New York Attorney General trolls former president as interest starts accruing on monster judgment
A $455m judgment against Donald Trump is increasing by more than $110,000 each day due to interest penalties.
And New York Attorney General Letitia James, who is preprared to seize his assets if necessary, is not going to let Mr Trump forget.
When the final judgment in the sprawling fraud trial against Mr Trump, his adult sons Donald Jr and Eric Trump, and former Trump Organization executives was approved on Friday, the attorney general’s X account posted the exact figure down to the last cent.
Twenty four hours later, her account wrote: “+$114,553.04”.
I assume the interest is compounding so the amount should increase each day.
I stand corrected. It’s simple interest. I’m genuinely surprised by this.
No compounding for the wealthy. Only poor people pay interest on interest. /s
It’s simple interest, not compound interest.
So it just adds the same amount each day: just under 0.025% of the original fine (i.e. 9% per year, accrued daily).
At least according to the Legal Eagle video I watched about it.
Edit: Thanks jmfwnsfw for the correction. I originally said 9% per day which is insane. It’s 9% per year, accrued daily.
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If I recall correctly from a story when the judgment was handed down, the law in NY makes it so it’s calculated as simple interest rather than compound. Someone correct me if I’m wrong. $110,000/day seems very small when compared to the $465,000,000 he owes within less than a month though
It’s like 9% interest APR. Roughly, I can’t be bothered with logarithms on a Tuesday.
More than I get from my bank account, but less than my credit card tries to charge.