Earlier this week, when New York subpoenaed financial records in relation to specific acts of bank fraud and insurance fraud committed by Donald Trump, Palmer Report explained that the state was embarking on a plan to take Trump’s assets from him. The violations in question can result in massive monetary fines, which cash-poor Trump can’t pay, meaning the state can then begin seizing his assets. Now, New York is moving further ahead on this plan.
Today the New York Attorney General brought new legal action against Donald Trump over the charitable fraud and election fraud he committed with regard to his Trump Foundation. Between restitution and damages, New York is seeking about eight million dollars from Donald Trump. Maybe he can come up with eight million dollars in cash (or steal it from his reelection campaign) to pay off this one infraction. But this is just one of the numerous areas in which the state is targeting Trump with financial penalties, and it’s not even one of the larger ones.
By the time you finish adding up the expected fines in the various cases New York is pursuing against Donald Trump, they could quickly total in the hundreds of millions of dollars. Trump can’t finagle his way into getting his hands on that much cash. So this is where New York can start seizing his bank accounts in the state, his properties in the state, and whatever else the state courts end up signing off on.
What can Donald Trump do to stop this? Nothing. He can’t fire anyone, or pardon himself, in a state level case. This is going to happen to Trump. His only way out would be to negotiate a resignation deal in exchange for reduced criminal charges and reduced financial penalties, from both the Feds and New York State.
Bill Palmer is the publisher of the political news outlet Palmer Report