“How President Trump may have inflated and deflated his personal wealth is more than mere curiosity: It could be of keen interest to any authorities trying to figure out if he misrepresented himself to insurance companies and lenders,” Bloomberg reports.

“Former Trump fixer Michael Cohen attested to Trump’s shifting wealth valuations to lawmakers on Wednesday, bearing what he said were annual net-worth summaries prepared for Trump earlier this decade. Trump handed the summary with high valuations to lenders and journalists, Cohen testified. When it came to tax authorities, he lowballed.”

“If falsehoods went to financial institutions, that would provide fertile ground for prosecutors in New York.”

Adam Davidson: “Wednesday’s testimony is a huge moment in Trump’s Presidency. It is unlikely, though, to diminish the country’s political chasm. Cohen will be dismissed by the President and his allies as a liar trying to reduce his prison sentence. Trump’s supporters will continue to back him.”

“But it will be a kind of accounting, under oath and before the world, from Cohen that we haven’t had yet. It is only a beginning, a timid beginning, that both gives new information and is also a crucial performance, a visual image of Trump’s indecency that will be remembered for generations. It is unlikely to be the last.”

The Wall Street Journal has an excellent live blog of new revelations in Cohen’s testimony.