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Yet more “Trump bullshit” exposed…


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Author Topic: Yet more “Trump bullshit” exposed…  (Read 72 times)
Kiwithrottlejockey
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« on: February 28, 2019, 08:52:07 pm »


from The New York Times…

Buoying Trump's ‘Inflated’ Wealth: $4 Billion in ‘Brand Value’, Cohen Says

In congressional testimony, the president's former personal lawyer traced the life-long
myth-making practice that created the brand of Donald J. Trump, self-made billionaire.


By RUSS BUETTNER and SUSANNE CRAIG | Wednesday, February 27, 2019

President Donald J. Trump listed his “brand value” at $4 billion in 2013, according to a financial statement his former lawyer turned over to Congress. — Photograph: Sarah Silbiger/The New York Times.
President Donald J. Trump listed his “brand value” at $4 billion in 2013, according to a financial statement his former lawyer turned over to Congress.
 — Photograph: Sarah Silbiger/The New York Times.


IN 2013, months before Donald J. Trump approached Deutsche Bank seeking a loan to buy the Buffalo Bills, a mysterious new asset appeared on his financial statement.

It wasn't a new hotel, office tower or golf resort. It was “brand value” — $4 billion of it, by Mr. Trump's account.

The Deutsche Bank episode, along with Mr. Trump's stunning claim of newfound wealth, emerged on Wednesday as his former personal lawyer, Michael D. Cohen, testified before the House Oversight Committee. Mr. Cohen provided three years of financial statements. “I believe these numbers are inflated,” he commented dryly.

Without ever saying so, Mr. Cohen was tracing the life-long myth-making practice that Mr. Trump ultimately rode to the White House — magically inflating the value of his business empire to create and nurture the brand of Donald J. Trump, self-made billionaire.

That myth-making began when, as a young man, Mr. Trump falsely claimed to own the real estate empire still owned by his father, the legendary builder Fred C. Trump. It continued through the flashy opening sequence of “The Apprentice” and on to the campaign trail in 2015.

The first public record of Mr. Trump's financial exaggerations came in 1976, when Mr. Trump, just few years out of college, boasted to a New York Times reporter that he was already worth “more than $200 million.”

To support this fantastical assertion, Mr. Trump laid claim to various buildings and projects throughout the New York City area. In truth, his father owned it all.

Years later, it emerged in a public filing that his 1976 taxable income had been only $24,594.

In the 1980s, instead of appropriating his father's wealth as his own, he was quick to diminish his father's considerable achievements. He consistently cast Fred Trump as a behind-the-scenes cheerleader who ran a modest collection of outer-borough apartment buildings. Mr. Trump never mentioned his father's considerable wealth, or the financial support that made his gilded life possible. He claimed to have gotten only a $1 million loan from his father — and to have repaid it, with interest.

“He was a solid guy and a bright guy and I learned a lot from my father. In terms of support, that was the No.1 thing I got from my father,” he told the late-night host David Letterman in 1987, oddly referring to his father, who did not die until 1999, in the past tense.

Last year, a New York Times investigation found that contrary to his claims about a $1 million loan, Mr. Trump had received from his parents the equivalent today of at least $413 million. That figure was increased by legally dubious tax schemes, some of which relied on a reverse manipulation — lowballing assets when the tax man came calling. A lawyer for Mr. Trump said all applicable laws had been followed.

For years, Mr. Trump has provided unaudited financial statements as evidence of his wealth, both to reporters and to banks when seeking loans. (The deal for the Bills never came to pass.) In a 2007 deposition, he said the values could even fluctuate based on his “feelings,” and compared real estate valuations to political spin.

“I'm no different from a politician running for office,” he said. “You always want to put the best foot forward.”


Representative Alexandria Ocasio-Cortez, pictured onscreen, questioned Michael Cohen on Wednesday about the Trump family's engaging in tax schemes. — Photograph: Erin Schaff/The New York Times.
Representative Alexandria Ocasio-Cortez, pictured onscreen, questioned Michael Cohen on Wednesday about the Trump family's engaging in tax schemes.
 — Photograph: Erin Schaff/The New York Times.


