Michael Cohen leaves federal court on August 21, 2018 in New York. AFP
Michael Cohen leaves federal court on August 21, 2018 in New York. AFP

Timeline: From 'nothing to see here' to Michael Cohen's guilty pleas



President Donald Trump's longtime fixer, Michael Cohen, once said he'd take a bullet for his boss, but on Tuesday he pleaded guilty to eight felonies and described payoffs to women at Mr Trump's direction before the 2016 election.

The development marked the pivot point in which Mr Cohen went from ally for years to a potential threat to Mr Trump. Under the agreement, Mr Cohen, 51, could get four to five years in prison at his December 12 sentencing. His account appears to implicate President Trump in a crime, though whether — or when — a president can be prosecuted is in dispute.

Key moments in how it all went down:

2016

Mr Trump is a Republican presidential candidate and eventually the party's nominee. At the future president's direction, Mr Cohen says, he and Mr Trump arrange to pay adult-film actress Stormy Daniels $130,000 (Dh477,425) and former Playboy model Karen McDougal $150,000 to influence the election — presumably to keep their allegations of sexual encounters private. In entering the plea on Tuesday, Mr Cohen did not specifically name the two women or even Mr Trump, recounting instead that he worked with an "unnamed candidate." But the amounts and the dates all line up with the payments made to Daniels and Ms McDougal.

___

November 4, 2016

The Wall Street Journal reports that the company that owns the National Enquirer agreed to pay $150,000 to Ms McDougal for her story of an affair with Mr Trump in 2006, the year after the US leader married Melania Trump. In a statement, American Media Inc., which is supportive of Mr Trump's campaign, says it didn't buy Ms McDougal's story but rather two years' worth of columns. White House spokeswoman Hope Hicks denies there had been an affair.

___

Nov. 8, 2016

President Trump defeats Democrat Hillary Clinton in an upset.

___

Jan. 12, 2018

The Wall Street Journal reports that Cohen arranged a $130,000 payment to Daniels a month before the election as part of an agreement that barred her from publicly discussing their alleged 2006 affair. Mr Cohen says Mr Trump "vehemently denies any such occurrence."

___

Feb. 13, 2018

Cohen says that he personally paid Daniels and that he received no reimbursement from the Trump Organization or the campaign. Neither was "party to the transaction," he says. Mr Cohen says later the money came from a home equity line to an account for a personal corporation.

___

March 2018

Ms McDougal files a lawsuit against American Media Inc., seeking to end a contract with the company. She tells CNN that the company bought her rights to tell her story under false circumstances and then killed the story to protect Mr Trump. She also claims she had a lengthy affair with him in 2006. American Media says she's been free to tell her story since 2016. Through representatives, Mr Trump denies the affair.

___

April 5, 2018

Speaking to reporters aboard Air Force One, President Trump denies knowing about the payment to Daniels. Asked why Mr Cohen made the payment, Mr Trump says, "You'll have to ask Michael Cohen."

___

April 9, 2018

The FBI raids Mr Cohen's office, seizing records on topics including a $130,000 payment to Daniels. Furious, President Trump calls the raid a "disgrace" and says the FBI "broke into" his lawyer's office. He also tweets that "Attorney-client privilege is dead!" The raid is overseen by the US attorney's office in Manhattan and is based in part on a referral from special counsel Robert Mueller, says Mr Cohen's lawyer, Stephen Ryan. Mr Cohen had said he took out a personal line of credit on his home to pay Daniels days before the 2016 election without President Trump's knowledge.

___

April 26, 2018

Mr Trump acknowledges that Mr Cohen represented him in the "crazy Stormy Daniels deal." He tells "Fox & Friends" that "there were no campaign funds going into this which would have been a problem."

___

May 2, 2018

Mr Trump's attorney Rudy Giuliani tells "Hannity" that the payment to Daniels had been "funneled through a law firm, and the president repaid it." He later says that proves the payments didn't violate campaign finance laws. White House press secretary Sarah Huckabee Sanders says Mr Trump "eventually learned" about the payments.

___

May 4, 2018

Reporters remind Mr Trump of his previous denial of the payments to Daniels. The president blasts the media for focusing on "crap" stories like the Daniels matter and claims that "virtually everything" reported about the payments had been wrong. Daniels' attorney, Michael Avenatti, tweets, "How stupid do they think all of us are?"

___

July 20, 2018

People familiar with the investigation say Mr Cohen secretly recorded Mr Trump discussing a potential payment for Ms McDougal two months before the election. Mr Giuliani says that the payment was never made and that the brief recording shows Mr Trump did nothing wrong. In it, Mr Cohen is heard saying that he needed to start a company "for the transfer of all of that info regarding our friend David," a possible reference to David Pecker, Mr Trump's friend and president of American Media Inc.

When Mr Cohen begins to discuss financing, the president interrupts him and asks, "What financing?"

"We'll have to pay," Mr Cohen responds.

The audio is muffled, but Mr Trump can be heard saying "pay with cash," though it isn't clear if he is suggesting to pay with cash or not to pay with cash. Cohen immediately says, "No, no, no" and Mr Trump can then be heard saying, "check."

___

Aug. 21, 2018

Mr Cohen pleads guilty to campaign-finance violations and other charges, saying he and Trump arranged the payment of hush money to Daniels and McDougal to influence the election.

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The White Lotus: Season three

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Rating: 4.5/5

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.