Trump Presidency

[TorontoGold]

This provides a clearer picture on it. The statement of financial condition was a non-assurance based financial statement. Essentially made to stroke the ego of DJT. These statements are made usually as a piece of mind to high net worth individuals.

The hilarious thing is that there are multiple notes that disclose the deviation from GAAP which is already a pretty low bar for a compilation report.

1) The statement does not contain accurate information of closely held businesses ie. Trump Org, Real Estate co's, etc. Showing that this statement is likely just for DJT's personal assets.

2) Not including a provision for current or future income taxes is classic DJT, taxes are for the rubes and to even set up a provision for possible tax is beneath him.

3) The fact there is disclosure in a compilation report saying that effects of departures for US GAAP make it tough to assess the impact on the FS is hilarious. Shows the user that these statements are only intended to stroke the ego of Trump and not to be used any other manner.

The real juice is going to be on if the audited statements of the entities that actually are used in the financing of his businesses. These will need to follow US GAAP and should have a clean audit opinion. This should show the true financial picture, and likely where the fraud will be in determining the values of the properties.

 

[NDFAN420]

There's a lot of Dems who are sure that Trump is going to jail. A former President is not going to jail. There's a lot of Reps who think Durham is getting Hillary thrown in jail, which is equally as unlikely.

 

[Irish#1]

Depending on the level on assurance provided, you rely on what the client provides you. If it was a review engagement (based on the language in the letter it looks like it could have been) then you're ok using the clients responses as supporting the valuation of the real estate assets. If it was an audit, then whoever the third party was that provided the valuation services of the properties would also be implicated in this. If it was Deutsche Bank that provided a valuation report on the properties then the accountant is off the hook since it was sufficient audit evidence and the liability should transfer to them in misleading the users of the financial statements. The only way the liability should be with the CPA's is if they had evidence in their possession that showed that the values from the Trump Org were fraudulently inflated and they went along with it.

Thanks. Having read that, it sounds like there are a lot of "get out of jail free cards" that a firm has at their disposal to claim ignorance.

 

[Irish#1]

There's a lot of Dems who are sure that Trump is going to jail. A former President is not going to jail. There's a lot of Reps who think Durham is getting Hillary thrown in jail, which is equally as unlikely.

I would imagine that once Trump is 6 feet under, there will still be some who want to have some type of legal proceedings against him. lol

 

[TorontoGold]

Thanks. Having read that, it sounds like there are a lot of "get out of jail free cards" that a firm has at their disposal to claim ignorance.

Yeah, a CPA firms engagement letter is the most ridiculous thing imo. Basically we state we're really not responsible for anything and if something bad does happen ehhhhh we can't catch it all.

 

[Irishize]

I would imagine that once Trump is 6 feet under, there will still be some who want to have some type of legal proceedings against him. lol

Agreed. Same w/ Hillary. Wish they could make a deal w/ America: “you two go away forever from the public eye & we will quit investigating everything you’ve done infinitum”

 

[drayer54]

er Report said he's as good as toast now, which means nothing will probably come of it in the end. It's hard to know when the hammer actually comes down on Trump when it comes to thes

I'm more optimistic of Sullivan going down in the Trump spying that happened than I am either Trump or Clinton going down. We should just sacrifice them both to see if we can have a moment of national healing.

 

[NDFAN420]

We should just sacrifice them both to see if we can have a moment of national healing.

Might help with TDS (Trump Derangement Syndrome) and HOE (Hillary Obsession Effect).

 

[ACamp1900]

I'm more optimistic of Sullivan going down in the Trump spying that happened than I am either Trump or Clinton going down. We should just sacrifice them both to see if we can have a moment of national healing.

Midsommar both to hell and gone,… I doubt it would heal anything however,…

 

[Irish#1]

Agreed. Same w/ Hillary. Wish they could make a deal w/ America: “you two go away forever from the public eye & we will quit investigating everything you’ve done infinitum”

Not exactly apples to apples as HRC doesn't have about a dozen legal investigations / proceedings against her like our pal Donnie, but I get your point.

 

[drayer54]

Yeah, spying on Trump is no big deal.

