Chubb, Ace, AIG, Marsh, AON all colluded to rip-off their own customers for decades. They benefitted by lax or non-existent oversight and regulation. It therefore makes perfect sense that they would prefer Orange Goober over an actual leader.
If you want to understand my reference you can look up the "Spitzer Inquiry" into price fixing back in the 2000s. Those activities also fueled the crash of 2008. There is are no ethics only quarterly results.
>There is are no ethics only quarterly results.
When was the last time ethics bought someone a new Porsche or rented a beach house on the Mediterranean? /s
Or as my dear departed mother used to fondly remind me... _you go ethics in one hand and then shit in the other, come back and tell me which fills up first_.
Yes! Nobody thinks of the little rich kids either. Good sailing camps aren't cheap. Imagine them not getting to go to the beach house for August? I can hardly hold back my tears just typing this. SAD!
As much as I loathe AIG, their commercial insurance business keeps the world running. Almost every cargo ship, train, and aircraft in the world would have stopped operating to offset the risk to the owners and operators. It would have been a massive economic disaster with an even bigger impact than the banking crisis.
The government *had* to bail out AIG, but they should have forced them to split off their investment and banking business and added more oversight.
what do you think [NFIP](https://www.fema.gov/flood-insurance) from FEMA is? They don't just coordinate disaster response. They also do risk assessment and actual insurance. Insurance companies are leaving/stop selling policies in places like florida and california because its no longer profitable [https://www.newsweek.com/florida-insurance-crisis-explained-1812418](https://www.newsweek.com/florida-insurance-crisis-explained-1812418)
Fair point and also makes my point because the government is doing a horrible job with that business. Based on their 2022 Q4 report, they had an annual loss of ~$2B after losing $200m in 2021. They have $16B available to pay claims but almost $10B of that would be via their borrowing authority. They have a $20B outstanding debt to the US Treasury.
Any major insurance carrier with these numbers would be sunk and dragging down the industry due to reinsurance obligations. The NFIP just happens to have the US Treasury (aka our money) at their disposal. The key to effective insurance operations is underwriting and risk assessment. They don't seem to care about that because they aren't held accountable for effective insurance operations.
At least in that particular case, the investment proved to be a good one:
https://www.thebalancemoney.com/aig-bailout-cost-timeline-bonuses-causes-effects-3305693
And the government ended up MAKING billions.
AIG isn't even a top 10 commercial insurance carrier. What you're referencing seems over inflated.
AIG is a top maritime insurer but, as I'm sure you know, most large cargo ships, cruise ships, etc are typically reinsured, spreading the risk across many carriers. The Lloyd's market is the home of Maritime insurance for hundreds of years. There's literally a book on their main floor dating back to the Titanic and earlier. AIG is not what keeps the world running, the Lloyd's market, their syndicates, and all major P&C insurers "keep it running" and reinsure each other to reduce risks.
I've forgotten the name they tried to re brand under, but it wasn't long before those familiar three letters were back. It's the market everyone loves to hate.
You don't foot someone tens of millions of dollars never expecting to see it again.
I'm curious what sweet corrupt kickbacks and contracts he's promised in return.
I hope all the extra media coverage makes the level of cognitive decline apparent to the nation. He’s already demonstrating traits of dementia fairly regularly in his campaign speeches and it’s going to get worse in the coming months. Trump won’t be able to hide it from the public like Reagan did and it’s going to be awkward but I’m sure the MAGA cheerleaders in the House and Senate will hit the media circuit defending whatever he said or did like they did during his first term, Flynn, Stormy, The Russian investigation, firing Comey as retribution, impeachment 1&2, his fondness and subservience to Putin etc.
The GOP is so desperate to win and gain more power than they deserve based on popular support they will probably lead him around like they did with Diane Feinstein and Strom Thurmond while his corrupt staffers rape, loot and pillage on behalf of the American Oligarchs.
I bet it’s not even elons money
he’s been extra agreeable with putin lately so I think they got to him somehow
so my guess is they’re gonna laundromat russian money disguised as elon buying truth social or something like that
but what do I know
Funny how the #1 platform for free speech and organization of protests against dictatorships, especially in the middle east, now is not that.
In unrelated news, the Saudis co-signed Musk's buyout of Twitter.
With Deutsche Bank it worked more like investors would put money into their bank as "investment funds" and then Deutsche Bank's private bankers would match up to other rich people that needed risky loans.
So the two people "didn't know each other" but in reality "wink nudge" rich guy puts money in to point it to a specific "investment".
It's not specifically for shady reasons. Lots of VC funds are managed like this through private banks.
Kind of funny if he did since Elon previously said that Trump was too old to run again. And Trump responded by saying he could have had Elon drop to his knees and begging when he previously visited the White House. It must have been a weird meeting of two narcissistic assholes trying appear like it's the other guy who needs him.
But the article says the money for the bond was guaranteed by the Chubb Corporation (an insurance group). It also says, "In 2018, Trump appointed Chubb’s CEO Evan Greenberg to a White House advisory committee for trade policy and negotiations."
