Cohen says Trump inflated financials when trying to buy Buffalo Bills

Buffalo Bills

Michael Cohen, the former personal attorney for President Donald Trump, said the president repeatedly lied about his financial standing including when he applied for a loan while trying to buy the Buffalo Bills.

Cohen made the accusation while testifying before Congress on Wednesday. Cohen told lawmakers that the president would inflate his assets when it suited him and deflate those assets when trying to avoid taxes.

“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,” said Cohen.

In the record, Cohen provided financial statements for the President between 2011 and 2013 that were sent to Deutsche Bank as part of Trump’s bid to buy the Bills — along with articles on the president’s fluctuating valuations.

The form from 2011 shows the President’s total net worth at nearly $4.6 billion. But, less than two years later, a financial statement from 2013 shows the president’s net worth had nearly doubled to more than $8.6 billion.

Cohen also added articles from The Guardian and Forbes that reported on changes in value to Trump assets. The Guardian report found that Trump changed the value of a golf course in Westchester County from its $50 million valuation to just $1.4 million when paying taxes.

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