TESTIMONY. THERE IS STILL A LOT MORE TO COME IN THIS CASE, WHICH PROSECUTORS NOW SAY IS HALFWAY FINISHED, AT LEAST FOR THEIR PART. WITH MICHAEL COHEN AND STORMY DANIELS STILL YET TO TESTIFY, IT IS GOING TO BE A PRETTY INTERESTING COUPLE OF WEEKS, TO SAY THE LEAST. THE SOUTHERN DISTRICT ATTORNEY OF NEW YORK, WHERE HE LED PROSECUTIONS AGAINST WHITE COLLAR CRIMINALS AND HE JOINED ME NOW. I AM NOT A LAWYER, I TRIED TO SUMMARIZE WHAT WE LEARNED TODAY. I TRIED TO SUMMARIZE, I TALKED TO A LOT OF SMART PEOPLE. I TRIED TO SUMMARIZE WHAT WE LEARNED TODAY. DID I MISS ANYTHING, DID I GET ANYTHING WRONG? >> THAT WAS A PRETTY GOOD SUMMARY. WHAT YOU HEARD TODAY WAS TESTIMONY THAT WAS NOT SO DRAMATIC. NOT AS DRAMATIC AND SALACIOUS AS SOME OF THE TESTIMONY WE HAVE HEARD BEFORE. WE ARE CERTAIN TO OCCUR IN THE COMING DAYS BUT IT GOES TO THE CORE OF THE BASIC CRIMINAL CHARGE HERE, WHICH IS FALSIFICATION OF BUSINESS RECORDS. AND, I THINK BASED ON WHAT HAPPENED TODAY AND HOW UNINSPIRING THE CROSS- EXAMINATION WAS BECAUSE THE DOCUMENTS LARGELY SPEAK FOR THEMSELVES, THE PROSECUTION HAS BASICALLY PROVEN THE BASIC CASE, WHICH IS FALSIFICATION OF BUSINESS RECORDS, WHICH PEOPLE CAN ARGUE IS OR IS NOT THE CRIME OF THE CENTURY. IT IS A MISDEMEANOR AND THE NEW YORK LAW THAT CONVINCES IT AS A MISDEMEANOR AND WE CAN ARGUE AND SEE HOW THE EVIDENCE COMES IN WITH RESPECT TO THE NEXT PHASE, WHICH IS WHETHER THAT COULD BE ACCELERATED INTO A FAMILY IF IT WAS DONE FOR THE PURPOSES OF CONCEALING OR FURTHERING SOME OTHER CRIME, ELECTION LAW CRIME OR TAX CRIME. THE FUNDAMENTAL CASE, THE ELEMENTS OF WHICH WERE LAID OUT, YOU KNOW, CRYSTALLIZED FORM TODAY IN COURT I THINK WERE MADE OUT. YOU HAVE THE REPRESENTATION THAT THESE THINGS WERE LEGAL FEES BASED ON EVERYTHING OF LEGAL SERVICES. YOU DON'T HAVE ANY DOCUMENT AND THAT EFFECT, YOU DON'T HAVE ANY DETAILED BUSINESS RECORDS AS YOU AND I WERE SAYING BEFORE WE STARTED RECORDING TODAY. THE BANE OF THE EXISTENCE OF ANY PRACTICING LAWYER, AND I AM A PRACTICING LAWYER, ONCE AGAIN, IS TO DO DETAILED RECORDS OF HOW YOU ARE SPENDING YOUR TIME AND WHY THE CLIENT NEEDS TO PAY YOU WHAT YOU ARE CHARGING THE CLIENT APPEARED >> THERE IS NO DETAIL OF THAT PERIOD, THERE IS ZERO. EVERY LAWYER IN AMERICA HAVE TO DO THAT. I HAVE NEVER WORKED ON A MATTER FOR ANY CLAIM WHERE THERE WASN'T A FORMALIZED AGREEMENT AND AN UNDERSTANDING OF WHAT YOU COULD PAY FOR AND WHY. YOU HAVE NONE OF THAT HERE. YOU ALSO HAVE AS YOU MENTIONED, THE FACT THAT MICHAEL COHEN WAS NOT JUST PAID FOR THE REIMBURSEMENT. LAWYERS ALL THE TIME, WE HAVE PHOTOCOPYING FEES, WE HAVE BINDING FEES, WE HAVE OTHER FEES WE HAVE TO GET REIMBURSED FOR. WE DON'T GET PAID DOUBLE FOR THAT. >> WHICH IS HIS TAX RATE, BY THE WAY. >> MICHAEL COHEN STEPPED UP FOR THE TEAM, TOOK A HIT FOR THE DONALD TRUMP FRAUD TEAM