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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Trump closer to seeing assets seized by New York AG
The New York attorney general’s office took a step toward seizing former President Trump’s assets Thursday as a civil fraud trial against him and his business continues to unfurl.
© AP Photo/Charlie Neibergall
The office on Thursday filed judgments in Westchester County, where former President Trump’s golf resort and private estate known as Seven Springs is located.
The move comes after Trump, the Trump Organization and two of his sons were found liable for fraud after conspiring to alter the former president’s net worth for tax and insurance benefits.
As a result, they were ordered to pay $464 million, plus interest, in total.
Trump has just four days to find the cash to post a surety bond for his portion of the judgment — a whopping $454 million, plus interest — before New York Attorney General Letitia James (D) can begin seizing his assets.
An insurance broker they consulted wrote in an affidavit that a company like the Trump Organization has most of its assets invested in real estate, making obtaining an appeal bond in the judgment’s full amount “a practical impossibility.”
Entering a judgment in the counties where Trump owns properties is the first step toward attempting to recover them.
A judgement was also entered in New York City, where Trump's 40 Wall Street and Trump Tower properties are located.
The Hill's Ella Lee digs deeper here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
Ocasio-Cortez, Sanders relaunch Green New Deal for housing
Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Bernie Sanders (I-Vt.) reintroduced the Green New Deal for housing Thursday, in a push to bring attention and resources to creating affordable housing and combating climate change.
Full Story Dow closes near 40K as tech rally sets new records
The stock market continued its record-setting rally Thursday with the Dow Jones Industrial Average notably flirting with 40,000 as technology shares made major gains.
Full Story House set to vote Friday on spending package despite conservative furor: Live coverage
Congressional leaders unveiled their $1.2 trillion, 1,012-page government funding package in the early hours of Thursday.
Full Story White House targets local zoning restrictions in push to address rising housing costs
The White House took aim at local zoning restrictions for their role in driving rising housing costs in the president’s annual economic report Thursday.
Full Story The Ticker
Upcoming news themes and events we're watching:
- The Census Bureau will release new home sales data for February Monday at 10 a.m. ET.
In Other News
Branch out with more stories from the day:
Need to ‘borrow’ miles from your kid to get that free flight? A big airline will let you do that
CHICAGO (AP) — Don’t have enough airline miles for that free flight? United Airlines is now …
Full Story Good to Know
Business and economic news we've flagged from other outlets:
- February home sales spike 9.5%, the largest monthly gain in a year, as supply improves (CNBC)
- Inflation has hit these cities the hardest. That has ‘substantial political implications,’ analyst says. (MarketWatch)
- Republican trading firm owner and TikTok investor Yass emerges as top donor in US election (Reuters)
What Others are Reading
Top stories on The Hill right now:
5 ways prosecutors say Apple created a smartphone monopoly
Apple is facing a wide-ranging antitrust lawsuit from the Department of Justice and 16 state and district attorneys general focused on its dominance in the smartphone market. Read more
GOP primaries flash warning signs for Trump
More evidence that former President Trump could be a weakened general election candidate surfaced Tuesday in the results of Republican primaries he won — generally unopposed. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
- Income inequality is gutting the middle class
- Trump’s business strategy and his authoritarianism are linked — and women are the antidote
You're all caught up. See you tomorrow!
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Trump faces asset seizure
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22.03.2024
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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Trump closer to seeing assets seized by New York AG
The New York attorney general’s office took a step toward seizing former President Trump’s assets Thursday as a civil fraud trial against him and his business continues to unfurl.
© AP Photo/Charlie Neibergall
The office on Thursday filed judgments in Westchester County, where former........
© The Hill
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