Michael Cohen, a former personal lawyer to Donald Trump, detailed how he made millions of dollars from consulting deals after leaving the Trump Organization to work for Trump as personal counsel for free when he became president. Cohen testified during Trump’s trial in New York that he monetized his role as personal attorney by creating consulting agreements with various clients. Despite not being an official government employee, Cohen managed to make lucrative deals that came under scrutiny in 2018 when his personal finances were investigated.
Cohen’s clients included Novartis, Korea Aerospace Industries, AT&T, Squire Patton Boggs, Columbus Nova, BTA Bank, and Franklin Haney. Novartis paid Cohen $1.2 million for six “communications” with the pharmaceutical company, although they ended the relationship early and questioned his ability to provide the services they anticipated. Korea Aerospace Industries paid Cohen $600,000 to $700,000 for a few communications about legal advice on accounting regulation. AT&T paid Cohen $600,000 for 20 communications related to regulatory approval for their merger with Time Warner.
Squire Patton Boggs paid Cohen $500,000 plus commissions to have the president’s personal attorney on board, enhancing their lobbying practice. Columbus Nova paid Cohen roughly $500,000 for consultations on potential sources of capital and investments. BTA Bank paid Cohen about $300,000 for communications to help recover stolen money, although they claimed Cohen did nothing of value. Franklin Haney, who wanted federal financing for a nuclear power plant in Alabama, paid Cohen at least $50,000 and offered a 15% carried interest in his company.
Despite his lucrative deals, Cohen faced scrutiny and ultimately went to jail before turning on his former boss, Donald Trump. His testimony shed light on his consulting agreements and how he made money from an unpaid position as personal counsel to the president. Cohen’s deals with various companies raised questions about the ethics and legality of his financial arrangements while serving as Trump’s personal lawyer. The details of his partnerships and payments revealed a complex web of financial transactions that came under intense scrutiny in the media and during his trial.
