♪♪ good morning. 11:00 a.m. eastern time in arizona, right outside phoenix. i'm jose diaz-balart coming to you from the top of the rock. we are waiting for president biden to speak at the united states general assembly any minute now. we will of course bring you his comments live. we're also awaiting a press conference from new york's attorney general letitia james

who is scheduled to hold that press conference in less than 30 minutes. now to one of the reasons we're here in arizona. the migrant humanitarian crisis at the southern border. roughly 160 miles from where we are this morning. u.s. and customs and border patrol says it arrested 231,000 migrants at the border last month. for the first time ever, the number of arrests of undocumented immigrants exceeded 2 million in one year. in an increasing number of migrants are coming from venezuela, cuba, nicaragua and haiti. places with authoritarian regimes with major human rights issues. doug ducey has joined his republican counterparts from texas and florida in sending migrants to other parts of the country. arizona has reportedly sent nearly 2,000 migrants to washington, d.c., since april. some of the migrants flown from texas to martha's vineyard,

massachusetts, by florida governor ron desantis are now suing him, claiming they were victims of fraud. desantis responded in a statement saying the migrants chose to board the flight. the biden administration has been under intense pressure to do something about the humanitarian crisis at the border. white house press secretary karine jean-pierre told alex wagner last night that congress needs to act to fix the problem. >> we're asking to really fix it in a way that is transformative and to do that it is really congress acting and we're asking republicans, hey, instead of playing political games, why don't you join us in trying to fix a real problem that's happening at the border. >> and with us now to start off our coverage is lead anchor for telemundo arizona. it's always a pleasure to see you. thank you for being with us. >> pleasure to be here. >> we're standing 160 miles from the border. how is the humanitarian crisis

at the border affecting places like tempe? >> telemundo was able to travel to the border and we were firsthand witnesses of what was going on in that region. and as you said, the influx of immigrants has changed a little bit. there were people from cuba, venezuela, nicaragua. usually people thinks it's groups of mexicans crossing the border. a lot of the migrants are coming in the state and activists and organizations are telling us in the city the shelters are sometimes to the top with no resources and even asking communities to help them in order to control that problem that we're seeing in arizona. it's an interesting picture and it has changed through the years. if you travel to yuma, you see gaps in the border fence. that's one of the things that governor doug ducey has tried to

put a strong hand and sort of making a political statement in a way closing them with containers. so if you go to yuma it's a different picture that you're going to see. >> being 160-plus miles away, what is happening there is having an impact on communities like tempe. >> yes, especially because you see in arizona a division. if you see phoenix, for example, the highest percent of population is hispanic right now, 42.6% if i'm not mistaken. so you have these groups where some of them, quote/unquote, that have been here for years, for decades, see the problem as affecting their own community. but then you see other groups, seeing the groups coming into the border ready to help, right? so the criticism here

specifically with the administration, there hasn't been a visit to arizona. we have the director of homeland security come, but the visit was not that successful. so i don't think there was nothing put on paper to be done and that's the criticism that we're seeing from political groups but also from organizations against the biden administration here in arizona. >> the latino community here has opened its arms to those that are coming. is there a feeling that they are the people in places like tempe alone. that they're not getting the help and the resources that they need to be able to continue opening their arms to those who are looking for a new life in the united states? >> they want to help, but the resources are not there, right? you have, like, churches or you have shelters that already have received 100 people a day. imagine trying to keep that up for a week.

it takes a lot of effort. and even though some of them get funds from other organizations, the problem, you can see, it's growing and it's not going away. >> thank you very much for being with us this morning. joining me now is managing attorney for the border action team with refugee rights project. the group provides free legal and social services to migrants. thank you for being with us this morning. chelsea, the associated press published a piece on a new united nations report on human rights abuses in venezuela. independent experts, quote, working with the u.n.'s top human rights body say venezuelan president personally ordered the detention of government opponents and critics who ended up suffering electric shocks, beatings, asphyxiation and other cruel acts while in custody. cuba and nicaragua has human

rights issues and haiti is practically in many ways a failed state. what are you and your colleagues hearing from the people you talk on a daily basis about what they have experienced? >> thank you so much for having me here today. exactly, those are the stories that we hear every day at the border with people who are fleeing harm. i think there's a misconception that people are coming just for economic prosperity or to reunite with family members and while certainly those can be factors within someone's decision to migrant, ultimately, everyone i speak to conveys to me that they have fear of living in their country of origin whether it be venezuela or cuba or guatemala, honduras, mexico, every country can have its own political differences and cases can be unique. but everyone is expressing to me fear and that they've suffered harm.

