Kevin O'Leary: This is an 'extraordinary assault' on America
Summary
TLDRThe transcript discusses the legal challenges faced by former President Donald Trump, including a nearly half-billion-dollar judgment from a real estate civil fraud trial and a defamation case. Trump's team is seeking an appeals court to pause the judgment or reduce the bond to $100 million, arguing that liquidating assets to meet the bond would result in irreparable harm. New York State Attorney General Letitia James, who brought the case, has threatened to seize Trump's assets if he fails to meet the deadline. The situation raises concerns about the precedent being set and the impact on the American brand and economy.
Takeaways
- ð The Trump team is requesting the appeals court to pause a nearly half-billion-dollar judgment and reduce the bond to $100 million.
- ðïž New York State Attorney General Letitia James campaigned on challenging former President Trump and believes he can be indicted for criminal offenses.
- ð¢ The Trump Organization was found to have overvalued its real estate assets to obtain better loan terms, leading to a significant civil fraud judgment.
- ð° Trump's attorneys argue that obtaining the cash through a fire sale of real estate holdings would result in massive recoverable losses and irreparable injury.
- ðš If Trump fails to meet the deadline, Attorney General James could potentially freeze his bank accounts and pursue his real estate properties, including Trump Tower.
- ð¡ïž Trump Insurance Company is covering the bond for Trump to pay the $83 million judgment from the E. Jean Carroll case, where Trump was found liable for sexual abuse and defamation.
- ðŠ Insurance companies need cash as collateral to post the bond, and they are not relying solely on Trump's real estate assets as he reportedly does not have enough money in the bank.
- ð€ Kevin O'Leary expresses concern about the policy being set and its impact on the competitiveness of New York State and the American brand, highlighting the importance of laws, due process, and property rights.
- ð The case is seen as an attack on the stability of the United States and its attractiveness to foreign capital, with potential long-term effects on investment in the country.
- ð The deadline is approaching, and there is uncertainty about what will happen if Trump does not satisfy the judgment, with the possibility of asset seizures being a contentious issue.
Q & A
What is the Trump team requesting from the appeals court regarding the judgment?
-The Trump team is asking the appeals court to pause the nearly half-billion-dollar judgment and to reduce the bond to $100 million.
What did Attorney General James campaign on in relation to Donald Trump?
-Attorney General James campaigned on challenging the then-president when fundamental rights are at stake and expressed her belief that the President of the United States can be indicted for criminal offenses.
What is the significance of the bond amount set by the judge in the Trump real estate civil fraud trial?
-The bond amount of nearly half a billion dollars is significant because it is unprecedented and is meant to ensure that Trump satisfies the judgment. Failure to meet the bond requirement could lead to severe financial consequences for Trump.
What are the potential actions that Attorney General Letitia James could take if Trump does not meet the deadline?
-If Trump does not meet the deadline, Attorney General Letitia James could potentially freeze his bank accounts and go after some of his real estate properties, such as the iconic Trump Tower, to satisfy the judgment.
How is the Trump Insurance Company involved in this case?
-The Trump Insurance Company is covering the bond for Trump to pay the $83 million judgment from the E. Jean Carroll case, where a jury found Trump liable for sexual abuse and defamation.
What concerns do the insurance companies have regarding posting the bond for Trump?
-Insurance companies are concerned about needing cash as collateral and the possibility of a fire sale of real estate holdings, which could result in massive recoverable losses. They also fear potential legal retribution from Attorney General James.
What is the impact of this case on the perception of the American brand and economy?
-The case could potentially harm the perception of the American brand by shaking the core beliefs of laws, due process, and property rights, which attract foreign capital and make the U.S. the number one economy on Earth.
What is the timeline for the bond number issuance and the implications of a 30-day notice?
-The bond number has never been issued before, and the 30-day notice given is very short, potentially leading to a bad message about New York State's competitiveness and the overall U.S. economy.
What is the role of the independent director appointed in this case?
-The independent director is appointed to ensure compliance from President Trump, which is funded by tax dollars.
How does the Eighth Amendment factor into the discussion about the bond amount?
-The Eighth Amendment prohibits excessive bail, fines, and cruel and unusual punishments. The bond amount of over half a billion dollars, in a victimless situation, could be seen as violating this amendment.
