@randahl

Well what to expect from a con man…

@randahl it's damning for an #Insurance Company if they don't have the capability to provide $175M in #collateral [incl. bonds]...

Like in any decent juristiction, insurance companies are required to have that amount of collateral on hand...

Like even my regular-ass #car insurance in #Germany must have proof that they can actually payout the €10M they're on the hook for in the absolute worst-case as ceiling within the next bank / business day, or @BaFin would basically ban them under threat of millions in fines and prison sentences for the C-level managment if they didn't.

I'm shocked the #USA doesn't have that kind of #regulation at all...

@randahl This idea - ie of a simple large exposure limit - is common in financial services. For a bond insurer, even if the risk is very well colateralised, it will still need the cash on hand if the bond is called. And, as we've seen time and time again, even a modest liquidity squeeze can bring down a big institution.

I would love to know what the collateral is - and whether the insurer has unfettered rights to it or if there are secured debtors that rank ahead of them...

@randahl
"Knight Specialty Insurance president Amit Shah told CBS that the company has a novel theory as to why the state capital requirements don’t apply to their firm: because Knight Insurance isn’t even registered to operate as a surety in New York."

They may not have enough surplus capital but they certainly have enough surplus chutzpah

APARENTEMENTE el bono de garantía que Trump ofreció a la corte es fraudulento. ⬆️

@randahl

@randahl Has the judge actually ruled on this, or is this still a prosecution motion?

Yeah, this whole bond thing stinks to high heaven but until the judge rules, it's just a steaming pile of doo-doo.

@randahl

When they lowered the bond amount, they should have subtracted 10 days from his deadline, not added them

@randahl
I suspect that the court is playing 5D chess. They know how much he is actually worth. They knew he couldn't do the 1st bond and allowed it to be lowered to 'play nice' and give him a 'special exception'. So when he can't actually pay the bond, they can say they 'worked with him' and he failed, so the assets get taken by the State and he has no recourse.

He is literally 'famous' and 'wealthy' on paper only.

This is Jenga and he will lose.

@randahl @annekekassteele interesting times... Trump has to find someone who will be sure to be financially investigated in detail.😇

Hard to find someone like that. 😂