Jon Stewart Deconstructs Trump’s "Victimless" $450 Million Fraud | The Daily Show

The Daily Show
25 Mar 202412:57

Summary

TLDRThe script discusses the legal and financial challenges faced by former President Donald Trump, including his victory in golf tournaments and the civil fraud case judgment requiring him to post a nearly half a billion dollar bond. It highlights the allegations of Trump inflating real estate values for loans and deals, and undervaluing properties for tax purposes. The commentary also touches on the reactions from the investment community and the broader implications for the real estate industry and legal system.

Takeaways

  • πŸ† Former President Donald Trump claims victory in two golf trophies at his West Palm Beach club.
  • 🍻 The host humorously discusses the distractions Trump's physical appearance may cause on the golf course.
  • 🏒 The New York civil fraud case against Trump is a significant legal development, with a nearly half billion dollar bond required.
  • πŸ’° Trump's financial situation is under scrutiny as he faces the challenge of raising $175 million within 10 days.
  • 🀝 The merger of Truth Social could potentially provide Trump with up to $3 billion, offering a possible solution to his financial obligations.
  • πŸ“ˆ Trump is accused of illegally inflating the value of his real estate for a decade to secure loans and deals.
  • 🏠 The overvaluation of Trump's properties is contrasted with their undervaluation for tax purposes, indicating a pattern of dishonesty.
  • πŸŽ“ The host satirizes the concept of 'victimless crimes' in the context of financial fraud and its broader impact on society.
  • πŸ’Έ The discussion highlights the potential consequences of Trump's actions for the investment community and the general public.
  • πŸ›οΈ The Supreme Court's integrity is mentioned in relation to its role in deciding on the legitimacy of the charges against Trump.
  • 🎁 Justice Clarence Thomas's acceptance of luxury gifts from a GOP donor without reporting them raises questions about the impartiality of the judiciary.

Q & A

  • Who is the host of the show mentioned in the transcript?

    -The host of the show mentioned in the transcript is Jon Stewart.

  • What musical guest is scheduled to appear on the show?

    -Gary Clark Jr. is the musical guest scheduled to appear on the show.

  • What news are the former President Donald J. Trump's supporters celebrating?

    -The former President Donald J. Trump's supporters are celebrating his claimed victory of two golf trophies at his West Palm Beach club.

  • What is the issue with the way Trump played golf according to the comedian's joke?

    -The comedian jokes that it's difficult for Trump's opponents to stay focused when playing golf with him because they spend all their time staring at his posterior.

  • What is the legal development involving former President Donald Trump discussed in the script?

    -The legal development discussed is that former President Donald Trump needs to post a nearly half a billion dollar bond to satisfy his New York civil fraud case judgment, or else the state could begin seizing properties to pay for it.

  • How much time was initially given to Trump to find the money?

    -Initially, Trump was given a week to find $454 million.

  • What was the outcome of the appeal in Trump's civil fraud case?

    -The New York appeals court reduced the bond that Trump must pay in the civil fraud case from $454 million to $175 million and gave him more time to pay.

  • What potential financial lifeline for Trump is mentioned in the script?

    -The recent merger of Truth Social could potentially net the former president some $3 billion.

  • How does the script describe the real estate practice that led to Trump's legal trouble?

    -The script describes the real estate practice as illegally inflating the value of properties to obtain loans or make deals, and then undervaluing the same properties for tax purposes, which is referred to as lying.

  • What is the comedian's stance on the concept of 'victimless crimes' as it relates to Trump's actions?

    -The comedian argues that the concept of 'victimless crimes' is flawed, as everyone is potentially affected by dishonest practices such as overvaluations and tax avoidance.

  • What is the main criticism of the investment community in the script?

    -The main criticism is that the investment community seems to prioritize profit over ethical practices, and as long as they and their associates are making money, they are willing to overlook or even support fraudulent activities.

Outlines

00:00

πŸ“Ί Jon Stewart's Satirical Take on Trump's Golf Trophies and Legal Troubles

In a typical humorous and satirical fashion, Jon Stewart opens 'The Daily Show' with a light-hearted segment on Donald Trump's claim of winning two golf trophies, using it as a segue into a more serious discussion on Trump's legal challenges. Stewart mocks Trump's victory at his own golf course and humorously critiques his physical appearance, leading to a joke about Trump's unique center of gravity. The monologue transitions into the main story: Trump's requirement to post a nearly half-billion-dollar bond in a New York civil fraud case, potentially leading to the seizure of his properties. Stewart jests about the outcome being another 'shitty Walgreens' in New York, reflecting on the media's breathless anticipation of Trump's financial demise and the sudden relief granted by an appeals court, reducing his bond significantly.

