They may call him Mr. Wonderful on ABC’s Shark Tank, but Kevin O’Leary was lethal in eviscerating the fraud case lobbed at Donald Trump by New York Attorney General Letitia James.
He didn’t yell or was overly animated, but he was clear and concise about how this case is fugazi and an insult to the intelligence of anyone in the real estate market. James issued her closing arguments on January 11(via NBC News):
Attorneys from James’ office requested the punishment in post-trial motions filed Friday in the Trump fraud case. They said that Trump owes $168 million of interest allegedly saved through fraud; $152 million from the sale of the Old Post Office building in Washington, D.C., the site of one of Trump’s hotels; $60 million through the transfer of the Ferry Point Golf Course contract; and $2.5 million from severance agreements for former Trump Organization chief financial officer Allen Howard Weisselberg and ex-Trump Organization controller Jeff McConney.
James’ office said that Trump and the others committed illegal acts with the intention to defraud and reaped millions in ill-gotten gains. The sum she is seeking is well over the $250 million that she had initially estimated in 2022 that Trump and his business should pay in damages.
The trial began in early October, with testimony in the case ending last month. Both sides are scheduled to present closing arguments on Jan. 11, and Judge Arthur Engoron has said he expects to issue a written decision with his findings in the following weeks.
Not true. O’Leary noted that everyone in real estate should be indicted because everyone does what Trump did. Bonchie at RedState transcribed the Shark Tank host’s simple explanation, along with pointing out there were no victims in this case. It was a political witch hunt—what else is new:
Well, let’s leave out Trump for a minute, and let’s leave out politics, and just talk about what happens in real estate development anywhere. So, if you’re a developer and you’ve got a building on the block, anywhere in America, and it’s worth, let’s say, $500 million, and you want to build a building right beside it, you go to the bank and say, “This building is worth $500 million. I’d like to borrow a construction finance loan against this asset, and I want you to tell me it’s worth $500 million too.”
And the bank negotiates with you, and says, “Well no, we think it’s worth $400 million,” and you fight it out. You are always trying to show your assets in the brightest light with the sunshine you can possibly determine for them. You want them to be worth the very most because you’re only going to get a 40 to 50 percent loan to value, as it’s called. Then you borrow that money, in the case of a $500 million asset, maybe you get $250 million, and you build the new building with a construction finance loan. So that’s what this case is all about.
And by the way, forget about Trump, every single real estate developer everywhere on earth does this. They always talk about their asset being worth a lot and the bank says no. That’s just the way it is. So in this case, what I’m trying to figure out, and I’m not pro or con, or I don’t care about the politics, who lost money? Nobody. The bank got paid back the construction finance loan, and a new building was built. If you’re going to sue this case and win, you’ve gotta sue every real estate developer everywhere. This is all they do. This is what they do all day long every day. So I don’t think this thing will ever survive appeal regardless of what the fine is. This doesn’t even make sense.
Now look, I understand Trump has a lot of problems in other indictments and everything else, but if you’re a real estate developer, you’re watching this and saying, “What is this? This is ridiculous.”
Mr. Wonderful to CNN:
“Forget about Trump. EVERY single real estate developer everywhere on EARTH does this!”
“This doesn’t even make SENSE!” pic.twitter.com/zgnW5vpIJ3
— Townhall.com (@townhallcom) January 12, 2024