Donald Trump’s mounting financial troubles following legal consequences could lead the Trump team to make suspicious moves in order for him to acquire loans, as records prove he is not in fact a billionaire as he claims. John Iadarola and David Cay Johnston breaks it down on The Damage Report.
Read more here:
Trump’s Money Problems Are Very Real and Very Bad – https://www.theatlantic.com/ideas/archive/2024/03/trump-financial-legal-troubles/677662/
“The danger posed to Donald Trump’s finances by two recent judgments against him has been, if anything, underappreciated. The size of the awards, the structure of the former president’s business empire, and the condition of the real-estate market combine to create a truly perilous moment for the former president’s company and, by extension, for Trump’s personal finances.
Trump must put up the $83.3 million awarded to the writer E. Jean Carroll for defamation by March 11. He also owes more than $450 million—the amount continues to grow because of interest—in a fraud case brought by New York Attorney General Letitia James, and must put up cash or post a bond by March 25. He has appealed both decisions.
Trump doesn’t have that money on hand. In an April 2023 deposition for the fraud case, Trump said, “We have a lot of cash. I believe we have substantially in excess of $400 million in cash, which is a lot for a developer. Developers usually don’t have cash. They have assets, not cash. We have, I believe, $400-plus and going up very substantially every month.””
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