Much has been written about whether Donald Trump should be prosecuted for certain conduct while in office. Leaving aside his conduct as president, which inevitably raises political issues, is the question of his conduct as a businessman and that of the company that bears his name. Long before Mr. Trump and his family brought their reality show to Washington, they ran their real estate empire from New York, with great flash but questionable reputation. The Manhattan District Attorney's investigation has nothing to do with federal law, public acts, or violations involving the political or electoral process. Moreover, as possible charges brought by a sovereign state, they cannot be pardoned by an outgoing President.