"The Trump empire ... will fold like a stack of cards," says former prosecutor

[marmar]

"The Trump empire ... will fold like a stack of cards," says former prosecutor
Former DOJ and N.Y. prosecutor Kenneth McCallion: Trump's empire was "largely an organized crime organization"

By CHAUNCEY DEVEGA
Senior Writer
PUBLISHED OCTOBER 3, 2023 5:45AM (EDT)


(Salon) Republican frontrunner and presumptive 2024 presidential nominee Donald Trump faces as many as four upcoming criminal trials — but a civil case that could destroy his business in New York has leapt to the forefront this week.

....(snip)....

That could have all kinds of ripple effects. Trump may be deprived of easy access to funds he needs to pay his legal expenses, now estimated to be in the tens of millions of dollars. His brand and public persona will be severely damaged. Part of his power over the MAGA cult comes from his self-presentation as a billionaire and a shrewd, ruthless deal-maker.

....(snip)....

In an attempt to make better sense of Trump's New York civil case and what Justice Engoron's summary judgment means for his future criminal trials, America's democracy crisis and what may happen next, I recently spoke with longtime attorney and author Kenneth Foard McCallion. He is a former Justice Department prosecutor who also worked for the New York attorney general's office as a prosecutor on Trump-related racketeering cases. McCallion's books include the companion pieces "Profiles in Courage in the Trump Era" and "Profiles in Cowardice in the Trump Era," as well as "Treason & Betrayal: The Rise and Fall of Individual-1." This transcript has been lightly edited for length and clarity.

....(snip)....

How would you assess Trump's criminal exposure from the civil fraud case in New York?

Many executives do not have their fingerprints all over everything, and are able to use the "I didn't know what was going on" defense. Trump can't do that, since he is unable to distance himself from the criminal actions that took place on his watch. Trump compulsively scrutinized every detail and micromanaged every aspect of the real estate enterprises, especially when it came to the valuation of Trump Organization properties. Trump worked very hard at inflating his valuations — and reaped the financial benefits of that valuation fraud. But the downside for Trump is that his fingerprints are all over those valuations, and all over those loan applications. Trump is in a huge amount of trouble, and has a substantial amount of liability, both in the criminal and civil cases, which largely overlap. Civil proceedings would lead to monetary awards and judgments. The parallel criminal cases can also lead to fines, but also his inevitable incarceration, unless a deal is struck with the prosecutors before his sentencing. One or more of those prosecutions will be successful. It is just a question of time now, and the clock is ticking. .................(more)

https://www.salon.com/2023/10/03/the-empire--will-fold-like-a-stack-of-cards/

[tanyev]

1. I believe the analogy he's looking for is house of cards.

[onetexan]

2. It's more that it's all a sham fronted by a Conman

[Arthur_Frain]

11. Funny that was my first observation.

But then I thought you only fold your hand, not a stack. It’s a mixed metaphor that just doesn’t work.

[leftieNanner]

14. Think of building a house of cards

You balance four cards on edge against each other and layer more on top.

Not a very stable house.

[Arthur_Frain]

15. Yeah, but a house of cards topples as much as it folds.

I get what they were aiming at.

I don’t know, it still sounded odd in my head.

[vlyons]

3. You got to reap just what you sow

[Lonestarblue]

4. Is the reference to parallel criminal cases the investigation by Bragg?

I’ve lost track of what’s happening there, if anything. Too many cases involving Trump crimes!

[Prairie_Seagull]

5. This particular 'house of cards' so far appears to be pretty stalwart... So far

I don't deny that when it starts to go, it will explode and vanish but damn...



IMO

[DownriverDem]

6. Question

For those who want trump off the ballot, why is this a good thing? No one talks about who should replace him. I honestly think it would be better for the Biden/Harris team to run against trump. Help me out.

[dchill]

8. Because he is a dangerous criminal...

... who belongs behind bars.

[moreland01]

9. We just can't put

The fate of Democracy in the hands of the electoral college. If, by some cruel twist of fate, trump squeaks by with an electoral college win, Democracy as we know it in the US is over. I'd much rather Biden be up against someone who, at the very least, hates trump and everything he stands for. Someone who despises what trump tried to do on Jan. 6. Then, if that person wins, so be it. But I have a feeling that millions of trump humpers won't vote if he's not on the ballot.

[dchill]

7. The Trump empire will fold like a bad analogy.

[70sEraVet]

10. You get bonus points for that, dchill!

[dchill]

13. tyvm!

[getagrip_already]

12. It won't fold at all....

That's the wrong analogy.

He will appeal every decision, and delay every action, and drag everything out in a slow motion legal drama.

But from the outside, most things will still be standing as they are now for months if not years.

Sure, a piece here, or a piece there will fall away, maybe something dramatic will play out in receivership (but maybe not, pending appeals), but we will be pretty much right where we are now right up until the election. Different cases, different stages, but pretty much the same place.

He won't be in a jail cell. He will still have possession of Bedminster and Mal. He will still have possession of his appt in NYC.

Don't get too worked up.....

[not fooled]

21. Yeah, and

wouldn't red don's puppetmasters in Saudi Arabia and Russia find a way to prop him up, financially? He's their best weapon against the West. Chump change for them to keep harming the U.S.A. and democracies.

[JohnnyRingo]

16. "...anti-Trump judge...."

He uses that phrase often to rationalize why he's facing a guilty conviction for everything from fraud to rape. They're always anti-Trump".

He using it the same way one would describe an enemy of the state as "Anti-American". To him and his supporters the two descriptors are interchangeable.

[republianmushroom]

17. Hopefully that will happen and the joker goes to prison.

[Jarqui]

18. When an entity lies to get financing like Trump did to inflate assets, they're leveraged

The more an entity is leveraged, the higher the risk that the entity cannot survive adverse financial events - like having to payout $250 million plus in damages.

When others who have some sort of a credit stake see what is going on, they call in their markers. Institutions either stop lending/providing credit or make it very difficult and what they offer is about 10% of that they had in the past - IF (big if) the potential debtor can credibly show them a viable path.

With Trump facing 91 felonies, 'the brand' is badly damaged. So it is likely to collapse unless Russia (who are broke themselves) or the Saudis see a purpose in bailing him out. It has been alleged that is how he got mixed up with Russia in the first place. North American institutions wouldn't deal with him.

The only thing keeping him alive financially is the threat of running as an independent. Even then, his campaign dough has been gobbled up by legal fees.

[Martin68]

19. Nobody Knows You When You're down and Out

Once I lived the life of a millionaire
Spent all my money, I just did not care
Took all my friends out for a good time
Bought bootleg liquor, champagne and wine

Then I began to fall so low
Lost all my good friends, I did not have nowhere to go
I get my hands on a dollar again
I'm gonna hang on to it till that eagle grins

'Cause no, no, nobody knows you
When you're down and out
In your pocket, not one penny
And as for friends, you don't have any

[cstanleytech]

20. I'm betting Trump will not see the inside of a prison though nor will he lose all his assets.