Tax firm Mazars fires Trump Organization as client, says former president’s financial statements are unreliable

[volfanhill]

maybe his point is that a company that is bound to fairly audit financials is claiming the the financials weren't fairly audited?

Or maybe they are claiming that their client gave them bull?

 

[volinbham]

Or maybe they are claiming that their client gave them bull?

possibly but you'd think after a decade they'd have caught on

 

[volfanhill]

possibly but you'd think after a decade they'd have caught on

What info do you submit your accountant? They work with what you give. If you are hiding shat that's on you. And keep in mind we already know Trump org was hiding compensation with school and rent payments. It's not their job to find how you are lying to them.

 

[Vol423]

We cannot believe the financial statements that Mazars audited and signed off on? This is a bold strategy!

Nowhere in that article did the term "audited financial statements" appear. Based on the wording in that article, it sounds like the financial statements were likely compiled financial statements (or potentially reviewed financial statements), not audited financial statements. There is a world of difference.

CPA firms regularly review the entire client roster for retention as a matter of standard practice. The discontinuance of services was very likely a politically motivated decision.

 

[Carl Pickens]

We cannot believe the financial statements that Mazars audited and signed off on FOR YEARS!!! This is a bold strategy!

Fyp

 

[Carl Pickens]

Has Trump claimed Mazars's actions are politically motivated yet?

You should call yourself Mr. Platinum …. Because you’re incredibly dense

 

[volinbham]

What info do you submit your accountant? They work with what you give. If you are hiding shat that's on you. And keep in mind we already know Trump org was hiding compensation with school and rent payments. It's not their job to find how you are lying to them.

Sounds like CYA given James' actions rather than any finding on their part. This is a pretty important statement on their part "While we have not concluded that the various financial statements, as a whole, contain material discrepancies...". They did the work for a decade and didn't see an issue until Trump is under investigation.

 

[volinbham]

What info do you submit your accountant? They work with what you give. If you are hiding shat that's on you. And keep in mind we already know Trump org was hiding compensation with school and rent payments. It's not their job to find how you are lying to them.

on the "it's not their job" - if they are certifying financials then indeed it is their job to determine if they are signing off on accurate documents.

 

[Vol8188]

It’s amazing this AG started her career by proclaiming she would take down trump. She cited no crime as a basing for doing so, just that she would get him.

Now what big crime has she found? She believes the subjective values he listed for assets on loan applications were too high….lmfao. This entire thing is a joke and should be thrown out.

Everytime I’ve applied for a mortgage I’ve listed my home and other assets at the high end of what I thought they’d go for. This is what everyone does and it’s always just a guess. Even an appraisal is just a guess

 

[Vol8188]

How can anyone take any claims this woman makes seriously? You investigate crimes not people, unless you want your office to have 0 credibility. She should be removed from office

Letitia James Wants to Get Trump on State Crimes | Law & Crime

 

[rjd970]

Am I reading the thread title wrong? A company firing it’s customer? What?

Weird choice of words.

 

[MontyPython]

It’s amazing this AG started her career by proclaiming she would take down trump. She cited no crime as a basing for doing so, just that she would get him.

Now what big crime has she found? She believes the subjective values he listed for assets on loan applications were too high….lmfao. This entire thing is a joke and should be thrown out.

Everytime I’ve applied for a mortgage I’ve listed my home and other assets at the high end of what I thought they’d go for. This is what everyone does and it’s always just a guess. Even an appraisal is just a guess

Heh. Sure. Explain this...

The sprawling property north of New York City was purchased for $7.5 million in 1995. But by 2014, the Trump Organization said it was worth $291 million, in financial documents its officers prepared when they were seeking a bank loan. Four years later, on Mr. Trump’s ethics disclosure form, it was listed as being worth no more than $50 million.

and this...

The same category used for even Springs was used for Trump's triplex apartment, which was given a value of $127 million. Valuations done on the Manhattan apartment since 2012 were done based off the claim that the property was 30,000 square feet. In reality, James said, the property was 11,000 square feet — and Trump signed documents in 2012 confirming that number, the attorney general claims.

Financial statesments from 2015 and 2016 still made the claim that the triplex was the much larger size, and valued it at $327 million. But in testimony given to the attorney general's office, Trump Organization CFO Allen Weisselberg said that the apartment's value was overstated by "give or take" $200 million.

and this...

When Trump bought the Aberdeen, Scotland, property in 2006, it was valued at $12.6 million — but was valued at $161 million just five years later, the investigation found. That valuation was found not to be professionally determined, but rather based on an email prepared to send to Forbes magazine for a quote.

