MicroWaveFeb 22, 2024

'A lot of money': Trump owes $87K in interest per day until he pays the fine in his civil fraud case

https://lemmy.world/post/12246127

'A lot of money': Trump owes $87K in interest per day until he pays the fine in his civil fraud case - Lemmy.World

Former President Donald Trump owes an additional $87,502 in post-judgment interest every day until he pays the $354 million fine ordered by Judge Arthur Engoron in his civil fraud case, according to ABC News’ calculations based on the judge’s lengthy ruling in the case. Judge Engoron on Friday fined Trump $354 million plus approximately $100 million in pre-judgment interest in the civil fraud case brought by New York Attorney General Letitia James, after he found that Trump and his adult sons had inflated Trump’s net worth in order to get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal. Engoron ordered Trump to pay pre-judgment interest on each ill-gotten gain – with interest accruing based on the date of each transaction – as well as a 9% post-judgment interest rate once the court enters the judgment in the case.

Show threadMacN'CheezusFeb 22, 2024
Everyone ITT: “unreasonable and excessive punishment is great as long as it happens to someone I hate”
Show threadsome_designer_dudeFeb 22, 2024
What’s unreasonable and excessive about any of this?
Show threadMacN'CheezusFeb 22, 2024

Because it was literally a victimless crime.

  • He overstated is net worth in a loan application to obtain a lower interest rate
  • The bank approved, gave him the money, and he paid it all back, with interest
  • The bank, upon finding out, declined to sue him and even said they’d be happy to work with him again in the future
  • The NYC AG decided to sue anyways because it’s technically not allowed to misrepresent your income on a bank form
  • The judge decides on an excessive amount of fines simply because they hate him and want to ruin his campaign

I don’t care how much you hate Trump, this is just plain dirty, like kicking your opponent in the nuts in a fist fight.

Show threaddangblingusFeb 22, 2024
I dunno. Lying to the government/banks about your finances to the tune of billions of dollars is a huge waste of time and resources, which are paid for by the average taxpayer/bank customer who actually pays taxes and doesn’t inflate their holdings. Victimless in the sense that no one was physically harmed, but not harmless.
Show threadMacN'Cheezus

“The subject loans made the banks lots of money, but the fraudulent [financial statements] cost the banks lots of money. The less collateral for a loan, the riskier it is, and a first principal of loan accounting is that as risk rises, so do interest rates. Thus, accurate [financial statements] would have allowed the lenders to make even more money than they did,” Engoron wrote in his summary judgment ruling.

www.cnn.com/2023/11/01/politics/…/index.html

You’re literally cheering for big banks to make extra profit just because you want to stick it to someone you hate. And I’m sure you’ve also never inflated your skillset or exaggerated your past experience on a resume in order to get a job that would make you more money… right?

Feb 22, 2024 at 2:02pmWeb