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submitted 7 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

Donald Trump has no idea how to post bond in the fraud trial—and he’s absolutely losing it.

In just shy of a week, Donald Trump’s $454 million judgment from his New York bank fraud trial will become collectible, either by way of liquid cash or financial assets—and it has officially sent Trump into meltdown mode.

The notoriously sleep-deprived GOP presidential nominee spent the better part of Monday night shouting into the void about the massive, half-billion-dollar judgment and his apparent inability to pay it off, bemoaning being required to follow the law before being allowed to appeal the case.

“I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!” Trump posted Tuesday morning.

“I shouldn’t have to put up any money, being forced by the Corrupt Judge and AG, until the end of the appeal. That’s the way system works!” he added, forgetting that he’s being held to the same standards as every private citizen.

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[-] xmunk@sh.itjust.works 143 points 7 months ago

Hopefully, during repossession, they count his obnoxious branding as negative value and underprice what is being auctioned.

[-] halcyoncmdr@lemmy.world 142 points 7 months ago

From my understanding, it essentially ends up with bidding for assets to get to the amount needed. Whatever the resulting high bid ends up, is the amount for that asset. So if something is valued at $500M but sells for only $200M, it only counts as $200M toward the judgment. Basically, estimated value means nothing, only what someone actually pays for it.

[-] snooggums@midwest.social 70 points 7 months ago
[-] zurohki@aussie.zone 18 points 7 months ago

So... What happens when it turns out he's underwater on all his properties, and they sell for less than he owes on them?

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[-] givesomefucks@lemmy.world 56 points 7 months ago* (last edited 7 months ago)

So if something is valued at $500M but sells for only $200M, it only counts as $200M toward the judgment.

Kind of less, he's paying taxes on the sale too, because he's still selling it even tho he doesnt get to keep the money.

And when selling half a billion dollars of real estate, you're going to pay a lot of taxes even in America.

So the 200 million goes to the judgement, but he's paying 20-40% percent in state/federal/local taxes. And it's all gonna happen in the same calendar year while a shit ton of accountants are watching his every move.

He's going to end up having to sell a lot more than the judgement to pay his tax bill a year from now.

And that's not even getting into his loans.

  1. Value a building at 100 million when it's worth 50

  2. Borrow 70 million on property.

  3. Sells for 40 and the bank needs 30 still.

There's no way out, even if the bank forgives the remaining 30, that still counts as taxable income for trump, compounding the first issue. And in that scenario, $0 is going to judgement and trump still loses the property and they move on to seizing the next on the list. He gets zero gain from the sale, but it's still drives up taxable income for him personally

trump could conceivably have a billion dollar gross income in 2024, and be completely broke with hundreds of millions due in tax.

Which is just insane.

[-] ripcord@lemmy.world 27 points 7 months ago

There's no way out

I'll believe it when I see it.

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[-] 18_24_61_b_17_17_4@lemmy.world 30 points 7 months ago

On the other side, what if some shady entity comes in and bids $500 million for something valued at $1 million so that Trump doesn't have to sell all his shit, but then the shady entity will have Trump in their pocket as well?

[-] Mycatiskai@lemmy.ca 41 points 7 months ago

So this other side you speak of is different from how it currently is? Trump sold many properties to Russian nationals at inflated prices. That was why he's already in their pockets. Nothing will change, he's already in so many people's pockets.

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[-] givesomefucks@lemmy.world 84 points 7 months ago

“The only FRAUD in the Peekaboo James case, our failed and disgusting New York State Attorney General, was her convincing ‘Judge’ Arthur Engoron to put a value on Mar-a-Lago, in Palm Beach, Florida, of just $18,000,000, when it is worth 50 to 100 times that amount. This was fraudulently and illegally done, working closely together in a corrupt Communist system, to set their NARRATIVE after learning that their Values and Facts were completely wrong,” Trump posted,

100 times would be 1.8 billion dollars...

4 years ago it was worth a little over half a billion when he talked to banks, and 18 to 27 million when he paid taxes.

Judge Engoron already determined in a summary judgment that Trump overvalued Mar-a-Lago by "at least 2,300%" by valuing the club between $426 and $612 million in his financial statements, despite the Palm Beach county assessor appraising the value between $18 and $27.6 million between 2011 and 2021. The documents entered into evidence today, as well as testimony from former Trump Organization VP Raymond Flores, adds context regarding who at the Trump Organization could have been aware of the discrepancy.

https://abcnews.go.com/US/live-updates/trump-fraud-trial/trump-tax-rep-acknowledged-much-lower-value-for-maralago-104481579?id=103642561

So I think they just took the lowest he's claimed it was worth, which explains why it pisses him off so much.

[-] Paddzr@lemmy.world 41 points 7 months ago

As it should be? If it's what you paid tax on, everything else clearly doesn't exist unless you admit to tax evasion.

[-] shalafi@lemmy.world 30 points 7 months ago

Peekaboo James

Most of y'all are probably too young to catch the slur. I ain't typing it out.

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[-] nucleative@lemmy.world 77 points 7 months ago

WITCH HUNT!

-Rapist with a half billion judgement against him

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[-] tsonfeir@lemm.ee 69 points 7 months ago

So when does he go to jail for failing to pay millions? Why should I pay anything I owe?

[-] EmpathicVagrant@lemmy.world 45 points 7 months ago

Because you don’t have enough money to juggle several cases and appeal to prolong them until after you die.

[-] tsonfeir@lemm.ee 33 points 7 months ago

It was rhetorical. But, apparently neither does he.