>> pardon me for the interruption, we're seeing the united nations general assembly where we're expecting president biden to speak any second now. let's go to the united nations general assembly. the president is -- i'm told -- actually walking up to the podium there at the united nations general assembly. we have been hearing a number of different leaders speak this morning and we are now awaiting the president of the united states. expected to focus in on the feed for the world to rally behind ukraine in its defense against

the russian invasion that occurred the 23rd of february of this year. >> on behalf of the general assembly, i have the honor to welcome joseph r. biden jr., the president of the united nations of america. >> thank you. mr. president, mr. secretary general, my fellow leaders, in the last year our world has experienced great upheaval. growing crisis in food insecurity, record heat, floods and droughts, covid-19, inflation, and a brutal needless war. a war chosen by one man, to be very blunt. let us speak plainly, permanent member of the united nations security council invaded its neighbor, attempted to erase a

sovereign state from the map. russia has violated the core tenants of the united states charter, no more important than the clear prohibition against countries taking the territory of their neighbor by force. again, just today president putin has made overt nuclear threats against europe and a reckless disregard for the responsibilities of a nonproliferation regime. now russia's calling up more soldiers to join the fight and the kremlin is organizing a sham referendum to try to annex parts of ukraine in extremely significant violation of the u.n. charter. this world should see these outrageous acts for what they are, putin claims he had to act

because russia was threatened. but no one threatened russia and no one, other than russia, sought conflict. in fact, we warned it was coming and many of you worked to try to overt it. putin's own words make his true purpose unmistakable. just before he invaded, putin asserted -- and i quote -- ukraine was created by russia and never had, quote, real statehood. and now we see attacks on schools, railway stations, hospitals, centers of ukrainian history and culture. in the past, even more horrifying evidence of russia's atrocities and war crimes. mass graves uncovered in izium,

bodies showing signs of torture. this war is about extinguishing ukraine's right to exist as a state, plain and simple, and ukraine's right to exist as a people. whoever you are, wherever you live, whatever you believe, that should make your blood run cold. that's why 141 nations in the general assembly came together to condemn russia's war against ukraine. the united states has martialed massive amounts of humanitarian aid to ukraine. more than $25 billion to date. our allies and partners around the world have stepped up as

well. and today more than 40 countries represented here have contributed billions of their own money and equipment to help ukraine defend itself. the united states is also working closely with our allies and partners to impose costs on russia, to deter attacks against nato territory. to hold russia accountable for the atrocities and war crimes. if nations can pursue their ambitions without consequences, then we put at risk everything this very institution stands for, everything. every victory belongs to the ukrainian soldiers, but this past year, the world was tested as well. and we did not hesitate. we chose liberty, we chose sovereignty, we chose principles to which every party of the united nations charter is beholding. we stood with ukraine.

like you, the united states wants this war to end on just terms. on terms we all signed up for. but you cannot seize a nation's territory by force. the only country standing in the way of that is russia. so we, each of us in in body who is determined to uphold the principles of beliefs we pledge to defend as members of the united nations must be clear, firm and unwavering in our resolve. ukraine has the same rights that belong to every sovereign nation. we will stand in solidarity with ukraine. we will stand in solidarity against russia's aggression, period. it's no secret in the contest between democracy and autocracy, the united states and i as

