Comedian Jon Stewart knocked former President Donald Trump for inflating his assets on Monday night, but the internet quickly figured out that “The Daily Show” host did something shockingly similar.
Stewart dedicated a portion of his late night show’s Monday night episode to discussing the news that the initial $464 million bond Trump was scrambling to come up with for his fraud case was reduced to $175 million.
The comedian played a series of clips where conservative talking heads all agreed that Trump allegedly inflating his assets and defrauding banks was a “victimless crime.”
“The attorney general of New York knew that Trump’s property values were inflated because when it came time to pay taxes, Trump undervalued the very same properties,” Stewart stated.
Jon Stewart unpacks Trump's $454 million fraud penalty and the bogus idea being floated by "money experts" like Kevin O'Leary that it's a "victimless" crime pic.twitter.com/wtKOYquny9
— The Daily Show (@TheDailyShow) March 26, 2024
“It was all part of a very specific real estate practice known as lying.”
He was particularly incensed after Shark Tank’s Kevin O’Leary was seen in a clip telling CNN that the ruling and enormous bond “didn’t go over very well within the investment community, because we’re all asking each other, ‘Who’s next?'”
“Who’s next,” Stewart mocked. “The persecuted minority of the investment community? But I am surprised to hear this from Kevin O’Leary, the guy who’s such an a**hole, wait, that even the other people on Shark Tank think he’s an a**hole.”
“I’m surprised to hear he’s so chill about overvaluing something that he thinks is victimless, because when someone tries to do that to him…” Stewart said before showing clips of O’Leary going nuclear on Shark Tank contestants that overvalue their business ideas.
“Canadians are so vulgar,” Steward joked. “How is he not this mad about over-evaluations in the real world, because they are not victimless crimes.”
“First, the banks got paid back at lower interest rates,” he began. “Although, to be honest, who gives a s*t, but, second, money isn’t infinite.”
“A loan that goes to the liar doesn’t go to someone who’s giving a more honest evaluation, so the system becomes incentivized for corruption,” Stewart said, literally setting himself up for future humiliation.
“And this is part of a different Trump fraud case, but avoiding taxes hurts all of us,” he continued. “Donald Trump’s shenanigans cost the city of New York.”
Stewart showed another clip of O’Leary arguing with CNN’s Laura Coates when she contended that Trump had falsified business and financial records, then questioned why those actions shouldn’t be prosecuted.
“Everything you just listed off is done by every real estate developer everywhere on Earth in every city,” O’Leary shot back “This has never, ever been prosecuted.”
“The f***ing entitled arrogance,” Stewart exploded. “I don’t know if you know this, but most people just can’t commit fraud and expect to face no repercussions, even if everyone’s doing it.”
He rattled off a list of financial crimes including lying about income on a car loan application, claiming dependents who don’t exist, and defrauding social services to get food stamps.
“I will guarantee you there aren’t just financial consequences for those lies, but criminal ones,” Stewart concluded.
“But, don’t tell that to the investment community, because in their minds, in pursuit of profit, there is no rule that cannot be bent, there is no principle that cannot be undercut, as long as you and your f***ing friends are making money.”
After making headlines for his rant, Stewart apparently attracted the attention of the internet, who decided to point out his hypocrisy.
“Did Jon Stewart commit fraud when he sold his penthouse for $17.5M?” Conservative podcaster Tim Pool tweeted on Tuesday.
“NY listed its market value at $1.8M an AV at around 800k. Who did he He defraud?? I am SHOCKED.”
Did @jonstewart commit fraud when he sold his penthouse for $17.5M?
NY listed its market value at $1.8M an AV at around 800k
Who did he He defraud??
I am SHOCKED
SHOCKED pic.twitter.com/9okis96VQP
— Tim Pool (@Timcast) March 26, 2024
According to the New York Post, Stewart sold his 6,280-square-foot Tribeca duplex for $17.5 in 2014, but the assessor valuation from the same year was only $847,174.
The penthouse reportedly sold for 829% more than it was worth, yet Stewart reportedly only paid taxes on the assessed value of the property, which according to him in regards to the Trump case, “cost the city of New York.”