Business
Trump’s Decades of Testimony Reveal Some Details About His Real Estate Empire’s Defence.
NEW YORK — Donald Trump has testified in court about his experiences as a football owner, casino constructor, and airline buyer. In a deposition, he boasted that as president, he saved “millions of lives” by delaying nuclear war. Another time, he was concerned about the dangers of throwing fruit.
Trump’s been conditioned by decades of trials and legal wranglings, and he is now prepared to resume his role as a witness under exceptional circumstances: as a former Republican president battling to salvage the real estate enterprise that catapulted him to celebrity and the White House.
Trump is scheduled to testify in his New York civil fraud trial on Monday, a profoundly personal subject that is essential to his image as a successful businessman and threatens to cost him ownership of major buildings such as Trump Tower. His evidence in the trial of New York Attorney General Letitia James’ lawsuit comes on the heels of that of his eldest sons, Trump Organisation executives Eric and Donald Trump Jr., who testified last week. Ivanka, his eldest daughter, is scheduled to testify on Wednesday.
A state counsel teased the former president’s presence as the court adjourned on Friday. When the judge asked who would testify on Monday, Andrew Amer said, “The only witness will be Donald J. Trump.”
According to an Associated Press assessment of court documents and news coverage, Trump has testified in at least eight trials since 1986. He has also testified under oath in over a dozen depositions and regulatory hearings.
Trump’s Decades Of Testimony Reveal Some Details About How He Plans To Defend His Real Estate Empire.
As owner of the USFL’s New Jersey Generals, he was invited to appear before Congress in 1985, and he testified on behalf of lawyer and friend Roy Cohn during a state disciplinary inquiry that resulted in Cohn’s disbarment. In an early display of his fiery persona, Trump informed the New Jersey gaming board in 1986 that plans for highway overpasses near one of his casinos “would be a disaster.” It would be a disaster.”
Those testimonies, documented in thousands of pages of transcripts and on videotape in certain cases, provide insight into Trump’s likely approach when he testifies in Manhattan.
They draw significant parallels between Trump as a witness and Trump as a former president and current presidential contender. His rhetorical technique in court has echoes of his political zeal: a blend of ego, charm, defensiveness, aggression, cutting language, and evasion. He has been belligerent and bombastic, but he has also been evasive and contemptuous at times.
Trump blasted charges that he had spied on NFL officials at one of his hotels while testifying in the USFL’s antitrust case against the NFL in 1986, calling the claim “such a false interpretation it’s disgusting.”
During a break in his evidence at a federal court hearing in Washington in 1988, as he sought to purchase Eastern Air Lines’ Northeast shuttle service, Trump turned on the charisma, flashing a big smile at the judge’s female law clerks and shaking hands with the bailiff. Trump said that his $365 million acquisition, which was later approved, would provide a “major boost in morale” to staff.
Trump touted a Mike Tyson fight he planned for one of his casinos in Atlantic City, New Jersey, on the stand in a boxing-related matter in 1990 as “one of the greatest rematches you could have.” When accused by two men of excluding them from a riverboat gambling project, Trump claimed ignorance, saying in 1999: “I was shocked by the whole case.” I have no notion who these individuals were.”
Last month, Trump was briefly summoned to the stand in the New York case to clarify comments he made outside of court that the judge ruled breached a limited gag order.
He last testified in court in 2013, two years before launching his successful presidential campaign. An 87-year-old suburban Chicago widower had sued him over contract revisions for a hotel and condominium project in which she had purchased units as an investment. Trump became increasingly upset during his statement, lifting his arms and yelling, “And then she sued me.” It’s incredible!”
On behalf of the plaintiff, Jacqueline Goldberg, Chicago lawyer Shelly Kulwin cross-examined Trump. He claimed that Trump’s testimony inside the federal courthouse in Chicago mirrored the bruising ebb and flow witnessed later at campaign rallies and on television.
“At first, he was calm, but then he became argumentative, defensive, off-topic, and speechmaking.” “That’s exactly what he does now,” Kulwin explained in an interview.
Trump’s Decades Of Testimony Reveal Some Details About How He Plans To Defend His Real Estate Empire.
“Based on my experience with him, you better be able to have super tight questions, with documents to support them, so that he cannot wiggle around,” she said. “Before he took the stand, I would approach the judge and tell him, ‘Mr. Trump, this is not a political campaign.'” You’re not attempting to get their support. ‘This is a legal action.'”
