| Happy Tuesday and welcome back to On The Money. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N. Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, @NJagoda and @NivElis. THE BIG DEAL -- Manafort convicted and Cohen pleads guilty: Former Trump campaign chairman Paul Manafort was found guilty in a Virginia courtroom on Tuesday of eight charges of bank and tax fraud. The jury found Manafort guilty on five charges of filing false income tax returns, one count of failing to report foreign bank accounts and two counts of bank fraud. Judge T.S. Ellis III declared a mistrial on the remaining 10 counts -- three counts of failing to report foreign bank accounts, five counts of bank fraud conspiracy and two counts of bank fraud. The scene in the courtroom: Manafort looked stunned after the verdict was read, but the courtroom was silent and still. He winked at his wife, Kathleen Manafort, as he was escorted out of the room after Ellis adjourned the proceedings. Manafort's potential sentence: The one guilty count of failing to report foreign bank accounts carries a maximum of five years in prison and each count of bank fraud carries a maximum sentence of 30 years. He could face up to 80 years in prison. The Hill's Lydia Wheeler tells us more here about the verdict and what comes next for Trump's former campaign chief.
Meanwhile... Manafort's conviction happened almost exactly when Trump's former attorney Michael Cohen pleaded guilty on Tuesday to charges of bank fraud, tax fraud and campaign finance law violations, delivering a potentially significant legal blow to the president.
Cohen pleaded guilty to eight counts total, including five counts of tax evasion and one count of making a false statement to a financial institution. In pleading guilty to one count of making an excessive campaign contribution, Cohen said he did so at the direction of "a candidate for federal office." But he did not mention Trump by name. Cohen's lawyer did mention the president by name. "Today he stood up and testified under oath that Donald Trump directed him to commit a crime by making payments to two women for the principal purpose of influencing an election," said Cohen's lawyer, Lanny Davis. "If those payments were a crime for Michael Cohen, then why wouldn't they be a crime for Donald Trump. Trump's stance: Trump initially denied knowing anything about the payment to Daniels, but later acknowledged that he reimbursed Cohen for the expense, which he insisted had nothing to do with the campaign. Brett Samuels has more here on what the Cohen plea means for the president. How Trump reacted: The stories broke just as Trump was boarding Air Force One for a campaign rally in West Virginia. He didn't take questions from reporters on the tarmac. But after landing in West Virginia, Trump called Manafort a "good man" and said it was a "sad thing" he was convicted in federal court. "This has nothing to do with Russian collusion. ... This is a witch hunt and it's a disgrace," he told reporters. More Manafort, Cohen tidbits: The Justice Department filing on Michael Cohen's guilty plea says he "coordinated with one or more members of the campaign, including through meetings and phone calls, about the fact, nature, and timing of the payments." Cohen faced a "lock him up" chant after leaving the courthouse. President Trump's attorney Rudy Giuliani said there were no allegations "of any wrongdoing" in the charges that Cohen pleaded guilty to. He also accused Cohen of spreading "lies and dishonesty." Senate Minority Leader Charles Schumer (D-N.Y.) is warning Trump not to discuss Manafort, Cohen or pardons during his rally in West Virginia later tonight. How bad was today for the president? The Drudge Report on its website characterized the Cohen, Manafort news as "Trump Hell Hour." ON TAP TOMORROW LEADING THE DAY Warren proposes ban on lawmakers owning individual stocks: Sen. Elizabeth Warren (D-Mass.) on Tuesday outlined a new proposal to ban members of Congress from owning individual stocks, which comes as a GOP lawmaker has been indicted on insider trading charges. Warren explained in a speech to the National Press Club that the bill would bar members of Congress, Cabinet-level officials, federal judges and other senior government officials from possessing and trading individual stocks. "They can put their savings in conflict-free investments like mutual funds or they can pick a different line of work," said Warren, a potential 2020 White House contender. Warren's bill also seeks to limit lobbyists' influence in Washington. It would ban foreign lobbying entirely and stop all lobbyists from donating to candidates and members of Congress. And members of Congress, former presidents and agency heads would be banned from lobbying for life. The Hill's Megan Keller breaks it down here. Senators, Trump officials clash over Russia sanctions: Senators were united in bipartisan frustration at a hearing Tuesday as Trump administration officials rebuffed several of their questions about the impact and implementation of Russian financial sanctions. Members of the Senate Banking Committee criticized top officials at the Treasury, State and Homeland Security departments after they refused to explain how the administration would impose further penalties meant to derail Russia's economy. The Trump officials highlighted the hundreds of Russian firms and individuals sanctioned since 2017 and cited statistical proof of the economic decline they caused through the penalties. But senators have grown increasingly concerned about Putin's plans for the 2018 midterm elections amid mounting reports of Kremlin-backed hacking attempts. They are pressing the administration to do more. I'll tell you why here. From the hearing: - "I'm not sure why we're having such a difficult time answering simple questions." -- Sen. Tim Scott (R-S.C.).
- "If we can't come up with a way to protect our democracy within 80 days, my goodness, shame on us." -- Sen. Chris Van Hollen (D-Md.).
- "It is not hard to see why Putin still thinks he can interfere in our elections and get away with it." -- Sen. Elizabeth Warren (D-Mass.).
- "We have made clear to the world that those who continue to do business with Russia do so at their own peril." -- Treasury Acting Deputy Secretary Sigal Mandelker.
- "We think that these approaches that we are taking are having an impact in changing others' behavior toward Russia in ways that will leave Russia less able to engage in its campaign of malign activities." -- Assistant Secretary of State Christopher Ford.
GOOD TO KNOW - President Trump's push to impose tariffs on imported foreign cars is expected to be delayed past this month, Commerce Secretary Wilbur Ross said in an interview published Tuesday.
- Iraq is planning to ask for exemptions to ignore U.S. sanctions on its neighbor Iran, which it is closely tied to economically, Reuters reported.
- I took a look at five ways Trump's corporate disclosure proposal could change investing.
The top Republican and Democrat on the Senate Foreign Relations Committee are pushing back against a White House plan to block foreign aid funds. - Sen. Rand Paul (R-Ky.) wants to tie a fight over funding for Planned Parenthood to a massive government spending bill currently being debated by the Senate.
- U.S. stocks climbed, sending the S&P 500 Index to an intraday record, as investors speculated the Trump administration would ease trade tensions with China, according to Bloomberg.
- Some Amazon sellers are outraged over a new payment policy designed to attract more corporate buyers, according to CNBC.
ODDS AND ENDS - President Trump's economic adviser Larry Kudlow last week hosted at his home the publisher of a website that runs content written by white nationalists, The Washington Post reported Tuesday.
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