It isn’t just the $355 million that Trump will have to pay for fraudulent behavior in New York, but the ban on borrowing from any bank that does business in New York will cause him massive pain.
Why Does The Fraud Ruling Hurt Trump?
Andrew Weissman discussed how this ruling will impact Trump:
To the extent there’s an ongoing business, there’s not only going to be the former federal judge whose independent monitor, given enhanced authority, up to and including if she recommends, pulling the licenses, there will also be an independent compliance officer overseeing the company, and notably, for three years, Donald Trump and a whole variety of entities cannot seek to have a loan from any company that is chartered in New York. To be clear, that is licensed to do business here. That is many, many banks. They don’t have to be physically located here, as long as they’re licensed to do business here, and the judge has barred the obtaining of loans from them. So that puts a real damper on the way in which Donald Trump can seek to keep his companies afloat, because he can not, for three years, seek that as a recourse.
So I think one of the ways out is to have a sale of assets as a way to get this money or to at least be able to put up the money so that he can take an appeal. So this is really a decision that will cause a lot of pain, not just because of the number but because of the way in which the company is restricted going forward. It has limited the ability to act in New York and to basically have the lifeblood of a company, which is taking out loans since that is really necessary to so many buildings. A very severe decision from Judge Engoron.
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Video:
Andrew Weissmann, “This is really a decision that will cause a lot of pain, not just because of the number but because of the way in which the company is restricted going forward.” pic.twitter.com/uEM5SdhWkw
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By the time the ban ends, Trump may not be alive.
The judge essentially threw the book at Trump. Judge Engoron also terminated several of Trump’s business licenses, but that ruling is already being appealed. If the Trump Organization exists in the future, it will not run independently but be subject to independent monitoring and compliance.
The ruling is essentially a death sentence for the Trump Organization, and politically it is proof that Trump is a fraudster.
Justice came for Donald Trump and his family in a big way on Friday.
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Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
This story originally appeared on Politicususa
