Former President Donald Trump owes an additional $87,502 in post-judgment interest every day until he pays the $354 million fine ordered by Judge Arthur Engoron in his civil fraud case, according to ABC News’ calculations based on the judge’s lengthy ruling in the case.
Judge Engoron on Friday fined Trump $354 million plus approximately $100 million in pre-judgment interest in the civil fraud case brought by New York Attorney General Letitia James, after he found that Trump and his adult sons had inflated Trump’s net worth in order to get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.
Engoron ordered Trump to pay pre-judgment interest on each ill-gotten gain – with interest accruing based on the date of each transaction – as well as a 9% post-judgment interest rate once the court enters the judgment in the case.
Of course not.
Should a company be allowed to make up the numbers shown on its financial reports?
No, but that is not what happened. Do you actually understand what they did that was so wrong?
That’s exactly what happened.
What specifically do you think they falsified?
The purported “fair value” of a range of assets supporting Trump’s net worth.
Was the bank not able to do their own assessment of the value of the property? Was the bank upset with the outcome?
They could have and no they weren’t.
However, as you well know, that’s not how fraud works. They lied in order to obtain a benefit. That’s fraud. They got caught, they’re being penalised.
The judgement does kind of address your attitude:
You’re an engineer right? Imagine building a bridge with degraded steel, then on being discovered your defence is simply that the bridge hasn’t fallen down and everyone using it has been happy enough.
As you can imagine, enforcing standards serves bridge users everywhere.
On each page of the document there was a disclaimer that the loan company do its own due diligence, and that is what they do in underwriting. I sell mainly houses, but the one time a sold a commerical building worth like $750k (I dont recall the actual number), I had to give them SO many documents it was annoying. Why would they not do this for something for tens of millions of dollars?
Let me come at this from a different angle. There was no actual victim, people like Kevin O leary, me, and probably half of people dont think he did a thing wrong. What justifies a $400 million or so penalty? Can you see how they are targeting him and trying to make him go bankrupt?
Engineers are not all the type of engineers that work on structures, but I understand what you are saying.
You could write a book on each of these issues, but given that you’re not bothering to read and understand my earlier comments, I’ll give you the abridged version:
These points are both straw man arguments, you’re trying to re-frame the issue such that it sounds fair enough in a common sense kind of way. The bare facts are, New York can create laws and enforce them. Trump contravened those laws by making misrepresentations regarding his affairs. The court has determined an appropriate penalty.
If Trump doesn’t like those laws or the associated penalties he has three options. Don’t do business in NYC (but it’s too late for that), lobby law makers in NYC (too late for that also), or appeal the court’s decision. He’s not going to appeal because he knows he will lose and he’d have to put up $450m in 30 days - much better to try stringing out payments.
Not really. By anyone’s reading of the law, Trump has contravened that law.
As we both know, if this were a democrat you would be screaming blue bloody murder over this.