president champion a vision for our world as grounded in the values of democracy. the united states is determined to defend and strengthen democracy at home and around the world because i believe democracy remains humanity's greatest instrument to address the challenges of our time. we're working with the g-7 to prove democracies can deliver for the citizens but also deliver for the rest of the world as well. as we meet today, the u.n. charter's very basis of a stable and just rule-based order is under attack by those who wish to tear it down or distort it for their own political advantage. and the united nations charter was not only signed by democracies of the world, it was negotiated among citizens, dozens of nations with vastly different histories and

ideologies. they're united in their commitment to work for peace. as president truman said, the charter is proof that nations can state their differences, can face them and then can find common ground on which to stand, end of quote. that common ground was so straightforward, so basic that today 193 of you, 194 member states have willingly embraced these principles. and standing up for those principles for the u.n. charter is the job of every member state. i reject use of violence and war to conquer nations, to stand against global politics of fear and coercion, to defend the sovereign rights of smaller nations as equal to those of larger ones.

to brace basic principles like freedom of navigation, respect for international law, and arms control. no matter what else we may disagree on, that is a common ground upon which we must stand. if you're still committed to a strong foundation for the good of every nation around the world, then the united states wants to work with you. i also believe the time has come for this institution to become more inclusive so they can better respond to the needs of today's world. members of the u.n. security council, including the united states, should uphold and defend the u.n. charter and refrain, refrain from the use of the veto except in rare and extraordinary situations to ensure that the council remains creditable and effective. that is also why the united states supports increasing the number of both permanent and nonpermanent representatives of

the council. this includes permanent seats for those nations we've long supported and permanent seats for countries in africa, latin america and the caribbean. the united states is committed to this vital work. in every region we pursued new constructive ways to pursue partners from elevating the quad and indo-pacific to signing the los angeles declaration of migration of protection at the summit of the americas. to joining historic meeting of nine arab leaders to work for a more peaceful, integrated middle east. hosting the u.s./africa leader summer in this december. the united states is open in an era of relentless diplomacy to address the charges that matter most to all people's lives. strengthen global health

security, feeding the world, feeding the world, we made that priority and we're keeping that promise. from the day i came to office, we've led with bold climate agenda, we convened major climate summits, helped deliver critical agreements under cop-26. we helped get two-thirds of the world's gdp on track to limit warming to 1.5 degrees celsius and now i've signed an historic piece of legislation here in the united states that includes the biggest, most important climate commitment we've made in the history of your country. $369 billion toward climate change. that includes tens of billions in new investments in off-shore wind and solar. doubling down on zero emission vehicles, increasing energy efficiency, supporting clean

manufacturing. our department of energy estimates that this new law will reduce u.s. emissions by one gig ga ton a year by 2030 while unleashing clean power. our investments will reduce the cost of developing clean energy technologies worldwide, not just in the united states. this is a global game-changer and none too soon. we don't have much time. you all know we're living in a climate crisis. no one seems to doubt it after this past year. we meet. much of pakistan is still under water. the horn of africa faces unprecedented drought. families are facing possibility choices, choosing which child to feed and wondering whether they'll survive. this is the human cost of

climate change and it's growing, not lessening. so as i announced last year to meet our global responsibility, my administration is working with our congress to deliver more than $11 billion a year to international climate finance, to help lower-income countries implement their climate goals and ensure a just energy transition. the key part of that will be our plan which will help half a billion people in especially vulnerable countries adopt to the impacts of climate change and build resilience. this need is enormous. so let this be the moment we find within ourselves the will to turn back the tide of climate devastation and a lack of resilient, sustainable clean energy economy to preserve our

planet. on global health, we delivered more than 620 million doses of covid-19 vaccine, 216 countries around the world with more available to help meet countries' needs. all free of charge, no strings attached. and we're working closely with the g-20 and other countries in the united states to help lead the change to establish a groundbreaking new fund for pandemic prevention preparedness and response at the world bank. at the same time, we've continued to advanced the ball on enduring global health challenges. later today i'll host a conference for the global fund to fight aids, tuberculosis and malaria. with support in our congress, i have pledged to contribute up to $6 billion to that effort. so i look forward to welcoming

