On “Mornings with Maria” on Monday, financial expert Kevin O’Leary delivered a scathing critique of former President Trump’s assets in case he is unable to pay the nine-figure penalties in his civil fraud case. He compared the scenario to that of Venezuela.
Trump’s Assets
The Republican front-runner for 2024 is presently liable for little over $354 million, with interest that accrues at a rate of around $112,000 per day following the verdict. Attorney General of New York, Letitia James, has sworn that the state will begin taking Trump’s property if he doesn’t pay. Developers are questioning if the punishment penalty interest is appropriate given the conduct, according to O’Leary, a businessman, investor, and chairman of O’Leary Ventures, who expressed concern about the New York court’s decision.
There’s No Victim Here
“Remember there is no money lost, there’s no victim here, so essentially just under half a billion-dollar fine for a situation where no monies were lost and the harmed party, supposedly the banks, were fully paid back,” he stated. “We are wondering does this make sense, asking ourselves how long will it take for the appellate court to bring down to a what reasonable number might be, I have no idea what that is.”
All That Trump Is Ruled to Be Liable For
Trump and the defendants were found responsible by New York Judge Arthur Engoron for a variety of offenses, and the decision has been challenged by Trump’s legal team.
This Is a Little Scary
O’Leary stated that investors are not investing any more money in New York projects while the lawsuit is pending and expressed his “great concern” over the next step of asset seizure. “Capital comes to America because of the stability of the justice system,” he said. “This is not stable, in terms of many people’s eyes, domestically and internationally, seizing assets happens in Venezuela, it doesn’t happen in New York. So this is a little scary.”
The Quiet Exodus of Capital Leaving New York
He said that while this is happening, New York would lose its position as the leading state for businesses such as hydropower, commercial real estate, and AI data, and that there will instead be a “quiet exodus of capital leaving New York.”
You Are in Partnership With the Government
“It’s going to North Dakota, Oklahoma, West Virginia, Montana, Tennessee, they have the same power and if you look at governors there, spending that much money, you are in partnership with the government,” stated the governor. “New York is no longer on that list.”
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