Report: Trump unable to secure $464 million bond in civil fraud case
Former President Donald Trump is struggling to secure insurance for a $464 million appeal bond in his ongoing civil fraud case in New York. Despite reaching out to nearly 30 underwriters, Trump has reportedly been unsuccessful in obtaining the required bond, according to NBC News.
According to Trump’s legal team, obtaining such a bond is “practically impossible” given the circumstances. The team argues that it would necessitate cash reserves of approximately $1 billion, a sum they claim is unprecedented for a private company.
Trump’s attorneys have informed the appeals court that some underwriters are demanding cash, rather than property, to back the bond. They have requested a delay from the court, contending that Trump’s property values exceed the judgment against him.
This setback comes on the heels of a recent ruling by a New York appeals court judge, who denied Trump’s request to postpone payment of the $464 million owed as a result of a civil fraud case brought by New York Attorney General Letitia James.
Judge Arthur Engoron ruled in favor of James, holding Trump and his associates liable for various charges, including fraud, falsifying records and conspiracy.
With a series of legal challenges mounting and significant financial obligations looming, Trump’s legal battles persist as the 2024 presidential race gains momentum.
In the midst of these legal proceedings, Trump and his sons, Donald Trump Jr. and Eric Trump, have been granted temporary permission to continue operating their business ventures.
NYC under scrutiny for releasing migrants without bail, migrant debit cards
Manhattan’s district attorney is being criticized by fellow state Democrats over migrants released without bail after attacking police officers. New York City is also getting national attention for giving migrant families debit cards with a monthly allowance.
A Jan. 27 attack on New York police officers landed seven migrants in jail temporarily. Six were released without bail following a decision by District Attorney Alvin Bragg. One migrant remains held on $15,000 bail for allegedly instigating the attack.
New York Gov. Kathy Hochul, D, and New York State Attorney General Letitia James, D, both criticized Bragg.
“All I can say is that under the laws of New York — the bail laws I was instrumental in changing that allow judges more discretion — certainly an assault on a police officer is bail eligible,” Hochul said. “All I know is that an assault on a police officer means you should be sitting in jail.”
“Bail should’ve been set, it was a serious felony. Why it was not set? I do not know,” James said.
When the migrants were released from custody, they flipped off camera crews as they walked free. While the migrants are ordered to be back in court on Feb. 20, police sources told CBS that four of the six migrants have already caught a bus headed to California.
The District Attorney Bragg stands by his decision as his office continues to investigate the incident.
“There’s no evidence in this case, we are investigating allegations of it,” Bragg said. “This is the beginning of the process, and we will hold those accountable who did these heinous acts.”
Meanwhile, New York City Mayor Eric Adams, D, is defending the decision to give debit cards with a $1,000 monthly limit to some migrants in the city.
“I know that the first brush you look at it and you’re like, ‘Wait you’re giving people cards?’ But once you dig into the numbers you’ll see it’s a small policy shift in a pilot project with 500 people,” Adams said. “If this is successful, we’ll expand it even more.”
The city is losing millions in food prepared for migrants that goes to waste. The debit card program will allegedly save $7.2 million a year by cutting down on that waste. Migrants have to sign a paper saying the debit card will only be spent on food, groceries and baby supplies.
James accused Trump of falsifying financial statements to gain more favorable loans. Trump has denied any wrongdoing. Though Trump’s attorney did not agree to the judge’s terms, the former president delivered a five-minute address to the court on Thursday, Jan. 11, while seated at the defense table.
Trump said he’s an innocent man and claimed he’s being persecuted by someone running for office. Trump spoke out against the judge, saying he had his own agenda and called the lawsuit a political witch hunt. James responded to the remarks after the proceedings, saying her case had never been about politics. The judge is expected to rule in the case by Jan. 31. New York state law does not allow for juries in these types of cases.
Judge Arthur Engoron received a bomb threat at his New York home this morning, just hours before closing arguments are scheduled in former Pres. Trump's civil fraud trial, according to a court official. https://t.co/YXJ7zQgqoSpic.twitter.com/FqOyKvkj7U
Trump’s courtroom remarks came hours after law enforcement responded to a bomb threat at Judge Engoron’s home outside the city. Judge Engoron has become the target of threats as Trump has attacked his character throughout this trial. On his social media platform “Truth Social” Trump called Engoron a “Trump Hating Radical Left Judge, who may be crazy.”
