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Trump Can't Control the Process Anymore. It's Unraveling on Him. Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=11104"><span class="small">Charles Pierce, Esquire</span></a>   
Friday, 30 November 2018 13:36

Pierce writes: "Michael Cohen's latest plea is a sign Robert Mueller is turning the screw."

Special Council Robert Mueller. (photo: Getty)
Special Council Robert Mueller. (photo: Getty)


Trump Can't Control the Process Anymore. It's Unraveling on Him.

By Charles Pierce, Esquire

30 November 18


Michael Cohen's latest plea is a sign Robert Mueller is turning the screw.

ee? This is what I'm talking about. A nice, straight, bright line, beginning in one place and ending in another, easily seen through the foul murk of the president*'s public career. From The Washington Post:

President Trump’s former personal attorney Michael Cohen pleaded guilty Thursday in New York to lying to Congress about a Moscow real estate project that Trump and his company pursued at the same time he was running for president...

During the campaign, Cohen acted as Trump’s point person in an attempt to build the Trump development in Moscow. He has said the project was in its early stages in fall 2015, as Trump’s presidential campaign heated up. Cohen previously said the project stalled in January 2016, prompting him to email a top aide to Russian President Vladi­mir Putin seeking help. Cohen previously said that he never received a response and that the project was halted that month.

In fact, according to Thursday’s court filing, the Russians did respond and Cohen discussed the project for 20 minutes on the phone with an assistant to Dmitry Peskov, a senior aide to Putin. At the time, Cohen was seeking help with both securing land and financing...Prosecutors also said that Cohen continued to have contact into summer 2016 with Felix Sater, a Russian-born developer assisting with the project. Some of those contacts were first reported by The Washington Post.

Cohen’s guilty plea — his second in four months — is the latest development in a wide-ranging investigation by special counsel Robert S. Mueller III into Russian interference in the 2016 election. Activity in that probe has intensified this week, as one planned guilty plea was derailed and, separately, prosecutors accused Trump’s former campaign chairman Paul Manafort of lying to them since he pleaded guilty...Trump has repeatedly said he had no business dealings in Russia, tweeting in July 2016, “For the record, I have ZERO investments in Russia,” and telling reporters in January 2017 that he had no deals there because he had “stayed away.”

It always was about the money. The president* always defined himself by it. It was the comforting myth of his public existence, the fairytale he told himself so he could sleep at night through all the failure and bankruptcy and the whoring after cash, dirty or laundered, all over the world. Take away the money—or, more accurately, the perception of the money—and there simply is nothing left of the man. Take away the money, and he can't see himself in the mirror. So he would do anything, including imperil his presidency and, therefore, the country, to save himself from the horrible realization that the money was all there was to him and there wasn't any money anymore.

What the hell? What was the presidency to him but another mirror in which he still could see a man made of money?

So comes now Michael Cohen to talk about the money, and to lie to Congress about the money, and now to tell the Court, and Robert Mueller, the truth about the money. And we discover that Robert Mueller is no fool, and that he has known, all along, that it was about the money and that it always was about the money.

Cohen worked as a top lawyer to Trump and his real estate company for a decade. After Trump took office, Cohen left the company and became a personal attorney to the president, while taking on consulting clients, including AT&T, Novartis and a New York firm that manages assets for a Russian billionaire.

Once one of Trump’s most loyal aides, he has taken a swift and thorough turn against the president in recent months. Cohen used to describe himself as Trump’s pit bull and delighted in jousting with the celebrity businessman’s enemies, once asserting that he would “take a bullet” for his longtime boss. But after pleading guilty, he said his conscience required him to tell the truth about Trump. Before the midterm elections, he urged the public to vote for Democrats, writing on Twitter that the election “might be the most important vote in our lifetime.” In recent months, he has been spending hours meeting with prosecutors, including Mueller’s team and was spotted recently arriving in Washington for additional meetings with his legal team.

