Tag: Donald Trump

Michael Cohen testimony ties Donald Trump to hush money payment

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Michael Cohen directly connected Donald Trump to the hush-money payment to adult-film actress Stormy Daniels to keep their alleged sexual encounter out of the news ahead of the 2016 election.

Taking the witness stand in the Manhattan criminal trial on Monday, Trump’s former lawyer and fixer recalled an October 2016 conversation in which the former president said that public disclosure of Daniels’ story would spell “disaster” for his White House bid. Trump expressed frustration that Daniels was trying to shop her story to the media and told Cohen to pay her $130,000 to buy her silence.

“This is a disaster, a total disaster,” Cohen said Trump told him. “Women will hate me. Guys may think it’s cool, but this is going to be a disaster for the campaign.”

Cohen, the star witness in the hush-money case, detailed how Trump signed off on a plan to cover up the $130,000 Daniels payment under the guise of legal fees. Cohen’s testimony offered an insider’s perspective into Trump’s state of mind when he entered into the agreement.

The testimony is a crucial moment for the district attorney’s office, which must convince the jury that Trump falsified dozens of business records in order to conceal the true nature of checks he made out to Cohen throughout 2017. It’s one of four criminal cases Trump is facing as he campaigns to return to the White House.

Under questioning by the prosecutor, Cohen elaborated on a trove of emails, texts and heated discussions, including Trump’s directives, as the trial entered its fifth week. His testimony is potentially the most damaging against the former president so far, giving a first-hand account of Trump allegedly directing him to falsify financial records.

Cohen said he heard Daniels was speaking to publications about her story just after Trump was caught on an “Access Hollywood” tape boasting about sexually assaulting women. Prosecutors allege that the timing of the Daniels’ hush-money payment was motivated by the release of the tape, which lead to a media frenzy.

Cohen also described an ongoing arrangement with former National Enquirer publisher David Pecker, who worked to shield Trump from unflattering stories long before the 2016 presidential campaign. Cohen testified that he was part of a 2015 meeting at Trump Tower in which Pecker assured Trump he’d help silence negative stories about him during the campaign. His testimony largely mirrored that of Pecker, who took the witness stand earlier.

In the weeks that followed the release of the Access Hollywood tape, Pecker balked at paying Daniels the agreed-upon $130,000 himself, Cohen said. Pecker told Cohen that Trump had failed to reimburse him for earlier salacious stories he’d bought to protect the billionaire.

According to Cohen, Trump grew angry with him for not making the Daniels problem go away, since the lawyer had convinced Pecker to remove a 2011 article about her claims from a gossip blog.

“I thought you had this under control. Just take care of it,” Cohen said Trump told him.

Took Out Loan

Cohen decided to pay Daniels himself by tapping a home equity line of credit. Prosecutor Susan Hoffinger walked Cohen through a raft of emails and banking records that he said showed how he worked out the hush-money deal, using what he described as a legal retainer for his services after he set up the company that made the payments.

“I’m not sure they would have opened it if it stated ‘to pay off an adult film star for a nondisclosure agreement’” Cohen said, chuckling.

Cohen is set to return to the stand on Tuesday. Trump’s lawyers on cross examination are expected to paint Cohen as a serial liar with a vendetta against his former boss, whose testimony can’t be trusted. Cohen has pleaded guilty to lying to Congress about plans to build a Trump Tower in Moscow.

‘Beautiful Woman’

Cohen described the chaos the Access Hollywood tape posed for Trump’s campaign. He worked with Pecker to shield Trump from unflattering stories long before the 2016 presidential campaign. The Daniels story would be “catastrophic” for the campaign, Cohen said, because Trump was polling low with women.

Cohen recalled Trump saying: “push it out as long as you can, just get past the election. If I win, it has no relevance, because I’m president. But if I lose, I just don’t care.’”

Cohen said Trump asked him to reach out to his media contacts and tell them that his words in the Access Hollywood recording were “locker room talk,” saying, “that’s how his wife, Melania regarded it.”

Trump was more concerned about his political future than about his wife finding out about his infidelity, Cohen said. The lawyer asked about Melania Trump.