Trump barred from giving closing argument in NY civil fraud trial
Donald Trump will not deliver his closing arguments on Thursday, Jan. 11, in his civil fraud trial in New York as he hoped to do. The judge in the case, Arthur Engoron, was initially open to the idea, but only if the former president agreed to certain parameters.
However, in a series of heated email exchanges made public Wednesday, Jan. 10, Trump’s lawyers would not agree to the stipulations by the judge’s deadline, calling them unfair and saying Trump is being wrongfully demeaned. The judge responded by telling Trump’s team that he would not grant any further extensions, saying, “Take it or leave it.”
On his social platform, Truth Social, Trump called the judge “mean and nasty” and indicated he will still attend the court proceedings on Thursday, Jan. 11, while complaining he had to leave Iowa after his town hall on Fox News.
“I will then be forced to circle back to New York where I would like to personally do the closing argument on the civil trial where the Trump hating judge and attorney general are working closely together to ‘screw me,’”’ even though I have done nothing wrong,” Trump posted.
The former president is accused of falsifying business records to receive better deals from banks and insurers. He has denied any wrongdoing. The case could end up costing the former president up to $370 million and permanently keep him from doing business in the real estate industry in New York.
NRA CEO Wayne LaPierre resigns ahead of corruption trial
Wayne LaPierre, the longstanding leader of the National Rifle Association (NRA), announced his resignation Friday, Jan. 5, days before the start of a corruption trial in New York scrutinizing his leadership. LaPierre held the position of executive vice president and CEO at the NRA since 1991.
Associated Press
The effective date of his resignation is Jan. 31, and Andrew Arulanandam, the head of General Operations, will serve as the interim CEO.
LaPierre faces accusations of using over $64 million in cash from NRA donors, allegedly spending funds on personal trips and other expenses. In a statement accompanying his resignation, LaPierre expressed unwavering support for the NRA’s mission to defend Second Amendment freedom, stating, “My passion for our cause burns as deeply as ever.”
The 74-year-old cited health concerns in stepping down from his role, according to the NRA. The organization has encountered setbacks, experiencing a decline in both revenue and memberships. Despite the U.S. Supreme Court’s expansion of gun rights, the NRA shut down its online streaming network in 2019 and filed for bankruptcy in 2021, though the case was subsequently dismissed.
Associated Press
The NRA’s challenges continue as New York Attorney General Letitia James (D) prepares to initiate a lawsuit against the organization, Wayne LaPierre, and other executives on Monday, Jan. 8.
Trump says he won’t testify again in civil fraud trial
According to a post on the former president’s social media platform, Truth Social, that is no longer the case.
“I have already testified to everything and have nothing more to say other than this is a complete and total election interference (Biden campaign!) witch hunt, that will do nothing but keep businesses out of New York, I will not be testifying on Monday. MAGA!” Trump wrote.
Donald Trump already testified in our fraud case against him.
Whether or not he testifies again tomorrow, we have already proven that he committed years of financial fraud and unjustly enriched himself.
No matter how much he tries to distract from reality, the facts don’t lie.
New York Attorney General Letitia James alleges Trump and his colleagues committed fraud by inflating the organization’s value and falsifying financial statements.
“Whether or not he testifies again tomorrow, we have already proven that he committed years of financial fraud and unjustly enriched himself,” James said. “No matter how much he tries to distract from reality, the facts don’t lie.”
Trump has denied any wrongdoing. In response to Trump’s last-minute reversal, the attorney general said her team has already proven their case. The trial, which was set to resume on Monday, Dec. 11, is now scheduled to resume on Tuesday, Dec. 12.
Ukraine President Zelenskyy to meet with Biden in D.C. as funding efforts flounder: The Morning Rundown, Dec. 11, 2023
With additional funding for Ukraine in limbo, Volodymyr Zelenskyy plans to meet with leaders in Washington D.C. And, amid backlash following her testimony on antisemitism on college campuses, Penn’s president resigns. These stories and more highlight The Morning Rundown for Monday, Dec. 11, 2023.
