this ridiculous case.
Not even CLOSE to what this case is about. He falsified financial statements, lying about the number of stories and the square footage. He simultaneously deflated the value for tax reasons and inflated the values to fraudulently get loans he should not have qualified for. And he didn’t just fudge the numbers a little bit. And the value isn’t just whatever value he wants it to be. And this wasn’t a victimless crime, either. Banks gave out loans for lower interest rates than they would have if he were honest on his financial statements. This also prevented other people who might’ve been better candidates from getting loans. And insurance companies and banks both took on higher risk than they thought they were taking. Is Kevin really this stupid?
@@TrumanSparx this is neither a tax fraud case which Trump has never been charged with nor is it an insurance fraud case also something Trump has never been charged with. This is a civil fraud case for duping the loan institutions using fraudulent financial statements to secure better loan terms. When Kevin O'Leary says that the loans were paid back and no one was hurt that is disingenuous because everyday people end up paying higher interest rates as a direct result of this.
Disgraced Former Lawyer Michael Cohen and His Attorney Busted Using Google Bard AI to Generate Fake Case Citations. Cohen is caught again Lying & Falsifying documents. He cleared Trump when he appeared about falysfing property assets and the case should have been done. This Democrat distraction/ election interference. Trumps Polls keep growing from the Democrat tactics to Stop Trump. Face it Biden is a Loser in 2024.
That's what appraisals are for. Banks do their own appraisals for value. Are people really that stupid because they don't understand how to operate a business? Just like BLACKROCK and VANGUARD, banks do their own appraisals, swoon in and take over properties in America, as the Chinese, devalue the property, and there, you end up renting instead of owning your own property. That is what is going to happen if this JUDGE who created law from the bench and this prosecutor and other prosecutors continue this CRAP, you will see NYC and other cities in America go to HELL in a handbasket into Communism because this is the GOAL, to take over all the land and businesses. A Communist Statement: "You own nothing and be happy"! Yeah, right!
No, he tries to explain business concepts to people who are only accustomed to a 9-5 mentality. Hooked on a $15 an hour salary who happen to be Leftist on top of it. They still cannot get the concept because they are blinded by TDS- Trump Derangement Syndrome.
@@sharayahhoungbonon8585 the crime was fraud. The injured parties were the banks and other people who got denied loans because he fraudulently received one.
@@sharayahhoungbonon8585The new york executive law 63(12) that was violated doesnt require a victim. Any more dumb questions about a subject you obviously know nothing about?
O'Leary makes the case here for systemic malpractice in the real estate world to continue because its always been the case, and because everyone is doing it. It's not just a rich man problem. It's how they remain rich.
It's not. The bank asks for a list of properties every year from a borrower and the value of those property. Value is basically what the borrower would list the property for. If a loan is applied for against the property, then the appraiser values the property for the bank.
She dropped the ball with her questions, I would have asked. "IS it OK to tell the bank your property is worth x amount of dollars, the tell the irs its worth a fraction of that?" I can't get away with that.
He actually highlights a major problem with real estate developers. He's right, they SHOULD all be held to the same standard OF THE LAW. Secondly, the bank value isn't really what took center stage, it was the UNDERVALUING of his property to skate on taxes.
