Michael Cohen during his testimony on Wednesday described the role he played in helping to exaggerate President Trump’s net worth, and noted how it would help bolster the president’s ranking of the wealthiest people in Forbes magazine.
In response to questions from Rep. Wm. Lacy Clay (D-Mo.), Cohen said there were times when he was asked, along with Trump Organization Chief Financial Officer Allen Weisselberg, to talk to a Forbes reporter “because Mr. Trump wanted each year to have his net worth rise on the Forbes wealthiest individuals list.”
He said Trump’s assets would be valued highly by trying to find the highest possible price per square foot in the area to value Trump’s properties, or by using the gross rent roll multiplied by a multiple that would be made up.
“It’s based upon what he wanted to value the asset at,” Cohen said.
Cohen provided the House Oversight and Reform Committee with some of Trump’s financial statements.
Cohen said that he would use the documents when discussing Trump’s net worth with news outlets such as Forbes, and would also provide them to insurance companies so that premiums would be lower. He said this was done with Trump’s knowledge.
“I believe these numbers are inflated,” Cohen said.
When Clay asked Cohen if he thinks Trump ever submitted inflated assets to obtain a loan, Cohen said that the documents and others were provided to Deutsche Bank to get money in an effort to purchase the Buffalo Bills.