The billionaire business mogul who provided former President Donald Trump with the massive bond required to appeal his case in New York has revealed that he may not have charged Trump a fair price for the financial service. Don Hankey, the chairman of Knight Specialty Insurance, disclosed in an interview that he did not charge Trump a high fee for the $175 million bond needed for Trump's New York civil fraud trial, believing it was a small risk.
Hankey, who supported Trump in 2016 and is backing his re-election, mentioned that his company has faced intense scrutiny from New York Attorney General Letitia James' office and other officials. He expressed surprise at the level of scrutiny and the challenges faced with the bond, suggesting that it might have contributed to Trump's difficulties in securing bonds from other insurance companies.
Initially, Trump's bond was set at a daunting $454 million, making it challenging to find firms willing to take on the risk. Hankey, with an estimated net worth of over $7 billion, approached the Trump campaign to offer financial services before the bond amount was reduced to $175 million.
Trump provided collateral for the bond in cash held by a brokerage firm, although Hankey mentioned uncertainty about whether the funds came solely from Trump or a combination of Trump and his supporters. The civil fraud trial, for which jury selection is set to commence on April 15, has garnered significant attention due to the high-profile nature of the case and the financial intricacies involved.