AND PAID OUT OF HIS OWN MONEY BASED ON A HOME EQUITY LINE OF CREDIT, MONEY FOR THE HUSH MONEY FOR THIS PERSON AND THAT WAS AFTER TAXES. IN ORDER TO MAKE HIM WHOLE, HE HAD TO BE PAID NOT JUST THE REIMBURSEMENT AMOUNT BUT ALSO AN AMOUNT THAT WAS PRETAX WOULD MAKE HIM, PUT HIM IN THE SAME POSITION AS HE WAS IN OTHERWISE. THAT IS NOT A LEGAL FEE. THAT IS NOT HOW IT WORKS. >> WHAT STRUCK ME ALSO, NONLAWYER, AGAIN, THE ALLEN WEISSELBURG. THEY WROTE OUT EXACTLY HOW THIS REIMBURSEMENT WOULD WORK , WHICH, PRESUMABLY FOR THE PROSECUTION, IS PRETTY DAMMING. >> IT IS VERY STRONG. AT SOME POINT WE WILL GET INTO THE QUESTION, NOT TODAY NECESSARILY BUT HOW FORMIDABLE IS THE TESTIMONY OF MICHAEL COHEN GOING TO BE AND I THINK THE PROSECUTION HAS DONE A GREAT JOB OF LAYING THE FOUNDATION OF CORROBORATION BEFORE MICHAEL COHEN TESTIFIED. HE'S GOING TO COME UP ON THE STAND AND SAY IT WASN'T LEGAL FEES, IT WASN'T A RETAINER, IT WASN'T LEGAL SERVICES, IT WAS FOR THIS OTHER PURPOSE, WHICH THE PROSECUTION ALLEGES WAS ILLEGAL. AND, RATHER THAN COOPERATING HIM AFTER THE FACT, THEY HAVE CORROBORATED HIM BEFORE THE FACT. ALSO, AS YOU AND I AND OTHERS HAVE BEEN TALKING ABOUT FOR MONTHS NOW, MICHAEL COHEN HAS SOME BAGGAGE. BUT A SINGLE WITNESS WHO HAS TESTIFIED WHO KNOWS MICHAEL COHEN HAS SET THE BAR SO LOW FOR MICHAEL COHEN THAT I DON'T KNOW THAT HE HAS TO DO AS MUCH AS WE ALL ANTICIPATED HE NEEDS TO DO. >> HE DOESN'T NEED TO ON THE TOTALITY OF IT. >> LET ME ASK YOU ABOUT THE GAG ORDER. THE JUDGE THREATENED, OF COURSE, IF HE VIOLATES IT, HE COULD PUT HIM IN JAIL. WHAT DOES THAT LOOK LIKE? PEOPLE HAVE BEEN SPECULATED IT COULD BE AN HOUR. IS IT AN HOUR IN JAIL, IS IT SOMETHING ELSE ? >> IT COULD RUN THE GAMUT. IT IS AN INTERESTING THING NOT FOR THIS TIME NECESSARILY BUT THE STATUTORY ACES IN NEW YORK, THE LAW IS THAT YOU CAN FIND FOR CRIMINAL CONTEMPT $1000.00 PER VIOLATION. IT MIGHT STRIKE SOME PEOPLE AS ODD, IT STRIKES ME AS A LITTLE ODD BUT WE ARE NOT IN THE POSITION TO CHANGE THE LAW AT THIS MOMENT, THAT THE NEXT STEP AFTER A $1000 ABSENT FINE IS NOT A $2000 WASN'T FINE OR SOME OTHER INTERMEDIARY STEP, IT IS SEPARATION FROM THE LIBERTY FOR UP TO 30 DAYS. THE JUDGE IS BETWEEN A ROCK AND A HARD PLACE. I THOUGHT WHAT YOU READ BEFORE WAS ABSOLUTELY STUNNING. YOU HAVE A SITTING JUDGE WHO, I THINK PEOPLE UNDERSTAND THAT A JUDGE IN HIS POSITION DOESN'T WANT TO PUT DONALD TRUMP IN JAIL FOR A PERIOD OF TIME. HE DOESN'T WANT TO HAVE TO BE IN THAT POSITION. THE INTERESTING THING IS THAT HE SAID IT AND HE WAS VERY HONEST ABOUT IT, HE WAS FORTHRIGHT ABOUT IT, WHICH, TO ME, MEANS HE'S SERIOUS ABOUT IT. >> IF YOU ARE THE JUDGE, THOUGH, IF HE'S SENT TO JAIL FOR AN HOUR, DOES HE REALLY CARE? HE MAY GET SOMETHING OUT OF THAT. THAT IS MY THEORY. HE MAY WANT THAT. >> I DON'T KNOW. WE ARE IN