OPINION: This article may contain commentary which reflects the author's opinion.
Kevin O’Leary, one of the investors on the show “Shark Tank,” recently criticized the $454 million bond that was ordered for former President Donald Trump in his New York civil fraud case.
O’Leary called the penalty “outrageous” and “an attack on America.” During an interview on Fox News’ “Outnumbered,” he discussed the news that Trump’s attorneys revealed in court that he has been unable to secure the massive bond. This could lead to New York Attorney General Letitia James seizing some of Trump’s properties in New York City.
“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.”
According to the shocking decision by Manhattan Supreme Court Justice Arthur Engoron last month, Trump has until March 25 to post the enormous sum.
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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.
“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,” he concluded.
AG James previously threatened to pursue Trump’s historic properties if he defaulted on payments.
James argued during the trial that Trump inflated his net worth by billions of dollars annually on financial statements to obtain better loan and insurance terms.