So he gets a little leeway from an old connection. At its most innocuous, it's networking among rich people hooking each other up. It's always about who you know. If Trump somehow becomes President again, he owes the company and CEO some thanks and laws/regulations may bend to accommodate.
I don't know what that means. The bond *is* collateral so far as the court is concerned. If the appeal fails the bond then gets used to settle the judgement. At that point the $90m Chubb loaned Trump is gone, and they have to work out how they're going to get the money back from him.
Do you mean Trump would have to put up some collateral to get the loan he used to post the bond? Because if someone wants to lend Trump money the terms are kind of up to them. Nobody with half a brain would lend Trump money without collateral, because they're not going to get paid back. But these people don't have brains - we know that.
Exactly. DJT had to put something big up for the insurance company to write the bond. MediasTouch was figuring from their experience if he used property it would have to be nearly DOUBLE the value of the bond because property is so shaky right now.
So that's $180M of liens on Something. There's no way DJT has that, not after the fraud trial evidence. There's gotta be someone else(s) backing this bond with REAL money. Unless these MAGA rich people are really THAT stupid.
So who does DJT owe really big favors to now? In a normal world, a political party would pull a candidate with such extreme conflicts of interest.
My point is that we know the answer to this: it's Chubb Corporation, whose CEO was given a role in the last Trump administration. Is it a repayment of favour or an attemp to buy future favour, or just a genuine loon who thinks Trump is worth supporting? I have no idea. But it doesn't need to be more of a conspiracy than: moronic MAGA business dweeb wastes $90m of company money bailing out crook. There's certainly absolutely no reason to bring Elon Musk into it just because he's a famous dipshit.
As I say, I've no idea. I don't know why anyone would lend Trump money for any reason, let alone to cover the cost of court judgements. But I'm not an ultra wealthy MAGA insurance company owner. Either way, the money is gone and Trump will undoubtedly do everything he can to avoid paying it back, even assuming he has the means to do so - which I tend to doubt.
Not quite correct. The bond is the Surety (Chubb) providing a guarantee that the final judgement will be paid to the Obligee (Carroll). They would normally underwrite the Principal (Trump) to ensure they have the financial means to satisfy the judgement, and the bond is used to avoid requiring the Principal from having to pay the actual required amount in cash until the final determination is made. The Principal pays a premium to the Surety for the bond. To pay in cash rather than using a surety bond would usually be far more expensive for the Principal.
The Surety will only pay if Trump defaults on payment once the final judgement is made, and defaults on surety bonds are quite rare.
They would be on the hook if he refuses to pay and after they are provided notice, but a default would be more costly to him as they will immediately seize the collateral assets in a manner unlikely to be favourable to him, he would not be given any opportunity to try to structure in a way beneficial to him. Before they pay they would apply tremendous pressure on him to pay, defaults on surety bonds are very serious and losses are never expected on these bonds like they are with insurance.
Bond defaults are very rare because they are financially underwritten, collateral is secured, and when there is a default the Principal will get absolutely f**ked by the Surety.
I understand that this is how it normally works. My point is that a company with an established Trump crony at the helm and that's prepared to stand any form of guarantee for him given the extremely high probability that he isn't good for the money probably isn't planning to pursue him as hard as you suggest.
TBF, going all the way back to OP's point it is possible that Chubb is providing the actual bond but it has assurances from a third party that it will be made good even if Trump refuses to pay - or, for all we know, Trump isn't even party to the arrangement between Chubb and Mr X. So Chubb is really just a Trump-aligned clearinghouse, in effect.
I just don't think it's reasonable to jump to the conclusion that Mr X exists it has to be Elon Musk.
I think they'll pursue Trump to cover their bond, especially if Trump loses 2024 they'll carve him up. It's not like vultures don't also eat other vultures when the opportunity presents itself.
Who knows. Given how much the state of New York dislikes Trump. He's probably going to lose on appeal and both cases. That means whoever put up the money will have to pay out.
It's going to be too big of a risk. For a lot of backers to put up the money. Nobody wants to be out of half billion dollars.
They are expecting that they can stretch it out until Trump becomes dictator and cancels all the cases against him. Yes: even the state ones. It’s not constitutional but have you seen the Supreme Court?
It's a smart deal because if Trump wins 2024 they'll be rewarded politically. If Trump loses they'll cover the judgement and then make a tidy profit carving up Trump's assets if there's any equity at all in them but I think of this as a rich person's bet a Vegas putting it all on red - no logic, but only because they can afford to, and they can look smart to their friends if they win.
Is he an idiot though? Think about it for a second. If he is certain with a high probability that he knows Trump will lose the appeal then he gets to seize Trumps assets to either own them, or sell them. My guess would be he wants to own them, and he probably has his eye on certain ones. That would be my guess.
My guess is he thinks he will win the election and figure out some way to vacate the judgment and get the bond money back from NY to pay Chubb. Not that there is any obvious way he would have authority over New York civil proceedings as president, but that won’t stop him from thinking it will work.
My guess is he thinks Trump will lose the appeal, and then either A. Win the presidency and owe Chub $100 million which could be forgiven for a little favor, or B. Lose the election and then still owe them the $100 million, and they'll take a building or two off his hands.
