Former lawyer to Donald Trump, Michael Cohen, has recently voiced concerns about the financial liabilities facing the former president. Cohen suggested that these mounting financial burdens could potentially compromise Trump if he were to return to the presidency.
Cohen’s apprehensions were shared during an appearance on MSNBC’s “The Weekend,” where he expressed caution regarding Trump’s potential candidacy for the 2024 GOP presidential race. He emphasized the need to be wary of Trump, stating, “We need to be very careful about him as a potential president because he is for sale.”
One of the key issues highlighted by Cohen is Trump’s need to raise over $500 million in a short period of time. This comes on the heels of Trump being found liable for nearly $355 million in penalties in a civil fraud case in New York. The lawsuit, brought by New York Attorney General Letitia James in 2022, alleged that Trump manipulated his net worth on financial statements to gain tax and insurance benefits.
In addition to this civil fraud case, Trump was also ordered to pay $83.3 million in a separate case for defaming E. Jean Carroll. This adds to a previous $5 million verdict for sexually abusing and defaming Carroll. Trump is also facing four criminal cases, with the New York hush money case set to go to trial next month, where Cohen is expected to testify.
The credibility of Cohen’s testimony in the civil fraud trial was upheld by Judge Arthur Engoron, despite allegations of perjury. The trial concluded with a judgment against Trump, ordering him to pay over $355 million for conspiring to manipulate his company’s value to gain tax and insurance benefits. Engoron also banned Trump from serving as an officer or director in any New York corporation for three years.
Eric Trump, the former President’s son, expressed outrage over the hefty fine imposed on his father, criticizing the court’s decision and lamenting the treatment Trump received despite his contributions to New York City’s skyline.
The concerns raised by Cohen underscore the potential impact of Trump’s financial liabilities on his political future. With ongoing legal battles and mounting financial pressures, Trump’s ability to mount a successful presidential campaign in 2024 may be called into question. As the legal and financial challenges continue to unfold, the implications for Trump’s political ambitions remain uncertain.
