Trump is racking up $2.6 million in interest for every month that he hasn't paid his $355 million fine

[BumRushDaShow]

Source: Business Insider

Feb 20, 2024, 11:25 PM EST


Former President Donald Trump has been ordered to pay interest for the $355 million in penalties from the New York case against him, and it's likely already added about $100 million to his total fine. Judge Arthur Engoron ruled on Friday that Trump's total amount owed would also include a 9% per annum interest accrued from as early as March 2019. If the former president paid in full today, it should cost him around $450 million.

Trump's total fine stems from three different penalties that were dated separately. The first involves $168 million that Trump saved in interest through fraud from March 2019. He will have to pay the 9% per annum interest for that amount, in line with state law, resulting in an extra $75 million so far.

The second penalty is over the $126 million profit that Trump received from selling the Old Post Office in Washington, DC, which Engoron ruled was done using financial documents containing false information. Trump will have to pay interest on this dating back to May 2022, which is currently $20 million. The third is $60 million from Trump's profits in the sale of Ferry Point, a golf course in the Bronx, which prosecutors said he pulled off by inflating his assets. The interest on this penalty began in June 2023, and so far costs Trump around $3.5 million.

Trump now stands to lose about $32 million from interest per year if he does not clear his $355 million disgorgement. That's about $87,500 per day, $1 million every 12 days, or $2.66 million per month. In a Friday post on X celebrating Engoron's ruling, New York Attorney General Letitia James cited $450 million in penalties and interest. "Trump, Donald Trump, Jr., Eric Trump, and his former executives must pay over $450 million in disgorgement and interest," she wrote.

Read more: https://www.businessinsider.com/donald-trump-interest-355-million-fine-fraud-new-york-engoron-2024-2

[Novara]

1. Doesn't he only have 30 days to either pay the tine or put the fine in escrow for an appeal?

[EYESORE 9001]

2. From what I heard

funds must be put in escrow regardless of whether he appeals.

[Novara]

4. Heh.

Early morning schadenfreude is a wonderful thing.

I believe the judge CAN determine that he only has to pay a portion of that as "bond" for an appeal, or does that only pertain to civil lawsuits?

[BumRushDaShow]

7. He can put up a "surety bond" (as I believe it's called)

but would have to find someone willing to guarantee that amount of $$$ and he'll need to put up whatever fee they charge to do that.

[Novara]

8. And doesn't a judge get to decide whether that is acceptable, and how much?

I mean, it's not a sure thing.

[BumRushDaShow]

11. I expect so

He put up the initial (full amount) $5 million for E. Jean Carroll and may have done the same for the 2nd $83 million judgement, but for this... it will be a struggle. His ditzy lawyer claimed he was prepared to put up a $400 million bond. I also saw some trial speculation put out there about the Truth Social merge and getting $$$ from that.

[SergeStorms]

14. Putin has that much....

in petty cash. I don't believe the source of where the money comes from is subject to public knowledge. Some greasy pal of Trump's will probably step forward and pony up the money, but it'll cost Trump (or the U.S. intelligence community) dearly. Trump would trade the country's deepest secrets for the money in a heartbeat. If he hasn't already.

[GregariousGroundhog]

16. Can he though?

He's is banned for a couple of years from borrowing money from entities regulated by New York's Department of Financial Services. Wouldn't a bond be a type of loan?

[BumRushDaShow]

17. Remember that when he went storming out of NY and moved his "official residence" to FL

https://abcnews.go.com/US/president-trump-moved-york-florida-presidential-home-security/story?id=66826563

he probably took some assets from NY to FL (that weren't already there). Plus he has golf courses and other stuff scattered around the country (and world).






TRADEMARKS


The bond is a guarantee that the full amount of the judgement will be paid if the appeals don't pan out. It's not really a loan but the person guaranteeing is on the hook for the full amount if the person being bonded skips out. If the appeal is successful, the bond company still keeps their fee.

[FakeNoose]

30. It can't be from a New York bank

He's banned from doing business in the entire state. I think that rules out Wall Street stockbrokers too, am I right?