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The trip is taking place just days after Senate Republicans blocked a $110 billion package, which included aid for Ukraine and Israel. Republicans said the bill must include stricter border security measures to gain their support.
Senate Majority Leader Chuck Schumer, D-N.Y., and Minority Leader Mitch McConnell, R-Ky., have invited Zelenskyy to speak at an all-senators meeting on Tuesday morning, Dec. 12. The Ukrainian president is also scheduled to meet with House Speaker Mike Johnson, R-La.
Zelenskky had planned to address Senators during a classified briefing last week via video but canceled at the last moment. Schumer said it would have been the third time Zelenskyy had addressed Senators since Russia’s invasion of Ukraine.
Trump will not testify again in his $250 million civil fraud trial
Trump had already taken the stand last month. But as the trial nears its end, Trump was expected to be one of the last witnesses called by the defense before it rests its case. However, according to a post on the former president’s social media platform, Truth Social, that is no longer the case.
“I have already testified to everything and have nothing more to say other than this is a complete and total election interference (Biden campaign!) witch hunt,” Trump wrote.
Donald Trump already testified in our fraud case against him.
Whether or not he testifies again tomorrow, we have already proven that he committed years of financial fraud and unjustly enriched himself.
No matter how much he tries to distract from reality, the facts don’t lie.
In response to Trump’s last-minute reversal, the attorney general said her team has already proven their case. The trial, which was set to resume on Monday, Dec. 11, is now scheduled to resume on Tuesday, Dec. 12.
Penn president resigns after backlash over antisemitism testimony
There was more fallout this weekend following the testimony of three university presidents on Capitol Hill last week over the rise of antisemitism on their campuses as the war between Israel and Hamas surpasses two months. On Saturday, Dec. 9, Liz Magill resigned as president of the University of Pennsylvania.
Magill faced backlash from local lawmakers, donors, and business leaders for her response to the questions by the House committee of whether calling for the genocide of Jews violated Penn’s code of conduct. Magill answered it was a “context-dependent decision.”
In her resignation announcement, Magill said it has “been my privilege to serve as president of this remarkable institution.” She will remain a faculty member at Penn’s law school.
Shortly after Magill stepped down, Scott Bok, chair of Penn’s board of trustees, also submitted his resignation.
When I asked the President of UPenn why the University allows antisemitic professors and rallies on campus while barring conservative speakers, she defended their actions.
Speaking at an interfaith rally at a Philadelphia Synagogue on Sunday, Dec. 10, Pennsylvania Gov. Josh Shapiro said the “real work at the university begins now making sure that every student feels safe on campus.”
Five years ago, I spoke at Rodeph Shalom in the wake of the deadliest antisemitic attack in our nation’s history.
Today, we gathered again to find strength in one another — and to show that we are not helpless in the face of rising antisemitism in our Commonwealth and country. pic.twitter.com/HEMRy7hlqZ
Meanwhile, at least 570 faculty members at Harvard University have signed a petition asking school administrators not to fire their school’s president, Claudine Gay, despite a letter from lawmakers demanding the change. Alison Frank Johnson, a Harvard professor and co-author of the petition wrote in an email to Reuters, “We don’t want to lose her because of a political stunt.”
At least 6 dead as tornadoes touched down in Tennessee
At least six people are dead, and dozens more are injured as tornadoes and severe storms tore through the state over the weekend. Police in Nashville confirmed a 31-year-old mother and her 2-year-old son were among three killed.
We have teams assessing damage and looking for patients. Unfortunately, we can confirm there are 3 Fatalities as a result of the severe weather on Nesbitt Lane.
With winds up to 150 miles per hour, the storms passed through multiple cities in Tennessee, destroying homes and businesses and knocking out power to more than 56,000 customers. Gov. Bill Lee said he and his wife are praying for all Tennesseans affected by the storm.
Investor group reportedly offers to buy Macy’s for $5.8 billion
Year over year, Macy’s has seen its sales slump by 7% despite efforts to reverse course, including announcing 30 new stores at strip malls instead of at traditional shopping malls. The company currently operates nearly 500 Macy’s department stores as well as dozens of locations for its upscale chain, Bloomingdale’s. Macy’s and the investor group have not commented on the reports.