historic ground of pledges at the conference resulting in one of the largest global health fund raisers ever held in all of history. we're also taking on the food crisis head on. with as many as 193 million people around the world experiencing acute, acute food insecurity. a jump of 40 million in a year. today i'm announcing another $2.9 million in u.s. support for life-saving humanitarian and food security assistance for this year alone. russia in the meantime is pumping out lies, trying to pin the blame for the crisis -- the food crisis on the sanctions imposed by many in the world for the aggression against ukraine. so let me be perfectly clear about something, our sanctions explicitly allow, explicitly

allow russia the ability to export food and fertilizer. no limitation. it's russia's war that is worsening the food insecurity and only russia can end it. i'm grateful for the work here at the u.n., including your leadership, mr. secretary general, establishing a mechanism to export grain from black sea ports in ukraine that russia had blocked for months. we need to make sure it's extended. we believe strongly in the need to feed the world. that's why the united states is world's largest supporter of the world food program. we're leading support of the unicef efforts to feed children around the world, to take on a larger challenge of food security the united states introduced a call of action, a road map eliminating global food

insecurity. more than 100 nation member states have already supported. in june, the g-7 announced more than $4.5 billion to strengthen food security around the world through usaid's feed the future initiative. the united states is scaling up innovative ways to get drought and heat resistant seeds into the hands of farmers who need them. while distributing fertilizer and improving fertilizer efficiency so that farmers can grow more while using less. and we're calling on all countries to refrain from banning food exports or hoarding grain while so many people are suffering. because in every country in the world, no matter what else divides us, if parents cannot feed their children, nothing, nothing else matters if parents cannot feed their children.

as we look to the future, we're working with our partners to update and create rules of the road for new challenges we face in the 21st century. we launched the trade technology council with the european union to ensure that key technologies, key technologies are developed and governed in the way that benefits everyone. with our partner countries and through the u.n., we're supporting and strengthening the norms of responsibility. responsible state behavior in cyberspace and working to hold accountable those who use cyberattacks to threaten international piece and security. with partners in the americas, africa, europe and the middle east and indo-pacific, we're working to build a new economic ecosystem where every nation, every nation gets a fair shot and economic growth is resilient, substantial and shared. that's why the united states is

championing a global minimum tax and we will work to see it implemented so major corporations pay their fair share everywhere. everywhere. it's also been the idea behind the indo-pacific economic framework which the united states launched this year with 13 other indo-pacific economies. we're working with our partners to support a vision for a critical indo-pacific region that is free and open, connected and prosperous, security and resilient. we're working to secure resilient supply chains to protect everyone from coercion or domination and ensure that no country can use energy as a weapon. as russia's war riles the global economy, we're also calling on major global creditors, including the non-paris club

countries for debt forgiveness, to install broader and economic political crisis around the world. let's meet the enormous infrastructure needs around the world with transparent investments, high-standard projects that protect the rights of workers and the environment. key to the needs of the communities they serve, not to the contributor. that's why the united states together with fellow d-7 partners launched a partnership for global infrastructure and investment. we intend to collectively mobilize $600 billion in investment through this partnership by 2027. dozens of projects are already under way. industrial scale vaccine manufacturing, transformative solar projects, first of its kind small modular power plant

in romania. these are investments that are going to deliver returns for these countries, but for everyone. the united states will work with every nation, including our competitors to solve global problems like climate change. climate diplomacy is not a favor to the united states or any other nation. and walking away hurts the entire world. let me be direct about the competition between the united states and china. as we manage shifting geopolitical trends, the united states will conduct itself as a reasonable leader. we do not seek conflict. we do not seek a cold war. we do not ask any nation to choose between the united states or any other partner. but the united states will be unabashed in promoting our vision of a prosperous world and what we have to offer communities and nations.

