Donald Trump has spent his entire adult life – roughly six decades – building a financial house of cards. He’s relied on fraud, theft, criminality, psychopathy, and nonstop lying, so he could come off as being wealthy. In reality Trump has always been massively in debt, trying to fend off his next bankruptcy, and living like an exaggerated version of your former roommate who put everything on credit cards and never seemed to have a dollar in cash to his name. But now it’s all over.
Today a New York judge issued a summary judgment finding Donald Trump liable for a sustained pattern of financial fraud. The judge further ordered the revocation of Donald Trump’s business license in New York, and the dissolution of Trump’s business entities in the state – including the Trump Organization. This is before getting to next week’s civil trial, which will be held for the purpose of determining just how big of a financial penalty Trump will get hit with for his decades of fraud.
This means that, on a financial level, Donald Trump’s entire life just got canceled before his eyes. His faux-wealth is gone. His Trump Organization is gone. His assets will be put into receivership and dismantled in order to cover the financial penalties he faces. And based on what a house of cards Trump’s finances are, these penalties will presumably wipe him out entirely.
Trump will try to appeal, of course. But he’s not going to win. And even if the appeals court does put a temporary hold on the dissolution of Trump’s assets, Trump won’t be able to do anything with his assets during that time either. Nor can he shift his money around and hide it from the legal system. That kind of thing only helps to keep you from coming under investigation to begin with. Once the legal system is already scrutinizing your assets, there’s no such thing as hiding them.
So yeah, Donald Trump’s life is now over in a financial sense. Now we just have to wait until his four criminal trials take away his freedom as well. The only good news for Trump is that once he’s in prison for the rest of his life, he won’t need any money anyway.
Bill Palmer is the publisher of the political news outlet Palmer Report