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    Trump’s business empire could collapse ‘like falling dominoes’ after ruling

    Donald Trump’s real estate empire could collapse “like falling dominoes”, experts believe, following a New York judge’s ruling that the former president’s business fortune was built on rampant fraud and blatant lies.According to Michael Cohen, his former attorney and fixer, Trump is already effectively “out of business” in New York after Judge Arthur Engoron on Tuesday rescinded the licenses of the Trump Organization and other companies owned by Trump and his adult sons, Eric and Don Jr.“Those companies will end up being liquidated … the judge has already determined that the fraud existed,” Cohen told CNN, hailing Engoron’s pretrial ruling in a civil case brought by Letitia James, the New York attorney general.On Wednesday morning, in a confrontational post on his Truth Social website that branded the judge a “political hack”, Trump said Engoron “must be stopped”.At a hearing on Wednesday afternoon, Trump’s legal team asked Engoron if his ruling meant Trump’s assets and businesses must be sold, or if they could continue to operate under receivership.Engoron said he would address the issue at the non-jury trial beginning on 2 October, and extended to 30 days his original 10-day deadline for both parties to suggest names to act as receivers for the various companies.The lawyers have said they will appeal the rescinding of the licenses, the appointment of receivers, and Engoron’s assertion that Trump and executives lived in a “fantasy world” of routinely, repeatedly and illegally overvaluing property values and his personal net worth to gain favorable loan terms and reduced insurance premiums.But if the appeals are unsuccessful, the collapse of the Trump empire, upon which the former reality TV host staked his reputation as a successful business tycoon, could be imminent.It would probably start with the sale of Trump’s most prestigious real estate assets, experts say, including Trump Tower in New York, golf courses and resorts around the US, and possibly his prized Mar-a-Lago club in Florida, if it is determined to be a business operation instead of his primary residential home.In his post on Wednesday, Trump decried the judge’s $18m valuation of Mar-a-Lago, claiming it was worth “100 times more than he values it”.William Black, a white-collar criminologist, corporate fraud investigator and distinguished scholar in residence for financial regulation at the University of Minnesota law school, said: “In finance, once the dominoes start falling, it becomes basically impossible to save it.“These properties are even more damaged goods today because of the success in demonstrating they are massively overvalued. The most likely thing, if you get an honest agent or receiver, they’re going to sell the properties at a loss. And when you’ve got a whole bunch of properties, with the first one you just desperately need to get some action and that gets discounted the most.”Black, who helped expose congressional wrongdoing in the Lincoln Savings and Loans scandal of the 1980s, in which the financier Charles Keating inflated his company’s worth to bilk taxpayers for billions, called Engoron’s ruling “devastating”. He believes Trump insiders and employees would have incentive to come forward with more information if he loses his wealth and influence.“What we experienced in the Savings and Loan debacle, we would put in an honest manager and employees would start coming to that person over time and say, ‘You know, you really ought to look at this,’” Black said.“Trump is monumentally, stupidly greedy in that he isn’t actually paying for a number of key lieutenants in terms of their legal needs, and they’re facing financial collapse of their own, [such as] the Rudy Giulianis of this world. But a lot of folks can sink Trump.“Having this ability to control all these assets, even if they’re massively overvalued, meant hope springs eternal among the Trump folks that he can use that money and influence to help them, but if Trump instead ends up bereft of control over the overwhelming bulk of his assets, and has lots of liabilities, sugar daddy goes away.”Engoron’s independent court-appointed monitor for the Trump Organization, the retired federal judge Barbara Jones, reported last month she had identified inconsistency and incompleteness in financial disclosures.skip past newsletter promotionafter newsletter promotionOthers also see the writing on the wall.“Donald Trump is no longer in business,” David Cay Johnston, author of the Trump-themed book The Big Cheat, wrote in DC Report.“Barring a highly unlikely reversal by an appeals court, Trump’s business assets eventually will be liquidated since he cannot operate them without a business license. The various properties are likely to be sold at fire sale prices and certainly not for top dollar when liquidation begins, probably after all appeals are exhausted.“I give Trump’s chances of prevailing on appeal at somewhere between zero and nothing except perhaps on some minor procedural point, which you can be sure Trump will describe as complete vindication.”Joyce Vance, a retired US attorney and University of Alabama law school professor, called Engoron’s ruling “justice”.“This is New York’s corporate death penalty, applied to Trump because of years of misconduct,” she wrote on X, formerly Twitter.Black said Trump’s downfall would be self-inflicted.“The key to these frauds is not genius, it’s audacity, but Trump never wanted to do it himself, he’s too lazy, right?” he said.“And now he doesn’t control the people who have to actually do the deals. So they’re now forced into thousands of discussions, first with this judge, now this receiver, and that can’t work.“You won’t be able to do the scams, and you won’t be able to do things quickly, either. That means a domino effect in credit failings and bankruptcies. As people start taking action against your properties, the liquidity you’re boasting isn’t going to be there and you’re going to get a bankruptcy.” More

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    Republican contenders gather for key debate with Trump again absent

