The billionaire who backed Trump's $175 million bailout reveals how the deal was reached

(CNN) — Dan Hankey, chairman and majority shareholder of Knight Specialty Insurance, told CNN Tuesday of the deal. 175 million USD bail Former President Donald Trump met soon after in New York and Trump offered all the money as collateral.

“This is what we do. I'm happy to do it. We would have done it for anybody else,” Hankey said in a phone interview. “It's an easy transaction. “It was put together quickly.”

California-based Knight Specialty Insurance is known for offering subprime loans to car buyers with weak credit scores.

Hankey, who supported Trump's presidential campaigns, said he contacted the Trump Organization last month when it was having trouble raising a $464 million bail bond. Hankey amassed a fortune Forbes Worth US$7.4 billion.

“We had conversations about how we could raise that bail,” Hankey told CNN.

After the New York Court of Appeals Reduced the bail amount At $175 million, Hankey says Trump's group eventually returned to Night Specialty.

Initially, Trump planned to post a mix of investment-grade bonds and cash as collateral (80% bonds and 20% cash), Hankey said. He said even though Knight received specialty bonuses and approved them, they were ultimately not posted.

“In the end, he kept all the money,” Hankey said, adding that he didn't know where the $175 million Trump sent came from.

Hankey confirmed to CNN that he, his wife and their two children have donated to Trump's presidential campaigns in the past and plan to back him again in 2024.

Although Hankey noted that he had not heard directly from the president, Eric Trump said he reached out Tuesday morning to thank him for the surgery.

This isn't the first time Hankey and Trump's businesses have intertwined.

By 2022, California lender Axos Bank, He loaned Trump $100 million To refinance the Trump Tower mortgage.

Hankey said he was unaware of the Trump Tower loan at the time, despite being a leading Axos shareholder and 2022 in debt.

Trump: I did nothing wrong

Former President Donald Trump spoke on camera for the first time on Tuesday about his $175 million bail appeal against a conviction in a New York civil fraud case and a plea of ​​no wrongdoing.

“I'm the one who has to bail, you know, I bailed, I didn't do anything wrong. Bail was set at US$175 million this morning. I did nothing wrong,” Trump said at a campaign event in Grand Rapids, Michigan.