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Is former US president Donald Trump (77) a fraudster? A New York court considered this question in February and concluded: yes. Trump allegedly deceived banks and insurance companies by inflating the value of his assets to get better loans.
Trump’s creative accounting is now costing him dearly: according to the court ruling, he must cough up more than $454 million by Monday! But what does half a billion dollars cost for the real Scrooge McDuck? A little, apparently. According to his lawyers, Trump will not be able to raise the amount on Monday. Is he broke?
It’s weird. Earlier this week, he boasted to Fox News: “I am incredibly rich. I can do whatever I want without having to worry about money.” Now his lawyers say the sentence is too harsh and that it would “clearly cause irreparable harm to the defendant.” Translated: Trump doesn’t have enough money to pay his fine.
And the $454 million is far from the only fine Trump will have to pay. In January, a jury ordered Trump to pay an additional $83.3 million to 80-year-old journalist E. Jean Carroll. She claimed he had damaged her reputation. Because Trump said Carroll lied when she accused him of sexual assault.
But what is there to gain from Trump? You’re actually not sure. Because he refused to disclose his finances during his presidency – even though American presidents are expected to do so. Forbes estimated Trump’s net worth at $2.6 billion as of September 2023, while Bloomberg estimated it at $3.1 billion.
Forbes arrived at this figure by valuing Trump’s portfolio accordingly: golf clubs and resorts (870 million), real estate in New York City (690 million), cash and other personal assets (640 million), real estate outside New York ( 190 million). million) and social media and brand stores (160 million). According to Forbes calculations, of that $2.6 billion, Trump only has $426 million in liquid assets that he could quickly draw on – and with which he could pay off his legal obligations.
On that basis, Bloomberg estimates that his $454 million bill would eat up his money and reduce his wealth by as much as 15 percent. Or put differently: if he has not found a creditor by Monday, self-proclaimed billionaire Trump has a bigger problem.
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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