New York State becomes ‘legal banana republic’ – Prepare for mass exodus of businesses from NY
via Foxnews:
Legal experts analyzed what they called “breathtaking” civil penalties against former President Donald Trump, Donald Trump Jr., Eric Trump, former Trump Organization Comptroller Jeffrey McConney and ex-CFO Allen Weisselberg – warning other corporations based in the Empire State may realize they could suddenly be put out of business by the state on a political whim.
New York Supreme Court Judge Arthur Engoron found Trump liable for more than $350 million in damages in the fraud suit brought against him and his company by New York State Democratic District Attorney Letitia James.
Trump Sr., the Trump Revocable Trust and Trump Organization were found liable for $60 million, while Trump’s sons and Weisselberg were found liable for $4.01 million each – and Trump Sr. plus several entities including the Trump Organization and the LLC signifying Trump’s Chicago hotel were banned from applying for loans with institutions registered with New York for three years.
The three Trump family members were also banned from serving as executives of any business or legal entity based in New York for a similar length – which is key, as the Trump Organization is housed at its iconic tower at 5 Av and E. 57th Street.
In that regard, former Bush White House press secretary Ari Fleischer told Fox News the ban may spur Trump to relocate his entire business empire to Florida, just as he has his primary residence.
“If you’re Eric [or] Donald Junior, what are you going to do?” he asked.
“[Y]ou just say goodbye to New York, which fits a pattern that many successful people have been doing and leaving New York because New York is just too political, too blue and too punitive – you’re seeing that in the business community and among upper income New Yorkers already,” he said – adding the state’s crime wave accentuates the issue.