    Seven Republican presidential contenders gathered in California on Wednesday night for the second primary debate of the 2024 election season, but the absence of Donald Trump, the clear frontrunner in the race for the party’s nomination, again loomed large over the event.Seven candidates qualified for the second debate, held at the Ronald Reagan Presidential Foundation & Institute in Simi Valley, California. Those candidates were Ron DeSantis, the Florida governor, the former vice-president Mike Pence, the former UN ambassador and South Carolina governor Nikki Haley, Senator Tim Scott of South Carolina, the entrepreneur Vivek Ramaswamy, the former New Jersey governor Chris Christie, and the North Dakota governor Doug Burgum.Asa Hutchinson, the former Arkansas governor who participated in the first primary debate, did not appear on Wednesday because he failed to meet the heightened polling requirements outlined by the Republican National Committee.Trump skipped the event – as he skipped last month’s debate – and instead delivered a speech in Michigan, where auto workers have gone on strike to demand pay increases. A day earlier, Joe Biden joined some of the striking workers on the picket line, and the back-to-back events provided an odd preview of the likely matchup in the 2024 general election.The second debate comes as Republican primary candidates have struggled to put a dent in Trump’s significant polling lead, even as the former president faces 91 felony charges across four criminal cases. One NBC News poll conducted this month showed Trump has the support of 59% of likely Republican primary voters, giving the former president a 43-point edge over DeSantis. Besides Trump and DeSantis, every Republican primary candidate remains mired in the single digits, the poll found.DeSantis in particular could benefit from a breakout moment to help dispel mounting doubts over his ability to challenge Trump for the nomination. The Florida governor has seen his polling numbers tumble in recent weeks, with one New Hampshire survey showing DeSantis dropping to fifth place in the second voting state.With less than four months left for the Iowa caucuses, the pressure is escalating for candidates to quickly prove their mettle in the primary. One Republican candidate, the Miami mayor Francis Suarez, has already dropped out of the race, and others may soon follow suit if they cannot gain momentum in the coming weeks.But some of the candidates, including Hutchinson, insist they will keep fighting for the nomination despite the significant headwinds against them. In a statement released on Monday, Hutchinson said he would move forward with events planned in early voting states even after he failed to qualify for the second debate.“I entered this race because it is critically important for a leader within the Republican party to stand up to Donald Trump and call him out on misleading his supporters and the American people,” Hutchinson said. “I intend to continue doing that.” More

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    Republicans pushing for government shutdown ‘stuck on stupid’, says party moderate

    Republicans pushing for a federal government shutdown are “stuck on stupid”, a party moderate said shortly before one rightwinger reported that the House speaker, Kevin McCarthy, would not hold a vote on a bipartisan Senate plan advanced as a way to keep the government open.“The American people elected a House Republican majority to serve as a check and balance and be able to govern,” Mike Lawler, a Republican from New York, a heavily Democratic state, told CNN.“Some of my colleagues have, frankly, been stuck on stupid and refused to do what we were elected to do, against the vast majority of the conference, who have been working to avoid a shutdown.”If no agreement to continue funding the government is reached by midnight on Saturday, many federal functions will cease. Employees can expect to be furloughed and the public left without key services.Past shutdowns – most recently in 2013, 2018 and 2019 – have been stoked by Republican hardliners in Congress but have not paid off politically. The most recent closure was prompted by Donald Trump, then president, over immigration policy. The Congressional Budget Office put the cost of the 35-day shutdown at about $18bn and said $3bn was wiped off US GDP.Nonetheless, Trump is now backing a shutdown again and on Wednesday Bob Good of Virginia, a hard-right holdout, told reporters McCarthy had said he would not allow a vote on the stopgap measure reached by senators the day before.McCarthy is widely seen to be in a political vice, running the House with a five-seat majority, beholden to hardliners who in January forced him through 15 votes to become speaker and are now threatening to start proceedings to have him removed.Moderates like Lawler, who was elected in 2022 in an unusually strong Republican showing in New York, are at most risk of losing their seats next year, when Democrats will seek to take back the House.Lawler told CNN: “Two weeks ago, the speaker came forth with a proposal that would reduce spending by 8% in the 30-day continuing resolution, as well as enact most of the provisions of HR2 [a House bill] to deal with our border crisis,” Lawler said. “Unfortunately, folks like Matt Gaetz chose to oppose that for some ridiculous reason.”Gaetz, from Florida and a vocal Trump supporter, has led the charge against McCarthy. On the House floor on Tuesday night, he said the US would soon see if the “failed” speaker would turn to Democrats to keep the government open.“The one thing I agree with my Democrat colleagues on is that for the last eight months, this House has been poorly led,” Gaetz said. “And we own that, and we have to do something about it, and you know what? My Democratic colleagues will have an opportunity to do something about that too, and we will see if they bail out our failed speaker.”skip past newsletter promotionafter newsletter promotionDemocratic and moderate Republican support could help McCarthy keep the government open – but it would almost certainly spell the end of his time as speaker.On Tuesday, a source familiar with the thinking of moderate Republicans predicted the shutdown would “last about five days”, because a House rules committee block on a bipartisan deal meant it could only reach the floor on the first day of the closure, five days then being needed to get the deal to a point where “it will sail through both chambers”.The same source said hard-right Republicans simply wanted “to burn the place down”, adding: “These are not serious people. They believe anything that [Joe] Biden wants is bad, but the margins are so thin that their votes count.”Lawler said: “I’ve been very clear from the start, that I will not support a government shutdown, that we need to do everything we can to avoid one. Nobody wins in a shutdown. And in fact, the American people are going to be the ones that get hurt.” More

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    ‘Almost a troll of the legacy’: Reagan’s spirit looms over Republican debate

