Eric Trump on father's $400M bond: 'No one's ever seen a bond this size'
This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).
Source: The Hill
03/24/24 12:03 PM ET
Eric Trump lamented the $454 million imposed on his father, former President Donald Trump, to cover a civil fraud verdict.
No ones ever seen a bond this size, he told Fox News host Maria Bartiromo during a Sunday interview. Every single person, when I came to them saying hey, can I get a half-billion-dollar bond? They were laughing. Top executives of large insurance companies had never seen anything of this size.
Bartiromo questioned Trump about how the court arrived at the $454 million for his father to pay.
You know what it was, it was a crooked number. There are no victims; there is no number. The number should be zero, he said. My father has run a great company. I run a great company. Weve never had a default. Weve never missed a payment.
Read more: https://thehill.com/homenews/4552600-eric-trump-on-fathers-400m-bond-no-ones-ever-seen-a-bond-this-size/
The family businesses had 6 defaults.
Hed apparently rather have his assets seized by the New York attorney general.
By Bess Levin
March 21, 2024
(snip)
He thinks about what is going to play politically well for him. Bankruptcy doesnt play well for him, but having her try to take his properties might. While Trump may actually be right about thatits not hard to imagine him convincing his supporters that hes the unjust victim of government tyranny, claiming America has devolved into a communist hellhole, and telling people theyll be nexthe is, of course, no stranger to bankruptcy protection. Between 1991 and 2009, Trumps companies filed for Chapter 11 bankruptcy six times. (On the 2016 campaign trail, the Queens-born real estate developer insisted this was evidence of his brilliance.)
(snip)
https://www.vanityfair.com/news/donald-trump-bankruptcy-finances
Ocelot II
(115,732 posts)because the extent of the fraud they were successfully sued for wasn't so astonishingly yuge, ya suppose?
getagrip_already
(14,764 posts)It can certainly be an aggregation spread out among multiple bond agencies. Spreading out risk do no one company is too exposed.
If he has the assetts, he should be able to stitch together a package.
Unless nobody trusts him and his collateral is junk bond status.
Blue Owl
(50,402 posts)Gore1FL
(21,132 posts)It seems like the next statement would have to be be "the money we gained in the fraud came from thin air," for that to be true
Justice matters.
(6,930 posts)Banks were the victims by charging lower interest than they would have charged based on real numbers. By charging less in interests, they made less profits for their shareholders (the victims).
Insurance companies were lured, thus their shareholders (the victims).
For using two sets of books, New York State taxpayers (the victims) had to pony up for the amounts that crooked family illegally benefited from in order to pay less taxes than they should have paid.
Of course Faux Noise would never inform their Qult of that.
Everybody must follow the same set of laws!
Diamond_Dog
(32,005 posts)He can apply for a job calibrating lie detectors.
marble falls
(57,099 posts)https://bondjamesbondinc.com bail-bonds the-five-highest-bail-amounts-in-u-s-history
The Five Highest Bail Amounts in U.S. History - Bond James Bond Inc
Wealthy New York real estate heir Robert Durst holds the record for highest bail amount set in the U.S. with a stunning $3 billion. Durst was accused in 2003 murder of his wife, with bail set at $1 billion. However, after skipping bail and tampering with evidence, Durst was re-arrested and his bail increased to $3 billion.
https://www.businessinsider.com how-sam-bankman-fried-250-million-bail-compares-huge-bonds-2022-12?op=1
How Sam Bankman-Fried's $250 Million Bail Compares to Other Huge Bonds
Dec 23, 2022Sam Bankman-Fried's $250 million bail was described by Assistant US Attorney Nicolas Roos as the "largest-ever" pretrial bond. The FTX founder stands accused of spending $8 billion of customers ...
https://medium.com lessons-from-history eight-highest-bail-amounts-set-in-the-history-of-united-states-48a1cb81581f
Eight Highest Bail Amounts Set in the History of United States
A Columbus judge set Freeman's bond at $1 billion, despite the fact that she was not the top individual running the businesses. ... He was found to have made over $50 million from illegal trades ...
