Latest News 09-04-2024 12:01 13 Views

Billionaire who helped Trump with $175M bond says he ‘probably didn’t charge enough’

The billionaire business mogul who provided former President Donald Trump with the massive bond required to appeal his case in New York says he might not have charged the former head-of-state a good price.

Don Hankey is the chairman of Knight Specialty Insurance, the company that supplied the $175 million bond required by Trump's New York civil fraud trial.

Hankey told Reuters in an interview that he did not charge Trump a high fee for the financial service, saying he believed it was a small risk.

'We thought it would be an easy procedure that wouldn't involve other legal problems and it's not turning out that way. We probably didn't charge enough,' Hankey told the outlet.

The billionaire — who supported Trump in 2016 and is backing his re-election — said he has faced intense scrutiny from New York Attorney General Letitia James' office and other officials.

Hankey told Reuters, 'We have been getting a lot of emails, a lot of phone calls. Maybe that's part of the reason he had trouble with other insurance companies.'

'I'm surprised they're coming down harder on our bond or looking for reasons to cause issues with our instrument,' he added.

Trump's bond was initially set at a staggering $454 million, a value so high he struggled to find firms willing to take on the risk.

Hankey — believed to be worth over $7 billion dollars — approached the Trump campaign about rendering financial services before the bond was reduced to $175 million.

The billionaire said Trump provided collateral for the bond in cash held by a brokerage firm.

'I don't know if it came from Donald Trump or from Donald Trump and supporters,' Hankey said.

Jury selection for the civil fraud trial is expected to begin on April 15.

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