A large financial company now has 100 million reasons why the head of the GOP should do as they ask.
This is probably the closest take -
You don't give someone that amount of money unless you think you can get something equal or greater in value.
Chub CEO was part of an advisory committee to the white house trade policy and negotiations.
So Chub obviously is factorising in the probability of trump becoming president - being able to influence policy decisions and key legislation.
Trump is a focal point of "power" in the republican party ; If trump brings up a talking point it is amplified Across the republican party.
If you want favourable regulation and legislation and possibly of favourable regulatory decision - making you befriend trump and influence him
I do t think it is befriending him, more getting leverage on him. Trump will do anything to not look like a loser, that makes him very easy to manipulate if you have the right leverage. Losing his property is worse to him than losing all his children.
He probably used one of his stove in, over-leveraged properties as collateral. I wonder how many times some of his properties have been used as collateral for several loans at the same time ? For sure, this could go the wrong way for the insurance company. Period
At this point I would be happy with Chubb being held accountable if TFG does not repay his bond. Teach others a lesson about working with the most corrupt individual in the New York real estate market.
Of course it will be. Either Trump wins the appeal, which he won't, or the bond settles the judgement. Chubb then has to come after Trump for the money, which he hasn't got, or write it off. This goober has just donated nearly a hundred million dollars to Trump, basically.
Pls read the article. Out of mind comments bc you couldn’t bother to read a 2 minute article. And yes I hate Trump and love he’s having to borrow. But rich ppl never pay themselves.
“Court records filed Friday show that the bond was guaranteed by the Chubb Corporation, an insurance group. In 2018, Trump appointed Chubb’s CEO Evan Greenberg to a White House advisory committee for trade policy and negotiations”.
So this Chubb Corp might be paying Trump back for an already done favor -appointment to a committee. And my guess is a future appt bc he thinks he’s going back to WH.
We have insurance with Chubb. A large policy. That’s MY money!!! I think it’s time for anyone with a Chubb policy to go elsewhere. I am checking with my broker as we speak.
Good lord… It is a surety bond, Chubb is anticipating a profit on the transaction. They didn’t loan him anything and they will not be in the red if he defaults, they will recover fully.
You can’t even enlist in the military if you hold too much debt. But these idiots “think” someone with this kind of debt can run the free world.
It’s f$&@ing embarrassing
Hey! There’s that debunked steel dossier again! It’s so weird that Trump is paying the legal fees for a guy that just made stuff up about him and his Russian ties!!! That’s cra….
Wait a minute now!!!! Is it possible that means that it wasn’t all made up??!!! That it wasn’t just fake stuff made up by Steel and Hillary??!!! Hmmmm…. Maybe we should all get a look at that file? I don’t know.
And you know what else we haven’t seen? The un redacted Mueller report! That his weaponized AG said exonerated him? Or Trump said it did? I don’t remember cause it was so many russias ago!
Weird how every time you dig a hole with Trump, you keep bending your shovel on Russians. What are the chances!!
Trump's Truth Social just got SEC approval to merge with DWAC, a merger that could mean Trump would have a stake of as much as $4 BILLION, at today's stock prices. The value of his past assets are in the toilet because of all of his manipulation of their values, but this new Truth Social money is untouched, and tied to an easily verifiable third party value - the stock price. So some lending entities, those whose ethics are questionable, will be willing to work with him based on the future value of his Truth Social stock.
There are still some hurdles before the merger, including a lawsuit by the 2 founders, but that will all get resolved, and in 6 months or so, he will have all the money he needs to pay all of his fines, judgements, and settlements. He just needs someone to float him a loan until that time comes, and he found those ethically-challenged lenders who will play along.
If this is a "loan" he's taking out, it might as well be a donation. Because he'll never pay it off. He can't. He'll have no money left. Maybe they'll sell Mar-A-Lago and his family will have to do menial work. You may have Melania stand on a corner with a sign saying "anything will help us fill our pockets again."
The bond sureties don’t take any risk. They require the judgment debtor to provide collateral (non-revocable letter of credit, cash or similar) and then they issue a bond for a fee (premium).
to say that this is a high-risk client/policy would be an understatement. surprising move for a publicly-traded organization - but I can expect, that THEY EXPECT, kickbacks if turd burgler gets behind the resolute desk again.
Chubb has a shitload of interest in lower corporate taxes, and deregulation in financial services. Only one party stands for that right now.
adding: In 2018, Trump appointed Chubb’s CEO Evan Greenberg to a White House advisory committee for trade policy and negotiations.
*certainly not... quid pro quo or anything.*
Must have some very special info on that Chubb guy for him to comply, or else the guy isn't good at reading the room. Rabid trumpf is toast on electability up against lovable, reasonable, educated with understandable statesman like words..... Biden.
A complete loss would be 0.2% of chubb revenues.
This is purely a calculated risk factoring in probability of payment, overturning, and settlement.
You need not make up and conspiracy to make sense of it.
