Trump org Accountants dump the the company because the financials can't be trusted

fbh1

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Do you understand accounting? I am not trying to be rude but please answer what number on a Balance Sheet can you prove? Only one, Cash. Everything else is an estimate.
Wrong. I did my accounting internship with an accounting firm that audited and certified financial statements for insurance companies. Our job was making sure the numbers presented to us from the internal accountants were accurate and credible. We had to verify the values of all of the the stocks and investments in their schedule D. I had to check the stock values of a multitude of stocks that these companies reported as assets. I also had to multiply all of the values times the number of shares owned and ultimately verify the values of investments as per what the company was claiming in their statements. Another co-worker had to verify values of real estate holdings, etc. Have you ever been an accountant? Every asset as well as liability has to be verified in order to achieve complete certification. Again, all we were supposed to do was make sure the financial information that was being represented by our client was correct. Accounting firms that audit and certify statements are liable if the work they certify is found to be inaccurate. If Mazars was certifying statements from 2011-2020, they could be in trouble if various irregularities are found. Looks like they are trying to retroactively de-certify their past work. Not a good look for either Mazar or Trump. Again, we'll have to see where all of this leads....
 

Sullivan

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You obviously don't read very well.... I mention my co-worker that had to try to verify real estate values... I dealt with the stock valuations. Not sure what the procedure was as per real estate values verification.

So you have no experience in real estate valuations, and you don't know the procedure for their valuation.
 
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fbh1

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No mention of real estate valuations in your essay.

Trump = real estate.
Doesn't matter if its real estate, stocks, equipment, etc... all values require verification of value. If I were a partner in Mazars, I might be concerned that my verification procedures might be lacking. I might try to distance myself as they seem to be trying to do... so I don't end up like the former partners of Arthur Anderson (because of the Enron scandal).
 
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fbh1

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So you have no experience in real estate valuations, and you don't know the procedure for their valuation.
Wrong again... Want to keep trying? I owned a 58 unit apartment bldg. in State College... sold it several years ago. Still own the building that has the mural on it downtown. You can guess which one. I've owned other real estate, but only own the one building now. I am well aware of the importance of real estate valuations.
 

Sullivan

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Wrong again... Want to keep trying? I owned a 58 unit apartment bldg. in State College... sold it several years ago. Still own the building that has the mural on it downtown. You can guess which one. I've owned other real estate, but only own the one building now. I am well aware of the importance of real estate valuations.

You need to make up your mind whether you have experience or not.

Did you own it by yourself, or did you own it with other people who are smarter than you?
 
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BW Lion

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Wrong again... Want to keep trying? I owned a 58 unit apartment bldg. in State College... sold it several years ago. Still own the building that has the mural on it downtown. You can guess which one. I've owned other real estate, but only own the one building now. I am well aware of the importance of real estate valuations.
Let’s be open and honest with every one following along with your history.

Most all of your real assets and your ability to quasi-teach at PSU are inherited from your haberdashing father.

Aside from your unused accounting degree, you really haven’t amounted to much in life.

I’m sorry…I call them as I see them.
 

fbh1

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You need to make up your mind whether you have experience or not.

Did you own it yourself, or did you own it with someone smarter than you?
You are so funny. You are really a comic aren't you. I owned either as general partner or by myself... and was totally responsible in all cases. Is that important? I don't need to present my resume to you but I have been involved in a number of business ventures. Enough to have a pretty good understanding as to how business works. What are your credentials?
 

fbh1

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Let’s be open and honest with every one following along with your history.

Most all of your real assets and your ability to quasi-teach at PSU are inherited from your haberdashing father.

Aside from your unused accounting degree, you really haven’t amounted to much in life.

I’m sorry…I call them as I see them.

