"They want to hurt my father," Trump's son said in an interview just one day prior to the NY fraud case deadline
  • Nougat@fedia.io
    1471·
    8 months ago

    “What, they’re going to start seizing assets if he can’t put up something that’s not available in the United States?”

    Yup.

  • gregorum@lemm.eeEnglish
    117·
    8 months ago

    One of the most ridiculous false pretenses Trump tries to maintain is that he can only pay with a single, $454M bond, and since he can’t get one that large, he should, obviously, just be forgiven the amount entirely and let off the hook.

    What he doesn’t want anyone to know is that, obviously, he could just get several smaller bonds for, say, $50M or $75M or $100M until it added up to the $454M or however much he needs to post for the appeal. In fact, he even tried to offer a $100 bond before, but used it instead in the E Jean Carrol appeal.

    • Echinoderm@aussie.zoneEnglish
      43·
      8 months ago

      Possibly he knows that, and is just trying to bleed his supporters for donations until the last moment.

    • No_Ones_Slick_Like_Gaston@lemmy.worldEnglish
      11·
      8 months ago

      Like literally chubb dogded a bullet lending this money earlier rather than having to be available for the next big payout. If you ask me is a small price to pay for salvation

      • gregorum@lemm.eeEnglish
        17·
        8 months ago

        They still loaned him a fuck ton of money that they sure won’t ever see again. So I don’t know how they dodged a bullet.

        • partial_accumen@lemmy.worldEnglish
          32·
          8 months ago

          Chubb did a fully collateralized bond. Meaning they got something of actual value, not just trump’s word. In this case a Schawb brokerage account full of stocks and bonds for (I believe) more than the value of the bond. Plus Chubb probably added a fee on top of the value of the bond to service the transaction. When trump loses the E Jean Carroll appeal, Chubb will hand over cash and sell off the assets in the Schawb account and pocket their service fee.

          • jonne@infosec.pubEnglish
            3·
            8 months ago

            Why would they do it this way instead of just directly selling what’s in the account? I get that it takes time to unwind stuff like that, but surely it can be done in the time the judge gave?

            • obviouspornalt@lemmynsfw.comEnglish
              5·
              8 months ago

              Taxes. If by some stroke of miracle he wins the appeal, he won’t have to pay capital gains taxes that he otherwise would have had to pay if the portfolio was liquidated.

              • partial_accumen@lemmy.worldEnglish
                3·
                8 months ago

                This. And to put numbers on it, long term cap gains taxes (for things in the account held for 2 years or more) is 20%. For short term (things in the account owned for less that 2 years) it can be as 37%. So if the account is just used as collateral, and Chubb charged a fee of less than 20% then the bond is a cheaper way to get the money for the appeal.

  • RattlerSix@lemmy.worldEnglish
    78·
    8 months ago

    Meanwhile, Daddy was bragging on truth social that he had $500 million in cash a couple days ago

    • sYnoxjj@lemmy.worldEnglish
      172·
      8 months ago

      Wait. Hasn’t he a gofoundme going? If he is bragging about having the money already, what does he need the donations for. 🤔

      But what do i know… I’m just a dumb European and the conservative Americans are so much smarter then me. They’ll def are correct in further donating for Don Poorleon. 👍

      • slurpeesoforion@startrek.websiteEnglish
        111·
        8 months ago
        • He claims he has half a billion in liquid cash.
        • He has a donate to his legal expense portal.
        • He’s attempting to borrow from anyone dumb enough to lend to him.
        • He’s using the RNC as a personal piggy bank.

        Some of these may overlap. And borrowing to pay expenses while using the interest as a tax deduction is a long utilized tool of the rich. But his real assets are intended to act as collateral on these loans.

        With outstanding loan debt, judgments that can seize his assets, and mounting other leaks in his financing, this is his margin call on all the bad bets he’s made. Including betting on himself.

        He thinks that simply having his name on something means it’s his to do as he please. But when the government and the banks start calling, it’s his ass.

  • Hobbes_Dent@lemmy.worldEnglish
    71·
    8 months ago

    No, Eric, they want to avoid losing $454,000,000.00.

    Edit: almost have him an excuse to save money.

  • sin_free_for_00_days@sopuli.xyzEnglish
    541·
    8 months ago

    This is their big play? It doesn’t need to be one bond. I read that those companies have a $100 million limit on bonds. Trump needs to put up several bonds. Or just use his yuge pile of cash he says he has. Or hell, double down on the lies and lose his holdings.

    • givesomefucks@lemmy.worldEnglish
      422·
      8 months ago

      It’s Eric trump…

      He probably legitimately doesn’t know that, and the phone calls probably only get to:

      Who is this?

      Iiiiiiiit’s Errrrrric!

      Before the laughter starts

    • protistEnglish
      17·
      8 months ago

      Pretty sure James also already made it known he can post some of his properties directly to the court as collateral, skipping a 3rd party bond agency, but sounds like he wouldn’t be able to do that if he has liens against them all, which he probably does.

  • Alien Nathan Edward@lemm.eeEnglish
    371·
    8 months ago

    don’t worry, a judge just ruled that Don is a special boy and doesn’t have to follow the same laws as everyone else so he doesn’t need to put up the whole bond.

  • Dkarma@lemmy.worldEnglish
    33·
    8 months ago

    Eriks always laughed at tho…how can he tell it’s about loans this time???