 

[Rogue219]

In Jim Mora Sr. playoffs voice: Jail? Jail?

This goof and his twat kids will never have to testify to anyone let alone go to jail. They do whatever they feel like. NY AG? Please. They won't answer to her or anyone else.

 

[Irishize]

Not exactly apples to apples as HRC doesn't have about a dozen legal investigations / proceedings against her like our pal Donnie, but I get your point.

I’m factoring the length of time Hillary has been around the national forum. Not directed at you but anyone trying to claim one is worse than the other for America between those two is like choosing between a shit sandwich & a bowl of shit…I don’t want to eat either one.

 

[Redbar]

Yeah there are a lot of vindictive people out there. He didn’t do anything wrong!

 

[ab2cmiller]

I’m factoring the length of time Hillary has been around the national forum. Not directed at you but anyone trying to claim one is worse than the other for America between those two is like choosing between a shit sandwich & a bowl of shit…I don’t want to eat either one.

Exactly. Trump is disgusting. Biden is disgusting. Almost everyone in politics is compromised.

 

[NorthDakota]

Trump ain't going to jail. Hillary ain't going to jail. The weird little cults on both sides of the aisle who think their respective enemy is going to jail are genuinely stupid individuals.

 

[Redbar]

Trump ain't going to jail. Hillary ain't going to jail. The weird little cults on both sides of the aisle who think their respective enemy is going to jail are genuinely stupid individuals.

Yeah the world is either Team Hillary or Team Trump

 

[Blazers46]

Catching up on the this post the last few days makes me laugh. First post on this thread since November is a post about Hilary spying on Candidate Trump and then President of the United States Trump and Toronto's next post is about Trumps financials. So predictable. Toronto... can I get a comment on the Durham report?

 

[IrishRazor82]

Trump was right about almost everything... Becoming more clear as time passes he was so hated by the regime because he was exposing them. People would rather fake people lie to their faces than real people tell them the ugly truths.

 

[TorontoGold]

Catching up on the this post the last few days makes me laugh. First post on this thread since November is a post about Hilary spying on Candidate Trump and then President of the United States Trump and Toronto's next post is about Trumps financials. So predictable. Toronto... can I get a comment on the Durham report?

Do you have anything to add to my posts? or is it just a personal shot?

Would love for you to discuss the levels of assurance and the impact that has on the required financial disclosures and why that is significant. Put a little more thought into it than just "stoopid lefties bad".

 

[Blazers46]

Do you have anything to add to my posts? or is it just a personal shot?

Would love for you to discuss the levels of assurance and the impact that has on the required financial disclosures and why that is significant. Put a little more thought into it than just "stoopid lefties bad".

I would love to throw my 🥒 on the table but I have nothing to add to your provoking discussion on the breaking news Donald Trump is unethical and possibly criminal in his business dealings. I will not insult anyone with my faux outrage a billionaire could have possibly made some intentional accounting errors and/or omissions.

I was just pointing to the hilarity of the lack of comment and possible deflection on your part. Personal shot? Maybe but take it as a compliment. I don't really comment much anymore so you got me out of my slumber to take a swing.

 

[NorthDakota]

Toronto seems to be fixed on the accounting thing. That makes sense. That's his area of expertise. Pretty sure he's right that a firm backing out is a bad look.

But.... on the other hand, anything with The Don gets weird. If the AG of New York has an axe to grind with you, it might be best to fix that as a company. Plus you get the weird mega libs mad at you for the sin of doing the books for Donald.

We'll see. Every time the Dems have gotten to the "walls closing in!!!!111" moment it has turned out to be nothing.

End of the day, it's the definition of a political prosecution. Its not exactly a secret.

 

[TorontoGold]

I would love to throw my 🥒 on the table but I have nothing to add to your provoking discussion on the breaking news Donald Trump is unethical and possibly criminal in his business dealings. I will not insult anyone with my faux outrage a billionaire could have possibly made some intentional accounting errors and/or omissions.

I was just pointing to the hilarity of the lack of comment and possible deflection on your part. Personal shot? Maybe but take it as a compliment. I don't really comment much anymore so you got me out of my slumber to take a swing.