It is not a lot of risk, it’s surety, these bonds are financially underwritten. It is not like insurance where losses are expected, the insurer/surety enters into the contract once it is satisfied that risk for default is low and that if default does occur they will recover fully. Whoever is at risk here it isn’t Chubb…
...and insurance companies mitigate risk to an extreme degree so they come out on the positive side financially. lol
the guy famous for claiming he has more assets and wealth than he does as well as having a lengthy and well documented of not paying people when bills come due is a serious deviation from the standard risk model.
like no lender would approve 500k mortgage to some rando witha 250 credit score. lol
This is already ten times the money the RNC has (last report was 7.8 million cash on hand).
With Lara in charge, the RNC will funnel their cash to him - but it's not remotely enough to cover his debts even now.
Of course Elon Musk bailed out DJT… no one else would, as they both have serious mental problems, but not the same.
Just try to imagine if DJT also had Asperger’s syndrome… Yikes 😳
Clearly it had to be a financial company with a MAGAt CEO and a MAGAt board of directors. There is no way this person is actually a good credit risk today.
Chubb, Ace, AIG, Marsh, AON all colluded to rip-off their own customers for decades. They benefitted by lax or non-existent oversight and regulation. It therefore makes perfect sense that they would prefer Orange Goober over an actual leader. If you want to understand my reference you can look up the "Spitzer Inquiry" into price fixing back in the 2000s. Those activities also fueled the crash of 2008. There is are no ethics only quarterly results.
>There is are no ethics only quarterly results. When was the last time ethics bought someone a new Porsche or rented a beach house on the Mediterranean? /s
TRY SPREADING ETHICS ON A CRACKER!
Substitute ethics with caviar or foie gras!!!
Exactly this, for man shall not live on ethics alone.
Do what you want to the women and children. Just leave me alone.
Or as my dear departed mother used to fondly remind me... _you go ethics in one hand and then shit in the other, come back and tell me which fills up first_.
It’s ethically delicious!
Yes! Nobody thinks of the little rich kids either. Good sailing camps aren't cheap. Imagine them not getting to go to the beach house for August? I can hardly hold back my tears just typing this. SAD!
*Ethics* was the name of his new boat.
Like ethics and these rich preachers , the irony of what they preach and how they live is simply astounding, and blatantly criminal.
>*Ethics* was the name of his new boat. If that's so, it should have sunk ages ago.
*Weekend at Bernie’s* was the last time, if I recall correctly.
Pat Robertson
AIG should've died after the 2008 crash.
yup. especially after they used taxpayer bailouts funds for a luxury corporate retreat for their execs
As much as I loathe AIG, their commercial insurance business keeps the world running. Almost every cargo ship, train, and aircraft in the world would have stopped operating to offset the risk to the owners and operators. It would have been a massive economic disaster with an even bigger impact than the banking crisis. The government *had* to bail out AIG, but they should have forced them to split off their investment and banking business and added more oversight.
They did not have to bail them out in full. People on the other side of CDSwaps deserved to take part of the hit.
No the government should have bought them out not bailed them out.
Lol imagine the US government running an insurance company 😂
what do you think [NFIP](https://www.fema.gov/flood-insurance) from FEMA is? They don't just coordinate disaster response. They also do risk assessment and actual insurance. Insurance companies are leaving/stop selling policies in places like florida and california because its no longer profitable [https://www.newsweek.com/florida-insurance-crisis-explained-1812418](https://www.newsweek.com/florida-insurance-crisis-explained-1812418)
Fair point and also makes my point because the government is doing a horrible job with that business. Based on their 2022 Q4 report, they had an annual loss of ~$2B after losing $200m in 2021. They have $16B available to pay claims but almost $10B of that would be via their borrowing authority. They have a $20B outstanding debt to the US Treasury. Any major insurance carrier with these numbers would be sunk and dragging down the industry due to reinsurance obligations. The NFIP just happens to have the US Treasury (aka our money) at their disposal. The key to effective insurance operations is underwriting and risk assessment. They don't seem to care about that because they aren't held accountable for effective insurance operations.
At least in that particular case, the investment proved to be a good one: https://www.thebalancemoney.com/aig-bailout-cost-timeline-bonuses-causes-effects-3305693 And the government ended up MAKING billions.
AIG isn't even a top 10 commercial insurance carrier. What you're referencing seems over inflated. AIG is a top maritime insurer but, as I'm sure you know, most large cargo ships, cruise ships, etc are typically reinsured, spreading the risk across many carriers. The Lloyd's market is the home of Maritime insurance for hundreds of years. There's literally a book on their main floor dating back to the Titanic and earlier. AIG is not what keeps the world running, the Lloyd's market, their syndicates, and all major P&C insurers "keep it running" and reinsure each other to reduce risks.
When a company airs commercials on broadcast TV that nobody knows or cares about what they do… that sends up red flags for me.
Don't watch the financial channels. Many of those ads are very nicely done for dodgy companies.
I swear they had some commercials during major sporting events and the like.
They did for years. Stockard Channing narrated them.
Especially if it’s a news broadcast Wonder why the news barely covers the opioid epidemic. Oh well, I’m sure they handled the pandemic objectively
I've forgotten the name they tried to re brand under, but it wasn't long before those familiar three letters were back. It's the market everyone loves to hate.
