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Why Trump’s Civil Fraud Charges Should HORRIFY Every Business

Former president Donald Trump has warned the state of New York that businesses will flee if the civil fraud charges levied against him aren’t overturned. But New York’s governor has promised that other businesses have nothing to worry about. So, is there cause for concern? Former investment banker Carol Roth joins Glenn to explain why this ruling should be “horrifying for everybody who is in business.” Plus, she addresses whether conservatives should celebrate as progressive organizations appear to backtrack on their woke agendas, or whether this is all an election season ploy.

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, a former New York Wall Street banker, who, you know, woke up and went, what am I -- am I on the wrong side.

And she has done an awful lot of good. She's the author now, of, you will own nothing. Former investment banker. I have her on, because I want to talk to her about BlackRock's new voting system.

But she has a couple of things I want to let you know.

First, she has a new newsletter out.

CarolRoth.com/news. Sign up for it. CarolRoth.com/news.

Carol, I wanted to start with you, because you are a former New York investment banker.

What is the fallout going to be on this Donald Trump conviction and 355 million dollar fine?

Never been done before, not even with the Gambino crime family they never did this.

CAROL: Yeah. Okay. So just to be correct, San Francisco investment banker, because I don't want to lump myself with all of those New York investment bankers.

GLENN: Like that's any better.
(laughter)

CAROL: So the complications of this are horrifying for everybody who is in business.

When you think about presenting your company in the best light, whether it is a startup firm, a venture Capitol firm.

A private equity firm.

Real estate holdings.

Any publicly or privately held company, that has adjusted EBITA.

They are saying, here's what we think the business is. But we will put this in the best light.

And what this particular judgment has done, in my opinion, has said, even if somebody hasn't gotten hurt.

Even if the bank that you presented this to.

Or the investor said, hey, we made a ton of money. We're not a counterparty to this suit.

That the state can come in and say, well, we don't think this is right. We've done our own calculations. We see that you have some numbers that you got wrong here, and we are going to charge you with fraud civilly. Not criminally. Civilly.

And then put in some insane judgment, that is basically like sitting your finger in there. And seeing which way the wind blows. Because there is no actual damages.

The bank has said, that they were not victimized, that they made a ton of these.

And so who really is the counterparty here.

They are saying, there is some ill-gotten gain. They made this up.

And this has an incredibly disturbing implication, for any business.

If this is the standard, then basically, I would say, every business in the United States, somebody needs to be thrown in jail. And assessed hundreds of millions of dollars.

Because this happens throughout all business.

GLENN: Well, I will tell you, if Elon Musk were still in California, I bet he would be shaking in his boots. Because if this can happen in New York, it can happen in California.

And they're already going after him, with all kinds of stuff. Even if you're on the right side currently, if your company ever falls against the state, on anything, you're opening yourself for the end.

I mean, how -- how much of an impact will this have, on businesses being and locating themselves in New York?

CAROL: Well, that's the interesting question. Because everybody thinks that it can't happen to them.

Oh, it's Donald Trump. He's done all of these things that we've heard about in the media. This can never happen to me. And there's a lot of ego and a lot of hubris, particularly with the financial services and other companies that are based in New York City.

We have seen some level of exodus based on crime, taxes. And other decisions.

Obviously, the ones who have been savvy, have already gotten out of there. Started to decouple from New York.

But I think the -- when something like this happens, they see this big personality, and they say, it can't happen to me.

But why not?

Why can't it happen to you?

If you go against whatever the narrative is.

If you go against the state. And, you know, you say something, that they don't like. This is -- you know, as we've talked about before. Sort of a soft form of social credit.

You are not aligned with what we want. So we will find ways to penalize you, financially.

GLENN: It's terrible.

CAROL: And it is absolutely terrifying.

GLENN: All right. So let me talk to you here. We have about six minutes here to talk about this.

CAROL: Okay.

GLENN: Justin Haskins. Who is my cowriter of my book.

We talk about ESG and all of this stuff. All the time.

Go back and forth.

He's much -- if you think I'm a pessimist.

He's more of a pessimist.

He wrote to me the other day. Glenn, this is great news.

The Europe ESG collapse. And now companies are getting out. Even BlackRock says they're getting out of it.

And I said, whoa. Whoa. Whoa, whoa.

We're entering the time of an election. And this is also what every progressive institution does.

They are exposed.

Oh, we're not going to do that with your gas stove.

And then they do it, anyway, in another form.