Goldberg lost to Trump, but she didn’t regret suing him, saying, “Somebody had to stand up to him.” She passed away in August at the age of 97.
Trump has spent seven days in New York, carefully scrutinizing testimony from the defense table but simultaneously lashing out in front of TV cameras in the corridor at the case, the judge, and state lawyers. He has termed the case a “sham,” “scam,” and “a continuation of the single greatest witch hunt of all time.”
In his social media comments about the case, he reveals the trial’s “Perry Mason” moments — testimony and arguments he believes have aided his side — as he pays homage to the classic TV courtroom drama.
Trump testified in a losing case in 1990 regarding his company’s failure to make pension contributions on behalf of around 200 undocumented Polish workers hired to demolish a structure to make space for Trump Tower. A year later, he was again in court in Manhattan, this time testifying against a man who claimed he had a contract to create Trump’s board game and was promised 25% of the earnings from “Trump: The Game.”
Trump’s Decades Of Testimony Reveal Some Details About How He Plans To Defend His Real Estate Empire.
Trump won that lawsuit, as well as another in 2005, in which he claimed that a construction business “fleeced” him by overcharging him by $1.5 million for work at a golf club in New York’s Westchester County.
Trump’s current New York trial depends partly on how much he and other Trump Organisation executives were involved in assessing his properties and calculating his wealth for the annual financial statements sent to banks, insurers, and others to negotiate agreements and secure funding.
The assertions, according to James, boosted Trump’s net worth by billions of dollars, making him look to lenders as a more creditworthy risk and allowing him to secure lower interest and insurance rates. Trump has repeatedly denied any misconduct.
Eric and Donald Trump Jr. said they relied on an outside accounting firm and the Trump Organization’s financial team to compile the statements, which they felt were correct.
In an April deposition, Trump stated that he never thought his financial records “would be taken very seriously” and that a disclaimer advised individuals doing business with him to conduct their research.
He asserted that the banks James claims were taken advantage of with exorbitant values, suffered no harm, were paid in his transactions, and “to this day have no complaints.” Trump called the lawsuit “terrible,” telling James and her team that “you don’t have a case.”
The judge ruled that the remarks were false before the trial. He started transferring control of some Trump firms to a court-appointed receiver. For the time being, an appeals court has put that on hold.
The non-jury trial is already in its second month and involves accusations of conspiracy, insurance fraud, and fabricating corporate records. James is seeking $250 million in penalties and a prohibition on the defendants doing business in New York in his lawsuit against Trump, his firm, and key officials, including his eldest sons.
Trump’s Decades Of Testimony Reveal Some Details About How He Plans To Defend His Real Estate Empire.
When questioned about his commercial and financial transactions in the past, Trump has occasionally evaded accountability and culpability. In a 2013 deposition on a failed Florida condominium project, Trump blamed an employee for paperwork indicating that he was building a property when he was not.
“I have a woman that does it,” he explained. He then began dissecting the problematic language, stating, “But you know, developing, the word develop, it can be used in a lot of different contexts.”
Another recurring theme in Trump’s depositions is his surprise that he is being taken seriously for puffing up his real estate projects.
“You always want to put the best possible spin on a property that you can,” Trump stated in a December 2007 deposition in his lawsuit against a journalist he accused of underestimating Trump’s riches. “No different than any other real estate developer, no different than any other businessman, no different than any politician.”
Trump’s propensity for hyperbole will undoubtedly come up on Monday. He and his company are accused of inflating his property valuations and maximizing the outcomes using several tactics. He even described his Trump Tower penthouse in Manhattan as three times its true size for years. He now says that his financial statements understated his fortune and that his Florida resort, Mar-a-Lago, is worth more than $1 billion.
Trump’s Decades Of Testimony Reveal Some Details About How He Plans To Defend His Real Estate Empire.
Trump is characterizing the civil fraud case and his four criminal proceedings as manifestations of political persecution aimed at impeding his candidature as the Republican front-runner for president in 2024. He has already mentioned his political standing in court, including during a 2016 deposition when he mentioned, unprompted, how he had defeated his Republican primary opponents.
“I have credibility because, as it turns out, I am now the Republican nominee running against a total of 17 people, mostly senators and governors, who are highly respected people.” it’s not like I’ve said something that could be that horrible,” he explained.
Trump defined the president as the “most important job in the world” in his April deposition before boasting about saving lives by preventing North Korean dictator Kim Jong Un from launching a nuclear assault.
