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      The First Trump Indictment Is Here, and It Matters

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      Even some people eager to see Donald Trump held accountable for his depthless corruption have been uneasy about his indictment in New York. “A charge like this — a porn star payoff seven years ago, somehow tied to the election, but not really — it doesn’t seem like the right way to go,” said Van Jones, a former Obama official, last week on CNN. Of the long list of Trump’s alleged violations, The Washington Post editorial board wrote, “the likely charges on which a grand jury in New York state voted to indict him are perhaps the least compelling.”As I write this, we don’t know exactly what those charges are or the degree to which, as many have speculated, they rely on an untested legal theory. But it is a mistake to treat this indictment — which, according to The New York Times, includes more than two dozen counts — as tangential to Trump’s other misdeeds. Contrary to what Jones said, the conduct at issue in this case is directly tied to the 2016 election and the question of whether Trump cheated to win it.Most of the legal trouble that Trump has faced since entering politics has stemmed from his willingness to skirt the law and, at times, betray the country in his drive to get and keep power. Robert Mueller’s special counsel investigation didn’t prove that he engaged in a criminal conspiracy, but it did show that his campaign both “welcomed” and received Russian help in his first bid for president. Trump’s first impeachment, in 2019, was about his attempt to extort President Volodymyr Zelensky of Ukraine into manufacturing dirt on Joe Biden, the rival he most feared.Trump is under criminal investigation in Georgia and Washington, D.C., for his attempts to subvert the outcome in the 2020 race. Each time he failed to face consequences for breaching rules meant to safeguard America’s electoral system, he escalated his behavior, to the point of attempting a coup. Escaping conviction in his second impeachment, for trying to overthrow the democratic system he was sworn to protect, he now treats Jan. 6 as something heroic, honoring rioters at his most recent campaign rally.Compared with these offenses, the hush money payments to Trump’s paramours might seem like a minor issue, but it’s part of a pattern of anti-democratic behavior. As The Wall Street Journal reported, in addition to hearing about the payoff to the porn film star Stormy Daniels, the grand jury in New York heard extensive questioning about the payoff to a Playboy model, Karen McDougal. Both women were going to tell their stories before the 2016 election. Unlawful means were used to silence them, which is why Michael Cohen, Trump’s former fixer, went to prison.As Cohen told a judge while pleading guilty to campaign finance crimes, tax evasion and bank fraud in 2018, his payments to Daniels and McDougal were made “for the principal purpose of influencing the election.” David Pecker, the former C.E.O. of American Media, onetime parent company of the National Enquirer, said in a non-prosecution agreement with the Southern District of New York that he’d paid $150,000 to McDougal to “suppress the model’s story so as to prevent it from influencing the election.”It’s impossible to know what impact these stories would have had if the electorate had been allowed to hear them. Certainly, the “Access Hollywood” video, in which Trump boasted of sexual assault, demonstrated that plenty of conservative voters were willing to look past his licentiousness. I’d guess that a vast majority of Trump voters would have been similarly unmoved by news of his affairs. But given the freakishly thin margins that gave Trump his victory — about 80,000 votes in three states — the stories wouldn’t have had to change that many minds to alter the outcome.After the anticlimactic end of the Mueller investigation, a taboo developed against questioning the legitimacy of the Trump presidency. After all, the reasoning went, even if he lost the popular vote, he’d won fair and square under the rules of our system, and there was nothing provably criminal in the way he and his campaign solicited Russian help. Besides, Republicans are masters of projection, and even as they’ve rejected the validity of Biden’s election, they’ve relished hurling charges of election denialism at Democrats. At this point, there’s little political upside for Democrats in re-litigating the nightmarish 2016 contest. Nevertheless, it should matter whether Trump broke the law in the service of securing his minority victory. Especially given all the evidence that he continued to defy the law in order to hold on to it.I devoutly hope that Trump will face consequences for trying to steal the 2020 election in Georgia and summoning a mob to stop his vice president from certifying his defeat. But in a way, it’s fitting that this indictment is first. Certainly, it would be a mistake for Manhattan District Attorney Alvin Bragg to proceed if his case isn’t solid. But there’s some justice in the fact that before Trump can be tried for crimes committed to remain in the presidency, he’s set to be tried for crimes committed to put him there.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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      Acusación a Donald Trump: cronología de los sucesos clave