The documents that Mr. Cohen presented to Congress show dollar amounts that bounce around more than Mr. Trump's eclectic signature. In the 2013 statement, for example, the cash and marketable securities category more than doubled, to $346 million, from the year before, even as a note claimed that Mr. Trump had paid off a number of liabilities. That year, his claimed net worth climbed to $8.66 billion, up from $5 billion the year before.

Mr. Cohen said he often presented these financial statements to journalists at publications like Forbes to get Mr. Trump on lists of the wealthiest Americans.

Last year, Jonathan Greenberg, a former reporter for Forbes, recounted in The Washington Post that back in the 1980s, long before Mr. Cohen entered the picture, Mr. Trump had called him pretending to be John Barron, a supposed spokesman for Donald Trump, to get himself on the magazine's list of the richest Americans.

Behind the scenes, though, when it came time to pay taxes, Mr. Trump was instrumental in depressing the value of his family's assets.

In 1995, for instance, Donald Trump and his three siblings claimed in confidential tax documents obtained by The N.Y. Times that properties owned by their father, including 25 apartment complexes, were worth just $41.4 million. They claimed that two rental buildings at Trump Village, in Coney Island, were worth negative $5.9 million. The maneuver spared the family from paying millions of dollars in gift and estate taxes. The actual value of these properties was revealed in 2004 when banks valued them at almost $900 million.

Tax experts told The Times that those types of maneuvers were legally questionable.

Representative Alexandria Ocasio-Cortez, the New York Democrat, asked Mr. Cohen about the tax schemes described in the New York Times investigation during the hearing on Wednesday. Mr. Cohen responded that those actions took place before he arrived at the Trump Organization.

Republicans members of the House Oversight and Reform Committee, along with the White House, repeatedly sought to discredit Mr. Cohen on Wednesday, pointing to his pleading guilty to financial crimes and lying to Congress.

Mr. Trump's true wealth and entanglements would be far better understood had he followed the decades-old tradition of presidential candidates' releasing their tax returns.

Mr. Cohen was asked to address the veracity of Mr. Trump's claim that he could not release the returns because he was under audit. Mr. Cohen said the opposite was true: Mr. Trump was concerned that releasing his returns would lead to an audit, and possible penalties.

“What he didn't want was to have an entire group of think tanks that are tax experts run through his tax return and start ripping it to pieces and then he'll end up in an audit,” Mr. Cohen said.


__________________________________________________________________________

Russ Buettner is an investigative reporter for The New York Times's Metro Desk. He has been reporting on the New York City region since 1992. He joined the The N.Y. Times in 2006 after working on investigations teams at the New York Daily News and New York Newsday. In 2012, he and colleague Danny Hakim were named finalists for the Pulitzer Prize for Public Service for a series of articles highlighting abuse, neglect and deadly mistakes in New York's system of caring for developmentally disabled people. He graduated from California State University, Sacramento, and attended the University of Missouri Graduate School of Journalism.

Susanne Craig is an investigative reporter who writes about the intersection of politics, money and government. She has covered Wall Street for The New York Times and has served as Albany bureau chief. Previously, Ms. Craig was a reporter at The Wall Street Journal and worked at The Globe and Mail, Canada's national newspaper. Since joining The N.Y. Times in 2010, Ms. Craig has produced in-depth articles on a wide range of subjects, including presidential politics and state-house corruption. Ms. Craig has won numerous awards during her career. At The Wall Street Journal, she was the lead reporter on a team of writers who were finalists for the Pulitzer Prize for national affairs reporting for their coverage of the fall of Lehman Brothers and the financial crisis. She graduated from the University of Calgary and lives in New York City.

• A version of this article appears in The New York Times on Thursday, February 28, 2019, on Page A16 of the New York print edition with the headline: “Manufacturing a Fortune That Seems Enormous, Thanks to Fuzzy Math”.

