Guilty verdicts could back Trump into a financial corner and ‘inflict real pain’ on his businesses: report
The conviction of the Trump Organization on tax fraud this Tuesday by a New York City jury "could inflict real pain on Trump’s business if it prompts lenders to abandon their controversial client or demand higher interest rates in the future," according to Forbes.
Forbes reached out to ten individuals and institutions who have helped give Trump money over the years, most of which refused to comment on the matter.
Some wonder about Trump's ability to secure financing due to his multiple bankruptcies, defaults on debt, and his lying to financial institutions. "Still, Trump has always managed to find more financing. In the last two years, his business has reworked nearly $1 billion of debt," Forbes' report states. "Even if Trump’s key creditors are unnerved by Tuesday’s conviction—which seems unlikely, given that they offered loans while his company was under indictment—Trump should be able to find another option, according to one of the former financiers."
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In a statement to Forbes, a spokesperson for Trump pin the crimes of the Trump Organization on its former CFO, Allen Weisselberg.
“Mr. Weisselberg testified under oath that he ‘betrayed’ the trust the company had placed in him and that he, at all times, acted ‘solely’ for his ‘own personal gain’ and out of his ‘own personal greed,’” the spokesperson said in a statement. “The notion that a company could be held responsible for an employee’s actions—to benefit themselves, on their own personal tax returns—is simply preposterous.”
Read the full article over at Forbes.