05:05

🏦 Trump's Financial Manipulations and the Debate Over Victimless Crimes

This segment delves into the specifics of Trump's financial misconduct, specifically his decade-long practice of inflating real estate values to secure loans and deals, juxtaposed humorously with Stewart's own exaggeration of his height. New York's attorney general caught Trump's dual valuation methods, leading to a significant penalty. Stewart criticizes the defense of Trump's actions as 'victimless crimes,' highlighting the broader implications of such financial frauds on the banking system and societal fairness. The monologue points out the hypocrisy within the investment community, notably Kevin O'Leary's inconsistent stance on valuation honesty. Stewart argues that financial dishonesty not only skews the market but also deprives honest businesses and individuals of opportunities, emphasizing the broader societal harm of such practices.

10:06

🚨 Legal Loopholes and the Moral Question of Wealth Redistribution

Stewart challenges the notion that widespread fraud should be considered legal, using satire to criticize the defense of Trump's actions by some in the investment community. He contrasts financial crimes with more relatable scenarios of lying to secure loans or benefits, underscoring the severe consequences regular people face for similar actions. This part of the monologue questions the morality of the capitalist system, where the pursuit of profit seems to justify bending rules and principles. Stewart critiques the argument that fraud and exploitation are victimless, highlighting how such actions ultimately harm society by promoting corruption and undermining trust in financial and legal institutions. The discussion extends to the misuse of public resources and the unfair burden on taxpayers, emphasizing the need for honesty and integrity in business practices.

Mindmap

Keywords

πŸ’‘Trump Tower

Trump Tower is a skyscraper in New York City that serves as the headquarters for The Trump Organization and also houses luxury condominiums and retail spaces. In the context of the video, it is mentioned as a potential target for seizure by the state of New York to pay for the former president's civil fraud case judgment. This highlights the severity of the legal issues facing the former president and the potential consequences for his business empire.

πŸ’‘Golf Trophies

Golf trophies are awards given to the winners of golf tournaments. In the video, former President Trump's claimed victory of two golf trophies at his West Palm Beach club is used as a satirical point to contrast his legal and financial troubles. The mention of golf trophies serves to underscore the triviality of his perceived achievements compared to the serious nature of his legal issues.

πŸ’‘Civil Fraud Case

A civil fraud case involves legal disputes over alleged fraudulent actions in non-criminal transactions or situations, typically involving financial matters. In the video, the former president is facing a significant civil fraud case judgment, which requires him to post a nearly half a billion-dollar bond. This keyword is central to the video's theme, as it discusses the financial and legal repercussions of alleged fraudulent actions by Trump in relation to his real estate business.

πŸ’‘New York Attorney General

The New York Attorney General is the head of the New York State Office of the Attorney General, which is the law firm of the state government and its chief legal officer. In the context of the video, the New York Attorney General is involved in the civil fraud case against the former president, having identified inflated property values that were used to secure loans and make deals, and undervalued properties for tax purposes.

πŸ’‘Real Estate

Real estate refers to land along with any buildings or other structures attached to it, as well as natural resources such as water, minerals, or crops growing on the land. In the video, real estate is a focal point as it discusses the alleged fraudulent practices by the former president in inflating the values of his properties to secure loans and undervaluing them for tax purposes. This keyword is integral to understanding the nature of the legal issues being addressed.

πŸ’‘Trump Organization

The Trump Organization is a group of approximately 500 business entities of which Donald Trump is the chairman and president. It is involved in various fields such as real estate, hotels, resorts, and golf courses. In the video, the Trump Organization's potential demise is satirically discussed, with the host suggesting that the legal and financial troubles of the former president could lead to the end of his business empire.

πŸ’‘Victimless Crime

A victimless crime is a term often used to describe an act that is considered a crime only because it is prohibited by law, and where there is no clear victim. In the context of the video, this term is used sarcastically to discuss the alleged fraudulent practices of the former president in the real estate business, suggesting that these actions do, in fact, have victims, such as the banks and the public.

πŸ’‘Investment Community

The investment community refers to the group of individuals and institutions that engage in the buying and selling of financial instruments such as stocks, bonds, and other securities. In the video, the investment community's reaction to the legal ruling against the former president is highlighted, showing concern about potential legal repercussions for others in the field of finance and real estate.

πŸ’‘Tax Evasion

Tax evasion is the illegal act of not paying taxes through willful failure to report income, paying taxes, or including false information on tax returns. In the video, it is implied that the former president's undervaluing of properties for tax purposes is a form of tax evasion, which has broader implications for public finances and the fairness of the tax system.

