NBC’s Chuck Rosenberg pointed out that Letitia James’ lawsuit in New York could spell financial ruin for Trump and his family.
Rosenberg said in MSNBC’s Andrea Mitchell Reports:
Liquidity for the Trump Organization will be a big problem. Credit could be obtained. It’s getting harder to get additional credit. The value of the real estate, if the Attorney General got it right, is much, much lower than the Trumps proclaimed. Without being apocalyptic here, this could lead to the company’s financial ruin. Sure, they can reorganize in another state. You will have to face the consequences of this lawsuit in New York State one way or another. Court cases take a long time. Especially in civil matters. Especially in crowded docks like those in New York State.
I don’t expect that we’ll know the answer to that next week or next month or even next year. The financial problems are huge for the Trump organization and for the Trump family. As I mentioned before, I think that one way or another we would end up in court with a lawsuit like this.
The Trump family’s entire business was based on credit and ratings. When they no longer have access to new loans and the loans they had are canceled due to fraud issues, that’s a big problem. If the Trump real estate is valued much lower than Trump claims, the Trump family is worth less money.
It’s easy to imagine Trump and his family being financially ruined before criminal charges come into play. Trump has hundreds of millions of dollars in loans due to the Chinese government. Trump owes a total of $900 million in loans maturing between 2021 and 2024.
Trump also didn’t pay taxes on $300 million in loans he received.
Trump was already in shaky financial shape before James announced that New York State wanted $250 million from the Trump Organization, and it’s easy to see that Rosenberg was right.
Donald Trump and his family are threatened with financial ruin.
Mr. Easley is the managing editor. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public policy with a specialization in social reform movements.
Awards and professional memberships
Member of the Society of Professional Journalists and the American Political Science Association