In the typical morning routine Donald Trump of most New Yorkers, a small indulgence might involve spending a few dollars on coffee and a bagel.
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Donald Trump
However, for Donald Trump, each morning brings an additional financial burden as he now accrues $87,500 in interest on the substantial legal penalties imposed on him last week. This ongoing financial strain will persist until he settles the nearly half a billion dollars in fines and interest from his Manhattan civil fraud case.
The recent harsh judgment from Manhattan Supreme Court Justice Arthur Engoron holds Trump, along with his long-time Trump Organization executives, responsible for intentional fraud in deals with financial institutions. The interest on the penalties increases by 9% annually until the entire amount is paid off.
This translates to a staggering $87,500 per day, surpassing the annual income of most New Yorkers. The annual interest alone amounts to $32 million, as calculated by The Associated Press.
Engoron’s ruling, delivered on Friday, found Trump liable for the majority of the approximately $364 million in pre-interest penalties. The judgment also includes a three-year ban on Trump heading a New York business, among other restrictions.
Specifically, the court ordered Trump and his entities to repay $168,040,168, representing the interest saved from false statements about his net worth in various loans. The interest began accruing on March 2, 2019, the day the Attorney General initiated the investigation.
In addition to the interest, Trump is required to repay $126,828,600 in profits from the 2022 sale of the Old Post Office, with his sons Eric and Don Jr. individually owing at least $4 million from their share. The interest on these fines started when the deal was finalized.
Engoron’s decision also obligates Trump to repay $60 million from the sale of his Bronx golf course in June 2023, with interest accruing from that date.
Despite Trump’s vow to appeal, he faces a mid-March deadline to either deposit the total amount in a court-controlled account or secure a bond.
These penalties, coupled with the outstanding $88.3 million owed to E. Jean Carroll for sexual abuse and defamation, bring Trump perilously close to a billion-dollar debt. Trump’s financial situation, as revealed during a deposition in April 2023, and his legal battles, including 91 felonies in state and federal cases, present significant challenges. If unable to meet the financial obligations, Trump may face severe consequences, possibly resembling the bankruptcy filed by Rudy Giuliani in December.
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