Justice #Engoron issued a limited #GagOrder after #Trump posted disparaging comments on social media about the judge’s #LawClerk.
Trump violated the order 2X (so far). Last Fri, the judge was forced to extend the gag order to Trump’s attys when they took over the abuse after trump’s had to stop.
Asked why he reinstated himself as trustee BEFORE leaving the WH, #Trump said because he would go back to business & complained that "you" (#NYAG) & other "Democrat" prosecutors "were all coming after me from 15 different sides” said the cases are "not good… weaponization, they call it.”
Shown his stmnt of financial condition (#SFC) from June 30, 2011 — Trump pointed to a disclaimer, "We would call it a worthless statement clause… not really documents that the banks paid much attn to."
@Nonilex Jesus fucking Christ. This is not a campaign rally. He is going all Colonel Jessup on us. May it land him in jail tonight. EDIT: Engoron is about to pull him off the stand.
#NYAG asked about what role #Trump personally played in the preparation of his #financial statements.
Trump: “Me personally? It’s so long ago, this is well beyond the statute of limitations…. But [it’s] probably not because I’m sure the judge will rule against me, because he always rules against me.”
Trump insisted that his properties were “underestimated”
NYAG asked which assets Trump thought were undervalued in his SFCs.
#Trump: “Mar-a-lago was very underestimated. I didn't do anything about it, I just left it be. I don't care.” (Yeah, right) "I'd say it's worth 50 to 100 times more than that. He thought it was worth 18M dollars which is absolutely crazy," he indicated Judge #Engoron.
(Engoron didn't; he cited an #appraisal of the property from 2011 in his ruling.)
Trump said if he wanted to "build up" his financial statements, he would have added his "brand value." (he did, named a ‘presidential premium’)
#Trump: “We didn't value the most valuable #asset in the statement, the brand value…. I became president because of my #brand, I sell books because of my brand.” (It certainly had nothing to do w/policy) “Even though these banks were paid back in full, there was no harm...there was no victim.” (Eh-hem, when you don’t pay taxes, you rip off the govt which then does not have that $ to fund various programs)
Engoron: “Mr. Wallace, did you ask for an essay on brand value?"
#Trump spouts his narrative of the #NYAG's case: “‘Trump had no money & he wrote up phony statements & he defrauded banks,’ even though they were represented by the best lawyers.”
Wallace: “I move to strike that answer.”
(Granted.)
Engoron: “Mr. Kise, can you control your client? this is not a #political#rally, this is a courtroom. I don't want editorializing, we’ll be here forever. We don't have time to waste. We have one day to do this.”
Kise: "You're in control of the courtroom, not me."
#Trump continued to boast about his finances: "It's a nice compilation of assets. It's a great statement. L.... It's a lot of cash. ..... The banks came to me. They wanted to make deals with me."
Judge: "Stricken! Stricken!"
Engoron “In addition to the answers being non-responsive, they're repetitive."
#NYAG: "If anything, you think the valuations that they used were too low, is that correct?"
Trump: “Absolutely”
NYAG Wallace asked about Trump's 2014 SFC which valued Niketown at $348M.
#NYAG asked about 40 Wall Street (Trump Tower) & its valuation at $550.1M on the 2014 SFC. #Trump gave a speech about the statute of limitations, possibly converting it to condominiums, & how developing condos for that property "was perfect."
Trump: "I got a lollipop in the lease. It's a legal term, believe it or not." (So now he knows the law? I thought he didn’t even know what a subpoena was)
#Engoron: "I beseech you to control him, if you can,” he warned he will control #Trump if the lawyers don’t.
#Kise & #lHabba jumped up to defend Trump, calling his answers “responsive”.
Habba said Engoron's here to "hear what he has to say.”
Engoron: "I'm not here to hear what he has to say. HE’s here to ANSWER questions!"
He ordered them to sit down.
Kise said the judge should want to hear EVERYTHING Trump has to say.
Engoron: “No I do not want to hear ‘everything’ this witness has to say.”
#Trump: “This is a very unfair trial. Very, very unfair, & I hope the public is watching it."
Engoron didn’t take the bait.
#NYAG asked about the 2014 SFC that valued 40 Wall St at $550M which was signed by Trump. “Was the 550M asset price based on true & accurate information?”
Trump: “I suppose so. I accepted it. Other people did it, but I didn't say, ‘oh geez, it should be higher or lower.’”
Apparently it looked like #Trump was l going to start another tangent because, #NYAG said: “ I think we'll take our break now," & said he'd appreciate it if #Kise would talk w/his client.
At one point, #Engoron said he would excuse the witness if he didn't respond to the questions he was asked.
After the break:
NYAG asked Trump about valuations of his New York penthouse in 2014, which inaccurately tripled its size.
#Trump: “The number was too high. They lowered it after that. I thought it was too high. I don't know what's too high any more."
But then Trump claimed that it wasn't "too far off" when you add rooftop access.
"They took 10k feet per floor, & they went times three. But they didn't take out elevator shafts & different things."
