Legal AF by MeidasTouch - Trump Makes DEVASTATING ADMISSION in Financial Report

Episode Date: August 16, 2024

Trump has just been forced to disclose in a new federal filing that his financials are in shambles, including having to pump up his income by listing that he earned $300k in Bible sales, owns crypto, lives off his Apprentice and Home Alone acting pension, and had to sell phony trading cards of himself just to make a living. Trump once again fraudulently failed to report the more than a BILLION in liabilities he owes, against a fraction of that in generated income. Michael Popok explains why the court-appointed monitor over Trump’s finances should open an investigation into the false reporting immediately. Field of Greens: Thanks to Field of Greens! Get 15% off your first order + free rush shipping at https://FieldOfGreens.com and use promo code LEGALAF Visit https://meidastouch.com for more! Join the Legal AF Patreon: https://Patreon.com/LegalAF Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices

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Benefits vary by card, other conditions apply. This is Michael Popak, Legal AF. You know what I just learned from Donald Trump's financial disclosures that he had to make along with Melania as a presidential candidate. His finances are in shambles. And he's back to his old tricks of inflating assets and deflating liabilities, which is the very thing that got him in trouble in the New York attorney general case. And he got

hit with a $500 million judgment there. First of all, he's not listing his liabilities correctly. Those are the exposures that he has, money that he owes people. And when he does list it, he deflates the number, undersells the number, or minimizes the liability or exposure. deflates the number, undersells the number, or minimizes the liability or exposure. So for instance, he says that, this is how he summarizes E. Jean Carroll winning two cases against him for being the victim of a sexual assault by him, being defamed and for punitive damages. Now, you and I from Legal AF know that she's sitting on judgments worth well over $100 million running with interest at this point, and that he had to post a cash bond and get a bonding company with Chubb to post these bonds. He doesn't even bother listing. I got a judge to be a sexual abuser and defamer,

and I now owe punitive damages as a result. He just wrote various litigation on appeal, bonded, and listed the bond amount, but not the total exposure. He said he listed it as $50 million. It's not $50 million. It's $100 million for having under New York law, as found by a judge, technically raped E. Jean Carroll. That's one example of not properly listing his liabilities. He doesn't properly list

the liability that should be a huge red hole on his balance sheet of $465 million. Now, $500 million with interest for fraud. That judgment is sitting there. He had a post $175 million bond. So he just lists like the bond amounts, but he doesn't list the total amount of the judgments Against him. So he's under selling his liabilities once again And then he's touting his assets without and they're only gross numbers gross revenue numbers without giving any idea And how much it costs to obtain that revenue for each property and therefore what's the net profit? Is it in the black or in the red? Is it underwater or is it making a profit? You have no idea by looking at what he's listed because he wants it to be a campaign ad for him. And all it shows, if you really look at this thing, if any economist,

accountant, financial planner, or I have an idea, how about Barbara Jones, the court-appointed monitor in New York in the civil fraud case, who was a former federal judge? I think she better look very closely at this federal disclosure signed by Donald Trump to compare it to what she knows as his true assets and liabilities and report back to Judge Angoran in New York about whether another fraud has been committed. to Judge Angoran in New York about whether another fraud has been committed. For instance, in listing his assets or his revenue, he says, oh, revenue, Mar-a-Lago, $56 million. Okay, well, how much did you spend at Mar-a-Lago to generate $56 million? $60 million, then you're in the hole for $4 million. Doral Country Club in Florida, $160 million in revenue. Sure. But what's the expenses?

I mean, this is double entry bookkeeping. It's not that difficult if you really wanted to do it. Then he lists big fat numbers like, I get a pension from the Screen Actors Guild, because I was an actor in movies like Home Alone 2, $90,776. I wrote a book, well, no you didn't, called Letters to Trump. Well, it's right there in the title. He didn't write the book. It's just people who wrote Letters to Trump all being put into a book. And he got $4.5 million for Letters to Trump, which includes a letter from Willie Brown in San Francisco, the mentor for Kamala Harris, who Donald Trump falsely claims he was in a helicopter accident with,

when it was really at best Jerry Brown, was completely different Brown, the governor, the then governor of California. A letter from Willie Brown is in there. Look, most of us aren't trying to become Olympians who doesn't want to feel strong, healthy, or end the day with some energy left in the tank? But that's not happening without good nutrition.

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Visit fieldofgreens.com and use promo code LegalAF. That's promo code LegalAF at fieldofgreens.com and use promo code LegalAF. That's promo code LegalAF at fieldofgreens.com, fieldofgreens.com. Then you have another book that you and I, no one in our audience has ever read, called The Maga Journey, and he got 500,000 for that. A Bible, remember that Bible he sold with Lee Greenwood, the country singer?

