In these days of political strife and global divisiveness, can we all at least agree that Animal House is the funniest movie ever made?
I threw a chuck roast into the crockpot yesterday. Some home-made mashed potatoes, green bean casserole, and a couple of frozen dinner rolls made for a pretty good Sunday dinner.
If we leave politics out of it, and imagine the defendant has a different last name - that he is a random rich guy - the fraud charges against Trump in New York seem a bit suspicious. Guy takes out a loan, says his assets are $X. Bank agrees. Gives out loan. Guy pays off loan, on time. Where is the issue?
If I go into the bank and say I want a loan and my house is worth $1,000,000. Isn't it up to the bank to tell me I am crazy? They will look at my house in the middle-class neighborhood in an aging suburb in central Indiana and determine my house is worth a fraction of that amount. Sure, if my house was in New York, or California it might be a million-dollar house (probably not even then), but it definitely is not worth that amount here in little old Connor Prairie. Where is the crime, where is the victim?
I may not be a huge fan of the Trumpster, but there is no doubt in my mind this fraud case is pure Banana Republic politics.
How about some music on this Monday?
Enjoy your day.
No lending institution gives anyone money without collateral. That why banks have appraiser's who specialize in commercial real estate. If the borrower has good credit, isn't overextended and the appraiser confirms that building is worth the amount the bank is lending then there is no fraud.
ReplyDeleteDid a fraud case where a borrower borrowed $900,000. on his property. Except that the highest appraisal for the property was $500,000. Their answer was that he was a VIP and his collateral would grow in value to catch up with the loan amount. Yeah, none of that happened as the borrower never made a payment. That's fraud.