Nov 6, 2023
Trump Is His Own Worst Enemy As He Takes The Stand In Fraud Trial
"I'm sure the judge will rule against me because he always rules against me," said former President Donald Trump while taking the stand in his New York civil trial.
- 15 minutes
Drug that's going in there.
All right, so Donald Trump,
they're making that motion,
zipping his lips, not speaking,
which is interesting in and of itself.
Former President Donald Trump took
to the stand in his New York civil fraud
[00:00:17]
trial today to determine the fate
of his business empire and what penalties
he will likely pay as a result of the
summary judgment which has already found
him guilty of committing financial fraud.
Now, let me remind you all
that this is not a jury trial,
[00:00:35]
mostly due to the incompetence
of the lawyers representing him.
They had an opportunity
to call for a jury trial.
They totally rejected that opportunity.
And as a result, the judge who has
already found Trump guilty of committing
financial fraud will get to decide
what the penalty will be.
[00:00:54]
So prior to Trump's testimony,
Attorney General Letitia James
decided to do a little presser
to predict what she's expecting
from Trump as he takes the stand.
Here's what she predicted this morning.
Mr. Trump will take the stand
in our trial against him.
[00:01:14]
The Trump Organization
and other defendants.
Mr. Trump has repeatedly and consistently
misrepresented and inflated
the value of his assets.
And before he takes the stand,
I am certain that he will engage in name
[00:01:34]
calling and taunts and race baiting.
And call this a witch hunt.
But at the end of the day,
the only thing that matters are the facts
and the numbers and numbers.
[00:01:51]
- My friends don't lie.
- Thank you.
So her prediction ended up
being 100% correct.
He went on to bash prosecutors,
but more importantly, he went on
to specifically bash the very judge
who will be making the determination
[00:02:08]
in regard to what will happen to the Trump
Organization and what will happen in
regard to any penalties that Donald Trump
and his family members, who, of course,
are involved in all of this
and are also being tried as a result, will
have to suffer as a result of all of this.
[00:02:24]
He just cannot help himself
and really does end up
becoming his own worst enemy when it comes
to these types of situations.
Now, I'm going to give you a few examples
of what he said on the stand in a moment.
But before I do, Jake,
why don't you jump in?
Yeah.
So look, guys, remember Donald Trump
said he had $10 million when he
[00:02:43]
first started running for president.
Obviously everybody knows is a lie.
But people would give him the benefit of
the doubt and say that he's a billionaire.
He was never a billionaire.
So we've now exhaustively seen,
you know, the trail of money that he had.
He had about over $400 million
that his dad left him.
[00:02:58]
He squandered all of that,
had almost nothing left.
And at NBC, he made another $400 million
from the hit show apprentice
and has squandered that.
Now he still has the golf clubs,
he still has Mar a Lago and a couple
of properties, including Trump Tower.
Okay, so that's nothing to sneeze at.
It's not a bad amount of money,
but it's nowhere near $1 billion.
[00:03:16]
So this I'd be surprised
if it was $250 million.
I'd be very surprised.
All of it put together.
Okay.
Because remember, all the properties
also have mortgages, debt.
They're not just clean and free, right.
So this $250 million
will likely bankrupt him.
[00:03:32]
And that will be his seventh bankruptcy.
He is the world's worst businessman,
and it's not surprising.
He's an idiot.
He couldn't manage anything
if his life depended on it.
You remember the stories
out of the white House?
Can't read past the page.
You have to put his name and pictures
in the page for him to even look at it.
[00:03:49]
So how is that guy
ever going to do business?
You need to have a little bit
of common sense to do business.
He's the biggest fool I've ever seen.
He's good at marketing,
so he likes to put Trump on buildings, and
that has helped keep his name in the press
and and has led to his before getting into
politics, his brand having some value.
[00:04:06]
But overall this is very likely
going to bankrupt him.
So that is why he is more livid about
this case than any of the criminal trials.
The criminal trials.
He's thinking, oh, I'll get him,
just like if I'm going to win.
You know, given what's
happening in the polling.
Right.
So all the federal cases will disappear
the day he wins and the state cases,
[00:04:24]
what are they going to do?
Put the sitting president
in a jail in Fulton County.
No, they're not right.
And so he's not that he's less
worried about the criminal cases.
But this this is going to and here
he's definitely going to lose here I'll
give you some of the he already lost.
Yeah. Like he lost in the summary judgment.
He has already been found guilty
of financial fraud.
[00:04:41]
But Jake my opinion on this case is
actually changing to be honest with you.
Because look, look, committing
financial fraud is a serious crime.
This is a civil suit.
Any of us who engage in financial fraud
would have, like the book thrown at us.
There's no question about that.
[00:04:57]
But what I'm kind of having an issue with
here is that the majority of the focus
here, all of the focus actually, so far,
I don't know if they're going
to focus on anything else.
