Former Trump Lawyer Predicts Ex-President Faces Bleak Financial Future With $600M At Stake In New York Fraud Case: 'It's Going To Hit Him Hard'
Donald Trump‘s former attorney, Michael Cohen, forecasted a heavy $600 million financial blow for the former president resulting from a New York civil fraud case.
What Happened: In an interview with Salon on Monday, Cohen expressed that Trump’s ability to meet such an enormous amount is questionable.
"He (Trump) does not have that in equity. So when these assets get sold — and remember, he is low basis in most if not all of these assets — take the tax implications and then subtract from that the outstanding mortgages that may exist," he said.
"Technically, there is nothing left."
What Happened: In an interview with Salon on Monday, Cohen expressed that Trump’s ability to meet such an enormous amount is questionable.
"He (Trump) does not have that in equity. So when these assets get sold — and remember, he is low basis in most if not all of these assets — take the tax implications and then subtract from that the outstanding mortgages that may exist," he said.
"Technically, there is nothing left."
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NewsTranscript
00:00 [MUSIC]
00:05 Donald Trump's former attorney, Michael Cohen, forecasted a heavy $600 million
00:10 financial blow for the former president resulting from a New York civil fraud case.
00:14 In an interview with Salon on Monday,
00:17 Cohen expressed that Trump's ability to meet such an enormous amount is
00:20 questionable.
00:21 He, Trump, does not have that in equity.
00:25 So when these assets get sold, and remember, he is low basis in most,
00:30 if not all of these assets, take the tax implications and
00:34 then subtract from that the outstanding mortgages that may exist.
00:38 Technically, there is nothing left, Cohen said.
00:40 Trump won't win his get out of jail free card.
00:44 He's not running for anything other than to stay out of jail.
00:47 It's going to hit him as hard as this case is currently hitting,
00:50 Cohen added, implying that the former president would lose the 2024 election.
00:55 This came after Cohen last week accused Donald Trump Jr. and
00:58 Eric Trump of lying under oath during their depositions.
01:01 The New York civil fraud case revolves around the Trump organization's financial
01:05 statements, which Attorney General Letitia James alleges were manipulated by
01:09 the Trump family.
01:10 Find more from this ongoing story on Benzinga.com.
01:14 (laughs)