πŸ’‘Supreme Court

The Supreme Court is the highest court in the United States, with the authority to interpret the Constitution and federal laws, and to resolve disputes of national importance. In the video, the Supreme Court is mentioned as the institution that will ultimately decide whether or not the former president is a victim of selective prosecution, emphasizing the Court's role in upholding justice and integrity within the American legal system.

Highlights

Jon Stewart opens the show with an introduction of the program and a hint at the musical guest, Gary Clark Jr.

The show pokes fun at former President Donald Trump's claim of winning two golf trophies at his West Palm Beach club.

A reporter highlights the difficulty opponents face when playing golf with Trump due to his physical appearance.

Jon Stewart sarcastically congratulates Trump on winning the 'Trump Cup' and transitions to discuss the legal developments involving the former president.

The news report discusses the financial challenge faced by Trump, who needs to post a nearly half billion dollar bond to satisfy his New York civil fraud case judgment.

The show humorously speculates on the potential future uses of Trump Tower if it were to be seized due to the fraud case.

Jon Stewart expresses skepticism about Trump's ability to come up with the required $454 million by the deadline.

The former president receives a financial reprieve from a New York appeals court, which reduces the bond he must pay in the civil fraud case.

The show discusses the potential sources of funds for Trump, including the recent merger of Truth Social, which could net him significant capital.

Jon Stewart questions what Trump did to earn the penalty and explains how the former president illegally inflated the value of his real estate for a decade.

The attorney general of New York was aware of Trump's inflated property values because he undervalued them for tax purposes.

The judge calculated that the gains Trump made from lying about his property values, with interest, amounted to around $454 million.

The show criticizes the argument that Trump's fraudulent activities were a 'victimless crime' and explains the negative impacts of such actions.

Jon Stewart points out the double standards in the investment community's attitudes towards overvaluations and fraud.

The segment ends with a discussion on the broader implications of the case for the investment community and the potential ripple effects on other business practices.

The report also touches on the issue of Supreme Court Justice Clarence Thomas accepting gifts from a GOP megadonor without reporting them.

Jon Stewart concludes the segment by emphasizing the importance of integrity in the American legal system and the role of the Supreme Court.

Transcripts

00:00

Welcome to The Daily Show.

00:02

My name is Jon Stewart.

00:03

We've got an unbelievable program

00:06

prepared for you tonight.

00:07

Gary Clark Jr. is going to be here later

00:10

to do a little bit of music.

00:11

We're going to get the smoke machine going.

00:14

But before we get to that, let's bring a little meaning

00:16

into all our lives.

00:17

Let's let's get to--

00:21

I don't know what I'm talking about.

00:23

Let's get to the big news today.

00:24

Breathless anticipation at Trump Tower

00:28

over an important and perhaps earthshaking development

00:30

in the world of former President Donald J. Trump.

00:34

REPORTER: Celebrations are underway for former President

00:37

Trump after claiming he won two golf trophies

00:40

at his West Palm Beach club.

00:43

That's right, woke libs.

00:48

You think Donald Trump is a loser?

00:49

Well, would a loser brag about winning a golf

00:53

tournament at his own course?

00:55

I don't think so.

00:58

Although, obviously, Trump has an advantage playing golf.

01:00

It's difficult for his opponents

01:01

to stay focused when they spend all

01:03

that time staring at that ass.

01:04

Come on.

01:05

[CHEERING]

01:20

A lot of times, golfers let you grab them by the asshole.

01:25

They love it if you're a celebrity.

01:28

That's the worst Trump impression

01:30

in the history of impressions.

01:32

Actually, Trump is one of the few talented golfers

01:33

who has a thick ass and a front butt.

01:37

He has a front butt.

01:39

So what it does is the butt and the front butt

01:43

become like a big--

01:45

like a ball, like a big ball, the back and the front.

01:49

It helps with the center of gravity.

01:53

It's like being on a hippity hop.

01:56

[LAUGHTER]

01:58

But I'm kidding, of course.

01:59

Congratulations to Donald Trump on winning the Trump Cup.

02:04

I'm actually talking about today's

02:06

big Trump legal development.

02:09

REPORTER: The clock is ticking for former President

02:11

Donald Trump.

02:12

He'll need to post a nearly half $1 billion bond in order

02:16

to satisfy his New York civil fraud case judgment.

02:20

Otherwise, the state could begin seizing

02:22

properties to pay for it.

02:25

Damn.

02:26

That's right.