What is the historical precedent for the penalty imposed in this case?
-According to the Associated Press analysis, the penalty has only been imposed a few times in 70 years of civil cases under the law, and this case is unique as it is the only big business threatened with a shutdown without a showing of obvious victims or major losses.
Outlines
ðïž Legal Battle Over Trump's Real Estate Judgment
This paragraph discusses the legal challenges faced by former President Donald Trump in relation to a nearly half-billion-dollar judgment in a real estate civil fraud trial. The Trump team is requesting the appeals court to pause the judgment and reduce the bond to $100 million. New York State Attorney General Letitia James is pursuing the case, and if Trump fails to meet the deadline, she could potentially freeze his bank accounts and go after his real estate properties. The Trump Insurance Company is covering a $83 million judgment from the E. Jean Carroll case, where Trump was found liable for sexual abuse and defamation. The situation highlights the complexities of Trump's financial and legal predicament.
ð Impact on American Brand and Investment Climate
The second paragraph focuses on the broader implications of the legal actions against Trump for the American brand and the investment climate in the United States. Kevin O'Leary argues that the case sets a troubling precedent, potentially affecting New York's competitiveness and the perception of the U.S. as a stable place for long-term capital investment. He emphasizes the importance of laws, due process, and property rights in maintaining the U.S. economy's global leadership. The conversation also touches on concerns about potential legal retaliation against insurers and the need for adult supervision in resolving the situation.
ðš The Unprecedented Nature of the Judgment and Its Implications
The third paragraph delves into the unprecedented nature of the judgment against Trump, the high stakes involved, and the barriers it presents to his ability to appeal. It highlights the difficulty of securing a bond of such a large amount and the restrictions placed on Trump's financial maneuverability, including being barred from borrowing from New York banks. The discussion points out that the judge's ruling sets an impossibly high standard for Trump to meet in order to appeal, raising questions about the fairness and intention behind the legal requirements.
Mindmap
Keywords
ð¡Appeals Court
ð¡Bond
ð¡Real Estate Civil Fraud Trial
ð¡Attorney General Letitia James
ð¡Trump Insurance Company
ð¡Seizing Assets
ð¡Fire Sale
ð¡Due Process
ð¡Adult Supervision
ð¡Eighth Amendment
ð¡Unprecedented Case
Highlights
The Trump team is asking the appeals court to pause the nearly half-billion-dollar judgment and reduce the bond to $100 million.
Attorney General James campaigned on getting Trump, stating she will challenge the 'illegitimate president'.
James believes the President of the United States can be indicted for criminal offenses.
The New York State Attorney General has seized Trump, requiring him to pay a bond of nearly half a billion dollars.
The Trump Organization was found to have overvalued its real estate assets to get better loan terms from banks.
Trump's attorneys argue that obtaining cash through a fire sale of real estate holdings would result in massive recoverable losses.
Attorney General Letitia James could potentially freeze Trump's bank accounts and go after his real estate properties if he doesn't meet the deadline.
Trump Insurance Company is covering the bond for Trump to pay the $83 million judgment from the E. Jean Carroll case.
The bond was accepted because Trump had the cash to cover it; however, he reportedly declined accepting the larger bond.
Kevin O'Leary discusses the policy implications for New York State's competitiveness and the message it sends about the American brand.
The concept of seizing assets in 30 days on a bond number that has never been issued is seen as a threat to the core values of the American economy.
There is concern about the lack of adult supervision in this situation and the impact on the United States being under siege.
Emily discusses the potential for Letitia James to start attempting to seize all of Trump's properties if the deadline is not met.
The bond amount is over half a billion dollars because it has to be 120% of the judgment, which accrues $112,000 a day.
The Eighth Amendment is mentioned in relation to excessive bail and fines, and its potential violation in this case.
The Associated Press analysis reveals that the penalty imposed is unprecedented in 70 years of civil cases under the law.
Lisa Boothe points out that the case has been called 'un-American' and highlights the political motivations behind it.
The ruling is criticized for making it impossible for Trump to appeal without coming up with almost half a billion dollars in cash.
Only a handful of bond companies are approved by the Treasury to issue and underwrite a bond as large as required.
The judge's ruling is seen as impossible to meet, and the pain is considered the point of the case.
