Donald Trump Faces Mounting Financial Crisis as Debt Balloons, Letitia James Vows Action
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The Mirror reported a dire financial predicament confronting former U.S. President Donald Trump, revealing that his debt is spiraling at an alarming rate of £69,000 ($87,502) per day, according to a newly unveiled real-time tracker.
Trump finds himself grappling with an increasingly hefty bill amounting to over £367 million ($467 million) owed to the state of New York. The financial pressure intensified following a recent civil fraud trial that uncovered falsehoods regarding his wealth.
In a verdict delivered last month, the court determined Trump’s liabilities to be £279 million ($355 million) in penalties. However, with accumulated interest, this figure has ballooned by an additional £88 million ($112 million). The “Donald Trump’s Debt: Live Counter,” introduced by Democratic strategist Johnny Palmadessa, meticulously chronicles the mounting debt, which escalates incessantly by the second.
This digital platform not only monitors Trump’s escalating debt but also features a countdown to forthcoming trials, including those related to ‘hush money,’ ‘classified documents,’ ‘Georgia interference,’ and ‘presidential immunity’, told ABC News.
Johnny Palmadessa, a strategist based in Pennsylvania, emphasizes the site’s accuracy, confirming that it is “actively monitored by an accountant.” Following the ruling on February 16, presiding Judge Arthur Engoron admonished Trump for inflating his wealth and real estate values, mandating restitution for his deceptive conduct.
New York Attorney General Letitia James has pledged to pursue vigorous measures to reclaim the owed funds, signaling potential asset seizures in the event of Trump’s non-compliance. She asserts, “If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets.”
Despite Trump’s steadfast denial of any wrongdoing and his decision to appeal the ruling, his legal battles have not halted the relentless accumulation of interest on his debt, currently accruing at an annual rate of 9%. By August of the following year, Trump could find himself entangled in a financial quagmire surpassing half a billion dollars (£392 million). Gregory Germain, a Law Professor at Syracuse University, elucidates the potential repercussions for Trump should he default on his payments.
Germain cautions that the state may resort to levying and selling his assets, encumbering his real estate, and garnishing any outstanding monies—a legal recourse often employed when defendants lack the means to satisfy civil penalties.
The specter of asset forfeiture looms large, evoking memories of high-profile cases like O.J. Simpson’s in 1999. In a bid to settle a £26.3 million ($33.5 million) wrongful death judgment, Simpson’s treasured Heisman Trophy was seized and auctioned off, underscoring the harsh realities faced by individuals grappling with dire financial straits.
