California Democratic Rep. Ted Lieu accused former President Donald Trump of lying about being a billionaire and failing to secure a $464 million appeal bond, accusing billionaire businessman Mark – Criticized by Mr. Cuban.
Mr. Trump has been unable to secure the $464 million appeal bail he needs following his New York state civil fraud conviction, and his lawyers said in a court filing Monday that obtaining bail was only possible after “presentation.” “It is not realistically possible under the current circumstances.”
Mr. Liu reposted another media company’s article on this issue to X yesterday.
“Trump claims he’s a billionaire, but he can’t afford $464 million.” [judgment]Liu tweeted. “That means he’s lying. How do I know? Mathematics.”
Trump fails to secure $464 million appeal bond to stop tax collection, says lawyers say it’s ‘realistically impossible’
He also tweeted that bond companies would have offered the former president a bond if they thought he had enough assets.
Several people, including Cubans, disputed Mr. Liu’s logic and said he was wrong.
The entrepreneur told Mr. Liu that he is not a supporter of Mr. Trump.
New York Court of Appeals allows Trumps to continue business, rejects request for delayed payments
“I don’t understand how anyone could vote for someone who has so many executives antagonizing him and calling him incompetent,” Cuban wrote. “But on this one, Ted is wrong.”
Cuban’s post became something of a TED Talk on economics.
He told Liu that net worth is completely different from cash in banks, adding that the country has been in a zero interest rate environment for a long time.
New York attorney general slams Trump over his interest on civil fraud judgment
“Holding cash in banks and money markets was therefore foolish. In fact, the search for yield is what decimated small banks last year,” Cuban wrote. “It was also foolish to keep interest rates so low for so long. President Trump asked for more.”
Mr. Cuban told Mr. Liu that he could argue that Mr. Trump was “bad” at increasing his net worth, which put him in the position of lying to banks about his assets. But the only reason to lie on a loan application, Cuban admitted, is because you have to.
Mr. Cuban continued to talk on a macro basis, saying that even though interest rates have been on a long-term trend line for the past 10 years, very few people have more than 45% of their assets in liquid assets.
“When it comes to bond companies, Mr. Trump’s assets are primarily commercial real estate and interests in foreign assets,” he said. “There are no bond companies lending to them in this commercial real estate market.”
Trump appeals New York civil fraud verdict
Dallas Mavericks owner Mark Cuban asked California Democratic Rep. Ted Lieu on the He talked about not being able to pay bail. (Tim Heitman)
Trump’s Monday filing said, “Through continued and diligent efforts, it has been proven that bail for the full amount of the sentence is ‘practically impossible.'”
The filing also said efforts were made, including approaching about 30 surety companies through four separate brokers.
“Such a large bond requirement, effectively requiring cash reserves approaching $1 billion, is unprecedented for a private company,” the filing said.
A New York Court of Appeals judge had previously ruled that the former president must pay the full amount of his judgment as bond and that an independent compliance director be appointed.
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The ruling comes after former President Engoron was sentenced in early February after a months-long trial that began in October, when he was accused of inflating his assets and falsifying financial documents. It is.
Engoron accused Trump and the other defendants of “persistent and repeated fraud,” “falsification of business records,” “issuance of false financial statements,” “conspiracy to falsify false financial statements,” “insurance fraud,” The court found them liable for “conspiracy to commit insurance fraud.” . ”
Fox News Digital’s Greg Norman contributed to this report.
