The former President has been unable to secure the necessary appeal bond following a civil fraud judgment against him in New York. His legal team stated in a court filing on Monday that acquiring such a bond is a "practical impossibility under the circumstances presented."
Rep. Lieu shared a news story on the issue on social media platform X, where he questioned Trump's billionaire status. "Trump claims he is a billionaire. But he can’t pay a $464 million [judgment]," Lieu posted. "That means he is lying. How do I know? Math."
WATCH: BYRON DONALDS ENGAGES WITH HAMAS SUPPORTERS
Lieu further argued that if bond companies believed the former President had sufficient assets, they would have issued the bond. This assertion drew several responses, including a rebuttal from Mark Cuban.
Cuban, who clarified that he is not a Trump supporter, criticized Lieu's reasoning. "How anyone can vote for someone who has so many of his executive employees turn on him, and say he is incompetent is beyond me," Cuban wrote. "But you are wrong on this topic Ted."
THE UNSEEN VICTIMS OF WAR: HOW RUSSIA'S INVASION LEFT THOUSANDS OF DISABLED UKRAINIANS IN PERIL
March 20, 2024
Cuban's response evolved into an economic discourse. He explained to Lieu that net worth and cash in hand are distinct concepts, especially in a zero-interest rate environment. "So, keeping cash in the bank or even money markets was dumb. In fact, searching for yield is what killed small banks last year," Cuban wrote. "Also dumb was keeping interest rates that low for that long. Something Trump demanded more of."
WATCH MAYOR ADAMS: "YOU DON'T TAKE OVER OUR BUILDINGS AND PUT ANOTHER FLAG UP"
Cuban suggested that one could argue Trump was ineffective at increasing his net worth, leading him to misrepresent his assets to banks. However, Cuban conceded that the only reason to lie on a loan application is necessity.
March 20, 2024
Cuban further elaborated that even if interest rates had followed a long-term trend over the past decade, few people keep more than 45% of their assets liquid. "And as far as the bond companies, Trump’s assets are mostly interests in commercial real estate and foreign assets," he said. "No bond company is loaning against them in this commercial real estate market, if ever."
WATCH: DOJ SET TO INDICT TEXAS DEMOCRAT REP.HENRY CUELLER, WHAT'S AT STAKE, YOU ASK?
Trump's Monday filing stated that "ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility.’" The document also revealed that about 30 surety companies were approached through four separate brokers. "A bond requirement of this enormous magnitude – effectively requiring cash reserves approaching $1 billion…is unprecedented for a private company," the filing read.
THE HAWAII BILLIONAIRE BATTLE: MEET THE RECLUSIVE RICHEST MAN ON THE ISLAND...
A New York Appeals Court judge had earlier ruled that Trump must post a bond for the full amount of the judgment and that an independent director of compliance will be appointed. This ruling followed Judge Engoron's decision in February after a trial that began in October, where Trump was accused of inflating his assets and committing fraud in financial documents.
ELON MUSK ISSUES 'TROUBLESOME' WARNING TO U.S., BUT IS THERE ANY WEIGHT TO IT?
Engoron found Trump and other defendants guilty of "persistent and repeated fraud," "falsifying business records," "issuing false financial statements," "conspiracy to falsify false financial statements," "insurance fraud" and "conspiracy to commit insurance fraud."
Discover alternative ideas that will make you think
Engage in mind bending debate
Earn points, rise in rank, have fun