02:27

All week, we sat with breathless anticipation

02:29

to see if Trump had $454 million in his wallet

02:33

or would Trump Tower be turned over to New York City

02:37

to perhaps ease our terrible housing crunch or more likely

02:40

do what they always do, another shitty Walgreens?

02:45

I think another shitty Walgreens

02:46

whose shelves are bare from the rogue bands of shoplifters.

02:50

Thanks a lot, David Dinkins.

02:55

Is he?

02:56

I don't know.

02:58

Very small percentage of the audience

03:00

who will understand what I just said.

03:03

But the ones that do, [MWAH].

03:07

As you can imagine, the prospect

03:09

of Trump being held accountable for what

03:11

would be the first time had the media enthralled.

03:16

Donald Trump is running out of time to find $464 million.

03:21

The former president's legal problems may finally

03:23

be catching up with him.

03:25

Could this be the beginning of the end

03:26

for Trump's business empire?

03:28

And it does seem as though we are getting closer.

03:31

Trump feeling the walls closing in on him.

03:32

Panic mode, I'm told, is setting in.

03:34

I think we're going to be writing

03:35

a version of an obituary of the Trump Organization.

03:39

RIP, the Trump Organization.

03:43

Died as it lived, fraudulently.

03:49

Look, folks, it is very difficult

03:52

to come back from an obituary.

03:56

It looks like it's the end of the line

03:57

for Donald J Trump, Esquire.

03:59

No way he comes up with half $1 billion by the end of the day.

04:03

I've been saving this since 2016.

04:09

And it's finally here.

04:15

And it's finally here.

04:18

[POP]

04:22

Judgment day!

04:23

Moments ago, the former president

04:25

got a financial lifeline from a New York appeals court.

04:29

[BOOING]

04:31

[LAUGHTER]

04:43

This isn't going to be good.

04:46

It reduced the bond he must pay in a civil fraud

04:49

case for more than $450 million to $175 million

04:54

and gave him more time to pay for it.

04:56

Well, that's still something.

04:57

That's 10 days to come up with $175 million.

05:05

I mean, unless he's about to come into a shit ton of money,

05:07

I don't see how he does that.

05:10

The recent merger of Truth Social

05:12

could net the former president some $3 billion.

05:16

Mother-[BLEEP]!

05:18

[VROOM]

05:30

Oh, mm, oh, oh, mm, that is new year's eve, oh.

05:41

Stupid. You know what?

05:42

Let's take a step back.

05:43

What did Trump actually do to earn this penalty?

05:47

Well, it turns out that for a decade, whenever Trump wanted

05:50

to get a loan or make a deal, he would illegally inflate

05:53

the value of his real estate, for instance, suggesting

05:56

that his 11,000 square foot penthouse was a 30,000 square

06:01

foot penthouse, I guess somehow including

06:03

the sky in the calculation.

06:06

We all do it.

06:07

I mean, in my license, I'm not listed as 5' 7", you know?

06:12

I'm listed as 30,000 square feet.

06:20

[CHEERING]

06:23

Thank you.

06:26

And the attorney general of New York

06:28

knew that Trump's property values were inflated

06:31

because when it came time to pay taxes, Trump undervalued

06:34

the very same properties.

06:35

It was all part of a very sophisticated real estate

06:37

practice known as lying.

06:41

So the judge calculated that the value

06:43

that he gained from the lying with interest

06:45

was around $454 million.

06:47

Now, you might be saying to yourself, well, that sounds

06:49

pretty straightforward.

06:50

Whatever gains you got from lying, you have to pay back.

06:52

Well, that's because you're a [BLEEP] idiot.

06:54

No, if you knew anything about business, if you had an MBA,

06:58

you'd know [BLEEP] idiot.

07:01

We're talking about a victimless crime.

07:03

They find an ordinance or a law that has never been used

07:06

ever before on anyone else.

07:08

He's committed bank fraud where there's no victim.

07:12

It makes no sense.

07:13

No victims.

07:14

There was no victim.

07:15

The ruling is blatantly unfair.

07:17

That didn't go over very well with the investment community

07:20

because we're all asking each other, who's next?

07:24

Who's next?

07:26

The persecuted minority of the investment community.

07:34

First they came for the arbitragers

07:37

and I said nothing for I was not an arbitrager.

07:41

And then they came for the quants, which I could be.

07:45

I don't know what a quant is.

07:48

But I am surprised to hear this from Kevin O'Leary,

07:50

a guy who's such an asshole--

07:53

wait-- that even the other people on Shark Tank

07:57

thinks he's an asshole.

