Republican presidential candidate Donald Trump during the grand opening of the Trump International Hotel in Washington, DC, October 26, 2016. (AFP Photo/Mandel Ngan)
A decision was made in Donald Trump's case in New York on Tuesday, and one economics reporter is calling it a "huge loss" for the ex-president.
Speaking to MSNBC's Ali Velshi, standing in for Nicolle Wallace, Susanne Craig agreed with the host's claim Trump's financials were "inconsistent at best."
"You're being kind there. I think the allegation is pretty stark that Donald Trump — there would be something that, I think reasonable minds would agree would be worth $10 million and he would say it's worth $100 million, and this happened over and over and over," said Craig. "And these statements were submitted to banks, to insurance companies in order to secure loans and post favorable terms, and to secure insurance policies, things like that. And the attorney general had brought a civil suit, a quite large one that could cost him to the tune of $250 million."
She explained that the trial was supposed to begin on Monday, but there were last-minute motions for summary judgment. It means that each side simply asked the judge for a ruling from the bench before Trump.
"And I have to tell you, I looked at this and I did a double take," Craig confessed. "It is a huge loss for Donald Trump and a huge win for the attorney general. What the judge has found is that Donald Trump, on this main count, about the inflation of assets, that in fact he's been found liable for that. They've determined he did, in fact, overvalue his assets again and again and again. And they've not only done that, the judge has called for the cancellation of all the defendant's business certificates in New York."
She went on to explain that a number of lawyers must also pay a small, $7,500 fine for filing a frivelous lawsuit. Craig thinks that Trump anticipated this, which is why he sued both the attorney general and the judge.
"But in the short-term today this is a huge, huge blow for the Trump Organization," she closed.
See the clip in the video below or at the link here.
'This is a huge loss for Donald Trump': Economics reporter on Trump Org failure in court www.youtube.com
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