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Why is Trump Now Saying That He Has $500 Million?
Where did that money come from?
I haven’t written about Trump and his difficulties posting an appeal bond other than my article in February after Judge Engoron imposed the humongous fine that is currently giving Trump such a headache. I have a coupla reasons for seemingly to ignore that soap opera.
The first reason is that I didn’t for even a minute believe that Trump had $500 million sitting in a bank account somewhere. No billionaire does. Wealthy people don’t have huge bank accounts. They invest their wealth so that it can grow. Their wealth is the sum of their bank accounts, investments such stocks and bonds, and other less liquid investments like real estate.
The other reason is that it appears that those 30 companies Trump approached for an appeal bond not only didn’t have any faith in his reckoning of the value of his holdings, but apparently, most of them have internal rules against issuing appeal bonds larger than $100 million.
So, Trump’s only recourse is to start selling properties which he doesn’t want to do. Can’t say that I blame him.
So why am I suddenly writing about this fiasco now? Trump just announced that he does, in fact, have $500 million in cash but he wants to use it for his presidential campaign, not an appeal…
