Investigative reporter and Trump biographer David Cay Johnston told CNN on Wednesday that former President Donald Trump is looking at a potentially dire financial situation after New York Judge Arthur Engoron found him liable for committing financial fraud.
In breaking down the ruling, Johnston noted that it essentially blocked the Trump Organization from continuing to operate in the state of New York.
"In New York, you cannot operate a business except as a sole proprietor... unless you have a license from the state," he argued. "And the judge has canceled all of those licenses all of which fall under the umbrella of the Trump Organization. This is a corporate death penalty."
POLL: Should Trump be allowed to run for office?
While this is obviously bad for the Trump Organization itself, Johnston said it would be a massive hit for Trump personally as well.
"Donald potentially could end up with nothing but his presidential and television show pensions," he said. "Eventually, after he appeals, which he will... those assets will be seized, they will be sold and clearly they will not bring the highest prices. Creditors, fines due to the state and taxes will be paid first, and if there is anything left, Donald will get that money. But since he inflated assets, it is not likely to be much if anything."
Watch the video below or at this link.
Trump could end up with almost 'nothing' after judge gives his company 'death penalty': reporterwww.youtube.com
