New York AG Tells Court To Stop Trump's Financial Shell Games - Ring of Fire

[TexasTowelie]

Last week, Donald Trump created the Trump Organization II, most likely a front company that he can transfer funds to in order to protect them from prosecutors in New York. New York Attorney General Letitia James immediately recognized what was happening, and filed a court order to prevent Trump from hiding his assets by sending them from one company to another. Ring of Fire's Farron Cousins explains what's happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

New York Attorney General Latisha James is asking a judge in the state of New York to please immediately make sure that Donald Trump and the Trump organization do not move any assets that they hold from the Trump organization to a new entity that was created by the Trump organization. On the very same day that Latisha James announced that she was suing the Trump organization. So on September 21st, that's the day that James announced these lawsuits. That very same day her office noticed that Donald Trump has created what is effectively being called Trump Organization two. Now, there is no reason for Donald Trump to start a new company, right there. There's, there's, there's no logical reason to do that other than of course to shift the assets from company one to company number two, because company number one is the one that's being sued. Company number two, they've never done anything wrong in the air their entire existence cuz they've, you know, been around for less than a month.

Although it's Donald Trump. So I wouldn't put it past him, already haven't done something wrong. But anyway, on Paper company number two is clean company number one is not. Company number one is facing hundreds of millions of dollars in liability. So Donald Trump is playing a bit of a shell game. And we see this all the time, by the way, with massive corporations. Even some of the most profitable corporations in America, they could pull in billions of dollars in profits a year. But once they start facing lawsuits, they create a new subsidiary. They transfer all of the assets from company A over to the subsidiary company A then has to file for bankruptcy. Oh God, look we have no money and you're suing us, but you can't get anything cuz now we filed for bankruptcy protection. You're trying to sue somebody that's totally broke. Don't bother looking over here at the subsidiary where we just moved $40 billion.

But this is the company that did the horrible things right? Oh, we hate you company too. We hate 'em too. But they're broke cuz we moved all the money over here that you can't touch cuz it's now a separate company. Actually, we recently saw this with Johnson and Johnson and the Talcum powder lawsuits that they're facing in spite of the fact that they have uh, uh, yearly profits in the billions. They were facing hundreds of millions, possibly even more in liability for their talcum powder cancer lawsuits. They were losing near every trial. So they create a new little subsidiary shell company, move all the assets over there, file for bankruptcy, Judge approves it, victims get screwed. Trump's trying to do the same thing with the Trump organization. He knows he's probably not going to prevail in these lawsuits. We only see the Shell company game pop

Up when they know they're gonna lose. So he likely wants to move his assets over to the new company. So by the time he gets a verdict saying he has to pay hundreds of million, he looks at the company and says, How I don't have any money. I guess I'll just have to file for bankruptcy protection. And then nobody gets paid. And then once I get that bankruptcy protection, this company over here, the new one I just started, they're gonna take over the daily operations cuz you know this one piece of crap company, nobody wants that anymore, but I've got this shiny new thing and there's nothing you can do about it. So hopefully this judge in this case will grant Latisha James her request and not let Trump play this little corporate shell game to avoid paying for his schemes.