“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 Michael Cohen
For more than 30 years, Donald Trump lobbiedfor a higher ranking on our annual list of America’s richest people. But the president wasn’t the only person involved in the behind-the-scenes jostling. So, too, was former lawyer Michael Cohen, who is expected to deliver devastating testimony about his former boss on Wednesday.
Among the many subjects: How Donald Trump has manipulated estimates of his net worth over the years. “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 inIt’s a topic Cohen should know well, having had a front row seat for part of Trump’s long-running crusade to appear richer than he is.
Before long, Trump began pushing to be listed on his own—without his father, who remained active in the family business. In 1984, hereporter Jonathan Greenberg, pretending to be a Trump Organization employee named “John Barron.” “Let me just tell you what the deal is, just so you understand,” Trump began, sounding perfectly comfortable faking his identity. “Most of the assets have been consolidated to [Donald] Trump, you know, because you have down Fred Trump.
His fondness for fibbing soon became part of his reputation. “I’m not Donald Trump,” California billionaire David Murdock toldNot always. At times, Trump apparently lowballed the value of his assets to avoid taxes. When Trump and his siblings inherited the majority of their father’s real estate business in 1997, theyclaimed in tax documents that the holdings were worth $41 million, even though they ended up selling them for more than 16 times as much.
Whether Trump is puffing up or playing down his riches tends to come down to what is best for his bottom line. Asked why he had lied about his fortune in the early days, Trump
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