At the Gridiron Dinner, President Biden joked about former President Trump struggling to pay the nearly $500 million civil fraud judgment against him in New York.
Trump is scrambling to find financing for the bond to appeal the ruling, which denied him a defense.
While Trump obtained a bond for the E. Jean Carroll case, insurance companies will not underwrite the massive bond needed in the fraud case, potentially forcing fire sale prices for some of Trump’s real estate.
“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,'” Biden quipped.
Even if successful on appeal, Trump still must pay the bond, risking financial losses despite potential innocence.
A forced large-scale sale of Trump’s New York properties could further impact the struggling commercial real estate market in the city as it recovers from pandemic, crime and high taxes, according to a Fox News analyst.
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