The story began to move very fast. The president*, on his way to the G7 in Argentina to meet with, among other people, Vladimir Putin, blew some smoke from the White House driveway, inadvertently (perhaps) admitting that he lied during the campaign about the business he and the weak person, Cohen, were doing in Russia. But events are beginning to rhyme on him, and he can't control the process now.

At the same time that Cohen was copping his plea, over in Frankfort, German authorities were raiding the headquarters of Deutsche Bank, the one remaining financial institution willing to lend the president* money. The actions were taken in response to the latest revelations from the Panama Papers project, the massive leak of financial data that revealed precisely how governments and government officials clean their dirty money and stash it offshore all over the world. Again, from the Post:

“After an evaluation of the so-called ‘Offshore Leaks’ and ‘Panama Papers,’ ” Frankfurt public prosecutor’s office representative Nadja Niesen wrote in a statement, “the suspicion arose that Deutsche Bank AG was helping clients set up so-called ‘offshore companies’ in tax havens and that money connected to crimes was transferred to the accounts of Deutsche Bank AG.” Deutsche Bank failed to report those suspicious transactions, according to German prosecutors.

Prosecutors referred to a Deutsche Bank subsidiary registered in the British Virgin Islands. From there, 900 customers were allegedly served by the bank in 2016 alone. Deutsche Bank did not immediately respond to a request for comment. In their statement, prosecutors alleged there were “sufficient indications” for the suspicious nature of those transactions before the 2016 release of the Panama Papers. Yet bank officials did not report them.

Has Deutsche Bank been connected to laundering Russian money? Why, yes, it has. From the BBC:

Deutsche Bank has been fined $630m (£504m) by US and UK regulators in connection with a Russian money laundering plan. Under the scheme, clients illegally moved $10bn out of Russia via shares bought and sold through the bank's Moscow, London and New York offices. Authorities said Deutsche had missed "numerous opportunities" to detect, investigate and stop the scheme. Deutsche Bank said it was co-operating with regulators. It also said it had put aside money to cover the cost of the settlement.

During the investigation, New York authorities and Britain's Financial Conduct Authority (FCA) found that so called "mirror" trades had been carried out through the bank between 2011 and 2015. Clients would purchase stocks in roubles in Moscow before their counterparts sold the same stock at the same price through the bank's London branch. "By converting roubles into dollars through security trades that had no discernible economic purpose, the scheme was a means for bad actors within a financial institution to achieve improper ends while evading compliance with applicable laws," according to the legal document detailing the settlement with DFS.

This, remember, is one of the only banks in the world that's been willing to do business with the president*. And Michael Cohen today pleaded guilty to lying to Congress about his—and the president*'s—involvement in a proposal to build a Trump Tower in Moscow. It is about the money. It's always been about the money.

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Here's Another Story About the Abject Evil That Is Immigration and Customs Enforcement Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=47782"><span class="small">Paul Blest, Splinter</span></a>   
Friday, 30 November 2018 13:36

Blest writes: "For most of the past year, Samuel Oliver-Bruno lived in the basement of a Methodist church in Durham, NC, in order to avoid deportation. Oliver-Bruno left that church last week in order to attend a scheduled meeting with immigration authorities in a nearby town."

ICE officers. (photo: AP)
ICE officers. (photo: AP)


Here's Another Story About the Abject Evil That Is Immigration and Customs Enforcement

By Paul Blest, Splinter News

30 November 18

 

or most of the past year, Samuel Oliver-Bruno lived in the basement of a Methodist church in Durham, NC, in order to avoid deportation. Oliver-Bruno left that church last week in order to attend a scheduled meeting with immigration authorities in a nearby town. Instead, he was tackled and arrested by ICE, while over two dozen protesters were violently arrested for attempting to block the van. Last night, ICE confirmed to local media outlets, he was deported back to Mexico.

“Mr. Oliver-Bruno is a convicted criminal who has received all appropriate legal process under federal law, has no outstanding appeals and has no legal basis to remain in the U.S.,” [ICE spokesperson Bryan] Cox told Raleigh’s News & Observer.

The vicious crime committed by Oliver-Bruno, who was born in Mexico and has a 19-year old U.S. citizen son (who was also tackled while trying to protect his father from our immigration Gestapo), was crossing the border in 2014 in order to be with his wife who had recently undergone heart surgery.

Per the Washington Post:

Oliver-Bruno first came to the United States in 1994 to live and work in Greenville, N.C. His wife, Julia, who has lupus, a serious autoimmune disease, gave birth to their son in 1999. They decided to return to Mexico in 2011 because Oliver-Bruno’s father was in poor health, according to his church.

They traveled back across the border illegally in 2013 to seek better medical care for Julia’s lupus after she started coughing up blood, May said. Crossing the border months ahead of Oliver-Bruno, she underwent heart surgery upon her arrival in Greenville. Oliver-Bruno, however, was arrested and convicted of attempting to enter the country with fraudulent documents when he tried to return in 2014, the only blemish on his criminal record.

Durham-area Congressmen G.K. Butterfield and David Price, both Democrats, attempted to intervene on Oliver-Bruno’s behalf. On Monday, Price said that the two had “secured a commitment” from ICE not to deport Oliver-Bruno until his petition for deferring the deportation was heard. That claim was denied, and Price and Butterfield released a blistering statement aimed at the Department of Homeland Security and Secretary Kirstjen Nielsen.

We reached out to Price for comment, and were told that he and Butterfield were working on a new joint statement regarding Oliver-Bruno’s departure. We’ll update this story with that statement when we hear back.

As for CityWell, the church where Oliver-Bruno sought sanctuary and lived since December 2017, the reaction was heartbreak. From their statement, which you can read in full on the church’s Facebook page:

Samuel’s family, church community, and supporting neighbors are grieved at Samuel being ripped from his family, church, and community. Many among family and friends are traumatized by the violence employed by ICE in this detainment and deportation operation. Samuel’s family, church, and community supporters are appalled at this flagrant disregard of ICE’s own internal protocols that discourage executing raids in churches and in public assemblies. On November 23, 2018 the public assembly that gathered to surround and support Samuel was a church service in which prayer, scripture, song and proclamation were centrally present. Moreover, Samuel’s supporters are deeply unsettled by the collusion between USCIS and ICE to utilize a supposedly legitimate immigration process as bait for entrapment and ambush. This action undermines our democracy and threatens the credibility of US agencies and government processes. Samuel’s family, church, and supporting community condemn these actions and demand accountability for all immigration and law enforcement agencies that conspired in this operation.?

The message from this sent to undocumented people by the federal government and any local police department which works hand in hand with our horrible immigration apparatus: Do not trust us. Ever.

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General Motors Job Cuts: A Harbinger of the Next Crash Print
Friday, 30 November 2018 13:36

Beinhart writes: "The job cuts announced by GM and the shrinking of the industrial base are the bells tolling for the next crash."

Assembly line workers. (photo: Fortune)
Assembly line workers. (photo: Fortune)


General Motors Job Cuts: A Harbinger of the Next Crash

By Larry Beinhart, Al Jazeera

30 November 18


The job cuts announced by GM and the shrinking of the industrial base are the bells tolling for the next crash.

hat's good for General Motors..." once upon a time was "... good for the USA".

That's a reasonable paraphrase of what Charlie Wilson, the then CEO of General Motors (GM), said back in 1953. President Eisenhower had nominated him to be Secretary of Defense. During the confirmation hearings, he was asked if he could make a decision that goes against the interests of GM. Wilson said he would, but that he couldn't conceive of such a situation "because for years I thought what was good for our country was good for General Motors, and vice versa".