    Tourists posed for photos beside the presidential seal, peered inside the cockpit, studied the nuclear football and gazed at a desk where a “Ronald Reagan” jacket slung over the chair, page of handwritten notes and jelly bean jar made it appear as if the 40th US president could saunter back at any moment.Air Force One is the star attraction at the Ronald Reagan Presidential Library and Museum in Simi Valley, California. But on Wednesday it is competing for attention with a curving Starship Enterprise-style stage set featuring seven lecterns and microphones for the second Republican presidential primary debate.The Reagan library describes this as “the Super Bowl” of Republican debates, against the dramatic backdrop of the Boeing 707 that flew seven presidents and close to the granite gravesite where Reagan was buried in 2004, looking across a majestic valley towards the Pacific Ocean.“As a new field of Republicans make their case to be the next President, the legacy of Ronald Reagan looms larger than ever,” the Ronald Reagan Presidential Foundation and Institute, which sustains the library, said in an email statement that will be put to the test at 9pm ET. For there are some who argue that Reagan would no longer recognise a Republican party that now belongs to Donald Trump.“There are no more Reagan Republicans,” said Jason Johnson, a political analyst and professor at Morgan State University in Baltimore. “Having this debate at the Reagan Library is almost a troll of the legacy of actual Republicans in the party because they are no more. The last real Republicans in the party were probably Jeb Bush and Marco Rubio. The rest of these people are frauds, clowns and sycophants.”Reagan and Donald Trump are the two best US presidents of the past 40 years, according to Republicans surveyed recently by the Pew Research Center (41% said Reagan, who held the office from 1981 to 1989, did the best job while 37% said Trump did). Neither man will be at the two-hour debate – frontrunner Trump is skipping it again – yet both will help to frame it.Several candidates have been straining to drape themselves in Reagan’s political finery. Former vice-president Mike Pence often talks of how he “joined the Reagan revolution and never looked back”, and took his oath with his hand on the Reagan family Bible. This week Pence received the endorsement of five senior Reagan administration officials who praised his stances on limited government, lower taxes, individual freedom, strong defence and abortion restrictions.Senator Tim Scott of South Carolina has fondly recalled Reagan’s “optimistic, positive revolution” while also approvingly recalling his decision to fire more than 11,000 air traffic controllers who went on strike in 1981: “He said, you strike, you’re fired.” Scott’s campaign has promoted a quotation from Senator Mike Rounds: “Tim Scott is the closest to Ronald Reagan that you’re going to see.”Ron DeSantis, the governor of Florida, has asserted that it is this generation’s “time for choosing”, a nod to Reagan’s 1964 speech that made him a breakout conservative leader and paved the way for his election as governor of California. In the first debate, biotech entrepreneur Vivek Ramaswamy called himself “the only candidate in this race, young or old, black or white, to bring all of those voters along to deliver a Reagan 1980 revolution”.Even Trump has recently begun referencing Reagan as he seeks to navigate the electorally awkward territory of abortion restrictions after the fall of Roe v Wade, stating that “like President Ronald Reagan before me, I support the three exceptions for rape, incest and the life of the mother”.The Reagan Library and Museum, unabashedly laudatory with little discussion of the former president’s record on race relations or Aids, leaves no doubt as to his status as a political touchstone. It chronicles his rise from small-town Illinois (“Almost everybody knew one another”) to General Electric to Hollywood, where his role as football player George Gipp in the film Knute Rockne, All American earned him the nickname “the Gipper” – and the myth-making was under way.A bumper sticker that says “Win it for the Gipper” features in a display on the 1980 presidential election, as does a campaign poster with the pre-Trump slogan: “Let’s make America great again.” The Reagan revolution was assured when he beat Jimmy Carter by 10 percentage points in the popular vote and took 44 of the 50 states – unthinkable in today’s polarised politics.Visitors see a replica of Reagan’s Oval Office, a display of first lady Nancy Reagan’s fashion and a paean to the trickle-down economics now rejected by Joe Biden as a failed economic philosophy, accompanied by the celebrated Morning in America campaign ad and a piano version of Lee Greenwood’s God Bless the USA – now familiar as Trump’s walk-on song at rallies.There is a gallery devoted to Reagan’s “peace through strength” approach to the cold war and “evil empire” of the Soviet Union, including a replica of the Berlin Wall and statues of Reagan and Soviet leader Mikhail Gorbachev. Among his quotations: “We know only too well that war comes not when the forces of freedom are strong, but when they are weak. It is then that tyrants are tempted.”Jonathan Alter, an author of presidential biographies, said: “Unlike Trump, where it’s all about him, where it’s a cult of personality, with Reagan it was heavily ideological. It was all about trying to restore limited government with a strongly anti-communist foreign policy. So it was cut spending, cut taxes, increase defence. That was their agenda and that became the animating idea of the Republican party.”After he left the presidency, Reagan told the Republican national convention: “Whatever else history may say about me … I hope it will record that I appealed to your best hopes, not your worst fears, to your confidence rather than your doubts.”There has, many would argue, been a significant shift in tone in the Republican party since then. At last month’s first Republican debate in Milwaukee, Pence insisted: “We’re not looking for a new national identity. The American people are the most faith-filled, freedom-loving, idealistic, hard-working people the world has ever known.”Ramaswamy retorted: “It is not morning in America. We live in a dark moment. And we have to confront the fact that we’re in an internal sort of cold, cultural civil war.”This once unthinkable repudiation of Reagan implied that the 40th president’s “shining city on a hill” has given way to the 45th president’s “American carnage”. Bill Kristol, a founding director of the Defending Democracy Together political group and former Reagan administration official, said: “I talked with someone 10 years ago. He was a prominent person who said, ‘I wonder if the mood of America is changing.’ I said something conventional about Reagan Republicans.”Kristol went on: “He said, ‘I don’t think that stuff would work any more. The country’s getting more and more pessimistic.’ I said, ‘Well, the voters still want to have hope and an upbeat message.’ He said, ‘I’m not so sure about that.’ Trump, in the way he’s a good demagogue, saw that. You wouldn’t be penalised for being down. Quite the opposite.”Perhaps the area in which Reaganism is closest to being nothing more than a museum piece is foreign policy. Trump has embraced the old foe, Russia, and called Vladimir Putin a “genius”. He has dragged the party towards “America first” isolationism and anti-interventionism. Ramaswamy has vowed to cut off financial support to Ukraine in its war against Russia.Joe Walsh, a former Republican congressman, said: “Reagan believed we were an example for the rest of the world and charged out to help spread freedom around the rest of the world. The fact that the Republican party has become pro-Putin under Trump – Ronnie just wouldn’t understand it. It goes against everything he believes.”Reagan signed a law granting legal status to nearly 3 million immigrants. Walsh added: “This is very much a-build-a-wall-around-America, keep-everybody-out kind of Republican party. Reagan had a lot of flaws … [but] we were the city on the hill and we welcome all who want to come here.”David Prosperi, an assistant press secretary to Reagan, said: “When Ronald Reagan was running for president he said, ‘I didn’t leave the Democratic party. The Democratic party left me.’ I think today he might just say, ‘This Republican party has left me’.”But there is a school of thought that the former film star Reagan and former TV star Trump have more in common than their devotees would like to admit.Reagan’s critics say he cut taxes for the rich and sowed distrust in government. He spun exaggerated yarns about a “Chicago welfare queen” and a “strapping young buck” using food stamps to “buy a T-bone steak”. In a call with President Richard Nixon he referred to African UN delegates as “monkeys”.Reagan launched his 1980 election campaign with a speech lauding “states’ rights” near the site of the notorious Mississippi Burning murders of three civil rights workers – seen by many as a nod to southern states that resented the federal government enforcing civil rights. Once in office, Reagan opposed affirmative action and busing programmes.Kevin Kruse, a history professor at Princeton University, said: “While it’s right to be alarmed by the way in which Trump has moved things into an unprecedented realm, we’d be mistaken to believe this is somehow entirely brand new. I know that the ‘never Trump’ crowd in the Republican party have created this kind of fictitious version of Reagan that was wholly different from Trump. But there are elements of this here.”Reagan arguably tapped into the same populist forces that Trump would later fully unleash. Kruse added: “Reagan, before the presidency, ran for governor of California, where he was very much seen as a backlash candidate, the voice of white resentment. As president, it was much more of a dog whistle approach. Trump is loudly screaming what Reagan said softly with a smile.” More

