The Last Word With Lawrence O'Donnell 3/23/2024 | 🅽🅱🅲 BREAKING NEWS Today March 23, 2024
Summary
TLDRThe transcript discusses the financial troubles of former President Donald Trump as he faces a $464 million civil fraud judgment. Trump's inability to secure funds or assets to satisfy the judgment is highlighted, as well as his history of claiming wealth he does not possess. The transcript also touches on the upcoming criminal trial against Trump in New York and the potential for further financial liabilities from other lawsuits related to the January 6th Capitol attack. The use of campaign funds to pay for legal fees and the tax implications of such payments are questioned, with experts debating the legality and potential consequences.
Takeaways
- 🏛️ Donald Trump faces a $464 million civil fraud judgment and has not provided a solution to prevent his assets from being attached by New York's attorney general, Leticia James.
- 🔄 Trump's merger with Digital World Acquisition Corporation cannot change his financial capacity to satisfy the judgment.
- 💰 Trump claims to have significant cash reserves but has been unable to post a bond with the court for the judgment.
- 🤥 Contradicting his claims, Trump's social media posts suggest he does not have hundreds of millions of dollars.
- 🏦 The court gave Trump 30 days to resolve the financial issue, but he has not been able to do so.
- 📈 Trump's financial reality is closing in, and he continues to make false claims about his wealth and intentions for his political campaign.
- 🚨 Trump's lawyers have admitted the difficulty in coming up with $500 million in cash, calling it a 'practical impossibility'.
- 🏛️ The Manhattan courtroom is set to expose the foundational lie of Trump's image as a wealthy politician.
- 💼 Trump's previous claims of self-funding his campaigns were false, as he loaned money to his own campaign and then paid himself back.
- 🔎 The judge in the case has expanded the role of a former federal prosecutor to monitor any efforts to secure bonds and examine representations made by the Trump organization.
Q & A
What is the main financial issue that Donald Trump is facing?
-Donald Trump is facing a $464 million civil fraud judgment and has not been able to come up with a solution to prevent New York's attorney general, Letitia James, from attaching his assets to guarantee the payment.
What is the significance of the merger between Trump's social media company and the Digital World Acquisition Corporation?
-The merger is significant as it was hoped to help Trump's financial situation; however, it cannot change his financial capacities on the deadline for satisfying the judgment against him.
Why hasn't Donald Trump been able to post a bond with the court for the judgment?
-Donald Trump has not been able to post a bond because he does not have $464 million, and he has not been able to get anyone to lend him the money needed to post the bond.
What did Donald Trump claim about his financial status in his social media posts?
-Donald Trump claimed that the judgment against him was unconstitutional and unfair, and that he has almost $500 million in cash, which he intended to use in his campaign for president. However, these claims are considered lies.
How did Trump's supporters react to his claims of wealth?
-Many Trump voters in Iowa believed that the wealth he claimed to have was a virtue and thought that he would be incorruptible because of it. Despite the exposure of his lies, some supporters continue to believe in his claimed wealth.
What is the role of the former Federal prosecutor, Barbara Jones, in this case?
-Barbara Jones, a former Federal prosecutor, is monitoring any efforts to secure bonds and has the authority to examine any representations made by the Trump organization in connection with securing such bonds, ensuring transparency and preventing financial shenanigans.
What is the potential impact of the upcoming criminal trial on Donald Trump?
-The upcoming criminal trial could be significant as it marks the first criminal prosecution of Donald Trump. It could lead to further legal and financial consequences if he is found guilty.
How might the Republican Party's financial support for Trump's legal fees affect his tax obligations?
-If the Republican Party pays Trump's legal fees, it could potentially be considered taxable income for Trump. However, depending on the nature of the legal fees, they might be deductible, complicating the tax implications.
What are the implications of using campaign funds to pay for legal defense?
-Using campaign funds to pay for legal defense could raise questions about the legitimacy of the expenditure under federal election law. The Federal Election Commission (FEC) has rules regarding the use of campaign funds, but enforcement has been weak.
What is the status of the civil suits related to the January 6th attack on the Capitol?
-There are multiple civil suits filed against Donald Trump for his alleged role in inciting the January 6th attack on the Capitol. These cases could potentially result in significant financial judgments against him.
How is Donald Trump's financial situation affecting his presidential campaign?
-Trump's financial situation is causing his campaign to spend significant amounts on legal fees, which is impacting his ability to fund campaign activities effectively. This is putting him at a disadvantage compared to the Biden Harris campaign.
