Engoron easily could have employed a non-fraudulent, apples-to-apples methodology. That method would calculate Trump’s purported “ill-gotten” interest “savings” by comparing the recourse loan rates that Trump actually received from the lenders with the recourse loan rates Trump would have received had he not allegedly overvalued his assets. But the problem for Engoron is that applying this proper economic analysis would result in $0 of “ill-gotten gains” for Trump. //

Unlike Trump’s purported “overvaluations,” Engoron’s financial manipulation has actual victims — Trump, his family, and the Trump organization. But the harm goes much deeper than that. Made in an election year against a front-running major party candidate, Engoron’s ruling is a financial fraud on America.