During a recent legal proceeding, Michael Cohen, former attorney to President Donald Trump, discussed the corporations through which he received monthly payments for taxi medallions. Cohen revealed that he had dealings with 16 corporations, emphasizing that this practice is common within the industry.
He further elaborated on the industry norm of consolidating multiple medallions under a single Limited Liability Company (LLC) entity. This strategy is often employed to streamline operations and manage assets efficiently.
Attorney Todd Blanche, who was questioning Cohen, expressed gratitude for the clarification provided. Cohen's witty response of 'You're welcome' elicited laughter from the audience in the overflow room, adding a moment of levity to the otherwise serious proceedings.
The exchange shed light on the intricate financial arrangements involved in the taxi industry, showcasing the complexities that individuals like Cohen navigate in their professional endeavors. By sharing insights into standard industry practices, Cohen offered a glimpse into the inner workings of a sector that is often shielded from public view.