Former Fox News host Tucker Carlson launching streaming service
It will feature at least five different shows, with some of the content free for non-subscribers.
Since being fired from Fox News last spring, Carlson has hosted a show on the social media site X, which included an interview with former President Donald Trump. Though those interested can sign up now, Carlson is expected to officially announce the launch of his service during an appearance on the Megyn Kelly Show on SiriusXM later Monday.
Former President Trump clashes with judge during testimony at $250M civil fraud trial: The Morning Rundown, Nov. 7, 2023
Former President Donald Trump delivers his testimony in the civil fraud trial. And WeWork, once valued at $47 million, files for bankruptcy. These stories and more highlight The Morning Rundown for Tuesday, Nov. 7, 2023.
Donald Trump testifies in civil fraud trial
Former President Donald Trump took the stand on Monday, Nov. 6, in his $250 million civil fraud trial in New York, where he spoke out against the attorney general who is suing him, his eldest sons, and his company. He sparred with the judge at times, who warned the former president about the length and content of his answers, telling Trump, “This is not a political rally.”
Reuters
During his testimony, Trump disputed the attorney general’s claims that he lied on financial statements to banks and insurers and inflated the values of his properties to get better loans and business deals.
The former president distanced himself from the financial statements at the heart of the attorney’s general case and said he would “authorize and tell people to give whatever is necessary for the accountants to do the statements,” adding that on occasion, he would have “some suggestions” about the results.
As for the financial statements themselves, Trump argued that banks “didn’t find them very relevant.”
During his roughly four hours on the stand, Trump suggested his net worth is more than what was on the statements and that the attorney’s general office undervalued his Mar-a-Lago Florida resort.
In response to his testimony, Attorney General Letitia James said Trump can engage in distractions, but the evidence supports her fraud claims.
The former president’s daughter, Ivanka Trump, is scheduled to testify on Wednesday, Nov. 8. Donald Trump, the current GOP frontrunner for the 2024 presidential election, is set to take the stand again in four criminal cases next year; he, however, is not expected to be present at the third Republican presidential primary debate Wednesday, Nov. 8, in Miami.
Five candidates have qualified for that debate: former New Jersey Governor Chris Christie, Florida Gov. Ron DeSantis, former South Carolina Gov. Nikki Haley, tech entrepreneur Vivek Ramaswamy and South Carolina Sen. Tim Scott.
In Ohio, voters will decide whether to amend the state constitution to protect access to abortion services. They will also vote on whether to legalize recreational marijuana for adult use.
In Virginia, all 40 state senate seats and 100 state house seats are on the ballot, which could lead to Republicans having complete control of the state government for the first time in a decade; this would give a path for Republican Gov. Glenn Youngkin to enact his proposals on abortion, education, and other policies, as reports say the governor may be to considering late entry into the 2024 presidential race.
The major race in two states is for governor, as Republican Gov. Tate Reeves looks for a second term in Mississippi and Democrat Gov. Andy Beshear seeks another term in Kentucky.
In Texas, 17 candidates are vying to become the next mayor of Houston, and residents of Uvalde will elect a new mayor for the first time since the May 2022 school shooting that left 19 students and two teachers dead.
Pennsylvania residents will vote to fill a vacant seat on the state supreme court, and Philadelphians will decide on a new mayor. New York’s general election has voters deciding on various races, including the New York City Council. And Colorado voters will decide on two proposals involving tax revenue.
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President Biden has previously said he had no confidence in figures provided by the agency run by Hamas. Pentagon spokesman Brigadier General Patrick Ryder said on Monday, Nov. 6, that the number of the dead is in the “thousands.”
On Monday, Nov. 6, the United Nations called once again for an immediate humanitarian cease-fire. With the U.N. Secretary-General saying Gaza is becoming a “graveyard for children.”
Speaking to ABC News on Monday, Nov. 6, Israeli Prime Minister Benjamin Netanyahu reiterated his stance that there would only be a cease-fire if Hamas released the 200-plus hostages.
Jury finds Colorado officer not guilty in Elijah McClain’s killing
On Monday, Nov. 7, a jury found Colorado police officer Nathan Woodyard not guilty of manslaughter in the killing of Elijah McClain, an unarmed 23-year-old Black man who died after an altercation with police in 2019.
