Tag: The Trump Organization

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Business Donald Trump The Trump Organization

Forbes Flattens The Former Guy After He ‘Demands’ They Apologize For Their Reporting

Though he loudly proclaims himself to be a “great businessman” who has made a fortune in the real estate business, that’s far from the truth, as we learned recently when Forbes magazine dropped failed former president Donald Trump from their ranking of the richest people in the United States.

As the magazine explained, the Trump Organization has taken some major reversals in recent years, and that’s mainly the result of moronic business decisions made by the Donald:

His net worth is down more than $600 million from a year ago. The biggest reason: Truth Social, his social-media business. Trump once envisioned a significant percentage of the country logging onto the platform. But that never happened. Roughly 6.5 million have signed up so far, about 1% of the total on X (né Twitter). Trump’s 90% stake in Truth Social’s parent company has plummeted in value from an estimated $730 million to less than $100 million.

Even though the article removing Trump from the richest Americans list was published weeks ago, Donnie lashed out on Truth Social two days ago, posting an unhinged screed:

“I hereby demand a full apology from the failing Forbes Magazine, and their third-rate psycho writer, Dan Alexander, for the many false and libelous articles they have written about me, and for the cooperation they have given to the Racist and Incompetent A.G. of New York State, Peekaboo James.

“[Forbes] is owned by the Communist Chinese Government, and China will do anything to stop MAGA. Forbes, a Globalist ‘Rag,’ is a propaganda play against TRUMP.”

Boo hoo! You want some cheese with that whine, Dotard?

That led Forbes senior editor Dan Alexander to respond to the disgraced ex-president on Twitter.

“Hey Donald Trump, if you want to point out a single false fact in any of the articles I’ve published about you—or in the book I wrote about you—feel free. In the meantime, I’m going to keep reporting—and carefully fact-checking every word I publish.”

Trump has yet to reply to Alexander, probably because he knows he has no facts to refute what Forbes has said about him.

Once again, we see what a pathetic wimp Donald Trump is and always will be. He’s a little man who’s terrified of the legal jam he’s in and likely to spend the rest of his life behind bars.

Donnie, you’re in no position to “hereby demand” anything, especially since the entire world knows what a failure you are.

 

Categories
Crime Donald Trump The Trump Organization

Trump Is Facing More Than $600 Million In Fraud Fines – He Doesn’t Have The Cash To Cover Them

Now that he’s facing the prospect of having to pay hundreds of millions of dollars in fines for systematic fraud he allegedly committed as head of the Trump Organization, failed former president Donald Trump is about to find himself in a financial bind that could result in him having to either sell off most of the properties he owns or declare financial insolvency.

New York Attorney General Letitia James is seeking $250 million in fines for the fraud, and a judge will begin to hear arguments in the case Monday. Trump has said he will be present for the hearing, but his former personal attorney, Michael Cohen, doubts the Donald will actually appear in person.

Cohen also explained that Trump is cash poor, which will be a problem when the judge makes his ruling on financial penalties.

Appearing on MSNBC, Cohen told host Jen Psaki, “Knowing Donald the way that I do, I would say that there is less than a 20 percent chance that he actually shows up. What is he showing up for? To show, up and to watch, he is not being called tomorrow? He is going to sit and watch as the judge listens to testimony based upon how the evaluations were wrong, how the judge is going to determine the extent of the damage.”

Cohen then explained the $250 million figure is merely a starting point for the fines.

“There is a baseline here of $250 million. She does not believe that it will be less than $250 million. I suspect that it will be in excess of $600 million.”

In addition to the fines, there would be interest and penalties. And that’s where the numbers get really enormous.

For example, if the interest is 2% on $250 million, that would be $5 million annually. Now extrapolate that out over several years.

“So, tack on another five years for that. Compound it, you’re talking about another $30 -35 million. That’s just the interest penalty.”
“I mean, the numbers are really huge here,” he explained.

The end result would be that Trump’s assets would be divided to pay the fines, interest, and penalties. Buildings would be sold, as would other things — such as golf resorts, i.e. Mar-a-Lago — and the disgraced ex-president could soon find himself without a place to live.

Karma has finally arrived for Donald Trump, and it’s about to take one hell of a bite out of his fat ass.

Here’s Cohen on MSNBC:

 

Categories
Business Crime

New York AG May Impose ‘Corporate Death’ On The Trump Organization

Letitia James is the Attorney General for the state of New York, and that makes her one of the most powerful prosecutors in the country, especially since she’s making it clear that she intends to “use every area of the law” as she investigates the president, his family, and his business, as NBC News has reported:

“New York law allows the attorney general to seek restitution and damages — and, in extreme cases, dissolution — if a business is found to have engaged in persistent fraud. There’s also the Martin Act, a 1921 statute designed to protect investors.

“Past attorneys general have used the Martin Act, considered to be the U.S.’s toughest such state statute in this realm, to expand their powers in the financial crimes sector. The law empowers the attorney general to subpoena witnesses and documents for information pertaining to possible fraud.”