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[-] ATDA@lemmy.world 65 points 7 months ago
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[-] hperrin@lemmy.world 64 points 7 months ago

When Trump gets really desperate he usually commits a bunch of crimes. I wonder what’s going to happen in the next week, and what we’ll hear about a couple months from now, and how the trial will go in 2032.

[-] HogsTooth@lemmy.world 58 points 7 months ago* (last edited 7 months ago)

The going price for the 2024 election is $464M. I hope not... But I bet somebody will pick up the tab.

[-] TIMMAY@lemmy.world 54 points 7 months ago
[-] a_wild_mimic_appears@lemmy.dbzer0.com 34 points 7 months ago* (last edited 7 months ago)

No, that would be letting him off the hook too easy. i wish he had to answer for his crimes and die at age 105 in jail with not a single dime to his name, with mandatory daily therapy sessions so he can start recognizing the damage he's done and feel remorse.

[-] driving_crooner@lemmy.eco.br 24 points 7 months ago

I don't really care if he got "off the hook" if that happens because he's dead.

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[-] paddirn@lemmy.world 17 points 7 months ago

I'd rather he had a Game of Thrones-esque ending before that eventuality happened. He should watch everything he ever got in life get torn from him bit by bit first, before having some totally mediocre ending on a toilet seat shitting himself.

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[-] Furbag@lemmy.world 49 points 7 months ago

Of course he cries election interference, but just a reminder that Donald Trump could have taken a few years off of campaigning to spend time to properly defend himself in court and then run again when it was over. That was always allowed. But we all know why he insists on running right now despite the mountain of felony indictments against him. He knows he is going to lose every court case because he's guilty as fuck and wants to use the office of president to wash away these crimes he committed with a self-pardon.

The very fact that he can't post bond is proof that he is at the end of his rope. Time to pay back all the money you defrauded the people of New York, Crooked Don.

[-] Tylerdurdon@lemmy.world 49 points 7 months ago

Poor guy, I feel really bad for him. Sure hope nothing else happens to ruin him. It'd be really bad if he was forced to go to jail too. On the bright side, at least he'd match the jumpsuit. Maybe he could write a script about his poor, difficult life and call it "The Color Orange."

[-] seejur@lemmy.world 36 points 7 months ago

Nah, call It "My struggle"

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[-] Dagwood222@lemm.ee 47 points 7 months ago

It's a good news, bad news situation.

Good news. Trump completely loses his mind, is so stark raving bonkers that he is found unable to stand trial due to mental incompetence.

Bad news. GOP runs him anyway because he hasn't been convicted of anything

[-] TransplantedSconie@lemm.ee 99 points 7 months ago

There is no trial. The trial already happened, and he was found to have committed massive fraud. Perhaps the most beautiful perfect fraud people have ever seen. Many are talking about it.

Anyhow fuck him and the horse he rode in on.

[-] Dagwood222@lemm.ee 26 points 7 months ago

He has plenty of other trials going on, including the one in Georgia and the Federal one.

[-] xmunk@sh.itjust.works 39 points 7 months ago

Best news: I was afraid the GOP would bail him out and he'd suffer no personal consequences... it looks like the conservative billionaires told him to get fucked.

[-] Dagwood222@lemm.ee 39 points 7 months ago

The funniest thing about Trump is that he was always desperate to be part of the Manhattan elite. He was once given a golden opportunity to get in good with them, and he blew it through his own stupidity, greed, and arrogance.

https://www.forbes.com/sites/michaellisicky/2020/10/03/how-donald-trump-took-down-bonwit-teller-a-fifth-avenue-landmark/?sh=34bbe2905f69

There's a guest appearance by John Barron.

[-] neoman4426@fedia.io 16 points 7 months ago

There's a guest appearance by John Barron.

I don't know if he actually did, but I always get a kick out of the idea that he dug out that old alias he had to burn in order to name another kid after himself since Don Jr was already taken. Wouldn't surprise me if someone did some digging and found someone named Eric that was mysteriously defending him at some point as an unsurfaced alias

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[-] GrymEdm@lemmy.world 40 points 7 months ago
[-] Feathercrown@lemmy.world 40 points 7 months ago
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[-] homesweethomeMrL@lemmy.world 34 points 7 months ago

The sad news is that this is relatively sane compared to the water-defeats-magnets or the they’ll-rename-Pennsylvania-if-you-don’t-vote-for-me rants, just in the last couple of weeks.

His loss of great sums of money has likely sharpened his demented dysphasia temporarily.

Not that Oklahoma or South Carolina will not vote all out for him. Reality isn’t relevant to them.

[-] bradorsomething@ttrpg.network 33 points 7 months ago

This is a perfect time for the people that have quietly tolerated him to do nothing.

[-] pjwestin@lemmy.world 25 points 7 months ago

I'm a little worried this is going to galvanize his base, but it is still deeply satisfying to watch his life collapse around him, especially knowing that the criminal trials haven't even started yet.

[-] MyRobotShitsBolts@lemmy.world 25 points 7 months ago

We have to get beyond the fear of pissing off his base. The sooner we do it the better. This shit head should have been held accountable years ago, but we were worried about his base, now look at the mess. It will only get worse. Its time to get to work.

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[-] matlag@sh.itjust.works 21 points 7 months ago

He should borrow vast amounts of money from his loyal supporters: "Empty your lifetime savings accounts, I promise I'll pay everything back with interests!".

Then we'll see how much his followers really trust him when they need to put their own future on the line...

[-] Traegert@lemm.ee 16 points 7 months ago

I'm not sure if this a joke or not but he has already been doing literally exactly that for like, the last 7 or 8 years.

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this post was submitted on 19 Mar 2024
598 points (97.6% liked)

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