Are you -- I mean, we should celebrate that we have them on the ropes. But we believe so let the pressure up. We have to pursue them.

Because they're trying to make an escape.

CAROL: Yeah. I think this is the absolute perfect analogy. And I know Justin and we have conversations offline as well about all this stuff.

And I do think there are a lot of things to celebrate.

Because of the work that you and Justin have done, Glenn.

Your audience has done in raising awareness.

Some of these state level leadership. We are seeing a lot of shifts happening. You know, we saw JPMorgan. Pimco. State Street. All extract themselves from the climate 100-plus pledge, which is basically financial institutions. Cracking down on companies. And trying to push them into this ESG, these directives. And so we just saw that happen this week. And part of that is because they are afraid of the legislation, and -- and being hit with lawsuits. In fact, BlackRock, which shifted from the US being part of it. To just Europe being part of it.

Within -- they cited lawsuits. Potential lawsuits, as one of the concerns. So this is -- come from The New York Times. Main Street media. They are concerned, but it's not fluff.

And, you know, that goes back to this new BlackRock voting initiative. Proxy voting initiative.

Where they don't want to be the ones to take the blame. And say, well, we're not pushing this. You're voting for it.

Instead of, you know, going ahead, and giving you the ultimate choice on how to vote.

They will give you options. But of their options, almost all of them has to do -- I know this will shock you, Glenn. With climate or climate impact. Or environment.

Social responsibility.

GLENN: Wow. So I could have Soviet communism, Chinese communism, or --

CAROL: Or North Korean.

GLENN: Or North Korean communism. But I can choose. I can choose. Wow. That's quite a choice.

CAROL: Yeah. And it's -- I was going to say --

GLENN: Go ahead.

CAROL: I was going to say. The way they're doing it is obviously, they've been paying attention to your program. Because they're trying to really manipulate you in one direction or another.

They have this one choice, that's called the ISS Catholic faith-based policy.

So you're going, oh, okay. That's great. That's going to be aligned potentially with my rales. And patriotic values. But what they say is, quote, it's aligned with social responsibility. And quote, the active ownership. And investment philosophies of -- I'm sorry. Broadly consistent with the objectives of socially responsible shareholders, as well as the teachings of Catholicism and Christianity.

And then they talk about social, environmental impact. That they're going along with the social and environmental philosophies of Catholic-based teaching.

GLENN: That's unbelievable.

STEPHEN: They're really trying to make sure you don't read this. And say, oh, this will be aligned with my values.

They're just pushing in a different way to manipulate you. So now they can say you're the (inaudible).

GLENN: Unbelievable. So damn evil.

CAROL: It is.

GLENN: I am looking at all of the things that are happening. Like the farmers. You know, that's -- that's kind of calmed down now over in Europe. Because the politicians said, you know what, you're right. You're right. We're not going to push those things. We're going to hold. We're going to hold. There's an election coming up this summer. But after the election, we'll bring that back up. And I think you're right.

And I think the farmers might be dumb enough to think they won. But they didn't win.

You cannot -- this is like -- any good war strategy.

You cannot let them regroup. Fall back and regroup someplace else. You must pursue them, at some point.

Because they're going to keep doing it over and over. They'll just pop up someplace else, or under a different name. Or another new way to manipulate, the reality.

And you have to -- if you don't pursue them, you have to start all over again.

CAROL: Yeah. So the farmers have obviously been very brave. And they've been leading the way.

And, yeah. I think they may have won the battle. But they haven't won the war. There was an article that came out in the Financial Times this morning. About here in the US.

About the amount of investment dollars that keeps increasing, in terms of buying up farmland. And that the average age of farmers here in the United States is 58.

I would imagine that there are similar demographics than issues going on around the world.

So they may be placating and saying, we will drop this.

But we know through the fight against natural asset companies. You know, some of these other proposals that are coming to the table. And things they're moving around. That they're finding other ways to achieve their objectives. I think the good news is, is that we are having an impact. Whether it's the farmers. Whether it's the listeners here, using their voice.

But I know it seems exhausting. But you've got to devote some part of every week, to advocacy. Because we're in a situation, where -- like you said, you cannot let up there. On the ropes. If you let them get that second win, they will come back and go back at you, with some jabs and a right hook.

GLENN: Carol Roth. Thank you so much.

God bless. We'll talk to you again soon. Carol Roth. The author of, you will own nothing.

She also has her new newsletter out.

