MicroWaveSep 27, 2023

Scathing court ruling on Donald Trump’s empire is a bitter blow to his successful tycoon persona

https://lemmy.world/post/5816068

Scathing court ruling on Donald Trump’s empire is a bitter blow to his successful tycoon persona - Lemmy.world

For years Donald Trump was the host of The Apprentice, a reality TV show in which contestants vied for a management job within his organisation and he would deliver the verdict: “You’re fired!” It cemented the image of Trump as an assertive chief executive who had conquered New York, an image that still proves seductive to millions of voters who want him to run America like a business. But like much else about the 45th US president, it was all a lie. On Tuesday a judge found that Trump’s business empire was built, at least in part, on rampant fraud. Justice Arthur Engoron of the New York state court in Manhattan said Trump and his adult sons wildly inflated the value of his properties to hoodwink banks, insurers and others. … The decision will make it easier for state attorney general Letitia James to establish damages at a civil trial due to start next week; she is seeking a penalty of about $250m. Engoron ordered the cancellation of certificates that let some of Trump’s businesses, including the Trump Organization, operate in New York – just possibly the beginning of the end of his empire.

Show threadViking_HippieSep 27, 2023

Would have been a lot more of a blow to him if his crimes were tried in CRIMINAL court where such cases belong, for once!

He keeps being found guilty of crimes that would land someone less rich and powerful in jail for several years and getting only a fucking fine!

Show threadFlying SquidSep 27, 2023
I agree he should be in jail, but this is going to stop him from doing business in New York, where he built his empire and where a huge amount of his business is still done. So this hurts him even though it isn’t criminal.
Show threadViking_HippieSep 27, 2023
It won’t hurt him other than financially and he’ll just get loans from various corrupt foreign entities and donations from his cult following to cover it. What are they going to do, slap his wrist harder? 🙄
Show threadFlying SquidSep 27, 2023
Hurting him financially is a good thing, isn’t it? And not being able to do business in New York is a huge loss to the Trump family business. This isn’t a small thing. This means they have to do things like unload Trump Tower. Without making a profit.
Show threadViking_HippieSep 27, 2023

Hurting him financially is a good thing, isn’t it?

In the same way that a slap on the wrist is better than nothing. As I explained above, it’s just a temporary setback that he’ll recover from quite easily since rich grifters can always get more money.

And not being able to do business in New York is a huge loss to the Trump family business.

Yes and no: the main family business is political grifting now, which much more than makes up for the loss

This means they have to do things like unload Trump Tower. Without making a profit.

Nope. It specifically says in the article that he gets the money from selling the businesses. Even when you factor in the fine, he’s gonna profit from that. Maybe even more than he would from running the companies.

Show threadFlying SquidSep 27, 2023

“It’s the corporate death penalty,” said Diana Florence, a veteran financial crimes prosecutor for the Manhattan district attorney’s office, now in private practice.

“This ruling essentially dissolves his company,” she said, though she predicted that years of appeals may pass before anything actually happens.

businessinsider.com/trump-new-york-judge-finds-bu…

Think I’ll take a veteran financial crimes prosecutor for the Manhattan DA’s word over yours, sorry.

Donald Trump committed fraud for years, NY judge finds

A judge invoked 'Groundhog Day,' and the Marx Brothers in a scathing pre-trial ruling that threatens Trump's real-estate empire.

Insider
Show threadViking_HippieSep 27, 2023

Again, says it’s a death blow for the corporation, not him. Also doesn’t say that he doesn’t get to profit.

None of what I’ve said has contradicted anything that she said, so it’s not the “either or” situation you’re imagining it to be.

Show threadViking_Hippie

Again, says it’s a death blow for the corporation, not him. Also doesn’t say that he doesn’t get to profit.

None of what I’ve said has contradicted anything that she said, so it’s not the “either or” situation you’re imagining it to be.

The fine itself is less than what he raised in 8 weeks to pretend to investigate imaginary election fraud.

Trump Raised $250 Million Since Election To Challenge Outcome—Here’s Where Most Of The Money Will Actually Go

New FEC filings show how many fundraising dollars Trump accumulated in the weeks after the 2020 election.

Forbes
Sep 27, 2023 at 10:33amWeb