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    ‘Lachlan Murdoch is a Hamlet figure’: Michael Wolff unpicks the real-life succession drama

    Immediately before Michael Wolff published The Fall: The End of the Murdoch Empire, the emperor himself, driver of its expansion and its bitter divisions, stepped aside. Last week, Rupert Murdoch announced he was anointing his eldest son, Lachlan, as his successor, which per Wolff’s narrative will have been a bitter blow to everyone, including Lachlan.Wolff’s latest book joins an oeuvre that is remarkable for its access: in 2008, he wrote a biography of Murdoch, The Man Who Owns the News, for which the mogul gave him 50 hours of interviews. Never mind that it’s the longest Murdoch has ever spoken to a journalist, it’s probably the longest he’s ever spoken to a friend. “We really got along. He’s inexhaustible on the subject of the media, and I, too, am inexhaustible on that subject. We had a very good time,” says Wolff. So long as they were doing business or gossip, that is. “He’s very hard to talk to personally; he can’t reflect on his own past and his own experience. He can talk about his family; he was weirdly transparent about his children. But about himself, what he might be feeling, no.”Ten years later, Wolff, who is now 70, produced what will probably be his defining work, the trilogy about Donald Trump’s White House: Fire and Fury, Siege and Landslide. The books distilled qualities evident since Wolff’s first piece in the New York Times Magazine ran in 1974: an exquisite eye for detail and mischief, expert pacing and a peculiar ability to get people to talk to him, even if they know – as by now they must – that he’s going to stitch them up like kippers. “I’m always surprised,” he says. “I have no real explanation except that people like to talk about themselves. I think of myself as a writer, not a journalist, and what does that mean? It means I’m not there to challenge anybody, I’m there to see what the experience is, and to try to put that on paper. I try to fade into the background.”Anyway, back to Lachlan, who takes over the company “theoretically”, Wolff tells me, over video call from an austere-looking room in Manhattan. He’s “a Hamlet figure. Does he want this job? I think many people who have worked with him and his siblings would say, in an ideal world, probably not.”Could Murdoch have stepped aside because of Wolff’s warts-and-all exposé? Does that sound like the kind of thing he would do? “From my point of view, I would say it’s not a coincidence,” Wolff says, picking his words judiciously, like a seasoned, picky traveller at a hotel buffet. “Obviously I speak to people inside the empire on a constant basis, and the feeling is that the book was a bus headed right at them. It’s a fairly vivid description of the problems of a 92-year-old running a public company, and he runs two significant public companies.” These are, of course, the Fox Corporation and News Corp, which, in fact, represent the rump of Murdoch’s empire, after the $71bn (£58bn) sale of 21st Century Fox – the film and television arms of the corporation – to Disney in 2019. But nevertheless that rump continues to change the shape of politics in the US and elsewhere. “The book created the environment where he was going to have to do more explaining than he wanted to do.”Just how many warts are there in Wolff’s book, though? The story it describes is, at root, quite sad: Murdoch wanted a rolling news channel and created Fox News in 1996, putting it under the control of the late Roger Ailes, for a number of reasons of which managing, controlling, manipulating and tamping down Murdoch’s warring sons were not the least. Murdoch was never even that into TV news, apparently, preferring print, but what he’d made ultimately delivered a new politics, culminating in Trump, whom Murdoch loathed.But Disney bought all the important bits of the business, leaving Murdoch with the thing he hated: Fox News (give or take what’s still a considerable newspaper empire; Wolff is not that interested in print, at least for the purposes of this book). So now Murdoch can’t get rid of Fox, because it’s all he has, and he can’t even change it, because it’s just making too much money.You’d call it Mephistophelean, except Murdoch didn’t sell his soul, he sold something he actually cared about – his news credentials. My sympathy for him would be greater if the devil only had plans for the Murdochs, but these new politics affect us all. If I had one criticism of Wolff’s overarching analysis, it’s that if you consider the UK for five seconds, it falls apart: Murdoch was never riding the tiger of Fox News here, he was tending the Sun and, for many years, the News of the World, his babies, and he still managed the slow-motion transformation of our politics, to a toxic sink where immigrants are to blame for everything and a blond sociopath could sweep into power on buffoonery. But I guess we just have to get used to our new place in the world, where nobody considers us for five seconds. And if I’m complaining, imagine what Australians have to say about their media’s virtual omission from the Murdoch story – they’ve been dealing with this family for a century.“There’s another theory inside the company,” Wolff says, about the abdication: “This is a Murdoch ruse. He doesn’t want to testify in the Smartmatic case.” Fox Corporation is being sued for $2.7bn for spreading the conspiracy theory that voting machines were rigged in the 2020 election; a similar case brought by Dominion resulted in an astronomical payout by Fox. Wolff reveals in the book that Murdoch thought the suit would cost $50m. By the time the firm walked away this April, it had cost $787.5m.Obviously it’s hard to even consider the Murdochs now but through the lens of Succession. Which one’s meant to be Kendall again, and did he win? “The superstructure of Succession takes a lot from the Murdoch story,” Wolff says. “But the Murdochs really don’t figure into any of the characters in an exact way. In no way. They aren’t those people. Murdoch, in the flesh, is incredibly conflict averse. Never engages. Very courtly. Very polite. In person, not in the least bit bullying or demanding or even functionally a know-it-all.” (According to The Fall, James Murdoch is “a prick”. I liked the brevity.)Wolff doesn’t fawn in front of big money and even expresses sympathy for the Murdoch heirs, who each got $2bn from the Disney deal. “When you have $2bn, that money owns you. You have to go to work for it. It essentially creates a full-time job which you very well may not want but you would be stuck with.” But he does surrender to its logic. “Theoretically,” Wolff says, “Rupert Murdoch didn’t have to go along with this. He could have said, ‘No, I’m closing Fox down. Or I’m going to let James run it.’ But temperamentally, after 70 years in this business, I think that it was beyond expectations for him to give up this incredibly powerful profit machine. Fox News has made more money than any other news business ever. And I’m sure he goes to bed at night thinking, ‘That’s something I’ve accomplished.’”Between that and Wolff’s fascination with the players at Fox News, first Ailes – with whom he had an affectionate lunching friendship – then Tucker Carlson and Sean Hannity, as well as sundry female anchors with fun-sounding drink and nymphomania problems, he emerges with an engaging but vexingly neutral narrative. “I’m not particularly interested in politics,” he says. “I think that the real issues are about people’s personal motivations. I think even if that’s in a political setting, which Fox is clearly, in fact what’s pushing these characters forward is not politics, it’s something else, it’s something a lot more basic.”So, ratings, yes? “What’s the overarching motivation of people on television? It’s to stay on television. People who have been on television can’t live with not being on television. Their lives diminish. They become incredibly bitter and angry.” Yes, but do I really care whether or not Carlson is patting his jowls every night and staring down screen mortality? Or is it more important that he actively created the environment for overturning Roe v Wade, because that’s the bit of his life that intersects others’?When you’re talking to Wolff, you have to turn down the bit of your brain that raises objections like that, just as he turns down that bit of his own brain.He was telling me about Ailes, the architect of Fox, always vehemently opposed by both James and Lachlan Murdoch (the only thing they could ever agree on), who was brought down by sexual harassment accusations in 2016 and died the next year. Ailes created the behemoth by recognising that some viewers didn’t want progress; they wanted to stay in 1965. “He made a business of the left-behinds. That’s interesting, from a business standpoint, because the left-behinds previously had no commercial use. He figured out how these people could be monetised, and that changed everything.” Once they’d been monetised, they were a calculable entity, looking for a political home.Ailes had another interesting mantra: it’s not enough to make conservatives happy; you have to make liberals angry. Which, again, feels like an important insight, but Wolff’s response to “alt-right” provocation feels … well, you decide: “I wouldn’t say that I enjoyed every moment I ever spent with Roger. You know, he had these political views that were reprehensible. He would get on these rants and you knew that if you let him go all the way down, at the end of the day the Jews would be killed. You would have to veer him off if you didn’t want to hear that. I remember, once, he was on a rant, and I interrupted him to ask about his son. His son was born when he was 60. I myself at that age was considering having another child. So we had this lovely conversation which precluded having to talk about some ugly politics.”Did more baby Wolffs result from this conversation? “No, my wife persuaded me to have a baby when I was 60, but he helped. Not only has it not been a disaster, then I had another after that.” (This family is with his second wife, the 43-year-old journalist Victoria Floethe. He has three children with his first wife, the lawyer Alison Anthoine.) And what is the consequence, the hangover, from checking your moral compass at the cloakroom while you dodge antisemitic necropolitics over linguine?Wolff’s adventures in Trumpland landed him in hot water from all quarters: the president tried and failed to block publication; numerous sources complained about Wolff’s reporting of off-the-record conversations, or the conversation simply not unfolding the way they remembered it; and then there were people lodging my kind of objection, which is essentially, “Come on, this isn’t a game.” But now the dust has settled, Trump is “no longer upset. I’ve been to Mar-a-Lago to have dinner with him and Melania. He calls me from time to time. And it’s as though we are – actually, I don’t know what we are. We’re friends? That can’t possibly be. But we have some relationship.”He quotes a lot of people as thinking Trump is a moron, but does he think Trump is a moron? “I certainly think he’s unlike anyone that I or, I would go so far as to say, any of us have had any experience with. Sometimes he can certainly sound like a moron. He can sound as if he knows literally nothing about anything. But on the other hand, obviously he does know something. He has keen instincts. Obviously on some level he’s a genius. So I guess you can be a moron and a genius.”How would Wolff write himself; what’s his motivation? “It’s partly that I’m a storyteller. But I would also say that I’ve spent my time trying to get rich. On quite a number of occasions I’ve set out to get rich beyond my wildest dreams and never succeeded. It makes me interested in people who have. Most journalists have accepted the fact that riches are not for them. But I never accepted that.”I then ask how he’d feel if Trump gained a second term in 2024, and he says he’d feel like he had to get back to work. Any anxieties about the future of democracy at all? “I feel that American democracy is pretty damn strong, that it can probably withstand Donald Trump. It can withstand Fox News. America survives, it grows, it prospers. Could that end? I guess it could. Would we know it ends when it ends, or would we only know that in hindsight?”“I’m a fundamentally optimistic person, who keeps having children,” he says. Maddening. A lot of fun. Still maddening.The Fall: The End of the Murdoch Empire by Michael Wolff is published by The Bridge Street Press (£25). To support the Guardian and Observer, buy a copy at guardianbookshop.com. Delivery charges may apply. More