investments that are designed not to foster dependency, but to alleviate burdens and help nations become self-sufficient. partnerships not to create political obligation, but because we know our own success, each of our success is increased when other nations succeed as well. when other nations have the dignity to develop their talent, everyone benefits. the united states will not waiver in our unrelenting determination the continuing terrorist threats to our world and we'll lead with our diplomacy to strive for peaceful resolution of conflicts. we seek to uphold peace and stability across the taiwan straits, remain committed to our one china policy which has

helped prevent conflict for four decades and oppose unilateral changes in the status quo by either side. we support an african union-led peace process to end the fighting in ethiopia. in venezuela where 6 million people have been driven in that country. where is the return to free and fair elections? we continue to stand with our neighbor in haiti as it faces political violence and enormous human crisis. and we call on the world to do the same. we have more to do. we'll continue to back the u.n. mediated truce in yemen which is delivered precious months of peace to people who have suffered years of war and we will continue to advocate for lasting negotiating peace between the jewish and democratic state of israel and

the palestinian people. the united states is committed to israel's security full-stop and a negotiated two-state solution remains in our view the best way to insecurity their prosperity for the future and give the palestinians the state to which they are entitled. both sides to fully respect equal rights of their citizens. both people can enjoy an equal measure of freedom and dignity. we also urge every nation to recommit the nuclear nonproliferation regime through diplomacy. no matter what else is happening in the world, the united states is ready to pursue critical arm control measures. a nuclear war cannot be won and must never be fought. the five permanent members of the security council just reaffirmed that commitment in

january. but today we're seeing disturbing trends. russia shunned the nonproliferation ideals embraced by every other nation at the 10th mpt review conference. again, today, as i said, they're making irresponsible threats to use nuclear weapons. china is conducting an unprecedented concerning nuclear build up without any transparency. despite our efforts to begin serious and sustained diplomacy, the democratic people's republican of korea continues to violate sanctions. while the united states is prepared for a mutual return to the joint comprehensive plan of action if iran steps up to its obligations, the united states is clear, we will not allow iran to acquire a nuclear weapon. i continue to believe that diplomacy is the best way to

achieve this outcome. the nonproliferation regime is one of the greatest successes of this institution. we cannot let the world now slide backwards nor can we turn a blind eye to the erosion of human rights. perhaps singular among this body's achievements stands the universal declaration of human rights which is the standard by which our forbearers challenge us to measure ourselves. they made clear in 1948 human rights are the basis for all that we seek to achieve. and yet today in 2022, fundamental freedoms are at risk in every part of our world from violations, detailed reports by the office of u.s. reports detailing by the u.s. high commissioner, to the horrible abuses against prodemocracy

actors and ethnic minorities. and today we stand with the brave citizens and the brave women of iran who right now are demonstrating to secure their basic rights. here's what i know, the future will be won by those countries who unleashed the full potential of their populations. where women and girls can exercise equal rights, including basic reproductive rights and contribute fully to building stronger economies and more resilient societies. religious and ethnic minorities can live their lives without harassment and contribute to the fabric of their communities, where the lgbtq plus community individuals live and love freely without being targeted with violence, where citizens can

question and criticize their leaders without fear of reprisal. the united states will always promote human rights and the values enshrined in the u.n. charter in our own country and around the world. let me end with this, this institution guided by the u.n. charter and the universal declaration of human rights is at its core an act of dauntless hope. let me say that again. it's an act of dauntless hope. think about the vision of those first delegates, took a seemingly impossible task while the world was still smoldering, think about how divided the people of the world must have felt with the fresh grief of millions dead, the horrors of the holocaust exposed.

they had every right to believe only the worst of humanity. instead they reached for what was best in all of us and they strove to build something better. and during peace, commonty among nations, equal rights for every member of the human family, coordination for the advancement of all humankind, my fellow leaders, the challenges that we face today are great indeed, but our capacity is greater. our commitment must be greater still. so let's stand together to, again, declare the unmistakable resolve that nations of the world are united still, that we stand for the values of the u.n. charter. that we still believe by working together we can bend the arc of history toward a freer and more just world although none of us have fully achieved it. we're not passing witnesses to

