NY vs. Trump - Financial Fraud Case

[Holman]

Trump Organization has a big red mark against it that will impact financial institutions’ willingness to finance deals. Simply reincorporating in Texas isn’t going to fix it, but his attorneys are likely either telling him what he wants to hear or too stupid to realize the fallout makes Trump radioactive in the business world.

Trump is probably at the end of his business career anyway.

The sweet part, however, is that this wrecks his foul spawn for the coming decades as well.

[Smoove_B]

As more people start to go over the details, another interesting element emerges:

Trump and his corporate entities are on the hook for a little over $355 million before interest—and depending on what exact dates the court clerk uses to calculate the interest, he could be looking at an additional $100 million penalty.

(emphasis added)

Also:

Trump is expected to immediately appeal the decision, but doing so will be a logistical nightmare. New York requires that a person seeking to pause this kind of judgment immediately front a massive sum, anywhere from 110 percent to 120 percent of the judgment. And while Trump boasted in sworn testimony last year that he had some $400 million in cash, that wouldn’t be enough to cover this bank fraud judgment and last month’s $83 million verdict in his rape defamation case. Both cases require him to post the money up front, squeezing him at the same time.

And:

Trump can’t even rely on misappropriating MAGA donor funds that he keeps collecting in his bid for the 2024 Republican presidential nomination. The Save America political action committee already spent $24.8 million on lawyers and lawsuits in the second half of 2023, draining his coffers to protect him from this case and the ongoing criminal prosecutions in Georgia, Florida, New York, and Washington.

Then there’s the matter of Trump’s potential escape. Engoron’s colossal judgment doesn’t just apply to Trump’s companies, but to him as an individual—as well as the revocable trust where he parked his riches at the start of his presidential administration in 2017. That means Trump can’t rely on his go-to method for avoiding his past financial failures: corporate bankruptcy.

[Daehawk]

Hope he doesn't sleep well.

[Unagi]

As more people start to go over the details, another interesting element emerges:

Trump and his corporate entities are on the hook for a little over $355 million before interest—and depending on what exact dates the court clerk uses to calculate the interest, he could be looking at an additional $100 million penalty.

(emphasis added)

Also:

Trump is expected to immediately appeal the decision, but doing so will be a logistical nightmare. New York requires that a person seeking to pause this kind of judgment immediately front a massive sum, anywhere from 110 percent to 120 percent of the judgment. And while Trump boasted in sworn testimony last year that he had some $400 million in cash, that wouldn’t be enough to cover this bank fraud judgment and last month’s $83 million verdict in his rape defamation case. Both cases require him to post the money up front, squeezing him at the same time.

And:

Trump can’t even rely on misappropriating MAGA donor funds that he keeps collecting in his bid for the 2024 Republican presidential nomination. The Save America political action committee already spent $24.8 million on lawyers and lawsuits in the second half of 2023, draining his coffers to protect him from this case and the ongoing criminal prosecutions in Georgia, Florida, New York, and Washington.

Then there’s the matter of Trump’s potential escape. Engoron’s colossal judgment doesn’t just apply to Trump’s companies, but to him as an individual—as well as the revocable trust where he parked his riches at the start of his presidential administration in 2017. That means Trump can’t rely on his go-to method for avoiding his past financial failures: corporate bankruptcy.

I don't know how, but I bet he never pays this.

[YellowKing]

The Save America political action committee already spent $24.8 million on lawyers and lawsuits in the second half of 2023, draining his coffers to protect him from this case and the ongoing criminal prosecutions in Georgia, Florida, New York, and Washington.

This is what I was saying when people were replying "Oh he'll just get his followers to pay for it." Those pockets aren't limitless.

[Smoove_B]

This is what I was saying when people were replying "Oh he'll just get his followers to pay for it." Those pockets aren't limitless.

Which is also likely why Rona McDaniel is stepping down as Chair for the RNC while His Nibs is strongly backing someone named (checks notes) Lara Trump to be a co-chair. And of course he supports that because she's vowed to spend "every single penny" to get him re-elected. I hope it happens and that she bleeds the RNC dry.