At the time, there was a great deal of truth in it. "About one in every 200 working people in America worked for GM, and the company's revenues equalled about 3 percent of the country’s gross domestic product."

Right now, however, what's good for GM is bad for the US. It's closing three car plants and will halt operations at two plants making transmissions. It will cut 14,700 jobs. That includes reducing its white-collar workforce by 15 percent, about 8,100 people.

The effect of closing a plant is more like tossing a boulder in a puddle than a mere pebble in a pond. Jon Gabrielsen, a market economist who advises carmakers and auto suppliers, points out, "It goes from an auto supplier all the way to the clerks at Kroger."

"Anywhere there's an assembly plant or an auto-related plant that's going to close, it'll wipe out the town. Anyone who loses a job will have to move to get a job."

Earlier this year, Ford had announced that it was reorganising and that there would be significant job reductions, though the numbers were not specified. "Morgan Stanley has speculated that Ford may pare more than 20,000 jobs from its global workforce of 202,000".

In May, Harley Davidson announced a US plant closure. It's a much smaller company, with a much smaller impact, but it's still a harbinger. Most headlines on Harley Davidson's announcement were similar to the one chosen by NBC: "Harley-Davidson workers stunned by plant closure after tax cut." All such headlines should have been followed by, "Well, gosh, duh!" Meaning that the workers - and the media and economists - should not have expected an increase in industrial jobs to follow tax cuts, they should have expected job cuts.

They should have expected job cuts for two reasons - one trivial and one significant.

The trivial reason is that almost anything that Donald Trump promises is likely not to materialise. The much more significant reason is that history tells us job cuts usually follows tax cuts.

The hollowing out of America's industrial heartland followed the Reagan tax cuts and the hollowing out of Britain's industrial heartland followed Thatcher's programs. I dare not say that the relationship is causal as that would provoke heart attacks among economists, but there is an undeniable correlation. There have been various tax rises and cuts since. There is no instance in which tax cuts were followed by industrial growth. There are multiple instances in which tax cuts have been followed by job cuts. Among the most notable was the tax repatriation (bring back money from overseas at special low rates) under George W Bush, which was followed by massive layoffs by the companies that brought back the most money.

What has followed tax cuts is financialisation - shifts in the economy away from the production of goods and services to playing with money. This includes lots of mergers and acquisitions, lots of exciting and fun financial instruments, and vastly increased debt - personal, business and governmental. Once again, the new tax cuts have been followed by all three. Quite quickly.

The managements at GM and Ford both believe that they are correctly reshaping their companies to respond to both current conditions and ready them for a changing future. If they're right, and they may well be, then when that future comes, they will be better prepared to meet it and profit from it.

While autoworkers were aghast, "investors welcomed the news, sending GM’s shares up 4.8 percent to their highest closing price in about three months". To coin a phrase, "What's bad for autoworkers and America, is good for Wall Street!" That's the problem. What's good for GM may not be good for the nation.

The growing bubble

Which is growing faster and more certainly, the revamped car companies or the bubble?

Bubbles can be recognised and even defined by the distance between various markets and the "real economy". The Financial Times Lexicon defines "real economy" as "the part of the economy that is concerned with actually producing goods and services". After tax cuts, finance does not merely get disproportionately bigger than the real economy. It sucks money and activity out of it.

That's clearly what's happening.

The greater the distance between finance - a combination of market prices and various forms of debt - and the real economy, the more unstable the bubble is. At the beginning of the year, the stock market had already reached two times the height of the 2008 bubble and four times the height of the trough after that one crashed.

These jobs cuts, and the wage cuts that are likely to follow when autoworkers negotiate their contracts in the coming year, make conditions worse by reducing the amount of money going to people in the real economy - workers and salaried employees - the consumer base that buys real goods and services.

Most accounts attribute at least some of the problems to Trump's tariffs, which were supposed to bring industrial jobs back.

