Trump is trying to make political money from the multi-million dollar fine

Trump is trying to make political money from the multi-million dollar fine

Is presidential candidate Donald Trump in financial ruin and no one wants to help him but his loyal political supporters? Or does the businessman have a lot of money, but is he trying to exploit this voter base as much as possible with the excuse that “the Democrats should keep their hands off my real estate”? What is certain is that Trump's finances have been dominating US news for a week. And he himself continues to send mixed signals on this subject.

Today, Monday, Trump must pay a fine of $464 million (nearly 430 million euros), including interest, imposed on him in February for fraud in his real estate company. Or he must find others to guarantee that fine. If that doesn't work, the New York attorney general, who convicted him in a civil case for inflating the value of his company, could seize his assets. Letitia James initially had her eye on a golf course north of New York City.

At the same time, Republicans see a large gap in what they have to spend in the upcoming presidential campaign compared to their competitor, Joe Biden, and his Democratic Party. Trump claims that all lawsuits filed against him are politically motivated and directed by the Biden administration, for which there is no evidence.

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Trump, who faces four criminal trials, was convicted last month of forging business documents for lenders. Although he repaid the bank loans, a judge in New York ruled that they could have earned hundreds of millions more if Trump had not defrauded them and set the fine amount accordingly. The amount must be paid or secured before the case can be appealed. Trump is also banned from doing business in New York state for three years and from borrowing money from local banks there.

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“Hands off Trump Tower”

Last week, Trump sent begging messages to his fans on an almost daily basis through his political channels. “I call on one million patriotic Trump supporters to help stop the witch hunt.” “Biden’s corrupt regime needs to hear the message.” The phrase “Hands off Trump Tower” were the text messages he sent requesting a money transfer. Trump's campaign donations and money for his lawsuits are mixed, but he can't simply use them to pay fines.

Trump's real estate company wrote to about 30 companies in an attempt to arrange bonds, but none complied, his lawyers said. This would indicate that they fear they will never see their money again, partly due to the processes that will follow. Attorney General James noted that they are right to not trust the value of the properties that Trump will offer as collateral.

Trump in court in New York earlier this year. He is succeeded on the bench by Attorney General Letitia James.
Photography by Seth Wing/AFP

Trump, who owes his political success in part to his image as a successful businessman, will have the capital, but not the cash, to pay the fine. His money is tied up in the buildings. However, on Friday evening, he posted a message on his Truth Social website that he has nearly half a billion in cash and plans to spend it on the presidential campaign. According to American media, Trump spent about $66 million on his election campaign in 2016 and 2020. Not a cent. He is currently raising money for his campaign Tens of millions in attorney fees. Trump did not provide any evidence of his alleged reservations.

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Trump, according to the business magazine Forbes With a value of 2.6 billion. It was announced on Friday that he could soon be $3 billion richer by selling Truth Social. Although he does not receive cash in time to pay the fine and the value of the site seems flattering.

To gain more control over the Republican Party's coffers, Trump recently changed the party's board of directors

Issuing bonds is a means used by Trump and the Republican Party to raise donations. They are far behind the Democrats in this regard. President Biden's reelection fund is said to have $71 million in cash, compared to Trump's $33.5 million. The two campaigns' political action committees are similarly different.

Although money need not be crucial in a presidential campaign, as Trump proved in 2016, it provides Biden the opportunity to air more commercials and build campaign teams in a handful of states where the election will be decided in November.

Legal invoices

To gain more control over the GOP coffers, Trump recently changed the party's board of directors immediately after winning the presidential nomination and fired dozens of people. The party is now led by Michael Whatley, the former North Carolina party chairman, and his daughter-in-law, Lara Trump. Immediately after their appointment, they arranged to prioritize Trump's legal bills over partisan spending.

Despite financial constraints, legal problems and a problematic history, Trump leads Biden in most polls.

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