Transcripts
.
FOX NEWS CONTRIBUTOR LISA BOOTHE
AND CHAIRMAN OF O'LEARY
VENTURES, KEVIN O'LEARY.
THE TRUMP TEAM IS ASKING APPEALS
COURT TO PAUSE THE NEARLY HALF
BILLION DOLLAR JUDGMENT AND
REDUCES BOND TO $100 MILLION.
"THE NEW YORK POST": THE
UNPRECEDENTED CASE A HIGH SEAS
BY THE STRONG ARM OF THE LAW.
ATTORNEY GENERAL JAMES
CAMPAIGNED ON GETTING TRUMP.
>> I WILL NEVER BE AFRAID TO
CHALLENGE THIS ILLEGITIMATE
PRESIDENT WHEN OUR FUNDAMENTAL
RIGHTS ARE AT STAKE.
I BELIEVE THE PRESIDENT OF THESE
UNITED STATES CAN BE INDICTED
FOR CRIMINAL OFFENSES.
>> HE'S GONNA KNOW MY NAME
PERSONALLY.
>> THAT MAN IN THE WHITE HOUSE.
WHO CAN GO A DAY WITHOUT
THREATENING OUR FUNDAMENTAL
RIGHTS.
YES, WE NEED TO FOCUS ON
DONALD TRUMP AND HIS ABUSES.
WE NEED TO FOLLOW HIS MONEY.
WE NEED TO FIND OUT WHERE HE HAS
LAUNDERED MONEY.
WE NEED TO FIND OUT WHETHER OR
NOT HE HAS ENGAGED IN Â
CONSPIRACY.
IT IS IMPORTANT THAT EVERYONE
UNDERSTANDS THAT THE DAYS OF
DONALD TRUMP ARE COMING TO AN
END MAKE.
THE OFFICE OF ATTORNEY GENERAL
EVERY DAY SUING HIM, DEFENDING
YOUR RIGHTS, AND THEN GOING Â
HOME.
>> Kayleigh: SHE MADE GOOD ON
THAT PROMISE.
LET'S GO LIVE WITH MORE ON
FORMER PRESIDENT TRUMP'S BOND
PROBLEMS.
>> TALK ABOUT A PROBLEM,
KAYLEIGH.
, FORMER PRESIDENT TRUMP
HAS --
SEIZED BY THE NEW YORK STATE
ATTORNEY GENERAL.
TRUMP MUST FORK OVER A BOND WITH
NEARLY HALF A BILLION DOLLARS IN
ORDER TO SATISFY THAT JUDGMENT
SET BY THE JUDGE IN THEIR
REAL ESTATE CIVIL FRAUD TRIAL.
YOU MAY REMEMBER THAT HE FOUND
THAT THE TRUMP ORGANIZATION
OVERVALUED IT'S A REAL ESTATE
ASSETS TO GET BETTER LOANS TERMS
FROM BANKS.
ASKING APPEALS COURT TO PAUSE
THE JUDGMENT OR ACCEPT A LOWER
BOND OF ONLY $100 MILLION.
TRUMP'S ATTORNEYS WROTE
"OBTAINING SUCH CASH THROUGH A
FIRE SALE OF REAL ESTATE
HOLDINGS WOULD INEVITABLY RESULT
IN A MASSIVE RECOVERABLE LOSSES,
TEXTBOOK IRREPARABLE INJURY.
IF MR. TRUMP DOESN'T MEET THE
DEADLINE ON MONDAY,
ATTORNEY GENERAL LETITIA JAMES
WHO BROUGHT THE CASE COULD
POTENTIALLY FREEZE HIS BANK
ACCOUNTS AND EVEN GO AFTER SOME
OF HIS REAL ESTATE PROPERTIES
LIKE THE ICONIC TRUMP TOWER TO
SATISFY THE JUDGMENT.
TRUMP SAYS THAT WOULD BE UNFAIR
PENDING THE FINAL OUTCOME OF HIS
APPEAL.
THE TRUMP INSURANCE COMPANY IS
COVERING THE BOND FOR TRUMP TO
PAY THE $83 MILLION JUDGMENT
FROM THE E. JEAN CARROLL CASE.
