Axos has a commercial banking center in New York. Just sayin’
And they already hold a 100 million Trump mortgage on Trump tower in NYC.
Same old story there:
When you owe the bank $1 million you have a problem. When you owe the bank $100 million they have a problem.
A hard mark-to-market on trump’s whole criminal universe would shake a lot of finance outfits to their foundations.
I’ve got it!
- Trump, seeing no other way out, declares bankruptcy on his entire empire.
- The financial hit to the lenders involved sends shock waves through a banking industry that’s already showing signs of trouble.
- The collapse of major banks sends other segments of the economy into a tailspin and touches off a recession.
- Trump campaigns on the message: The economy collapsed because of Crooked Joe! I will save you and MAGA!
- Trump wins the election, is sworn in, and on day one issues an executive order cancelling all of his debts, federal and state.
Well, no doubt in Trump’s “mind” that would seem logical.
Trump’s “empire” is no where close to sizable enough that’s its collapse could cause shockwaves in the economy.
By itself, no, but if it touched off a domino effect…
ETA: off-topic, but why is it Discourse truncates ellipses to three dots, no matter how many one types?
Sure, in the sense that butterfly wings can cause hurricanes, but Trump’s loans are minuscule in the scheme of things. Even individual banks would be fine if he defaulted. Axos may have lent Trump $200 million but they have $20 billion in assets.
Aw, well, it was a fun idea to play with. As long as his own empire collapses, I’ll be content.
Yeah, and this part of it is actually true:
And it will probably happen, and it will work. (i.e. it will lead to more court cases, and successfully delay him paying any of his debts. For at least the 4 (or more!) years that he stays in office.
It would be cool if there was a Facebook page just for the people he fucked over financially. All the contractors he stiffed, and all the rally sites that went unpaid. They might have some interesting stories.
Well, considering how much Trump business dealings are like working with a hydra, I suspect it’s be nearly impossible for any reputable site to do so (especially without dealing with a dozen spurious lawsuits for the effort) but such things have been done with individual Trump businesses, just, well, with typical Trump lies, excuses, and revisionist histroy making it nearly pointless:
Any chance of a class action suit?
Just coming back to the thread to make clear (since I didn’t explicitly state so) that the Politico article is from 2016, not any sort of newly revealed or current information. I was just using it to make a point about how even prior to years working the Big Lie, the many medium lies were part and parcel of Trump Org - and how hard it was for even reputable organisations to try to hold a light up to Trump’s financial chicanery and lies.
My guess is that Trump wouldn’t live long enough to see the settlement on that one.
You’re too kind. Some would prefer an apoplectic event that reduces his communication skills to those he displayed when he mocked Serge Kovaleski.
Figured I’d update the thread with this CNN piece:
https://www.cnn.com/2024/03/01/investing/trump-money-judgments/index.html
Many of the world’s biggest banks stopped lending to Trump decades ago. Deutsche Bank, which he turned to repeatedly to finance property deals, ended its relationship with Trump after January 6, 2021. Signature Bank, another past lender to Trump, also ceased doing business with him after the attack on the US Capitol.
Trump turned to Axos Bank, a California lender, in 2022 for a $100 million loan to refinance Trump Tower, but it isn’t clear whether that bank would lend to Trump again. CNN’s calls to the bank and its chief executive, Greg Garrabrants, were not returned.
Lawyers say Trump could try to take equity out of certain properties, but if there are outstanding mortgages or existing loans that could make it more difficult because a bank wouldn’t want to be second in line to collect money.
Another possible complication: The Trump Organization stopped preparing a personal financial statement for Trump two years ago, so a lender would need to become comfortable with the finances and could request an appraisal of properties, which also takes time.
I’ve cut this specific section which narrows down the financial issues, rather than rehash the judgemental liabilities and other fundraising efforts. And to remind all that currently the appeals court changed the NY case judgement denying Trump the ability to secure loans through NY entities.
With in the realms of $550 million in bonds to secure (between Carrol and NY so far) I’m starting to wonder if it’s possible for Trump to finance this debt with anyone who has the actual resources to do so (leaving out third party governments) - it’s enough money to make anyone demure, especially with Trump’s reluctance to pay, and the potential insulation that a successful Presidential run would have.
I’m leaning towards him, in true Trumpian style, telling the courts F— you, then immediately declaring bankrupcy, while crowing to his fans that it’s a ploy to hide his wealth that “everyone does” and that in order to keep Trump fighting for them, they need to get him in office where he can strike back at the Deep State ™ and others against him.
Which, well, would normally be prejudicial to a bankrupcy process, but, again, Trump.
This MSMBC opinion article talks about the idea that The Trump may not be as rich as he wants others to believe. Given his loose association with the truth, I’m inclined to believe it.
Oh, no arguments. Almost all the analysis I’ve seen (including Legal Eagle’s most recent piece on the judgement) agree. I mean, according to that and other reviews, part of Trump’s cooking the books is that he wanted to show (for various reasons) his wealth increasing year over year, and had his people work backwards to make that happen.
See my earlier assesment that one of the reasons the spawn don’t turn on him is that it may ALL be a house of cards, which, as the Trump org basically seems unable to do business at all (while under third party review) without cheating and shystering on debts and expenses seems ever more likely.
And my reivew of Trump’s mentality:
He doesn’t have to be rich to feel value in himself, but it’s how he’s always kept score. And having it questioned seems to make him quite uncomfortable. Which, in light of his past actions, I think he’ll go with the double-dog-dare and say “Try it!” while using bankrupcy and hope that he gets into office (by hook or by crook) and can crush all challenges legitimately (for what passes in MAGA) or otherwise.
His inability to get a do-over on the financial crimes, when he doesn’t have a fig-leaf of presidential immunity, or the “beyond a reasonable doubt” for criminal investigations seems to be his greatest weakness as it stands right now.
Trump could avoid financial ruin, using the same trick he did during the 1990s. Back then, Trump floated shares in Trump Hotels Casinos and Resorts, loaded it with debt, and used the proceeds to purchase bonds and properties owned by Trump himself. His board was compliant; his investors lost their shirts. 2016 article:
THCR was never an S&P 500 company, but is was a Wilshire 5000 organization. So Trump skimmed pennies from millions of people and billions of dollars overall.
Now we turn to Truth Social.
It’s owned by Digital World Acquisition Corp (DWAC). It shot up after the Iowa Caucus and currently has a market cap of $1.4 billion. Trump’s financial disclosure forms put it in the range of $5-$25 million. It’s underlying property - Truth Social - is losing money. If the merger goes through, Trump could get $4 billion - but there’s a 6 month lockup period afterwards.
More details here:
Trump’s financing depends upon what he has, what he can get, and what he will owe. Regarding what he will owe, here is a roundup of 24 major Trump court cases since 2016:
Here is AP’s roundup of Trump investigations:
Here is today’s roundup from the Atlantic Magazine, touching on 91 felony counts, two state courts, two federal districts:
Well, as reported in other threads and general news, Trump was able to secure a Bond for the Carroll case via Chubb Limited:
With strong suggestions, although of course not proof that it was an example of quid pro quo for offering a position to a Chubb executive during his administration.
But that’s just roughly $92 million. The next is of course is securing the funds to secure his NY State appeal.