Donald Trump's former lawyer, Michael Cohen, spoke with CNN's Kaitlan Collins about what the impact would be as a result of Tuesday's decision regarding the Trump Organization.
While more is to be decided, the Trump Organization must cease operations in the state for 5 years.
"If you really want to get to Donald, the way to do it is through his bankbook," explained Cohen. "Not by saying he is a narcissistic sociopath, or he is definitely not 6'3" and 215 pounds. You go after the wallet. Once you start hitting that bankbook, that is what gets to him."
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Collins explained that much of the financial suits in Manhattan and New York state rely on Cohen's information, including his statement to Congress in 2019. It was there that Cohen said Trump inflates assets and it's at Trump's direction.
"You are someone who was incredibly close to Donald Trump," Collins said. "There was a reason you were able to provide that information to the congressman and the congresswoman. Do you think he regrets your relationship was severed seeing how this ended up?"
Cohen explained only a normal person would think that way, and that Trump isn't a normal person.
"Most human beings would say, absolutely," the former lawyer said. "It was a grave mistake. Donald does not see things that way. He may feel it when he is by himself and reflecting upon it. When it comes to openly acknowledging and admitting, Donald is incapable of fault."
In a statement on Truth Social, Trump claimed that there is a value to his name and his brand and that amount was never calculated into his net wealth by the courts.
Cohen agreed that there is a "value," but it certainly isn't the billions of dollars Trump claims it to be.
"Look, again, when it comes to the value of the brand, sure. What's the value of the brand now?" Cohen asked. "Obviously, significantly less. If you're talking about an asset — you need to talk about the asset. What does brand value have to do with over-inflating the square footage of your primary residence, his triplex on Fifth Avenue to 33,000 square feet when the unit is actually 11,000 square feet? What does the brand value have to do with claiming it is worth $15,000 a square foot or whatever he put down onto it when, in fact, nothing in the entire area of that building, for sure, ever approached a price per square foot even in the stratosphere."
Trump and his son, Eric, claim that the court ruled that Mar-a-Lago is valued at $18 million. It's a stat that Collins repeated, but the truth is that the court said it was between $18 million and $27.4 million. Zillow sets it at closer to $24 million in the estimations.
"Mar-a-Lago is not Donald's house," Cohen explained. "It is a country club. It is a social club. It is zoned as a social club. You cannot just change zoning simply from Monday to Tuesday by saying, today I want it to be a house. Therefore, it will be under R1 zoning. Therefore it is worth $300 million. It does not work that way."
Courthouse News reporter Erik Uebelacker posted screen captures from the ruling. Among the things said in court is that square footage is "subjective," which is how Trump's apartment ended up being three times bigger than it actually was on the financial statements.
Not mentioned during the discussion between Cohen and Collins is that several publications and reporters have written about Trump's plane being worth $100 million.
"Trump traveled to the Fulton County jail on his prized Boeing 757 private jet, for which he paid $100 million in 2011 and has since decked out with luxuries like a private bedroom and gold-plated seatbelts," claimed Insider in a report last month. There was no citation to prove the amount, it was merely stated as if it were a fact.
It's an amount Trump declared it to be. The reality is that the plane is worth far less. A Boeing 757-200 from 1991 doesn't even come close to $100 million. The Boeing BBJ Max 7 was released this year, estimated at $100 million and boasts significantly more space and includes bedroom cabins, office space and large tables for dining or meetings. The main bedroom has a king-sized bed and a huge television that rises up from the sideboard furniture. The ensuite bath has a large rainshower.
Another example of a $100 million aircraft would be the F-35 Lightning II fighter jet, which recently crashed in South Carolina after a pilot was forced to eject. It was equipped with stealth technology.
The Insider sourced CNN, which explained, "the 2013 Trump-sanctioned documentary about the plane says Trump paid $100 million for it. Even if he paid far less than that, similar 757’s are currently up for sale at a market price of about $7 million - $10 million."
According to a 2021 post in Simple Flying, "the going rate for a Boeing 757-200 is now US$3.58 million to $11.27 million. Let's take a look what contributes to this figure. There remain 250 Boeing 757-200s still with passenger airlines, although around one-third are parked. The plane remains popular in the United States."
Trump purchased the plane in 2010 from Microsoft billionaire Paul Allen, when it was valued somewhere between $4 million to $12 million. After renovating "Trump Force One" following his presidency, he bragged that his supporters were the ones who helped him make the necessary upgrades.
The 32-year-old plane scored a new engine, maintenance and a paint job.
Given Trump's claims that his apartment was three times the size it really was, it's unclear if he's overestimating the value of the plane as well. But what is clear is that the numbers don't add up there either.
See Cohen's full interview below or at the link here.
Michael Cohen reacts to trump's guilty fraud ruling Kaitlyn Collins CNN the sourceyoutu.be