Outlines
🏛️ Legal Troubles and Financial Woes for Trump
The paragraph discusses the legal and financial challenges facing Donald Trump. It highlights his inability to prevent New York's attorney general, Leticia James, from attaching his assets to guarantee the payment of a $464 million civil fraud judgment. It also mentions the merger between Trump's social media company and a higher-valued company, the Digital World Acquisition Corporation, which cannot change Trump's financial situation. The paragraph emphasizes Trump's lack of funds, his unsuccessful attempts to secure loans, and the court's 30-day deadline for him to resolve the issue. It also addresses Trump's repeated lies about his financial status on social media and his past broken promises regarding campaign financing.
💰 Trump's False Claims of Wealth and Corruption Beliefs
This paragraph delves into the false claims made by Donald Trump about his wealth and the belief held by his voters that he was incorruptible due to his supposed financial independence. It points out that Trump's claims of having hundreds of millions of dollars were lies and that he has never spent his own money on his political campaigns. The paragraph also compares Trump's financial situation with that of billionaires like Jeff Bezos, Bill Gates, and Michael Bloomberg, who could easily cover a $500 million bill, and contrasts Trump's failures with their successes. It highlights the disillusionment of Trump's voters who believed in his wealth and the likelihood that they might still support him despite the truth.
📉 Trump's Inability to Anticipate Risk and Consequences
The paragraph focuses on Trump's inability to anticipate risks and the consequences of his actions, using his bankruptcy in Atlantic City as an example. It discusses his poor risk management skills in business and finance, and how these traits have led to his current financial and legal troubles. The paragraph also mentions an instance where Trump admitted to personally guaranteeing too much debt in the past and how he repeated the same mistake. It suggests that Trump's lack of maturity and strategic insight is leading to his downfall and that the process of revealing his true financial state will be gradual and uneventful.
🚨 Upcoming Legal Actions and Enforcement Against Trump
This paragraph discusses the impending legal actions against Donald Trump, including the collection of a $500 million judgment and the potential criminal prosecution in Manhattan. It mentions the role of Barbara Jones, a former federal prosecutor, in monitoring any efforts to secure bonds and examining representations made by the Trump organization. The paragraph also highlights the potential actions by New York's attorney general, Leticia James, such as sending restraining notices to Trump's banks and the possibility of seizing his personal property and real estate. It emphasizes the complexity of these legal proceedings and the potential for Trump's assets to be frozen or seized.
🔍 Analysis of Trump's Legal and Financial Situation
The paragraph provides an analysis of Trump's legal and financial situation, including the challenges he faces in the civil case brought by the Attorney General and the potential criminal prosecution. It discusses the thoroughness of the DA's office in laying out the case and the likelihood of a trial date being set soon. The paragraph also touches on Trump's mindset, suggesting that he only deals with immediate issues and is unlikely to start worrying about the criminal trial until just a few days before it begins. It highlights the potential difficulties Trump could face as a witness in his own defense due to his tendency to lie and not follow script.
🏦 Implications of Using Campaign Funds for Legal Fees
This paragraph explores the implications of using campaign funds to pay for legal fees and the potential tax consequences for Donald Trump. It discusses the Federal Election Commission's (FEC) rules and the IRS's stance on what constitutes taxable income. The paragraph suggests that while the FEC has largely stopped enforcing its rules, the IRS has its own definitions of income and could potentially view campaign funds used for personal legal fees as taxable income. It also raises the question of whether these funds could be deducted as business expenses, depending on the nature of the legal case.
Mindmap
Keywords
💡Civil Fraud Judgment
💡Asset Attachment
💡Digital World Acquisition Corporation
💡Financial Capacity
💡Political Campaign
💡Insolvency
💡Social Media
💡Bankruptcy
💡Accountability
💡Campaign Finance
Highlights
Donald Trump faces a $464 million civil fraud judgment.
Trump's social media company is merging with a higher-valued company called Digital World Acquisition Corporation, but this cannot prevent the attachment of his assets.
Trump has not been able to satisfy the financial judgment against him by the deadline.
Despite claims of wealth, Trump does not have $464 million and has not been able to secure a loan to post a bond with the court.
Trump's past claims of having substantial wealth are contradicted by his current financial struggles.
Trump has a history of not using his own money for political campaigns, despite promising to do so.
Trump's lawyers admitted in court that it is practically impossible for Trump to come up with $500 million in cash.
The drama surrounding Trump's financial situation was foretold after his loss in the presidential election.
Trump's inability to anticipate risk and manage finances properly has led to his current predicament.
