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Breaking

Business


TRUMP AGAIN CLAIMS N.Y. AG JAMES DROVE EXXON OUT OF NEW YORK—BUT COMPANY LEFT IN
1989

Sara Dorn
Forbes Staff
Politics
Jan 11, 2024,02:16pm EST


TOPLINE

Former President Donald Trump blamed New York Attorney General Letitia James for
driving Exxon out of New York while speaking to reporters outside of his
Manhattan civil fraud trial Thursday—even though the company moved its
headquarters out of New York City more than 30 years ago.



Former US President Donald Trump speaks to the [+][-]
press as he departs closing arguments in his civil fraud trial in Manhattan.
(Photo by TIMOTHY A. CLARY/AFP via Getty Images)
AFP via Getty Images



KEY FACTS

Trump equated James’ lawsuit alleging he lied about his net worth to secure more
favorable business deals to Exxon’s departure from Manhattan in 1989, telling
reporters “she should be criminally liable for this, she did this to Exxon, and
they drove Exxon out of New York.”



Exxon moved its headquarters from Manhattan to Dallas in 1989, the year James
received her law license.



Trump then went on to rant about taxes and crime in New York and said that’s why
businesses are fleeing.




The former president made similar claims on Truth Social in December, when he
said James and her team “are responsible for driving ExxonMobil out of New
York.”


TANGENT

Trump in December referenced a civil case James’ office lost against Exxon in
2019 that accused it of downplaying the risks of climate change regulations,
essentially defrauding its shareholders. The case was filed by James’
predecessor, Barbara Underwood.


KEY BACKGROUND

Trump was in court Thursday for closing arguments in the case accusing him, his
company and his two adult sons of misstating the value of his assets on
financial documents more than 200 times between 2011 and 2021. Trump already
lost a portion of the case when Judge Arthur Engoron ruled in September that
Trump and his co-defendants committed fraud by inflating the size and worth of
his properties, including his Trump Tower penthouse and Mar-a-Lago estate. Trump
and his co-defendants have sought to distance themselves from the allegedly
false financial statements throughout the trial, and Trump has repeatedly argued
the lenders and insurers he is accused of defrauding were responsible for
fact-checking his financial statements, an argument Engoron has rejected. James
is seeking a $370 million fine against Trump in the case.





WHAT TO WATCH FOR

Engoron is likely to deliver a verdict in the case at the end of January.

MORE FROM FORBESInside The Courthouse: Trump Shows Up For Closing Arguments In
Fraud CaseBy Dan Alexander



MORE FROM FORBESTrump Arrives In Court For Final Day Of Fraud TrialBy Alison
Durkee




MORE FROM FORBESHere's How Much Donald Trump Is WorthBy Dan Alexander

Get the best of Forbes to your inbox with the latest insights from experts
across the globe.
Follow me on Twitter. Send me a secure tip.
Sara Dorn

I cover national politics, with a focus on elections and the White House. Prior
to joining Forbes, I wrote about New York politics for City & State magazine and
The New Yo…

Read More Read Less
Editorial StandardsCorrectionsReprints & Permissions


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