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Tue, 07 Nov 2023 13:26:17 GMT

ICYMI, here's a rundown of yesterday's trail performance in Trump's NY fraud case. It was a real doozie, and you can bet next week will be even worse once his legal team takes the lead in questioning witnesses.

Trump testified yesterday at his civil fraud trial. He previously invoked his 5th amendment right during depositions. AG Letitia James watched on as Trump, fined previously for a gag order breach and deemed “not credible,” took the stand.

In court, Trump faced questions on his trust formed post-election, and his son's role as trustee. His answers ranged from praising his dimwitted son, Don Jr., to lamenting political attacks.

Justice Engoron repeatedly steered Trump back to the questions at hand as he tackled the inconsistencies of his financial statements and the “worthless clause” defense, which was already ruled immaterial.

AG's counsel probed Trump on property values, with Trump claiming underestimations. Engoron's patience was tested by Trump's tangents, leading to sharp interjections. Trump was undeterred and continued to berate the court.

Trump's narrative during testimony switched between boasting about asset values and criticizing the legal process, often clashing with courtroom protocol. His lawyers acted, IMO, outrageously and should be sanctioned.

The crux of the trial is the accuracy of Trump's asset valuations, his adherence to loan terms, and allegations of fraudulent financial statements for favorable loans. His claim 'the banks love me' holds no sway. He did a lot of crimes here.

As Trump's testimony wrapped without cross-examination, the focus shifts to Ivanka Trump's upcoming testimony tomorrow. It is likely she will be a better performing witness for the AG. DJT should be worried.

Next week, Trump's team starts their defense with a 127-name witness list packed with former employees and bankers. The trial is now projected to conclude by mid-December. There is no estimate on when a decision would be completed.

Wed, 01 Nov 2023 14:33:57 GMT

Here are some US tax cuts, so we can reminisce all the fun bygone times while Speaker J. Michael Johnson Esq. Explains why we cannot fund #Israel or #Ukraine.

1981 : Economic Recovery Tax Act of 1981 (ERTA) – Signed by President Ronald Reagan, this law reduced individual income tax rates and lowered the capital gains tax.

1982: Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) – Although primarily a tax increase, it did include some targeted tax cuts.

1986: Tax Reform Act of 1986 – Another Reagan-era law, this simplified the tax code, reduced the number of tax brackets, and lowered the top rate.

1993: Omnibus Budget Reconciliation Act of 1993 – While this act raised taxes for higher-income individuals, it also included an expansion of the Earned Income Tax Credit, effectively a tax cut for low-income families.

1997: Taxpayer Relief Act of 1997 – Signed by President Bill Clinton, this law reduced capital gains taxes and introduced new retirement savings options like the Roth IRA.

2001: Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) – Signed by President George W. Bush, this law included broad tax cuts, including reductions in individual income tax rates.

2003: Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) – Also under President Bush, this law further reduced individual income tax rates and lowered the tax rate on dividends and capital gains.

2010: Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 – Extended the Bush-era tax cuts for two more years.

2012: American Taxpayer Relief Act of 2012 – Made permanent most of the Bush-era tax cuts, while raising taxes on individuals earning over $400,000 per year.

2017: Tax Cuts and Jobs Act of 2017 – Signed by President Donald Trump, this law reduced the corporate tax rate from 35% to 21% and made changes to individual income tax rates.

2020: Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 – Stimulus in response to COVID-19, it included new tax provisions, incl. temporary rollback of limitations on excess business losses and a deferment of the employer portion of Social Security taxes.

Wed, 01 Nov 2023 09:53:52 GMT

Donald Sniffy Trump Jr. is set to testify today in the Trump Organization's $250 million fraud trial. The trial is in its fifth week and focuses on the damages for the summary judgment against the Trump Org's property valuation fraud.

Rage Face Jr. is expected to be questioned about his role managing daddy's trust and the accuracy of the financial statements. Emails from Jr. have been introduced into evidence, showing his deep involvement in the company's financial fraud.

The big thing here is whether Jr. takes the 5th. It's possible he doesn't, but at this point, the family is so f'd that deciding not to testify is probably the right move. The judgment that is coming can't really be less-bad with his testimony.

The problem all the Trump clan faces is their testimony here can and will be used against them in other future trials. Even in the MAL trial or the Jan 6. trial, Jack Smith might want to show Trump lies a lot…you get the idea.

Wed, 01 Nov 2023 08:47:52 GMT

Elon Musk's financial disaster at X/Twitter and the jump in interest rates have given him an unfortunate advantage against the banks that financed his Twitter bid. Elon Musk's Twitter bid was financed by banks who agreed to lend $13 billion.

Musk has constantly talked about the poor performance of Twitter since the deal closed. The jump in interest rates has given Musk an advantage over the banks, as they never expected market yields to rise so high.

The banks are now stuck with $13 billion in junk debt that they can't sell at full price. Musk may use this opportunity to restructure the debt and negotiate with the banks.

Musk initially provided $25.4 billion of his own money for the Twitter deal. Musk may try to buy part or all of the debt at a steep discount, becoming X's biggest shareholder and potentially the largest creditor.

X's weak performance and the high debt burden have made it difficult for the banks to unload the debt and for Musk to refinance the costliest loans.

Musk may seek to erase large portions of the debt or demand a huge new slug of X shares in exchange for the billions paid for the debt. Musk's debt buyout would be a big move in the capital markets.

The idea of Musk and his co-investors getting their money back or taking X public again seems dim, but Musk may bet more billions to turn the company around.

Wed, 01 Nov 2023 08:35:37 GMT