Who is Don Hankey, the billionaire whose insurance firm provided Trump a $175 million bond payment?
CBSN
Former President Donald Trump and his co-defendants in his New York civil fraud case on Monday posted a bond of $175 million, following a judge's ruling that they had for years misrepresented the value of his properties. The bond is underwritten by an insurance company run by a billionaire, who got his start making high-risk, high-interest loans to car buyers with poor credit.
Don Hankey, the executive whose company provided the bond, is a little-known mogul who built his $7.4 billion fortune through car dealerships and providing subprime auto loans, according to Forbes magazine. That makes him richer than Trump, whom Forbes estimates is worth $6.4 billion, including his multi-billion stake in the newly public Trump Media & Technology Group.
Hankey, who told the Associated Press he has never met nor spoken with Trump, said his Knight Speciality Insurance company provided both cash and bonds as collateral for Trump's appellate bond. That bond is now essentially a placeholder that will guarantee payment if the judgment against Trump is upheld on appeal.
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