NEW YORK (AP) — In a blistering critique, former President Donald Trump launched a scathing attack on New York Attorney General Letitia James, denouncing her as the orchestrator of a ‘phony’ and ‘politically motivated’ fraud trial against him, reported by Daily Mail on Monday, January 29, 2024.
Trump vehemently asserted that his financial records were ‘significantly underestimated’ and insisted that his true net worth exceeded the reported figures by ‘billions of dollars.’
This tirade unfolded on Sunday, a day after Trump was mandated to pay $83.8 million to writer E. Jean Carroll, who had accused him of sexual assault in the 1990s. Trump, refuting the claims and labeling Carroll a fabricator, lost a defamation lawsuit on Friday.
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Trump’s legal predicaments persist, with an impending civil trial in New York, where James holds him liable for financial deception. Set to commence on February 5, this trial will determine the extent of damages, potentially reaching a staggering $370 million.
Accusations from James allege that Trump inflated asset values, including his Florida-based Mar-a-Lago resort, to secure favorable loans. Conversely, she contends that he devalued properties to minimize taxes and evade regulatory scrutiny.
Repeatedly branding James as a ‘Trump hater’ and ‘racist,’ Trump dismissed the lawsuit as a ‘witch hunt’ and criticized the presiding judge, Arthur F. Engoron, for declining to transfer the case to the commercial division.
Taking to his Truth Social platform to express frustration, Trump defended his financial standing, asserting that his statements were ‘highly conservative’ and included a ‘100% disclaimer and non-reliance clause.’ He highlighted court testimonies from banks confirming timely repayments.
Trump’s optimism lay with Engoron, hoping the judge would showcase the vigor of the New York State judicial system. His post concluded with a patriotic ‘God bless America!!!’
In a subsequent post, Trump restated his allegations against James and Engoron, branding the trial as ‘unjust.’
Financial experts remain skeptical of Trump’s claims of surpassing reported figures, suggesting potential asset liquidation to meet debts and legal expenses. Forbes estimates Trump’s net worth at $2.5 billion, down from $3.1 billion in 2017, with over $1 billion in liabilities, primarily from property mortgages.
The impact of the pandemic and political controversies has tarnished Trump’s assets, notably golf courses and hotels, leading to a decline in brand value. Facing potential criminal probes from the Manhattan district attorney and the Georgia secretary of state, Trump’s undisclosed tax returns add further opacity to his financial standing, with a looming decision on his widely anticipated 2024 presidential run.
