The Trump Trial: Unmasking the Impact on his Wealth and Legacy
Unveiling the true colors of Trump's empire - a revealing trial that challenges the art of the deal and threatens to expose it as the art of the steal A cautionary tale for the ex-president where fantasy and reality intersect
The "art of the deal" could potentially be revealed as the "art of the steal" in this case. Donald Trump, despite his civil fraud trial in New York, made sure to be present at the opening. However, the orchestrated procession of Secret Service SUVs, complaints about politically motivated persecution, and resentful expressions in the courtroom went beyond his usual strategy of using these encounters with justice to his advantage for his upcoming 2024 campaign.
The real estate shark found himself back in his old territory, determined to protect his empire - the iconic Manhattan skyscraper that proudly displayed his name in bold gold letters. This structure represented not only his business success but also the legendary story of his journey from billionaire tycoon to the highest office in the nation. While being impeached twice was undeniably detrimental, facing a staggering 91 criminal charges was an even more grave situation. However, it was the ongoing fraud case in New York that posed the greatest threat, potentially unraveling Trump's revered self-image as an unparalleled victor. This prospect was especially devastating for the former president, who constantly flaunted his golf resorts, hotels, airplanes, and other businesses during campaign speeches as evidence of his exceptional business acumen.
In a desperate attempt to defend himself, Trump insisted, "It's all a deceitful scheme, a fraudulent fabrication. Rest assured, my financial statements are nothing short of extraordinary."
Donald Trump, the former President of the United States, is seen seated in the courtroom at the New York Supreme Court on Monday, October 2, 2023. Trump has chosen to appear voluntarily for the commencement of a civil trial in a lawsuit where a judge has already ruled that he engaged in fraudulent activities within his business dealings. (AP Photo/Seth Wenig)
Seth Wenig/AP
Takeaways from Day One of the $250 million Trump fraud trial
The paraphernalia of wealth serves a crucial role in Trump's political appeal, beyond simply boosting his self-esteem. Despite his tarnished reputation due to bankruptcies, legal setbacks, and scandals, Trump's supporters within the Republican party still buy into his persona as a successful and ambitious businessman. This image was amplified by NBC's "The Apprentice," which transformed a reality show star into a president and a contemporary American demagogue. Trump's theatrical displays, such as taking children on helicopter rides at the Iowa state fair or commanding his personalized 757 to circle airports before rallies with the theme of "Air Force One" blaring, all contribute to his portrayal as the ultimate self-made man who defied the rejection of the elite to achieve wealth. One of Trump's lawyers emphasized this concept in court, suggesting that rather than exaggerating his wealth, Trump may have downplayed it by not including the value of his image. Alina Habba stated, "The same brand that helped elect him as president would have been present. And there are many people in this room who may not appreciate that, and that is precisely why we are here."
Attending the trial on Monday, Trump is being targeted at his core, beyond the potential penalties that could impact his family, finances, and New York business, including the disposal of his buildings.
Where fantasy and reality collide
- Letitia James, the attorney general of New York, has once again infuriated President Trump, who considers her to be one of his few adversaries capable of causing irritation. James, who initiated legal action aimed at imposing fines of a minimum of $250 million and preventing the Trump Organization from conducting business within the state, made her statement before the court on Monday, asserting that "regardless of one's wealth, no individual is exempt from the law."The Lower Manhattan courthouse witnessed extraordinary scenes that exposed another dimension of the legal storm surrounding Trump. This storm intersects with his campaign to reclaim the White House and fuels the most unprecedented presidential election in modern history.
Trump currently faces not guilty pleas in four criminal matters, including allegations of election meddling in a federal case and one in Georgia. Additionally, he is accused of hoarding classified documents in Florida. Despite vehemently denying any wrongdoing, Trump's day in court on Monday revealed that his confrontation with the law, in these and other cases, will not be swayed by his boasting, falsehoods, vitriol, lies, and alternative realities. Throughout his presidency, he has consistently employed these tactics to confound various political institutions that have sought to hold him accountable.