“Don’t worry, how long do you think I’ll be on the market? Not long,’” Trump said, according to Cohen.

Cohen kept Trump’s secrets for years before a bitter falling out in 2018, after the lawyer pleaded guilty to illegal campaign finance charges over the hush-money payment to the adult film actress. The relationship the two forged was shattered after Cohen pleaded guilty in federal court in New York in August 2022, saying he’d paid two women so they did not disclose their “alleged affairs with the candidate.”

In addition to the payment to Daniels, Cohen admitted to facilitating an illegal contribution of $150,000, which former Playmate Karen McDougal received from the National Enquirer to quash her story about an alleged affair with Trump.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Chicago Booth’s Anil Kashyap forecasts prolonged inflation at higher level

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Anil Kashyap, an Economics and Finance Professor at Chicago’s Booth School of Business (Chicago Booth), alerted that inflation might persist at a higher level than anticipated, possibly remaining around 3% instead of receding. Additionally, he addressed the difficulties confronting the European and Japanese economies, underlining the crucial role of central bank policies in mitigating risks.

In an interview with CNBC-TV18, Kashyap discussed in detail the global macro economy outlook, US inflation and where it is headed, adding that he expects the US Federal Reserve to wait until September for the first rate cut, citing political considerations.

Speaking further about US inflation, he stated that there are numerous signs suggesting that inflation will persist stubbornly. Therefore, he doesn’t anticipate it to simply decline back to 2% without any significant impact. It appears that inflation is hovering around 3%, which wouldn’t be historically unexpected. The notion that it would swiftly return without a period of economic slowdown is doubtful. Hence, inflation might be higher than what the market initially believed, and even presently, there could be some optimism in the markets.

When questioned about rate cut expectation, Kashyap said, “They will cut rates in September, pretty close to the election, I think they would have to have clear evidence that inflation had fallen at that point to do that. Otherwise, they will probably just wait for another meeting or so.”

Also Read | US Federal Reserve holds steady on interest rates, signals potential future cuts

Talking about global economies, he said that if Donald Trump wins the US Presidential election, he will quickly cut a deal with Russia to try to get rid of that problem as far as he sees it and that could be very chaotic for Europe. The Middle East looked like at one point they were on the verge of a huge fight between Israel and Iran, which would also be very disruptive to them as an energy price shock. So, there’s a lot of downside risk in the global economy.

“Japan is a place where there is some good news, I mean, they have managed to end their yield curve control without having the markets throw a tantrum. They will begin starting to normalise, we will see how they are able to do that and whether they can tighten a little bit. So, the direction of what central banks are going to do is more divergent than it would usually be,” Kashyap added.

Also Read | The latest signal from US Fed is soothing for the markets

For the entire interview, watch the accompanying video

Catch all the latest updates from the stock market here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Trump hush money trial: Judge warns ex-President of potential jail time for violating gag order

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The judge in Donald Trump’s criminal trial fined him $1,000 and held him in contempt of court for a 10th time on Monday for violating a gag order and warned that further violations could land the former president in jail.

Justice Juan Merchan said the nine $1,000 fines he had imposed so far did not seem to be deterring the wealthy business mogul from violating the order, which bars him from speaking publicly about jurors and witnesses in the first criminal trial of a former US president.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Trump Media dismisses auditor BF Borgers amid SEC fraud charges

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Former US President Donald Trump’s media and technology company said it had replaced its auditor, BF Borgers, after the US Securities and Exchange Commission (SEC) charged the accounting firm with “massive fraud” on Friday.

Trump Media & Technology Group said in a filing with the SEC on Monday that it had switched to Semple, Marchal & Cooper on Saturday. The change was recommended and approved by the company’s audit committee.

Borgers, the auditor of the Truth Social parent since 2022, agreed to a $12 million civil penalty and to discontinue practising as accountants on SEC filings, the agency said.

Trump Media is looking forward to working with its new auditing partners following the SEC’s decision, a spokesperson for the company said in an emailed statement on Friday.

