Paul Manafort started getting loans from Trump-linked firms on the same day he left the Trump campaign


On Wednesday, Paul Manafort — President Trump's campaign manager from April through late August — said he will retroactively register with the Justice Department as a foreign agent for his work in Ukrainian politics, citing advice from federal authorities. But two reports on Wednesday also shed some light on Manafort's murky financial history in the U.S. and abroad.
First, The Associated Press reported that Manafort's political consulting firm in Virginia had received at least $1.2 million of the $12.7 million in secret money apparently earmarked for him by the political party of deposed Ukrainian President Viktor Yanukovych in a so-called Black Ledger discovered after Yanukovych's ouster. The money had been wired to Manafort's firms in two installments, in 2007 and 2009, through shell companies in Belize. Manafort, who had previously maintained that the ledger was fake, defended the payments on Wednesday, saying they were legal because they were made through wire transfers not cash, as Ukrainian lawmakers had alleged.
Also on Wednesday, The New York Times reported that Manafort filed papers to create a new shell company, Summerbreeze LLC, on Aug. 19, 2016 — the same day he was pushed out of the Trump campaign — and soon filled it with $13 million in loans from firms with ties to Trump and Ukraine. One loan of $3.5 million came from the private lending arm of Spruce Capital, co-founded by sometime Trump hotel developer Joshua Crane; the other, for $9.5 million, came from Federal Savings Bank of Chicago, headed by Trump economic adviser Stephen Calk. Both loans were reportedly unusual for the lending firms.
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.
"The transactions raise a number of questions, including whether Mr. Manafort's decision to turn to Trump-connected lenders was related to his role in the campaign, where he had agreed to serve for free," The New York Times said. "They also shine a light on the rich real estate portfolio that Mr. Manafort acquired during and after the years he worked in Ukraine," including luxury houses in Los Angeles, homes in Virginia and Florida, and apartments and condos in New York, notably one in Trump Tower — a $3.7 million purchase that apparently endeared him to Trump.
The Treasury Department's financial crimes unit is investigating Manafort's offshore financial transactions in Cyprus, and he is also reportedly a major focus of the FBI's investigation into Russia's meddling in the U.S. presidential election. There is no evidence linking the new revelations to either of those inquiries, and Manafort hasn't been charged with any crime.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
5 inexcusably hilarious cartoons about Ghislaine Maxwell angling for a pardon
Cartoons Artists take on the circle of life, Ghislaine's Island, and more
-
Ozzy Osbourne obituary: heavy metal wildman and lovable reality TV dad
In the Spotlight For Osbourne, metal was 'not the music of hell but rather the music of Earth, not a fantasy but a survival guide'
-
Crossword: August 2, 2025
The Week's daily crossword puzzle
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement