Thank the lord for Tish James. If you look at the research she did into this bond it made my head spin and I'm a math teacher. She understands all of these fancy finance games, and I guess you'd need to do her job in NYC. We have the worst/best "banking wizards" sometimes they break the laws of physics, sometimes they just break laws.
This bond is a stinker. I wonder what Trump promised the guy to let his company implode as sacrifice to avoid the full fee?
@futurebirdEarlier this month, Hankey told Reuters that he didn’t expect the legal and media scrutiny that came with putting up Trump’s bond. “We thought it would be an easy procedure that wouldn’t involve other legal problems and it’s not turning out that way,” he said.
Well, that sounds like a big ol' lie to me. Nothing about Trump is not news. How do you not assume this would put you under the microscope? You don't. You just think you're smarter than everybody else.
My naive self is like "well if they are lending 175 million that means they must have a lot more than 175 million, and they will set that part aside on a little pillow, as I do when I know I have a bill to pay in the near future."
LOL. Money is rubber, and it can be made to dance and impersonate.
@futurebird The thing that was filed is a bit hand wavy. The bond company, as pointed out elsewhere, is not promising to pay. It affirms that Trump’s Company will pay via a Trump Co Schwab account that will have 175 million in it at all times and for which some amount of ownership is given to the bond company. What I didn’t see (or misunderstood) is if Trump Co still owns that account on a joint basis. Also lost in the shuffle is that an appeal loss will cost Trump Co 500 million plus.
@futurebird Thank you for the clarification. That was the point I poorly expressed. While they told the court that the bonder had access to the account, it’s not restricted cash, and, as you state, the money can be cleaned out. I also didn’t see a mechanism enforcing the affirmation that the balance always be above 175m.
@futurebird You'd think so, right? I can't understand why Donnie, professed billionaire, can't come up with 175 million for the bond himself. I'm probably missing something but it's weird.
@Brian_Mahoney@futurebird Donald Trump is a third-generation slumlord. The only way he got rich or could stay rich is by nickel-and-diming the credulous and stiffing the hard-working. Even if he really has a billion dollars, he would never want to spend from his own accounts.
That's part of what Tish found, some of their shell corps violated federal law... that's probably why they aren't valid in NYC. We have so many problems here with funny games so the rules are strict and the bar is high.
Let's just say Times Square isn't the only place where you can be taken by a shell game or three card monte.
(and at least the street hustle is entertainment for your lost quarter)
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