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Heres how it came to be. In may of this year, may 22nd, the New York Times had a scoop that they probably only got because they are specifically the New York Times. They sent crack reporters to an otherwise sleepy courthouse in albany, new york, not a Federal Courthouse, a state court, because that day in that state court in new york, a longtime Business Partner of Michael Cohens, A Taxicab Mogul Named Gene Friedman Who everybody called the taxi king, he was in court. He had been facing really serious charges in new york, Tax Evasion Charges in new york more than 5 millio ....
Rachel Maddow takes a look at the days top political news stories. Charge of grand larceny, a big stack of charges involving a large amount of money and potentially a large amount of jail time. The story they uncovered at the courthouse that day, for some reason, friedman had gotten this huge Criminal Liability he was facing winnowed down to almost nothing. All the prison time and felonies evaporated. Instead of being tried for evading 5 million in taxes, prosecutors let him plead guilty to one count of evaluating 50,000 worth of taxes. Not 5 million, 50,000. Instead of decades in potential prison time the deal he cut with prosecutors got him zero prison time. People do plea deals all the time they offer their testimony for prosecutors letting them off the hook and going easier on
them. This was like the mother of all plea deals. The amount he offered must have been very very valuable to the government given how sweet the deal ....
Heading. in this list of charges he pled guilty from you see where all the stuff may have been leading, the tax charges cohen pled guilty to yesterday are in large part the work in the taxi business, personal loans, tax transfers, illegal banking tricks can be boring to describe if you re looking for a cops and robbers story but easy for prosecutors to prove, once they have the paperwork to prove it, if they re really lucky, have the testimony of an accountant or business partner to explain whatever documentation they can get from the banks. for obvious reasons, there has been intense national and political focus on the final two charges michael cohen pled guilty to yesterday, the campaign finance charges in which he remarkably directly implicated the president of the united states as his criminal co-conspirator, the person who ....
Journalistic practice to hang out at the courthouse and see what happens. since then we haven t known what s going on with gene the taxi king friedman and his sweet plea deal and his potential cooperation with prosecutors. we got a hint from the wall street journal when they reported gene friedman and michael cohen hadn t just been business partners in the taxi business, they had shared an accountant. and the wall street journal reported at that same time that that will accountant had been subpoenaed by federal prosecutors. now we see where that was heading. in this list of charges he pled guilty from you can see where all of that stuff over the last months may have been leading. the tax charges cohen pled guilty to yesterday are in large part the work in the taxi business, personal loans, cash transfers, illegal banking ....
The bones of this story? this is straight up price fixing. it s kind of like bookies in las vegas. imagine if all the casinos in las vegas got together and conspired to make the football lines nonpublished so that when you went to go to bet on a game, nobody knew what the spread was on the game. that s exactly what we re dealing with with derivatives. nobody knows what the prices are of credit the fault is a swaps and interest rate swaps. when these clients go on the mark tote buy this stuff. one side is buying too high, the other side is buying too low and they take all the fat in between. most banking tricks are impen etable to the public this is even more impenetrable? derivatives are very comply indicated. even people that do this nor a live ....