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    Scathing court ruling on Donald Trump’s empire is a bitter blow to his successful tycoon persona

    For years Donald Trump was the host of The Apprentice, a reality TV show in which contestants vied for a management job within his organisation and he would deliver the verdict: “You’re fired!”It cemented the image of Trump as an assertive chief executive who had conquered New York, an image that still proves seductive to millions of voters who want him to run America like a business. But like much else about the 45th US president, it was all a lie.On Tuesday a judge found that Trump’s business empire was built, at least in part, on rampant fraud. Justice Arthur Engoron of the New York state court in Manhattan said Trump and his adult sons wildly inflated the value of his properties to hoodwink banks, insurers and others.These included his office buildings and golf courses, his Mar-a-Lago estate in Florida and his penthouse apartment at Trump Tower in New York, which he claimed was 30,000 square feet, nearly three times its actual size, resulting in an overvaluation of as much as $207m.Noting that Trump’s lawyers were effectively asking the court not to believe its own eyes, Engoron quoted the Marx brothers’ film Duck Soup: “Well, who ya gonna believe, me or your own eyes?”The decision will make it easier for state attorney general Letitia James to establish damages at a civil trial due to start next week; she is seeking a penalty of about $250m. Engoron ordered the cancellation of certificates that let some of Trump’s businesses, including the Trump Organization, operate in New York – just possibly the beginning of the end of his empire.If the judge’s scathing decision withstands an appeal from Trump’s lawyers, it will be the first time a government investigation into the former president has resulted in punishment. It will also deal the biggest blow yet to his persona as a successful tycoon.That was always more about illusion than reality. In The Apprentice, he was effectively an actor reading from a script in a fantasy board room. In real life, it later transpired, he shied away from saying “You’re fired!” to anyone’s face at the White House, preferring to delegate the unpleasant task.Trump’s origin story was told in his bestselling 1987 book The Art of the Deal. But the man who ghostwrote it, Tony Schwartz, describes him as an emperor with no clothes. “There’s nothing more important to Trump than being seen as very, very rich, which is why he’s expended so much effort in trying to claim a net worth far beyond what he actually was worth,” Schwartz told the Guardian in 2020.A series of tax revelations and reports have shown that Trump is not as rich as he would like everyone to believe. But the exaggerations are very on brand for a man who claimed to have the biggest inauguration crowd ever, that voter fraud is rampant and that Democrats are so pro-abortion they want to commit infanticide.None of it seems likely to shake the Trump faithful ahead of next year’s presidential election against Joe Biden. Their instant assumption is that politically biased judges are trying to distract attention from Hunter Biden’s troubles and that Trump is merely smarter than others when it comes to gaming the system.At a campaign rally in Dubuque, Iowa last week, Mathew Willis, 41, said: “I’ve never seen him be anything but honest. During a debate at one point, they were like, ‘Oh, you don’t pay your taxes,’ and he’s like, ‘Neither do you! I use the legal system to do what I do. The loopholes are there. They put them there for people like you and us. I’m just working the system.’ He’s not doing anything illegal. What’s wrong with that?”On Wednesday Trump, who also faces four criminal indictments, will head to the auto workers strike in Michigan, despite helming a presidency that was avowedly anti-union. The master of Mar-a-Lago will pretend to be a hero of the working class. In the words of Judge Engoron: “That is a fantasy world, not the real world.” More

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    New York judge finds Trump committed fraud by overvaluing business assets and net worth – live