You can find it at CarolRoth.com/news.

RADIO

This Russian nuke warning is HORRIFIC… for an UNEXPECTED reason

Glenn Beck reviews a video of Aleksandr Dugin, known as “Putin’s brain,” warning that nuclear war is inevitable. But this warning from Russia is absolutely terrifying for another reason: it’s NOT REAL …

THE GLENN BECK PODCAST

Operation Fast and Furious: The TRUE Story of How the Feds were Running Guns into Mexico

The Border Crisis has been ongoing for years, and one of the biggest scandals was the ATF “gunwalking” scandal known as Operation Fast and Furious which occurred during when Barack Obama was President. Glenn Beck talks with John Dodson, the whistleblower who revealed the scandal to get the facts about what happened and why it was a flawed operation from its inception.
Watch the FULL Interview HERE

VIDEOS

Glenn Beck & Piers Morgan REACT to Trump's Iran Strike & What Comes Next

Glenn Beck joins Piers Morgan to react to President Trump's decision to strike Iran's Nuclear Facilities and what could come next with the conflict. Is this just the start of a larger conflict involving Iran, Israel and the United States, or will this move by Trump put at least a temporary end to the brewing tensions?

RADIO

Meet the pro-Intifada candidate NYC Democrats just elected

New York City Democrats just elected 33-year-old Zohran Mamdani, a "socialist Muslim", as the Party's candidate for mayor. But Glenn Beck argues that his radical beliefs are actually communist and Islamist.

Transcript

Below is a rush transcript that may contain errors

VOICE: Z10852. Something weird is going on. The World Trade Center is on fire.

VOICE: Seriously the top of the building. We're trying to get information.

VOICE: Top level of one of the --

VOICE: To unfold from New York City.

VOICE: A plane crashed just --

VOICE: My sister is in that believe. I hope she's okay. I have to come to New York.

VOICE: It's pandemonium.

VOICE: It's raining papers.

VOICE: Wait a minute! Stop just a second. Why are we -- why are we -- I've got breaking news. Breaking news, yesterday. New York City just elected as their mayoral candidate for the left. And the Democrats, a -- a Muslim radical, who is also a communist!

So, you know, it only took you 25 years. It only took you 25 years, New York, to go completely insane.

Somebody who is -- well, I mean, if I might quote Michael malice today. I am old enough to remember when New Yorkers endured 9/11 instead of voting for it.

But you've got a -- you've got a communist jihadist apologist now.

Who was -- you know, well, CAIR put $100,000 behind his bid for New York City mayor.

So you have somebody who is endorsed by CAIR. That's really good.

He also was somebody who said, you know, he was -- he was for the shooting of the United Health Care CEO.

Said he was looking forward to driving down magnum Joan avenue. I don't know. Sounds like supporting people in the streets. Maybe it's just me.

Then he also said that he was going to globalize the intifada, which I think that's -- maybe -- maybe that's just me.

I mean, what do I know?

Tim Miller who is a podcaster. Asked him a few weeks ago. Asked him about his pro Palestinian slogan. Globalized the intifada. And he said, for me, ultimately, what I hear in so many, is a desperate desire for equality and equal rights, in standing up for Palistinian human rights. Oh, is that what you hear, Mr. CAIR?

Really? Huh, that's interesting.

Right. So globalize the intifada.

I mean, I mean, sure, that's -- I mean well, let me go on.

Because I don't want to take him out of context.

He then delved into the semantics of the intifada, citing the United States Holocaust memorial museum's use of a word for a translation for uprising, in an Arabic version of an article, a museum published about the Warsaw ghetto.

Oh!

So this is just a comparison, about the -- the armed rebellion against the Nazis!

I don't know if that makes me feel better!

I mean, if we're globalizing that.

We're the Nazis in this scenario.

Because I don't think it's the Palestinians.

I certainly don't think it's anybody who is like, hey.

Global jihad. I don't think it's those guys.

Or the Nazis. Who are the Nazis in that?

And it seems, if that's what you mean, then it's not just a harmless kind of slogan about human rights. It is a call for violence on the streets.

Because I don't know if you know, that's what happened when the Jews had their uprising against the Nazis.

I'm just saying!

But, hey, hey, free Palestine.

Oh, that's not what that means, gang. That is not what that means, but don't worry about it. He's just going to be possibly the new mayor.

And that's great. By the way, the Columbia faculty members signed a letter defending Hamas.

