Staff Reports
In a fiery showdown on CNN, Kevin O’Leary, best known as a shark investor on “Shark Tank,” fiercely defended the real estate industry following Donald Trump’s contentious legal troubles in New York.
The intense debate erupted when CNN’s Laura Coates questioned the impact of fraud on business confidence. O’Leary wasted no time firing back, dismissing the fraud allegations against Trump and emphasizing the broader implications for developers everywhere.
WATCH: Kevin O'Leary Schools CNN Host On Trump's NYC Verdict: 'What Fraud?!' – EVOL – https://t.co/kQm2NdUeAP
— evol.news (@evol_news) February 20, 2024
Amidst the heated exchange, O’Leary expressed deep concerns about the potential negative impact of the ruling on New York’s investment climate. He argued that the verdict sends a chilling message to investors worldwide, potentially diverting investments away from New York to more business-friendly states.
O’Leary even went as far as announcing a boycott of New York City over the Trump ruling, labeling the state as a “loser state” alongside California due to its unfavorable policies, high taxes, and restrictive regulations.
The ruling, which requires Trump to pay over $350 million and prohibits him from conducting business in New York for three years, not only threatens to drain his cash reserves but also marks a critical juncture in his business career.
The New York Attorney General, Letitia James, leveled accusations against Trump and his company, alleging that they inflated asset values to secure benefits such as loans and tax deductions. The court found substantial evidence of fraudulent misrepresentation, imposing several punitive measures, including the continuation of an Independent Monitor’s appointment and restrictions on Trump’s business activities in New York.
Trump’s legal woes extend beyond this civil ruling, as he is set to face a criminal trial in New York, marking a historic moment as the first criminal trial for a former president. During a recent pretrial hearing, Trump faced a grand jury indictment with 34 felony counts related to falsifying business records, to which he pleaded not guilty.
In the face of these legal battles, O’Leary vehemently defended the real estate industry and raised concerns about the broader business implications, painting New York as unwelcoming to business and investment.
While the legal proceedings against Trump unfold, the ramifications of the ruling continue to reverberate, sparking impassioned debates and drawing attention to the larger economic and business landscape.