Though McClain’s killing has brought sweeping police reforms in Colorado, his death initially did not receive much attention, with local prosecutors originally not filing charges against the officers. That changed after May 2020, when George Floyd was killed at the hands of police.
The state attorney general’s office, guided by the governor, then filed charges against the three officers and two paramedics who are set to stand trial later this month.
WeWork, which Japan’s Softbank backs, was once valued at $47 billion in 2019, the same year it attempted but failed to go public, which led to the ouster of its founder Adam Neumann.
After eventually going public two years later, at a reduced valuation of $9 billion, the company faced roadblocks with the pandemic leading to hybrid and work-from-home options.
Shares of WeWork have dropped approximately 98% this year alone. While WeWork leases millions of square feet of office space in 777 locations across 39 countries, the bankruptcy filing affects only WeWork’s sites in the U.S. and Canada.
Gannett hires Taylor Swift reporter
There is an update on the largest newspaper chain in the country’s search for a Taylor Swift reporter. After a couple of months, Gannett has found its man.
When the newspaper chain, which owns USA Today, announced the job opening in September, it was met with criticism from some journalists who called the role a fan position and one that took away jobs from other reporters after the company made significant cuts last year.
Michael A. Anastasi, Gannett’s vice president of local news and the Editor of The Tennessean, told Variety this move is part of the company’s “transformation strategy” to better serve all its communities in the future.
West said he’ll have fun with the role while also focusing on Taylor Swift’s impact on society and the music industry. Gannett is still searching for a Beyoncé reporter.
The record settlement equates to less than 1% of both Uber and Lyft’s annual revenue. Last quarter, Uber reported $9.3 billion in revenue and Lyft reported $1.02 billion.
The settlement stems from a multi-year investigation by James’ office which accused the two companies of withholding pay from drivers and preventing drivers from receiving benefits, like sick leave, required under New York state labor laws.
From 2014 to 2017, James said, Uber deducted sales taxes and fees from drivers’ pay that should have been paid by riders. Similarly, from 2015 to 2017, Lyft allegedly took an 11.4% administrative fee from some New York drivers.
Uber and Lyft have denied wrongdoing.
Uber’s Chief Legal Officer Tony White said in a statement that the agreement, “helps put to rest the classification issue in New York and moves us forward with a model that reflects the way are increasingly choosing to work.”
Jeremy Bird, Lyft’s chief police officer, called the agreement a “win” for rideshare drivers.
“For years, Uber and Lyft systemically cheated their drivers out of hundreds of millions of dollars in pay and benefits while they worked long hours in challenging conditions,” James said in a statement following the settlement. “These drivers overwhelmingly come from immigrant communities and rely on these jobs to provide for their families.”
In addition to paying a combined $328 million in back pay to drivers, Uber and Lyft have agreed to pay a minimum rate per ride. Drivers operating outside of New York city will now earn $26 per hour.
According to James’ office, more than 100,000 rideshare drivers in New York could be eligible to receive settlement funds and benefits. James added that drivers who are eligible will be notified via mail, email or text about how to file a claim.
Judge Arthur Engoron imposed the gag order on Oct. 3, following a social media post of a photo of Engoron’s clerk with Sen. Chuck Schumer, D-N.Y., that Trump published and falsely claimed the clerk was Schumer’s “girlfriend.”
The judge had called Trump to the stand to question him about remarks he made on Wednesday, Oct. 25, to reporters, when the former president said the judge and person sitting next to him were “very partisan.”
Trump told the judge he was referring to his former attorney, Michael Cohen, who had been testifying against him.
The judge said he found Trump’s testimony “not credible,” and since he believed Trump was referring to his law clerk, that meant the former president had violated the gag order.
Trump first violated the gag order on Friday, Oct. 20, and was fined $5,000 after he posted disparaging comments on his platform Truth Social. In that instance, Judge Engoron wrote that he reserves the right to hold the former president in contempt of court.
“Make no mistake: future violations, whether intentional or unintentional, will subject the violator to far more severe sanctions, which may include steeper financial penalties, holding Donald Trump in contempt of court, and possibly imprisoning him,” Engoron wrote.
Trump is being accused of inflating his financial assets, and he has denied any wrongdoing.