In 2014, a financial statement by the Trump Organization valued the property at nearly $436 million, basing that off the right to build 2,500 luxury homes on it. But the company had approval to build under 1,500 holiday apartments and golf villas only, James said.

and this...

TRUMP INTERNATIONAL GOLF CLUB WESTCHESTER. After purchasing the golf club at $8.5 million, Trump said in a 2011 financial statement that the property was valued at $68 million. A portion of the total reflected initiation fee for 67 unsold memberships to the club, which would be worth nearly $13 million if each membership cost $150,000, the financial statement claimed.

However, the investigation not only found that membership rate to be completely made up, but that many new members paid no deposit whatsoever in 2011, and the Trump Organization showed that no members paid the initiation fee in 2012.

and this...

40 WALL STREET. The Trump Organization owns what is called a "ground lease" for the property, which means that it owns a leasehold interest in the land and the buildings on the land, but pays rent to the owner.

The attorney general's office said that it obtained evidence showing outside appraisals from 2010-2012 valued Trump's interest in the property at $200-$220 million. At the same time, Trump's financial statements claimed the address' value nearly three times as much ($601 million in 2010, $524 million in 2011, $527 million in 2012), James' office said.

# # #

The list literally goes on and on and on.

So defend this lying cheater. Go.

 

[OrangeTsar]

Yes, Trump an arrogant and thoroughly dislikeable individual. Why do we keep arguing this point?
He was also infinitely preferable to the semi sentient racist angry quivering cup of jello currently occupying the Oval Office

 

[MontyPython]

Yes, Trump an arrogant and thoroughly dislikeable individual. Why do we keep arguing this point?
He was also infinitely preferable to the semi sentient racist angry quivering cup of jello currently occupying the Oval Office

Disagree. Trump's time in office thoroughly proved his incompetence. Worse was his King-like ambitions.

Glad he got the boot, and glad he ain't ever coming back.

 

[OrangeTsar]

Disagree. Trump's time in office thoroughly proved his incompetence. Worse was his King-like ambitions.

Glad he got the boot, and glad he ain't ever coming back.

His „incompetence“ got me affordable gas, affordable food, economic security, and good nights‘ sleep without worrying about if WWIII was about to break out.
Man I could go for a little bit more of that kind of incompetence right now

 

[luthervol]

Yes, Trump an arrogant and thoroughly dislikeable individual. Why do we keep arguing this point?
He was also infinitely preferable to the semi sentient racist angry quivering cup of jello currently occupying the Oval Office

The first point is finally universally agreed upon......shouldn't have taken so long.
The second point is not agreed upon....I still find Biden a better choice.

 

[landscapingvol]

Disagree. Trump's time in office thoroughly proved his incompetence. Worse was his King-like ambitions.

Glad he got the boot, and glad he ain't ever coming back.

The amount of lunacy you display towards Trump is amusing. What "king like" ambitions did he portray? Wouldn't a king try to consolidate more power in the government or would he just make ridiculous statements?

 

[Vol8188]

Heh. Sure. Explain this...

The sprawling property north of New York City was purchased for $7.5 million in 1995. But by 2014, the Trump Organization said it was worth $291 million, in financial documents its officers prepared when they were seeking a bank loan. Four years later, on Mr. Trump’s ethics disclosure form, it was listed as being worth no more than $50 million.

and this...

The same category used for even Springs was used for Trump's triplex apartment, which was given a value of $127 million. Valuations done on the Manhattan apartment since 2012 were done based off the claim that the property was 30,000 square feet. In reality, James said, the property was 11,000 square feet — and Trump signed documents in 2012 confirming that number, the attorney general claims.

Financial statesments from 2015 and 2016 still made the claim that the triplex was the much larger size, and valued it at $327 million. But in testimony given to the attorney general's office, Trump Organization CFO Allen Weisselberg said that the apartment's value was overstated by "give or take" $200 million.

and this...

When Trump bought the Aberdeen, Scotland, property in 2006, it was valued at $12.6 million — but was valued at $161 million just five years later, the investigation found. That valuation was found not to be professionally determined, but rather based on an email prepared to send to Forbes magazine for a quote.

In 2014, a financial statement by the Trump Organization valued the property at nearly $436 million, basing that off the right to build 2,500 luxury homes on it. But the company had approval to build under 1,500 holiday apartments and golf villas only, James said.

and this...