[Alefroth]

I wonder if Ivanka and Jared would bail him out.

[LawBeefaroni]

I don't know how, but I bet he never pays this.

I know how: become POTUS (again).

[Carpet_pissr]

FWIW his Truth Social shares are valued at $4 billion currently.

[Isgrimnur]

Which he can’t sell for 6mo after the merger, if even then.

[Blackhawk]

Gosh, this can't be good on his heart!

[Daehawk]

He has one?

[Unagi]

I don't know how, but I bet he never pays this.

I know how: become POTUS (again).

This money is "due" way before then.

[Daehawk]

Maybe he can barrow it from Jared.

[GreenGoo]

Trump Organization has a big red mark against it that will impact financial institutions’ willingness to finance deals. Simply reincorporating in Texas isn’t going to fix it, but his attorneys are likely either telling him what he wants to hear or too stupid to realize the fallout makes Trump radioactive in the business world.

Drumpf was already radioactive in NA prior to his presidency, which is why his debts were all foreign.

Things change when you're president, I guess. Hopefully they change back eventually, but as LM points out, he's got other sources of wealth now.

[Grifman]

I don't know how, but I bet he never pays this.

I know how: become POTUS (again).

Nope, becoming President would not protect him from a civil suit filed by the state of NY. This isn't a federal case.

[Octavious]

If he's president he will just ignore it and they will do nothing about it. I think that's pretty much a given.

[LawBeefaroni]

If he's president he will just ignore it and they will do nothing about it. I think that's pretty much a given.

Yeah, he's shown that this is the strategy. What the law says isn't as important as what he can get away with.

If anyone thinks he'll capitulate and won't use the full force of the office to protect himself in any and all ways possible, they're not paying attention.

And what he can't protect against, let's be generous and say the NY judgement, he'll just use the office to raise the funds to pay the penalty. How about making Truth Social the official social media of the federal government? Ban all X/twitter and other accounts for whatever reason. That'll net him a few $B. Spitballing here remember but he and his daughter hawking Goya beans from the oval office? Nothing is beyond or below him.


Go back through the Trump presidency thread. Nearly every fucking day there was something that would have sunk most presidencies. Constant lies and abuse of power. But he survived. Then he narrowly lost an election that would have solved all his problems. He won't make that mistake again.

I have absolutely zero faith that he faces any sort of justice for any of his outstanding cases if he gets elected again.

[LordMortis]

And what he can't protect against, let's be generous and say the NY judgement, he'll just use the office to raise the funds to pay the penalty. How about making Truth Social the official social media of the federal government? Ban all X/twitter and other accounts for whatever reason. That'll net him a few $B. Spitballing here remember but he and his daughter hawking Goya beans from the oval office? Nothing is beyond or below him.

Heh, they sell Goya at Aldi and I am reminded of this every time I walk by and don't buy them. They sell them nearly everywhere else, but at Aldi they are the only product of their type.

I have absolutely zero faith that he faces any sort of justice for any of his outstanding cases if he gets elected again.

I can't imagine anyone is naive enough to think he will face any of the charges or pay any of his obligations if he gets elected. The problem is half the nation seem to believe that is justice. Rule of law is dead to them. They want it gone. What you can get away with/influence is all that matters. Either because they champion it or because they accept it as the cost of????

[Smoove_B]

Just reinforcing that there's a significant number of voting Americans that would be perfectly fine with a dictator - as long as he's their dictator.

[Daehawk]

[Formix]

$335 million is a relatively small amount to "loan" someone if you get a US president in your pocket.

[disarm]

And just like that, Mark Hamill wins the internet for this week and possibly the whole year.

[Kraken]

And what he can't protect against, let's be generous and say the NY judgement, he'll just use the office to raise the funds to pay the penalty. How about making Truth Social the official social media of the federal government? Ban all X/twitter and other accounts for whatever reason. That'll net him a few $B. Spitballing here remember but he and his daughter hawking Goya beans from the oval office? Nothing is beyond or below him.

Heh, they sell Goya at Aldi and I am reminded of this every time I walk by and don't buy them. They sell them nearly everywhere else, but at Aldi they are the only product of their type.

To this day, I only buy Goya products when there's no alternative. Last week I needed green lentils, and Goya's were the only ones on the shelf.

[waitingtoconnect]

$335 million is a relatively small amount to "loan" someone if you get a US president in your pocket.

Only Trump can do this because he is immune.

[Kraken]

The good news is you can contribute to a GoFundMe.

The GoFundMe has a goal of $355 million — the amount that Judge Arthur Engoron ordered Trump to pay nearly in penalties in a civil fraud case. As of Saturday night, the GoFundMe had already raised over $185,000 with more than 4,000 donors.

My calculator says that's $46.25 per donor.

[Zaxxon]

The good news is you can contribute to a GoFundMe.

The GoFundMe has a goal of $355 million — the amount that Judge Arthur Engoron ordered Trump to pay nearly in penalties in a civil fraud case. As of Saturday night, the GoFundMe had already raised over $185,000 with more than 4,000 donors.

My calculator says that's $46.25 per donor.

Only $354,815,000 to go! 0.05% down!

[Carpet_pissr]

“Former President Donald Trump was met with loud boos as he promoted $399 sneakers at a convention a day after being ordered to pay $355 million in penalties in his New York civil fraud trial.

Trump briefly took the stage at "Sneaker Con" on Saturday—which bills itself as the "The Greatest Sneaker Show on Earth"—to launch custom, Trump-branded sneakers.”

Sneaker “con”?! LOL. Is this an Onion article?

[Kurth]

“Former President Donald Trump was met with loud boos as he promoted $399 sneakers at a convention a day after being ordered to pay $355 million in penalties in his New York civil fraud trial.

Trump briefly took the stage at "Sneaker Con" on Saturday—which bills itself as the "The Greatest Sneaker Show on Earth"—to launch custom, Trump-branded sneakers.”

Sneaker “con”?! LOL. Is this an Onion article?

If only his dumb shoes infringed the IP rights of some very large American sportswear company famous for defending its IP . . .

[GreenGoo]

edit: Bammed

$335 million is a relatively small amount to "loan" someone if you get a US president in your pocket.

This is what I was saying when people were replying "Oh he'll just get his followers to pay for it." Those pockets aren't limitless.

We are still testing what those limits are. How many billionaires does the world have now? We are going to see our first trillionaire in our lifetimes. How many would like to buy favours of a corrupt president, and what are they willing to pay for it?

He's already doing illegal things daily. We certainly can't count on the rule of law to protect us.

Not limitless? I'm not convinced. However, I appreciate your optimism.

[YellowKing]

I was explicitly referring to his followers, not random billionaires currying favor. That's certainly always going to be a danger.

[waitingtoconnect]

I don't know how, but I bet he never pays this.

I know how: become POTUS (again).

Nope, becoming President would not protect him from a civil suit filed by the state of NY. This isn't a federal case.

Yes but the New York crime wave and insurrection and terrorism requires federal troops to put down.

And the truth social ipo could make him billions and could be used by foreign and domestic billionaires to bail him out

If only his dumb shoes infringed the IP rights of some very large American sportswear company famous for defending its IP . . .

Or Nintendo….

[Carpet_pissr]

I think it’s safe to assume at this point that Truth Social WILL make him billions.

[Grifman]

I wonder if this means he will be unable to appeal?

[Alefroth]

It would certainly seem so if he was a normal person.

[Isgrimnur]

They want the court to lower the bond requirement to $100M.

[Alefroth]

Wasn't that already rejected?

[Jaymon]

Can't find somebody to bond his bail? Maybe he should call up the bondmakers and make a deal. Its an artform right? Something he is a genuis at and wrote a book about? Doesn't sound like it should be too hard, given his public statements about how good a busineman he is, how much he is worth, and how trustworthy he is.

[Isgrimnur]

[Carpet_pissr]

I guess he doesn't want to sell his SPAC shares...which is up like 100% or something YTD. Or maybe he can't, possibly restricted for now? No idea...