The #Biden admin plans to stop #businesses & #wealthy individuals from manipulating the value of #assets in arcane ways such as using the same assets over & over again to lower their taxes. (#Trump)
High-end business partnerships like hedge funds & wealthy individuals such as real estate investors have inappropriately used labyrinthine structures to shield tens of billions of dollars from taxation, #Treasury Dept ofcls said Mon.
The crash of 2008 imparted many lessons to people who were only dimly aware of finance, especially how complexity was a way of disguising fraud and recklessness. That was really the first lesson of 2008: "financial engineering" is mostly a way of obscuring crime behind a screen of technical jargon.
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#TrumpMedia merger wins investor approval, netting #Trumppotential windfall
TFG will own ~60% of #TruthSocial, which at its current share price would be worth ~$3.3B.
A lockup agreement will prevent him from selling the shares for 6 months.
A long-delayed move that will open the owners of TruthSocial to stock-market investors & grant Trump a stake worth billions he could use to pay down his #legal#debts.
A #LockupProvision in the #merger will prevent #Trump & other major investors from selling shares for 6 months unless granted a waiver by the post-merger co’s board.
That could limit Trump’s ability to use the windfall to help pay off hundreds of millions he #owes in #legal#judgments. Trump doesn’t have the $ to secure a #bond to delay enforcement of the $464M judgment in NY #fraud case. If he doesn’t post by Mon, #NYAG could seize his #BankAccounts, #RealEstate & other #assets.
The danger posed to #Trump’s #finances by 2 recent judgments against him has been, if anything, underappreciated. The size of the awards, the structure of his business empire, & the condition of the #RealEstate#market combine to create a truly perilous moment for #TrumpOrganization &, by extension, for Trump’s personal finances.
Typically, a defendant who has substantial #assets but needs piles of #cash will obtain a #bond, rather than posting the #money themselves. Under such an arrangement, a bonding company effectively vouches for #Trump w/the court, guaranteeing that the money is available. If Trump wins his #appeal, he pays the bonding company only a fee. If he loses, he has to pay in full. But Trump seems to be struggling to obtain such a bond.