Key takeaways:
– The civil judgment in Donald Trump’s New York fraud case has reached an astonishing $502 Million.
– Trump is liable for around $490 Million of the judgment.
– This monumental figure exceeds the combined proposed 2025 budgets for Albany and New Rochelle, two of New York’s largest cities.
– Trump also owes over $88 Million to E. Jean Carroll following defamation and sexual abuse cases.
– All cases are under appeal, and the debt will continue to rise until a decision is reached.
New Milestone of Half a Billion for Trump’s New York Fraud Case
While many eagerly anticipate the nearing inauguration of President-elect Donald Trump, there exists a mammoth of a problem in his midst. This issue is the disturbingly large $502 million debt that arose from his New York fraud case. This amount keeps escalating due to the interest pile-up. In a nutshell, Trump has a huge monetary cloud hanging over his head as he steps into the White House.
Details of the Massive Debt
It all started when Donald Trump was found liable for fraud. This incident involved the inflation of his property values. The aim? To secure loans and interest rates that were rather favorable. This tactic backfired, hitting Trump with $464 million in damages. The interest isn’t taking a break and continues to grow with each passing day.
Enormity of the Debt
To give you an idea of how massive this debt is, let’s look at it in a different light. The sum is larger than the combined budgets proposed for the year 2025 for Albany and New Rochelle. These are the sixth and seventh largest cities of New York. Even if you add their budgets, it still wouldn’t reach the whopping amount Trump needs to pay.
Personal Liability in the Case
While this seems like a case that would be diffused amongst many, Trump personally shoulders most of the debt. Nearly $490 million falls squarely on his shoulders. Doesn’t sound like the best way to start a presidency, does it?
Awaiting Appeal Decisions
This colossal judgment is under appeal. While Trump and his co-defendants nervously await the decision, the debt isn’t waiting for anyone. It keeps ticking upwards as they wait for the New York appellate court’s decision. Trump is not new to appeals as he is also contesting judgments in two different cases linked to veteran journalist, E. Jean Carroll.
Sexual Abuse and Defamation Verdicts
Apart from the New York fraud judgment, Trump has another huge payment to make. This involves the veteran journalist, E. Jean Carroll. The court found Trump liable for sexual abuse and defamation in two separate incidents. This adds another $88 million to his total due.
Conclusion
Say what you want about him, but nobody can argue that Trump is heading into his presidency with anything other than a monumental financial weight on his shoulders. His New York Fraud case has hit the half-billion-dollar mark and doesn’t seem to be slowing down anytime soon. There’s also the looming $88 million he owes due to other defamation and sexual abuse cases. It’s clear as day that the appeals process needs to offer some relief or the 47th President of the United States could start his term deeply in debt.
Whether you’re a Trump supporter or not, one thing’s for certain – this is not a situation anyone would like to find themselves in, let alone a President-elect. He should probably keep an eye on Tuesday and Thursday mornings, as the court typically releases its opinions then. And until there’s a verdict, the interest will keep rolling, making his debt pile thicker and higher.