Longtime Trump lawyer Michael Cohen testified that Donald Trump routinely 'inflated' valuations of his property empire – and furnished documents furnished to a lender in order to secure funds for Trump to buy the Buffalo Bills.
Cohen handed over internal Trump financial valuations from 2011 through 2013 – including documents he said were used to try to obtain a loan for the football team purchase.
Cohen's valuations show a sudden jump in Trump's self-proclaimed worth, from $4.6 billion in 2012 to $8.7 billion a year later, when he was angling to buy the team.
'These documents and others were provided to Deutsche Bank on one occasion where I was with them in our attempt to obtain money so that we can put a bid on the Buffalo Bills,' Cohen testified at the House Oversight Committee.
Michael Cohen called Trump's financials 'inflated' and said plussed-up documents were turned over to Deutsche Banke
'I believe these numbers are inflated,' the former fixer said of the valuations generally.
Willfully lying to a lender to get a loan can be a crime, as Cohen would know, following his false representations to a bank to secure a $130,000 home loan to pay porn start Stormy Daniels, who claims she had an affair with Trump.
Cohen also provided a check Trump used to pay him back.
Cohen said they documents were those Trump 'gave to such institutions as Deutsche Bank,' indicating other lenders may be involved.
The March 31, 2013 statement includes a $4 billion valuation for 'brand value' – a figure that wasn't included the prior year.
Cohen raced through how the figures would get reached during the 10 years when he was a key Trump advisor.
The Buffalo News noted that Trump's bid to buy the team failed, ending when Terry Pegula bough the franchise from the estate of Ralph Wilson in 2014.
The documents show a Trump net worth of $8.6 billion in 2013
Trump's 2011 form showed $4.6 billion in assets
'You look at the assets. And you try to find an asset that has say, for example 40 Wall St.,' a building he put at 1.2 million square feet.
Then, you 'find an asset that is comparable. Find the highest price per square foot. And apply it to that building,' Cohen said.
He also said Trump would direct subordinates to develop figures that would get him a better ranking in Forbes' list of the wealthiest Americans.
'I believe these numbers are inflated,' the former fixer said of the valuations generally.
In his written testimony, Cohen told the panel: 'As previously stated, I’m giving the Committee today three years of President Trump’s financial statements, from 2011-2013, which he gave to Deutsche Bank to inquire about a loan to buy the Buffalo Bills and to Forbes [magazine]. These are Exhibits 1a, 1b, and 1c to my testimony. It was my experience that Mr. Trump inflated his total assets when it served his purposes, such as trying to be listed among the wealthiest people in Forbes, and deflated his assets to reduce his real estate taxes.'
Cohen also described an additional reason. 'Another was when we were dealing later on with insurance comps we would provide them with these copies so that they would understand that the premium, which is based sometimes upon the individual's ability to pay, would be reduced,' he said.
In 2012, Trump was claiming assets of $5 billion
The form shows Trump claimed his net worth was $5 billion in 2012
Link hienalouca.com
https://hienalouca.com/2019/02/28/cohen-documents-show-trump-claimed-5-billion-worth-in-2012-and-8-6-billion-worth-a-year-later/
Main photo article Longtime Trump lawyer Michael Cohen testified that Donald Trump routinely ‘inflated’ valuations of his property empire – and furnished documents furnished to a lender in order to secure funds for Trump to buy the Buffalo Bills.
Cohen handed over internal Trump financial valuations fr...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/1s/2019/02/27/17/10368944-6752285-image-a-64_1551287773543.jpg
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