Trump Tries To Pin The Blame On Banks For Him Committing Fraud - Ring of Fire

Ever since Tuesday's ruling by Judge Arthur Engoron said that Trump committed fraud, the former President has been desperately trying to argue on social media that it was the fault of the banks for believing him. That's not how the law works, but it is fun to watch Donald Trump defend himself by claiming that he totally did it, it just was some other party's fault. Ring of Fire's Farron Cousins explains what's happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

One of the funniest things about the summary judgment from Judge Arthur Enger on this week saying that, yes, Trump overinflated his assets and he's not worth as much as he said he was to the banks. One of the funniest things is how Donald Trump has been defending that, like defending his actions on social media by basically trying to blame the banks for believing him in the first place. Like, Hey, that's your fault, banks, I couldn't defraud you if y'all had actually been doing your homework. I mean, that's kind of on you, right? Oh, get to why it's so funny in a minute. But here is just a sampling of some of what have, do, what Donald Trump has posted on truth social, in addition to the fact that my net worth is much greater than the numbers shown in the financial statements. Yeah. We, we actually know that because you, you reduced your net worth so you didn't have to pay as much in taxes.

And you, you act like you, you literally just admitted that. So I'm sure the tax authorities are gonna love that information 'cause they can use it to come after you. There is a powerful disclaimer clause. Some call it a non reliance clause. Others a buyer beware clause boldly stated on pages one and two explaining that there should be no reliance placed on these financial statements, but instead everyone should do their own independent research analysis and due diligence. This was fully accepted and acknowledged by the banks, but it didn't matter because all loans were good and there were no defaults or problems of any kind. The banks were represented by highly sophisticated attorneys, were paid full interest and made money.

So I go to the banks, right, and I tell the banks on my documents where I'm looking for loans, like, Hey, here's my numbers, but you're not allowed to trust these numbers, so you gotta do your own research. Oh, and by the way, here is, uh, here's the numbers to do your own research, Donald, this, this is why your, your whole defense here is laughable because you're technically not denying that you did it. Like that's the first funny thing, like, Hey, if I lied on my financial statements, that's not my problem. It's the bank's problem. Okay. That's not a defense, that's actually an admission. So that's the funniest part. The second part is that you're like, the banks should have just done their own research. Oh, really? Did you give the banks unfettered access to all of your financial systems inside the Trump organization? Or are you saying they should have done their due diligence with the numbers you gave them? Because when you give 'em fraudulent numbers and you're like, but you do the math yourself. Okay, but they're doing the math with the wrong numbers, so of course they're going to come to the wrong conclusion. Nothing

You're saying makes sense, but nothing in Trump's world makes sense. And every time he gets called, every time something bad happens, it's always somebody else's fault. Right? Like down in Georgia, those indictments, he's like, well, I got bad advice from my lawyers and in New York. Well, the banks should have looked at it themselves. Oh, they did look at it. You just gave them the wrong numbers.