Trump Used Magazine Article To Prove His Worth In Loan Application

It was revealed in the New York fraud trial this week that Donald Trump actually tried to use an article from Forbes as a proof of income and worth while attempting to obtain a bank loan. These articles are rough estimates and are not meant to be used as actual financial documents, and Trump's chances of saving his company appear to be dying with each passing day of the trial, especially with new information like this emerging. Farron Cousins explains what's happening.

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*This transcript was auto-generated. Please excuse any typos.

It was revealed this week in the New York fraud trial against Donald Trump, his adult sons and his organization. Then all the way back in 2014 when Donald Trump was trying to buy the, uh, Buffalo Bills NFL football team, that he was one of the final six bidders on it. I mean, they, they had dozens and dozens of bidders and tr Donald Trump made it to the final six. And at that point, you know, the, the banks were like, all right, everybody turn over your financial documents so we can see who actually has the money to put up to buy the football team.

And according to K Don Cornwell, an executive at Morgan Stanley, who testified in the trial this week, he said Donald Trump didn't give us his financial statements. Instead, what he gave us was a magazine article from Forbes, you know, their Fortune 500 list. And Donald Trump just submitted a magazine that was estimating his net worth as proof of income that he can totally afford to buy an NFL football team in cash. He didn't wanna turn over any bank statements. No financial records, no tax documents. No, no, no. You don't need that. I have something even better. I have a magazine that says I got a lot of money.

O obviously Donald Trump did not win the bidding war for the Buffalo Bills. And because this happened in 2014, it can't necessarily be used as evidence against him in this fraud trial because the statute of limitations, uh, kind of cuts off right around there. But, um, hmm. You know, here's the thing, I have looked just outta curiosity, right? I, I've Googled myself a fared cousin's net worth, and those estimates, by the way, are like way off. There was one, one time that said, I'm worth $2 million. Trust me, I'm not even worth anywhere close to $1 million. But if I were using Trump Logic, I could just print out that article, go to the bank and be like, Hey, bank, I need, I need a mortgage for this mansion I wanna buy, uh, don't bother looking at my bank statements. No, no, no, no, no. I have an article here from the internet that says, I have a lot of money. So, you know, it's basically the same thing, right? Tomato, tomato, you want me to prove I have money. This article says I have it. Who are we to argue with them that is effectively what Donald Trump did while trying to buy the Buffalo Bills. Again, this can't be used as evidence against him, uh, to prove fraud. But what it shows, and this can be used against him, it shows his reluctance

To turn over his financial documents, and more importantly, according to legal experts, it shows that it was around this time that Donald Trump started to realize, wait a minute, I actually don't have as much money as I want people to think I do. You know, I was about to get exposed. Luckily I didn't win the bidding war for the Buffalo Bills. Uh, but if I had one, I'd have to turn over these documents. They'd see I don't have it. So maybe, and this is what legal experts believe happened, because it's right around the time that may be when Donald Trump decided to start cooking the books in case another major purchase came up in the future, and he did have to turn over his financial documents. You know, there's, there's not always gonna be a magazine article that you can turn into the banks and say, Hey, look at all this money I got. So, prosecutors, uh, uh, legal experts believe that prosecutors may use this to show that this was the event. This was the turning point where Donald Trump realized he's gotta start cooking the books. If he wants to make people think he has enough money to buy big things, you know, like an NFL franchise.