According to the SEC, Borgers did not properly maintain and audit documentation, fabricated audit planning meetings and in some cases, passed off previous audits for the current audit period.

Shares of Trump Media have witnessed significant volatility since they began trading on March 26, prompting the company to send a letter to Nasdaq CEO Adena Friedman last month, alerting the exchange to “potential market manipulation” in the stock.

Shares of the company were down about 2% in premarket trading.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Donald Trump jury hears him discuss payment with Michael Cohen on secret tape

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The jury in Donald Trump’s hush money criminal trial heard a secret recording in which the former president discussed a payment with his then-lawyer Michael Cohen months before the 2016 election.

The exchange, played in court on Thursday, was made by Cohen, a key prosecution witness. The recording didn’t name names or specify the amount of the payment, but the timing coincides with a $150,000 deal with former Playboy Playmate Karen McDougal to keep her quiet about an alleged affair with Trump years earlier.

Trump, who is campaigning to return to the White House in the November election, is on trial for allegedly falsifying business records to conceal a $130,000 hush payment to another woman, adult-film star Stormy Daniels, days before the 2016 election. Both women may take the witness stand.

Cohen can be heard saying he needs to set up a shell company to facilitate a payment, and mentions “David” — an apparent reference to then American Media Inc. Chief Executive Officer David Pecker, who published the National Enquirer and ultimately made the hush payment to McDougal. Pecker also testified earlier in the trial about his efforts to help Trump win the election, including by buying and burying negative stories about Trump.

“I need to open up a company regarding the transfer of information related to that info for David,” Cohen tells Trump in the recording. “It’s all the stuff, because you don’t know…I am all over that, when it comes to the financing.”

“What financing?” Trump asks.

“No, no, no I’ve got it,” Cohen assured him.

It’s unclear if the jury will hear the entire recording, which also includes Trump referring to the full amount of the hush payment and suggesting Cohen pay in cash. Cohen ultimately turned on Trump and pleaded guilty to federal charges stemming from the payments.

Earlier Thursday, the jury heard from Keith Davidson, the lawyer who represented Daniels when she accepted $130,000 from Cohen to keep silent about an alleged affair with Trump. He testified about his concern that his role in arranging the hush payments may have helped the real estate mogul win the White House.

Davidson, who also represented McDougal, described a series of text messages in which he expressed his concern to Dylan Howard, the editor of the Enquirer, on election night 2016, after the salacious stories about Trump were suppressed.

“What have we done?” the lawyer said to Howard in a text message displayed on screens for the jury. “Oh, my god,” Howard responded.

Trump is on trial in Manhattan for allegedly falsifying dozens of business records to conceal the payment to Daniels.

Manhattan District Attorney Alvin Bragg argues the hush-money agreement with Daniels in 2016 became crucial after the release of the so-called Access Hollywood tape, in which Trump boasted about assaulting women. Trump went on to win the election against Hillary Clinton.

Hogan, Sheen and Lohan

On cross-examination, Trump attorney Emil Bove attempted to depict Davidson as a sleazy lawyer who had a history of extorting settlements from celebrities caught up in scandals.

Beyond Daniels and McDougal, Davidson represented clients in negotiations involving former professional wrestler Hulk Hogan and actors Charlie Sheen and Lindsay Lohan, according to Bove.

Bove asked if Davidson had sought $1 million from Hogan’s representatives to buy a video tape, which showed him having sex with a friend’s wife. Davidson said he made a “monetary demand.”

The tape was later published by the website Gawker. Hogan sued Gawker for invasion of privacy and was awarded $140 million, bankrupting both the site and its founder, Nick Denton.

The exchange grew testy at times, after Davidson said several times he couldn’t recall specific cases. Bove said his memory seemed “a little fuzzy.”

Contempt Hearing

Earlier Thursday, before the jury entered the courtroom, lawyers for the district attorney urged Justice Juan Merchan, who is overseeing the trial, to hold Trump in contempt of court for a second time. Prosecutors said that Trump’s comments about Cohen and other witnesses have violated a gag order.

