The MeidasTouch Podcast - Trump’s SURETY Makes STUNNING ADMISSION on $91 Million Bond

Episode Date: March 14, 2024

MeidasTouch host Ben Meiselas reports a new details revealed in the letter posted by the surety that posted the $91.6 million bond for Donald Trump in the E Jean Carroll case. Shopify: Sign up for a one-dollar per month trial at https://shopify.com/meidas Visit https://meidastouch.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

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free of charge. BetMGM operates pursuant to an operating agreement with iGaming Ontario. So we now all know that Donald Trump, through a surety bond, posted $91.6 million in the E. Jean Carroll defamation case where Trump was hit with the judgment of $83.3 million. And when you post the bond, you have to include the potential post-judgment interest in there. And then we learned the surety is Federal Insurance Company, which is a parent company or just other name for Chubb, and you've probably heard of Chubb Insurance. And many people have been wondering, well, why did Chubb do this? Or, you know, was this collateralized against Donald Trump's assets? And how did this deal even go down? I mean, this is a case involving an adjudicated rapist in Donald Trump.

And, you know, why would you post this bond for him? And isn't Donald Trump supposed to, as Alina Habes said, have all of this money? Isn't he so wealthy that he's able to post this bond on his own? He needs to get a surety bond to post it. Just so you know, again, the way the surety bond works is that Donald Trump would have to post a non-refundable premium, maybe 10% or 20% of the total amount that Trump will never get back in exchange for, in this case, Chubb posting the full amount and being obliged, being on the hook to E. Gene Carroll. And now it's within 30 days of the Second Circuit Court of Appeals ruling against Trump. That money gets wired directly to E. Gene Carroll. And Trump's still on the hook for the full amount. But if Trump doesn't pay, then Chubb has to pay E. Gene Carroll. And then Chubb can then sue Donald Trump, or if it has collateralized his property, it could foreclose on his property as a way to get back this money.

One of the ways you'll see in this letter, which I think has a lot of stunning admissions here, the way Chubb tries to frame it, and I'd be interested to hear your perspective on it, is by doing this, it actually gives a victim some peace of mind that they will definitely get paid by us stepping in here. And then we're the ones who have to basically chase it versus E. Jean Carroll. So that's what they're saying. I'll let you judge in the comments below. And then I want to show you in a little bit too what Alina Haba is saying right now when she was specifically asked about the $464 million judgment against Donald Trump, where Trump has to post a bond there. And if Trump's going to be posting a surety bond there, and I'm not sure

after all this heat that Chubb is getting now, if they're going to be the ones who want to post it in the New York Attorney General civil fraud case, Trump will have to post a bond in the amount of, you know, probably he'll have to put up a non-refundable $40 to $50 million that he'll never see again. And then of course, if if he loses the appeal in addition to that, he'll then have to pay the full $464,000 the same way in the E.G. Carroll. He's still on the hook for the $91.6 million. He just doesn't have to himself put the money and pay the money right now. And E.G. Carroll accepted that deal, which is one of the things Chubb points out here. So here's the letter from Evan Greenberg, the chairman and chief executive of Chubb.

And I think a lot of employees, a lot of their clients, a lot of people are very concerned. Like, why would you do this in a case involving like an adjudicated rapist and given the facts here? So here's the letter. Let's just, again, present the facts and read it to you. I am writing to you because I have been, this is again by the head of Chubb, dated March 13, 2024. I am writing to you because I have been made aware of your concerns about the appeal bond, the company's surety division provided in the E.G. Carroll defamation suit against Donald Trump. I want to provide you the facts, including the purpose of appeal bonds

and why our company provides these bonds so you understand our actions. An appeal bond is an important neutral mechanism in our justice system, ensuring the defendants have access to the appellate courts, for example, right of appeal, while guaranteeing the plaintiffs will receive any damages that were awarded and affirmed on appeal. When Chubb provides an appeal bond, it has nothing to do with the underlying merits or with favoring any of the parties in the case. As the surety, we don't take sides. It would be wrong for us to do so, and we are in no way supporting the defendant. We are no way supporting Donald Trump. We are supporting and are part of the justice system plumbing, including in this case. Allow me to explain in a bit more

detail. On one hand, an appeal bond provides a plaintiff with certainty that a judgment will be paid when the appeals process is complete without the need to chase down the defendant for the money. The plaintiff is the beneficiary of the bond and gets the peace of mind that payment is certain if the judgment is upheld. In fact, the plaintiff usually has the right to approve the terms of the bond before the court accepts it, as Ms. Carroll did in this case. On the other hand, an appeal bond serves as the guarantee required by courts to forestall the collection of the judgment before the appeals process is complete. Without such bonds, defendants could lose their right to appeal,

which is inconsistent with a fair justice system, our country's system. Hey, Midas Mighty. So a little while ago, we had the idea that we wanted to sell the best pro-democracy merchandise in the game for the Midas Touch Network. And candidly, we had no idea where to even get started.