NYAG then moved on to the 2014 evaluation of Trump's #SevenSprings estate.
Trump valued it at $291M. Trump says HE decided to drop the value: “I thought it was high."
#NYAG: “Is the #SevenSprings [conservation] easement donation under review by the #IRS?"
#Trump: “Not that I know of. Again, I haven't spent a lot of time looking at these statements because their value (is low)”
Next topic, value of a joint venture w/real estate investment firm Vornado, involving one bldg in NYC & another in Cali.
Trump had a 30% stake, which he valued at >$800M.
Trump: “And excuse me [but] the buildings have been refinanced, 2 yrs ago”
#Trump brings up the 2021 valuation, but says he wasn't really involved bc he was very busy as president (um, no he wasn’t)
Trump: “My threshold was China, Russia & keeping outrcountry safe”
#NYAG: "And just to refresh your recollection, you were not president in 2021?"
Trump: No I wasn't," Trump says, over-pronouncing the words.
Trump: “I had no mortgage on Mar-a-Lago, there's no debt, zero.”
NYAG showed Trump the deed, which said Trump intended to "forever extinguish" the right to use Mar-a-Lago as anything other than a club. Trump however, valued it as if the land were unrestricted.
NYAG pointed to the language describing it as an “exclusive private club."
The financial statements also notes that Mar-a-Lago is wholly owned by a LLC (shell).
#NYAG asked if Trump believes Mar-a-Lago is worth $1.5B
Trump: "I think between a billion & a billion-five."
NYAG's counsel asked Trump about the language in the deed that states that "the Club & Trump intend to forever extinguish their right to develop or use the Property for any purpose other than club use."
The 2014 statement shows a $200M increase in value from the prior year, which it attributes to “development” of the property, which #Trump confirms wasn't done from 2013 to 2014.
Trump: “Aberdeen is a very rich place. It's an incredible piece of land, & it may be the greatest golf course ever built… Everybody said I couldn't get it zoned, & I did get it zoned for more than anyone thought was possible”
"Those homes will sell for a tremendous amount of money, they're on the North Sea,"
(FYI These are potential homes, recall #SevenSprings)
Trump: “It's...like a painting, you can pretty much do what you want to do, the land is there”
Trump says even if the financial statements were off, it wouldn't matter.
"I'm worth billions of dollars more than the financial statements. So anything that would be a little bit off….
Justice #Engoron tells the #NYAG that he's following his lead, & if he wants to let the witness "ramble" on w/ "unresponsive" answers, he'll do that.
#Kise defends what he describes as Trump's "brilliant" response.
#Trump: “I have a lot of money, a lot more money than you thought."
Trump goes on to say that since his financial statements have disclaimer clauses, telling parties to do their own due diligence, there can be no #fraud. He’s totally off topic.
#Trump: “he ruled against me before he knew anything about me, he ruled I was a fraud [knowing nothing] about me. He called me a fraud & he didn't know anything about me!" Trump’s voice rising.
"It's a terrible thing that you've done," Trump tells the judge.
"You believed that political hack back there,"
Trump says, pointing to NY AG Letitia James, who's sitting in the courtroom.
Given his repeated warnings earlier this morning, the judge has given remarkable latitude for all of this.
Trump scoffed: "Forbes. They're owned by China. Now, they sold to Russia."
The article says that #Trump was very much involved in inflating his #assets,
Trump: “I have very little respect for Forbes."
(Forbes broke the news that Trump inflated the size of his apt & recently knocked him off the billionaires list.)
The article cited a recorded conversation at the time. Trump atty #Kise objected & called the recording inaudible. #Engoron agreed re quality.
By all accounts the recording was terrible in terms of quality/audibility.
#Trump cont’d bashing #Forbes. He was all over the place, but among the things he said were:
Forbes is, 1) owned by China, 2) owned by Russia, 3) is out of business or 4) all of the above.
#Engoron mostly backed off attempts trying to reign trump’s testimony in, he let NYAG #Wallace deal w/ Trump how he wanted.
#NYAG: Why did you have the statements of financial condition prepared…2011-2017"
"djt told [the reporter] the 600 [number] so he will be happy if that gets printed."
#Trump conceded he was the "djt" his son referred to in the email.
(Lunch)
Trump posted this over the recess (pic)
Judge Engoron actually said (context above):
"I'm not here to hear what he has to say. He's here to answer questions" — Engoron was explaining Trump can’t just go off & expect them to allow it.
(After lunch break, #Trump back on the stand, #NYAG Kevin Wallace resumed direct.)
Moved on to #DeutscheBank, as heard in testimony & evidence earlier in the trial, #Deutsche, the German #lender was Trump's largest creditor, & loaned him HUNDREDS of MILLIONS of dollars during the years at issue, 2011 to 2021.
Trump primarily dealt w/their private wealth management business.
#NYAG showed docs from a 2011 #loan, where #Trump said his #financial stmnts were accurate, that he's worth $2.5B, that he had at least $50M in unencumbered liquid assets, & other things.
Trump's signature is on the document.