There's a special negative magic to Trump's thinking when applied to actual economic activities. His gigantic investment in casinos was going to dominate the East Coast gambling industry. They went bankrupt. His overpriced purchase of the Plaza Hotel was going to make that icon even more iconic. It went bankrupt.

His tariffs seem to be playing out the same way. They have probably speeded up the negatives that follow tax cuts and possibly set off the alarm signals sooner.

Best guess is that these job cuts and shrinking of the industrial base - again - are the bells tolling for the next crash.

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FOCUS | Roger Stone's 'Time in the Barrel': Campaign Dirty Tricks, Political Sabotage and the Law Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=45295"><span class="small">Bob Bauer, Lawfare</span></a>   
Friday, 30 November 2018 12:48

Bauer writes: "News reports increasingly suggest that Special Counsel Robert Mueller is circling around Roger Stone and his associates in the Russia matter and that the legality of his 'dirty tricks' is very much in question."

Roger Stone. (photo: Greg Nash/Getty)
Roger Stone. (photo: Greg Nash/Getty)


Roger Stone's 'Time in the Barrel': Campaign Dirty Tricks, Political Sabotage and the Law

By Bob Bauer, Lawfare

30 November 18

 

oger Stone is pleased to be known as a campaign “dirty trickster.” A former Trump campaign aide and Republican operative, he has embraced his past as practitioner of the political dark arts. “One man’s dirty tricks,” he has said, are “another man’s political, civic action. He has warned that “Politics ain’t bean bag, and losers don’t legislate.” Going still further, he has articulated as one of his “rules” for success that “To win you must do everything.” Yet he has also insisted that, “Everything I do, everything I’ve ever done has been legal.”

This claim is now likely to be put to the test. News reports increasingly suggest that Special Counsel Robert Mueller is circling around Roger Stone and his associates in the Russia matter and that the legality of his “dirty tricks” is very much in question.

Stone’s argument that ”it’s all just politics” is close in kind to the First Amendment protection defenses that the Trump campaign has claimed it enjoys even if, as alleged, it had contacts with Russia and WikiLeaks. Like those defenses, Stone’s claims will be evaluated in the light of the still emerging but increasingly troubling facts of the campaign and its associates’ active connivance with the Russian cyber attack on the Democratic Party and the Clinton campaign. As the Watergate prosecutions showed, dirty tricks pursued to sabotage an opposing campaign are very much a legal issue. They are not easily passed off as good old-fashioned hardball politics, the kind that “ain’t beanbag”—especially when, as in this case, the fellow tricksters are a foreign government and its agents.

Stone and one of his associates, Jerome Corsi, appear to have conducted communications with WikiLeaks and the “Guccifer 2.0” cutout, and Stone had contact with at least one Russian national offering dirt on Hillary Clinton. Most famously, Stone predicted in August of 2016 that something momentous involving Clinton campaign chairman John Podesta—his “time in the barrel”—was about to break, two months before Wikileaks distributed hacked emails of Podesta’s. Now Corsi has provided to the press what appears to be a draft plea agreement and statement of offense produced by Mueller’s office and awaiting Corsi’s signature, which provide new detail about the extent of alleged collaboration between Corsi, Stone, and Wikileaks. The statement of offense reveals an email Stone sent to Corsi in July 2016 with the request or instruction that Corsi, “Get to [Assange] [a]t Ecuadorian Embassy in London and get the pending [WikiLeaks] emails.”. Weeks later, Corsi replied that “Word is friend in embassy plans 2 more dumps. One shortly after I’m back. 2d in Oct. Impact planned to be very damaging.”

Stone disputes that these emails “prove” that he had advance notice of the “source or content” of the stolen emails published by WikiLeaks. He says that he was merely “curious” about the pending WikiLeaks disclosures. On Stone’s account, whatever he did to find about this material, such as having Corsi “get the pending emails,” is just what a dirty trickster and master of hardball politics would do if properly schooled in the rule that “to win you must do everything.” Stone’s legal defense fund is currently appealing for donations to protect Stone from Mueller’s supposed attempts to “criminalize normal political activities.”

