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submitted 1 year ago* (last edited 1 year ago) by MicroWave@lemmy.world to c/politics@lemmy.world

Donald Trump fraudulently inflated his net worth by as much as $2.2 billion per year, New York officials said in court filings unsealed Wednesday ahead of his upcoming civil fraud trial.

The new estimates came in filings from the New York state attorney general’s office, which is suing Trump, some of his adult children and his business empire for falsifying his net worth in an effort to obtain favorable terms from banks and insurance companies. The trial is set to begin Oct. 2.

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[-] TheJims@lemmy.world 54 points 1 year ago

Is there anything that Trump doesn’t fraudulently inflate about himself?

[-] wahming@monyet.cc 56 points 1 year ago
[-] spider@aussie.zone 28 points 1 year ago* (last edited 11 months ago)

Id heard he lied or whatever but 215? Shouldn't he at least make it believable? Like pretend there's muscle under there or something.

[-] nutlink@kbin.social 16 points 1 year ago

Apparently we're suppose to believe he's an inch taller but 10lbs lighter than Patrick Mahomes of the Kansas City Chiefs.

[-] ArtVandelay@lemmy.world 2 points 1 year ago

Lmao damn, there's some perspective

[-] spider@aussie.zone 2 points 1 year ago* (last edited 11 months ago)

Shouldn't he at least make it believable?

Why bother? He's a serial bullshitter.

[-] Amazed@lemmy.world 1 points 1 year ago
[-] ButtholeSpiders@startrek.website 34 points 1 year ago

So if he claimed it was 2.5 billion, but is inflated by 2.2 billion, his net worth is more like 300 million?

[-] FarceMultiplier@lemmy.ca 35 points 1 year ago* (last edited 1 year ago)

In other words, substantially less thank he inherited from his father.

[-] IphtashuFitz@lemmy.world 24 points 1 year ago

How dare you use woke math against him!

[-] ForgetPrimacy@lemmygrad.ml 5 points 1 year ago

Minus the half billion he owes to Russia?

[-] macrocephalic@lemmy.world 2 points 1 year ago

h, saying he falsely boosted it by between $812 million to $2.2 billion (or 17-39%) in each year from 2011 to 2021.

More like he's worth about 2.5B but he was telling banks he was worth 5.

[-] Pringles@lemm.ee 9 points 1 year ago

Forbes counts 550m for truth.social, which is a ridiculously high valuation. The rest is mainly ties up in NY real estate, which is struggling. He's not poor by any means, but 2.5B is still a massive overvaluation most likely. Count his liabilities (1B in debts as of 2020) and I doubt he breaks a billion.

[-] Pretzilla@lemmy.world 6 points 1 year ago

He's so leveraged and indebted to his Russian and Saudi overlords it's quite possible he's underwater

Thusly his motivation to peddle secret docs

[-] CADmonkey@lemmy.world 4 points 1 year ago

I feel like having someone indebted to foreign countries handling top secret documents is a national security issue, but what do I know I just make drawings.

[-] Noughmad@programming.dev 1 points 1 year ago

NY real estate, which is struggling

Sorry, what did I miss? Isn't NY real estate the place where a 200sqft apartment costs millions of dollars?

[-] Pringles@lemm.ee 9 points 1 year ago

Ok, so a couple of things make his portfolio worth less than you would think. To start, he doesn't own all of it outright, most of it is financed with debt and a large part of his portfolio is in commercial real estate, which is struggling to get back to pre-covid occupancy. Last but not least, he slaps his name on everything and many people do not want to be associated with him in any way, shape or form, so his luxury condos are also struggling with occupancy.

[-] Noughmad@programming.dev 1 points 1 year ago

Ok, thanks. I totally get the massive debts and his name being a liability (at least to the people who have enough money to buy what he's selling).

[-] Snapz@lemmy.world 32 points 1 year ago

We need to know trump's actual net worth right before his first campaign launched.

[-] echodot@feddit.uk 16 points 1 year ago

I'm betting it isn't much higher than 50k

Seriously how did anyone think this guy was wealthy? I have a rat who has more business acumen than that idiot. That's been true since the apprentice days.

Wasn't there a guy once who managed to become a multi-millionaire by just claiming to already be a millionaire and getting favourable bank loans?

Why are the banks not checking this shit. What's the point in them.

[-] anonono@lemmy.world 3 points 1 year ago

I'm betting it isn't much higher than 50k

lol if you hate the guy you could just go with negative numbers instead.

it's not uncommon for rich people to go into the negative millions when their investments go belly up.

[-] athos77@kbin.social 13 points 1 year ago

Any chance that some of the lenders might sue him as well, for falsifying his application?

[-] Pratai@lemmy.ca 11 points 1 year ago

Everything trump does is done fraudulently. Because he’s a fraud.

[-] Blackmist@feddit.uk 7 points 1 year ago

Isn't this what Anna Sorokin went to jail for?

[-] ElBarto@sh.itjust.works 6 points 1 year ago
[-] donuts@kbin.social 5 points 1 year ago

More indictments on the way?

[-] _Sc00ter@lemmy.ml 5 points 1 year ago

This is a civil case, so no

[-] donuts@kbin.social 5 points 1 year ago

Sure but is financial fraud not a crime? Why not charge him criminally if he has been demonstrably fraudulent? I'm not a lawyer and I guess I don't really understand.

[-] Backspacecentury@kbin.social 1 points 1 year ago

To the surprise of no one.

this post was submitted on 31 Aug 2023
582 points (98.5% liked)

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