$300,000 he's brought in on the Bible. Also he's brought in, looks like $7 million or more in NFT revenue. That's the non-fungible tokens. Those are the Trump trading cards with him dressed in all sorts of crazy cosplay, like he's an astronaut, he's a cowboy, he's a convicted felon. Oh wait, that wasn't part of the NFTs, but it should be. It will be one day, but for somebody else. $7.15 million in NFTs.

The Bible I talked about, he didn't have the sneaker sale there. They must not have gone over that well. Truth Social, he says, I own 114 million shares of Truth Social. It's now crashed and it's now worth 24 bucks. At one point it was worth $45 until he crapped all over his own business model by breaching the exclusivity of only being on Truth Social for his mean tweets.

And he went back to Twitter and X and gave an interview with Elon Musk to boot. And that tanked the stock. And he can't touch the stock for like four or five months. So he lists 114 million. Melania made a couple of shekels. It's interesting. She made $237,000 in NFTs. She had her own trading cards. And then $330,000 one off one time because she gave a speech by stepping out, taking off her house slippers and her bathrobe, stepping out of Mar-a-Lago and giving a speech to the log cabin Republicans for which they paid her $330,000. You know what this looks like to me?

This is a house of cards. This, literally, this is a charade game. This is a Potemkin village. There's nothing here. I'm waiting for a truck to pull the entire set away and leave Donald Trump naked wearing a barrel and selling apples. I mean, there's nothing here.

NFTs? How is that a consistent stable business model? How is that, how can you reproduce that year after year? Eventually you're gonna run out of suckers to sell to. I know a sucker is born every minute if you're PT Barnum, but come on, man. Eventually, you're not going to be able to sell these NFTs or sneakers or Bibles.

And this is like, he touts it. But when I look at it, I'm like, this guy's, he's one lemonade stand away from being basically financially destitute. He's got license agreements in the Middle East, which he'll have to do something with. We'll have to keep an eye on it. In Oman, Jordan, and in Dubai, where he gets a license fee

because they use the Trump name over there. He's gotten millions of dollars related to that. He's gotten, it looks like, let me see if I get the numbers right on that. I don't know, it's about 30 or 40 million dollars related to all of that. But the big takeaway from this financial disclosure, and as the New York Times did a deep dive in it with me, is that there's no there there. Where is the recurring engine of profit that comes from operating a legitimate business.

What I've learned from reading this is that the business operation of the Trump organization, having been found to be fraudulent, not being able to conduct any more business in New York, or buy and sell any more property, or put his name on anything else, is on a fumes, right? It's in the death spiral. There's no new generation of money here.

How many trading cards can the person sell? How many fake books, ghostwritten, can he sell? Eventually, this musical chairs is gonna run out of music and chairs, okay? I'm not kidding. I mean, there's no there there. Picture Donald Trump naked wearing a barrel and selling apples and pencils because it's pretty close. Remove all these Bibles and sneakers

and NFT trading cards and books he didn't write. And what's he got? A $90,000 pension because he was in Home Alone 2. I mean, really? And Melania has to go out and do whatever she's got to do to make money out in front of Mar-a-Lago where she got $330,000? Really? That's who we're down to. Follow this disclosure. And more importantly, Barbara Jones, former federal judge, appointed by Judge Angoran in the fraud case against Donald Trump.

Take a look carefully at this disclosure. Line it up against what you know and tell the judge, not in a footnote, but in your next reporting to the judge about whether you think Donald Trump just lied to the federal regulators and the American people about the state of affairs of his assets. Because to me, reading this, it looks to me like this is another fraud being pulled and perpetrated on the American people right before an election. We'll continue to follow the circling, the drain, and the death spiral of Donald Trump as a campaigner

in his criminal cases, in his business dealings, and now with's finances, only one place, Midas Touch and Legal AF. Join us on Wednesdays and Saturdays at 8 p.m. Eastern Time on Legal AF, the podcast. There's an ad. I just made my own ad. Wednesdays, Saturdays, 8 p.m. Eastern Time. You can watch us live. You can watch us do the podcast. We curate the top three or four stories at the intersection of law and politics like

this and we bring it to you. Wednesdays, Kara free, minic, niflo, Saturdays, Ben, myself, us, and me. We all get together and do it. Or you can listen to the audio podcast on anywhere you get your audio podcast from. Just plug in Legal AF. So until my next hot take, until my next Legal AF, this is Michael Popak reporting. Heary, heary. Legal AF Law Breakdown is now in session. Go beyond the headlines and get a deep This is Michael Popak reporting.