Can Trump Find Anyone Sleazier to Finance His Bond?
My eagle-eye sister just sent me the filing submitted to the court by the New York AG, Letitia James, objecting to the company that Trump has hired to secure the bond he has to post in the civil case in which he has been convicted of fraud.
You can download and read the filing here, or you can take my word for what it says. And what the AG is saying can be summed up by quoting one of the sections of the filing which reads like this: “KSIC’s Management [the bonding company] Is Neither Trustworthy Nor Competent.”
It figures that this is the kind of outfit which would get in bed with The Trump Organization to guarantee payment of what Judge Arthur Engoron has said is part of the $450 million Trump owes New York State for lying about the value of his New York real estate holdings over the years.
Not only does it appear that the company securing Trump’s bond — Knight Specialty Insurance Company — doesn’t have the actual cash to cover the loan, but this company makes money in the most scuzzy, underhanded, and disgustingly predatory ways.
Their chief revenue stream comes from making loans to individuals who can’t meet the credit requirements of the banks used by the auto industry to finance car payments, and as soon as an individual misses a payment, the car is immediately seized and will get sold again.
This new Trump partner also makes what we call ‘payday’ loans, where the only collateral is the paycheck received at the end of the week except the loan payment at a usurious interest rate has already been taken out.
When I was in college, I used to get Summer jobs in a factory area near where I lived. I worked one summer in a steel plant unionized by the United Steelworkers, another summer in a shingle factory which was a Teamsters shop.
I was the only guy on the line in either place who could read and write, which is why at the end of the Summer I went back to school and my workmates were stuck in those factories for their entire lives. The word ‘dyslexic’ hadn’t been invented yet.
All the guys in both plants were laid off all the time, all were broke and all owed the home loan company up the ass. The only credit they had was when they went across the street and quaffed a few twenty-cent beers at Hoover’s Bar & Grill. After four or five glasses they got the next refill for free.
This nonsense about the ‘nobility’ of the proletariat has been floating around since Marx and Engels started promoting that fiction almost two hundred years ago. Marx was some expert on what it was like to stand in front of a noisy, dirty machine eight hours a day with a thirty-minute break for lunch because he never worked ion any assembly line for one fucking day in insurance chis entire fucking life.
Remember last September when Trump went out to Detroit and talked to a group of workers in what turned out to be a non-union shop? I’ll bet you that half the guys in that outfit which made auto parts had payday loans which they would never completely pay up.
Believe it or not, I can actually understand why Trump would use a crummy insurer like KSIC to bond his debt because there’s probably a good chance that there’s not a single legitimate bank or insurance broker who would risk doing business with him again.
Just this week, the tenants in a Trump hi-rise in New Rochelle started voting on whether to remove Trump’s name from the building (pictured above) because the value of any real estate linked to him might be going down the tubes.
Remember what I said last week: There’s always room for Trump and Giuliani to bunk down in the West Side tunnel which holds the New York Central Railroad tracks.
