Comedian Jon Stewart has lambasted Canadian entrepreneur Kevin O’Leary for standing up for Donald Trump. O’Leary who enjoyed a weekly slot on the Shark Tank had argued that the former president and his companies had been harshly penalized by New York in a civil fraud case.
Stewart Opposes O’Leary’s defense of Trump
The controversy ignited when Judge Arthur Engoron issued a ruling in the civil fraud proceedings spearheaded by New York’s Attorney General Leticia James against Trump. The former president was staring down a deadline to raise the required amount to cover a large $454 million bond by a specific date. Luckily, he caught a last-minute break, with New York’s appellate court reduced the bond amount to $175 million. Trump and his team now have ten days from the verdict’s date to raise this amount. Failure to do so could result in James seizing some of Trump’s assets. Trump, in response, has claimed that he has $500 million to cover the penalty.
Trump Organization’s Fraud Comes to Light
During its investigation, James’ team uncovered a persisting irregularity in the Trump Organization over the past ten years. The organization reportedly inflated the value of its real estate holdings while applying for loans, a practice which Trump dismissed as “ridiculous and outrageous.” O’Leary supported Trump’s viewpoint in an appearance on CNN, leading to a backlash from Stewart.
Stewart Slams O’Leary’s commentary
Stewart found O’Leary’s comments to be misdirected and hypocritical, especially as he has always been critical of overvaluation in his role as a Shark Tank judge. A clips montage from the entrepreneur’s appearance on the show highlights his harsh comments regarding the valuations of multiple startups.
Clarifying the Consequences of Fraud
He cautioned that such fraud cases are not victimless as it negatively impacts honest business figures who may be denied loans due to offenders like Trump. Ultimately, such unethical practices cost the entire community, including the city of New York, where he alleges Trump’s illegal activities were rampant.
Disagreement Over the Scale of Corruption
Further challenging O’Leary’s defense of Trump, Stewart highlighted that even if others were engaging in fraudulent activities, it doesn’t justify turning a blind eye or condoning the actions. He criticized O’Leary’s attitude, calling it ‘entitled arrogance’ and took issue with his insinuations that breaking laws in pursuit of profits was commonplace and expected in the investment community.
Wrapping Up
While the arguing over Trump’s court case carries on, Stewart’s sentiments remind us of the importance of maintaining integrity in business practices. Unethical behaviors have far-reaching effects beyond immediate profit, and impunity should never be the norm. Please follow up on this story and others on HitPlay.
