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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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  • The penalties sure aren't much if $1.6 mil is the maximum fine. White collar crime remains very profitable with little chance of real punishment.
  • edited December 2022
    "This whole narrative that Donald Trump is blissfully ignorant is just not true," assistant district attorney Josh Steinglass said during his closing statement.

    The conviction carries fines of up to $1.7 million. But collateral consequences of a conviction may be more significant to Trump, who is seeking a second term in the White House. Banks could call in loans and business partners could cancel contracts if their internal policies prevent them from doing business with felons.

    The trial also revealed potentially embarrassing details about Trump, including that he reported nearly $1 billion in operating losses over a two-year period in 2009 and 2010, as well as losses each year for the decade between 2009 and 2018 -- some of the same years Trump was touting his business acumen on reality television and as he was campaigning for president.
  • edited December 2022
    This conviction may scare away further lenders as it needs them in continuing business. Also Allen Weisselberg will enter plea bargain for the government in order for reduced sentences.

    Trump organization is facing a separate lawsuit by NY attorney general on another fraud case. This case focus on tax evasion where he deflated the asset value so to reduce property tax. At the same time, he inflated the property value so to get favorable lending rates.

    This conviction is small and there are more serious legal trouble coming …
  • excellent. I'd forgotten.
  • Trumps only business acumen was not paying his contractors and laborers what he agreed to pay or then declaring bankruptcy to avoid or escape paying for nearly anything.
  • And the noose slowly tightens...
  • slimy mountain of orange goo.
    "The agency only selected Trump for an audit on April 3, 2019, which was the same day Rep. Richard Neal (D-Mass.), the chairman of the Ways and Means Committee, asked the then-IRS commissioner for Trump’s tax returns.

    The panel is also slated to release six years of Trump’s tax returns following the Tuesday vote. Those documents, however, are in the process of being redacted and have not yet been published."
  • The report from the Times that the IRS is so short of resources that only one tax agent was assigned to Trump's returns is truly disheartening. I smell a rat when I read that Trump put people favorable to him into the IRS and favorable treatment ensued. F'n crook.
  • Would you like to be the agent assigned to Trump's tax audit with a tattle tale at the helm?
  • From my lifetime of work experience I'd have to guess that the person assigned to audit Trump would not be the most competent or the most popular agent in the department.
  • edited December 2022
    Charles Rettig was appointed to head the IRS in 2018.

    In the meanwhile, the tax returns of two former FBI agents, James Comey and Andrew McGabe, were audited.

    Something does not make sense here?
  • edited December 2022

    On the contrary, this makes a lot of sense.
    Trump appointed a compromised, subservient IRS commisioner.
    He leveraged this appointment to:
    1) impede his IRS tax audits and the subsequent release of his tax returns
    2) utilize IRS tax audits as a weapon against individuals perceived to be enemies

    This scenario is consistent with Trump's modus operandi.
    He hires/appoints individuals who are expected to be extremely loyal.
    Trump often exploits these relationships for personal gain while disregarding laws and ethics in the process.
  • You've nailed it.
  • edited December 2022
    That was my exact point! It was set up so there will be no auditing while he was in office. Also how did he managed to pay $0 income tax in 2020. Usually when there is substantial business loss in million$, it would trigger auditing and there was none in this case. The excuses given in the press is not acceptable.
  • edited December 2022
    @Sven. Quite right. I'm beyond disgusted. He needs to be in effing jail.
  • "He needs to be in effing jail."

    No, WE need him to be in effing jail.
  • edited January 13
    An item I just saw, early this morning.
    "...The DA added that his office’s investigation of Trump and his businesses remains ongoing.

    In a statement after the sentence came down, New York Attorney General Letitia James said it “proves once again that no one is above the law, not even Donald Trump or his business.”

    James’ office is leading a civil probe into Trump, his family and his businesses regarding allegations of widespread financial fraud. She has filed a sweeping civil lawsuit against those parties and others seeking at least $250 million in damages..."
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