Former President Donald Trump alleged on Monday that President Joe Biden is behind every single one of the “lawfare” attacks against him and that all the cases he’s embroiled in amount to “election interference” that will ultimately have the “reverse effect.”
The former president hailed the ruling, saying at the presser that he would “very quickly” post a bond, securities, or cash to cover the $175 million. If he does put up the money, it will prevent the state from seizing his assets while he appeals the judgment.
“These are all Biden-run things,” President Trump said of his various legal cases. “The lawfare that they’re doing is incredible.”
In February, Judge Arthur Engoron found President Trump personally liable for $454 million for allegedly fraudulently overstating his net worth to get bank loans on better terms. The allegations were not made by President Trump’s bankers but by the state attorney general.
New York Attorney General Letitia James, a Democrat who brought the civil fraud case against him, was expected to kick off efforts to collect the $454 million on Monday. But the New York appeals court’s decision has given President Trump last minute reprieve.
Her office sought to downplay the court’s decision, noting that the judgment still stands, even if it temporarily blocks her from trying to collect.
“Donald Trump is still facing accountability for his staggering fraud,” her office said in a statement.
President Trump’s attorneys characterized Monday’s ruling as a key first step to getting the case overturned on appeal.
The former president said at the presser that the various legal cases he faces could have been brought immediately after he left office. But their timing is all about trying to hamstring his presidential comeback bid.
“Every single one of them is run by Biden and his thugs,” the former president said. “It’s the only way they think they can get elected and I think, so far, it’s backfiring.”
“We’re going through this weaponization of our government to try and knock out somebody’s political opponent,” President Trump said, adding that his lead over the incumbent in the polls already shows it’s having the “reverse effect.”
The White House did not respond to a request for comment on President Trump’s latest allegations.
‘Terrible Precedent’
In the course of the monthslong trial, Judge Engoron found that President Trump and top executives at his company, the Trump Organization, made misleading claims in financial statements about their wealth.During pretrial testimony, President Trump said that people who did business with him were cautioned not to rely on the financial statements and carry out their own analyses, describing those numbers as “guesstimates” of what the Trump Organization believed would be a fair market value.
Some people who testified at President Trump’s trial made clear that this rationale isn’t unreasonable and is common practise. For example, David Williams, a Deutsche Bank executive who worked on at least one of three loans the bank gave to President Trump, testified in November 2023 that it isn’t unusual for a bank to cut a client’s stated asset value—even by half—and still approve a loan, just like it did with the former president.
Mr. Williams also said it’s standard practice for Deutsche Bank to subject a client’s asset value to an adjustment, saying differences between a client and the bank about a client’s asset values aren’t a disqualifying factor when considering granting loans because “it’s just a difference of opinion.”
Judge Engoron also put The Trump Organization under the supervision of an independent monitor for at least three years and ordered the company to hire an independent compliance director to ensure it follows financial reporting rules.
President Trump alleged during his March 25 press conference that this legal action against him was a form of “election interference” by trying to tie him up and take as much of his money as possible.
“If I were not running, or if I were doing poorly ... this wouldn’t be happening,” President Trump said. “None of these trials would have been happening.”
“They’re all trying to damage Trump as much as possible,” he continued, adding that “it’s having the reverse effect.”
“It’s a terrible, terrible precedent, a terrible thing to do,” he continued, hinting that the people involved in the various acts of “lawfare” against him should and could face consequences.
President Trump earlier attacked the alleged “lawfare” actions of President Biden and his team, questioning whether they had crossed the legal line.
“I believe, as do various highly respected legal scholars, that Crooked Joe Biden has long since crossed over that very sacred threshold,” he added.
