SFGATE columnist Drew Magary writes about the financial implications of Donald Trump's offer to pay only a fraction of the bond in his civil fraud case.
“Donald J. Trump offered a New York appeals court on Wednesday a bond of only $100 million to pause the more than $450 million judgment he faces in his civil fraud case, saying that he might need to sell some of his properties unless he gets relief.”
He’s a real estate investor. Having most of his money in real estate is not the same as actually being broke. That’s like a rich college student complaining they’re “broke” when they’re out of cash in their wallet, but they still have a $1,000,000 trust fund they conveniently forgot to tell you about.
Trump can still walk into any bank, take out a loan against his properties, and have all that cash on hand again. The courts need to force him to actually sell his assets. If he refuses, put liens on his properties until he loses them all. Then maybe he’ll know what broke is.
American banks stopped loaning to Trump years ago because he didn’t paid his loans on time and without a fight. This is why he has to go to Russia and to the Deutsche bank for money.
He might be able to get a loan from his wealthy friends these days, though. He controls the GOP and made himself too big to fail. If he flops another election though he might see things start to come unglued.
The attorney general, Letitia James, is expected to provide Mr. Trump a 30-day grace period, which will expire on March 25, at which point she could move swiftly to seize Mr. Trump’s bank accounts and perhaps take control of his New York properties.
EDIT: Looks like this judgement was lifted yesterday. TIL
~~No, he can’t walk into any bank, because he is literally barred from taking any loans from banks in New York. That was part of a previous judgement. And since many of the biggest American financial institutions operate out of NYC, he’s pretty fucked in that regard.
He would have to rely on wealthy friends (who are extremely wary of his situation) or foreign banks that will offer him incredibly predatory conditions since they know he has no choice but to accept~~
When the appeals court told him he had to post full bond they put a stay on the judgements that barred him from getting loans in NY and the one that prevents him from running a business. So until his appeal process is complete he can still get loans from banks in NY. And everyone with an interest in these crooked feelings, likely including NY banks, wants this overturned and will be willing to help him through that process.
Associate Justice Anil Singh, however, lifted a ban on Trump’s ability to obtain loans from New York regulated financial institutions, which could allow him to access the equity in his assets to back the full bond amount.
Pretty sure many banks wont do buisiness with Trump regardless of collateral. When the guy is known for inflating his illiquid assets collateral becomes risky too. Trump is a bad bet
He’s a real estate investor. Having most of his money in real estate is not the same as actually being broke. That’s like a rich college student complaining they’re “broke” when they’re out of cash in their wallet, but they still have a $1,000,000 trust fund they conveniently forgot to tell you about.
Trump can still walk into any bank, take out a loan against his properties, and have all that cash on hand again. The courts need to force him to actually sell his assets. If he refuses, put liens on his properties until he loses them all. Then maybe he’ll know what broke is.
American banks stopped loaning to Trump years ago because he didn’t paid his loans on time and without a fight. This is why he has to go to Russia and to the Deutsche bank for money.
He might be able to get a loan from his wealthy friends these days, though. He controls the GOP and made himself too big to fail. If he flops another election though he might see things start to come unglued.
Last I read he was already emptying the GOP coffers, and down ticket candidates are pissed about it.
this made me so happy to read. the idea that he could suck the conservatives dry right before maybe, dying … just put a big ol smile on my face.
Love the screen name
They should be. Except none of them have the balls to come out and say it.
Your quote above is the tl;dr of the article.
Trump only offered 100m on the 450 million due on the NY fraud case, the court rejected the offer (yesterday Feb 28), ergo Trump is broke.
- Article Author
No new information past that.
It will be interesting to see what NY does next.
March 25th is the next date of interest:
https://www.nytimes.com/2024/02/28/nyregion/trump-bond-civil-fraud.html
EDIT: Looks like this judgement was lifted yesterday. TIL
~~No, he can’t walk into any bank, because he is literally barred from taking any loans from banks in New York. That was part of a previous judgement. And since many of the biggest American financial institutions operate out of NYC, he’s pretty fucked in that regard.
He would have to rely on wealthy friends (who are extremely wary of his situation) or foreign banks that will offer him incredibly predatory conditions since they know he has no choice but to accept~~
The man’s CFO is in jail for fraud. I believe the NY AG referred evidence of Bank Fraud to the Justice Department. That’s a federal crime.
When the appeals court told him he had to post full bond they put a stay on the judgements that barred him from getting loans in NY and the one that prevents him from running a business. So until his appeal process is complete he can still get loans from banks in NY. And everyone with an interest in these crooked feelings, likely including NY banks, wants this overturned and will be willing to help him through that process.
Citation please? I seem to recall that he was trying to get a stay on that judgement but was denied
Yeah it just came out yesterday.
https://www.cnn.com/cnn/2024/02/28/politics/donald-trump-appeals-court-new-york/index.html
Thank you very much! Updating my reply
No problem! It’s so hard to keep up with everything. Someone please wake me up when real consequences hit. 🙏
It really is :/ Shit gets crazier every day
Not relevant. The banks won’t loan to someone under 91 indictments who also owes 400+m
Pretty sure many banks wont do buisiness with Trump regardless of collateral. When the guy is known for inflating his illiquid assets collateral becomes risky too. Trump is a bad bet