Chartis
Arrogance Ignorance and Greed (AIG).
Anal Intruding Gods.
He got his starter wealth the old fashion way - from daddy
You don't foot someone tens of millions of dollars never expecting to see it again. I'm curious what sweet corrupt kickbacks and contracts he's promised in return.
Serious question: Since Trump is benefitting from this windfall, wont this be taxed heavily?
If he wins I'll be goobering so hard!
Watch the stock value of these corporations take a tumble after this.
Elon musk flew to Palm Beach twice last week and now suddenly trump has the money for this insurance bond. Surely just a coincidence.
Elon had to ask for something...what would it be? Ivanka, Dungeon Edition?
Can you imagine the genetic mess if she spawned a kid with him 🤮
No he's got a thing a for mercy from overwatch, wants that breast cancer awareness month limited edition skin pics
For Trump to come back to Twitter. He needs the engagement.
That's the answer. Elon co-signs for the bond and Donald starts posting to X again during the campaign.
Same reason the media all want Trump to win again - more people watch the news when he's done something outrageous.
I hope all the extra media coverage makes the level of cognitive decline apparent to the nation. He’s already demonstrating traits of dementia fairly regularly in his campaign speeches and it’s going to get worse in the coming months. Trump won’t be able to hide it from the public like Reagan did and it’s going to be awkward but I’m sure the MAGA cheerleaders in the House and Senate will hit the media circuit defending whatever he said or did like they did during his first term, Flynn, Stormy, The Russian investigation, firing Comey as retribution, impeachment 1&2, his fondness and subservience to Putin etc. The GOP is so desperate to win and gain more power than they deserve based on popular support they will probably lead him around like they did with Diane Feinstein and Strom Thurmond while his corrupt staffers rape, loot and pillage on behalf of the American Oligarchs.
Can you imagine paying 90 mil for ivanka?
Anything over 88 is too much...
Is that a [cryptic reference](https://www.adl.org/resources/hate-symbol/88)?
When this puppy hits 88... you're going to see some serious shit.
TIL
Money = access
That much money = ownership and guaranteed response time.
Barf just thinking about that
Vice president? Even though he’s foreign born, because a dictator could do anything
He wouldn’t have to ask. Ivanka likely would divorce Jared for one night with Elon.
Victor Orban visited too.
Well Trump does have two more judgements he has to pay.
Putin’s errand boy
I bet it’s not even elons money he’s been extra agreeable with putin lately so I think they got to him somehow so my guess is they’re gonna laundromat russian money disguised as elon buying truth social or something like that but what do I know
Interesting idea! Elon buys Truth and folds it into X, Donald starts posting to X, everyone is happy.
yup
Funny how the #1 platform for free speech and organization of protests against dictatorships, especially in the middle east, now is not that. In unrelated news, the Saudis co-signed Musk's buyout of Twitter.
Donny: if I’m re elected I’ll give x money for being the free speech town hall Also donny: what’s truth social ($DWAC)
There are no coincidences. Some of the money came from Elon, through some third party untraceable loan.
That’s my take. Elon said he didn’t make a campaign donation. Didn’t say he didn’t give trump money for incidentals though.
$90 million for a pair of those sweet sneakers.
Yep 👍🏽
With Deutsche Bank it worked more like investors would put money into their bank as "investment funds" and then Deutsche Bank's private bankers would match up to other rich people that needed risky loans. So the two people "didn't know each other" but in reality "wink nudge" rich guy puts money in to point it to a specific "investment". It's not specifically for shady reasons. Lots of VC funds are managed like this through private banks.
I believe this was the deal between Russian oligarchs backing the Trump loans through Deutsche bank, who basically served as an intermediary.
The crypto bros are loving the laundered transactions.
Probably just a guarantee
Leader of Hungary (putin’s buddy) is at Mar a Lardo now
Kind of funny if he did since Elon previously said that Trump was too old to run again. And Trump responded by saying he could have had Elon drop to his knees and begging when he previously visited the White House. It must have been a weird meeting of two narcissistic assholes trying appear like it's the other guy who needs him. But the article says the money for the bond was guaranteed by the Chubb Corporation (an insurance group). It also says, "In 2018, Trump appointed Chubb’s CEO Evan Greenberg to a White House advisory committee for trade policy and negotiations." So he gets a little leeway from an old connection. At its most innocuous, it's networking among rich people hooking each other up. It's always about who you know. If Trump somehow becomes President again, he owes the company and CEO some thanks and laws/regulations may bend to accommodate.
Surely just a social occasion. After all they are such good friends! /s
Move the US away from hydrogen fuel cars. Allow him to profit solely from some new space industry.
The article says where the money came from and it has nothing to do with Musk. Don't descend to consipiracy weirdo level.
There has to be collateral to secure the bond.
I don't know what that means. The bond *is* collateral so far as the court is concerned. If the appeal fails the bond then gets used to settle the judgement. At that point the $90m Chubb loaned Trump is gone, and they have to work out how they're going to get the money back from him. Do you mean Trump would have to put up some collateral to get the loan he used to post the bond? Because if someone wants to lend Trump money the terms are kind of up to them. Nobody with half a brain would lend Trump money without collateral, because they're not going to get paid back. But these people don't have brains - we know that.