UNCHARTED TERRITORY. WE'VE NEVER HAD A FORMER PRESIDENT OF THE UNITED STATES WHO HAS AN ACTUAL RATE TO SECRET SERVICE PROTECTION AND A SECRET SERVICE DETAIL FOR THE DURATION OF HIS LIFE, WHETHER HE IS PRESIDENT OR NOT. IN THAT CIRCUMSTANCE, NO ONE WANTS TO, THE JUDGE LEAST OF ALL, WANTS TO FIGURE OUT HOW WE DEAL WITH THAT. I DON'T REALLY KNOW. I DO THINK, I NEVER HAVE ANY QUIBBLES WITH YOU. I QUIBBLE WITH YOU. >> YOU CAN QUIBBLE ANY TIME. YOU ARE THE LEGAL EXPERT. >> THIS IS NOT LEGAL QUESTIONS, I DON'T THINK, NOT WITHSTANDING HIS BRAVADO AND HIS COMPARISONS OF HIMSELF TO NELSON MANDELA OR ANYONE ELSE, HE DOES NOT WANT TO SPEND ANY, HE DOES NOT WANT TO SPEND THE NIGHT IN PRISON. IT IS VERY UNCOMFORTABLE. THERE'S LOTS OF PROBLEMS HE WOULD FACE PERSONALLY AND OTHERWISE AND AESTHETICALLY AND GROOMING WISE THAT I DON'T THINK HE WANTS TO GET INTO. HE LIKES TO TALK A GOOD GAME AND SAY I WILL BE A MARTYR BUT I DON'T THINK HE WANTS TO GO AND SO IT WILL BE AN INTERESTING CAT AND MOUSE GAME APPEARED >> HE MAY WANT TO GO FOR AN HOUR BECAUSE HE HAS BEEN FUNDRAISING OFF OF IT. LET ME ASK YOU. THE TRIAL, THEY RESUME TOMORROW MORNING. THERE ARE SOME BIG WITNESSES WHO WE'VE NOT HEARD FROM YET. MICHAEL COHEN IS A BIG ONE. WHO ELSE ARE YOU WATCHING FOR? >> STORMY DANIELS TESTIMONY WILL BE INTERESTING. I WILL SAY, I'M AT RISK OF BEING DISABUSED OF THIS DEPENDING ON HOW THE TESTIMONY GOES, I THINK THE MOST REPORTED TESTIMONY HAS ALREADY TAKEN PLACE. THESE WITNESSES, DAVID PECKER. >> WITH YOU, SUPPORTED ONE? >> IN SOME WAYS, YES. HE BASICALLY TOLD THE STORY OF HOW ALL OF THIS , ALL THESE MACHINATIONS WERE IMPORTANT TO AND RELEVANT TO AND/OR FOR THE PURPOSE OF WINNING THE ELECTION. YOU HAVE SOME HOLES HERE, YOU HAD HOPE HICKS TESTIFYING IN PART THAT, YOU KNOW, SHE GOT SOME HITS FOR THE DEFENSE, WHICH THE PROSECUTION PROBABLY DIDN'T LOVE, SITTING PART OF THE RECENT DONALD TRUMP ENGAGED IN THE CONDUCT WHAT HE WANTED TO SPARE HIS WIFE FUMIGATION. THAT DOESN'T HELP TO PROVE THE PROSECUTOR'S CASE. BUT, YOU HAVE ALL THESE WITNESSES TALKING ABOUT THE MONEY, TALKING ABOUT THE DOCUMENTS, TALKING ABOUT THE PURPOSE OF THE DOCUMENTS, THE LACK OF DOCUMENT TATIAN OF THIS BEING A RETAINER AND IS BEING LEGAL FEES AND THEN THE OVERWHELMING AMOUNT OF EVIDENCE, WHICH IS OR IN PLACE OF THE DOCUMENT TO BE EVIDENCE BUT STILL, I THINK, OVERWHELMING EVIDENCE THAT THIS WAS DONE CLOSE IN TIME TO THE ELECTION BECAUSE DONALD TRUMP CARED ABOUT THE ELECTION MORE THAN ANYTHING ELSE AND THAT IS WHY HE ENGAGED IN THIS BEHAVIOR. THESE OTHER WITNESSES WILL BE INTERESTING. WE WILL TALK ABOUT THEM. AND, THE CROSS FROM A LAWYERLY PERSPECTIVE IS GOING TO BE FASCINATING AND A POPCORN EATING EVENT. BUT, I DON'T KNOW THAT THEY ARE GOING TO BE AS IMPORTANT GIVEN THE TESTIMONY THAT HAS TAKEN PLACE SO FAR. >> PREET
