Major Trump donor reportedly agreed to pay Cohen $10 million for help securing a federal loan
Earlier this year, Franklin L. Haney, one of President Trump's major donors, agreed to pay Michael Cohen $10 million if he could secure funding for a nuclear power project in Alabama, people familiar with the matter told The Wall Street Journal.
Haney gave Cohen, then Trump's personal lawyer, the contract in April. The agreement would have involved Cohen helping Haney obtain a $5 billion loan from the Department of Energy in order to complete the construction of nuclear reactors at the Bellefonte Nuclear Power Plant, the Journal reports. People familiar with the agreement told the Journal it was finalized right before FBI agents raided Cohen's home, office, and hotel room, and it's no longer in effect.
Under the contract, Cohen would have been paid a monthly retainer, plus $10 million if he got the full funding for the project; otherwise the amount would have been reduced depending on how much he was able to secure. Haney's lawyer, Larry Blust, told the Journal that "neither Mr. Haney nor Nuclear Development LLC ever entered into a contract with Michael Cohen or his affiliate for lobbying services related to the Bellefonte project." Cohen did call Energy Department officials to ask about the loan guarantee process, a person familiar with the matter told the Journal, but never spoke with Energy Secretary Rick Perry. The Journal was not able to determine if Cohen was ever paid any monthly retainer fees.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
After the election, Cohen worked as a consultant to several companies, including AT&T and Novartis, touting his close ties to Trump. Federal investigators in New York are reportedly looking into whether Cohen participated in unregistered lobbying in connection with this work. Read more about the deal with Haney at The Wall Street Journal.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Why is Tesla stumbling?
In the Spotlight More competition, confusion about the future and a giant pay package for Elon Musk
By Joel Mathis, The Week US Published
-
How Taylor Swift changed copyright negotiations in music
under the radar The success of Taylor's Version rerecordings has put new pressure on record labels
By Theara Coleman, The Week US Published
-
Job scams are increasingly common. Here's what to look out for.
The Explainer You should never pay for an application or give out your personal info before being hired
By Becca Stanek, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published