re: #247 ObserverArt

I heard someone yesterday float the idea there could be a large Trump slush (offshore?) fund that Cohen is charged to use to clean up Little Trump Messes from time to time. This might be a use of something like a Bitcoin.

Nod nod, wink wink.

I guess the thinking is it is harder to find out what the money is for and where it is coming from if it is not directly tied to anything Trump. Cohen can just transfer it to a good account when needed and then pay from there.

But even that doesn’t seem to answer the questions about how the IRS records it and if all that is illegal.

The 1970 Bank Secrecy Act requires reporting to the IRS any withdrawal or deposit of $10,000 or more to the IRS.

When we bought our car and withdrew the cash to pay for it, the bank required us to fill in the necessary paperwork for the IRS.

In Cohen’s case, he deposited the money in a bank in Manhattan. It doesn’t matter if he stashed it in the Cayman Islands first, if he deposited $130,000 in one giant slug it had to be reported.

The act allows for skirting the law (depositing several amounts of $9,999 in a row, for example).