 


As many crimes as the Trump Organization is suspected of having committed (Trump University was just the tip of the iceberg, experts say), AG James could use a legal sledgehammer as she goes about bringing charges against the president’s company, which just so happens to be run by his two eldest sons, Don Jr. and Eric. And that could prove especially catastrophic for the Trump business empire. The power wielded by James under the laws of New York could even be used for a “judgment of corporate death” if she chooses to seek the total dismantling Trump’s holdings in real estate and other businesses.

 


The New York AG has already signaled the direction she plans to pursue, at least initially, having subpoenaed banks that do business with Trump as a way of seeing inside the Trump Organization and Trump’s bank accounts.

Something James told MSNBC host Ari Melber should be of special concern to the president and anyone with connections to the Trump Organization:

“Most of (Trump’s) business activities are performed in New York, he engages in business in New York, he operates in New York and it’s really critically important that New Yorkers as taxpayers — it’s really critically important that we understand and know whether or not he devalued his corporations and he received some tax benefits thereof, that he engaged in false claims against New Yorkers.”

 


Letitia James is going after Trump on numerous fronts. But it’s her investigation of the Trump Organization that could well pose the greatest legal danger to him.

 

Categories
Crime Donald Trump Eric Trump

Whiny Eric Trump Complains NY Courtroom Where Fraud Trial Is Being Held ‘Smells’ – ‘It’s Disgusting’

Much like his father, Eric Trump is a whiny little weasel who is upset that the family’s company, the Trump Organization, is having to face penalties for their decades of alleged bank and tax fraud, probably because all of the Trump siblings know they’ll never be able to get a real job and are terrified of what happens once the grifting gravy train ends for them.

According to Newsweek, Eric was a guest on right-wing channel Newsmax Wednesday, and he began whining from the moment he started talking to host Carl Higbie, suggesting that the “smell” in the New York courtroom where the fraud trial is taking place just about made members of his family physically ill.

“The courthouse I was in today, it’s disgusting. It smells. You had cables running across all the walls. It’s a disgrace and the fact that that’s a representation of our legal system…” he said. “You see the same thing at airports. I mean how many times do you fly through an airport and you see acoustical airport tiles that are falling down, right?”

A few minutes later, Eric was asked about the government shutdown that was averted late last week, remarking:

“Do I think it was a mistake not shutting down the government? 100 percent. They should’ve. We are running a $2 trillion deficit and our bridges are falling down and our roads suck and our trains are antiquated, they are from the 1950s. You look at China where they are building these bullet trains that go 300 miles per hour, we are falling behind the rest of the world.”

The Trump family and the Trump Organization are facing up to $250 million in civil fines (which would likely be closer to $600 million with interest and penalties), a figure that could bankrupt the company and result in large portions of the Trump real estate holdings being sold off to cover the expenses.

Trump Org. is also banned from doing business in the state of New York, a penalty that’s the equivalent of a financial death penalty, which will be hard for the failed ex-president to explain to his followers considering that he’s been telling them for years he’s the best businessman on the planet.

 

Categories
Business Donald Trump The Trump Organization

Trump’s Financial Lies Just Got Him Booted From The World’s Most Exclusive Club

The same financial lies that have gotten disgraced, multiply-indicted ex-president Donald Trump in big trouble with the state of New York now have him in hot water with the most exclusive club in the world: The Forbes 400 ranking of America’s richest people.

Forbes announced today that as a result of Trump’s “relentless” lying to reporters for decades in a pathetic attempt to boost his ranking on the list, he has now been dumped from it completely.

His net worth is down more than $600 million from a year ago. The biggest reason: Truth Social, his social-media business. Trump once envisioned a significant percentage of the country logging onto the platform. But that never happened. Roughly 6.5 million have signed up so far, about 1% of the total on X (né Twitter). Trump’s 90% stake in Truth Social’s parent company has plummeted in value from an estimated $730 million to less than $100 million.

The failed former president is also failing badly on the real estate front, Forbes reports, with his Trump branded properties down in value by a staggering $170 million. That figure could be increasing by even more as the state of New York has also banned Trump and the Trump Organization from doing business in the state and are seeking at least $250 million in financial damages for the crimes allegedly committed by the company.

Is anything going well in the business world for Trump? Well, his golf clubs are at least making money.

As fewer people spend time in the office, more are goofing off on the golf course. That’s especially good news for Trump National Doral, the former president’s most valuable golf property, purchased for $150 million in 2012. Trump commenced an extensive renovation of the Miami resort, reportedly injecting more than $200 million of additional cash, before politics spoiled his investment.

The Donald has been off the list before, only to slither back onto it years later, Forbes notes.

In the 1990s, Trump took out enormous loans that resulted in well-publicized bankruptcies. He made a comeback from that but fell off once more in the midst of the Covid pandemic which hit the hotel and travel industry hard, leading to gigantic losses that he hoped would be offset by the launching of his Truth Social platform, which has been a total bust, with only 6.5 million users. That’s about 1% of the total who are on Twitter. Overall, Trump’s 90% stake in Truth Social’s parent company has fallen in value from $730 million to less than $100 million.

Can Trump reinvent himself this time and make a financial comeback? Considering that he’s 77 years old and facing decades in prison, it seems beyond impossible, especially for a man who doesn’t have an ounce of truth in his enormous, bloated body.