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Paul Craig Roberts
Institute for Political Economy
Two Democrat Gangsters Try to Steal Trump’s Real Estate
Two Democrat Gangsters Try to Steal Trump’s Real Estate Holdings’ and Prove that Americans no longer have the Protection of Law
Paul Craig Roberts.
Two New York Democrats, one being NY attorney general Letitia James, a black female helped into office by money from George Soros, who made his billions by manipulating the British pound to the disadvantage of the British population, and the other being NY state judge Arthur Engoron, a Donald Trump hater who was put in office by Trump-hating NY Democrats, have conspired to steal Trump’s real estate empire including Mar-a-Lago.
In reporting the theft, the Associated Press’s Anthony Izaguirre on September 27 wrote in worshipful tones that
“Letitia James fixated on Donald Trump as she campaigned for New York attorney general, branding the then-president a “con man” and ″carnival barker” and pledging to shine a “bright light into every dark corner of his real estate dealings.” https://abcnews.go.com/Business/wireStory/ny-attorney-general-letitia-james-long-history-fighting-103552829
Letitia James is a perfect example of what Supreme Court Justice George Sutherland and US Attorney General and Supreme Court Justice Robert Jackson described as a prosecutor devoid of integrity and objectivity, a prosecutor who picks a target and then looks for something to indict him for. https://www.paulcraigroberts.org/2023/10/01/the-western-world-is-now-a-tyranny/
In America today, all that is required for your indictment is to be someone or a member of some group that the Democrats’ Identity Politics disapproves. Trump, his supporters, and most white heterosexual religious Americans fall in that category. Consequently, if you are a white person living in New York and are not constantly proclaiming and lamenting your guilt as a racist and homophobe, you are a target.
The anti-Trump Democrat judge cooperated with the self-proclaimed anti-Trump prosecutor and ruled that Donald Trump built his holdings by defrauding banks and insurers. Now, such a ruling implies that banks and insurers brought the charge against Trump. But they did not. The charge belongs entirely to Letitia James and is based on nothing but her unsupported assertion. Here we have an American president convicted by a partisan judge based on a partisan assertion by a Trump-hating prosecutor. That is all the evidence there is.
This is “democracy and the rule of law” in Democrat America.
In this fake civil lawsuit the only complainant is the black Trump-hater, Letitia James. There are no other complainants. She wasn’t harmed, No one was harmed. Trump paid off his loans in full.
As Jeff Childers explains below, Letitia’s case is only about what Trump put down on the financial statements that were provided to sophisticated financial professionals who didn’t rely on them. https://www.coffeeandcovid.com/p/overvalued-wednesday-september-27?utm_source=post-email-title&publication_id=463409&post_id=137448994&utm_campaign=email-post-title&isFreemail=false&r=15k3qo&utm_medium=email
“I’ll explain the whole thing. It’s not complicated. The judge’s 35-page decision is, at bottom, only about how President Trump valued his real estate holdings when he was providing his personal financial statement to various people. I am qualified to comment because half of my commercial litigation cases are disputes over real estate. Before tumbling into constitutional and civil rights law, I also had a strong side practice in commercial loan workouts — negotiating for developers with banks — and commercial Chapter 11 bankruptcy, which (at least in Florida) is all about valuing real estate.
“Principle number one: Real estate valuation is not a science because values are subjective. Every effort to value real estate is just a guess at what someone will eventually be willing to pay for the land. Your dilapidated barn might be someone else’s castle.
“Real estate — buildings and land — is worth different amounts to different people. A thousand acres of inexpensive pine forest zoned only for agricultural use could be worth a whole lot more to a developer who’s confident he can get a zoning change. It’s not nefarious. Maybe that developer also owns a half-acre parcel downtown somewhere that the County has long wanted for a park, so he knows he has something to trade the commissioners for rezoning the pine forest to residential.
“That hypothetical developer would pay a lot more for the thousand acres than anyone else. So what’s the property worth? The price to everyone else or the ‘highest and best use?’”
The obvious point is that Letitia James has no idea of the value of Trump’ properties. What she has done is so obviously totally dishonest that she should immediately be removed from office. She has picked low values that are so low as to be ridiculous as a statement of the value of Trump’s holdings. Who correctly valued the properties? Letitia James on her personal vendetta against President Trump, or the sophisticated lenders to Trump?
Ask yourself, if Trump did something wrong, why didn’t his creditors bring the lawsuit instead of a Trump-hating Democrat operative on a personal vendetta? No one was harmed, least of all Letitia James. What is Letitia James’ standing in the case? Nothing, Zero, Nada.
That Trump’s property can be confiscated by two Democrats on a vendetta against Trump shows that the rule of law in the United States of America is stone dead.
Let’s look at real estate valuations. Traditionally, the lowest appraisal is the tax appraisers. Then the foreclosure value. Then the “market value.” But what is the market value? It is different for different people.
Appraisals of value are simply guesses. No lender has anything but their judgment of the borrower as to the success of the loan. If the borrower has a success record, as Donald Trump has, the lender has no interest in the listed value of the properties. Lenders go by success, not by valuations, because value is determined by success.
Letitia James is so ignorant of law that she does not know that law regards an owner’s opinion as admissible evidence of value. Thus, there is ZERO basis for her independent law suit, a suit not joined by any interested party.
This example of total incompetence and total corruption of the American legal system is proof that law in America is no longer law. Law is a weapon used against those who are not in power. It is nothing else.
Judge Engoran ruled that Trump had “inflated” his property values on his financial statements. Meaning, the judge applied an arbitrary low value as the properties worth and then ruled that Trump committed fraud by using a realistic value. Take for example Trump’s residence, Mar-a-Lago, which the judge determined was worth only $18 million!
Forbes estimated Mar-a-Lago’s value between $200 million and $725 million, based on broker opinions, and ultimately went with “a conservative” $350 million. For comparison, a 5-bedroom home recently sold in the same neighborhood for $75 million. The totally corrupt Democrat “judge” valued Trump’s enormous property at $18 million — $332 million less than Forbes–and convicted Trump of fraud for allegedly overstating its value, whereas the real fraud is the judge’s undervaluation. On the sole basis of an intentionally arbitrary low value the Democrat operative pretending to be a judge confiscated Trump’s property. This is law in Democrat America, a tyranny. https://www.paulcraigroberts.org/2023/10/01/the-western-world-is-now-a-tyranny/
https://www.barnesandnoble.com/w/empire-of-lies-paul-craig-roberts/1143198640?ean=9788793987494