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The Democratic New York Governor Kathy Hochul found herself defending Trump’s fine. With the interest added on, his fine is over $450 million. Trump is also banned on serving as an officer or director in the state for three years. His two sons got a similar two year ban. The family has to find short term officers for the organization. The judge said Trump inflated how much his property was worth.
Hochul made New York business wonder
Trump responded that all his loans were paid in full, on time. There’s no victims here. The banks actually made money loaning him what he needed.
His financial statements encouraged all involved to do their own due diligence. They had the right to look into his worth to see if it matched what he said it was.
Democratic NY Governor Hochul effectively tells NY businesses not to worry–it was all about getting Trump. https://t.co/rbej7qCoN8
— Tom Fitton (@TomFitton) February 18, 2024
Check the Hochul politics
If you’re a Democrat, keep your nose clean and pay your taxes, you might be left alone. Media and business owners spotted that business might need to check their activities at the door.
John Catsimatidis, host of “The Cats Roundtable” on WABC 770 AM spoke with Hochul, wondering whether this could happen to other business owners in the state. It makes sense that if “they can do that to the former president, they can do that to anybody.”
Hochul responded the case was extraordinary
John Catsimatidis continued, “I think that this is really an extraordinary, unusual circumstance that the law-abiding and rule-following New Yorkers who are business people have nothing to worry about, because they’re very different than Donald Trump and his behavior. By and large, [other business owners] are honest people, and they’re not trying to hide their assets, and they’re following the rules.”
The AP itself researched 70 years of fraud cases in New York law and found that Trump’s case is the “only big business found that was threatened with a shutdown without a showing of obvious victims and major losses.” Two law professors weighed in. William Thomas of the University of Michigan and Jonathan Turley of George Washington University School of Law. Turley wrote in The Hill that,
“[T]he court admitted that not a single dollar was lost by the banks from these dealings. Indeed, witnesses testified that they wanted to do more business with Trump, who was described as a ‘whale’ client with high yield business opportunities. Undervaluing and overvaluing property is a longstanding practice in New York real estate. The impact on New York business is likely to be dire. New York is already viewed as a hostile business environment, with the top end of its tax base literally heading south as taxes and crime rises. This draconian award is only going to deepen concerns over the arbitrary application of the law.”
