Trump’s $175 Million Fraud Bond Has Shady Loophole

The Daily Beast reports:

The little-known insurance company that rescued Donald Trump by providing a last-minute $175 million bank fraud bond isn’t just unlicensed in New York; it hasn’t even been vetted by a voluntary state entity that would verify it meets minimum “eligibility standards” to prove financial stability.

Perhaps even more troubling, the legal document from Knight Specialty Insurance Company doesn’t actually promise it will pay the money if the former president loses his $464 million bank fraud case on appeal.

Instead, it says Trump will pay, negating the whole point of an insurance company guarantee, according to three legal and bond experts who reviewed the contract for The Daily Beast.

Read the full article.

EXCLUSIVE | New information shows that the insurance company that swooped in and bailed out Trump with a $175 million bond isn’t on a list of vetted companies—and wrote a bizarre contract.https://t.co/xwxGrRkEu8

— The Daily Beast (@thedailybeast) April 8, 2024