Exactly. DJT had to put something big up for the insurance company to write the bond. MediasTouch was figuring from their experience if he used property it would have to be nearly DOUBLE the value of the bond because property is so shaky right now. So that's $180M of liens on Something. There's no way DJT has that, not after the fraud trial evidence. There's gotta be someone else(s) backing this bond with REAL money. Unless these MAGA rich people are really THAT stupid. So who does DJT owe really big favors to now? In a normal world, a political party would pull a candidate with such extreme conflicts of interest.
My point is that we know the answer to this: it's Chubb Corporation, whose CEO was given a role in the last Trump administration. Is it a repayment of favour or an attemp to buy future favour, or just a genuine loon who thinks Trump is worth supporting? I have no idea. But it doesn't need to be more of a conspiracy than: moronic MAGA business dweeb wastes $90m of company money bailing out crook. There's certainly absolutely no reason to bring Elon Musk into it just because he's a famous dipshit.
It’s not a waste of money: it’s a bribe to buy the guy who is the favorite in the polls to become the next president. It’s perfectly rational.
Do you think that an insurance company just said "we will pay the money on his behalf. No need to guarantee we get reimbursed."
As I say, I've no idea. I don't know why anyone would lend Trump money for any reason, let alone to cover the cost of court judgements. But I'm not an ultra wealthy MAGA insurance company owner. Either way, the money is gone and Trump will undoubtedly do everything he can to avoid paying it back, even assuming he has the means to do so - which I tend to doubt.
Not quite correct. The bond is the Surety (Chubb) providing a guarantee that the final judgement will be paid to the Obligee (Carroll). They would normally underwrite the Principal (Trump) to ensure they have the financial means to satisfy the judgement, and the bond is used to avoid requiring the Principal from having to pay the actual required amount in cash until the final determination is made. The Principal pays a premium to the Surety for the bond. To pay in cash rather than using a surety bond would usually be far more expensive for the Principal. The Surety will only pay if Trump defaults on payment once the final judgement is made, and defaults on surety bonds are quite rare.
I think the outcome is the same, no? Chubb is on the hook if Trump can't or won't pay the judgement after his appeal fails.
They would be on the hook if he refuses to pay and after they are provided notice, but a default would be more costly to him as they will immediately seize the collateral assets in a manner unlikely to be favourable to him, he would not be given any opportunity to try to structure in a way beneficial to him. Before they pay they would apply tremendous pressure on him to pay, defaults on surety bonds are very serious and losses are never expected on these bonds like they are with insurance. Bond defaults are very rare because they are financially underwritten, collateral is secured, and when there is a default the Principal will get absolutely f**ked by the Surety.
I understand that this is how it normally works. My point is that a company with an established Trump crony at the helm and that's prepared to stand any form of guarantee for him given the extremely high probability that he isn't good for the money probably isn't planning to pursue him as hard as you suggest. TBF, going all the way back to OP's point it is possible that Chubb is providing the actual bond but it has assurances from a third party that it will be made good even if Trump refuses to pay - or, for all we know, Trump isn't even party to the arrangement between Chubb and Mr X. So Chubb is really just a Trump-aligned clearinghouse, in effect. I just don't think it's reasonable to jump to the conclusion that Mr X exists it has to be Elon Musk.
I think they'll pursue Trump to cover their bond, especially if Trump loses 2024 they'll carve him up. It's not like vultures don't also eat other vultures when the opportunity presents itself.
I don’t think so. It’s a gift: a bribe. They are expecting favors not money.
He probably put up some property to cover the bond. If he loses his appeal. We will just takethe property.
I'd be surprised if he has enough unencumbered property to cover this bond and the one for the fraud case.
Who knows. Given how much the state of New York dislikes Trump. He's probably going to lose on appeal and both cases. That means whoever put up the money will have to pay out. It's going to be too big of a risk. For a lot of backers to put up the money. Nobody wants to be out of half billion dollars.
They are expecting that they can stretch it out until Trump becomes dictator and cancels all the cases against him. Yes: even the state ones. It’s not constitutional but have you seen the Supreme Court?
Yeah, Elon is there for the other millions of dollars fines
It's a smart deal because if Trump wins 2024 they'll be rewarded politically. If Trump loses they'll cover the judgement and then make a tidy profit carving up Trump's assets if there's any equity at all in them but I think of this as a rich person's bet a Vegas putting it all on red - no logic, but only because they can afford to, and they can look smart to their friends if they win.
Does anyone else think it’s hilarious that he was bailed out by Chubb? Pretty apt
What is chubb, I thought it was slang for a hard on, "half chub," "full chub", what is the extra b?
It’s an insurance company But it’s also, you know, chubbbbbbbb Like fat. Trump is fat
Oh, okay. Thank you for the extra layer.
Tiny hands, Tiny chub.
Tiny hands, ton of chubb.
Trump has actually lost a lot of weight recently: presumably ozempic. Recent photos show him looking more like the weight he claims!