New York's attorney general, Leticia James, is preparing to attach Trump's assets to guarantee payment of the judgment.
Trump's claims of having almost $500 million in cash are contradicted by his legal and financial actions.
The real billionaire politicians like Mike Bloomberg did not brag about their wealth and could easily cover a sudden bill of $500 million.
Trump's false claims of wealth were believed by many of his supporters, who saw it as a virtue and a sign of being incorruptible.
The upcoming Monday is expected to reveal the truth about Trump's financial situation and expose his long-standing lies.
Trump's legal issues include multiple lawsuits over the January 6th attack on the Capitol, which could cost him hundreds of millions in judgments.
The Biden Harris campaign has a significant financial advantage over the Trump campaign, partly due to Trump's legal fees.
The use of campaign money to pay for Trump's legal fees could have tax implications, as it may be seen as taxable income.
The Republican Party and Trump's campaign are spending large amounts on legal fees, impacting his campaign financing.
The potential tax implications of using campaign funds for legal fees are complex and depend on the nature of the legal case.
The FEC has largely given up on enforcement due to political gridlock, allowing questionable campaign finance practices to go unchecked.
Transcripts
to a special Friday edition of The Last
Word focusing on defendant Trump Donald
Trump has not come up with a magical
solution to prevent New York's attorney
general Laticia James from beginning the
process of attaching his assets on
Monday in order to guarantee the payment
of a $464 million civil fraud judgment
against Donald Trump the merger
announced today between Donald Trump's
social media company with a much higher
valued company called the digital world
acquisition Corporation can do nothing
to change Donald Trump's Financial
capacities on Monday when Donald Trump
hits the deadline for satisfying the
Judgment against him if Donald Trump had
$464
million he could just post it with the
court as a guarantee that he could cover
the Judgment if he loses his appeal of
the case but Donald Trump doesn't have
that much money despite claiming to have
had much more than that for many many
years now and Donald Trump has not been
able to get anyone to lend him that
money so that he could post a bond with
the court for the Judgment which would
then protect his assets the court gave
Donald Trump 30 days to figure this out
and he hasn't been able to and so now as
Financial reality closes in on him
Donald Trump goes to bed lying and wakes
up lying last night at 1:54 a.m. he
posted one of his familiar lies on
social media saying that the Judgment
against him was unconstitutional and
unfair and that it was
designed by the judge to quote not allow
me to use any of the large amount of
cash I have built up over the years
through hard work Insight Instinct and
diligence on my political campaign for
president so the LIE there is that
Donald Trump does not have hundreds of
millions of dollars just doesn't have it
and the lie that he was going to spend
that money on his political campaign
that is a complete and total lie Donald
Trump has never spent one penny of his
own money on any of his political
campaigns in his first campaign for
president after promising that he would
Finance his entire campaign himself and
would never ask anyone to donate to his
campaign
Donald Trump loaned a total of $10.8
million to his campaign to get it
started and then he quickly began
begging for money every day of his life
online to his supporters and when his
supporters sent in enough
money Donald Trump paid himself back the
$10 million that he loaned to his
campaign so no Donald Trump was not
hoarding large amounts of cash hundreds
of millions of dollars so that he could
spend that money on his political
campaign as he said just before 2 am.
last night and then when he woke up this
morning if he slept at all at 7:14 a.m.
