The federal government will soon begin selling off Paul Manafort’s assets which he accumulated after decades of shady and illegal lobbying work. After the process is completed it is expected that Bob Mueller’s investigation into Russian interference in the 2016 election will have made a profit, bringing in more money than it has cost.
This will shock the man who is the subject of the Mueller probe, President Donald Trump, who last fall tweeted:
“When will this illegal Joseph McCarthy style Witch Hunt, one that has shattered so many innocent lives, ever end-or will it just go on forever? After wasting more than $40,000,000 (is that possible?), it has proven only one thing-there was NO Collusion with Russia. So Ridiculous!”
The process will not be as easy as federal officials had hoped, however, since they must first overcome several legal roadblocks before money from the asset sales can be realized.
One potential problem is the Trump Tower condo board, who must approve the sale of the condo that Manafort owns in that building which is valued at $3.8 million.
In addition to that, there are several banks who are arguing that they’re entitled to money from Manafort’s properties and investment accounts.
Included in the package is a $7.3 million compound in the Hamptons on Long Island, N.Y..
Recent court documents reviewed by USA Today show that some of the competing claims might be resolved this week.
But contrary to Trump’s claims, Mueller’s investigation has reported costs of about $25 million so far, which is much less than the amount anticipated to be received from Manafort’s assets.
The president and his supporters will lose one of their major talking points once it can be shown that Mueller’s work has brought in more money that it has cost taxpayers.
Trump will soon no longer be able to attack Mueller’s work as a waste of money.
The exact amount that the government will collect depends on how much of Manafort’s property must be turned over to banks, as well as how much can be obtained from the real estate sales.
In addition to the proceeds from Manafort’s asset sales, the government will collect about $1.9 million from other people charged as a result of Mueller’s investigation.
Manafort was found guilty of fraud and other charges last August, and pleaded guilty to more charges in another federal trial in Washington last September. Although he hasn’t been sentenced in those cases yet, he has agreed to forfeit the fortune that he gained through his lobbying work for a pro-Russian faction in Ukraine. He also illegally avoided paying taxes on most of his foreign income.
I am a lifelong Democrat with a passion for social justice and progressive issues. I have degrees in writing, economics and law from the University of Iowa.
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