Again, you absolutely know nothing! Did you take one of my courses and get a bad grade? Your statement tells me that you know nothing about me or what businesses I either bought or started. You may call them the way you see them,,, but you absolutely have no idea what you are talking about. What have you accomplished other than spewing bs on this message board.
 

junior1

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It sounds like the corruption is finally catching up with FILTHY Don and his tiny criminal, mafia family.
the absolute best thing that could happen to the republican party - and I'm not a republican - would be that Trump NOT be their candidate in 2024. IMHO at least 20% 0f Biden's vote came from people voting against Trump and his shenanigans.
Trump's policies, at least most of them, appeal to the right, the center republicans and again IMHO the largest segment of independents. A different candidate pushing the Trump policies has a much better chance of beating Biden or a left leaning democrat in 2024.
So, lock him up, if you want. Continue to support the defund the police, maintain open borders, run up the deficit, ignore illegal immigration etc. Those actions seem to be working for biden and his 40% approval rating
 

Steve G

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Let’s be open and honest with every one following along with your history.

Most all of your real assets and your ability to quasi-teach at PSU are inherited from your haberdashing father.

Aside from your unused accounting degree, you really haven’t amounted to much in life.

I’m sorry…I call them as I see them.
hey stalker, why don't you tell us how doxing fbh1 informs the discussion of Trump and his accountants? How much time and effort have you spent stalking him, trying to figure out who he and his family are? And do you think its intimidating to then let out a bit of that information? To intimate that you know some deep dark secret that will shame him (or any of us) into silence? But as usual instead of adding any substance to the content of the discussion you stalk and dox.........
 
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franklinman

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Again, you absolutely know nothing! Did you take one of my courses and get a bad grade? Your statement tells me that you know nothing about me or what businesses I either bought or started. You may call them the way you see them,,, but you absolutely have no idea what you are talking about. What have you accomplished other than spewing bs on this message board.
He is the boards PI.
 
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fbh1

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hey stalker, why don't you tell us how doxing fbh1 about his informs the discussion of Trump and his accountants? How much time and effort have you spent stalking him, trying to figure out who he and his family are? And do you think its intimidating to then let out a bit of that information? To intimate that you know some deep dark secret that will shame him (or any of us) into silence? But as usual instead of adding any substance to the content of the discussion you stalk and dox.........
Steve G; I appreciate your post, but I feel comfortable with what I have achieved in life. I chose to teach because I love it. I started two very successful businesses that are still operating quite successfully today. Selling them enabled me to do what I really love... teach. It is sad that BW Lion has nothing of value to add other than to stalk and dox... especially when he knows next to nothing about me or what I have accomplished. I would far prefer to address the posted themes. This is the second time he has tried to turn it into something else. He must be a sad, pathetic person....
 
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fbh1

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If I recall correctly, Enron wasn’t Andersen’s only fraudster client. They had a significant list of big clients just like Enron…worldcom, Sunbeam, Healthsouth(?)etc etc.

Andersen was complicit in their clients fraud.

Correct me if I am wrong but that is why Andersen collapse.
I believe that Enron was the final straw that broke their backs. When I was in school, Arthur Anderson was one of the Big 8 accounting firms. It was shocking to see them go under.
 
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franklinman

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I believe that Enron was the final straw that broke their backs. When I was in school, Arthur Anderson was one of the Big 8 accounting firms. It was shocking to see them go under.
It was the biggest in 61 when i graduated HS, they did work for QS or Pennzoil.
 
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PaoliLion

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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.

Wherever Trump goes, you can always be assured that corruption and thievery follows. He may be the single most corrupt person in US history.
 
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LafayetteBear

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Not a debate but wouldn’t that trigger debt call issues?
That would likely depend on how the "acceleration clause" (i.e., the clause giving the lender the right to call the loan due in payable in full either immediately or after thirty days' written notice) is drafted in the loan documents where the the Trump Organization is a borrower or guarantor. It would be unlikely, however.

