Aiexpress – During a Sunday afternoon interview with MSNBC’s Jen Psaki, John Bolton, Donald Trump’s former national security adviser, expressed concerns about the former president’s mounting debt and its potential implications. According to Bolton, this financial burden makes Trump susceptible to foreign influence and raises questions about his suitability for holding office.
The Context:
In a lawsuit filed in September 2022, New York Attorney General Letitia James accused Trump, along with his two adult sons, Donald Jr. and Eric, The Trump Organization, and two firm executives, Allen Weisselberg and Jeff McConney, of engaging in fraudulent practices. The allegations include overvaluing assets in order to obtain more favorable bank loans and taxation deals.
On Friday, Judge Engoron made a ruling that imposes a fine of approximately $355 million on Trump and prohibits him from engaging in business activities in New York for a duration of three years. This ruling comes after a prolonged civil trial that took place from late last year through early January. Throughout the trial, Trump has consistently maintained his innocence and asserted that the case was driven by political motives.
This decision comes just a few weeks after Trump was told to pay former Elle columnist E. Jean Carroll $83.3 million for hurting her image when she said he sexually assaulted her in the 1990s. In the past year, a different jury gave Carroll $5 million from Trump for sexual abuse and slander. Trump has also said that he did nothing wrong in this case.
What We Know:
John Bolton expressed his thoughts on Sunday regarding the potential vulnerability of Trump to foreign influence due to his mounting debt. He stated that the legal challenges Trump is currently facing are one of the reasons why he is not suited to hold office.
“I think this is one of the demonstrations why Trump is really not fit for office because he is consumed by these troubles, his family is consumed by them, and I think foreigners will try to take advantage of it one way or another. They may be doing it already.”
According to Bolton, the financial consequences will have an impact on Trump, potentially forcing him to sell off some of his assets.
“I believe that he will have to sell off some of his properties in order to get the cash. It seems unlikely that he will be able to find the money elsewhere. These are the things that will impact him the most in the short term because it involves his own money. Let’s be honest, Donald Trump is primarily concerned with himself and, more specifically, his money,” he commented.
In the civil fraud trial, the verdict has determined that Trump must pay interest on the deal profits he has been ordered to surrender. James has stated that the interest payments amount to $99 million and will continue to accrue every day until they are fully paid.
Friday’s ruling, along with the two judgments in Carroll’s case, would hold the former president accountable for a staggering sum of around $542 million in legal liabilities.
Views:
Some have previously cautioned that Trump might need to sell off his properties to cover his legal fees, and Bolton is now echoing this sentiment. Concerns about Trump’s ability to pay damages have also been raised, citing potential liquidity problems.
In a post published in January on X, formerly known as Twitter, attorney Harry Litman, who has extensive experience as a U.S. attorney for the Western District of Pennsylvania and as a deputy assistant attorney general at the Department of Justice (DOJ), shared a video discussing the substantial amount of damages. Litman also mentioned that if Trump decides to appeal these damages, he may have to liquidate some of his properties.
According to the commentator, Donald Trump may face significant liquidity challenges at present. In order to pursue an appeal, he would be required to provide a bond equivalent to the punitive damages, which could amount to $65 million in accordance with New York law. This financial obligation to appeal might potentially necessitate the liquidation of some of his cherished properties.
Ciara Torres-Spelliscy, an associate professor of law at Stetson University College of Law, previously mentioned to Newsweek that the convergence of these two cases has the potential to initiate bankruptcy proceedings.
According to the expert, it is only Trump who truly knows the details of his finances. However, the convergence of the New York civil fraud case and the E. Jean Carroll cases may potentially lead to a detrimental blow that could result in bankruptcy. Nonetheless, it is highly unlikely that the former President would opt for bankruptcy proceedings in the midst of an election year.
In an email response to Newsweek, Christopher Kise, the lawyer representing Trump, expressed his dissatisfaction with the court’s decision. He stated, “The Court today disregarded the law and the facts, and instead endorsed the Attorney General’s blatantly unfair political attack on the leading presidential candidate for the United States.”
Furthermore, Trump utilized Truth Social, his personal social media platform, to denounce Engoron as “crooked” and James as “corrupt.”
What’s Next?
According to his lawyer, the former president intends to appeal Engoron’s decision.
“President Trump is planning to appeal the decision and is confident that the Appellate Division will rectify the numerous and significant errors made by a trial court that disregarded the law and reality,” stated Christopher Kise to Newsweek.
Trump plans to appeal Carroll’s case in a bid to reduce the $83.3 million he was ordered to pay. As of February 8, Trump has been granted a 30-day period to post a bond while awaiting the outcome of post-trial motions aimed at reducing the awarded amount.
As of February 18, 2024, at 4:04 p.m. ET, this article has been updated to include additional information.
