Last week, Trump's former personal attorney, Michael Cohen, testified that the president provided inflated valuations of his assets to insurers. (Image: Shutterstock)
(Bloomberg Opinion) – A series of hurricanes tore through Florida in 2005, and Mar-a-Lago, President Donald Trump's business and residence in Palm Beach, was apparently very beaten up because Trump collected about $18.3 million in insurance payments from Aon plc that year.
When my attorney asked Trump during a 2007 deposition if he ever plowed all of those funds back into his club, he pointed out that "under the insurance plan you didn't have to" even though "the hurricane really did tremendous damage."
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