The Morning: Trump’s financial squeeze

Plus, a Baltimore bridge collapse, the U.N. Security Council and fake flowers.

View in browser|nytimes.com Continue reading the main story March 26, 2024 Good morning. We're covering breaking news of a bridge collapse in Baltimore overnight. More on that below. But first, we explain Trump's legal troubles. Donald Trump in a New York courtroom in October. Dave Sanders for The New York Times Financial pressure By Maggie Haberman Senior Political Correspondent Donald Trump has 10 days to come up with a $175 million bond in his New York civil fraud case. After that, he may be on the hook for the full penalty in the case: almost half a billion dollars. Could this situation affect his presidential campaign? Yes, it could. I will explain how in today's newsletter, by answering four questions from The Morning's staff. What are the basic details of this case? The New York attorney general, Letitia James, sued Trump and the Trump Organization in 2022. She accused them of committing widespread fraud over a decade by inflating the values of properties, at times by as much as $2 billion a year. The net effect, James said, was essentially that Trump was able to get loans and insurance policies at more favorable rates than he was otherwise entitled to. A judge agreed, and ordered Trump to pay $454 million — equivalent to the total of his ill-gotten gains, plus the interest he would have paid. Trump has insisted that since his lenders weren't stiffed, there were no victims, and that he considers the judgment corrupt. Yesterday, an appeals court said that the state would accept a far smaller bond — $175 million — while it considers whether to uphold the judge's findings. Trump tried, but failed, to come up with the $454 million bond before the appeals court stepped in on Monday. Does it seem likely that he will be able to get the smaller bond? Trump told reporters on Monday in Manhattan that he would be able to post the bond. There's no independent way to verify that he has enough cash, and if he decides to seek an outside company to provide the bond, he will still need to put up a large amount of cash and other investments as collateral to secure it, and in a short amount of time. In Manhattan.  Charly Triballeau/Agence France-Presse — Getty Images However, the amount is less than half what it was previously, so it will almost certainly be easier now. And some legal experts see the appeals court's decision as evidence that the court may reduce the $454 million judgment set by Justice Arthur F. Engoron. Trump's legal problems are serious. So far, though, they don't seem to have affected his 2024 campaign. He has become the presumptive nominee in a rout. Why might this case be different? This case goes to the heart of his identity and public image in a way the criminal cases simply do not. The risk of having his bank accounts frozen — or even one of his properties seized — affects him psychologically, and immediately. This is part of why he was so emphatic that the reduced bond requirement was a victory. Trump after a hearing in New York on Monday. Pool photo by Justin Lane Trump was in a different courtroom in New York yesterday, where a judge set an April 15 start date for Trump's criminal trial on charges that he falsified business records to cover up hush money payments during the 2016 election. Even if he's convicted in that case, though, it's unlikely that he would be sent to prison before Election Day. What's more, the question of how he ran his business, according to James's telling, is likely to become a political cudgel for President Biden's allies. For his part, Trump is painting it all as an overreach by his political opposition. What should people watch for now? The appeals court is probably going to take several months to consider the fraud ruling and Trump's penalty, based on what they said Monday. If they uphold the decision, Trump would then have to hand over almost half a billion dollars. If not, he will describe it as a smack-down of an overzealous judge and attorney general. Trump's social media company, which runs Truth Social, closed a deal last week to become a publicly traded company, and it's an open question whether he will try to use his stake from that deal to acquire a bond from another company. For now, Trump's reprieve in the civil fraud case is temporary. More on Trump The appeals court also halted other aspects of Justice Engoron's judgment in Trump's civil case, including ones that barred Trump and his sons from running companies in New York. Trump plans to adapt his presidential campaign schedule to his Manhattan trial. He is expected to visit nearby states and conduct interviews from Trump Tower. Trump's social media company will begin publicly trading on the Nasdaq today under the stock symbol "DJT." "It's the first time someone's ever heard, 'Good news, you only owe $175 million'": Late-night hosts discussed Trump's discounted payment. Continue reading the main story ADVERTISEMENT THE LATEST NEWS Baltimore Bridge Collapse The collapsed Francis Scott Key Bridge. Harford County Md Fire & E.M.S., via Reuters A major bridge in Baltimore collapsed after it was hit by a cargo ship. The Francis Scott Key Bridge carries Interstate 695. There are reports of cars in the water. The Coast Guard is searching for survivors. The water in Baltimore Harbor is currently about 48 degrees Fahrenheit. See video of the collapse from CNN. Israel-Hamas War At the United Nations.  