Former President Donald J. Trump had to pay a reduced bond of $175 million as part of a civil fraud case in New York, and although the businessman has a well-documented net worth, a different billionaire fronted the bill.
California billionaire Don Hankey, a self-proclaimed Trump supporter who generated a fortune providing subprime auto loans (high-interest auto loans offered to car buyers with poor credit), is the individual who backed the former president and took care of the bond on Monday, the Washington Post reported.
Without Hankey's help, Trump would have had to spend his money to pay the bond or authorities would have begun seizing his properties, according to the Washington Post. Bankruptcy was possibly on the table for Trump, who faced more than $450 million in penalties from two civil cases, with only weeks to find the cash, the outlet said.
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