The Trump Organization is on trial in New York this week, bringing to a head the fraud case thats been on the docket since 2022, when state Attorney GeneralLetitia Jamesfiled suit against the former presidents real estate company, alleging it had shown a pattern of vastly overinflating the value of its portfolio. <\/p>\n
JudgeArthur Engorondeclaredlast week thatDonald Trumpandhis two biggest boys,Eric and Donald Jr.,as well as the Trump Organization committed fraud. Per the ruling, they frothed up their businesses assets and Trumps net worth for the purpose of getting better loan and insurance terms. Engoron found, among other things, that Trump continually overvalued Mar-a-Lago, once by more than 2,300%. One appraisal valued the club, located in Palm Beach, at between $18 and $28 million, while the Trump Organizationcalledit as much as $612 million. Trump also claimed his triplex at Trump Tower was 30,000 square feet. In reality? 11,000 square feet. <\/p>\n
As the trial continues this weekEngoron has a few more matters to rule on, as well as potential penaltiesthe Family Trump is circling the wagons. Over on Truth Social, the ex-presidenthascalledEngoron a Deranged, Trump Hating Judge. Ericclaimedon Twitter that the ruling is an attempt to destroy my father and that Mar-a-Lago is actually arguably the most valuable residential property in the country. And Juniorwrote,This is weaponized Blue State Marxist America, & another example of the sheer impossibility of a fairness & impartiality in these areas. <\/p>\n
The proceedings have also given the Trump boys their ownon cameracostarring turns.In an old deposition that Letitia Jamess office released on Monday, both Eric and Donald could be seen not recalling certain aspects of the case or business practices. Similar answers to different questions. But like a couple of jazz guys putting their own stamp on ayears-old standard, each had his own specific texture to the tune. <\/p>\n
Asked whatheknew about the acronym GAAP, which stands forGenerally Accepted Accounting Principles, Donald Trump Jr. offered the following: <\/p>\n
Q: How did you become familiar with that acronym? <\/p>\n
A: Probably in Accounting 101 at Wharton. <\/p>\n
Q: Okay. What do they teach you about generally accepted accounting principles in Wharton? <\/p>\n
A: Well, Im not an accountant, but that they are generally accepted. <\/p>\n
Q: [Laughing] Anything else? <\/p>\n
A: Thats pretty much what I remember from Accounting 101. <\/p>\n
Q: Have you told me everything you know about GAAP? [Laughing] <\/p>\n
A: Basically. You know, Im sure I could come up with some creative stuff to kill time, but Id be doing neither of us a favor in terms of educating ourselves. <\/p>\n
Q: Thank you. So, fair to say youve never been employed in a position that required you to apply GAAP to your work? <\/p>\n
A: No, not that Im aware of. <\/p>\n
He smiled. He laughed. He somehow exuded smarm and ignorance simultaneously. <\/p>\n
Eric, while similarly stubbled, cut a more halting and yet somehow more natural figure. Take a look. <\/p>\n
Whether or not the Trump Org will face all $250 million of potential penalties is currently being decided in New York courtrooms. In the meantime, we can watch all the veneers do the talking. <\/p>\n
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The Trump Boys Can't Recall a Thing - Vanity Fair<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Trump Organization is on trial in New York this week, bringing to a head the fraud case thats been on the docket since 2022, when state Attorney GeneralLetitia Jamesfiled suit against the former presidents real estate company, alleging it had shown a pattern of vastly overinflating the value of its portfolio. Continue reading