The latest on Donald Trump's many legal clouds
Outside the courtroom, Trump expressed anger at having personally attended the "witch hunt" and criticized James, a Democrat and a Black woman, as a "racist." He denounced Judge Arthur Engoron as "a disgrace" and suggested that he should be disbarred for ruling last week in a summary judgment that the former president and his adult sons had committed repeated fraud leading up to the civil proceeding, which will address six other claims, including conspiracy to falsify business records and insurance fraud. Although there is no jury in this case to intimidate, Trump's rhetoric reflects his previous attacks on prosecutors and judges in his various legal cases. The purpose of his remarks is not only to influence the outcome of the trials but also to undermine their legitimacy among voters and minimize the political consequences of any future guilty verdicts.
While it is often cliché to compare Trump's life to a reality show, there is still a sense of a televised spectacle. On occasion, as the ex-president and his son Eric walked past rows of cameras into court, it felt reminiscent of an episode from a series like "Succession," which is aired by HBO, a network owned by the same parent company as CNN. Trump, who has even turned a criminal booking photo into campaign merchandise, has now perfected the previously unprecedented skill in presidential politics of transforming court appearances into campaign events. On Monday, he delivered a condensed version of a stump speech centered around his alleged persecution, while his campaign simultaneously sent out email fundraising appeals.
"They are attempting to harm my reputation, in order to diminish my success in the election," stated Trump, employing his usual strategy of blaming his adversaries for engaging in the very act of election interference for which he is accused in other instances. This campaign ploy is designed to incite his loyal supporters and overshadow the other candidates in the GOP primary race.
The effectiveness of Trump's bombast and theatrical political tactics is evident in his significant lead in the GOP presidential primary. However, events taking place behind the imposing doors of the courtroom, where a serious-faced former president spent the entire day, presented a stark contrast and served as a stern reminder that he will not be able to dismiss his criminal trials during an election year through his usual dramatic performances, in which he excels. While Trump may proudly boast about his wealth and extensive real estate holdings outside of the courtroom, within the confines of Engoron's jurisdiction, a Trump Tower triplex measuring 10,996 square feet simply remains as such. It cannot magically transform into a 33,000 square foot property, as alleged in James' lawsuit regarding Trump's property assessments and overall net worth. Engoron noted in his summary judgment that this single action alone led to an overvaluation ranging from $114 to $207 million.
The judge formulated a term tailored to this case, encapsulating Trump's distinctive political approach and highlighting its vulnerability when confronted with the more rigorous evidentiary requirements of the law. Engoron aptly stated last week that the arguments presented by Trump's lawyers stemmed from "an imaginary realm, detached from reality."
A warning sign for the former president
Trumps delusions extend beyond his involvement in real estate. This is an ex-president who has been proven to have lied countless times while in office. Despite numerous defeats in court, the testimony of his former Justice Department, and countless recounts and audits, he still maintains the belief that he was unfairly stripped of his presidency due to a widespread Democratic ballot fraud in 2020.
The burden of proof is lower in civil court compared to criminal court, but the contrast between Trump's claims and the accusations against him in his criminal cases may become even more apparent next year during the presidential campaign. Until now, his narrative about these indictments has worked in his favor, boosting his popularity and fundraising efforts (though a significant portion of the funds were directed towards covering legal expenses for himself and his associates). However, the recent courtroom scenes on Monday, where Trump appeared meekly alongside his lawyers, hinted that the portrayal of a presidential nominee as a defendant may not be as appealing to general election voters as it is to his loyal followers.
In this civil case, lawyer Chris Kise confidently stated in his opening statement that his team would contest the allegations of property value inflation. He emphasized that his client had accumulated a substantial fortune through accurate real estate assessments. On the other hand, Habba, in disagreement with the judge who valued Trump's Mar-a-Lago resort club at $18 million, argued that it would sell for no less than a billion dollars due to its association with the former president.
Furthermore, the Trump campaign circulated videos featuring James, who had accused him in her lawsuit last year of mastering the "art of the steal" in his real estate endeavors. James had pursued her political career with a promise to challenge Trump, leading to accusations from his camp that she had built her political aspirations on prosecuting the former president.
In a campaign video, James issued a warning that she intends to take on Trump, whom she labeled as an "illegitimate president." She strongly criticized his policies regarding the environment, foreign dictators, and transgender rights. James' comments, made while sitting behind Trump in court, have raised concerns about whether the former president, due to his fame and political standing, has been unfairly singled out among New York's business leaders.
However, the final determination of Trump's legal fate in this case, as well as others, will be made in the courtrooms, not on the campaign trail. Ultimately, voters will have the power to form their own opinions on the verdicts.
