President Joe Biden joked at last weekend’s Gridiron Dinner about former President Donald Trump’s struggle to pay the nearly $500 million in fines stemming from a controversial civil fraud judgment in New York. .
New York Attorney General Letitia James (D) ran specifically promising to use the law to pursue Mr. Trump on unspecified charges, even though Mr. Trump’s case was unprecedented. Everyone must act by the same rules.”
Mr. Trump was sued for inflating his net worth under New York state law, which does not require a state declaration of intent, and the banks he allegedly defrauded did not lose money on loans to Mr. Trump. he claimed.
Democratic Judge Arthur Engoron granted summary judgment denying Trump the opportunity to defend himself. Now, President Trump is scrambling to find a way to pay the $464 million judgment, including interest.
The former president was able to obtain Financing more than $90 million in bail ordered to be paid by author E. Gene Carroll in a separate New York case over sexual assault and defamation claims, pending his appeal. There is.
However, President Trump may not be able to find an insurance company to underwrite the huge amount of bonds required for the fraud bond, and may have to sell some of his real estate holdings at a discounted price. .
Biden, or his speechwriters, thought this would be good fodder for the president. joke It also allegedly benefited Biden himself, even though his son faces criminal (not civil) charges for his financial dealings.
biden Said:
Our grand plan to cancel student loans won’t work for everyone. Just yesterday, a man who was about to lose came up to me and said, I was completely wiped out. ” I said, “I’m sorry, Donald, I can’t help you.” (Laughter and applause.)
Even if Trump wins his appeal, he will still have to pay bail and could suffer financial losses despite his innocence. FOX News’ Charlie Gasparino told Neil Kabuto. your world On Tuesday afternoon, if President Trump is forced to sell a large portion of his real estate portfolio to pay off bonds, it will affect New York City’s commercial real estate market, which is already struggling to recover from the pandemic, crime and high levels. announced that it may be granted. tax policy.
Joel B. Pollack is a senior editor at Breitbart News. Breitbart News Sunday Sunday nights from 7:00 PM to 10:00 PM ET (4:00 PM to 7:00 PM PT) on Sirius XM Patriot. He is the author of a new biography, Rhoda: “Comrade Cadderly, you are abnormal.”. He is also the author of a recently published e-book. Neither Free nor Fair: The 2020 US Presidential Election. He is the recipient of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter @joelpolak.