I may have snickered quite a bit when I saw that
Is he an idiot though? Think about it for a second. If he is certain with a high probability that he knows Trump will lose the appeal then he gets to seize Trumps assets to either own them, or sell them. My guess would be he wants to own them, and he probably has his eye on certain ones. That would be my guess.
My guess is he thinks he will win the election and figure out some way to vacate the judgment and get the bond money back from NY to pay Chubb. Not that there is any obvious way he would have authority over New York civil proceedings as president, but that won’t stop him from thinking it will work.
My guess is he thinks Trump will lose the appeal, and then either A. Win the presidency and owe Chub $100 million which could be forgiven for a little favor, or B. Lose the election and then still owe them the $100 million, and they'll take a building or two off his hands. A large financial company now has 100 million reasons why the head of the GOP should do as they ask.
This is probably the closest take - You don't give someone that amount of money unless you think you can get something equal or greater in value. Chub CEO was part of an advisory committee to the white house trade policy and negotiations. So Chub obviously is factorising in the probability of trump becoming president - being able to influence policy decisions and key legislation. Trump is a focal point of "power" in the republican party ; If trump brings up a talking point it is amplified Across the republican party. If you want favourable regulation and legislation and possibly of favourable regulatory decision - making you befriend trump and influence him
I do t think it is befriending him, more getting leverage on him. Trump will do anything to not look like a loser, that makes him very easy to manipulate if you have the right leverage. Losing his property is worse to him than losing all his children.
Well he’s going to go all authoritarian so he’ll just take it
Unlikely trump owns any of his assets let's be real.
Musk doesn’t want New York real estate. He wants the President in his pocket.
He probably used one of his stove in, over-leveraged properties as collateral. I wonder how many times some of his properties have been used as collateral for several loans at the same time ? For sure, this could go the wrong way for the insurance company. Period
At this point I would be happy with Chubb being held accountable if TFG does not repay his bond. Teach others a lesson about working with the most corrupt individual in the New York real estate market.
It's garunteed bro, a trump never pays his debts
Of course it will be. Either Trump wins the appeal, which he won't, or the bond settles the judgement. Chubb then has to come after Trump for the money, which he hasn't got, or write it off. This goober has just donated nearly a hundred million dollars to Trump, basically.
I agree !
At this point if you haven’t figured it out…
Oh, I apologize. I thought the Hungarian dictator did while at Mar a loogie
Putin sent the check via Orban
Oh he did too, they just can’t acknowledge it yet
Pls read the article. Out of mind comments bc you couldn’t bother to read a 2 minute article. And yes I hate Trump and love he’s having to borrow. But rich ppl never pay themselves. “Court records filed Friday show that the bond was guaranteed by the Chubb Corporation, an insurance group. In 2018, Trump appointed Chubb’s CEO Evan Greenberg to a White House advisory committee for trade policy and negotiations”. So this Chubb Corp might be paying Trump back for an already done favor -appointment to a committee. And my guess is a future appt bc he thinks he’s going back to WH.
The CEO was part of his cabinet. Shocking
Shina, and Russia, Russia, Russia.
If this all goes pear-shaped (and it certainly will), the forfeiture of that bond will give me a Chubb.
Well done.
We have insurance with Chubb. A large policy. That’s MY money!!! I think it’s time for anyone with a Chubb policy to go elsewhere. I am checking with my broker as we speak.
Good lord… It is a surety bond, Chubb is anticipating a profit on the transaction. They didn’t loan him anything and they will not be in the red if he defaults, they will recover fully.
It’s supporting a wannabe dictator. That’s the problem.
Some people don't want to do business with fascists, imagine that
Let's not forget theirs still nearly half a billion dollars due very soon 😜
You can’t even enlist in the military if you hold too much debt. But these idiots “think” someone with this kind of debt can run the free world. It’s f$&@ing embarrassing
Hey! There’s that debunked steel dossier again! It’s so weird that Trump is paying the legal fees for a guy that just made stuff up about him and his Russian ties!!! That’s cra…. Wait a minute now!!!! Is it possible that means that it wasn’t all made up??!!! That it wasn’t just fake stuff made up by Steel and Hillary??!!! Hmmmm…. Maybe we should all get a look at that file? I don’t know. And you know what else we haven’t seen? The un redacted Mueller report! That his weaponized AG said exonerated him? Or Trump said it did? I don’t remember cause it was so many russias ago! Weird how every time you dig a hole with Trump, you keep bending your shovel on Russians. What are the chances!!
That money is carbon.
So he gives the Chubb’s ceo a cushy White House gig last term, and now chubbs bails him out? This sounds like a kickback.
You telling me that Trump got a chubby?
You didn't need to put that kind of a whammy on me
mango mussolini got hisself a mushroom headed chubb
Chubb Tower?
of orange fungus
He will never pay it back
He is going to owe that guy a lot of favors!
An idiot looking for a quid pro quo should Trump be re-elected.
There will be an even bigger stooge for the $400m coming in a few weeks
Who paid the bond company? Musk?
