Donald Trump has 10 days to post $175 million bail in a New York civil fraud case. He may then have to pay the entire fine in the case, about $500 million.
Could this situation affect his presidential bid? Yes, it's possible. In today's newsletter, we'll show you how by answering his four questions from The Morning staff.
What are the basic details of this incident?
New York Attorney General Letitia James filed suit against President Trump and the Trump Organization in 2022. She accused them of widespread fraud over more than a decade, inflating real estate values by sometimes as much as $2 billion a year.
The net effect, James said, was essentially that President Trump was able to get loans and insurance policies at better-than-usual rates. The judge agreed and ordered Trump to pay $454 million. That's the total amount of Trump's ill-gotten gains, plus the interest he was supposed to pay. President Trump has argued that there were no victims because lenders had not stiffened, and that he believes the ruling was unfair.
Yesterday, the appeals court said it would accept a much smaller bail amount of $175 million while the state considers whether to uphold the judge's ruling.
playing cards I tried but failed, A $454 million bond must be posted before the Court of Appeals intervenes on Monday. Is he likely to get a smaller bond?
President Trump told reporters in Manhattan on Monday that he could post bond. There is no independent way to check whether he has enough cash, and even if he decides to ask an outside company to provide the bond, he must use a large amount of cash or other investments as collateral to secure it. I need to give it away. short time.
However, the amount is less than half of what it was before, so it will almost certainly be easier. Some legal experts also see the appeals court's decision as evidence that the court may reduce the $454 million judgment set by Judge Arthur F. Engoron.
Trump's legal problems are serious. But so far, they don't appear to have an impact on his 2024 campaign. He became the presumptive pick for the rout. Why is this case different?
This case gets to the heart of his identity and public image in a way that a criminal case would not. The risk of having his bank account frozen or even having his property seized has an immediate psychological impact on him. That's part of the reason why he touted lowering debt requirements as a victory.
Trump appeared in a separate courtroom in New York yesterday, where a judge set a start date for Trump's criminal trial on charges that he falsified business records to conceal hush-money payments during the 2016 election. It was set on the 15th of the month. But even if he is convicted in this case, he is unlikely to be sent to prison before Election Day. What's more, James said, the question of how he ran his business is likely to become a political cudgel for President Biden's allies. President Trump is portraying the whole thing as an overreach by his own political opponents.
What should people watch now?
The appeals court will likely take months to consider the fraud verdict and Trump's punishment based on Monday's remarks. If they uphold the decision, President Trump would have to hand over nearly $500 million. If not, he will describe it as a bashing of overzealous judges and attorneys general.
The company that runs Trump's social media company, Truth Social, struck a deal last week to become a publicly traded company, but it remains unclear whether Trump will use the stock he gets from that deal to buy bonds from another company. It's an open question.
For now, President Trump's stay of execution in civil fraud cases is temporary.
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