Staff Reports
In a shocking development, New York Democratic Governor Kathy Hochul is facing scrutiny after a judge ruled that former President Donald Trump and his company owe the state $355 million in fines and damages. And with interest, the total amount climbs to over $450 million. The judge also imposed a three-year ban on Trump serving as an officer or director of any New York company and a two-year ban on his sons Donald Jr. and Eric, effectively requiring the Trump Organization to find new leadership.
The ruling stems from the judge’s determination that the Trump Organization inflated the value of their properties to obtain better loan terms. Despite Trump’s protestations that all loans were paid in full and on time, the judge found that the banks did not suffer any losses and yet, Trump and his company must pay a massive fine.
"The case was brought under a consumer fraud statute that has never ever been used before for this purpose."
Former President Donald Trump reacts to his NY civil fraud verdict.
More: https://t.co/H1OtuWWR2t pic.twitter.com/evW9TsDYb7
— NEWSMAX (@NEWSMAX) February 18, 2024
Hochul’s response to questions about the impact on New York businesspeople has raised eyebrows. She claimed that law-abiding New Yorkers have nothing to worry about because they are different from Trump and his behavior. But her dismissal of the concerns comes as a surprise, especially given that this is the only big business in 70 years to be threatened with a shutdown under New York law without obvious victims or major losses.
University of Michigan law professor William Thomas echoed this sentiment, asking, “Who suffered here? We haven’t seen a long list of victims.” The judge’s decision to not order Trump’s business to be dissolved has also prompted outrage, with critics arguing that the ruling could have dire consequences for New York’s business environment.
The implications of this ruling have sparked a heated debate, with some experts suggesting that the decision may be overturned or mitigated at the New York Court of Appeals or the U.S. Supreme Court. Meanwhile, others have expressed concerns that Democratic officials might use similar legal means against other Republican businessmen seeking office, turning New York into a legal banana republic.
In light of these developments, it is clear that this ruling has broader implications beyond just the Trump Organization. The potential effects on New York’s business climate and the looming specter of political manipulation have raised alarm bells across the political spectrum. Governor Hochul’s dismissal of these concerns only serves to fuel the fire of controversy, leaving many to wonder about the future of economic justice and fairness in the state of New York.
