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Donald Trump - bank fraud not victimless

By undervaluing the properties for tax purposes, Trump cheated New York out of tax revenue needed to pay police, fire fighters, repair streets and other city expenses, which means the rest of the taxpayers picked up that tab. By overvaluing the properties for loan and insurance purposes, Trump used more of each bank's share of "lendable assets," so that the next person in line for a loan might have been declined, or had their loan shorted because the banks can't have more than a certain percentage of their assets in loans at any one time. By overvaluing the properties for insurance purposes, every other insured would have had to pick up the tab for excessive insurance claims, had any occurred. It doesn't matter if the loans were paid off before he refinanced them, because they put banks and insurers at risk for more than they could have collected if he defaulted.

So no, this is not a "victimless crime." It's white collar crime and it's a rich man's crime, but it's not a victimless crime.

• New Fox News Spin On Trump Fraud: 'Victimless Crime' @ Crooks and Liars

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