think as walter observed this is really difficult sticky situation the president has found himself in. the new york attorney general sent letters to the irs and the fec. you want to talk moo me about that, walter? yes, so the ooeirs has the authority to ban the president or three of his kids rather from having any involvement from nonprofits for ten years. there s significant penalties under both the irs and the fec angles. the irs complaint has two components. it alleges that he just simply used this as a certainly piggy bank for himself, settling claims and buying himself a gigantic portrait to decorate one of his clubs with and also this allegation of coordinating with a presidential campaign. the fec allegation also includes two different components. there s coordinating with a campaign and trying to influence
snyderman is long gone, so that s just pixy dust the president is throwing in the air. it alleges the president is using the foundation to settle claims at his mar-a-lago resort. they even have a hand written note, apparently, by trump authorizing this. what kind of legal trouble could the president be facing here? well, he s actually facing three different lines of attack. there s the state lawsuit, which is going to go the way litigation goes. it s going to be a bloody knock-down-drag-out fight. he s tweeting he s not going to settle. i doubt this new york attorney general is worried about that. she seems to think she s got a pretty strong case because that was a barnburner of a lawsuit she s filed. she also referred this to both the irs and the fec. and there s some potential trouble there because there are very strict rules taking advantage of the tax exemption
an election. they ve got some very good circumstance substantial eviden evidence of both. i think the stronger complaint is the irs one and it fec one that alleges coordinating. it s a higher standard to prove they intended to influence the election. but, again, it certainly laid out a case for it. and we ll see what the fec and the irs do. michael, hopefully i can get through this but here s the president tweeted today. he said the sleazy democrats and the now disgraced and run out of town ag eric snyderman are doing everything they can to sue me on a foundation that took in $18.8 million and gave utto charity more money than it took.
claims and buying himself a gigantic portrait to decorate one of his clubs with, and also this allegation of coordinating with a presidential campaign. the fec allegation also includes two different components. there s coordinating with the campaign and trying to influence an election. they ve got some very good circumstantial evidence of both. i think the stronger complaint is the irs one and the aspect of the fec one that alleges coordinating. it s a higher standard to prove that they intended to influence the election. but, again, certainly laid out a case for it, and we ll see what the fec and the irs do. michael, hopefully i can get through this. here s what the president tweeted today. the sleazy new york democrats and their now disgraced and run out of town ag eric schneider man, who we talked about before, are doing everything they can to sue me on a foundation that took
for nonprofits. and you have to file a number of government forms where you re attesting things are true subject to very severe criminal or civil penalties for filing false statements. and then you ve got the fec allegations that in some ways overlap the irs allegations because they in both instances she claims that the non-profit was coordinating with the campaign, which is not permitted under either irs law or federal election law why did you call it a barnburner of a lawsuit? just because it makes some really strong allegations, and as you said it s got the note and i think it s packaged fairly aggressively. michael, i want you to remember that january 16th fund-raiser for the veterans that trump held instead of attending the gop debate. remember that? this lawsuit says the foundation raised more than $2.8 million that night, but it was really a trump campaign event. and you can t do that with a