The Cohen-Manafort fallout

Michael Cohen, President Trump’s former personal attorney, pleaded guilty in Manhattan federal court Tuesday to eight criminal counts. Here’s how it went down:

A source close to the Trump Organization told CNN that the Michael Cohen plea deal is further evidence that he doesn’t have anything damaging on President Trump. 

Even if Cohen says Trump told him to break the law, the source says, few would believe Cohen now, after admitting to lying.

This source also said there’s a recording of Cohen saying Trump didn’t know anything about the payment. 

The bottom line: Essentially, it’s Cohen’s word against the President’s, the source said.

Michael Cohen, President Trump’s former personal attorney, admitted in court today that “in coordination and at the direction of a candidate for federal office” he acted to keep information that would have been harmful to the candidate and the campaign from becoming public during the 2016 election cycle.

Cohen pleaded guilty to eight counts. The charges against Cohen include tax fraud, false statements to a bank and campaign finance violations tied to his work for Trump, including payments Cohen made or helped orchestrate that were designed to silence women who claimed affairs with the then-candidate.

Though not named in the plea deal filed in court, the women whom Cohen helped silence were two who have since gone public with their claims of sexual encounters or affairs with Trump: porn star Stephanie Clifford, who goes by the stage name Stormy Daniels, and former Playboy model Karen McDougal. Trump has denied the claims.

Appearing in court on Tuesday, Cohen said of the charge linked to McDougal that it was done “for the principal purpose of influencing the election.” Regarding the charge linked to Clifford, Cohen said the money “was later repaid to me by the candidate.”

What has Trump said about all of this? Back in April, the President said he didn’t know about the payment.

Here’s that moment:

A shiny black crocodile Birkin bag is displayed in New York in 2014. Michael Cohen's plea said he failed to report proceeds of a similar bag.

President Trump’s former personal attorney Michael Cohen pleaded guilty today to eight criminal counts including tax fraud, false statements to a bank and campaign finance violations tied to his work for Trump.

According to the court filing, Cohen also failed to report $30,000 in proceeds from the sale of a Hermes Birkin bag.

Read that portion of the filing below:

President Trump’s lawyer Rudy Giuliani, reacting to Michael Cohen’s plea, said, “there is no allegation of any wrongdoing against the President in the government’s charges against Mr. Cohen”

Note: In court today, Cohen said that “in coordination and at the direction of a candidate for federal office,” he kept information that would have been harmful to the candidate and the campaign from becoming public. 

Lawrence M. Noble, the former general counsel of the Federal Election Commission and a CNN contributor, said that Michael Cohen’s plea marks the first time in nearly 50 years that a US President has been accused of being a part of a campaign finance crime.

“This is the first time since Watergate that a President has been accused of being personally involved — directing and coordinating — a campaign finance violation,” Noble said. 

Cohen’s under-oath admission — in which he said he violated campaign finance law “in coordination and at the direction” of Trump — holds specific and significant weight for the President.

Typically, criminal prosecution would be likely in a case like this where there is evidence of a knowing and willful violation of campaign finance laws against corporate and excessive contributions, and at this large of a dollar amount.

“I think all three of those have definitely been met in the sense that this would be something eligible for criminal prosecution,” Noble said, drawing comparisons to the charges brought against former North Carolina Sen. John Edwards in 2011.

This reading of campaign finance violations stops at the prosecutors’ desks, however, as they decide how to interact with standing Justice Department policy that a sitting president cannot be indicted. 

Michael Cohen’s attorney Lanny Davis said his client decided to plead guilty today because he’s ready to “put his family and country first and tell the truth about Donald Trump.”

Cohen pleaded guilty in Manhattan federal court Tuesday to eight criminal counts and said that “in coordination and at the direction of a candidate for federal office” he kept information that would have been harmful to the candidate and the campaign from becoming public.

Here’s what Davis said about Cohen’s plea:

Michael Cohen, President Donald Trump’s former personal attorney, pleaded guilty in Manhattan federal court on Tuesday to eight criminal counts including tax fraud, false statements to a bank and campaign finance violations tied to his work for Trump.

Cohen said in a plea deal that “in coordination and at the direction of a candidate for federal office” he kept information that would have been harmful to the candidate and the campaign from becoming public.

Read Cohen’s entire plea agreement right here.

Former Trump lawyer Michael Cohen pleaded guilty today to eight counts that include tax evasion and campaign finance violations.