NYAG: “Were you aware that this [$2.5B] covenant would be tested & certified every year based upon your statements of financial condition?”
Trump: "Yes which I could've done w/o (SFCs).
| could have just shown them a couple of assets which were worth more than $2.5B"
Under the terms of the agreement, Trump had to maintain liquid assets = $50M.
NYAG: “Do you believe you complied w/this?
Trump: “Yeah, I had a lot of cash.” #Trump repeated several times the #banks were mainly concerned about cash on hand.
Trump: “I had a lot of cash. They would come in & check, not so much the (statements of) financial condition, but the cash. That's what they were concerned w/...not because of me, but because of other people.
#Trump added: “This loan was paid off in full, it was a very successful loan...the bank was thrilled. If the interest was due on a Saturday, I paid it on a Friday."
#NYAG moved on to another #loan for 2014, which related to #Trump's renovation of the Old Post Office (#OPO) hotel in DC. Trump leased that property for a time from the federal govt, & renamed it the Trump International Hotel Washington DC.
NYAG had the same questions as the other prop, re loan covenants & asking what Trump knew.
#Trump: “The net worth of me was far greater than the financial statements, far greater.”
(In 2012, Trump's net worth was $1.8 billion, according to the AG's calculations, based on third-party appraisals.)
#NYAG Wallace asked if Trump is referring to his "brand value."
Trump said no, his assets w/o the brand value would still be worth more than what his financial statements reflect:
“If you add the brand value [as well], you're talking about just a tremendous [increase].”
#Kise made his usual statute of limitations objection on a term loan agreement from late 2012, which Judge #Engoron overruled - Trump smiled at the ruling.
When it was entered into evidence, Trump shook his head.
#Trump: “The number[s] of my net worth are substantially more than reflected in my financial statements, so therefore you have no case. I think this case is a disgrace
#Trump: “I think this a disgrace for people moving in & out of New York.”
The banks he did business w/were happy, Trump said. “The only complainant is you.”
The NYAG has shown plenty of evidence of the that Trump sent fraudulent statements of financial condition to banks & insurers to get favorable terms.
The judge found for the state on the top count, of #fraud, it is not as issue. The only thing to determine are the other counts & #disgorgement.
@Nonilex And of course if the bank were suing him, he'd be all "the AG's office enforces the fraud laws and they haven't said a word, the only complainant is you." One complainant is all it takes.
#Trump: “It's election interference because you want to keep me [hostage] in this courtroom all day long, & we have a judge [who's a disgrace].”
In prior testimony, the NYAG's office called attn to covenants requiring that Trump maintain a certain net worth & liquidity to obtain favorable rates on loans.
Trump argued again that it wasn't #fraud because the #banks "got all their money back" (not how it works) & the #loan was "paid off in full."
“The bank was thrilled," Trump testified.
#Trump complained again about the statute of limitations, "You're going into ancient history!" & (again) went into a monologue about the disclaimer clause, “Therefore, you have no case."
During that speech, Trump said that the disclaimer clause "goes on forever," in one of his many talking points.
NYAG: "That clause isn't the only thing that goes on forever."
(Laughter in the court.)
#Trump defended his ex-CFO #AllenWeisselberg & said the DA charged him "because he paid for the education of his grandchildren… That's some kind of breach that they're going to put a man in jail?"
#NYAG Wallace asked #Trump if he planned any changes at the Trump Org. in light of the AG's suit.
Trump said there are accountants & probably lawyers who would be dealing w/ it: "There will be recommendations made, & we'll be happy to let you know what those recommendations are.”
Trump's attys made post-trial arguments on motions they may make, such as #mistrial motions or challenging the expansion of the #GagOrder to the lawyers.
#Kise says that he may want to mention information potentially barred by the gag order on the lawyers in their mistrial motion.
#AlinaHabba made clear that the motion would be in part about Justice Engoron's principal #LawClerk.
#Engoron: "Don't file that motion, please. I think it's important for the safety of my staff. I am 1,000% convinced, & you don't have any right or reason to complain about my confidential communication."
#Kise: “There's no way to file that motion without referencing the subject matter.”
Engoron: “I'm directing you not to make that motion [...] I'm going to protect my staff, okay."
BTWs, if you want to further deconstruct the #Trump self-made success #myth, read the #NYT 2018 article, which revealed that he had received $413M from his father, incl’g via tax schemes. He took issue not w/ the facts, but w/how @nytimes got many records for the report from his niece, #MaryLTrump who detailed how she (rather bravely) acquired the docs in her book, ‘Too Much & Never Enough’
This guy is the personification of failing upwards.
@Nonilex in all the likehood, the true origin of all or much of those D.B "loans" to Trump was Russia. it has been established already that D.B. has been fined for doing de facto money laundering into the West of Russian oligarch funds, thru things like "wash trades", intended to evade US/allied sanctions. D.B is likely one of the ways the Russians have moved cash to Trump. I doubt only way
@Nonilex and then challenged the First Minister of Scotland who was pals with not to allow a wind farm which he said would spoil his view. Friendship phut!
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