The Trump Organization and the Trump family is in the middle of a huge quagmire. As the accounting firm Mazars have dropped some knowledge on the financial practices of the business in question. If you think this is bad, well… this is in the lane of Bernie Madoff and Arthur Anderson’s own practice, which also became a court case and several of felonies on both parties.
Mazars will not be able to run away from this legal case. The Attorney General of New York is still building their case and looking into the financial records of the Trump Organization. The Trump Organization can now be questioned for a decade of financial statements and usage of these in various of operations.
Because these documents can be inflated in one way to sell and get more revenue from creditors who the Trump Organization got loans from or scaled back when paying taxes to the State of New York. Therefore, there is possible wire-fraud, tax-fraud and other similar criminal conspiracies to pin on the company. Which at this point of time wouldn’t be shocking.
What should also happen now as the investigations are going on. The creditors and the ones covering the liquidity of the Trump Organization should be worried about the assets and the real value of the company. Since Mazars are saying the financial statements are unreliable. That means the Trump Organization could have lied about the profitability or the value of any enterprise, LLC or even properties of which in the hands of the company.
That Mazars stops vouching for the company and the former first family. Really signals that things are dire and not in good place. That the accounting practices and the state of the business isn’t in a great place. The Trump Organization has to get a new accounting firm and prove their numbers there. While Mazars has to answer for the ten-years it says is unreliable and not trustworthy. That says something they we’re accepting for years, but now says is wrong.
They are all in dire distress here. The same way things went wrong for the pyramid-scheme of Bernie Madoff and accounting firm Arthur Anderson. Who had to answer for these practices and lack of proper accounting from them. While they where grifting from all of their clients.
Now in 2022 we can now see the Mazars and Trump Organization have to answer for this. The Attorney General have to continue the investigation and discovery of documents into the companies. As the truth has to come out and we will know. However, the Trump Organization is in trouble.
As they have to carry huge debts, which is of unknown amounts of million dollars and that has to restructured. While he has secure his assets and possible salvage of the company, which can destroy the reputation of the company further. Now, we just have to see if the banks or the creditors accepts the financial statements. That we will see in the close future and how things are going.
Because, money talks and bullshit runs a marathon. Peace.