history, we are the authors of history. we can do this. we have to do it for ourselves and for our future. for humankind. thank you for your tolerance for listening to me. i appreciate it very much. god bless you all. [ applause ] >> on behalf of the general assembly, i wish to thank the president of the united states of america -- >> president biden just wrapping up his remarks at the united states general assembly. a long list of issues that he says the united states is supporting and helping with starting with the issue of ukraine, but then going through a laundry list of issues that the united states is involved in and supportive of. joining us now is white house correspondent carol lee. the president addressed so many issues here. >> reporter: he did, jose, and he started very shortly after

opening -- his opening remarks going into the war in ukraine. he hit that pretty hard from the start of his speech and really called out russian president vladimir putin to say that this is -- >> i interrupt you with one -- i'm sorry to interrupt you. we're going to go with letitia games with some breaking news. >> -- including witnesses, interviews with more than 65 witnesses and review of millions of documents that were submitted by mr. trump and others, i'm announcing that today we're filing a lawsuit against donald trump for violating the law as part of his efforts to generate profits for himself, his family, his company. the complaint demonstrates that donald trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system

thereby cheating all of us. he did this with the help of the other defendants and his children, donald trump jr., ivanka trump, and eric trump and former trump organization cfo allen weisselberg. mr. trump and the trump organization repeatedly and persistently manipulated the value of assets to induce banks to lend money to the trump organization on more favorable terms than otherwise would have been available to the company. to pay lower taxes, to satisfy continuing loan agreements and to induce insurance companies to provide insurance coverage for higher limits and at lower premiums. his conduct was all in violation of executive law section 63.12

which gives the attorney general broad and special powers, to go after persistent and repeated fraud and illegality. as part of demonstrating ill legality under that law, they violated several state criminal laws including falsifying business records, issuing false financial statements, insurance fraud, and engaging in a conspiracy to commit each of these state law violations. we believe the conduct alleged in this action also violates federal criminal law, including issuing false statements to financial institutions and bank fraud. we are referring those criminal violations that we've uncovered to the united states attorney for the southern district of new

york and the internal revenue service. as a result of these violations, we are asking the court to, among other things, permanently bar mr. trump, donald trump jr., ivanka trump, eric trump from serving as an officer or director in any corporation or similar entity registered and/or licensed in new york, to bar mr. trump and the trump organization from entering into any new york state commercial real estate acquisition or from applying for loans from any financial institution in new york for five years, to pay for the financial benefits obtained as a result of the persistent fraudulent practices at an estimated $250 million towards the end of my remarks i will go into the

other relief that we are seeking. at the center of this -- of the year-long financial scheme were the statements of financial condition that were prepared annually by and for mr. trump. specifically from 2011 to 2021. these statements were compiled by the trump organization executives and were issued as a compilation report by mr. trump's accounting firm. the statements with explicit that the preparation was the responsibility of mr. trump. starting in 2016, the trustees of his trust, donald trump jr. and allen weisselberg, for the sole beneficiary -- for the sole benefit of mr. donald trump. each statement was personally certified as accurate by mr. trump or by one of his trustees as part of the loan process.

with the intent that the information in the statement would be relied upon by banks and insurers. mr. trump and mr. weisselberg would meet to review and approve the final statement every year. mr. trump made known through allen weisselberg that he wanted his net worth reflected on the statements to increase, a desire mr. weisselberg and others carried out year after year in their fraudulent preparation of the statements. and when asked about these meetings under oath as part of our deposition, both men, mr. trump and mr. weisselberg, invoked their fifth amendment privilege against self-incrimination and they refused to answer.