__________________________________________________________________________

Related to this topic:

 • Michael Cohen Accuses Trump of Expansive Pattern of Lies and Criminality

 • Testimony From Cohen Could Compound Legal Issues for Trump

 • Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

 • 11 Takeaways From The N.Y. Times's Investigation Into Trump's Wealth


https://www.nytimes.com/2019/02/27/us/politics/michael-cohen-trump-wealth.html
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« Reply #1 on: March 03, 2019, 04:23:50 am »

lying rat bastard reading from a script, funny shit Grin


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« Reply #2 on: March 03, 2019, 11:52:42 am »


It's faaaaarking hilarious about the USA having a president who is such a stupid dumbarse that he gets “played like a fiddle” by Kim Jong-un.
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« Reply #3 on: March 03, 2019, 11:40:44 pm »

HEY SHIT 4 BRAINS

I think you're fiddling with your dick and having another commie-gasm,  Grin
change your shorts and wake the fuck up dreamboat.
 
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« Reply #4 on: March 04, 2019, 12:09:23 am »


I bet Trump sucked Kim Jong-un's dick too!

Hilarious!!
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« Reply #5 on: March 05, 2019, 01:33:14 pm »

your the expert on sucking dick Grin
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« Reply #6 on: March 05, 2019, 09:43:12 pm »


Trumpy-wumpy wants the world to think he is a self-made man.

Yet the truth is, his daddy made him what he is, and paid for all his fuck-ups.

Such as when Trumpy-wumpy got declared bankrupt six times.

Each time his daddy bailed him out.

Trumpy-wumpy is a failure as a businessman.

That is why he is so desperate to hide his tax returns from the public so they don't see what a failure he is.

Fortunately, the Democrats now control Congress and they have the power to make Trump's tax returns public.

No wonder Trumpy-wumpy is getting so desperate, eh?
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« Reply #7 on: March 07, 2019, 06:01:01 pm »

meanwhile
trumps the king of the castle

and your the dirty rascal
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« Reply #8 on: March 07, 2019, 07:53:23 pm »


Oh well, if Trump is the king of the castle, then he can get every piece of legislation he wants passed, eh?

ROFLMAO ... is everybody in Woodville as dumb as you? Or are you the village dumbarse?
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« Reply #9 on: March 14, 2019, 06:57:01 am »


all communist are parasites
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« Reply #10 on: March 14, 2019, 11:13:06 pm »


Yep ... you just proved you ARE Woodville's village dumbarse.
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« Reply #11 on: March 17, 2019, 11:26:27 pm »


TRUMP 2020
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« Reply #12 on: March 18, 2019, 02:13:38 am »


If Trump wins in 2020, he won't just have a hostile Congress controlled by Democrats.

He'll also have a hostile Senate controlled by congress.

Trump will then become a lame-duck president able to do absolutely nothing.

The Democrats will cut off the money supply to Trump himself, freezing the White House, Air Force One and everything else, virtually turning the White House into a prison confining Trump.

And that will be hahahahahahahahahahahahahahaha, especially when all Trump will be able to do will be to Tweet furious Tweets to Twitter.

In other words, he will become an impotent tweeting twitterer.

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« Reply #13 on: March 18, 2019, 10:17:58 am »

it must piss off an old washed out white trash commie like you that a lot of people love trump haha
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« Reply #14 on: March 18, 2019, 10:29:09 am »

meanwhile hahaha

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« Reply #15 on: March 18, 2019, 02:30:03 pm »

it must piss off an old washed out white trash commie like you that a lot of people love trump haha


Yeah, such as Australian white-trash supremacist mass-murderers, eh?
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« Reply #16 on: March 19, 2019, 01:29:19 am »

there you go again proving how stupid you are

that's why everyone left this site and you talk to your self all day long like a lonely arse-clown


YES YOURE SO FULL OF SICK SHIT
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« Reply #17 on: March 19, 2019, 03:33:55 pm »


Name even so much as a single mass-shooting carried out by muslims in New Zealand.

'cause everybody knows about white-trash supremacists and their hatred and tendency towards mass-murder.
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