During his testimony before the House Oversight and Reform Committee on Wednesday, Michael Cohen was asked by Representative William Lacy Clay (D-Mo.) to explain how Trump approached estimates of his net worth prior to the 2016 presidential campaign.
“To your knowledge,” Clay asked, “did the president or his company ever inflate assets or revenues?”
“Yes,” Cohen answered, according to the Washington Post.
“Was that done with the president’s knowledge or direction?” Clay asked.
“Everything was done with the knowledge and at the direction of Mr. Trump,” Cohen said.
Cohen provided three documents that gave a summary of Trump’s net worth in June 2011 and 2012, and March 2013. His assets were worth $4.6 billion in June 2011, $5 billion in June 2012, and $9.2 billion in March 2013. In 2013, Trump’s net worth included a $4 billion “brand value.” Yet, a 2014 document said his “licensing deals and brand value” was worth $3.3 billion. Because his “licensing deals” were about $100 million in 2011 and 2012, his 2014 assessment for his brand value would be $3.2 billion.
After 2012, Trump began listing his commercial and residential properties together, which makes it more difficult to evaluate estimates. The worth of his properties climbed.
Cohen said he believed the financial documents included inflated numbers.
“Did the president ever provide inflated assets to a bank in order to obtain a loan?” Clay then asked Cohen.
Cohen answered that he did.
“These documents and others were provided to Deutsche Bank on one occasion where I was with them,” Cohen said, “in our attempt to obtain money so that we can put a bid on the Buffalo Bills.”
Trump evidently sought out a loan by using inaccurate information.
Alexandria Ocasio-Cortez later asked Cohen about asset inflation.“To your knowledge, did the president ever provide inflated assets to an insurance company?”
Cohen replied, “Yes,” and then listed Trump Organization employees who could confirm his claims.