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Rep. Ted Lieu, D-Calif., was criticized by billionaire enterprise entrepreneur Mark Cuban after accusing former President Donald Trump of lying about being a billionaire and not being able to safe a $464 million enchantment bond.
Trump has not been able to safe the required $464 million enchantment bond he wants following a New York civil fraud judgment in opposition to him, and his attorneys stated in a court docket submitting Monday that getting one is a “practical impossibility under the circumstances presented.”
Lieu reposted a narrative from one other media firm on the matter yesterday on X.
“Trump claims he is a billionaire. But he can’t pay a $464 million [judgment],” Lieu tweeted. “That means he is lying. How do I know? Math.”
TRUMP UNABLE TO GET $464M APPEAL BOND TO STOP COLLECTION, ATTORNEYS SAY: ‘PRACTICAL IMPOSSIBILITY’
He additionally tweeted that if bond firms thought the previous president had sufficient belongings, they might have supplied the bond.
Several individuals responded to Lieu about his logic, telling him he was wrong, together with Cuban.
The entrepreneur instructed Lieu he was not a supporter of Trump.
“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.”
Cuban’s publish became extra of a TED discuss on the financial system.
He instructed Lieu that web value was utterly completely different from money within the financial institution, including that the nation has been in a zero-interest price setting for a very long time.
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“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.”
Cuban instructed Lieu he might argue Trump “sucked” at rising his web value, leading to him placing himself within the place of lying to banks about his belongings. But the one purpose to lie on a mortgage utility, Cuban acknowledged, is as a result of you’ve gotten to.
Cuban continued to discuss on a extra macro foundation, saying even when charges remained on a long-term pattern line for the final 10 years, few individuals preserve over 45% of their belongings in liquid belongings.
“And as far as the bond companies, Trump’s assets are mostly interests in commercial real estate and foreign assets,” he stated. “No bond company is loaning against them in this commercial real estate market, if ever.”
TRUMP APPEALS RULING IN MASSIVE NY CIVIL FRAUD CASE
Dallas Mavericks proprietor Mark Cuban instructed Rep. Ted Lieu, D-Calif., on X, why former President Trump might not be able to pay the $464 million judgment bond, regardless of being a billionaire. (Tim Heitman )
Trump’s submitting on Monday stated, “ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility.’”
The submitting additionally stated efforts had been made to embrace approaching about 30 surety firms by means of 4 separate brokers.
“A bond requirement of this enormous magnitude – effectively requiring cash reserves approaching $1 billion…is unprecedented for a private company,” the submitting learn.
A New York Appeals Court decide beforehand dominated that the previous president should publish a bond for the total quantity of the judgment and that an impartial director of compliance will probably be appointed.
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That ruling comes after Engoron handed down his resolution earlier in February after a months-long trial starting in October wherein the previous president was accused of inflating his belongings and committing fraud in monetary paperwork.
Engoron dominated that Trump and different defendants had been responsible for “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.”
Greg Norman of Fox News Digital contributed to this report.
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