The billionaire businessman who provided former President Donald Trump with the huge bail needed for his appeal in New York says he may not have imposed a good price on the former head of state.
Don Hankey is chairman of Knight Specialty Insurance, the company that provided the $175 million bond required in Trump’s New York civil fraud trial.
In an interview with Reuters, Mr. Hankey said he did not charge Mr. Trump high fees for financial services and believed the risk was small.
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Former President Donald Trump raises his fist as he arrives at a Republican fundraiser in Palm Beach, Florida. (AP Photo/Lynn Sladke)
“We thought it would be a simple process without any other legal issues, but it wasn’t. We probably didn’t charge enough,” Hankey told the outlet.
The billionaire, who supported Trump in 2016 and is backing him for re-election, said he is facing intense scrutiny from New York Attorney General Letitia James’ office and other officials.
“We’re getting a lot of emails and phone calls. That’s probably part of the reason why he got in trouble with other insurance companies,” Hankey told Reuters.
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New York Attorney General Letitia James sits in court during the fraud trial of former President Donald Trump and his children. (Dave Sanders Poole/Getty Images)
“I am surprised that they are criticizing our ties even more harshly or looking for reasons to cause problems with our means,” he added.
Trump’s bond was originally set at a staggering $454 million, but the bond was so high that he had trouble finding companies to take on the risk.
Hankey is believed to be worth more than $7 billion and approached the Trump campaign about providing financial services before his bond was reduced to $175 million.
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Former US President Donald Trump during a campaign event in Green Bay, Wisconsin. (Daniel Steinle)
The billionaire said Trump provided collateral for the bonds with cash held by his brokerage.
“We don’t know if it’s coming from Donald Trump or Donald Trump and his supporters,” Hankey said.
Jury selection for the civil fraud trial is scheduled to begin April 15.
