The former President, Trump, criticized the almost $500 million bond set in his New York civil fraud case as being against the Constitution and American values on Monday.
His comments were made shortly after his lawyers notified the court that he couldn't get the full $464 million bond required next week.
“A bond of the size set by the Democrat Club-controlled Judge, in Corrupt, Racist Letitia James’ unlawful Witch Hunt, is unConstitutional, un-American, unprecedented, and practically impossible for ANY Company, including one as successful as mine,” Trump wrote in a post on his Truth Social platform.
“The Bonding Companies have never heard of such a bond, of this size, before, nor do they have the ability to post such a bond,” he added.
Trump’s statement echoes the sentiment his lawyers expressed in a court filing on Monday with the state’s intermediate appeals court.
His lawyers said it was “impossible” to secure the full amount, noting only a “handful” of surety companies are officially approved to underwrite a bond this high, and many have internal policies against issuing bonds of more than $100 million.
Trump’s legal team also said part of the issue is that the former president cannot put up property for collateral as part of the bond.
“While it is my understanding that the Trump Organization is in a strong liquidity position, it does not have $1 billion in cash or cash equivalents,” the lawyers wrote, adding, “As a result, for a company such as The Trump Organization, which has most of its assets invested in real estate, obtaining a bond for $464 million is a practical impossibility.”
Judge Arthur Engoron, last month, ordered Trump to pay nearly $355 million in penalties in the civil fraud case that dealt a stark blow to his family’s business empire in New York. Trump is currently appealing the judgment, but the total amount will continue to gain interest while that process plays out.
New York Attorney General Letitia James (D) brought the case against Trump in 2022, alleging he falsely altered his net worth on key financial statements to receive tax and insurance benefits. Engoron found Trump, the Trump Organization and several top executives, including his adult sons, liable for fraud before the trial began, and the cash penalties in the case were set by the judge alone.
Throughout the trial, Trump frequently criticized Engoron and James, sentiments he repeated in social media posts Monday and early Tuesday morning.
He reiterated his evidence-free accusation that the state civil case was orchestrated by his chief political rival, President Biden, and pledged to fight to defeat the judgment.
“We will fight and defeat this Hoax, and all of the other Crooked Joe-directed Hoaxes, once and for all,” he wrote. “If I wasn’t running for President of the United States, and leading by a lot, this kind of Witch Hunt would never have happened!”