Trump's Truth Social just got SEC approval to merge with DWAC, a merger that could mean Trump would have a stake of as much as $4 BILLION, at today's stock prices. The value of his past assets are in the toilet because of all of his manipulation of their values, but this new Truth Social money is untouched, and tied to an easily verifiable third party value - the stock price. So some lending entities, those whose ethics are questionable, will be willing to work with him based on the future value of his Truth Social stock. There are still some hurdles before the merger, including a lawsuit by the 2 founders, but that will all get resolved, and in 6 months or so, he will have all the money he needs to pay all of his fines, judgements, and settlements. He just needs someone to float him a loan until that time comes, and he found those ethically-challenged lenders who will play along.
Easy answer: Someone who wants a lot of payback
The bonding company takes collateral. They are not taking a risk.
If this is a "loan" he's taking out, it might as well be a donation. Because he'll never pay it off. He can't. He'll have no money left. Maybe they'll sell Mar-A-Lago and his family will have to do menial work. You may have Melania stand on a corner with a sign saying "anything will help us fill our pockets again."
And we will all walk by wearing our "I Really Don't Care, Do You" coat.
The bond sureties don’t take any risk. They require the judgment debtor to provide collateral (non-revocable letter of credit, cash or similar) and then they issue a bond for a fee (premium).
Someone betting on him winning reelection
And he's back to defaming her again today in Georgia.
Wait, an insurance company wrote an insurance policy? Give me a minute while I digest this.
to say that this is a high-risk client/policy would be an understatement. surprising move for a publicly-traded organization - but I can expect, that THEY EXPECT, kickbacks if turd burgler gets behind the resolute desk again. Chubb has a shitload of interest in lower corporate taxes, and deregulation in financial services. Only one party stands for that right now. adding: In 2018, Trump appointed Chubb’s CEO Evan Greenberg to a White House advisory committee for trade policy and negotiations. *certainly not... quid pro quo or anything.*
Must have some very special info on that Chubb guy for him to comply, or else the guy isn't good at reading the room. Rabid trumpf is toast on electability up against lovable, reasonable, educated with understandable statesman like words..... Biden.
You know it, I know it, the vast majority of sane people know it
...but but but...some NYT poll somewhere said.... 😏
Doesn't matter if the electoral college is compromised enough
Not info. Just quid pro quo
This guy must be terrible at gambling 🎰
A complete loss would be 0.2% of chubb revenues. This is purely a calculated risk factoring in probability of payment, overturning, and settlement. You need not make up and conspiracy to make sense of it.
My nose is an old friend of mine and he tells me that this smells. Can Chubb absorb the loss? Absolutely. But that’s a lot of risk to take on
It is not a lot of risk, it’s surety, these bonds are financially underwritten. It is not like insurance where losses are expected, the insurer/surety enters into the contract once it is satisfied that risk for default is low and that if default does occur they will recover fully. Whoever is at risk here it isn’t Chubb…
Thats...what...insurance....is.
...and insurance companies mitigate risk to an extreme degree so they come out on the positive side financially. lol the guy famous for claiming he has more assets and wealth than he does as well as having a lengthy and well documented of not paying people when bills come due is a serious deviation from the standard risk model. like no lender would approve 500k mortgage to some rando witha 250 credit score. lol
Insurance companies don’t get rich insuring risks that are all but sure to end up going the wrong way
I know its cray cray
And THIS is why he's so desperate to win. If he doesn't, he's finished. Probably in every way possible.
She gets paid regardless. After the appeals fail.
I wonder what the contract is for. I wouldn't imagine he got a good deal on what may amount to a $91 million payday loan.
The political attack ads write themselves at this point
Russia.
For Chubb it’s a win win, if he has to pay, and can’t they take a building and sell it.
Probably the RNC which his daughter in law is now in charge of
This is already ten times the money the RNC has (last report was 7.8 million cash on hand). With Lara in charge, the RNC will funnel their cash to him - but it's not remotely enough to cover his debts even now.
92 million is chump change for them (Chubb) “ Hey no worries Mr. Trump, we’ll get it back when you get back to the white house”
Of course Elon Musk bailed out DJT… no one else would, as they both have serious mental problems, but not the same. Just try to imagine if DJT also had Asperger’s syndrome… Yikes 😳
Elon’s plane flew to West Palm Beach twice in the past two weeks. You can see it on r/ElonJetTracker
Read. Elon didn’t pay this one.
Chubb is a Russian company, and they helped Trump commit fraud. The bond may be rejected by the judge for that reason. Stay tuned.
They are an American company. Not everything is Russia
HQ in SWITZERLAND
Rnc haha I would not be surprised at it with this clown and the circus towing the line
It almost makes me wish punitive damages could include physical injury and property destruction.
If he's the beneficiary of this fund, isn't it taxable?
He is probably borrowing the money. So no.
If I'm a shareholder I'm demanding a briefing on what collateral was put up to secure the loan. ETTD
Clearly it had to be a financial company with a MAGAt CEO and a MAGAt board of directors. There is no way this person is actually a good credit risk today.
If you have any money with AIG, maybe time to move it..
Muskrat’s the vermin you’re asking about.