Feb. 17, 2024 - Epoch Times
10:01
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| Time | Text |
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| Just earlier today, the judge overseeing the civil fraud case against President Trump right here in New York, well, he issued his official ruling. | |
| You can see it up on your screen. | |
| It is a 96-page document that, among other things, claims that Trump is liable for manipulating his net worth in order to secure more favorable bank loans, and he is therefore ordered to pay a massive penalty of roughly $355 million. | |
| Also, besides President Trump himself, his two adult sons, Eric Trump as well as Donald Trump Jr., are both ordered to pay $4 million each, as well as Mr. | |
| Allen Weisselberg, a Trump Organization executive, who has been ordered to pay $1 million. | |
| Now, in terms of why this penalty is so large, let me give you a bit of background. | |
| In this case, the Attorney General of New York, Ms. | |
| Letitia James, she was accusing President Trump of inflating his net worth in order to secure more favorable bank loans. | |
| And even though President Trump paid off all the loans, and even though the banks made money on those loans, well, Ms. | |
| James was still arguing that the banks were victims, because they could have made more money in interest if President Trump had not inflated his net worth. | |
| And as such, here is the rationale for the $355 million penalty. | |
| Quote, In total, | |
| when you include everyone from the Trump Organization, all the different executives, the financial penalty amounts to $364 million. | |
| And here's specifically how the judge broke it down. | |
| The figure breaks down to $168 million for several properties, with interest applied for March 2019, and $126 million from another small group of properties, including the old post office building in Washington, D.C., with interest applied for May 2022. | |
| The Donald J. Trump Revocable Trust and other umbrella organizations are jointly liable for $60 million with interest from June 2023. | |
| Eric Trump and Donald Trump Jr. | |
| are personally liable for $4 million each with interest from May 2022. | |
| And Mr. | |
| Weisselberg is personally liable for $1 million with interest from January of 2023. | |
| But this penalty actually gets even worse. | |
| That's because besides the financial punishment, there were two other stipulations. | |
| The first had to do with President Trump and his two adult sons not being able to serve as business executives here in the state of New York. | |
| Quote, One of the sons, Eric Trump, is the Trump Organization's de facto chief executive, and the ruling throws into doubt whether any member of the family can run the business in the near term. | |
| Meaning, in plain English, that President Trump will not be able to serve in any executive capacity of any company here in New York for the next three years. | |
| And also, his sons will not be able to serve as executives for the next two years. | |
| And as such, the question of who will be running the Trump Organization during this period of time becomes quite pertinent. | |
| In fact, the ruling also stipulates that, quote, And so between not being able to serve as an executive and not being able to get loans, this effectively bars President Trump from doing any business in the state for the next three years. | |
| Furthermore, besides the question of who will be running the company, well, Judge Ingerin, he imposed another crucial punishment against President Trump by forcing an independent state monitor to remain at the Trump Organization for at least the next three years. | |
| Quote, Judge Ingerin extended for three years the appointment of an independent monitor who will be the court's eyes and ears at the Trump Organization watching for fraud and second-guessing transactions that look suspicious. | |
| Trump's lawyers have railed against the monitor, Ms. Barbara Jones, saying that her work has already caused the business more than $2.5 million. | |
| And so generally, this is a rather rough development for President Trump as well as the Trump Organization as a whole. | |
| In terms of finances, the latest reporting that I've read claims that President Trump has about $425 million in cash on hand. | |
| And so between this $355 million fine as well as the $83 million fine that he was ordered to pay Ms. | |
| E. Jean Carroll in that defamation lawsuit that was decided on last month, well, it might really be the case that all of Trump's available cash gets wiped out. | |
| Now just for your reference, this whole case was what's known as a bench trial, meaning that there was no jury, and it was essentially Judge Arthur Ingram who unilaterally decided that President Trump and the Trump Organization were guilty, and he's also unilaterally decided the financial penalty of $364 million. | |
| And as such, President Trump has already stated that he will be appealing this decision to the New York Court of Appeals. | |
| However, even though the appeal will likely be filed very soon, probably within the next week or two, President Trump will still need to either come up with the money himself or to at least secure a bond within the next 30 days. | |
| Quote, Mr. | |
| Trump will also most likely ask an appeals court to halt the restrictions on him and his sons from running the company while it considers the case. | |
| And so there you have it. | |
| He will not be able to file bankruptcy, and even though he will be appealing the case, he will still be liable within the next 30 days for somehow coming up with the $355 million. | |
| Now, of course, the real winner in this case is Ms. | |
| Letitia James, because if you rewind the clock back to the year 2018, back when she was still running for attorney general, she was running on a platform of getting Trump. | |
| Take a look. | |
| I will never be afraid to challenge this illegitimate president. | |
| He should be charged with obstructing justice. | |
| I believe that the president of these United States can be indicted for criminal offenses. | |
| I will be shining a bright light into every dark corner of his real estate dealings. | |
| And every dealing, demanding truthfulness at every turn. | |
| Individuals who care about, again, going after Donald Trump, this illegitimate governor's president. | |
| And we've got to get ready to agitate and irritate until victory is won, but more importantly, until Trump is defeated. | |
| President, because he's not my president, he's an illegitimate president. | |
| His days are numbered. | |
| We will all rise up and resist this man! | |
| Alright, just to pause here for a super quick moment. | |
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| And indeed, with this verdict now in hand, she has essentially succeeded in her campaign promise. | |
| She has gotten Trump and is now having photos like this being published of her in the New York Times with a caption reading, Very cool. | |
| If you'd like to read the entirety of the 96-page verdict for yourself, I'll throw a link to it. | |
| It'll be down there in the description box below if you are the type of person that likes to dig into the weeds. | |
| And all I ask in return is that as you're making your way down there to the description box, take a super quick detour to smash those like and subscribe buttons so the YouTube algorithm will be quite literally forced to share this video out to ever more people. | |
| And then lastly, if you enjoyed today's episode and you're just thinking to yourself, man, I like this content, I just wish Roman would publish more episodes every single week. | |
| Well, you're in luck, because I do. | |
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| Things like ballot fraud, voter fraud, things like... | |
| Climate change, mRNA vaccines, and other things of that nature. | |
| And of course, everything on Epic TV is properly sourced. | |
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| But just saying certain things on YouTube will have the algorithm that crawls all of our episodes just potentially take our episodes down and maybe even delete our channel if we dare to discuss those topics here. | |
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| And then until next time, I'm your host, Roman from the Epoch Times. | |
| Stay informed. |
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