Trump’s real estate empire is shaken in court

Shortly before Donald Trump appeared in court on Monday, he made a brief statement in which he called the trial politically motivated and called Black Democratic Attorney General Letitia James a racist. He also said it is a sad time for the nation as Israel is under attack and inflation is “eating the nation alive.” He also indicated that Americans do not like what he is being subjected to and that he will win the presidential elections. According to many opinion polls, Trump is ahead of Joe Biden in crucial states. But polls also show voters are more skeptical about whether Trump will be convicted in this or other pending trials. In such an imagined situation, Joe Biden has the upper hand.

Risks of fines of at least $250 million

Donald Trump is used to hot air and court proceedings. But when he is now accused of financial crimes, it also represents a deep personal crisis. Trump has built his entire success story on his real estate deals, which culminated in the gleaming gold Trump Tower in New York where his headquarters are located. The indictment can be summarized in that Trump is accused of overvaluing his assets to obtain favorable bank loans, and undervaluing them to avoid taxes. If convicted, he would face a fine of at least $250 million, could be forced to sell large portions of his real estate holdings and be banned from operating in New York.

Initial reports of Trump’s testimony in court — which is taking place with only a handful of reporters in attendance — show him making lengthy digressions unrelated to the judge’s questions and consistently claiming that the entire process is politically motivated. The judge addressed Trump’s lawyers directly and urged them to:

-Can you verify your customer!

He testified under oath

The trial lasted just over three weeks and Trump was there in person and listened to it for seven days. When he was summoned to court on Monday, he was scheduled to testify in person under oath.

The charges were brought by New York’s Democratic Attorney General, Letitia James, and Trump initially said they were politically motivated and a witch hunt to disrupt the presidential campaign.

Before testifying, Trump refrained from repeating the insulting words he had previously directed at Judge Arthur Engoron, whom he described as a “crazy cuckoo” and a “Trump hater.” The judge makes the decision in this trial, and there is no jury – as in other trials.

Trump claims that the overvaluation of properties that prosecutors allege he made is not untrue but entirely accurate. He cites his Mar-a-Lago home in Palm Beach, Florida, and other properties as examples, noting that they are worth twenty-five to one hundred times more than independent appraisers claim.

The big question is precisely what Donald Trump knew at the time of the currency overvaluation, and whether he personally instructed his aides. When his sons Eric and Donald Jr. have been questioned in the past, they have consistently claimed that they were not aware of the charges against them, and that – in the current cases – there must have been others who acted without their knowledge.

Throughout his career, Donald Trump has been known not to sign letters, emails or agreements that could be controversial, and it is expected that in this way, even in this case, he will try to avoid responsibility.

Includes children

Trump has included his three eldest children – Eric, Donald Jr. and Ivanka – in his business operations, but has repeatedly asked for them to be excluded from court proceedings. Son Eric was involved in business activities even during his father’s presidency, while Donald Jr. left business and worked politically with his father.

Daughter Ivanka was involved financially and politically. She was the one who, according to documents included in the indictment, was able to convince Deutsche Bank to lend money to the Trump group after a series of other banks refused to do so. Ivanka Trump reportedly overvalued a number of assets to obtain loans for the Postal Hotel in Washington, D.C., where Trump signed an agreement to start operating the hotel. The main post office is a state-owned building. Two years ago, Trump sold his hotel business – which did not meet his expectations – to the Waldorf Astoria hotel chain.

But it is Posthotellet’s introduction that is of interest to the prosecutor. Ivanka Trump was then deeply involved with loans, interior design and early operations. She then moved on to work as an advisor to her father in the White House alongside her husband, Jared Kushner.

During Tuesday, Ivanka will testify in New York. Her notice of inability to attend was denied, as she had to care for her children at home in Florida. Ivanka Trump is not currently involved in her father’s financial or political work.

Donald Trump repeats:

– Don’t abandon my children!

Britt-Marie Mattson is the USA expert for Goteborgs Boston. She has covered American politics for nearly five decades and has interviewed many of the world’s most powerful people.