Court Slashes Trump's Bond; Biden White House Won't Comment: 'It's an Ongoing Matter' (March 25, 2024)

President Joe Biden had been joking about Donald Trump’s money troubles at fundraisers, a reporter noted at the White House briefing on March 25, 2024. That morning, a New York appeals court had slashed the bond Trump needed to post in his civil fraud case to $175 million, down from a required amount of nearly $545 million [2].

Did the president have any comment? Press secretary Karine Jean-Pierre did not. “So, I’m going to be super careful. It’s an ongoing matter, so I’m not going to speak to it,” she said [1].

The video above shows the exchange. Quotes are from the official transcript published by the American Presidency Project [1].

”I’m Going to Be Super Careful”

The reporter tied the question to Biden’s own words. “President Biden has recently talked about Donald Trump’s financial issues in jest at fundraisers and so forth. Today, there was action reducing the amount that Mr. Trump has to put forward in order to stave off the judgment as he continues it. Does the President have any comment on that and also the setting of an April 15th trial date in one of the cases involving the former President?” [1]

“So, I’m going to be super careful. It’s an ongoing matter, so I’m not going to speak to it. And I’m sure the President will have opportunities to speak to it himself. And so, I’ll leave that to him. I’m just not going to speak for — to — to that particular or any ongoing litigation or case from the podium,” Jean-Pierre said. She then called on the next reporter [1].

A Major Setback for Letitia James

The bond ruling was a win for Trump. The deadline that day required him to pay the judgment or post a bond for 120% of it, nearly $545 million, to put it on hold while he appealed. Instead, the court cut the bond to $175 million and gave him 10 days to post it, Bloomberg reported [2].

“The ruling is major setback for James,” the report said, referring to New York Attorney General Letitia James, who had argued that Trump should post the full amount because he could not be trusted to pay if his appeal failed [2].

Trump had warned that the full bond would force a “fire sale.” His lawyers said in a March 18 filing that 30 insurance companies capable of writing large appeal bonds had refused to accept his real estate as collateral [2].

The Case Against Him

The judgment came from a February 2024 ruling by state Judge Arthur Engoron, who found that Trump and his company had inflated the value of his assets to get better terms on loans. Trump denied wrongdoing [2]. Engoron ordered him to pay $355 million in penalties, and with interest, the total topped $515 million [3].

Trump called the case “a Political Witch Hunt” [3].

The April 15 Trial

The reporter’s second question was about the April 15 trial date in one of Trump’s criminal cases [1]. Bloomberg noted that the first of his four criminal prosecutions was likely to go to trial in Manhattan the next month [2]. That was the hush money case, and it ended in a conviction. On Jan. 10, 2025, ten days before his second inauguration, he was sentenced to what’s known as an unconditional discharge, “leaving his conviction on the books but sparing him jail, probation, a fine or other punishment,” FOX 5 New York reported. “He is still appealing the conviction” [3].

By the Numbers

$175 million: the bond the appeals court set on March 25, 2024 [2].
Nearly $545 million: the bond Trump faced that morning, 120% of the judgment [2].
10 days: the time the court gave him to post it [2].
30: insurance companies that would not accept his real estate as collateral, according to his lawyers [2].
More than $515 million: the penalty with interest before it was thrown out [3].
323: pages of opinions the appeals court issued when it tossed the penalty [3].
312: electoral votes Trump won in November 2024 [4].

What Happened Next

He won the election. Trump took 312 electoral votes in November 2024 and returned to the White House [4].

The penalty was thrown out. On Aug. 21, 2025, a New York appeals court threw out the civil fraud penalty, calling it “excessive.” Judges Dianne T. Renwick and Peter H. Moulton wrote that “the court’s disgorgement order, which directs that defendants pay nearly half a billion dollars to the State of New York, is an excessive fine that violates the Eighth Amendment of the United States Constitution” [3].

The five-judge panel issued 323 pages of opinions with no single majority. It kept the finding that Trump and his company were liable and barred him and his two eldest sons from serving in corporate leadership for a few years, but it eliminated the massive financial penalty. The case is likely headed to New York’s highest court, the Court of Appeals [3].

“TOTAL VICTORY.” Trump celebrated on Truth Social. “TOTAL VICTORY in the FAKE New York State Attorney General Letitia James Case!” he wrote. “I greatly respect the fact that the Court had the Courage to throw out this unlawful and disgraceful Decision that was hurting Business all throughout New York State” [3].

More of Jean-Pierre’s answers checked against the record are on HYGO News’ Karine Jean-Pierre record page.