    From 13m agoThe Senate majority leader, Chuck Schumer, and the Senate minority leader, Mitch McConnell, reached an agreement on a stopgap spending plan that would keep the government open past Saturday.A bipartisan Senate draft measure would fund the government through 17 November and include around $6bn in new aid to Ukraine and roughly $6bn in disaster funding, Reuters reported.Speaking earlier today, Schumer said:
    We will continue to fund the government at present levels while maintaining our commitment to Ukraine’s security and humanitarian needs, while also ensuring those impacted by natural disasters across the country begin to get the resources they need.
    The 79-page stopgap spending bill, unveiled by the Senate majority leader, Chuck Schumer, and the Senate minority leader, Mitch McConnell, would not include any border security measures, a major sticking point for House Republicans, Reuters reported.The short-term bill would avert a government shutdown on Sunday while also providing billions in disaster relief and aid to Ukraine.The bill includes $4.5bn from an operations and maintenance fund for the defense department “to remain available until Sept. 30, 2024 to respond to the situation in Ukraine,” according to the measure’s text.The bill also includes another $1.65bn in state department funding for additional assistance to Ukraine that would be available until 30 September 2025.The Senate majority leader, Chuck Schumer, and the Senate minority leader, Mitch McConnell, reached an agreement on a stopgap spending plan that would keep the government open past Saturday.A bipartisan Senate draft measure would fund the government through 17 November and include around $6bn in new aid to Ukraine and roughly $6bn in disaster funding, Reuters reported.Speaking earlier today, Schumer said:
    We will continue to fund the government at present levels while maintaining our commitment to Ukraine’s security and humanitarian needs, while also ensuring those impacted by natural disasters across the country begin to get the resources they need.
    Joe Biden’s dog, Commander, bit another Secret Service agent at the White House on Monday.In a statement to CNN, a spokesperson, Anthony Guglielmi, said:
    Yesterday around 8pm, a Secret Service Uniformed Division police officer came in contact with a First Family pet and was bitten. The officer was treated by medical personnel on complex.
    Commander has been involved in at least 11 biting incidents at the White House and at the Biden family home in Delaware. One such incident in November 2022 left an officer hospitalized after being bitten on the arms and thighs.Another of the president’s dogs, Major, was removed from the White House and relocated to Delaware following several reported biting incidents.Ruling in a civil lawsuit brought by the New York attorney general Letitia James, Judge Arthur Engoron ordered that some of Donald Trump’s business licenses be rescinded as punishment after finding the former president committed fraud by massively overvaluing his assets and exaggerating his net worth.The judge also said he would continue to have an independent monitor oversee the Trump Organization’s operations.James sued Trump and his adult sons last year, alleging widespread fraud connected to the Trump Organization and seeking $250m and professional sanctions. She has said Trump inflated his net worth by as much as $2.23bn, and by one measure as much as $3.6bn, on annual financial statements given to banks and insurers.Assets whose values were inflated included Trump’s Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan’s Trump Tower, and various office buildings and golf courses, she said.In his ruling, Judge Engoron said James had established liability for false valuations of several properties, Mar-a-Lago and the penthouse. He wrote:
    In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies. That is a is a fantasy world, not the real world.
    Judge Arthur F Engoron’s ruling marks a major victory for New York attorney general Letitia James’s civil case against Donald Trump.In the civil fraud suit, James is suing Trump, his adult sons, Donald Trump Jr and Eric Trump, and the Trump Organization for $250m.Today’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’s lawsuit, but six others remain.Trump has repeatedly sought to delay or throw out the case, and has repeatedly been rejected. He has also sued the judge, with an appeals court expected to rule this week on his lawsuit.A New York state judge has granted partial summary judgment to the New York attorney general, Letitia James, in the civil case against Donald Trump.Judge Arthur F Engoron found that Trump committed fraud for years while building his real estate empire, and that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing, AP reports:
    Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
    Those tactics crossed a line and violated the law, the judge said in his ruling on Tuesday.The decision by Judge Engoron precedes a trial that is scheduled to begin on Monday. James, a Democrat, sued Trump and his adult sons last year, alleging widespread fraud connected to the Trump Organization and seeking $250m and professional sanctions.Joe Biden has warned that Americans could be “forced to pay the price” because House Republicans “refuse to stand up to the extremists in their party”.As the House standoff stretches on, the White House has accused Republicans of playing politics at the expense of the American people.Biden tweeted:For an idea of the state of play in the House, consider what Republican speaker Kevin McCarthy said to CNN when asked how he would pass a short-term funding measure through the chamber, despite opposition from his own party.McCarthy has not said if he will put the bill expected to pass the Senate today up for a vote in the House, but if he does, it’s possible it won’t win enough votes from Republicans to pass, assuming Democrats also vote against it.Asked to comment on how he’d get around this opposition, McCarthy deflected, and accused Republican detractors of, bizarrely, aligning themselves with Joe Biden. Here’s more from CNN, on why he said that:In a marked contrast to the rancor and dysfunction gripping the House, the Senate’s top Republican, Mitch McConnell, also endorsed the short-term government funding bill up for a vote today, Politico reports:McConnell’s comments are yet another positive sign it’ll pass the chamber, and head to an uncertain fate in the House.The Senate’s Democratic leader, Chuck Schumer, says he expects a short-term government funding measure to pass his chamber with bipartisan support, Politico reports:The question is: what reception will it get in the House? If speaker Kevin McCarthy puts the bill up for a vote, it may attract enough Democratic votes to offset any defections from rightwing Republicans. But those insurgents have made clear that any collaboration between McCarthy and Democrats will result in them holding a vote to remove him as speaker.The House and Senate will in a few hours hold votes that will be crucial to the broader effort to stop the government from shutting down at the end of the week.The federal fiscal year ends on 30 September, after which many federal agencies will have exhausted their funding and have to curtail services or shut down entirely until Congress reauthorizes their spending. But lawmakers have failed to pass bills authorizing the government’s spending into October due to a range of disagreements between them, with the most pronounced split being between House Republicans who back speaker Kevin McCarthy and a small group of rightwing insurgents who have blocked the chamber from considering a measure to fund the government for a short period beyond the end of the month.At 5.30pm, the Democratic-dominated Senate will vote on a bill that extends funding for a short period of time, but lacks any new money for Ukraine or disaster relief that Joe Biden’s allies have requested. Those exclusions are seen as a bid to win support in the Republican-led House.The House is meanwhile taking procedural votes on four long-term spending bills. If the votes succeed, it could be a sign that McCarthy has won over some of his detractors – but that alone won’t be enough to keep the government open.As GOP House speaker Kevin McCarthy mulls a meeting with Joe Biden to resolve the possibility that the federal government will shut down at the end of this week, here’s the Guardian’s Joan E Greve with the latest on the chaotic negotiations between Republicans and Democrats in both chambers of Congress on preventing it:With just five days left to avert a federal shutdown, the House and the Senate return on Tuesday to resume their tense budget negotiations in the hope of cobbling together a last-minute agreement to keep the government open.The House will take action on four appropriations bills, which would address longer-term government funding needs but would not specifically help avoid a shutdown on 1 October.The four bills include further funding cuts demanded by the hard-right House members who have refused to back a stopgap spending bill, known as a continuing resolution, that would prevent a shutdown.The House is expected to take a procedural vote on those four bills on Tuesday. If that vote is successful, the House Republican speaker, Kevin McCarthy, may attempt to use the victory as leverage with the hard-right members of his conference to convince them to back a continuing resolution.But it remains unclear whether those four appropriations bills can win enough support to clear the procedural vote, given that one of the holdout Republicans, Marjorie Taylor Greene of Georgia, has said she will not back the spending package because it includes funding for Ukraine.Donald Trump has launched a lengthy and largely baseless attack on wind turbines for causing large numbers of whales to die, claiming that “windmills” are making the cetaceans “crazy” and “a little batty”.Trump, the frontrunner for the Republican presidential nomination, used a rally in South Carolina to assert that while there was only a small chance of killing a whale by hitting it with a boat, “their windmills are causing whales to die in numbers never seen before. No one does anything about that.”“They are washing up ashore,” said Trump, the twice-impeached former US president and gameshow host who is facing multiple criminal indictments.
    You wouldn’t see that once a year – now they are coming up on a weekly basis. The windmills are driving them crazy. They are driving the whales, I think, a little batty.
    Trump has a history of making false or exaggerated claims about renewable energy, previously asserting that the noise from wind turbines can cause cancer, and that the structures “kill all the birds”. In that case, experts say there is no proven link to ill health from wind turbines, and that there are far greater causes of avian deaths, such as cats or fossil fuel infrastructure. There is also little to support Trump’s foray into whale science.The House speaker, Kevin McCarthy, said it would be “very important” to meet with Joe Biden to avert a government shutdown, and suggested the president could solve the crisis at the southern border unilaterally.Asked why he was not willing to strike a deal with congressional Democrats on a short-term funding bill to keep the government open, NBC reports that McCarthy replied:
    Why don’t we just cut a deal with the president?
    He added:
    The president, all he has to do … it’s only actions that he has to take. He can do it like that. He changed all the policies on the border. He can change those. We can keep government open and finish out the work that we have done.
    Asked if he was requesting a meeting with Biden, McCarthy said:
    I think it would be very important to have a meeting with the president to solve that issue.
    Here’s a clip of Joe Biden’s remarks as he joined striking United Auto Workers members (UAW) outside a plant in Michigan.Addressing the picketing workers, the president said they had made a lot of sacrifices when their companies were in trouble. He added:
    Now they’re doing incredibly well. And guess what? You should be doing incredibly well, too.
    Asked if the UAW should get a 40% increase, Biden said yes.Joe Biden became the first sitting US president in modern memory to visit a union picket line, traveling to Van Buren township, Michigan, to address United Auto Workers members who have walked off the job at the big three automakers. The president argued that the workers deserve higher wages, and appeared alongside the union’s leader, Shawn Fain – who has yet to endorse Biden’s re-election bid. Back in Washington DC, Congress is as troubled as ever. The leaders of the House and Senate are trying to avoid a government shutdown, but there’s no telling if their plans will work. Meanwhile, more and more Democratic senators say Bob Menendez should resign his seat after being indicted on corruption charges, including his fellow Jerseyman, Cory Booker.Here’s what else is going on:Here was the scene in Van Buren township, Michigan, as Joe Biden visited striking United Auto Workers members, in the first visit to a picket line by a US president: More