EarlG
(21,949 posts)PolitiFact:
(snip)
Trump is wrong in his characterization of the judgments relative size.
This judgments size is not unprecedented, according to examples provided by James office and an expert we contacted. A judgment that big is more common in cases involving large or multinational corporations than with a privately owned, closely held company such as the Trump Organization.
https://www.politifact.com/factchecks/2024/mar/22/donald-trump/trumps-454-million-bond-for-new-york-fraud-case-is/
But of course he's a Trump, so if his mouth is open, he's lying.
Also, "There are no victims," unless you count everyone living in New York State, plus the banks he ripped off. Judge Engoron wrote that "the frauds found here leap off the page and shock the conscience.
C_U_L8R
(45,003 posts)No one buys your sob story, Eric. Quit whining.
Prof. Toru Tanaka
(1,964 posts)underpants
(182,826 posts)republianmushroom
(13,613 posts)My father has run a great company. I run a great company. Weve never had a default. Weve never missed a payment. You don't default on loans issued by the Russian mafia. Unless you like sleeping with the fish.
Your brand was found guilty. Man up, dude.
MorbidButterflyTat
(1,820 posts)"Bartiromo questioned *rump about how the court arrived at the $454 million for his father to pay."
Why? How would he know? The court documents are public, she could find that out for herself. BUT this gives Gums the chance to echo what daddy who hates him told him to say:
You know what it was, it was a crooked number. There are no victims; there is no number. The number should be zero, he said.
That demented rambling sounds exactly like that fermented puss bag. A "crooked" number?
That mock innocence of hers, "how could they do that to li'l ol' yew?"
Reminds me of a segment of Bill O'Reilly years ago before he got axed for being a sexual predator, which since then they've chosen to embrace and glorify. Some big boobed blonde bimbo "reporter," or "journalist," or whatever fake title they give themselves, in nine inch stilettoes, two inches of skirt and eight miles of cleavage was wailing about President Obama's admin using plastic eggs for the Easter egg roll (or whatever) at the White House. "What a travesty! Plastic eggs! What's next if real patriots don't stop him?? Tan suits and Grey Poupon?!!"
So then Bill disingenuously asks her why they were using plastic eggs instead of real, red white and true blue American eggs from honest to Gawd patriotic and probably veteran conservative Republican chickens and she kind of flippantly said it was something to do with baby chicks. Because telling the TRUTH about factory farming is so very radically liberal and progressive; animals should go to their deaths with pride to be feeding real Americans despite spending their lives locked up in tiny cages filled with excrement and tortured by sickos. It might upset the shareholders and/or sponsors and/or donors.
Well that went off the rails.
twodogsbarking
(9,757 posts)BaronChocula
(1,559 posts)Eric needs the Internets.
The missed deadline, which put Trump legally in default on his debt, marks the first time the publicity-conscious mogul has failed to make timely payments to bondholders who helped him finance his three Atlantic City casinos.
https://www.washingtonpost.com/archive/business/1990/06/16/trump-misses-45-million-in-debt-payments/eaa4c82a-50c7-459f-8c39-b5f134ffd38e/
0rganism
(23,956 posts)Big strong bankers come up to me with tears streaming down their cheeks, saying, "Thank you sir for showing us how Great a bond can be."
iluvtennis
(19,862 posts)so it doesn't fit Eric's narrative of No ones ever seen a bond this size.
STFU Eric.
twodogsbarking
(9,757 posts)NanaCat
(1,161 posts)When you crime large, the settlement is large.
ETA:
Most companies that face settlements that large don't need to come up with a corresponding bond. When you're a real business, you have the money to back up an appeal. Companies have had even bigger judgments against them, but we never heard of them whining about anything regarding it. They simply put up the dough and went on with their appeal.
These con artists would be able to do the same thing if they were a real business, rather than money launderers and grifters.
Omaha Steve
(99,658 posts)Not important news of national interest.
Statement of Purpose
Post the latest news from reputable mainstream news websites and blogs. Important news of national interest only. No analysis or opinion pieces. No duplicates. News stories must have been published within the last 12 hours. Use the published title of the story as the title of the discussion thread.