Former President Donald Trump took to Truth Social on Monday to attack a lawsuit by New York Attorney General Letitia James, which alleges that he grossly inflated his wealth to obtain loans, tax breaks, insurance deals, and to promote himself and his name.
Trump claimed on social media that his financial statements show a worth that is substantially more than what he showed to financial institutions and banks. He also said that each statement has a disclaimer clause telling these institutions to do their own analysis and not to rely on the financial statements presented. Additionally, he said that he has great liquidity and very little debt relative to assets.
Trump has repeatedly denied allegations of fraud, calling them a “witch hunt” and a “political witch hunt.” He has also attacked biographers and reporters who have investigated his finances.
It is unclear why Trump would post about the lawsuit on Truth Social, other than the fact that he is scheduled to begin the trial against James this week. It is possible that the court findings will reveal how much he is actually worth and show that he is not a billionaire.
New York Times Reporter David Fahrenthold Investigates Trump’s Finances
New York Times reporter David Fahrenthold has spent the better part of the past six years following the financial life of Trump, particularly when it comes to his business. Fahrenthold has reported that Trump’s businesses have lost money for years, and that he has borrowed and refinanced hundreds of millions of dollars in debt.
Fahrenthold has also reported that Trump’s financial statements have been inflated, and that he has used them to obtain loans and other benefits. In 2017, Fahrenthold won the Pulitzer Prize for Investigative Reporting for his work on Trump’s finances.
Conclusion
The lawsuit by New York Attorney General Letitia James is a significant threat to Donald Trump. If the court finds that Trump inflated his wealth to obtain loans, tax breaks, and other benefits, he could face criminal charges and financial penalties. The outcome of the lawsuit could also damage Trump’s reputation and make it more difficult for him to raise money for future political campaigns.
