this post was submitted on 05 Apr 2024
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Letitia James filed a ‘notice of exception to the sufficiency of the surety’ seeking more information about Knight Specialty Insurance Company

Donald Trump’s $175m bond in his New York civil fraud case has been thrown into doubt by New York Attorney General Letitia James after she filed a notice asking for evidence that the out-of-state firm that underwrote it really has the money to pay up.

Ms James’s office submitted a “notice of exception to the sufficiency of the surety” on Thursday asking for further proof that California-based Knight Specialty Insurance Company (KSIC) has the capital to proceed on the former president’s behalf.

KSIC is not regulated by New York state, which means that it is not authorised to issue surety bonds in the Empire State and therefore cannot obtain a certificate from the New York Department of Financial Services, which is customarily part of any bond package.

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[–] [email protected] 15 points 7 months ago (2 children)

Honestly, at this point, I suspect Trump is gonna be the kind of asshole that pays in pennies just to be a dick.

[–] [email protected] 4 points 7 months ago* (last edited 7 months ago) (2 children)

https://www.lx.com/money/pennies-for-your-thoughts/17579/

There are about 130 billion pennies currently in circulation

That's more than 716 million pounds in pennies. The Mint produces 5-16 billion pennies every year. Coins that are heavily damaged are typically removed from circulation.

Seems like there literally aren't enough pennies in the US for him to do that.....

Edit: me dumb, math hard. But at the same time, good luck to him getting the pennies out of everyone's change jars....

[–] [email protected] 4 points 7 months ago (1 children)

He practically emptied mine during his four years of making America grate.

[–] [email protected] 2 points 7 months ago

Big oof, yuuuge oof, probably the biggest oof this year, maybe ever. Jokes aside, I have family in the US, and they felt the pinch hard too.

[–] [email protected] 2 points 7 months ago* (last edited 7 months ago) (1 children)

The source I saw said 300 Billy minted and 200billion in circulation.

They don’t actually have a number, so, eh….yeah.

Edit: to your edit….. lolz, yeah,

[–] [email protected] 1 points 7 months ago

Hey, what can I say, I was avoiding work on the toilet....

[–] [email protected] 14 points 7 months ago (4 children)

And you know he'd stiff the dump truck drivers who had to deliver them.

Anyone want to do the math on how many dump trucks it would take to deliver $175m worth of pennies?

[–] [email protected] 3 points 7 months ago (1 children)

Also, they will be pesos instead of pennies.

[–] [email protected] 8 points 7 months ago (1 children)
[–] [email protected] 3 points 7 months ago

That's what I get for cracking jokes before my coffee!

[–] [email protected] 17 points 7 months ago

Huh. Well I was thinking he’d be hard pressed to actually find that many; but uh, there’s thought to be 200 billion in circulation .

So he’d need 17.5 billion pennies. (+interest. I don’t want to figure that out.)

A single roll is 50x2.5 grams, or 125 grams.

If my pre caffinated math is correct, that comes out to 2.18 billion kilograms. Class 8 dump trucks (like for hauling dirt,) can handle 6.3k kilos to 11k.

Rounding to 6k and 11k, fyi….

Assuming they all fit… a dump truck could handle between 50 thousand and 88 thousand rolls each trip. Or 25k to 44k dollars in pennies.

It would take between 43,600 and 24,773 trips, using a class 8 dump truck.

All bets are off if you’re talking about the typical armored truck hauls.

[–] [email protected] 6 points 7 months ago

Lots of types of dump trucks, but I took the "14 tons" number from here.
https://www.lynchtruckcenter.com/manufacturer-information-how-much-can-a-dump-truck-carry.html

Penny weights about 2.5 grams. 14 tons is about 12,700 kg (could have probably called it 14 metric tons, but let's be more accurate since we're being weird about it in the first place.)

12,700,000g/2.5 = 5,080,000 ~= $50,000 per dump truck = 3,500 loads of pennys.

Feels like a lot of loads of dump trucks. Might have moved a decimal point somewhere along the way.

[–] [email protected] 8 points 7 months ago* (last edited 7 months ago) (3 children)

Quick googling it would take about 13 trucks

49152 pennies in a sqft and a dump truck is around 270 sqft

[–] [email protected] 2 points 7 months ago

Did you account for the inefficiency caused by the gaps between the pennies? It's not insignificant, the difference is between pennies and molten metal.

[–] [email protected] 5 points 7 months ago* (last edited 7 months ago)

Can your dump truck handle 33k kilos the class 8 I was looking at, says 11k max

Even then, rounding to 50k in pennies is only 500 dollars per square foot. At 270 sqft, that’s only 135k dollars per truck.

At 175 million, it’d take 1.3k trips.

[–] [email protected] 4 points 7 months ago

Awesome. Thanks! That's...actually less trucks than I pictured in my head. I was thinking more like 20-30.

So he either stiffs 13 truck drivers or one driver 13 times. lol