All posts tagged: business empire

Trump Is Facing Some Serious Financial Troubles

Trump Is Facing Some Serious Financial Troubles

The danger posed to Donald Trump’s finances by two recent judgments against him has been, if anything, underappreciated. The size of the awards, the structure of the former president’s business empire, and the condition of the real-estate market combine to create a truly perilous moment for the former president’s company and, by extension, for Trump’s personal finances. Trump must put up the $83.3 million awarded to the writer E. Jean Carroll for defamation by March 9. He also owes more than $450 million—the amount continues to grow because of interest—in a fraud case brought by New York Attorney General Letitia James, and must put up cash or post a bond by March 25. He has appealed both decisions. Trump doesn’t have that money on hand. In an April 2023 deposition for the fraud case, Trump said, “We have a lot of cash. I believe we have substantially in excess of $400 million in cash, which is a lot for a developer. Developers usually don’t have cash. They have assets, not cash. We have, I believe, …

The Real Difference Between Trump and Biden

The Real Difference Between Trump and Biden

Americans likely face a choice this fall between two men they don’t want for president. Or they can stay home and get one of the two guys they don’t want for president anyway. The reasons for voter disdain are clear enough: Poll respondents say Joe Biden is too old, an impression reinforced by last week’s special-counsel report, and they have always been troubled by Donald Trump’s judgment and character (though a majority think he’s too old too.) Voters have genuine questions about both men. But we’ve seen each occupy the presidency. One thing the two administrations have made clear is that whereas Biden follows an approach to governance that seems to offset some of his weaknesses, Trump’s preferred managerial style seems to amplify his. Many people treat elections as a chance to vote a single individual into office; as a result, they tend to focus disproportionately on the personality, character, and temperament of the people running. But voters are also choosing a platform—a set of policies as well as a set of people, chosen by …

The Cases Against Trump: A Guide

The Cases Against Trump: A Guide

Not long ago, the idea that a former president—or major-party presidential nominee—would face serious legal jeopardy was nearly unthinkable. Today, merely keeping track of the many cases against Donald Trump requires a law degree, a great deal of attention, or both. In all, Trump faces 91 felony counts across two state courts and two different federal districts, any of which could potentially produce a prison sentence. He’s also dealing with a civil suit in New York that could force drastic changes to his business empire, including closing down its operations in his home state. Meanwhile, he is the leading Republican candidate in the race to become the next president. If the court cases unfold with any reasonable timeliness, he could be in the heat of the campaign trail at the same time that his legal fate is being decided. David A. Graham: The end of Trump Inc. Here’s a summary of the major legal cases against Trump, including key dates, an assessment of the gravity of the charges, and expectations about how they could turn …

Judge Rules Trump’s Business Empire Committed Fraud

Judge Rules Trump’s Business Empire Committed Fraud

The courts are finally catching up to a man who has long behaved as though there would never be any consequences for his deceptions. Mario Anzuoni / Reuters September 27, 2023, 11:01 AM ET “That is a fantasy world, not the real world.” So wrote Arthur Engoron, a New York State judge, in an unexpected ruling late yesterday that threatens the heart of Donald Trump’s business empire. Engoron was referring in particular to arguments offered by the former president’s attorneys in the case, but his words describe many of the details of the case—such as the valuations of Trump’s properties and even the square footage he claimed they contained, both of which the court found were “clearly” fraudulent. Much of the reputation Trump cultivated as a business mogul was built on lies. The surprise is not that Trump and his co-defendants, including his sons Donald Jr. and Eric, committed fraud. What is surprising is that he could finally be punished for it—and quite harshly. The scheme that New York Attorney General Letitia James alleged last …