Letitia James Fires Back After Donald Trump's Bond Reduction
Source: Newsweek
Published Mar 25, 2024 at 12:20 PM EDT | Updated Mar 25, 2024 at 1:42 PM EDT
After an appeals court ruled on Monday that Donald Trump could proceed with a much lower amount than the $454 million penalty against him in his civil fraud case, New York Attorney General Letitia James fired back at the former president.
"Donald Trump is still facing accountability for his staggering fraud. The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization. The $464 million judgment plus interest against Donald Trump and the other defendants still stands," James said in a statement.
Context:
Last month, Judge Arthur Engoron ruled in favor of James' lawsuit against Trump, his sons, Eric Trump and Donald Trump Jr., and The Trump Organization over allegations that the former president inflated the value of his properties and his own net worth by billions of dollars on financial statements provided to banks and insurers to make deals and secure loans. The former president, who maintains his innocence, was ordered to pay over $400 million in penalties and has been barred from conducting business in New York for three years.
In an effort to pursue an appeal, the former president was seeking a bond of $464 million to cover his fines and the disgorgement for his sons. Although Trump can appeal the ruling against him without a bond or paying the cash, the former president would be required to post a bond of slightly more than the amount of the penalty against him to stop the collection of his assets. Trump was required to post the bond amount by Monday to stop James from collecting his assets and properties.
Read more: https://www.newsweek.com/letitia-james-fires-back-after-donald-trump-bond-reduction-new-york-civil-fraud-1883197
Novara
(5,842 posts)Reducing the bond and expecting that he can come up with the full judgement later on is about as stupid as it gets. He was just convicted for MASSIVE FRAUD. He will never pay the entire judgment. Hoping this somehow helps him get there is the dumbest damn thing this appellate court could do.
And yes, he IS getting special treatment. At the same time he was whining about being too poor to pay, he said he had MORE than the judgement in cash.
BumRushDaShow
(129,025 posts)he's still in deep doo doo.
Evolve Dammit
(16,733 posts)Evolve Dammit
(16,733 posts)BlueKota
(1,732 posts)Or any other rich asshole from following his lead, if he gets to walk away from all of it?
Evolve Dammit
(16,733 posts)iluvtennis
(19,861 posts)accrued interest.
That's awesome news!
Novara
(5,842 posts)I doubt he feels much pressure about this at all. After all, he only has to whine and he's given another break.
onetexan
(13,041 posts)Last edited Tue Mar 26, 2024, 11:25 AM - Edit history (1)
From what i heard from the pundits & legal experts on msnbc, the issue here is how entangled his assets are. No one outside of him & his kids know how much of these assets are mortgaged or owned by other entities. So what they will most likely go after are the more liquidable assets first.
Novara
(5,842 posts)I doubt he has one unencumbered asset. After all, it's how he built his house of fraud - use one property, inflate its worth to get a loan using it as collateral, buy another, then use that (with inflated worth) to buy another, etc. So I'll bet he owns nothing outright.
onetexan
(13,041 posts)get to his financial records. Now that there is a monitor in charge of oversight of all of his companies' operations it's highly likely that w be a channel through which the AG's office can gain access to at least some of the Con's records.
Novara
(5,842 posts)It's like a house of cards
So what happens if the AG forces the sale of one of his properties? It was likely used as collateral for another loan that may have been used to buy another property, then that one was used as collateral.....and on and on. What happens when the card on the bottom is pulled out? The whole thing comes crashing down. I don't envy Letitia James the job of sorting out this garbage. But maybe she doesn't have to?
onetexan
(13,041 posts)PSPS
(13,599 posts)ancianita
(36,058 posts)Whether he makes it easy or hard, New York will outlive him.
Kablooie
(18,634 posts)Thats assuming he doesnt win the appeals and doesnt have the settlement drastically reduced.
Either of those are more likely than him having to pay the settlement.
gab13by13
(21,348 posts)Why it did what it did and that is telling.
Irish_Dem
(47,095 posts)Not one word why they granted the appeal.
I agree, that is the tell that they knew they had no leg to stand on.
It was just a favor for Trump.
riversedge
(70,227 posts)The $464 million judgment plus interest against Donald Trump and the other defendants still stands," James said in a statement.
Link to tweet
?s=20
Yes, the judgement is still in effect. ON PAPER. He'll never pay it.
FakeNoose
(32,639 posts)He still OWES the full amount of the fine. But he got a reprieve on the requirement of a full down payment so that he can proceed with the appeal. The NYS Appellate Court acknowledges that every American is entitled to appeal the lower court's decision. The Appellate Court is willing to give him the hearing, however there's no promise of anything favorable.
In fact, there's little chance that they will overrule Judge Engoron. The initial ruling will stand after all is said and done. Chump still owes the full amount PLUS INTEREST, unless the appellate judges give him a break on the final figure. Judge Engoron anticipated that there would be an appeal, and he probably left a little wiggle room in the fine amount, so that the appellate judges could give Chump a "reduction" and make him think he got a "win."
I have no doubt that AG James is aware of all of this, and she understands how it will play out. Until further notice, Chump still owes the entire amount, plus interest.
republianmushroom
(13,595 posts)Ask any court.
The name is trump, donald trump.
38 months and counting (includes foot dragging)