Ted Lieu claims that because DJT can’t pay out $464 million in cash for the “privilege” of appealing New York state’s [corrupt] ruling, he thinks that means he is not a billionaire. Even Mark Cuban, who has TDS, had to defend Donald Trump. He dished out insults while he was doing it.
Trump claims he is a billionaire. But he can’t pay a $464 million judgement. That means he is lying. How do I know? Math.#TrumpIsBroke https://t.co/OSS0nR8d6r
— Ted Lieu (@tedlieu) March 18, 2024
Cuban defended Donald Trump after first bashing him.
“Ted, you know I’m no supporter of Trump. That’s for damn sure.
“How anyone can vote for someone who has so many of his executive employees turn on him, and, say he is incompetent is beyond me.
“But you are wrong on this topic Ted.
“Net worth is completely different than cash in the bank.
“We were in a zero interest rate environment for a long, long time. So keeping cash in the bank or even money markets was dumb. In fact searching for yield is what killed small banks last year.
“Also dumb was keeping interest rates that low for that long. Something Trump demanded more of.
“So you can argue that Trump put himself in this situation by making sure that the only way to grow his net worth was non-cash investments.
“You can also argue Trump sucked at growing his net worth which led to him putting himself in this position by lying to banks about his assets. There is only one reason to lie on a loan application – you have to.
“On a more macro basis Ted. Even if rates were along a long term trend line for the past ten years, few people are keeping more than 45 percent of their assets in liquid assets.
“And as far as the bond companies, Trump’s assets are mostly interests in commercial real estate and foreign assets. No bond company is loaning against them in this commercial real estate market, if ever.”
Ted Lieu rejected the reasoning and latched on to the part about Trump’s net worth in real estate NOW, which isn’t what it was THEN when he took out the loans. Trump can’t help the fact that his assets have depreciated due to the terrible management of Joe Biden and his advisor, Barack Obama. They were worth much more when he took out the loans that Attorney General Letitia James claims were fraudulent, even though the bank in question, Deutsche Bank, defended him.
For his sake, Lieu hopefully doesn’t figure out his own finances.
Thank you @mcuban, I agree with you. If Trump has the assets he claimed (including any revenues flowing from those assets), the underwriters would have backed the bond. But no one did.
Trump doesn’t have enough liquidity or assets to be a worthwhile risk for the underwriters. https://t.co/Kuh535B5xP
— Ted Lieu (@tedlieu) March 19, 2024
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