An Irish society, an unpaid loan and the hypocrisy of Letitia James
“This organization fraudulently inflated the value of their building to induce my client into giving them a mortgage which Tish James is now trying to help these fraudsters avoid having to repay.
“The theory of fraud Tish James accused the Trump Organization of engaging in is identical to the fraud she is aiding and abetting here.”
James has come down on the side of the society against its lender, Doyle. And yet, in her signature case of People v. Trump, she took the opposite position, holding that “where an organization inflates the value of a property to obtain a loan, that is fraud, even where the lender was aware of the actual value and was paid in full,” Doyle’s lawsuit says.
Trump was punished with a $355 million fine. So delighted was James by the verdict last month that she started live-tweeting Trump’s daily interest bill: “+$114,553.04.”
Parlatore points out that the society inflated the value of its property to obtain a loan, just like Trump was accused of doing, but the difference was that Doyle could not conduct the sort of “sophisticated due diligence” that Deutsche Bank did. Therefore, unlike Trump’s lenders, Doyle didn’t know the true value of the townhouse.
An even more important difference is that Trump paid back every penny he owed, but the society never paid back Doyle.
As the old Irish proverb says, forgetting a debt doesn’t mean it’s paid.
