There have been rumors about whether Donald Trump may need to declare bankruptcy following his conviction in a fraud trial. However, wealthy businessman Don Hankey stepped in to assist. The entrepreneur deemed it a good deal to support Trump.
Hankey, who inherited his father’s car dealership business as a young man, later expanded by providing loans to individuals who couldn’t afford cars but desired them. This led to concerns from the official consumer protection office, which ultimately led to the establishment of the Hankey Group, a corporate structure with an estimated $23.4 billion in assets, involved in credit, real estate, insurance, and banking.
Despite his immense wealth and political influence, Hankey has largely remained out of the public eye. He previously supported Trump and made donations to various politicians but does not publicly endorse him. Nonetheless, Hankey came to Trump’s aid by lending him a significant amount of money to post bail after his fraud conviction.
Following court approval of the bond, Hankey stated that the money was deposited in cash and backed by other guarantees. He expressed frustration at Trump’s conviction, suggesting that inflating assets was a common practice in the real estate industry. Hankey defended Trump’s actions and emphasized that business operations remain intact despite legal challenges.
Trump faced accusations of commercial fraud for manipulating the value of his properties to secure loans and other benefits. The court ordered him to pay $464 million in ill-gotten gains to the state of New York. Hankey’s involvement in providing financial support to Trump during previous controversies indicates a pattern of standing by the former president in times of need.
Hankey reportedly provided a $225 million loan to the Trump Organization in 2022 after terminating previous lenders’ agreements due to Trump’s involvement in the Capitol insurrection