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and Shopify is the global force behind Allbirds and Rothy's and Brooklinen and millions of other entrepreneurs of every size across 175 countries. Plus, Shopify's award-winning help is there to support your success every step of the way, like they were there for us here on the Midas Touch Network. Because businesses that grow, grow with Shopify, we can attest to that. Sign up for a $1 per month trial period at shopify.com slash Midas, all lowercase. Go to shopify.com slash Midas to take your business to the next level today. Shopify.com slash Midas. Although I would say Donald Trump's trying to destroy our country's justice system by making outrageous claims that he has absolute presidential immunity to order

SEAL Team 6 to kill his political opponents, and Trump's trying to delay justice occurring in our justice system. So he's not exactly someone who plays by the rules, which is why I say in most circumstances, I have no issue with lawyers who represent people accused of crimes and even being accused of very serious crimes. Again, that is part of our justice system. But to me, when it comes to representing Donald Trump, what you are representing is trying to tear down and shred our justice system, which is why I'm very critical of the lawyers who represent Donald Trump. It goes on to say in this letter, when Trump issues an appeal bond,

it isn't making judgments about the claims, even when the claims involve alleged reprehensible conduct. Point right there. It's not alleged Trump was found liable of sexual assault. So I just want to be very clear about that. It's important that we use clarity in our language. We, like you, leave judgments to the courts. Judgment has been issued by the court.

Trump was found liable. So this bond is going to someone who was found liable for sexual assault. The court made that determination. They made the determination in May, and a jury found that recently. So I think that has to be acknowledged in a letter like this, Evan. That's just my view of it. It goes on to say, we, like you, leave judgments to the courts

and our bond serves the important purpose of facilitating the legal process, providing the certainty that courts and plaintiffs require after an adverse trial court decision. Importantly, in the bonding process, Chubb protects its own assets by requiring that a bond be fully collateralized. If the bond is called, then Chubb takes the collateral,

which is intended to make us whole. We hardly support or subsidize defendants or take, quote, one for the team. So they're saying that they have collateralized assets of Donald Trump here. They're not helping Donald Trump out here in any way. They are ready to seize his assets if he doesn't make the payment. In this case, Chubb provided a bond in the ordinary course of its surety business and is acting as a neutral party, ensuring both that E. Jean Carroll can

collect any judgment upheld on appeal and that the right to appeal is not lost. The terms of this bond, again approved by Ms. Carroll's counsel, provide that if Mr. Trump does not pay after the appeals process is complete, she can demand payment from Chubb. If that happens, then Chubb takes the collateral and is made whole. That is exactly how the surety process is meant to work. I fully realize how polarizing and emotional this case is and who the defendants are and how easy it would be for Chubb to just say no. However, we support the rule of law and our role in it. We consider this the right thing to do and we frankly left our own personal feelings aside. And then it's

signed Evan Greenberg. Look, I think if there's a strong argument to be made here, I think we all want E. Jean Carroll to be made whole. And now she doesn't have to chase Donald Trump. Chubb will have to chase Donald Trump. So I think that's the strongest argument. I don't like in this letter where it talks about this is polarizing and emotional. No, this is rape. That's what this is. This is sexual assault. Donald Trump was found liable.

It's not emotional. This shouldn't be a polarizing issue. If you want to say this is what the business did in its normal course and it allows E.G. Carroll to have the opportunity to collect the judgment immediately. I think that's fair, but this isn't an emotional thing. This is what a jury ruled in a situation like when she was asked if Donald Trump has the money for the $464 million bond that he needs to post in the next less than 20 days. Here, play this clip. I know they announced a bond in the Carroll case, around $90 million in the Carroll case this week.

Any closer to getting a bond in the real estate case? And you're right. It's a judgment, not a settlement. No agreement made in that case. Yeah, no, unfortunately, I can't speak to that. That's privileged. And I am the attorney, one of the attorneys on that case. But like I said, the judgment's absurd. And the fact that we're even talking about this, Martha, is absurd. And I hope that the appellate division will do the right thing here as we've seen them do a few times before. Okay. We will see. Always good to... Yeah. I've been Alina Haba, folks. I'm Ben Micellis. This is the Midas Touch Network. Hit subscribe. We're on our way to 3 million subscribers. Thanks to your support. Let's get

to 3 million. Have a good one. Hey, Midas Mighty. Love this report? Continue the conversation by following us on Instagram, at Midas Touch, to keep up with the most important news of the day. What are you waiting for? Follow us now.