OPINION: This article may contain commentary which reflects the author's opinion.
“Shark Tank” star Kevin O’Leary has come out against the “outrageous” $454 million bond former President Donald Trump was ordered to pay in his New York civil fraud case.
During an interview on Fox News’ “Outnumbered,” O’Leary argued that the “extraordinary” penalty is “an attack on America.” He also addressed the news that Trump’s attorneys revealed in court that the ex-president hasn’t been able to secure the massive bond, which could lead to New York Attorney General Letitia James moving to seize some of Trump’s properties in the Big Apple.
“This is the United States of America under siege,” O’Leary said.
“You heard Eric lay out a fire sale. Essentially, former president 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,” O’Leary said.
“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,” he said.
The “Shark Tank” star, who founded O’Leary Ventures, continued by saying that asset seizure on a bond was unusual and “very troubling” for the reputation of the American economy.
“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,” he added.
O’Leary continued, “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.”
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“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?” O’Leary asked.
On Monday, Trump posted a $175 million bond in his New York civil fraud case, stopping the collection of the over $454 million he owes and preventing the state from taking his assets to pay the debt while he files an appeal.
“A New York appellate court had given the former president 10 days to put up the money after a panel of judges agreed last month to slash the amount needed to stop the clock on enforcement. The bond Trump is posting with the court now is essentially a placeholder, meant to guarantee payment if the judgment is upheld,” the Associated Press reported.
“If that happens, the presumptive Republican presidential nominee will have to pay the state the whole sum, which grows with daily interest. If Trump wins, he won’t have to pay the state anything and will get back the money he has put up now,” the outlet added.
