During the Gridiron Dinner, President Joe Biden made a lighthearted remark about former President Donald Trump’s struggle to pay the substantial fines resulting from a controversial civil fraud judgment in New York. New York Attorney General Letitia James, who campaigned on using the law to pursue Trump, emphasized the importance of everyone abiding by the same rules, even though the Trump case was unprecedented.
Trump faced a lawsuit for allegedly inflating his net worth under a New York law that doesn’t require proof of intent. The banks involved in the case claimed they hadn’t suffered any financial losses from loans given to him. The Democrat judge, Arthur Engoron, issued a summary judgment against Trump, denying him the chance to present a defense. As a result, Trump is now scrambling to find a way to pay the $464 million judgment, including interest.
While he managed to secure financing for a bond in a separate New York case involving writer E. Jean Carroll, Trump has been unsuccessful in finding insurance companies willing to underwrite the massive bond required for the fraud case. This predicament may force him to sell some of his real estate holdings at discounted prices.
Despite the ongoing legal matters, President Biden found humor in the situation and incorporated it into his speech at the Gridiron Dinner. It is worth noting that Biden’s own son is facing criminal charges related to his financial dealings, which allegedly also benefited the President himself.
Biden said:
“Our big plan to cancel student debt doesn’t apply to everyone. Just yesterday, a defeated-looking man came up to me and said, “I’m being crushed by debt. I’m completely wiped out.” I said, “Sorry, Donald, I can’t help you.” (Laughter and applause.)
Despite his innocence, Trump will still be required to pay the bond even if he succeeds in his appeal. This could potentially result in financial losses for him. According to Fox News’ Charlie Gasparino, if Trump is forced to sell a significant portion of his real estate portfolio to cover the bond, it could have a negative impact on the commercial real estate market in New York City. This market is already facing challenges due to the pandemic, crime, and high-tax policies.