when asked under oath if he, mr. trump, continued to review and approve the statements after becoming president of the united states in 2017, mr. trump, again, invoked his first amendment privilege and refused to answer. over the course of our investigation, we found that mr. trump, his children, the trump organization created and used more than 200 false and misleading asset valuations on a statement of financial condition over that ten-year period. they issued statements that were in clear violation of general accepted principles in the united states despite representing that the statements were prepared in accordance with these principles. some of the common tactics they used include representing that mr. trump had cash on hand that he did not have, ignoring

critical restrictions that would significantly impact property values when setting valuations. changing the methodology used to value properties from year to year without reason or notice and using vastly different methods to value different properties even in the same year. and including tangible items such as brand premiums, the trump premium and calculating an asset's value despite the fact that they ignored the advice of outside professionals. they also ignored the advice and repraiseles of outside professionalles despite claiming those individuals provided certain figures. for example, they received a series of appraisals for the commercial property at 40 wall street in new york city that calculated the value of the property at $200 million as of

august 2010. and $220 million as of november 2012. yet in his 2011 statement, mr. trump listed 40 wall street with a value of $524 million which increased to $530 million over the next two years. more than twice the value calculated by the professionals. even more egregious the valuation was attributed to information from the appraiser who valued the building at just over $200 million. another deceptive strategy they employed was to use objectively false numbers to calculate property values. take mr. trump's triplex.

the triplex apartment in trump tower on fifth avenue, mr. trump represented that his apartment spanned more than 30,000 square feet which was the basis for valuing the apartment. in reality, the apartment had an area of less than 11,000 square feet. something that mr. trump was well aware of. and based on that inflated square footage, the value of the apartment in 2015 and 2016 was $327 million. to this date, no apartment in new york city has ever sold for close to that amount. tripling the size of the apartment for purposes of the valuation was intentional and deliberate fraud. not an honest mistake. mr. trump was intimately familiar with the layout of both the building and the apartment having personally overseen the

construction of both. despite his sworn testimony before invoking his fifth amendment privilege, mr. weisselberg conceded that using the false square footage improperly inflated the value of the apartment almost threefold. mr. weisselberg admitted that this amounted to an overstake of give or take $200 million. misrepresenting the size of the apartment was only one of the many ways that mr. trump intentionally misvalued his asset for the purposes of increasing his net worth and inducing banks to offer more favorable terms. mr. trump also routinely ignored legal restrictions on development rights and marketability on properties that would significantly decrease property values. for example, let's take trump

park avenue in new york. this building contains both commercial and residential space. the unsold residential condo units owned by mr. trump and the trump organization represented the lion's share of the reported value for this property. and hi intentionally ignored legal restrictions on some of the units that would have drastically changed the valuation, specifically the 12 units were actually rent stabilized apartments. a professional appraiser valued those 12 units around $750,000, noting the rent stabilized unit cannot be marketed as individual units for sale because the current tenants cannot be forced to leave. despite this professional valuation and mr. trump knowing full well the legal

restrictions, the 12 rent stabilized -- he valued them at $49 million. that's about 65 times the appraised valuation. mr. trump also blatantly ignored legal restrictions at mar-a-lago. mar-a-lago was valued on the false premise that it sat on unrestricted property and could be developed for residential use. however, mr. trump knew that mar-a-lago was subject to a host of onerous restrictions and limitations. mr. trump himself signed deeds sharply restricting changes to the property and donating his residential development rights in an effort to get a tax deduction and later to lower his property taxes on the property. the deeds also require mr. trump to donate over 23% of mar-a-lago's value to the historic trust for historic

preservation if he ever sold it. despite these restrictions, mr. trump valud it based on the fact it was an 18 acre plot of land that could be sold and used as a private home. the valuations represent that these restrictions don't even exist. the club generated annual revenue of less than $25 million and should have been valued at more than -- valued about $75 million. however, mar-a-lago was valued as high as $739 million. mr. trump used inappropriate schemes to inflate the value of his other golf clubs. he valued the clubs based on their fixed assets.

