Who put up Trump's bond? A subprime car loan billionaire who has run afoul of regulators
Don Hankey made a fortune building a subprime auto loan empire. Along the way, his companies racked up consumer complaints, regulatory fines and were sued by the DOJ.
Providing Donald Trump’s $175 million appeal bond when other insurers wouldn’t is business as usual for California financier Don Hankey. As chairman of the Los Angeles-based Hankey Group of Companies, which includes an insurer, a subprime auto lender and a commercial real estate investment firm, Hankey has amassed a fortune lending to borrowers other financial firms shun.
Hankey’s assistance to Trump has brought the little-known billionaire into the spotlight. But in recent years, several of his companies’ operations attracted the attention of the U.S. Justice Department, the Consumer Financial Protection Bureau and the California Department of Insurance. Since 2015, regulators have taken action against Hankey’s companies four times, public records show.
In 2017, for example, the Department of Justice filed a complaint in federal court in California against Westlake Financial, Hankey’s big subprime auto lender. With a network of 50,000 car dealerships and $3 billion in managed assets, Westlake Financial calls itself “The Yes! Yes! Lender.”
I hope he realizes he is not going to see that pay off.
They will if he gets elected, impedes the system by firing anyone with a clue, and shuffles federal money to them without recourse because presidential immunity
2 weeks tops before Trump is swearing up and down he paid the money himself out of his own pocket and his base believes every word of it.
He already did. They were posting all over the place about how he "paid in cash!!!!". That's the message he put out the same day the bond was put up.
With the same reasoning some people use not to pay their graphics designer, when they're too naive to trust their clients and won't ask for a percentage of the payment upfront: but think of the exposure you're getting! That is worth something, no?!
He's counting on a cabinet position if Trump gets elected
Didn't work out so well for MyPillow guy.
Mike pillows didn't really come into prominence until after Trump lost his election.
Trump's first term in office had a bunch of donors packed into cabinet positions.
I’d wager him to be counting on a favorable business environment to continue his loan profiteering.