New York, NY – Governor Kathy Hochul reassured business owners in New York that they have “nothing to worry about” following former President Donald Trump’s recent legal troubles. Hochul’s comments came after Trump was fined $355m and temporarily banned from engaging in commercial activities in the state due to a civil fraud trial ruling.
Speaking on the New York radio show the Cats Roundtable, Hochul aimed to alleviate concerns about the impact of the penalties on the state’s commercial climate. She emphasized that law-abiding businesspeople in New York have nothing to fear and are different from Trump and his behavior.
Hochul addressed fears raised by some New York business leaders that the legal case against Trump could deter businesses and investment from coming to the state. She highlighted the case’s demonstration of how Trump and some allies obtained favorable bank loans and insurance rates with inflated real estate values, but stressed that most New York business owners are honest people who follow the rules.
The governor made it clear that the ruling against Trump does not reflect on the majority of business owners, stating that the judge’s decision was specific to Trump’s actions and not a reflection of the state’s business community at large.
Trump, who denied any wrongdoing in the case, now has 30 days to come up with a non-recoverable $35m to secure a bond against his real estate holdings or put the $355m into an escrow account. The ruling is a significant setback for Trump, and the attorney general Letitia James has emphasized that the fraud was intentional, egregious, and illegal.
Despite Trump’s vows to appeal the ruling and his criticism of the judge and attorney general, the case against him stands as a testament to the state’s commitment to legal accountability in business practices.
In the face of these developments, it remains to be seen how Trump will navigate the financial and legal implications of the ruling, as well as the broader impact on his business interests in New York.