Trump waxed poetic about weapons of a different kind in an October 2021 deposition, warning of the risks posed by tomatoes and other fruit, which he worried might be thrown at him on the campaign trail.
“You get hit with fruit it’s — no, it’s very violent stuff,” he went on to say. Trump was testifying in connection with a complaint filed by a group of demonstrators who claimed Trump’s private security guards assaulted them while he was campaigning in 2015.
Trump was asked about a speech in which he urged the audience, “If you see someone about to throw a tomato, just knock the crap out of them, would you?”
“It was said rather jokingly. “Perhaps a little truth to it,” Trump remarked of his statements.
“This is an extremely hazardous material.” “Those things can kill you,” he said. “I wanted people to be prepared because we had been warned that they would do fruit.” And certain fruits are far worse than others — tomatoes, for example. But it’s quite risky.”
SOURCE – (AP)
Business
Trudeau Accelerates Bond Selloff Over Mass Spending Fears
Prime Minister Justin Trudeau has accelerated bond selloffs, citing fears of a larger deficit over his GST giveaway. Investors were concerned he was returning to his free-spending strategy as an election loom.
On Thursday, Trudeau unveiled a C$6.3 billion ($4.5 billion) tax relief and rebate program. It includes a two-month moratorium on federal sales tax on various commodities such as Christmas trees, wine, toys, and books and a C$250 check for almost 19 million Canadians, or over half of the population.
The declaration looked to mark the end of a brief period of fiscal restraint, as Finance Minister Chrystia Freeland committed to contain budget deficits to prevent stoking inflationary pressures.
Now that inflation has returned to the Bank of Canada’s 2% target, policymakers have reduced the benchmark interest rate by 125 basis points since June.
Trudeau’s Liberal government sees an opportunity to dig deeper into the public purse, but some analysts believe investors are keeping a careful eye on the country’s debt.
Bonds continued to fall on Thursday following the announcement, as the 10-year benchmark yield rose 7 basis points to 3.457%. After retail data showed a rise in consumer spending on Friday, it increased by up to 3.488%.
As the Trudeau government considers additional fiscal spending, concerns about Canada’s financial situation persist.
Budget Shortfall
Freeland has yet to publish final spending and income figures for the fiscal year that ended in October. Parliamentary Budget Officer Yves Giroux predicts a deficit of C$46.8 billion, much exceeding Freeland’s self-imposed aim of a C$40 billion shortfall.
Despite promises to reduce deficits, the Trudeau government continues to increase expenditure. This year’s budget includes a new capital gains tax inclusion rate to balance the cost of new housing and social initiatives.
This sparked anger from investors and entrepreneurs but allowed Freeland to present a consistent deficit despite significant spending.
The recent declaration indicates that Trudeau’s government no longer feels restrained in its capacity to use economic stimulus to restore favor.
Pierre Poilievre’s Conservatives have led most surveys by roughly 20 points for over a year. They have pounded the prime minister on affordability and promised to reduce taxes, especially income taxes. An election is expected in late October 2025.
The sales tax break will run from December 14 to February 15. The left-wing New Democratic Party intends to support it but has stated that it will continue to advocate for its permanent implementation and expansion to include additional items.
Let the Bankers Worry
Following Trudeau’s announcement, traders in overnight swap markets reduced their bets that the Bank of Canada will drop interest rates by 50 basis points for the second time in December, lowering the odds to fewer than 25% by the end of Thursday. As of late Friday morning, the odds were less than 17%.
The announcement also encouraged several experts to improve their short-term projections for Canada’s GDP. Analysts at the Bank of Montreal predict that the country’s GDP will increase at a 2.5% annualized rate in the first three months of 2025, up from 1.7%.
Speaking to reporters on Friday, Trudeau praised his government’s approach to program expenditure, claiming it fosters optimism and possibilities for families and the middle class.
“We’re focusing on Canadians. “Let the bankers worry about the economy,” Trudeau stated.
Related:
Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending
Business
Forced Sale Google Chrome Could Fetch $20 Billion
Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.
Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.
Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.
Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.
AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.
“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”
Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.
The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.
Related News:
Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case
Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case
Business
Bitcoin Has Set a New Record And Is Approaching $100,000.
(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.
According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.
When the period began, Bitcoin peaked at $98,367.00.
During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.
The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.
Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.
The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.
Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.
Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.
According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.
Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.
Ginsberg stated this in reference to the evolution of Bitcoin over time.
Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.
He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”
The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.
This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.
The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.
The price of bitcoin had risen by more than 130% by the beginning of 2024.
SOUREC: CNBC
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