"Trump owes this money because he fraudulently misrepresented the value of his assets—and now (oops) apparently no one will accept those assets as collateral."

Less than a month after New York Attorney General Letitia James said she would be willing to seize former Republican President Donald Trump’s assets if he is unable to pay the $464 million required by last month’s judgment in his civil fraud case, Trump’s lawyers disclosed in court filings Monday that he had failed to secure a bond for the amount.

In the nearly 5,000-page filing, lawyers for Trump said it has proven a “practical impossibility” for Trump to secure a bond from any financial institutions in the state, as “about 30 surety companies” have refused to accept assets including real estate as collateral and have demanded cash and other liquid assets instead.

To get the institutions to agree to cover that $464 million judgment if Trump loses his appeal and fails to pay the state, he would have to pledge more than $550 million as collateral—“a sum he simply does not have,” reportedThe New York Times, despite his frequent boasting of his wealth and business prowess.

  • Schadrach@lemmy.sdf.org
    81·
    8 months ago

    Paralegals won’t have jobs in 3 years. Lawyers won’t have jobs in 5-10.

    I think you’re only partially right about paralegals, but lawyers will be fine because of how the profession is protected. It’s essentially a guild system, where you have to be a part of the lawyer’s guild (aka the bar) to legally be allowed to lawyer. And AI cannot join regardless of how good it is because lawyers want to keep their jobs. It would take legislation breaking the requirement to be a member of the bar to lawyer to change that, but the people writing legislation are themselves mostly members of the bar.

    • foggy@lemmy.world
      26·
      8 months ago

      I won’t disagree but, I mean, if I’m a lawyer and I have a law firm, I’d rather split my millions with me and my robots. And I think there’s enough like minded greedy lawyers running law firms to set it in motion.

      • Schadrach@lemmy.sdf.org
        1·
        8 months ago

        Except instead of you having to split your revenue with your fellow lawyers and having the work split among hundreds of similar firms, you now don’t have to split it, but the available lawyering work is split among everyone who can buy a chunk of compute. Unless you being an actual human lawyer is still advantageous, in which case we wouldn’t be at the point where AI is actually replacing lawyers.