Most acceleration clauses require something more than the borrower's CPA making a squishy statement that one or more statements of financial condition "should not be relied upon." A finding of actual fraud in the preparation of such statements (including affirmative misrepresentation of data used to prepare such statements) would typically be enough.
 

fbh1

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It was the biggest in 61 when i graduated HS, they did work for QS or Pennzoil.
No
Wherever Trump goes, you can always be assured that corruption and thievery follows. He may be the single most corrupt person in US history.
I think it is both interesting as well as telling that most Trump loyalist have dropped posting on this thread. Not much to say when the accounting firm that has been making a lot of money handling your accounting information basically disavows themselves from any of the work they did for you for years and does not desire a continuing relationship. Definitely not a good look especially in the light of current investigations.
 
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The Spin Meister

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No

I think it is both interesting as well as telling that most Trump loyalist have dropped posting on this thread. Not much to say when the accounting firm that has been making a lot of money handling your accounting information basically disavows themselves from any of the work they did for you for years and does not desire a continuing relationship. Definitely not a good look especially in the light of current investigations.
A, I said they got tired of the bullshit. And having the AG try to blackmail them. B, we have been down this road so many times we fell asleep. Wake us when we get there.
 
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fbh1

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A, I said they got tired of the bullshit. And having the AG try to blackmail them. B, we have been down this road so many times we fell asleep. Wake us when we get there.
Okay... we'll see where this goes... I'm not sure that I would consider it BS as I don't remember anything like this happening before where an accounting firm has taken this position... but maybe you can come up with a comparable. I doubt that we have heard the last of this.
 
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The Spin Meister

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Okay... we'll see where this goes... I'm not sure that I would consider it BS as I don't remember anything like this happening before where an accounting firm has taken this position... but maybe you can come up with a comparable. I doubt that we have heard the last of this.
Has happened before. Was it the Clinton Family Crime Syndicate? Not sure but I do recall some accounting form walking away from a client a few years ago.
 

The Spin Meister

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Specifics? What was their reason? Just so you know... I don't trust the Clintons either....
I said I don’t remember the who, what, or why. But there was something similar a few years ago and people made a big deal about it happening. May even have been a Trump form.
I will search my memory banks and post it if I recall it.
 

Hotshoe

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I said I don’t remember the who, what, or why. But there was something similar a few years ago and people made a big deal about it happening. May even have been a Trump form.
I will search my memory banks and post it if I recall it.
I think you're talking about Whitewater. Clinton's said they lost over 40k but the accounting only showed 13k in payments.
 

2lion70

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I don't know. I assumed they either prepared the financial statements or they audited and issued an unqualified opinion on the financial statements. Either way they look pretty bad.
The Accountants have to depend on the client to provide valid/accurate information.
 

2lion70

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Has happened before. Was it the Clinton Family Crime Syndicate? Not sure but I do recall some accounting form walking away from a client a few years ago.
Specifics please. Just saying you think you remember isn't worth anything. I think I remember you being wrong a lot of times.
 

2lion70

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Let's see, the accounting firm that did all the valuations now doesn't stand by them, is that correct? Seems to me their a$$ is the one on the line. Not sure when a business owner is responsible for evaluations done on his properties by other financial people unless he is the one certifying them.
The accountants don't do the valuations. They rely on the client to do that.
 

2lion70

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Ok, so this firm has been doing trump's accounting for years, signing off on financial documents, and now all of a sudden they can't stand behind their work?
You're catching on. They are basically saying the information provided by the client cannot be relied on. They are trying to limit their damages from the relationship.
 

Hotshoe

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The Accountants have to depend on the client to provide valid/accurate information.
It doesn't necessarily work like that and it depends on the accounting firm. The accounting firm may have an asset department that values and verifies assets, or may hire out to do so. That goes from estimated values in everything from art to real estate. They are responsible for their valuations. The accounting firm is responsible for what they present and can absolutely be held...accountable. They don't get to put down anything they want and just walk away, saying, oh well.

I'd caution you to not believe everything reported. You've been burned numerous times by it. Just like you buds that said Trump would be in jail a year ago.
 
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