in other words, the money spent to acquire and to maintain them, despite being informed by valuation professionals that this practice was inappropriate for a club operating as an ongoing business. he again added a brand premium when determining the value of the club, but claimed in his statements that he did not. he inflated the value of unsold memberships often by hundreds of thousands of dollars per membership, even in situations where the memberships were given away for free at mr. trump's direction. inflating his reported net worth was just the first part of the scheme. he then used these false statements of financial condition for his own personal gain. mr. trump and the trump organization have obtained hundreds of millions of dollars in real estate loans and

insurance coverage using these statements. mr. trump was able to secure much more favorable loan terms by personally guaranteeing the loans based on his reported net worth as reflected on his statements of financial condition. these statements were key, integral to mr. trump and the trump organization's ability to secure loans for a number of properties, including the old post office in washington, d.c. mr. trump's statements were submitted to the federal government to demonstrate his financial status, his net worth. he then engaged in deutsche bank to obtain a loan to redevelop the property. mr. trump was able to obtain more favorable loan terms by personally guaranteeing the loans. in 2014, he secured a loan from deutsche bank for $170 million. as you know, in may of '22, mr. trump and the trump

organization, they sold the post office property for $375 million, resulting in a $100 million net profit, which was the result of a loan he was able to obtain through the use of false and misleading statements of financial condition. separately, mr. trump and the trump organization saved an estimated $150 million by receiving favorable interest rates that were only provided based on the false and misleading statements of financial condition. we also believe that he illegally saved millions of dollars in federal tax benefits, conservation easement donations related to seven springs this west chester and the trump national golf club in los angeles. this conduct is not the subject of this action, but we are referring it to the irs and to the southern district of new york. the examples i laid out are just

scratching the surface of the misconduct that we have uncovered. the complaint, which you should have a copy, is more than 280 pages long. it includes examples from 23 assets that were grossly and fraudulently inflated and those inflated values were used on mr. trump's statements almost every year. all told, we uncovered more than 200 examples of false and misleading asset valuations that were used on his statements. the pattern of fraud and deception used by mr. trump and the trump organization for their own financial benefit is astounding. inflating the values of assets by whatever means necessary to increase mr. trump's purported net worth. and then that net worth was used to further enhance his financial standing, intentionally misrepresenting his financials

to obtain incredible economic benefit. it was a scheme that by its very nature became more profitable over time. and it is all in stark violation of the law. as i mentioned earlier, the relief that we are seeking specifically, we are asking the court to permanently bar donald trump, eric trump, ivanka trump from serving as an officer or director in any corporation or similar business entity registered or licensed in new york state. we are barring mr. trump and his organization from entering into any new york state commercial real estate acquisition for five years. we are barring mr. trump and the trump organization from applying for any loans from any financial institution registered with the new york department of financial services for five years. we are requiring mr. trump and the trump organization to disgorge the financial benefits obtained through the fraudulent practices, an estimated, a baseline, at the minimum of $250

million and to appoint an independent monitor at the trump organization to oversee compliance, financial reporting, valuations and disclosures to lenders and tax authorities for no less than five years. we are requiring the trump organization to prepare for five years a generally accepted compliance showing mr. trump's net worth to be distributed to all of the recipients of his prior statements of financial condition, to replace the current trustees of the donald j. trump revocable trust with new, independent trustees or require similar independent governance if a new trust is created. and to bar allen weisselberg and jeffrey mccony from serving in the financial control of any new york corporation.

lastly, to cancel any certificate filed under and by virtue of the provisions of section 130 of the general business law for the corporate entities named as defendants and any other entity by donald trump which participated in or benefitted from the financial scheme. in other words, permanently prohibit any of these companies from doing business in the state of new york. i want to be clear. white color financial crime is not a victimless crime. when the well connected break the law, to take in more money that they are entitled to, it reduces resources to working people, to regular people, to small businesses and all taxpayers. everyday people cannot lie to a bank about how much money they have in order to get a favorable

loan to buy a home or to send their kid to college. if they did, the government would throw the book at them. why should this be any different? it is a tale of two justice systems. one for everyday working people and one for the elite, the rich and powerful. mr. trump and his allies may see these penalties are too harsh or that this is part of a witch hunt. i will remind everyone that this investigation only started after michael cohen, the former lawyer -- his former lawyer testified before congress and shed light on this misconduct. the remedies are consistent with what we have sought for other businesses that committed the same misconduct. this investigation revealed that donald trump engaged in years of illegal conduct to inflate his net