'It'll hit him hard', Michael Cohen says Trump could go broke, may face jail time ahead of his testimony

Michael Cohen, 57, was once an attorney for Donald Trump and the vice president of the Trump Organisation. Following his testimony in the $250 million New York civil fraud case against Donald Trump's business empire, Cohen has predicted that the former US president will lose a massive fortune by the time a judgment is reached. His organisation's financial statements, which Attorney General Letitia James claimed were manipulated by the Trump family, are one of the main factors in the case. The Ex-POTUS' former fixer believes that there could be a potential judgment of $600 million or more. “Mind you, he does not have that in equity,” Cohen said in an interview with Salon.

ALSO READ: Donald Trump falls off Forbes 400 list of richest Americans, here's why

Talking about the former US president's ability to pay such a hefty amount, Cohen explained, “He (Trump) does not have that in equity. So when these assets get sold — and remember, he is low basis in most if not all of these assets — take the tax implications and then subtract from that the outstanding mortgages that may exist.” The former lawyer added, “Technically, there is nothing left.” Moreover, Cohen, who believes that Trump will not win the 2024 elections, said, “that’s his ‘get out of jail free’ card. He’s not running for anything other than to stay out of jail.” Cohen also noted how serving jail time could “hit him as hard as this case is currently hitting.”

Recently, Cohen also criticised Donald Trump Jr. and Eric Trump for lying in their depositions. In an interview with MSNBC, the former lawyer alleged Trump and his sons of lying “under oath.” He said, “I mean, the guy lies the way that you breathe, and the kids are doing the same thing—how stupid do they have to be?” Referring to Eric's statement on the stand- “I pour concrete. I operate properties,” Cohen said, “Let me be very clear: Eric has never poured concrete in this life. He wouldn't know how to pour quicksand by adding water to it.” Blasting his claims of knowing nothing about his father's fraud, Cohen said, “It is sad to stay, how stupid do you have to be when you are Eric Trump, for example, executive vice president of the Trump Organization, and you claim all you really do is, you know, you pour concrete?”