Imagine for a moment that you own a property which you know -- absolutely know, without question -- was worth, let's say, $10 million when you bought it. And the reason that you know with total certainty it’s worth $10 million is because, like pretty much everyone in the world, before buying it you checked similar property in the neighborhood and nearby before making an offer, in order to get the best deal and a fair price. So, you know the property is worth $10 million. You know it. But then, after having bought it for the price you know was proper -- because you carefully checked first and did due diligence and compared prices -- one day your realtor said, no, the property you bought for $10 million was actually worth $60 million! Needless-to-say, you'd be thrilled, though admittedly surprised, and even probably at least just a little bit concerned, too, for such a substantial difference, but still you nonetheless relied on that new information -- without checking anything. Without finding out if other similar property nearby had also increased in value so massively, perhaps worth even more than yours, or maybe less. Without double-checking even though this meant your property taxes would be skyrocketing through the roof. You just totally relied on the word of the experts, because that’s why you hired them, after all what do you know?, they’re the experts, and you’re not, you just pay for the property, so why would you check out any of that, however much the real estate world had drastically changed surrounding your neighborhood and however much more you now would hugely owe in taxes? But now imagine, too, that – on top of all this highly-surprising news, discovering your $10 million real estate property was really, all of a sudden, worth $60 million now -- it turns out that your actual job is, in fact, in real estate, and your brother and sister’s job is also in real estate, and your father’s job is in real estate, and your grandfather’s job was in real estate, and your great-grandfather’s job was in real estate, and indeed your family has been in real estate for 132 years, and the real estate company your family owns for which you are Executive Vice-President has been in existence for 96 years, and your specific job is overseeing the buying and construction and leasing of skyscrapers and golf resorts and multi-hundred million dollar properties around the world – though, as it happens, you don’t personally consider yourself an expert in real estate and instead always rely out of total, blind, unquestioning ignorance in your real estate profession on the advice of others for their skill to make your real estate valuation decisions for you. And so, if they – who are actual experts, after all – tell you that your property is suddenly worth six times what you knew it was worth, that’s perfectly fine with you because you’re not an expert in your family’s business of 132 years, just the Executive Vice-President, so where is the paper to sign?, because they’re experts in your field, and you know nothing, so why ask anyone else? Like your brother, or sister, or father? Or the accountants? Or at least look it up on Zillow? And now...imagine that you’re telling this under oath to a judge who only the week before ruled that your father, the former president of the United States and most powerful man in the world and head of your company – a company the judge has already ruled committed fraud -- was “not credible.” (Today's Reminder: This trial is not to determine guilt or innocence. Guilt has already been determined. This is the penalty phase -- and only the penalty phase -- to decide how much money the company owes. So, trying to shift blame others for the fraud you've been found guilty of not only has no meaning, but risks seriously backfiring.) Still, that’s the plan you’re going into court with. Under oath. That you knew nothing. And as Executive Vice-President relied entirely without questioning on others, because they were experts, not you. And you knew…well, y’know, nothing.
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AuthorRobert J. Elisberg is a political commentator, screenwriter, novelist, tech writer and also some other things that I just tend to keep forgetting. Feedspot Badge of Honor
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