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Topic Title: Trump cannot line up full bond in New York fraud case, offers to post $100 million
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Created On: 02/28/2024 10:36 AM
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 02/28/2024 10:36 AM
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dingpatch

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Reuters

Trump cannot line up full bond in New York fraud case, offers to post $100 million

Jonathan Stempel
Wed, February 28, 2024 at 12:00 PM ESTl

NEW YORK (Reuters) - Donald Trump is unable to post a full bond while he appeals a $454.2 million judgment that a judge imposed in New York state's civil fraud case against him, and wants instead to secure a $100 million bond, his lawyers said on Wednesday.

Trump is appealing a Feb. 16 decision by Justice Arthur Engoron of the state court in Manhattan, which includes a three-year ban from serving in a top role at any New York company, or seeking loans from banks registered in the state.

Engoron ruled in a case brought by state Attorney General Letitia James, who accused the former president and his family company of overstating the value of his properties to inflate his net worth and obtain better loan and insurance terms.

The judge imposed a $354.9 million penalty against Trump, which had by last week grown to $454.2 million with interest. Another $112,000 of interest gets added each day.

In a filing with the Appellate Division, a mid-level appeals court, Trump's lawyers said the "exorbitant and punitive amount of the judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond."

They said a $100 million bond, together with Trump's "vast" real estate holdings and ongoing oversight by a court-designated monitor for the Trump Organization, would be more than sufficient to secure the judgment.

Trump's lawyers also sought to temporarily stay enforcement of the judgment during his appeal, saying he would suffer "irreparable harm" if James forced the sale of his real estate assets to raise capital.

James' office did not immediately respond to requests for comment.

A bonding company would be on the hook for any payout if Trump lost his appeal and proved unable to pay.

It might also have difficulty collecting if Trump, the frontrunner for the Republican presidential nomination, reclaimed the White House from Democrat Joe Biden.

Trump is also seeking to avoid posting a full bond during an expected appeal of last month's $83.3 million defamation verdict in favor of the writer E. Jean Carroll.

He has asked the judge in that case to let him appeal without posting any security, or alternatively by posting at most a $24.5 million unsecured bond.

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Dora Hates You
 02/28/2024 10:45 AM
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OBX

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Originally posted by: dingpatch .......Engoron ruled in a case brought by state Attorney General Letitia James, who accused the former president and his family company of overstating the value of his properties to inflate his net worth and obtain better loan and insurance terms.......
If only you guys took one second to let that sink in......

Knowing some of you have calloused minds..... when you apply for a loan, who establishes your net worth, and thus the risk of said loan? You.....or to the ones who lend you the money? And....if you "inflate the value of your property"....does that help or hurt your insurance premiums?

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"Its easier to fool people than to convince them they have been fooled" - Mark Twain

 02/28/2024 11:02 AM
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RustyTruck

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I guess no one ever explained the concept of fraud to you. Or maybe you think if you love a guy enough, it's ok to overlook "a few little white lies".

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 02/28/2024 11:02 AM
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Bamboo

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Trump wants a two tiered justice system.

Everybody else follows the laws and rules.

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 02/28/2024 11:08 AM
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dingpatch

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Battered wife syndrome: But, I loves him !

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 02/28/2024 11:19 AM
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johnnyboy

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Come on Obie, if you're going to argue for a double standard with fraud, you have to at least remind everyone that these rules were never meant for WHITE collar criminals.

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"One of the reasons why propaganda tries to get you to hate government is because it's the one existing institution in which people can participate to some extent and constrain tyrannical unaccountable power." Noam Chomsky.

 02/28/2024 11:22 AM
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johnnyboy

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Also, why cant the MAGAts pay this? Trump has asked them to.

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"One of the reasons why propaganda tries to get you to hate government is because it's the one existing institution in which people can participate to some extent and constrain tyrannical unaccountable power." Noam Chomsky.

 02/28/2024 11:28 AM
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3rdworldlover

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I guess he gets the luxury of paying his way out of the prison sentence that typically accompanies a mortgage fraud of greater than $1k, because his corporation did the frauding for him.
 02/28/2024 11:29 AM
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tpapablo

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Originally posted by: RustyTruck I guess no one ever explained the concept of fraud to you. Or maybe you think if you love a guy enough, it's ok to overlook "a few little white lies".
I assure you that what they found him guilty of is no one's concept of fraud.

