Trump Is Preparing for the Worst

Like Hemingway’s Mike Campbell, the Trump Organization is confronting troubles that accumulated gradually and have coalesced suddenly. And once again, friends are at the bottom of it.

A grand-jury indictment of Donald Trump’s business and its chief financial officer, Allen Weisselberg, unsealed this afternoon in New York, alleges tax evasion arising from an attempt to pay Weisselberg and other Trump Organization executives extra money “off the books.” Prosecutors charge that Weisselberg and others received rent payments and other benefits without paying the appropriate taxes on them. Weisselberg and the Trump Organization have...