They were also among the donors to his mayoral campaign.

So, you know, you don't have anything to worry about.

And his father, who used to work at Columbia. Do you know, Stu?

Is his Dad -- is he still a professor at Columbia University?

He said that -- this violent terror thing of Islam, is not a part of Islam. Now, I've read the Koran, and much of the hadith.

And I'm pretty sure the violence is a part of that. But no.

No. This is something entirely new.

And his father while at Columbia university, wanted everybody to know, that this is actually -- this is something that came out of America!

America is really responsible for this.

And, you know, it really started with the Reagan administration, you know, when he started -- when he started with his very religious terms, to finish the war against the evil empire.

So, you know, that's where -- that's where 9/11 came from.

Is what -- don't worry about it! Don't worry about it!

Because who am I? I'm clearly just -- am I an anti-Semite today, or am I an Islamophobic? I can't remember which one.

Oh, it's probably both. Anyway, Islamophobia. Let me just explain Islamophobia. I haven't even gotten to the Communist part of it. Which is really, really -- New York, you're in one for hell of a ride. Buckle up.

It will be a fun rollercoaster for you. My gosh, I've never been happier that I've been away are if New York.

Anyway, I just want I to know, there is Islam. And then there is Islamists. Now, an Islamist is somebody who really wants Sharia law.

That's political Islam!

That's not a faith. That's political Islam.

Now, let me make really -- something really clear. Criticizing Islamism, is not Islamophobia. Pointing out the dangers of, oh. I don't know.

Political Islam. The ideology that seeks to use the tools of democracy, ultimately to destroy democracy, is not an attack on Muslims.

No. Uh-uh.

You know why?

Because Muslims are often the first people in line.

The first victims of the ideology.

So let's draw a bright, bright line between Islam as a faith, millions of people can practice that faithfully and peacefully.

It's mostly peaceful, okay?

Then there's the Islamism.

Islamism is something entirely -- that's a political project.

A theocratic political -- oh. Left loves theocracies. They love it.

Of course, you never see a problem with it.

See it when an Islamist is touting it. Anyway, it's not about prayer. It's not about fasting. It's not about spiritual life.

It's all about power. It's about merging of mosque and state. It's about implementing Sharia, not as a personal code of conduct. But as a governing legal system.

And it's -- it's supremacy.

Absolutely. Faith.

Religion.

It's -- there's one thing that's supreme.

It's misogynistic.

Deeply intolerant of all kinds of things.

Descent. Secularism. Other faiths. Even competing interpretations from inside the faith itself.

It will behead them too.

So let's -- let's be honest here for a second.

You know, CAIR should be labeled an international terror organization.

In my opinion. In my opinion.

Oh, does that make me -- that makes me an Islamophobe. I'm sure. I'm sure they will start a campaign against me on being an Islamophobe.

Stand in line, guys. You've been doing it since 2001, okay?

I don't really care. And I don't think the American people. I think that record, all the grooves are worn-out on that one, okay?

This is not a religion we're talking about. When we're talking about Sharia law. And we're talking about globalize the intifada. What does that mean, actually, to globalize it?

Does that mean we now want to do what is happening to Israel? All over the world?

Has the Palestinian plight become our plight you now, as Americans?

That there has to be an intifada here!

Because it's the kind of the same. You know. It's kind of the same over, you know, with what the Palestinians are going through.

Well, it's very much like what the Jews went through with the Nazis.

That's a weird one. That one makes my head hurt. It's very much the same as that. And very much the same as the fight against Donald Trump.

Oh, this is going to be fun. It's fun!

Really fun. You know, the irony here is, the ones that will scream Islamophobia the most, are the ones in the progressive left, the champions of feminism, LGBTQ rights. And secularism.

They're going to -- no. You want -- they're going to stand with the people, who want to kill them first.

See, this is how smart they are!

This is why it's going to work out well, in New York City.

Let me just say. If you have an ounce of common sense, you run a business, you have an ounce of wealth. And I don't mean wealth like, you know, hey, Lovey.

Let's get on the boat for a three-hour tour with a suitcase full of cash. I mean you saved anything, anything, get the hell out of New York City.

I mean, this is about survival. This is about free speech. This is about women's rights.
Religious pluralism. Secular legal systems. Liberal democracy.

But it's also about failed principles of Communism. Okay?

First, you have to call out political Islam for what it is. Okay?

And we have to do it with the clarity that we call out white nationalism.

