Published: Fri, May 18, 2018
Economy | By

President Trump discloses payment to lawyer in financial report

President Trump discloses payment to lawyer in financial report

Novartis announced that Felix Ehrat, group general counsel, will retire June 1 due to fallout from his decision to pay $1.2M to a shell company formed by Michael Cohen, President Trump's personal lawyer and "fixer".

The Washington Post reported that Mr Cohen wanted the money in exchange for access or insight into the Trump administration. "The category of value would be United States dollars 100,001-USD 250,000 and the interest rate would be zero", it said, noting that the president is doing so in the interest of transparency, even as he is not required by law.

Earlier this month, Rudy Giuliani - the former Mayor of NY who recently joined President Trump's legal team - revealed in a TV interview that Trump reimbursed Mr Cohen for a $130,000 payment used to keep Stormy Daniels, whose real name is Stephanie Clifford, quiet about an alleged affair in 2006.

"Neither the Trump Organization nor the Trump campaign was a party to the transaction with Ms. Clifford, and neither reimbursed me for the payment, either directly or indirectly", Cohen said in a statement to the New York Times. The President reimbursed that over the period of several months. And then second, it would've given a false impression that" Trump knew about the reimbursement if it was disclosed "back in 2017. "And we're very comfortable with it".

The disclosure form, released Wednesday, says the payment's value was between $100,001-$250,000.

Daniels is fighting to have a court void the nondisclosure agreement that she says Cohen had her sign to buy her silence about a one-night stand with Trump.

Avenatti claimed he's vetting the credible claims of two women who appear to be in the same boat as his client
Avenatti claimed he's vetting the credible claims of two women who appear to be in the same boat as his client

After the payment to Daniels was first revealed by the Wall Street Journal, Cohen acknowledged making the payment himself.

Mr Trump's acknowledgment that he reimbursed Mr Cohen puts the president "at the middle of all of the campaign finance violations", said Paul Ryan, head of litigation at Common Cause. "And I think as the evidence rolls out over the coming months disclosures will be made that my client was not alone as relates to these payments", Avenatti said, referring to his client Stormy Daniels.

Either way, the reported existence of two additional SARs suggests there may be further revelations to come about Michael Cohen's financial activities.

Before taking office, Trump said he shifted day-to-day control of his business to his sons, primarily Eric Trump.

In all, Trump's assets - hotels, resorts, books and other business ventures - generated revenue previous year of at least $453 million.

The report shows that oil company founder Forrest Lucas provided Pence with two tickets worth $774 to the Indianapolis Colts game in October that Pence walked out of in protest of some NFL players who knelt during the national anthem.


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