08:00

Now, he's very chill.

08:05

I'm surprised to hear that he's so chill

08:06

about overvaluing something that he thinks is victimless.

08:10

Because when someone tries to do that to him--

08:13

Which one of you do I absolutely tear to pieces now

08:16

on a $28 million valuation?

08:18

You think this is worth $10 million?

08:20

Absolutely.

08:21

Now I'm going to rip you out pieces.

08:22

Are you out of your mind?

08:23

Your valuation is insane.

08:24

Your valuation is crazy.

08:26

I think that's a crazy valuation.

08:27

I think your valuation is stinky poo poo.

08:33

[LAUGHTER]

08:38

Oh, no, you didn't.

08:41

Canadians are so vulgar.

08:46

How is he not this mad about overvaluations

08:50

in the real world?

08:51

Because they are not victimless crimes.

08:54

First, the banks got paid back at lower interest rates.

08:58

Although, to be honest, who gives a shit?

09:00

But second, money isn't infinite.

09:03

A loan that goes to the liar doesn't

09:05

go to someone who's giving a more honest evaluation.

09:08

So the system becomes incentivized for corruption.

09:12

And this is part of a different Trump fraud case.

09:14

But avoiding taxes hurts all of us.

09:18

Donald Trump's shenanigans cost the city of New York,

09:20

and to be honest and let's be frank here,

09:26

that is money that the city of New York

09:28

could have used to build more Walgreens.

09:30

Now, some blocks only have two of them.

09:39

Leave it to Kevin O'Leary to be unaware enough to say

09:45

the quiet part out loud.

09:47

I hear about the so-called victimless crimes,

09:50

but the laws on the books--

09:52

falsification of business records in the second degree,

09:54

issuing false financial statements, insurance fraud,

09:56

conspiracy, and all these different aspects of it,

09:58

those are actual crimes.

10:00

I take it your point is that these should

10:03

not have been prosecuted?

10:04

Everything you just listed off

10:05

is done by every real estate developer

10:07

everywhere on Earth in every city.

10:09

This has never, ever been prosecuted.

10:12

[BOO]

10:15

There is a theory in law that if enough people

10:19

commit a crime, it automatically becomes legal.

10:23

You're familiar with The Purge, are you not?

10:27

The [BLEEP] entitled arrogance.

10:33

I don't know if you know this, but most people just

10:35

can't commit fraud and expect to face no repercussions

10:39

even if everyone's doing it.

10:41

Try getting a car loan by saying

10:43

you have 10 times as much money as you really do.

10:45

Or claim 20 dependents when you have no children.

10:48

Or say you make slightly less money to qualify

10:52

for food assistance.

10:53

I will guarantee you, there are not

10:56

just financial consequences for those lies, but criminal ones.

10:59

But don't tell that to the investment community.

11:01

Because in their minds, in pursuit of profit, there is

11:04

no rule that cannot be bent.

11:06

There is no principle that cannot be

11:08

undercut as long as you and your [BLEEP]

11:10

friends are making money.

11:12

And the only immoral practice--

11:13

[CHEERING]

11:14

--hold on, I'm not done.

11:19

Wait, if I could raise my chair up, I would.

11:25

Apparently, the only immoral practice

11:28

in the capitalist system is to use that money

11:31

for people who may need it.

11:33

Fraud, waste, and abuse people never

11:35

want to be honest about, but a lot of these parents will,

11:37

you know, they abuse the system.

11:38

A lot of them are encouraged to abuse the system.

11:41

Where do you think the money that you get for food

11:44

stamps and other things--

11:46

who do you think pays that money, your health care?

11:48

You're taking their money and you just don't seem to care.

11:50

The guy who walks out of the store with a bag of food,

11:53

is he entitled to it because food is a necessity

11:56

and he doesn't have enough of it?

11:58

You nutrition-needing mother-mother-[BLEEP],, bringing

12:03

our system to its knees.

12:04

Stealing is only justified when you already have too much.

12:10

Ultimately, whether or not Trump

12:11

is a victim of selective prosecution

12:13

is going to be a matter for the Supreme Court to decide.

12:15

Luckily, that is an institution which still

12:17

holds the trust of the American people

12:19

because of its integrity.

12:22

REPORTER: For years, justice Clarence Thomas has secretly

12:26

accepted luxury gifts from a GOP megadonor

12:29

Harlan Crow, gifts like private jet

12:32

flights, luxury yacht cruises.

12:34

And according to the report, the Supreme Court

12:36

justice never reported them on annual financial disclosures.

12:42

Victimless, it's a victimless crime.