Trump Defends His Business Practices Amid Accusations of Inflation in Wealth

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Ex-President Donald Trump stood his ground in court on Monday, clashing with the presiding judge and casting the New York attorney general’s lawsuit against him as baseless, alleging political motivations. During his appearance in his civil fraud trial, Trump tangled with the judiciary and lambasted the legal action as a vendetta, claiming the allegations against him were fabricated.

Trump’s highly anticipated deposition, which delved into his property valuations and financial disclosures, was interspersed with pointed remarks about the judge he accused of partiality, as well as New York Attorney General Letitia James, whom he branded as a “political charlatan.” He took a defiant stance on his wealth — “My net worth is several billion dollars above what the financial statements show” — and refuted any suggestion that he misled financial institutions and insurers.

Asserting his innocence, Trump stated, “This is anything but fraud.” Pointing to Attorney General James, a Democrat responsible for filing the suit, he contended, “The real fraud is her.”

The intense interactions highlighted Trump’s refusal to moderate his signature combative discourse to suit the formalities and regulations of a court of law. Despite this, his testimony offered a dual benefit: as he seeks to make a political comeback for the presidency in 2024, it presented a stage to reiterate his grievances about being unfairly targeted by government attorneys and judges.

The day in court commenced with a confrontational tone, as Judge Arthur Engoron instructed Trump to keep his testimonies to the point, cautioning that the proceedings were legal in nature and not a platform for political speeches.

“We are pressed for time,” Judge Engoron remarked, showing signs of irritation. Addressing Trump’s counsel, he implored, “I appeal to you to guide your client. If you are unable to, I shall step in.”

Trump faces a multitude of legal challenges, including both federal and state allegations spanning unauthorized possession of confidential documents to attempts to disrupt the 2020 presidential election outcome. With these ongoing legal battles deeply entangled with his political maneuvers, Trump is balancing between campaign activities and court appearances, a balancing act that will escalate as criminal trials commence.

Despite the civil nature of the fraud trial and absence of incarceration risks, its implications strike at Trump’s carefully cultivated persona and his self-professed financial prowess. The insinuation that his fortune may be overstated is a severe affront to him.

In court, Trump responded to an attorney for the state, “Your efforts to belittle and harm me are likely rooted in politics.”

The courtroom at 60 Centre St. has become a recurrent setting for Trump, who has voluntarily attended the defense’s proceedings over the past weeks. Previously, Trump took the stand in a brief, unexpected instance following accusations of a gag order breach. He denied any wrongdoing, though Judge Engoron ruled otherwise, imposing a fine.

Before this occasion, Trump had been vocal outside the courtroom, seizing every opportunity to express his indignation and interpret the trial proceedings favorably for the media. His testimony offered him the largest platform to date to counter the allegations directly.

The friction between Judge Engoron and Trump, already evident with prior fines levied for Trump’s incendiary comments, was apparent again as Trump was repeatedly reprimanded for the extent and substance of his responses.

“Mr. Kise, is your client manageable? This is a courtroom, not a political gathering,” Judge Engoron addressed Trump’s attorney Christopher Kise, who has also encountered friction with the judge. Kise defended Trump’s right to a degree of freedom in his testimony due to his status as a former president and a current presidential candidate.

“The court requires his insights on these financial statements and their legitimacy, and the absence of any intent to deceive,” Kise stated.

Judge Engoron, who had previously concluded that Trump had engaged in fraudulent activities while building his real estate empire, warned that he might interpret any failure by Trump to constrain his testimonies adversely.

“I am not interested in the entirety of the witness’s account. He has much to say which bears no relevance to the case at hand or the posed questions,” Judge Engoron declared.

Despite the early tensions, Trump later managed to deliver more extensive responses without interruption, seizing the moment to decry James, the judge, and the trial as a whole.

“I regard her as nothing more than a political opportunist. She utilized this case to further her gubernatorial ambitions and to secure her position as attorney general successfully. The fact that this trial is ongoing is a travesty,” Trump asserted.

James, present in the courtroom, maintained her composure, staring directly ahead as Trump spoke. She later commented outside the court that ultimately, “The truth lies in the facts and figures, and figures, as we know, do not deceive.”

Trump criticized Engoron, “He had labeled me a fraud before even familiarizing himself with the particulars of my situation.”

The core of the day’s interrogation revolved around the attorney general’s assertion: Trump and his corporation deliberately escalated property values and misled financial institutions and insurers in the quest for business agreements and loans.

Aligning with the testimony of his sons, Donald Trump Jr. and Eric, Trump minimized his hands-on role in the creation and evaluation of the financial statements in question, which the attorney general argues were exaggerated and deceptive.

“My role was merely to give authorization and to facilitate the accountants in preparing the statements,” he noted. Regarding the outcomes, “I reviewed them, sometimes I would suggest changes.”

He also downplayed the importance of these financial statements, which were utilized to secure financial arrangements and deals. Reiterating prior statements, Trump highlighted a disclaimer that he interpreted as advising the recipients to verify the numbers themselves.

“Banks did not consider them critical, and they included a disclaimer — effectively rendering them inconsequential,” he argued, emphasizing his extensive real estate experience, “I am highly familiar with banking practices… They focus on the transaction, the locale.”

He voiced objections that his 2014 financial statements were being scrutinized in the lawsuit at all.

“Considering the time that has elapsed, this is way past the statute of limitations,” Trump contended, then criticized the judge for permitting the pursuit of such dated documents “because his rulings are invariably against me.”

Engoron responded, “You may criticize me as you wish, but please respond to the questions directly.”

___ Tucker contributed to this report from Washington.

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