The investigation of Stone’s activities will not, of course, be the first time that practitioners of dirty tricks encounter the legal limits of their“normal” activities. The sundry offenses that travel under the “Watergate” moniker included such tricks—and the individual most famously identified with them, Donald Segretti, served time for his leading part. Among the activities Segretti directed was the forging of communications from one Democratic presidential campaign to spread false and malicious claims about other campaigns in the party’s primary. He was indicted for violating a provision of the 1971 federal campaign finance law that required that campaign literature distributed “in connection with a candidate’s campaign” but without the candidate’s authorization carry a notice to that effect, making clear that the named candidate was “not responsible” for its content.

The violation of this transparency requirement was enough to support a prosecution, but Congress later concluded that it needed to enact a more detailed prohibition of acts of political “sabotage.” The counterfeiting of campaign literature for which Segretti went to jail was just a means to the larger end of disrupting an opposing campaign. The 1974 amendments to the Federal Election Campaign Act included a ban on "fraudulent misrepresentation of campaign authority." The statute prohibits agents of a campaign from falsely misrepresenting themselves as acting on behalf of another, “on a matter which is damaging to such other candidate or political party or employee or agent thereof.” The nub of the new offense was the use of underhanded means to undermine the opposition. This was the purpose of the Nixon campaign’s sabotage operations: “[T]o throw the Democratic party into confusion,” to “sow confusion and discontent among Mr. Nixon’s opponents.”

Today, on a very different set of facts, Stone reportedly faces investigation for his role in acts of sabotage directed to a similar purpose. The Russian government’s theft of emails belonging to the Democratic Party and senior Clinton associates, and the distribution of these materials via WikiLeaks, were intended to wreak havoc on the Democratic presidential campaign. Few would argue that the scheme was without effect.

The connection between Stone’s activities and the Trump campaign—that is, the degree to which Stone was acting for that campaign—remains to be established. There is no doubt that Stone was linked to the formal campaign apparatus, sobeginning with the formal advisory role that Stone played in 2015 until he quit—or was fired depending on whom one chooses to believe. He remained in contact with the candidate and active in support of the Trump campaign. It seems far-fetched to believe, based on what is known to date, that Stone was off on some purely personal “dirty tricks” operation involving the Russians and WikiLeaks.

Any hope Stone may have of staying within the realm of dirty-but-legal trickery runs up against a particularly serious problem: the company that he and his associates kept. Should it turn out that they were encouraging and supporting a foreign government and its agents in any phase of the plan to acquire and disseminate stolen emails, they run headlong into the law barring foreign nationals from providing “anything of value” to an American political candidate. The rules prohibit a U.S. citizen from providing "substantial assistance" to foreign nationals violating this law. As Robert Mueller’s indictment of Russian parties for conspiracy to defraud the United States shows, Americans can also face liability under the same legal theory: conspiring to defraud the United States by failing to report these activities and thereby impeding the Federal Election Commission from discharging its law enforcement function.

Stone, an admirer of Richard Nixon who has the former president’s image tattooed on his back, would like to have Nixonian “dirty tricks” accepted as good, old-fashioned political "hardball." Not for the squeamish, perhaps, but not illegal. Along with Donald Trump, Paul Manafort, Don Jr. and possibly others in the Trump campaign, Roger Stone may have failed to realize the danger of playing these tricks in partnership with a foreign government.

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The Legal Perils That Michael Cohen's Guilty Plea Poses for Donald Trump Print
Friday, 30 November 2018 09:20

Toobin writes: "The question at the heart of the Russia investigation has always been one of motive. Why has Donald Trump, both as a candidate and as the President, been so solicitous of Russia and of its leader, Vladimir Putin?"

