LETTER: Donald Trump got what he deserved in NY civil trial
In response to Ray Kolander’s recent letter regarding Trump fraud trial:
Donald Trump lies about his wealth and inflates the value of his real property to obtain low-interest loans while, at the same time, he manipulates the value of his properties downward to avoid paying taxes. Mr. Kolander does not deny these practices. Instead he claims the loans were paid back to the banks so there can be no fraud. This is ridiculous.
Submitting false valuations for a loan does not require a bank to lose money. Through Mr. Trump lies, he obtained more favorable loan terms. This compromises the integrity of the marketplace and defrauds bank investors who would have received higher returns had Mr. Trump told the truth.
Even assuming that Mr. Trump’s white-collar fraud could be construed as “victimless,” this does not mean it should not be prosecuted. So-called “victimless” matters are litigated all the time.
The trial was a civil matter. Thus, the burden of proof was by only a preponderance of the evidence and not the more stringent criminal burden. The standard was easily met by the New York attorney general’s office.
Mr. Kolander goes on a further rant as to the “insane” amount of the damages assessed against Mr. Trump. This claim is without merit. Judge Arthur Engoron calculated damages based on the ill-gotten gains Mr. Trump received. Judge Engoron’s 92-page decision lays out in detail the basis for the amount of these damages.
I do agree with Mr. Kolander on one thing. There was an “insane” element in this trial. The truly insane part of the trial is that two of Mr. Trump’s expert witnesses billed him almost $900,000 each for testifying on his behalf at the trial.