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 02/28/2024 11:32 AM
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3rdworldlover

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There are people serving 30 year prison sentences for bank fraud and mortgage fraud, on a much smaller scale, add to that obstruction and conspiracy. Corporate Shield is bull shit.
 02/28/2024 11:37 AM
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RustyTruck

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Originally posted by: tpapablo

Originally posted by: RustyTruck

I guess no one ever explained the concept of fraud to you. Or maybe you think if you love a guy enough, it's ok to overlook "a few little white lies".


I assure you that what they found him guilty of is no one's concept of fraud.


I can think of at least one person. The judge.



-------------------------
Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 02/28/2024 11:55 AM
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426Blue

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OBX - if I'm not mistaken, there is also evidence that Trump committed insurance fraud, along with bank fraud. The US's generally solid and resistant economy is due in part to laws prohibiting fraud, and a pretty good judicial system used to enforce such laws. It's not the government's or bank's job to remind someone that they can't inflate values of property. If lender gets burned due to poor due diligence, that's on them, but the bank and government can still prosecute for fraud. I know you're still beholden the cult, so you all get a pass. Maybe a family or friend will have an intervention or deprogram you, or whatever they do to extract people for cults. As much bragging Trump has done about his wealth, he should have no problem posting a bond for the full amount and securing the bond, and securing the bond. Unless....Trump has been lying about his wealth all along - no way that could be happening!
 02/28/2024 11:59 AM
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jdbman

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It is clearly and plainly apparent to all ( well except the cultist) that this fucker is a complete and utter FRAUD. The only logical solution is to put the miserable son of a bitch in the slam.

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 02/28/2024 12:22 PM
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OBX

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Well, looks like no one was able to answer my questions. Shocker....

Can any of you produce what the actual fraud was?

Wonder why this trial wasn't televised. Wall to wall coverage of Johnny Dep and Amber Heard, but nothing on Trump (or Ghislaine's trial)......hmmmm.

If you guys can produce what the actual fraud was (instead of just repeating the word "Fraud")...in other words, provide objective evidence fraud was committed....I'll concede.

For starters, what did he say actually say his properties' net worth are.....and what did New York say its actually valued at? Or hell, cite one objective example of the fraud that was committed.

I'll wait........

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"Its easier to fool people than to convince them they have been fooled" - Mark Twain

 02/28/2024 12:28 PM
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tpapablo

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Originally posted by: RustyTruck
Originally posted by: tpapablo
Originally posted by: RustyTruck I guess no one ever explained the concept of fraud to you. Or maybe you think if you love a guy enough, it's ok to overlook "a few little white lies".
I assure you that what they found him guilty of is no one's concept of fraud.
I can think of at least one person. The judge.
Doubt this is even that weirdo's concept of fraud.

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I :heart; Q
 02/28/2024 01:02 PM
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tpapablo

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Originally posted by: 3rdworldlover I guess he gets the luxury of paying his way out of the prison sentence that typically accompanies a mortgage fraud of greater than $1k, because his corporation did the frauding for him.
No, this is a civil action. Jail is not a remedy available in civil actions. Why didn't they bring criminal fraud charges against him instead? Because there was no fraud. That was what I meant when I said this is no one's definition of fraud.

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 02/28/2024 01:03 PM
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RustyTruck

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How about the appeals court?

They said "pay up, sucker!".

Full bond, bitch.

-------------------------
Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 02/28/2024 01:06 PM
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johnnyboy

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Trump just isn't having much luck explaining why he's the exception to the rules the rest of us all live by.

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"One of the reasons why propaganda tries to get you to hate government is because it's the one existing institution in which people can participate to some extent and constrain tyrannical unaccountable power." Noam Chomsky.

 02/28/2024 01:14 PM
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tpapablo

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As much bragging Trump has done about his wealth, he should have no problem posting a bond for the full amount and securing the bond, and securing the bond. Unless....Trump has been lying about his wealth all along - no way that could be happening!
Believe it or not, rich people don't keep their wealth in $100 bills stuffed in a mattress. Most of it is going to be tied up in investments, most of which are not very liquid. And getting the money from assets that are liquid is usually going to involve a big tax hit. So, while I could get together a million bucks, it would cost me somewhere north of an additional $200,000 in taxes. Most people would rather not do that.

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 02/28/2024 01:32 PM
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scombrid

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It is fraud if I claim my house is 8 bedrooms instead of 4 and a bank or insurance company falls for it. Trump claimed a 10,000 square foot property was 30,000 and that's just the tip of the shenanigans.

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