Former President Donald J. Trump’s recent legal battles in New York have attracted attention not only for their implications but also for the unexpected figure who stepped forward to pay Trump’s reduced bond of $175 million: California billionaire Don Hankey.
Hankey, a self-proclaimed Trump supporter and the mastermind behind a fortune built on subprime auto loans, emerged as the individual who covered the former president’s bond, according to reports from the Washington Post. Without Hankey’s intervention, Trump faced the grim prospect of depleting his own resources to meet the bond’s demands or risk having his properties seized by authorities.
Who exactly is Don Hankey? Forbes pegs his net worth at a staggering $7.4 billion, citing his ownership of Hankey Group, a Los Angeles-based auto services empire boasting assets exceeding $22.5 billion. Hankey’s flagship company, Westlake Financial Services, has carved a niche by providing car loans to individuals with poor or no credit, boasting partnerships with over 30,000 dealerships across all 50 states.
Hankey’s journey to billionaire status traces back to his humble beginnings as a teenager washing cars before transitioning into auto sales at his father’s Ford dealership in Los Angeles. By 1972, he had acquired control of the dealership, pioneering the extension of loans to individuals with less-than-stellar credit—a move that propelled his ascent to prominence within the industry.
Despite his vast wealth and influence, Hankey maintains a low profile, preferring to steer clear of overt political entanglements. He emphasized to the Washington Post that his decision to pay Trump’s bond was motivated by business acumen rather than political allegiance, noting that he views his actions as a “good business deal.”
Indeed, Hankey’s intervention underscores the complex interplay between finance, politics, and the law, particularly as Trump navigates mounting legal challenges. Trump’s legal woes stem from allegations of fraud, with New York Attorney General Letitia James and state Supreme Court Justice Arthur Engoron ruling that Trump and his associates engaged in deceptive practices to secure favorable loan terms.
Hankey’s move to support Trump’s legal defense underscores his empathy for the former president’s predicament, as well as his broader approach to navigating contentious legal terrain. As the legal saga unfolds, Hankey’s role serves as a testament to the intricate web of interests shaping high-stakes legal battles in today’s political landscape.