KGIII Matchup
Letitia James (NYAG)
vs.
Martin Gruenberg (FDIC)
It’s chilly in New York for due process rights. New York Attorney General Letitia James used New York Executive Law § 63.12 to allege that then-former President Donald Trump and his company engaged in fraudulent activities, including inflating asset values and misrepresenting financial statements, to secure favorable loans and tax benefits, even though the banks who lent him the money disputed that and testified there was no harm suffered. This unconstitutional statute is an affront to the Fourteenth Amendment because it allows punishment for incorrect business statements without requiring intent (mens rea) or proof of harm.
Don’t bank on it. FDIC Chair Gruenberg trapped John C. Ponte in an unlawful administrative enforcement proceeding, which the U.S. Supreme Court has twice ruled is a violation of the Seventh Amendment right to a trial by jury. To add insult to injury, Gruenberg’s FDIC—which only has statutory authority to regulate banks—is pursuing Mr. Ponte, who is neither a banker nor has any ownership or control over any bank.
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