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    Donald Trump committed fraud as he built his real estate empire, New York judge rules

    Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House, a New York judge ruled Tuesday in a strongly-worded rejection of the former president’s bid to throw out a civil lawsuit against him.Judge Arthur Engoron found that Trump and executives from his company, including his sons Eric and Donald Jr, routinely and repeatedly deceived banks, insurers and others by massively overvaluing assets and exaggerating his net worth on paperwork.His ruling came in a civil lawsuit brought by Letitia James, New York’s attorney general, days before the start of a non-jury trial that will hear accusations that Trump, and the Trump Organization, lied for a decade about asset values and his net worth to get better terms on bank loans and insurance.“The documents here clearly contain fraudulent valuations that defendants used in business,” Engoron wrote.James has said Trump had effectively engaged in a “bait and switch” operation, inflating his net worth by as much as $2.23bn, and by one measure as much as $3.6bn, on annual financial statements given to banks and insurers.Assets whose values were inflated include Trump’s Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan’s Trump Tower, and various office buildings and golf courses, James said in the lawsuit filed in September 2022.Trump’s legal team had previously asked Engoron to dismiss the case against him, arguing James lacked authority to file the lawsuit because there was no evidence the public was harmed by Trump’s actions, and that many of the allegations were beyond the statute of limitations.But the judge indicated last week he was not inclined to be sympathetic, rebuking Trump’s lawyers for making “frivolous arguments” and stating he was considering sanctions against them.Chris Kise, who is also representing Trump in a federal indictment in Florida over the former president’s handling of classified documents after leaving the White House, argued: “What is happening here is what happens every day in complex business transactions”.Engoron was not swayed.“The fact that no one was hurt does not mean the case gets dismissed,” he said. In his ruling Tuesday, he granted a motion by James seeking sanctions against Trump’s legal team for repeatedly making arguments already rejected, fining five attorneys $7,500 each.Manhattan prosecutors had looked into bringing a criminal case over the fraudulent conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in New York.Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’s lawsuit, although six others remain.skip past newsletter promotionafter newsletter promotionThe non-jury trial is scheduled to start on 2 October. James is seeking $250m in penalties and a ban on Trump doing business in New York, his home state. The hearing could last into December, Engoron has said.The judge has penalized Trump before. In early 2022, the former president paid $110,000 in fines after failing to meet case deadlines.The case is one of several that Trump, the runaway leader in the race for the 2024 Republican presidential nomination, must navigate while appearing on the campaign trail. He faces 91 criminal charges under four indictments, for hush-money payments to an adult movie star, illegal retention of classified information, and election subversion at the federal and state levels.In civil court, he also faces a second defamation trial involving the writer E Jean Carroll, who said he sexually assaulted her in the 1990s. Found liable for defamation and sexual abuse, Trump has already been fined about $5m and adjudicated as a rapist.
    Martin Pengelly contributed reporting More