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“If you really want to get to Donald, the way to do it is through his bankbook,” he told CNN’s Kaitlan Collins. “That’s what really gets to him.”
And this case, he predicted, will have a massive impact on that bankbook.
Judge Arthur Engoron ruled on Tuesday that Trump committed fraud for years by overvaluing his assets and net worth to obtain loans, and the judge ordered the dissolution of some of the former president’s companies.
New York Attorney General Letitia James is seeking $250 million in damages from Trump in the civil case, but Cohen said the exact number will be up to the judge ― and could be much higher.
He estimated it would exceed $600 million after interest and penalties.
And that will be a problem for the former president.
“He does not have that liquid cash available in order to pay that off,” he said, adding that Trump has “limited to no basis” in many of his assets and mortgages on his properties.
Combined with taxes, Trump likely wouldn’t get a major financial windfall from selling off many of his assets.
See Cohen’s full discussion with Collins below:
Is Donald Trump still in business in New York after the judge's ruling?
Michael Cohen, whose testimony sparked the investigation: "No." pic.twitter.com/0DA0kMV0rp
— Kaitlan Collins (@kaitlancollins) September 27, 2023
Cohen, who served as Trump’s personal attorney and fixer, eventually turned on his former boss, cooperated with investigators and testified to Congress.
Some of that testimony was used in the fraud case.
He ultimately pleaded guilty to campaign finance violations, lying to Congress and other charges ― all of which, he said, was done on behalf of Trump ― and was sentenced to three years in prison.