Rudy Giuliani admits Donald Trump is flat broke

| 11:15 pm EDT May 4, 2018
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As more evidence has piled up that Donald Trump simply has no money to his name, Palmer Report has periodically spelled out how it’s possible for someone with billions of dollars in assets can in fact be flat broke with a net worth of less than zero. Now Trump’s new “attorney” Rudy Giuliani is straight up admitting that Trump is indeed broke.

Giuliani’s performance during the Sean Hannity show on Fox News this week was so startling that it was easy to miss some of the finer details. By our count, Rudy admitted that Donald Trump committed at least five different felonies, ranging from illegal election payoffs to obstruction of justice. When Rudy acknowledged that Trump did in fact reimburse Michael Cohen for the $130,000 payout to Stormy Daniels, he stated that Trump paid him back in monthly installments over the course of a year.

Trump owed Cohen a debt of $130,000, yet Trump had to resort to twelve monthly payments to pay it back to him. If Trump were a billionaire, he’d have been able to write a check for a mere $130,000 without missing a beat. Instead it took him a year to gradually get that money back to Cohen. This would the equivalent of a working class person needing a full year to gradually repay a debt of thirteen dollars.

By Rudy Giuliani’s own admission, Donald Trump is so cash-poor that he can’t safely afford to pay out $130,000 at a time. When people with billions in assets are that cash-poor, it’s because they’re so upside down on their assets and so deeply in debt, they can’t get their hands on cash. Their income goes directly to debt service so their assets aren’t repossessed. It means their debts are larger than the value of their assets. It means they have a negative net worth. That’s the case with Donald Trump. He’s not a billionaire, not a millionaire, not even a thousandaire. He’s just flat broke.