Kevin O’Leary, host of “Shark Tank,” has spoken out against the “outrageous” $454 million bail that former President Donald Trump was made to post in connection with his civil fraud lawsuit in New York.
In a Fox News interview titled “Outnumbered,” O’Leary contended that the “extraordinary” penalty amounts to “an attack on America.” He also talked about the information that Trump’s legal team disclosed in court, indicating that the former president hasn’t been able to obtain the substantial bail. This might mean that New York Attorney General Letitia James takes action to confiscate some of Trump’s Manhattan properties.
O’Leary declared, “This is the United States of America under siege.”
“You listened to Eric present a fire sale. In essence, former President Trump sold some of his assets for less money. If he prevails in the appeal, one could reasonably question the fairness of his involvement in this fire sale. In addition, the editorial board of the Wall Street Journal claims that insurers might be afraid of Miss James’ legal retaliation. That presents serious issues. O’Leary stated, “Anyone doing business in New York should be concerned about how Miss James could probably turn the screws on them.”
“Should be considering the policies being implemented in this situation. New York State’s ability to compete with other US states, but more significantly, the message about the American brand.
You think about America. The reason this is the number one economy on earth is that we have laws and due process. We have property rights,” he said.
The “Shark Tank” star, who founded O’Leary Ventures, continued by saying that asset seizure on a bond was unusual and “very troubling” for the reputation of the American economy.
“It attracts foreign capital from all around the world. Although that is being shaken to the core here. The concept of seizing assets in 30 days on a bond number that has never been issued. No bond company has issued anything near this. There was no chance it was going to happen. Only giving 30 days notice in time. That is a really bad a message. I think New Yorkers should think well past Trump, whether he is president or not or whether this attorney general is gone and 4 years or not is irrelevant. This is case setting against the American brand. The most stable country on earth anywhere to put capital work over a long period of time, particularly in real estate is the United States of America,” he added.
On Monday, Trump posted a $175 million bond in his New York civil fraud case, stopping the collection of the over $454 million he owes and preventing the state from taking his assets to pay the debt while he files an appeal.