A New York appeals court eased the financial pressure on the Republican billionaire a week ago by reducing his debt to $175 million. Bail has now been posted. But we now know that Donald Trump is responsible for paying this amount, rather than a certain Don Hankey. But who is this man and why did he agree to make this gesture?
Every decision Trump makes 'determines how it will benefit him'
Don Hankey is an 80-year-old California billionaire who made his fortune through his company Hankey Group and insurance company Knight Specialty Insurance, making high-priced auto loans to customers who were underfunded by the big banks. Forbes In 2015, there were 336,000 outstanding loans, a rate of over 20%. Note that the system experiences slip-ups (more than 250 cars stuck in the customer's throat every day) and has been rejected by the courts several times. outside of that. He signed a lucrative contract with Uber so that future drivers will benefit from his services … In 2021, the CEO's fortune increases from 3.2 to 7.4 billion dollars!
Dan Hankey is best known for his $82.5 million investment two years ago in The One, a sprawling property located in Los Angeles' Bel-Air Heights and nicknamed “the world's most expensive home.” He also owns a Malibu beach mansion that rents for $13,000 a day. CSI: Miami Or a movie Charlie's Angels.
That's it for the introduction of the character. Now the question is: Why is he trying to help Trump in this way? The answer is twofold. First, for financial purposes. Don Hankey is obviously looking for profit, and according to his reports, he has achieved it “Very good deal” By paying the ex-president's bail. “As Security for Deposit, Trump Offers Cash and Stock”, the person told CNN. The Republican nominee will also pay an undisclosed commission, but that will be “Normal” For deposits, according to the financier. As a general rule, these fees range from 1 to 2% of capital.
“Donald Trump's recent statements should be taken very seriously, especially since his situation has changed”
Initially, Knight Specialty Insurance agreed to pay an initial penalty of $454 million. When it was revised downward, members of the Trump administration reversed course before returning to office. “We thought our negotiations were over. But they called us back to ask if we could post the $175 million bond.” Dan Hankey tells The Washington Post.
Then you should know that the Republican nominee's longtime supporter is an octogenarian. Although he promised, in this case, there was nothing political in his gesture. “I am the chairman of the board of several companies and we try to stay away from political issues”He told US media that the man still promised to support Trump financially in the future, but not as a major donor.
Let's also recall that Don Hankey is the largest investor in Axios Financial, the online bank that refinanced the Trump Tower loan. In short, between the two men, the connections are not that far off.
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