Got to do it with that. Got to -- you know, the Klan. Really bad people.

Really bad people.

Anybody who is shouting for globalized intifada?

Pretty bad. Pretty bad people.

Okay?

Now, let's get to communism.

Because that's another cool, cool angle of the new Democratic candidate for -- for mayor of New York City.

That I just -- I think is cuddly and cute. Sure, it led to 100 million deaths. But this time, New York is going to be radically different. Oh, did I use the word radical?

I didn't mean to use that. What's radical about this guy?

Nothing. He's just like you!

Well, not exactly.

But let's talk about communism, next!

Now, the new mayoral candidate that's running there in New York City. That so many young people rushed to defend and vote for. He's promising free buses.

That's going to work out.

Where are you going to get the money for free buses.

It's free!

City-run grocery stores.

Oh, rent freezes. And finally somebody has done it. A 30-dollar minimum wage.

So under the banner of equity. And, you know, we will tax the wealthy. And the corporations. You know, we're going to squeeze another $10 billion out of them.

Really?

Because they're going to call a U-Haul.

You know, they will call something like U-Haul. There will be a lot of -- there will be a lot of movers that are like, how do I get the truck back from Texas or Florida back up to New York? Nobody is moving up there.

But he's going to do it.

Now, his vision isn't really new. You know, just -- just tax people, so we could have city-run grocery stores. You know, I remember -- I'm old enough to remember those city-run grocery stores in Moscow.

They were great.

The shelves were empty.

But that's just Moscow.

It worked out completely different in Venezuela.

Where, oh, no.

It didn't. That's right. The grocery store.

They were eating the zoo animals.

But it will be different in New York.

Because they have rent controls too.

And that will just choke the housing supply, but don't worry. As a young family.

You know, you voted for it.

You know better.

It will work this time.

So, you know, I like building ideas, I just don't like usually building on the graves of 100 million people.

But, you know, why not? Why not?

You know, use this dogma.

And this time, it will be different. It's not like it was in China. Where the great leap forward, was a gross -- a gross parody of progress. Venezuela, which was oil rich. One of the richest nations in the hemisphere now sees 90 percent of its population in poverty!

Yeah. Darn it. You know what they did?

They decided to take state control of things.

You know, like grocery stores. And it worked out well. How is that free busing working out in Venezuela?

I just want to -- I just want to know.

Anyway, then you've got the globalize the intifada. Which is going to drop a little violence in, and anti-Semitism in with your communism.

Which is weird!

Because violence and anti-Semitism, always happen. When it -- when it comes to -- when it comes to communism.

This is weird!

I've got to play something for you. Because this has talked about on me earlier this morning.

Oh, wow.

Wait a minute. This is -- this is the whole coalition coming together here.

So this is going to be good. New York, this is going to be great.

It's going to be great for you.

No. He's going to uplift you. Then the social fabric of New York City is just going to be -- just one.

It's going to be fantastic. Don't worry about your 120 billion dollars in debt. Or your 10 billion-dollar deficit that you have right now.

You are going to charge the rich more taxes, and they will stay right there.

They will be like, you know what, that 46 percent in taxes that I'm paying, this is just not enough. It's just not enough.

I need to pay 60 or 70 percent to be able to pay my fair share. So that's good. That's good. That's good.

You know, they're not risking 100 million people. It's just 8 million people.

This time, it's just 8 million people.

But, hey. For those of you in upstate New York. That aren't going to be part of this experiment.

Don't worry, you get to pay for it. Because they'll kick it up to the state. The state will have to subsidize everything. And don't you love it?

Really, don't you want to subsidize the really crazy ideas of New York City?

I mean, why don't you have a -- why don't you have a democratic socialist. A/k/a communist mayor.

Why haven't you done that? Are you not progressive enough? Are you not looking into the future?

Are you stuck in the past?

I don't know. I don't know. The graveyard is pretty big. I have a hard time getting past that one. You know, yeah, so I'm stuck in the past. Because I can't seem to pass that graveyard, and get to be down the path with you. But it's going to be a paradise.

Forget arithmetic. You know, or human nature. This time, it's going to work. It's going to work. So all right!

Wish I lived in this morning.

No wait. Nope. I don't. Nope, I don't.

And Ted Cruz, stop it. Stop writing, hey, come to Texas. No. No. Don't come to Texas. Don't come to Florida. Go to California. It's beautiful this time of year. Go there. Go there.