The timing of the guilty plea from Donald Trump's former personal lawyer, Michael Cohen, is extremely significant. (photo: Drew Angerer/Getty)
The timing of the guilty plea from Donald Trump's former personal lawyer, Michael Cohen, is extremely significant. (photo: Drew Angerer/Getty)


The Legal Perils That Michael Cohen's Guilty Plea Poses for Donald Trump

By Jeffrey Toobin, The New Yorker

30 November 18

 

he question at the heart of the Russia investigation has always been one of motive. Why has Donald Trump, both as a candidate and as the President, been so solicitous of Russia and of its leader, Vladimir Putin? Why did Trump praise Putin so obsequiously during the campaign? Why did the Trump campaign steer the Republican Party platform in a more pro-Russia direction? Why does Trump still refuse to criticize Putin and Russian actions around the world?

The guilty plea that Michael Cohen, Trump’s former personal attorney, entered on Thursday morning, at a federal-court hearing in Manhattan, goes a long way toward answering those questions. Once again, with Trump, it seems, the answers come down to money. In September of last year, in testimony before the Senate Select Committee on Intelligence, Cohen said that he made efforts on Trump’s behalf to negotiate the building of a Trump Tower in Moscow but that those efforts had ended in failure, in January of 2016, and were rarely discussed again. But, on Thursday, Cohen admitted that this had been a lie; he acknowledged that he had continued to negotiate on Trump’s behalf well into 2016, until at least June, when Trump was already the presumptive Republican Presidential nominee. In other words, while Trump was running for President, his company was simultaneously (and secretly) negotiating with Russia to build a tower. Since Putin and his government effectively control all such developments in Russia, they held the fate of the project in their hands. As I wrote in the magazine in February, Trump had dreamed of building in Moscow for decades, and had travelled to the Russian capital as far back as the nineteen-eighties to try to make it happen. (Not incidentally, when I spoke to Cohen for the February story, he told me the same lies about the project that he had told the Senate.)

The timing of Cohen’s guilty plea is significant. It seems that the prosecution team, led by Robert Mueller, the special counsel, delayed Cohen’s admission of guilt until after Trump and his legal team had submitted the President’s written answers to Mueller’s questions, which he did earlier this month. Mueller surely asked Trump about the Moscow negotiation, and the President’s answers were likely locked in before he and his lawyers could factor in Cohen’s admissions. If those answers were to conflict with Cohen’s latest version of events, it would potentially be a matter of great peril for the President. Mueller’s prosecutors made it clear in court on Thursday that they believe that Cohen is now telling the truth. The charging document from the guilty plea, prepared by the Mueller office, shows that Cohen’s account is corroborated by multiple contemporaneous e-mails between him and an “Individual 2,” who is likely Felix Sater, a frequent Trump business associate. (Sater is not named in the document.)

On Thursday morning, as Trump was leaving the White House for the Group of 20 summit, in Buenos Aires, he both minimized Cohen’s new version of the facts and asserted that the new version is false. (“Michael Cohen is lying and he’s trying to get a reduced sentence for things that have nothing to do with me.”) Trump said that his Moscow deal was widely known when he was running for President (it wasn’t), and that, as a private developer, he was entitled to make such deals. He then cancelled a previously announced meeting with Putin at the G-20, allegedly because of Russia’s current dispute with Ukraine.

It’s true that Trump had the right to do business in Russia during the time when he was a candidate, but the public also had a right to know where his true financial interests lay. It would have been highly relevant to the public to learn that Trump was negotiating a business deal with Russia at the same time that he was proposing to change American policy toward that country. Not only was the public deprived of this information but Cohen’s guilty plea indicates that voters were actively misled about Trump’s interests. That is what is so important about Thursday morning’s news—it says that while Trump was running for President, he was doing his private business, not the public’s business. Trump may believe that his interest is the national interest, but it wasn’t true then, and it’s not true now.

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