As of: March 23, 2024, 5:10 a.m
By: Bettina Menzel
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Trump cannot raise bail in financial fraud trial.
A desperate appeal for donations is intended to help.
The high legal costs also have an impact on the campaign budget.
Washington – Former US President Donald Trump was convicted of financial fraud in a civil trial.
However, he is currently unable to pay the bail of around $464 million (€427 million) required in the case against Trump.
Now he could face confiscation of assets or even personal bankruptcy.
While the real estate mogul calls on his followers to donate, incumbent US President Joe Biden jokes about Trump's money worries.
Incumbent US President Joe Biden during a campaign appearance on March 11, 2024 in New Hampshire.
© IMAGO/Kyle Mazza/TheNews2
Raising bail “virtually impossible”: assets would be “gone forever”
Trump regularly celebrates his image as a successful businessman.
Is the facade now crumbling?
The fact is: the deadline for paying the deposit expires next Monday and the millions cannot be raised.
According to Trump's lawyers, a timely payment is "virtually impossible."
However, without depositing the deposit, the appeal application in the case cannot be examined.
The Republican complained about a “witch hunt” on his social network Truth Social and explained to his followers why he couldn’t raise the money.
Bail insurers would not cover such a high amount and selling his assets would not be possible.
“If I sell assets and then win on appeal, the assets would be gone forever,” Trump wrote Thursday.
It is not the only verdict that is costing Trump dearly: the Republican also had to deposit millions in security in the libel trial of author Jean Carroll.
Trump is siphoning money from campaign funds for legal costs
In February alone, Trump siphoned off more than $5 million of his donations for legal costs, according to a report to the Federal Election Commission.
Last year, at least $50 million of the campaign went toward legal fees, The
New York Times
reported .
This is reflected in the campaign budget: While Joe Biden had $71 million in his campaign coffers at the end of February, Trump had
$33.5 million, according to
the New York Times .
In February, things also went better for Joe Biden when it came to fundraising: the Democrat was able to raise $21.3 million, while Trump's campaign took in $10.9 million in the same period.
Biden jokes about Trump's financial problems: "I can't help you, Donald"
Trump's campaign team recently addressed the supporters directly in view of the multi-million dollar bail.
“The Democrats think [...] that I will give up if they take my money to suppress my campaign,” the fundraising appeal quotes Trump.
“Keep your dirty hands off Trump Tower,” the letter continued, alluding to the threat of confiscation.
“Patriots” are therefore asked to donate between $20.24 and $3,300, it said.
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At a campaign event in Dallas, incumbent US President Joe Biden joked about his rival's financial problems,
Newsweek
reported.
Just the other day, this defeated-looking man came to him and said: “Mr President, I need your help.
I'm heavily in debt.
I'm completely ruined." Biden then replied: "Donald, I'm sorry.
I can’t help you.” According to media reports, the audience responded to the joke with laughter.
But he who laughs last laughs best, they say.
Donald Trump was recently one percentage point behind Biden in an ipsos survey for the 2024 US election.
Given a margin of error of +/-1.8 percentage points and 12 percent of undecided voters, that's not a particularly comfortable lead for the Democrat.