[BumRushDaShow]

38. He changed his residency back in 2019 and no longer "lives" there

so he can just get some rich GOP loon or even foreigner living in Florida (his "official residence" ) to pay for it.

[EarthFirst]

3. Better start pumping out that merchandise...

…the griftees had better dig deep!

[2naSalit]

5. He's negotiating...

A "deal" with pooty and the muskrat, maybe the saudis. Some group or individual will bail him out.

That is where the feds had better be on top of the transactions.

[FailureToCommunicate]

9. Very likely. Quid pro quo is back on the menu boys.

[2naSalit]

10. Time for...

More search warrants.

[homegirl]

22. Putin may have

no further use for Donald and be OK with a twenty year sentence to Leavenworth. The American taxpayers will feed and house his useful idiot, keep him silent and Vlad can wash his hands of the entire Trump Episode!

[TheRickles]

6. As of this AM, they've raised $820k on GoFundMe after 5 days. Normally, that'd be a huge haul.

But in this case it barely keeps up with interest payments, and will require years to raise the full amount (it's too early in the morning for me to do the math, but it looks like about 12 years). Maybe the sneaker sales will put him over the top - yeah, sneaker sales, that's the ticket.

[Scrivener7]

13. Yes. It'll pay the interest for a month or two until he gets the $4 billion from the shady Truth Social

merger of two valueless companies.

[InstantGratification]

27. I've read

that the 4 billion is a paper transaction, not cash. His stock holdings would be worth about 4 billion. Also, he can't sell the stock right away. He has to hold it for at least 6 months before he could sell. In the meantime, there are still investigations into the company that could tank the valuation. I would imagine a guilty verdict in the hush money case would impact the stock price too. It's too early for Donnie Dimwit to start counting that money.

[gab13by13]

29. Yeah I heard that Truth Social was going under

and now it is going public and making trump billions. Who is doing the investigation, Garland?

[Scrivener7]

37. But would Deutsche Bank let him borrow against it? I think they have let him put up his discarded tissues for

collateral in the past.

[dutch777]

12. That's a lot of sneakers to sell!

[Chainfire]

15. Trump doesn't care how much he owes, and never has.

[zanana1]

18. What if he just doesn't pay his fine?

He's ignored his debts before. Would he be jailed if he doesn't pay this fine?

[BumRushDaShow]

19. The NY AG indicated what she would do

https://www.democraticunderground.com/10143197197

[zanana1]

20. Thank you.

[BumRushDaShow]

21. Most werlcome!

[Mz Pip]

23. The sneaker grift

won’t even make a dent in that.

[Mr.Bill]

24. Trump has no intention whatsoever

of paying one penny of that fine. Will they confiscate his properties? That will be a court battle that will take five years. He will die of natural causes before anything happens.

[BumRushDaShow]

25. Way back, the judge already put someone in place to manage the organization

They are re-doing the arrangements now that the "ban" is for 3 years. Regardless, the entity is under court supervision.

[Mr.Bill]

31. I thought I read the judge

cancelled the ban because he was afraid of having the whole verdict dumped at the appeals level.

[BumRushDaShow]

39. The bans (his and his sons) were relatively short

3 years for him and 2 for Eric & Jr. That was actually a low-ball from what AG James wanted - which was a permanent ban and complete disgorgement.

[Mr.Bill]

40. Yes, I have heard that also. n/t

[Scrivener7]

26. I think they changed the 9% to 2%.

[InstantGratification]

28. I had posted to that effect yesterday

Turns out I wasn't listening close enough to the TV. The change to 2% is for consumer/household type debts. I believe his court judgements would still stay at 9%.

To quote Montgomery Burns "Release the hounds." "Eggcellent!"

[Scrivener7]

35. Ooooohhhh! How nice! Thanks for the info.

[Mr.Bill]

36. It would have been ironic that they would lower the interest rate

for a guy who was just found guilty of lying to get lower interest rates.

[Mysterian]

32. That makes me feel good

Thanks for the pick-me-up!

[BaronChocula]

33. PHAIJ

Put his ass in jail!

[IronLionZion]

34. Should be no problem for a billionaire

his supporters have several gofundme efforts to help him pay it.