Donald Trump’s claim that there were no victims is wrong

Nobody lost money? If Mr. Trump received favorable loan and insurance terms, then investors in those banks and insurance companies lost money.

Mr. Trump’s fraudulent inflation of asset values led to reduced borrowing costs for himself and to corresponding reduced revenue for the banks and insurance companies involved. Though the thought of reduced revenue for banks and insurance companies might not initially seem too troubling, millions of Americans, in all income classes, own stock, mutual funds or pension plans with investments in finance companies. Though there might have been no singular, high-profile victims in the Trump case, there were indeed a great many victims.

For its long-term solvency, how could the finance industry allow such fraudulent activity to go unpunished? Mr. Trump’s claim that nobody lost money is unconvincing. Why has there been so little pushback from the media and from the finance industry on this claim?

John F. O’Connor, Springfield, Mass.