Donald Trump repeated that lie saying I
currently have almost $500 million in
cash a substantial amount of which I
intended to use in my campaign for
president no he did not he has never
intended to use one penny of his own
money in his
campaign and saying that he now has
almost $500 million in cash would mean
that his lawyers were lying when they
told the judge at the beginning of the
week that it was quote an impossibility
that was their word an impossibility for
Donald Trump to come up with $500
million in cash Trump's lawyers actually
called that quote a practical
impossibility the Trump lawyers
explained to the court just how
thoroughly Donald Trump failed in coming
up with the money the lawyers said quote
these diligent efforts have included
approaching about 30 shorty companies
through four separate Brokers a bond
requirement of this enormous magnitude
effectively requiring cash reserves
approaching $1
billion is unprecedented for a private
company so in a Manhattan courtroom on
Monday the foundational lie of Donald
Trump's image building as a poli
politician will be
exposed I don't need anybody's money
it's nice I don't need anybody's money
I'm using my own money I'm not using the
lobbyists I'm not using donors I don't
care I'm really rich that was an
enormous part of Donald Trump's initial
appeal when he began as a candidate he
mounted other appeals including direct
appeals to racist to expand his base of
support but many Trump voters in Iowa
believed that and said then in
interviews that the Trump wealth that
they believed he had was a virtue they
believed he would be Incorruptible
because he had too much money already to
be corrupted Donald Trump was lying
about that and his voters were wrong to
believe it but they have forgiven or
overlooked every Trump lie that has been
exposed and so at the end of the day on
Monday most of them might still be
willing to believe that Donald Trump is
as rich as he has always pretended to
be but Donald Trump knows better and
Donald Trump has proved how rich he
isn't to anyone who can
think the world's famous billionaires
have no problem coming up with $500
million Jeff Bezos has that in his
pocket Bill Gates has given away more
money than Donald Trump has ever had in
his life life Bill Gates has given away
billions of
dollars and the real billionaire New
York politician former mayor of New York
Mike Bloomberg who has also given away
billions of dollars never brags about
his wealth he could easily cover a
sudden bill of $500 million at any time
from his current Holdings of
106.2
billion Mike Bloomberg started with
nothing grew up in Suburban Boston moved
to New York City had to work to make
every single penny he has earned had to
do it on his
own Donald Trump hates billionaires like
Mike Bloomberg who came to the big city
where Donald Trump was born rich and
left Donald Trump far behind in the
building of important businesses and the
accumulation of wealth that staggers
Donald Trump's poisoned
imagination Donald Trump has never dared
to even pretend that he is as rich as
Mike Bloomberg never mind the younger
men like Bill Gates or Jeff Bezos who
have hit the stratospheric level of
wealth that Donald Trump sees with
jealousy about every day of his
life the drama Donald Trump is living
through now now the drama he's living
through tonight the drama that we are
all
watching was foretold when the
presidential election was called for Joe
Biden and Donald Trump officially
entered the history books as a loser on
that day Peter Marx the drama critic of
the Washington Post
wrote I imagine it as a chilling final
turn of the plot his world is coming to
an end
he will never have another good day
loser label will haunt him the law will
pursue him mental illness will hobble
him his
properties will bankrupt
him leading off our discussion tonight
is Tim O'Brien senior executive editor
for Bloomberg opinion and author of
trump Nation he is host of the Bloomberg
podcast crash course and an MSNBC
political analyst also Ander Weissman
former FBI general counsel and former
Chief of the Criminal Division in the
eastern district of New York he is the
coauthor of the New York Times
best-selling book the Trump indictments
uh Andrew Eisman as we close in on
Monday uh what will you be looking for
on
Monday the trial date you know I think
um looking at the
papers uh leaving a leaving aside one
caveat which is that one of Donald
Trump's lawyers is really a superb
ethical lawyer so you never want to sort
of count her out I'm I'm going to be
interested to seeing what Susan necklace
that defense lawyer has to say what
arguments she makes but having read the
papers on both sides this really looks
like a sort of minor kurur fuckle I
think the judge will be focused on is
there anything there that's going to
take more than the 30 days that he is
granted uh and whether the judge will
stick with essentially this trial
starting on ironically given your
opening and what you talked about April
15th um but I I sort of expect that we
will get a trial date that is if not
that date shortly thereafter so uh Tim
O'Brien in the Civil uh case now which
enters this new zone of the $454 billion
million doll collection period um we get
the feeling uh from the outside you've
dealt with Donald Trump up close he sued
you for telling the truth about how rich
he wasn't uh you won of course um you
get the feeling that he doesn't actually
feel he can't anticipate danger properly
it's why he went bankrupt in Atlantic
City the the ability to anticipate risk
is what saves businesses from disaster
it saves all areas of life from disaster
he he seems surprised that it has come
to this yeah you know business is
riskmanagement banking is riskmanagement
managing money is risk management I was
he and I were walking around Mara Lago
once in around 2005 talking about when
he almost went personally bankrupt in
the early 1990s and he said you know my
father always said to me never
personally guarantee any loans and and I
made a mistake I I personally guaranteed
too much money in the early 1990s I
didn't think it would catch up with me
and it did and I learned my lesson I
