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Donald Trump's accounts: How much he owes and how much he says he has

Donald Trump's accounts: How much he owes and how much he says he has

Former US President Donald J. Trump speaks after a pre-trial hearing against him.

Photo: EFE – David de Delgado

Donald Trump He has a problem that many of us face: he has no money and many debts.

Last Friday, Judge Arthur Engoron ordered New York State to pay $354 million after finding the former president's family business, the Trump Organization, committed civil fraud.

This comes after a trial that ended in January by writer E. This is in addition to the US$83.3 million owed to Jean Carroll in defamation. US$430 million in loans in these two cases alone.

In April of last year, Trump said he had about $400 million in cash at the time and bragged about “a lot.” But considering the amount of fines already filed, the amount of fines to come, the amount required for other legal expenses, campaign expenses and the loans he owes to banks, it will not be enough for him. Flagging business..

For all of this, the media today is pressing one question: How are Donald Trump's accounts? Can you pay what you owe?

Let's start with the first point: Trump is no stranger to money problems. In the 1990s, when he first considered running for president, he declared two of his companies bankrupt. There were two similar filings in the 2000s, though no personal bankruptcy filings. He is the billionaire who declared his business bankrupt more than once Banktrupcy.com.

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The current crisis appears to be as severe as previous decades. Here's what's known about Trump's debts in terms of fines he owes for recent tests:

  • E. US$5 million for sexual abuse case against Jean Carroll.
  • E. US$83.3 million for Jean Carroll defamation suit.
  • US$354 million for a civil fraud case.
  • A $99 million interest in a civil fraud case could increase as Trump falls behind on payments.
  • US$110,000 for refusing to comply with a subpoena in a civil fraud case.
  • Fined US$15,000 for assaulting judge's paralegal in civil fraud case.
  • Fined US$10,000 for breach of gag order in civil fraud case.
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This leaves us with nearly US$542 million associated with just the two events mentioned. On the other hand, last year Trump must:

  • US$400,000 in legal fees The New York TimesThe outcome of a case that Trump lost.
  • US$938,000 in fines against former presidential candidate Hillary Clinton and the Democratic National Committee for allegedly filing an extortion lawsuit against her without evidence.

Before talking about other loans you might get in the coming months, address these concerns.

When to pay?

There is no exact date as the former president's appeal is still pending.

In Carroll's case, the $83.3 million Trump owes must be deposited into a court-controlled account within a very short period of time. The money will remain there pending an appeals court review, which Trump has already said he will file. You may have the ability to pay only a portion, but that option requires you to pay interest.

In the civil fraud case, Trump will have to wait for the court to decide how much to contribute before preparing his appeal. Once the appeal is decided, you must pay the full amount immediately.

There is always the option to request a deposit and pay the money later, but you still have to pay 10% of the amount owed (about US$54 million) and this option will cost you more with the additional interest it demands. .

Is payment mandatory?

If Trump doesn't pay, he faces the possibility of garnishment of his assets or wages, like any American. Now, it should be noted that some amounts may be reduced after appeal.

How can you pay?

Because the receipts for damages and other related expenses in these cases exceed the amount of money Trump has on hand β€” which may be less than the $400 he has β€” the former president should read the options.

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According to Trump's ex-lawyer Michael Cohen, his former client owes money and doesn't have that money. Trump is considering using donations to his campaign to cover these legal costs, he said.

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β€œPerhaps what you're doing includes Republican National Committee (RNC) money or political action committee (PAC) money in savings accounts you don't own. He is very interested in looking at money, and the way he sees it is that if his name is somehow attached to it, he will get it. He's not well, he just doesn't have it,” Cohen told MSNBC.

Unlike other legal expenses, such as paying lawyers to fight his cases, Trump cannot dip into RNC funds for his legal expenses. The laws are a bit vague when it comes to PACs, but here comes the electoral confusion. In 2023 alone, Trump has spent about $50 million from donors on legal advice, attorneys and other related expenses. Over the past two years, it accounted for 84% of his team's expenses, according to the Associated Press. That money should go to his campaign.

As expenses mount, the former president's fundraising skills become more demanding because he has two fronts to protect: his legal affairs and his campaign, which requires more money. Take into account that Trump spent $710 million on his 2020 campaign. That's a huge amount, so if you want to win, you can't keep using your campaign funds as your petty cash.

Cohen has said that if he faces liquidity problems, he will have to start liquidating his assets. According to The New York Times, which is already going brilliantly. Investigative journalist Suzanne Craig says the former president has already disposed of properties such as a golf course in the Bronx in New York or a hotel in Washington in 2021.

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Trump's accounts don't look good. According to Forbes, by 2021 their company's debts will approach US$1.3 billion, added to current liabilities. And he still has legal cases, which means more debts. That's why Abdullah Fayad, Journalist VoxThe question arises as to whether it would be advantageous to have a presidential candidate with so much debt.

“Trump's income and lack of transparency are what really matter,” Fayed wrote.

“Having a person with access to classified U.S. information in massive financial debt is a counterintelligence risk because the debt holder tends to influence the person. Influence can be used to encourage actions such as disclosure of information that compromises U.S. national security or to influence policy,” said the former head of the Justice Department's National Security Division. said David Gries, founder of the consulting firm Culber Partners. Time In 2020.

After four years, the exam will be valid again.

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