But Trump attorney Todd Blanche said the former president’s comments are fair game because he is just responding to Cohen’s insulting online comments. Several of Cohen’s recent posts mocking Trump — including one depicting him wearing an orange prison jumpsuit — were displayed on screens.

Merchan earlier this week fined Trump $9,000 and threatened to jail him over future violations of the gag order. Prosecutors said they were still seeking fines, rather than incarceration for the latest statements.

Trump’s use of social media, news interviews and campaign speeches has created a challenge for judges overseeing his many legal cases as they weigh the impact of his public comments against his free-speech rights. Trump’s remarks became an issue after individuals he attacked on social media were swamped with online threats by his supporters.

The judge ended the hearing without issuing a ruling on the contempt issue.

But in the afternoon session, Trump lawyer Susan Necheles asked the judge to allow Trump to post articles by legal experts criticizing the prosecution and the witnesses. The lawyer argued such preapproval was necessary because the gag order is vague, drawing the wrath of Merchan.

“I am not going to give advance rulings. There is no ambiguity in the order,” Merchan said. “My advice to your client is steer clear.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Judge fines Donald Trump $9,000, threatens jail for contempt in hush money trial

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Trump raises stake in his media firm to nearly 65%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Donald Trump has raised his stake in the company that operates his social media app Truth Social to nearly 65% as of last week, according to a filing on Tuesday.

The former US president and Republican presidential candidate secured 36 million shares of Trump Media & Technology Group (TMTG), increasing his stake from 57.6% as of March.

The stock has surged over 50% to $49.93 in the past five sessions but is still down about 25% from its closing peak on March 27.

Reuters reported last week that Trump would secure a stock bonus worth $1.3 billion from TMTG, equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.

The bonus also reflects the exuberant trading in TMTG’s shares, which have been on a roller coaster ride since the company listed on the Nasdaq last month through a merger with a special purpose acquisition company (SPAC) and was snapped up by Trump supporters and speculators.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Donald Trump hush money trial: Judge tells former President is “losing all credibility” in the case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The judge overseeing Donald Trump’s criminal hush money trial on Tuesday warned that Trump’s lawyer was “losing all credibility” in his arguments that the former president should not be punished for violating a gag order in the case.

Justice Juan Merchan said he would not immediately rule on prosecutors’ request to fine Trump $10,000 for violating the order, which prevents him from criticizing witnesses and others involved in the case.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Trump hush money trial: On Day 1, prosecutors say he corrupted 2016 election

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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New York prosecutors said on the first day of Donald Trump’s criminal hush money trial that the former president broke the law and corrupted the 2016 election by trying to cover up sexual encounters with a porn star and a Playboy model, while his defense lawyer said he committed no crime.

Jurors in the historic trial also heard briefly from the prosecution’s first witness: former National Enquirer publisher David Pecker, who prosecutors say participated in a “catch and kill” scheme to suppress unflattering stories about Trump and help him get elected.

In the first-ever trial of a former US president, Trump is charged with falsifying business records to cover up a $130,000 payment to porn star Stormy Daniels in 2016 to keep quiet about a sexual encounter she says they had 10 years earlier. Trump has pleaded not guilty and denies the encounter took place.

Prosecutors portrayed the payment as a criminal effort to deceive voters at a time when Trump was facing other accusations of crude sexual behavior.

“This was a planned, coordinated, long-running conspiracy to influence the 2016 election, to help Donald Trump get elected through illegal expenditures to silence people who had something bad to say about his behavior,” prosecutor Matthew Colangelo said. “It was election fraud, pure and simple.”

Colangelo told the jury that they would hear Trump working out the details of the scheme in recorded conversations and see an extensive paper trail to back up the testimony of witnesses.

Trump’s lawyer told the jury that the former president did not commit any crimes and said Manhattan District Attorney Alvin Bragg should not have brought the case.

“There’s nothing wrong with trying to influence an election. It’s called democracy. They put something sinister on this idea, as if it’s a crime,” Trump lawyer Todd Blanche said.

