'Shark Tank' investor Kevin O'Leary warned businesses against incorporating in New York State after a ruling handed Donald Trump a nine-figure punitive damages fine.
Don't commit crimes in the biggest business capital on the planet and maybe it won't be an issue? Manhattan has a physically very small amount of space that a bunch of people want to be in. If you don't want to play by their rules then go somewhere else. Everyone who moves out because of their politics will lose money, and there are plenty of people who are happy to make the money you give up on. Sorry the market decided it didn't want you, don't let the door hit you on the way out
It's good advice for businesses that keep two entirely different sets of books depending on whether they're getting loans or paying taxes. I think there's a word for that. Oh yeah, fraud. Look what Obama has done to this country. Can't even commit fraud anymore.
Gee whiz mister, was there something that happened between 2019 and 2020 that might impact statistics in a way that might not make them super accurate models for the future?
Agreed. New York is on the decline. It's not really to do with New York itself though - Covid has hammered all big cities in the USA. Remote work made companies realize they can get the same work done without the crazy cost of paying for workspace. See the same in 3 other cities I have customers - Houston has an ongoing exodus of higher paying jobs due to unpopular Texas policies combined with remote work. I used to go there on a monthly basis. Our office there closed in December, and we're a leading IT company. Raleigh NC is another example like that, but not quite as bad. Basically any city with a high percentage of jobs that migrated to remote work have been hit hard. What follows those jobs leaving is decline of all the restaurants and other businesses that depend on those folks living there and spending money. I have one co-worker that moved from Houston to Sault St. Marie Michigan - wayyy up north. He literally got in a bidding war for a house up there. Pre-covid that would have never happened. I have another peer that lived in Detroit proper, and is now living on the Oregon coast a stones throw from CA. Of course these are all anecdotal accounts, but the stats I've read all point to a system change away from urban centers prompted by remote work. I know that's what it was for me too.
He says forget Trump , and then goes through it all, but Trump did the fraud consistently to a level noone else would ever dream of.
Most people who do this type of fraud add 20% value perhaps to squeeze a bit more cash out of it. Trump went full on 500% valuation on things that will never add up or reach the value.
It's a clear difference, not another one of these "both sides' type arguments they try to lower everyone down to.
The bank accepted those numbers. The bank testified as a witness for Trump. They said they did not lose money. The forms clearly stated these were made up numbers.
Fraud typically requires a victim. This is the only fraud case I know of that there is no victim. That is the point Mr wonderful is making. We are not punishing people when all parties were fine with the deal and there is no victim.
The people of the state are the victim. While everyone else (the people) has to play by the rules, Trump chose to not play by the rules. The act alone is the unlawful activity, not the result.
Hey, it's just business, that's what you do! You haggle. Nobody got hurt so what's the big deal? Everyone does it. Lying is ok. When it's business. I don't know what you guys are being so righteous about.
Plus, Donald Trump was the President of the United States. Think about that! How's it going to look if we try to hold a political leader to some arbitrary moral standard just for lying and shady business dealings?! They don't do that in Russia, that's for sure.
It’s why several business have said they are leaving New York and the governor sent out a statement.
Like or dislike Trump. Using the court systems to attack a political opponent is terrifying. That’s what a fascist leader does. They weaponize the court system.