THAT JURY FOUND THAT TRUMP WAS
LIABLE FOR SEXUALLY ABUSING HER
BACK IN THE 1990s.
THE SECOND JURY FOUND THAT HE
DEFAMED HER.
THAT BOND WAS ACCEPTED BECAUSE
HE HAD THE CASH TO COVER IT.
HE NOW REPORTEDLY DECLINED
ACCEPTING THE LARGER BOND.
THAT LEAVES MR. TRUMP NOW ON THE
EDGE OF A FINANCIAL CLIFF.
THIS IS THE WAY IT WORKS IN
ORDER TO POST THE BOND,
INSURANCE COMPANIES BASICALLY
NEED CASH AS COLLATERAL.
THEY ARE NOT RELYING ON JUST HIS
REAL ESTATE ASSETS, BECAUSE HE
APPARENTLY DOESN'T HAVE ALL THAT
MONEY IN THE BANK.
THE 30 INSURANCE COMPANIES, HIS
LAWYERS SAY APPROACH TO POST THE
BOND.
AUTHORITIES SAID NO.
KAYLEIGH.
>> Kayleigh: THANK YOU VERY
MUCH.
GAVIN, YOU KNOW, YOU HEARD ERIC
LAY OUT A FIRE SALE.
ESSENTIALLY, FORMER
PRESIDENT TRUMP SELL HAS ASSETS
AT A REDUCED COST.
IF HE WINS ON THE APPEAL BECAUSE
IT'S EASY TO ASK HOW THAT'S FAIR
THAT HE'S ENGAGED IN THIS FIRE
SALE.
NOT ONLY THAT, WALL STREET
JOURNAL EDITORIAL BOARD SAYS
INSURERS MAY ALSO FEAR
MISS JAMES' LEGAL RETRIBUTION.
THAT IS HIGHLY PROBLEMATIC.
ANYONE WHO DOES BUSINESS IN
NEW YORK OUGHT TO WORRY ABOUT
HOW MISS JAMES COULD LIKELY
TWIST OF THE SCREWS ON THEM.
>> Kevin: I THINK PEOPLE
SHOULD BE THINKING ABOUT THE
POLICY BEING PUT IN PLACE HERE.
THE COMPETITIVENESS OF
NEW YORK STATE VERSUS OTHER U.S.
STATES, BUT MORE IMPORTANTLY,
THE MESSAGE ABOUT THE AMERICAN
BRAND.
YOU THINK ABOUT AMERICA.
THE REASON THIS IS THE NUMBER
ONE ECONOMY ON EARTH IS THAT WE
HAVE LAWS AND DUE PROCESS.
WE HAVE PROPERTY RIGHTS.
IT ATTRACTS FOREIGN CAPITAL FROM
ALL AROUND THE WORLD.
ALTHOUGH THAT IS BEING SHAKEN TO
THE CORE HERE.
THE CONCEPT OF SEIZING ASSETS IN
30 DAYS ON A BOND NUMBER THAT
HAS NEVER BEEN ISSUED.
NO BOND COMPANY HAS ISSUED
ANYTHING NEAR THIS.
THERE WAS NO CHANCE IT WAS GOING
TO HAPPEN.
ONLY GIVING 30 DAYS NOTICE IN
TIME.
THAT IS A REALLY BAD A MESSAGE.
I THINK NEW YORKERS SHOULD THINK
WELL PAST TRUMP, WHETHER HE IS
PRESIDENT OR NOT OR WHETHER THIS
ATTORNEY GENERAL IS GONE
AND 4 YEARS OR NOT IS
IRRELEVANT.
THIS IS CASE SETTING AGAINST THE
AMERICAN BRAND.
THE MOST STABLE COUNTRY ON EARTH
ANYWHERE TO PUT CAPITAL WORK
OVER A LONG PERIOD OF TIME,
PARTICULARLY IN REAL ESTATE IS
THE UNITED STATES OF AMERICA.
THIS IS AN ASSAULT ON WHAT WE
BELIEVE TO BE CORE.
I FIND IT EXTRAORDINARY.
I THINK IT IS VERY TROUBLING.
IT HAS ABSOLUTELY NOTHING TO DO
WITH DONALD TRUMP AT THIS POINT
IN MY VIEW.
IT IS COMPLETELY BIPARTISAN.
