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Former President Trump leaves Trump Tower in Manhattan on October 18, 2021 in New York City. Photo: James Devaney/GC Images

Two Forbes magazine editors testified Thursday before the grand jury investigating former President Trump and his business practices, according to a post on Forbes' website.

Driving the news: Forbes chief content officer and editor Randall Lane wrote in the post that he answered questions about articles he wrote in 2015 about Trump's fixation with appearing on the magazine's annual list of wealthiest people.

  • Lane said he testified for about 20 minutes and he confirmed various aspects of the articles he wrote in 2015, including the methodology that goes into the Forbes 400 list of the richest Americans.
  • He also said he confirmed that of the approximately 1,600 people who have been on the Forbes 400 since 1982, none of them "have been more fixated on their net worth than Donald Trump," per the post.
  • Lane also confirmed that Trump told him, "I look better if I’m worth $10 billion than if I’m worth $4 billion," and that Trump told said that a higher net worth number "was good for financing." 
  • Deputy wealth editor Chase Peterson-Withorn also testified, answering questions about a 2017 article he wrote about the size and value of Trump’s apartment at Trump Tower.

The big picture: The testimony comes as Manhattan prosecutors seek to determine whether Trump "committed fraud by exaggerating his wealth, not only to Forbes but to banks to secure more favorable loan terms," AP reports.

  • Trump's company, Trump Organization, and its finance chief, Allen Weisselberg in June were charged with tax fraud and are accused of evading taxes on lucrative fringe benefits, per AP.
  • Lane and Peterson-Withorn fought the subpoenas for their testimony, arguing that the testimonies "set a dangerous precedent" for journalistic integrity and potentially have a "chilling effect" on sources.

Go deeper: New York AG seeks Trump deposition in fraud investigation

Go deeper

Updated Jan 13, 2022 - Politics & Policy

Kevin McCarthy declines interview with Jan. 6 select committee

House Minority Leader Kevin McCarthy. Photo: Mark Wilson/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) said Wednesday he will not participate with the Jan. 6 select committee's request to interview him about his communications with former President Trump.

Driving the news: McCarthy, the highest-ranking elected official the panel has asked for information, said that he had nothing to add and criticized the panel's "abuse of power."

Europe's energy reliance on Russia is a crucial shield for Putin

Photo: Pavel Bednyakov/Sputnik/AFP via Getty Images

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.