They're just focusing on him lying
or inflating the value of his assets
in order to obtain loans and insurance.
[00:05:13]
Now, as far as I know,
he has paid back the loans.
So there's been no damage
to the banks that he, yes, lied to
in order to obtain those loans.
But I thought there was going
to be some focus on the fact
that he then deflated his assets in order
to lie to the IRS and not pay his taxes.
[00:05:30]
There's been no attention on that at all.
Right. Yeah.
So I don't know if that's coming later,
but I think that maybe they're worried.
Hey, that's in the purview of the IRS
and we don't want to get involved in that.
But I agree with you.
Like you've got to show
the two different sets of numbers.
[00:05:46]
Yes.
So if if I'm the judge I'm looking
for okay, you're saying that this guy
is playing around with the numbers
that he gave to the banks?
Okay, well, then show me
the numbers he gave to the IRS
for the same exact properties.
So let's see if they go in that direction.
But they definitely should.
[00:06:01]
But in terms of like, oh, there was Anna.
The part that I don't accept is, well,
he paid back those loans, so no harm.
No. Remember he went bankrupt
six other times.
No I. Agree.
So he lied and lied and lied and lied and
every time it the creditors got screwed.
[00:06:19]
This one time,
they haven't gotten screwed yet.
Right.
And he goes, well, what? What?
I'm just lying, like I've always lied.
- No, no.
- You make a good point, Jake.
And you're correct in pointing out
that this is wrong.
And again, if any of us got caught
doing the same thing,
we would suffer the consequences
and no one would shed a tear for us.
[00:06:36]
So I want to be clear about that.
However, to me the most.
Horton case is not the civil case,
and increasingly based on
the video footage that we get,
like we don't really have video footage,
reporters are kicked out after, like,
you know, the proceedings begin
[00:06:52]
and then the reporters are kicked out.
So we don't get video of the testimony.
But you have Letitia James during the
trial, like posting things on X about it,
kind of laughing at Trump.
It's just it is not a good look.
And you don't want to provide evidence
for Trump's point about this being
[00:07:11]
more of a witch hunt than anything else.
Do you get what I'm saying? And I do.
I'm worried that it takes away from the
credibility of a far more important case
having to do with the attempts
to overturn the presidential election.
Yeah, I'm not worried about the
credibility of those two different cases,
[00:07:27]
but I thought you were going to go
somewhere else with it because I the one,
number one part of the case
that I'm not perfectly comfortable with is
$250 million is a hell of an amount
to ask for fraud on on this stuff.
[00:07:43]
So it's fraud.
We'd all get charged 100 times, like we
said, and we'd pay a very heavy penalty.
And obviously he's in a different league
with all these
different properties, etcetera.
And he hasn't been made
to pay the 250 yet.
That's what part
of what the judge has to decide.
That's a monster number to ask for. Okay.
[00:07:59]
So we're fair about all of this,
but at the end of the day,
there's no question he did fraud.
He goes, he's such an idiot.
He today he testifies
and every analyst on TV is surprised.
They're like,
why is he saying these things?
It'll definitely hurt his case
because he's an idiot.
[00:08:15]
That's why there are
just explained to you.
So what is what am I talking about?
He'll come and go.
You know what? We valued him too low.
I think we valued them too low.
Well, the lawyers,
the legal analysts are like.
Why would you say that? You're in court.
You're being charged with fraud
for playing around with the numbers, and
[00:08:33]
now you're saying you played around with
the numbers in the opposite direction.
Even if that were true,
that doesn't help your case at all.
You're supposed to come to court and go,
this is what the value
of the property was.
Here's our evidence to back up our claims
about what the value of the property is.
And then they ask him,
so who determines the property value?
[00:08:49]
Because you. Now you're saying we went up.
We went down based on what I thought,
which is terrible.
Terrible.
If you're in the middle of a fraud trial.
Right.
He says, well, you know, I know, I know,
but, you know, we got to ask the bankers.
But wait, do we have to ask the bankers?
Are you?
[00:09:05]
So the thing about Trump
is his ego tends to get in the way.
So he hates the fact that this trial
seems to be humiliating for him,
because it's questioning how rich he
really is, and he can't stand it.
[00:09:23]
And so he gets in his own way
by antagonizing the one person
who's not just going to make a decision
about how much Trump is going to have
to pay, potentially $250 million, but also
the fate of the Trump Organization.
So the Trump Organization might be banned
from ever doing business again
[00:09:40]
in the state of New York.
Yeah.
So and look, I'll give you an example
of some of the things
he said on the stand today.
For instance, let's go
to the first graphic here.
He said,
I'm sure the judge will rule against me
because he always rules against me.
The judge, Arthur Engoron,
demanded that his attorney, Chris Kise,
[00:09:56]
have Trump answer the simple questions
being asked of him, instead of using the
time to attack everyone in the courtroom.
At one point, Trump testified
and said the following.
Your case was that I had no money.