decided I'd never personally guarantee a
loan again after that I later found out
that he was lying to me in that very
moment I didn't know it but it turned
out he had personally guaranteed some of
the loans on a new building he was he
was developing in Chicago that only came
out a few years later um so he goes
through these searing moments where he
almost loses everything he can has and
he says I've learned these lessons and I
should have listened to my father and
then lo and behold he's doing the same
old thing and now here we are in you
know in
2024 and and he is about to get exposed
it's going to be a slow grind I don't
think there's going to be a lot of drama
on Monday but the process of opening the
kimono and and discovering that indeed
Donald Trump has no Financial clothing
at least not the kind of financial
clothing he's claimed he's had begins
and and it is a demonstration that he
doesn't learn his lessons he doesn't
anticipate problems properly and he
doesn't do it because he's a juvenile
delinquent he he lacks the maturity and
the wisdom and the Strategic Insight of
an adult uh and and Andrew Barbara Jones
role in this uh by that's been expanded
uh by judge andoran includes the
following it it says that uh she should
monitor in advance any efforts to secure
shy bonds so that would mean if anything
was going on this weekend you have to go
through her first or in the last few
days and it says uh she also has the
authority uh to examine any
representations made by the Trump
organization in connection with securing
such bonds so Andrew that seems to
indicate that whatever goes on here uh
cannot be done secretly e even some
magical multi-billionaire Angel who
wants to come in and drop that money uh
in Donald Trump's pocket it's seems
Barbara Jones would have to know about
that that's absolutely right and so
people understand Barbara Jones is a
former Federal prosecutor who for years
served as an article 3 federal judge in
the southern district of New York and
has been engaged in oversight of the
Trump organization judging Goran in the
Civil fraud case has expanded her role
to as exactly you said making sure that
that there are no Financial Shenanigans
going on um because the judge has found
that there was a history of Fraud and
financial Shenanigans and so he's trying
to make sure that does not repeat itself
so she will be overseeing whether for
instance um there's a purported sale of
an asset with you know which was not
really at market value um making sure
that there is no fraud going on to at
the last minute somehow manufacturer the
sum of money that Donald Trump needs I
would also just point out the stupidity
of Donald Trump saying today that he
actually has the money he has pending
before the court an application where
the application to the court is please
lower the bond amount because I cannot
pay it and at the same time he has said
I can pay it so just put yourself in the
shoes of the judges who have that
application
them do you think they would grant that
based on the defendant now saying oh I
can actually pay it I mean one way or
the other somebody is lying about that
and I've never seen a stupider litigant
in court on a very consistent basis uh
and Andrew let me take you back to uh
the criminal prosecution you're talking
about in Manhattan which is obviously
going to be the first criminal
prosecution of Donald Trump and it's
pretty clear that it is going to happen
uh if not in April ail certainly by May
and and with the latest pleadings we've
seen in this case uh that concern the
recently developed evidence that the
district attorney is saying look there
isn't much there it's largely
duplicative it doesn't require a lot of
time to uh to modify the defense in a
way that includes that new evidence so
uh we are going to know uh do you expect
that we will have a trial date set soon
or might might the trial date discussion
uh be be continued for a
bit it is possible but you know this is
a serious judge and he clearly was not
happy about this predicament I I would
be surprised if we don't hear something
on Monday if not Tuesday about the trial
date I I just think the papers that were
submitted by the DA's office are so
thorough um because they laid out they
gave so many affidavits as to what it
precisely happened but I just think it
Narrows the issues for the judge on
Monday that I'd be surprised that he
doesn't just you know hear from the
defense rule on it and then say this is
the trial date and give everyone advaned
warning that that's what I would
anticipate and Tim to Donald Trump who
apparently his his mind works like a
junkies he he only deals with the thing
in front of them at that moment right so
when we get past the whole issue of
what's happening with the collection of
the the half a billion dollars for any
other person the looming criminal trial
that is right behind it right behind it
would be really top of mine now it's it
seems like his brain won't even start to
worry about that until it's a couple of
days before going to going to trial and
where and in which he might have to
testify and and he is a lawyer's worst
Nightmare on the stand he is he he
bloviates he lies he doesn't stay on
script and undoubtedly he's not
listening to any advice he's getting
from them right now it is the legal
equivalent of what he does financially
in his business life which is to not
anticipate the freight trains that are
rolling towards him in an existential
way and and he just doesn't know what to
do Tim O'Brien's going to stick with us
to guide us through more of this Andrew
Weissman thank you very much for
starting off our discussion tonight and
a podcast note as Donald Trump's first
criminal the sheriff literally send the
sheriff to begin collecting from Donald
Trump that's
next New York attorney general Leticia
James first move against Donald Trump's
assets might be at the most liquid
assets beginning of course with cash the
near Times reports she could send
so-called restraining notices to Mr
Trump's Banks and broke B's firms
effectively freezing his accounts she
could do the same to anyone who owes Mr
Trump money essentially collecting rent