Two Former Aides' Guilt Marks a Consequential Day for Trump
*By Carlo Versano*
A reckoning for two of President Trump's former associates occurred almost simultaneously on Tuesday in two separate federal courthouses in Virginia and New York ー what may become one of the most consequential moments for the Trump administration.
Paul Manafort, the president's former campaign manager, was found guilty on eight counts of bank and tax fraud in his federal corruption trial in Washington D.C. The jury was hung on 10 additional counts. The charges do not relate to Manafort's duties as a member of the Trump campaign, though they represent the first conviction by trial in the special counsel Robert Mueller's investigation.
The verdict arrived just as Michael Cohen, Trump's former lawyer, appeared in New York district court to accept a plea arrangement in the case against him. Cohen, who has been under investigation for tax and bank fraud, has reportedly admitted that he made hush-money payments to Stormy Daniels, among other unrelated charges of fraud. It remains unclear whether Cohen is cooperating with investigators or just accepting an agreement in exchange for a lighter sentence.
Federal investigators raided Cohen's office in April in search of documents and materials related to payments he made to women who alleged they had relationships with the president.
Cohen, a longtime Trump loyalist, only recently began to indicate that his commitment had limits, saying in an [interview] (https://abcnews.go.com/GMA/News/video/exclusive-president-trumps-personal-attorney-michael-cohen-speaks-56309885) last month that he put his family and country before the president.
Manafort, meanwhile, took his federal case to trial, presented no defense, and after Tuesday's verdict is widely expected to face significant jail time. It is unclear if prosecutors will retry him on the 10 counts. Manafort is awaiting trial in Washington for conspiracy to defraud the U.S.
For more on this story, [click here](https://cheddar.com/videos/michael-cohen-enters-plea-deal).
President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia over its invasion of Ukraine.
The consumer price index jumped 7.9 percent in February, marking a 40-year high for inflation in the U.S. This report comes less than a week ahead of the Fed's all important meeting. Kayla Bruun, Economic Analyst, Morning Consult, joined Cheddar's Opening Bell to discuss.
Markets opened lower amid hotter-than-expected inflation data, which surged to its highest level in nearly 40 years. Lisa Erickson, Senior Vice President and Co-Head, Public Markets Group, U.S. Bank joined Cheddar's Opening Bell to discuss the significance of this figure ahead of the Federal Reserve's FOMC meeting.
As the Russia-Ukraine war disrupts the global economy, sending markets on a roller coaster ride, gold remains hovering around $2,000 an ounce. Often seen as a safe haven in times of economic crisis, Jason Cozens, founder and CEO of gold-as-currency platform Glint Pay, joined Cheddar’s Opening Bell to discuss the latest gold rush, how the war is impacting prices, and how people can use Glint to trade in the precious metal. “You know the stock markets and cryptocurrencies are risky investments," he stated. "Whereas gold is just reliable money. It's no one else's liability if you own."
As Western sanctions weigh on Russia's economy, the country is at the risk of defaulting on its debt. Fitch ratings agency has downgraded Russia's debt for the second time in a week, warning a "sovereign default is imminent." Jesse Wheeler, Economic Analyst at Morning Consult, explains what that means, and how it could have ripple effects across the global economy.
Uber Lyft and Doordash are all set to spend $1 million dollars on a campaign and efforts to stop lawmakers from classifying their gig workers as employees. The campaign features TV and online ads highlighting Washington area workers who say they prefer the flexibility of being an independent contractor rather than following the model of a company employee. Professor at NYU. Stern School of Business and author of the sharing economy, Arun Sundararajan, joined Cheddar to discuss more.
President Biden is looking at unlikely partners to buy oil, after banning all Russian energy imports. Among them is Venezuela, a regime that has been sanctioned by the U.S. since 2019. Ariel Cohen of the Atlantic Council explains to Cheddar News why that might not be a bad choice.