It's more the hilarity of a real estate "billionaire" getting in trouble over.....the valuation of his real estate. I mean come on. Launder money or something, the amount of exposure you have on real estate is incredible. Literally every jurisdiction has their eyes on it. As well the tax benefits going unreported, like that is something a $1.5M EBITDA company does not a "billionaire".

A deflection? dude the IE squad goes in on Biden every day I couldn't keep up if I wanted to.

Toronto seems to be fixed on the accounting thing. That makes sense. That's his area of expertise. Pretty sure he's right that a firm backing out is a bad look.

But.... on the other hand, anything with The Don gets weird. If the AG of New York has an axe to grind with you, it might be best to fix that as a company. Plus you get the weird mega libs mad at you for the sin of doing the books for Donald.

We'll see. Every time the Dems have gotten to the "walls closing in!!!!111" moment it has turned out to be nothing.

End of the day, it's the definition of a political prosecution. Its not exactly a secret.

The wall street stuff of 2008 is like Hiroshima of financial crimes, and look what happened there. So ol'Donny? Who knows, he likely gets some large fine and that's it.

 

[Bishop2b5]

We'll see. Every time the Dems have gotten to the "walls closing in!!!!111" moment it has turned out to be nothing.

Oh man, if you go back to earlier posts in this thread, every flippin' day it was, "This is it! Got him!" or "There's the smoking gun! Got him!" or "It's over! They've got him this time!" or "And down he goes! There's no escape from this!" over and over and over, and it never amounted to anything except misleading BS from the press to lure in the gullible. Every day almost, the same hopeful few were so certain that the smoking gun had been found and Trump was only days away from arrest or having to resign, and every bit of it turned out to be a lie. That was a very frustrated and disappointed little group of hopeful posters who drove themselves into fits of frustration, but sure entertained the rest of us.

 

[TorontoGold]

Oh man, if you go back to earlier posts in this thread, every flippin' day it was, "This is it! Got him!" or "There's the smoking gun! Got him!" or "It's over! They've got him this time!" or "And down he goes! There's no escape from this!" over and over and over, and it never amounted to anything except misleading BS from the press to lure in the gullible. Every day almost, the same hopeful few were so certain that the smoking gun had been found and Trump was only days away from arrest or having to resign, and every bit of it turned out to be a lie. That was a very frustrated and disappointed little group of hopeful posters who drove themselves into fits of frustration, but sure entertained the rest of us.

This made me lol. Neither group is above getting excited, we're all pigs rolling around in the shit.

 

[Blazers46]

Oh man, if you go back to earlier posts in this thread, every flippin' day it was, "This is it! Got him!" or "There's the smoking gun! Got him!" or "It's over! They've got him this time!" or "And down he goes! There's no escape from this!" over and over and over, and it never amounted to anything except misleading BS from the press to lure in the gullible. Every day almost, the same hopeful few were so certain that the smoking gun had been found and Trump was only days away from arrest or having to resign, and every bit of it turned out to be a lie. That was a very frustrated and disappointed little group of hopeful posters who drove themselves into fits of frustration, but sure entertained the rest of us.

Isn’t it odd that with the left a lot of those conspiracy theories of yesterday are now news/fact today?

But also with the left a lot of that news/fact of yesterday have turned into conspiracy theories/lies?

 

[Irish#1]

I’m factoring the length of time Hillary has been around the national forum. Not directed at you but anyone trying to claim one is worse than the other for America between those two is like choosing between a shit sandwich & a bowl of shit…I don’t want to eat either one.

I don't think anyone in their right mind does.

 

[Irish#1]

This made me lol. Neither group is above getting excited, we're all pigs rolling around in the shit.

This made me laugh.

 

[Irish#1]

What I do find funny, is a number of you have been noticeably absent in Joe's thread even though he's as entertaining as Donnie, yet Trump's thread becomes active again and here you are!

North Dakota is right. Neither one is going to jail and all these officials are doing is wasting peoples time and money chasing an impossible dream.

 

[ab2cmiller]

Biden and Trump. Both very dangerous, but for very different reasons.