When Comrade Stupid’s stupidest lawyer (Sorry Rudy™) Michael Cohen was testifying before Congress, at some point he mentioned a fraud scheme in which the Trump Organization inflated the value of their properties to secure loans at favorable rates, and then deflated the properties’ value when paying taxes. And it seems Cohen was (again) telling the truth.
Documents obtained by ProPublica show stark differences in how Donald Trump’s businesses reported some expenses, profits and occupancy figures for two Manhattan buildings, giving a lender different figures than they provided to New York City tax authorities. The discrepancies made the buildings appear more profitable to the lender — and less profitable to the officials who set the buildings’ property tax.
For instance, Trump told the lender that he took in twice as much rent from one building as he reported to tax authorities during the same year, 2017. He also gave conflicting occupancy figures for one of his signature skyscrapers, located at 40 Wall Street…
ProPublica obtained the property tax documents using New York’s Freedom of Information Law. The documents were public because Trump appealed his property tax bill for the buildings every year for nine years in a row, the extent of the available records. We compared the tax records with loan records that became public when Trump’s lender, Ladder Capital, sold the debt on his properties as part of mortgage-backed securities.
I know a little about taxes and a little about the law, and while I am no expert on accounting I do know that the balance must, um, balance in the end. Let X=X. When X≠X, then trouble happens, usually big and always expensive. It’s the very definition of fraud.
This should be music to NYC DA Cyrus Vance, and because it is a local matter not only can Trump be pursued and prosecuted, but Prznint McGrifter cannot pardon hisself or anyone else for it. This fact alone should make Trump Organization’s CFO Allen Weisselberg kinda nervous. Does he take a bullet for his boss, or does he come clean?