Billionaire Mark Cuban, who has said he will vote for President Joe Biden in November's general election, defended Donald Trump on Tuesday after a Democrat lawmaker accused the former president of lying about his net worth.
Rep. Ted Lieu, D-Calif., took to social media Monday to comment on Trump's lawyers telling a New York court that their client failed to obtain a bond that would allow him to appeal a $464 million judgment in his civil fraud case.
"Trump claims he is a billionaire. But he can't pay a $464 million judgment. That means he is lying. How do I know? Math," Lieu wrote on X with the "TrumpIsBroke."
On Tuesday, Cuban commented on Lieu's statement.
"Ted, you know I'm no supporter of Trump. That's for damn sure," Cuban, 65, wrote on X. "How anyone can vote for someone who has so many of his executive employees turn on him, and, say he is incompetent is beyond me. But you are wrong on this topic Ted."
Cuban wrote that someone's "[n]et worth is completely different than cash in the bank."
"We were in a zero interest rate environment for a long, long time," Cuban said. "So keeping cash in the bank or even money markets was dumb. In fact searching for yield is what killed small banks last year.
"Also dumb was keeping interest rates that low for that long. Something Trump demanded more of."
Cuban, owner of the NBA's Dallas Mavericks, said it could be argued that Trump put himself in the current situation by "making sure that the only way to grow his net worth was non cash investments," and also that Trump "sucked at growing his net worth which led to him putting himself in this position by lying to banks about his assets."
"There is only one reason to lie on a loan application — you have to," Cuban wrote.
Cuban then tried to explain things on a larger scale.
"Even if rates were along a long term trend line for the past ten years, few people are keeping more than 45 percent of their assets in liquid assets," he wrote.
"And as far as the bond companies, Trump's assets are mostly interests in commercial real estate and foreign assets. No bond company is loaning against them in this commercial real estate market, if ever."
Earlier this month, Cuban said he plans to vote for Biden in November.
"If they were having his last wake, and it was him versus Trump, and he was being given last rites, I would still vote for Joe Biden," Cuban told Bloomberg News.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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