You sued me on the basis
that Trump had no money, and he wrote
up phony things and he defrauded banks.
[00:10:13]
And even though these banks were paid back
in full, there was no harm, no anything.
Everybody got their money in full.
There was no victim.
The banks don't even know
what they're doing in this case.
And at that point, Engoron responded
by telling Donald Trump's attorney,
[00:10:28]
Chris Kise, to control his client.
And this is not a political rally.
This is a courtroom.
But that didn't stop Donald Trump.
He continued on,
not only attacking the prosecutors,
but again attacking the judge himself.
The prosecutor from the AG's office,
Wallace asked, are you aware that Trump
[00:10:48]
Chicago loan was paid off last week?
And Trump said, I heard it was.
I don't know if it was last week.
I know it was recently.
So it was kind of funny
because he went from saying all
the banks got their money back.
And then a little later, as he was
being questioned by the prosecutor,
[00:11:04]
he was like, oh, it was, I guess.
Yeah, I guess it was paid recently.
I don't know, I got to check in on that.
But that's another element
of their defense as well,
not just Donald Trump, but his sons.
They are trying to say,
look, we delegate, right?
[00:11:20]
We're not the ones in charge
of making these financial decisions.
So they're just kind of trying
to pass the buck to others
within the Trump Organization.
But that is not really flying at all
with the prosecutors here.
And it doesn't appear to be flying
with the judge either.
Yeah. So two more things.
[00:11:36]
Remember when Donald Trump
would asked about, you know, not.
Paying his taxes,
not paying his debts as he went through
bankruptcy after bankruptcy.
His famous line was
it's smart not to pay your debts.
Now his goes into court
and he's like, I always pay my debts.
[00:11:52]
No you don't. That's a preposterous lie.
You stiffed so many creditors that you
were a laughing stock of New York,
and nobody would give you money
until you had to go to Deutsche Bank
and foreign sources and God knows
what other countries to get money.
And now you're pretending that.
Oh, yeah, I always pay.
[00:12:08]
Okay.
The second thing is,
he admitted in court something,
as usual that he should not have admitted.
So his kids were way more careful.
They apparently listened to their lawyers,
and they were very circumspect.
Circumspect
about what they knew and didn't know.
[00:12:24]
Well, I'm not sure
that I had anything to do with that.
Right.
Whereas Donald Trump comes in
and he's like, well, I told him.
I told him, did you bring the numbers up?
You know, I knew I know, I'm the one who
and the lawyers got to be like, oh.
I know it's it is,
it's I wish I could be in that courtroom
[00:12:41]
because it sounds super entertaining.
But one of the things that he did was talk
about the value of the Trump name, right?
Where he's like, it's not really
about the value of the building.
It's about the name on the building. Right?
I'm paraphrasing what he said,
but the other thing that he said, or the
justification for the inflated valuations
for some of these properties, was,
[00:13:00]
well, there were plans to build around
those properties, like other structures
that would have increased the value.
So they were just kind of like predicting
what the increased
values of the properties would be
based on that additional development
surrounding those properties.
[00:13:15]
But you're not supposed
to do valuations that way.
It doesn't work that way.
You know, you have to wait
for those developments to happen
and then see the value actually go up.
Before you claim that these buildings
are as valuable as they are.
One of the other things that Trump had to
confess to was that one of the properties,
[00:13:33]
a triplex, was noted as 30,000ft²,
when in reality it's only 10,000ft².
- So you just.
- Can't help.
Little tricks like that which increased
the values of these properties,
which helped him obtain those loans
and helped him obtain the insurance
[00:13:50]
that he wanted to obtain.
Yeah.
I mean, this shows you, man,
it turns out those top bankers
aren't that bright either.
Like they'll bust your ass
over a mortgage.
You're trying to get in your home, right?
- By overdrafting.
- Yeah, right.
- Anything.
- But now Trump comes in, he's like, guy.
[00:14:06]
I think there was a 30,000. Yeah, yeah.
That's it.
My brand. It's worth billions.
Yeah yeah, yeah. That's it.
Just give me the money.
And they're like okay okay.
So oh you went bankrupt six other times.
Okay.
So I got no love for the bankers
who were part of these deals.
[00:14:22]
And. But that.
That's not the point, guys.
The point is did you do
the fraud or didn't you?
And when you get on the stand and you go,
I know I told them to move the prices up
and they're like, what are you based on?
What do I know?
I know, but the bankers know what.
But do they but do.
[00:14:37]
They and do you know,
this is awful testimony.
No lawyer in their right mind
would let their client testify like this
and totally incriminate themselves.
But he's working with bargain basement
lawyers, right, who are just trying
to get famous and don't know anything.
I mean, he's at the very bottom
of the legal barrel.
[00:14:55]
I know, I know, I mean, he's burned
so many of his previous lawyers.
It's sometimes the chickens come home
to roost, even for Donald Trump.
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