The New York Times reports: Aug. 19 was an eventful day for Paul Manafort.
That morning, he stepped down from guiding Donald J. Trump’s presidential campaign, after a brief tenure during which Mr. Trump won the Republican nomination, Democrats’ emails were hacked and the campaign’s contacts with Russia came under scrutiny. Dogged by revelations about past financial dealings in Ukraine, Mr. Manafort retreated from public view.
But behind the scenes, he was busy with other matters. Papers were recorded that same day creating a shell company controlled by Mr. Manafort that soon received $13 million in loans from two businesses with ties to Mr. Trump, including one that partners with a Ukrainian-born billionaire and another led by a Trump economic adviser. They were among $20 million in loans secured by properties belonging to Mr. Manafort and his wife.
The purpose of the loans is unstated in public records, although at least some of them appear to be part of an effort by Mr. Manafort to stave off a personal financial crisis stemming from failed investments with his son-in-law.
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. [Continue reading…]