THIS IS AN ATTACK ON AMERICA.
I DON'T KNOW HOW YOU CAN LOOK AT
IT ANY OTHER WAY.
AS AN INVESTOR -- I KNOW PLENTY
OF INVESTORS ARE COMPLETELY
DISTURBED BY THIS.
BUT, I MEAN, NO ONE IS GOING TO
PUT ANY MONEY TO WORK IN
NEW YORK IN THESE AMOUNTS UNTIL
THIS SETTLES DOWN.
THE WHOLE WORLD IS WATCHING.
EVERYBODY IS WAITING FOR ONE
THING WE HAVEN'T GOTTEN YET.
ADULT SUPERVISION.
WHERE IS IT?
WHERE ARE THE ADULTS IN THIS
CRAZY NARRATIVE?
CERTAINLY THERE HAS TO BE ADULT
SUPERVISION AT SOME POINT.
I UNDERSTAND THE WAR GOING ON
HERE AND ALL THE POLITICAL.
WE NEED AN ADULT IN THE ROOM
NOW.
THIS IS THE UNITED STATES OF
AMERICA UNDER SIEGE.
>> Kayleigh: VERY WELL SAID.
EMILY, I THINK THAT MILLION
DOLLAR QUESTION IS WHAT HAPPENS
MONDAY IF THIS DEADLINE COMES?
LETITIA JAMES HAS THREATENED TO
SEIZE ASSETS.
WHAT HAPPENS MONDAY?
>> Emily: TECHNICALLY, SHE CAN
START ATTEMPTING TO SEIZE ALL OF
HIS PROPERTIES THAT INCLUDES NOT
ONLY THE REAL ESTATE HOLDINGS
BUT INCLUDES ARTS AND WAGES AND
ANYTHING THAT HE ESSENTIALLY
OWNS IF LEGALLY SHE CAN ATTEMPT
TO GO AFTER ASSETS THAT HE OWNS
IN OTHER STATES.
THAT INCLUDES MAR-A-LAGO AND
PLACES IN FLORIDA.
SHE HAS TO GO THROUGH THE COURTS
THERE.
THAT WOULD BE A LENGTHY AND
CUMBERSOME PROCESS.
AT THE END OF THE DAY, WE HAVE
HER GLOAT WITH GLEE OVER THAT
POSSIBILITY.
SHE SAID I'M GETTING THIS BACK
OR NEW YORKERS.
I'M NOT SURE WHAT THAT LOOKS
LIKE AS A NEW YORKER.
WHAT I'M PAYING FOR IS NOT ONLY
THE DESTRUCTION OF AMERICA AS
KEVIN ELOQUENTLY PUT IT BUT THE
ABUSE OF MY TAX DOLLARS.
THE FUNDAMENTALS OF THIS, THE
REASON WHY THE BOND IS OVER HALF
A BILLION DOLLARS IS BECAUSE YOU
HAVE TO POST 120% OF YOUR
JUDGMENT.
THIS JUDGMENT ACCRUES $112,000 A
DAY.
THAT IS OVER TWICE THE AVERAGE
AMERICAN SALARY IS ONE OF THE
INTEREST IS ON THIS ABOMINATION
OF A JUDGMENT FOR THIS
DEFENDANT.
BY THE WAY, A NEW YORK APPEALS
COURT AS WE KNOW JUST CONFIRMED,
YES, TRUMP IS ON THE HOOK FOR
THE FULL BOND.
NO DELAY.
YOU HAVE TO PAY THE FULL THING.
GUESS WHAT WAS APPOINTED, AN
INDEPENDENT DIRECTOR.
MY TAX DOLLARS ARE PAYING FOR
ANOTHER PERSON TO ENSURE
COMPLIANCE FROM PRESIDENT TRUMP.
THE EIGHTH AMENDMENT STATES
EXCESSIVE BAIL SHALL NOT BE
REQUIRED NOR EXCESSIVE FINES
IMPOSED, NOR CRUEL AND UNUSUAL
PUNISHMENTS INFLICTED.
IF THERE IS ANYTHING THAT THIS
EIGHTH AMENDMENT PROHIBITS AND
TRIED TO PRESCRIBE AGAINST,
BELIEVE ME, IT IS A HALF-MILLION
DOLLARS OUT JUDGMENT OR A
WORKING NEW YORK EMPLOYER WITH
ZERO VICTIMS.
>> Kayleigh: WELL SAID,
TRUMP'S ATTORNEY SAYING THE REAL
JUDGMENT TO YOUR POINT, 120%
COMES OUT AT $557.5 MILLION FOR
A VICTIMLESS SITUATION.
>> 2 GREAT POINTS THERE.
THE UNPRECEDENTED NATURE OF THE
CASE FROM THE JUDGMENT FROM THE
AMOUNT OF MONEY AND ALSO TO THE
TIMELINE IN WHICH IT IS BEING
SOUGHT.
KEVIN HAD A GREAT POINT ABOUT
ADULTS IN THE REALM WHICH BRINGS
US BACK TO THE EIGHTH AMENDMENT.
ARE THE ADULTS IN THE ROOM GOING
TO BE THE SUPREME COURT?
WE ARE LOOKING AT MONDAY.
THE MILLION DOLLAR QUESTION IS A
HALF-MILLION DOLLAR QUESTION.
WE WILL SEE IF THEY ACTUALLY DO
END UP GOING AFTER ANY OF THE
PROPERTIES.
IF IT IS ONE PROPERTY AND A
FIRE SALE.
THEY START TO MAKE THEIR OWN
ARGUMENT WHERE THEY ARE SAYING
THE PROPERTIES WERE NEVER VALUED
THE WAY WE SHOULD HAVE BEEN.
LOOK WHAT WE GOT.
IN REALITY, AND IT WAS A
FIRE SALE INSTEAD OF A FAIR
MARKET.
>> Kayleigh: I BRING THIS UP
AGAIN AND AGAIN.
THIS IS THE CRUX OF EVERYTHING
WE ARE SPEAKING ABOUT.
THE ASSOCIATED PRESS ANALYSIS,
70 YEARS OF CIVIL CASES UNDER
THE LAW.
THE PENALTY HAS ONLY BEEN
IMPOSED PREVIOUS TIMES.
IT IS THE ONLY BIG BUSINESS,
THAT WAS THREATENED WITH A SHUT
DOWN WITHOUT A SHOWING OF
OBVIOUS VICTIMS IN MAJOR LOSSES.
LET ME TRANSLATE UNPRECEDENTED.
>> Lisa: HE WAS CALLED A WHALE
CLIENT BECAUSE OF THE AMOUNT OF
MONEY THAT COULD BE MADE FROM
HIM.
THIS HAS BEEN CALLED
UN-AMERICAN.
WHAT IS IMPORTANT TO POINT OUT
AS THIS IS AMERICA NOW.
IN.S IS THE AMERICA THAT WE LIVE
THIS IS THE NORM.
THIS LAW IF THEY ARE AGAINST
POLITICAL ATTORNEY GENERAL
LETITIA JAMES CAMPAIGNED ON
THIS.
SHE SAID SHE WOULD GET TRUMP.
NOW SHE IS GETTING DONALD TRUMP.
IF YOU DIG INTO THE RULING, WHAT
IS EVIL IS TO MAKE IT IMPOSSIBLE
FOR HIM TO EVEN APPEAL.
HE HAS TO COME UP WITH THE CASH
TO APPEAL ALMOST HALF A BILLION
DOLLARS TO EVEN BE ABLE TO
APPEAL THIS RULING.
HE ALSO MADE IT WHERE HE WAS
BARRED FROM TRYING TO BORROW
FROM A NEW YORK BANK.
EVEN BEYOND THAT, HIS ATTORNEY'S
TEAM POINTED OUT THAT ONLY A
HANDFUL OF BOND COMPANIES ARE
APPROVED BY TREASURY TO ISSUE
AND UNDERWRITE A BOND UP AS
LARGE.
AT MAXIMUM DO A SINGLE
$100 MILLION BOND.
THE JUDGE KNOWS THAT THE TASK
THAT HE HAS PUT IN FRONT OF
TRUMP, THIS RULING IS IMPOSSIBLE
TO MEET.
THE STANDARD IS IMPOSSIBLE TO
MEET IN ORDER TO APPEAL.
THE PAIN IS THE POINT.
SPEAK TO SOME
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