During an appearance on CNN’s program “The Source” on Tuesday, Michael Cohen, the former personal attorney for Donald Trump, made a prediction regarding the financial impact of New York Attorney General Letitia James’ civil suit against the former president. Cohen asserted that the damages awarded in the case could potentially lead to Trump’s bankruptcy. This comes after Judge Arthur Engoron’s ruling that Trump is liable for fraud.
Judge Engoron’s determination highlighted that “The former president and his company deceived banks, insurers, and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.”
Anchor Kaitlan Collins raised the question, stating, “This case is still headed to trial, with the judge confirming the validity of the core investigation. If Trump goes to trial and a judgment of $250 million is issued, the question arises: will he be able to meet such a financial obligation, or will bankruptcy be the likely outcome?”