Yesterday the Trump Organization was indicted on 15 counts of fraud, grand larceny, conspiracy and falsifying records. This seems to indicate that the company engaged in dishonest and illegal activities with the blessing of the Chief Financial Officer and possibly other executives to avoid payment of their fair tax share. These fraudulent business practices went on for years always under the guise of being legitimate activities. Trump and his lawyers are resorting as their defense to the indictment that it is a political act on part of the NY Attorney General’s office. That is about as weak and feeble rebuttal of the alleged charges as one could think of. In 2016 Trump told Hillary Clinton on national television that he was too smart to pay taxes. Now we know how some of that systematic tax evasion was being accomplished. The Trump Organizations own internal accounting methods show that two sets of books were maintained. One set appeared to be legal while the other was told the real story of what went on. Trump reaction to the indictment was to remorselessly and unapologetically brush it off and claim that it was a political exercise to make him look bad. I believe that the public will show very little sympathy for a company with such blatant corruption. We may now also know why Trump always refused to release his tax returns and why his company had no independent oversight of its business practices and activities. The Trump Organization carries a heavy debt burden and I wonder how financial institutions will now respond to their requests on potential debt refinancing?

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