Angela Weiss/Agence France-Presse — Getty Images The U.N. Security Council passed a resolution calling for an immediate cease-fire in Gaza. The U.S. abstained, allowing the measure to pass. After the vote, Benjamin Netanyahu canceled a plan to send delegates to Washington to discuss an invasion of Rafah. Israel's defense minister is scheduled to continue meetings with Biden administration officials today. Trump urged Israel to "finish up your war" and "get on to peace." He said the war in Gaza was hurting Israel's international support. An Israeli paramedic told The Times that he had seen evidence that two teenagers were sexually assaulted during the Hamas-led Oct. 7 attack. New video undercuts his account. Russia Concert Attack A Times investigation found evidence that the men detained by Russia are linked to the deadly Moscow attack. See analysis of the video evidence. Vladimir Putin acknowledged that "radical Islamists" had carried out the assault but continued to suggest that Ukraine had likely ordered it. Ukraine denies the allegation. Russian officials tortured the four men charged with terrorism. Their battered appearance in court was a warning to the public, analysts said. More International News Bassirou Diomaye Faye Seyllou/Agence France-Presse — Getty Images A 44-year-old political outsider won a surprise victory in Senegal's presidential election, days after he was released from jail. Jair Bolsonaro, Brazil's former president, spent two nights at the Hungarian Embassy in an apparent bid for asylum, security footage obtained by The Times showed. Bolsonaro is facing a number of criminal investigations. Politics Speaker Mike Johnson  Kent Nishimura for The New York Times Speaker Mike Johnson has said privately he will ensure that the House approves more Ukraine aid, a step many in his party oppose. Robert F. Kennedy Jr. is expected to name Nicole Shanahan, a Silicon Valley lawyer, as his running mate. Business Boeing's C.E.O. will step down at the end of this year. The company's leadership is changing after scrutiny of its planes' safety. The E.U. opened investigations of Alphabet, Apple and Meta over potential violations of a new competition law. New York City A man was killed after being pushed onto subway tracks in an unprovoked attack, according to the police. Flaco, the owl who escaped from the Central Park Zoo, had high levels of rat poison in his system and a severe pigeon virus when he died last month. Other Big Stories Outside the Los Angeles home tied to Sean Combs.  Jenna Schoenefeld for The New York Times Federal agents raided homes linked to the hip-hop mogul Sean Combs, known as Diddy, who has been accused of sexual assault and sex trafficking in multiple civil lawsuits. The U.S. confirmed that a highly fatal form of bird flu had been found in cattle. It is the first time that cows infected with the virus have been identified. Opinions Dobbs did not settle the question of abortion in America; it only led to more cases — like the Supreme Court case over medication abortions, Melissa Murray and Kate Shaw write. Biden and the United States should make longer, healthier lives a national priority, Ashwin Vasan argues. Here is a column by Paul Krugman on Obamacare. For readers of The Morning, enjoy exceptional savings for a limited time. Take advantage of the complete Times experience with our sale. Save on your first year of unlimited access to news, Games, Cooking and more. Subscribe now. MORNING READS In Manhattan. Janice Chung for The New York Times Plastic: Restaurants are filled with fake flowers. Meet a man who is responsible. Aging: To live past 100, eat less, says an Italian expert who thinks faux fasting is the key to longevity. Bias: A Black couple who claimed that their home appraisal was biased because of their race won a settlement — and changes to a company policy. Health: Uncomfortably bloated after a flight? Here are some tips for relief. The Great Read: Bill Ackman is a hedge-fund manager who became famous on Twitter. Now he wields even more power. Lives Lived: Lisa Lane was a two-time U.S. women's chess champion and the first chess player to appear on the cover of Sports Illustrated. She protested gender inequality in the sport even as many focused more on her looks than on her ability. Lane died at 90. SPORTS College basketball: Caitlin Clark and Iowa escaped an upset against West Virginia to advance to the Sweet 16 with a 64-54 victory. M.L.B.: The Dodgers star Shohei Ohtani denied any knowledge of illegal gambling by his former interpreter. "I'm beyond shocked," Ohtani said in a news conference. Continue reading the main story ADVERTISEMENT ARTS AND IDEAS Members of the Last Dinner Party. Ellie Smith for The New York Times Not viral: The Last Dinner Party is trying to become famous the old-fashioned way. The band has rapidly built a following by touring and staging meticulously planned theatrical live shows. They have ignored the temptation to chase fame online. The group has "become Britain's buzziest new band," Alex Marshall writes. They are playing a show in New York today. More on culture King Charles III hosted a fashion show. It used waste from his garden to promote his work on sustainability. Gisele Bündchen is releasing a cookbook — and speaking publicly after her divorce from Tom Brady. Read the interview. An American teenager won the men's singles at the World Figure Skating Championships with a performance set to the "Succession" theme song. See it here. THE MORNING RECOMMENDS … Christopher Testani for The New York Times Bake easy all-purpose biscuits. Use this dishwasher detergent. Reduce air moisture with a dehumidifier. Buy a toaster oven that doubles as an air fryer. GAMES Here is today's Spelling Bee. Yesterday's pangram was blooming. And here are today's Mini Crossword, Wordle, Sudoku and Connections. Thanks for spending part of your morning with The Times. See you tomorrow. P.S. The Times's next class of Local Investigations Fellows will cover law enforcement in California, environmental policies in Utah and more. Sign up here to get this newsletter in your inbox. Reach our team at themorning@nytimes.com. Continue reading the main story Editor: David Leonhardt Deputy Editor: Adam B. Kushner News Editor: Tom Wright-Piersanti Associate Editor: Lauren Jackson News Staff: Desiree Ibekwe, Sean Kawasaki-Culligan, Brent Lewis, German Lopez, Ian Prasad Philbrick, Ashley Wu News Assistant: Lyna Bentahar Saturday Writer: Melissa Kirsch Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for the Morning newsletter from The New York Times, or as part of your New York Times account. To stop receiving The Morning, unsubscribe. 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