In a plea deal, he said that “in coordination and at the direction of a candidate for federal office” he kept information that would have been harmful to the candidate and the campaign from becoming public.

A sentencing date is set for December.

Watch more:

Michael Cohen entered the courtroom in Manhattan federal court minutes after 4 p.m. ET, wearing a dark suit, white shirt and gold tie. He smiled and nodded at several reporters in attendance to cover the proceedings.

Cohen’s attorney Guy Petrillo entered moments after his client.

Also in court to observe Cohen’s guilty plea were Deputy US Attorney Robert Khuzami and the US Attorney’s office’s chief of the public corruption unit.

Michael Cohen, President Trump’s former personal attorney, had served as deputy finance chairman for the Republican National Committee.

But he resigned this year due to ongoing probes into his business dealings, including a hush money payment he made before the election on Trump’s behalf to porn actress Stormy Daniels.

“This important role requires the full time attention and dedication of each member,” Cohen wrote in an email to RNC chairwoman Ronna McDaniel. “Given the ongoing Mueller and (Southern District of New York) investigations, that simply is impossible for me to do.”

Why this matters: Cohen is expected to plead guilty today in New York to multiple counts of campaign finance violations, tax fraud and bank fraud as part of a plea deal, according to three sources. 

Prosecutors have yet to release details about the charges.

The Justice Department’s Tax Division and the IRS had to approve the deal because it is tax-related, a source familiar with the matter told CNN.

Deputy Attorney General Rod Rosenstein’s office, as well as the Justice Department’s Public Integrity Section and Criminal Division, were also consulted on the charges in the Michael Cohen case, the source confirmed.

But the timing of the plea came down to negotiations between prosecutors at the US attorney’s office in New York and Michael Cohen’s attorneys.

Michael Cohen was part of President Trump’s inner circle for more than a decade, working as his personal attorney at the Trump Organization and continuing to advise the President after the election.

Cohen once said he would take a bullet for Trump, but the relationship between the two men has frayed since an FBI raid in April of Cohen’s office, hotel room and home.

Trump has distanced himself from Cohen, who has told friends he has felt isolated, according to the friends. Last month, Cohen told ABC News his loyalty is to his family and country first, not the President.

Why it matters: As part of a plea deal under discussion earlier Tuesday, Cohen was not expected to cooperate with the government, one source told CNN. However, by pleading guilty both Cohen and prosecutors would avoid the spectacle and uncertainty of a trial.

The Cohen investigation was referred to the Southern District of New York by special counsel Robert Mueller. If the plea deal does not include cooperation by Cohen, then it is unclear if he would follow through on his previous assertion to friends, according to sources, that he is willing to talk to Mueller.

President Trump’s former personal lawyer Michael Cohen is scheduled to appear at a court hearing at 4 p.m. ET.

The judge will likely ask Cohen to explain the crimes that he committed, CNN’s Kara Scannell reported.

So why does that matter? Cohen’s words could reveal a lot of details about what happened, Scannell said.

She continued: “What does Cohen say about the campaign finance charge? Who told him to do it? Did he do it on his own? I think we’ll learn a lot from that, which may help understand, you know, is he going to cooperate in some way?”

Watch more from Scannell:

President Trump’s former personal attorney could be facing more than four years behind bars, CNN has learned, as a part of his plea deal with government prosecutors.

One source told us that among the sticking points in the talks, Cohen was pressing for three years in jail while the prosecutors were seeking up to 50 months.

Michael Cohen is expected to plead guilty to multiple counts of campaign finance violations, tax fraud and bank fraud as part of the deal, according to three sources.

The deal would include jail time and a substantial monetary fine.

Among the sticking points in the talks, the two sides were negotiating over jail time, according to one source. Cohen is pressing for three years but prosecutors are seeking 50 months. 

Cohen has been concerned about asset forfeiture, leaving his family with nothing. 

Prosecutors made clear that there was a bigger risk should he go to trial and be found guilty, that he would have forfeit assets.

Michael Cohen has surrendered to the FBI ahead of a 4 p.m. court proceeding where the government is expected to disclose a plea deal, according to a law enforcement source.

We don’t know the details of the possible charges or possible deal.

Earlier this week, sources told CNN that Cohen, President Trump’s former personal attorney, was in talks to plead guilty to criminal charges in a deal that would bring an end to a months-long investigation that has riled the President.