Hochul Backs Trump Takedown: NY Businesses Fear Fallout

New York Democratic Gov. Kathy Hochul has found herself in the spotlight defending the ruling that slapped former President Donald Trump and his organization with a whopping $355 million fine and additional damages. When all is said and done, it comes to over $450 million, according to what the Associated Press has shared. The ruling, handed down by New York Judge Arthur Engoron, also imposed a three-year ban on Trump serving as an officer or director of any New York company and barred his sons from doing so for two years. This essentially requires the Trump Organization to find new leadership for the foreseeable future.

The judge discovered that the Trump Organization had inflated the value of its properties to secure better loan terms, but Trump argued that all loans from banks were paid in full and on time, so there were no victims. He insisted that the banks actually profited from loaning his company the money. Hochul seems to be standing firm, stating that businesspeople in New York should not be concerned, as they are different from Trump and his behavior. She expressed her belief that by and large, other business owners are honest and law-abiding.

The ruling has stirred up quite a bit of controversy, with University of Michigan law professor William Thomas highlighting that no clear victims have been identified. The professor emphasized the rarity of a big business such as Trump’s being subjected to such actions without evident victims and major losses. It’s worth noting that the case was brought under a consumer fraud statute that has never been used in this manner before. However, Judge Engoron ultimately did not order the dissolution of Trump’s business, instead temporarily removing it from his control and imposing a monumental fine.

George Washington University Law School professor Jonathan Turley expressed concern about the impact Engoron’s ruling will have on New York businesses, stating that the state is already seen as a hostile business environment. He believes that such a severe ruling is likely to deepen concerns about the arbitrary application of the law. Turley suggested that the ruling could result in numerous businesses exploring potential rentals in Florida, as they may fear being on the wrong side of New York politics.

Former President George W. Bush press secretary Ari Fleischer echoed these concerns, suggesting that Democratic officials might use similar legal means against other Republican businessmen seeking office. Judicial Watch president Tom Fitton criticized Hochul’s reassurance to other business owners, arguing that she essentially admitted it was all about getting Trump. Given the impact of the ruling, the potential for a surge in businesses fleeing New York, and the warning signs about its impact on the business community, it’s clear that this ruling has set off a firestorm of controversy.

Written by Staff Reports

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