TRUMP INTERNATIONAL GOLF CLUB WESTCHESTER. After purchasing the golf club at $8.5 million, Trump said in a 2011 financial statement that the property was valued at $68 million. A portion of the total reflected initiation fee for 67 unsold memberships to the club, which would be worth nearly $13 million if each membership cost $150,000, the financial statement claimed.

However, the investigation not only found that membership rate to be completely made up, but that many new members paid no deposit whatsoever in 2011, and the Trump Organization showed that no members paid the initiation fee in 2012.

and this...

40 WALL STREET. The Trump Organization owns what is called a "ground lease" for the property, which means that it owns a leasehold interest in the land and the buildings on the land, but pays rent to the owner.

The attorney general's office said that it obtained evidence showing outside appraisals from 2010-2012 valued Trump's interest in the property at $200-$220 million. At the same time, Trump's financial statements claimed the address' value nearly three times as much ($601 million in 2010, $524 million in 2011, $527 million in 2012), James' office said.

# # #

The list literally goes on and on and on.

So defend this lying cheater. Go.

Sure I’ll happily defend this. I could value a taco truck is earning 20k a year using the same valuation left wing senators use to proclaim Elon Musk is evil and doesn’t pay enough taxes at a value of 25.37 million.

Or I could use a more common 15-20x earnings and proclaim its worth 400 thousand.

Those are all insanely high for a taco stand that should likely be valued around 50k (this would be primarily based on price to book value).

This is why it’s insane to try to tax wealth and also why this is just political nonsense. You’re wanting to prosecute a man because you disagree with his subjective valuation. Valuations he probably didn’t come up with in the first place

I naturally assume all politicians are dirty but the more you guys go after trump over nothing and openly announce you’ll do so, the more clear he appears

Edit: I once actually thought you were super young until your conversation about the swim team on here. So my question to you is, are you unaware of how subjective valuation is? If it is super subjective, what's the real issue here? Just a desire to take him down at all cost or do you actually believe this should be a crime?

 

[volfanhill]

on the "it's not their job" - if they are certifying financials then indeed it is their job to determine if they are signing off on accurate documents.

How are they supposed to sign off on documents you withhold from them? Isn't that the crux of the issue here. They asked for info on the guy whose got a free apartment and Trump org won't submit it to them? That was my understanding of the info I read.

 

[luthervol]

The amount of lunacy you display towards Trump is amusing. What "king like" ambitions did he portray? Wouldn't a king try to consolidate more power in the government or would he just make ridiculous statements?

Trying to steal an election was sort of "king like".

 

[Vol8188]

Has Trump claimed Mazars's actions are politically motivated yet?

The entire investigation is well known to be politically motivated. It never started with a crime. It started with an announcement that she was going to get that mean, mean man

 

[OrangeTsar]

The first point is finally universally agreed upon......shouldn't have taken so long.
The second point is not agreed upon....I still find Biden a better choice.

Can I remind you of your assertion When Europe is engulfed in the greatest Conflagration since Adolf made his last stand in the Bunker?
Say what you want about Trump, the World stayed peaceful. Sometimes having a suspected madman at the helm provides a rather strong deterrent

 

[Vol8188]

Wait. So a billionaire is a person who lies about their finances? Lol. That’s how billionaires stay rich. OP needs to grow up and start living in reality. Does Trump lie about his finances? Yes. His taxes? Yes. Is he doing anything different than Bezos, Zuckerberg, Gates or Buffett? No.

Billionaires neither become nor stay billionaires through lies. This is a truly childish thought that needs to "grow up and start living in reality". Everyone you named made billions because they provided us with products (except Buffet) that were highly desired by the mass public.

 

[luthervol]

Can I remind you of your assertion When Europe is engulfed in the greatest Conflagration since Adolf made his last stand in the Bunker?
Say what you want about Trump, the World stayed peaceful. Sometimes having a suspected madman at the helm provides a rather strong deterrent

There is absolutely no reason to believe that if Trump had won, Putin would have acted any differently toward Ukraine.
Peace through fear of a horrendously despicable madman is fleeting at best.

 

[Sandman 423]

What info do you submit your accountant? They work with what you give. If you are hiding shat that's on you. And keep in mind we already know Trump org was hiding compensation with school and rent payments. It's not their job to find how you are lying to them.

I think you are a little off. These guys don't use accountants. They use tax attorney's. and they don't work with just what you give them. They tell you what they need and how to get there as well. Otherwise you wouldn't be using them.