Wearing a blue tie and dark blue suit, the Republican presidential candidate watched the court proceedings and occasionally spoke to his lawyer. A Secret Service agent wearing an earpiece sat directly behind him.

The lawyers made their opening statements in what may be the only one of Trump’s four criminal prosecutions to go to trial before his Nov. 5 election rematch with Democratic President Joe Biden.

The case is seen by many legal experts as the least consequential of the Trump prosecutions, based on facts that have been public since 2018. A guilty verdict would not bar him from taking office, but it could hurt his candidacy.

Reuters/Ipsos polling shows half of independent voters and one in four Republicans say they would not vote for Trump, if he is convicted of a crime.

Before proceedings got under way, Trump called on his supporters to peacefully protest nationwide, but few greeted him when he arrived at the downtown Manhattan courthouse. Trump blamed security restrictions for the poor turnout, though the surrounding streets were open to the public.

Trump faces three other criminal indictments stemming from his efforts to overturn his 2020 election defeat and his handling of classified documents after leaving the White House in 2021.

34 Criminal Counts

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Man sets self on fire outside New York court where Trump trial underway

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A man set himself on fire on Friday outside the New York courthouse where Donald Trump’s historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.

The man burned for several minutes in full view of television cameras that were set up outside the courthouse, where the first-ever criminal trial of a former U.S. president is being held.

“He was on fire for quite a while,” one witness, who declined to give his name, told reporters. “It was pretty horrifying.”

Officials said the man, who is in his late 30s, survived and was in critical condition at a hospital.

Witnesses said the man pulled pamphlets out of a backpack and threw them in the air before he doused himself with a liquid and set himself on fire. One of those pamphlets included references to “evil billionaires” but portions that were visible to a Reuters witness did not mention Trump.

The New York Police Department said the man, who they identified as Max Azzarello of St. Augustine, Florida, did not appear to be targeting Trump or others involved in the trial.

“Right now we are labeling him as sort of a conspiracy theorist, and we are going from there,” Tarik Sheppard, a deputy commissioner with the Police Department, said at a news conference.

In an online manifesto, a man using that name said he set himself on fire and apologised to friends, witnesses and first responders. The post warns of “an apocalyptic fascist coup” and criticizes cryptocurrency and U.S. politicians, but does not single out Trump in particular.

A smell of smoke lingered in the plaza shortly after the incident, according to a Reuters witness, and a police officer sprayed a fire extinguisher on the ground. A smoldering backpack and a gas can were visible.

The downtown Manhattan courthouse, heavily guarded by police, drew a throng of protesters and onlookers on Monday, the trial’s first day, though crowds have dwindled since then.

JURY SELECTION COMPLETED

The shocking development came shortly after jury selection for the trial was completed, clearing the way for prosecutors and defense attorneys to make opening statements on Monday in a case stemming from hush money paid to a porn star. The court adjourned later in the afternoon.

The 12 jurors, along with six alternates, will consider evidence in a first-ever trial to determine whether a former U.S. president is guilty of breaking the law. Prosecutors intend to call at least 20 witnesses, according to Trump defense lawyer Susan Necheles. Trump may testify on his own behalf, in a risky move that would open him up to cross-examination.

The jury consists of seven men and five women, mostly employed in white-collar professions: two corporate lawyers, a software engineer, a speech therapist and an English teacher. Most are not native New Yorkers, hailing from across the United States and countries like Ireland and Lebanon. The alternates, who will also hear the case, are held in reserve in case one of the jurors has to leave due to illness or some other cause.

Trump is accused of covering up a $130,000 payment his then-lawyer Michael Cohen made to porn star Stormy Daniels before the 2016 election to keep quiet about a sexual encounter she says they had a decade earlier.

Trump has pleaded not guilty to 34 counts of falsifying business records brought by Manhattan District Attorney Alvin Bragg and denies any such encounter with Daniels, whose real name is Stephanie Clifford.

Trump has pleaded not guilty in three other criminal cases as well, but this is the only one certain to go to trial ahead of theNov. 5 election, when the Republican politician aims to again take on Democratic President Joe Biden.

A conviction would not bar him from office.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow