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Clock is ticking for Trump to post bonds worth half a billion dollars (www.washingtonpost.com)

submitted 8 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

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Experts say a cash crunch in coming weeks could thrust the former president’s business into greater uncertainty than it has seen in decades

Hours after a New York judge ordered Donald Trump to pay a $355 million penalty for submitting false data to financial institutions, the former president railed against the decision during a fundraiser at his Mar-a-Lago Club with some of the Republican Party’s wealthiest donors.

Trump claimed at that Feb. 16 gathering that the judge in the civil fraud case had made history by ordering him to pay such a staggering sum, according to two people who were there. He suggested that the judgment was so severe that the public would consider it unfair and rally in support. Over and over, he returned to the penalty, livid at its size.

The episode offered a glimpse of Trump’s preoccupation with a legal decision that threatens his wealth and has thrust his business empire into greater uncertainty than perhaps any time since the 1990s, when his Atlantic City casinos fell into extreme debt, leading six of his companies to file for bankruptcy.

Trump, who built his business and political identities around boasts of financial savvy, now faces an immediate cash crunch of more than a half-billion dollars — the combined cost of two legal battles that will now test the limits of his personal wealth.

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[-] Brunbrun6766@lemmy.world 16 points 8 months ago

That's what should happen but I'm so tired of hearing about prosecutors "not fucking around" with trump, and yet he's still walking around just fine

[-] gloss@discuss.tchncs.de 12 points 8 months ago

US courts are sloooow. It's only recently that he's been held accountable at all. Most of these cases will wind on for years. But the bill on this case is due now.

[-] JeeBaiChow@lemmy.world 7 points 8 months ago

Exactly the point. Even if he does default, it'll take them months to get through the bereaucratic red tape to finally sieze the assets, after which he very well could become the president again and make it all go away.

Good god people. Get out and vote.

[-] KevonLooney@lemm.ee 6 points 8 months ago

It's a civil judgement in state court. Plus it's very popular in NYC. It will move quickly and there's no way any Federal pressure will stop it.

It's so popular that the court clerk for the case (the one Trump insulted and was gagged for) is running for a judgeship. She will probably win:

https://www.cnn.com/2024/02/16/politics/allison-greenfield-engoron-judge/index.html

[-] BruceTwarzen@kbin.social 5 points 8 months ago

They seem to be pretty quick when it comes to throw normal people into jail

this post was submitted on 26 Feb 2024

266 points (98.9% liked)

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