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      El exmandatario se convertirá en el primer presidente o expresidente de Estados Unidos en enfrentar cargos penales.La investigación de la fiscalía de distrito de Manhattan sobre pagos efectuados por Donald Trump a una estrella porno a cambio de su silencio, que derivó en la acusación formal del expresidente, tardó casi cinco años.A continuación, describimos algunos momentos clave:21 de agosto de 2018Michael Cohen afirma que realizó pagos por órdenes del presidente para comprar el silencio de una actriz y comienza la investigaciónCohen, quien fuera abogado personal y solucionador de problemas de Trump, se declaró culpable de delitos federales y admitió ante un tribunal que Trump le había ordenado pagar a dos mujeres por su silencio. Los pagos se realizaron durante la campaña de 2016 para evitar que las mujeres hicieran declaraciones públicas sobre relaciones que ellas afirman que tuvieron con Trump.Poco después de la admisión de Cohen, la fiscalía de distrito de Manhattan abrió una investigación con el propósito de evaluar si esos pagos se habían efectuado en contravención de las leyes del estado de Nueva York. La fiscalía pronto suspendió las investigaciones a solicitud de algunos fiscales federales que todavía realizaban indagaciones sobre la misma conducta.Agosto de 2019La fiscalía de distrito ordena la comparecencia de la Organización TrumpDespués de que los fiscales federales anunciaron que habían llegado a la “conclusión efectiva” de su investigación, Cyrus Vance Jr., quien era fiscal de distrito de Manhattan en ese momento, retomó sus actividades indagatorias. A finales del mes, algunos fiscales de su oficina emitieron citaciones para ordenar la comparecencia de la Organización Trump y la firma contable de Trump, además de exigir las declaraciones de impuestos personales y empresariales de Trump correspondientes a los últimos ocho años.19 de septiembre de 2019Los abogados de Trump presentan una demanda para proteger sus declaraciones de impuestosLa demanda, interpuesta ante el Tribunal de Distrito de Estados Unidos en Manhattan, argumentaba que no era posible llevar a cabo una investigación penal de un presidente en funciones. Esta acción causó una gran demora.9 de julio de 2020Vance obtiene su primera victoria clave ante la Corte Suprema de EE. UU.Luego de que los jueces de apelaciones dictaron fallo en contra de Trump, la demanda se turnó a la Corte Suprema, donde los magistrados resolvieron que la presidencia no protegía a Trump de investigaciones del ámbito penal y, por lo tanto, no tenía el derecho absoluto de impedir la divulgación de sus declaraciones de impuestos.El fallo dejó a Trump con la oportunidad de formular distintas inconformidades a la citación de Vance.Otoño de 2020La investigación se intensificaAlgunos fiscales entrevistaron a empleados del principal banco y la aseguradora que prestan servicios a Trump y emitieron otras citaciones más.La fiscalía de distrito también indicó en otro escrito judicial que tenía motivos para investigar al presidente por fraude fiscal.La investigación que llevó a la acusación de Donald Trump ha abarcado casi cinco años. Stefani Reynolds para The New York Times22 de febrero de 2021La Corte Suprema le niega a Trump su último recurso para evitar que se den a conocer sus declaraciones de impuestosLa breve orden sin firmar fue una derrota decisiva para Trump y un punto de inflexión en la investigación de Vance.Apenas unas horas más tarde, se entregaron ocho años de informes financieros en la oficina de Vance.1.° de marzo de 2021La investigación se enfoca en un ejecutivo de alto rangoEn la primavera, los fiscales al mando de Vance concentraron su investigación en Allen Weisselberg, quien fungió por un largo periodo como director financiero de la Organización Trump, con la esperanza de ejercer presión sobre él para que cooperara con sus averiguaciones.A los fiscales les interesaba en particular saber si la Organización Trump le había otorgado prestaciones valiosas a Weisselberg como una especie de compensación no sujeta a impuestos.1.° de julio de 2021Se acusa a la Organización Trump de organizar un esquema de evasión de impuestos durante 15 añosCuando Weisselberg se negó a testificar en contra de su jefe, los fiscales anunciaron cargos en su contra y en contra de la empresa de Trump, pues su investigación reveló que la empresa había ayudado a sus ejecutivos a evadir impuestos ofreciéndoles como remuneración prestaciones como automóviles y apartamentos gratuitos que se les ocultaron a las autoridades.1.° de enero de 2022Asume un nuevo fiscal de distrito al frente de la oficina de ManhattanA la salida de Vance del cargo, su sucesor, Alvin Bragg, se encargó del caso. Ambos son demócratas.Bragg, quien se desempeñó como fiscal federal en el pasado, siguió empleando los servicios de dos de los líderes de la investigación: Mark Pomerantz, experimentado ex fiscal federal y abogado defensor en casos de delitos financieros, y Carey Dunne, el abogado general de Vance.23 de febrero de 2022Dos fiscales renuncian y ponen en duda el futuro de la investigaciónDespués de que Bragg expresó reservas acerca del caso, Pomerantz y Dunne suspendieron la presentación de evidencia sobre Trump ante un gran jurado. Un mes más tarde, presentaron su renuncia, lo que provocó protestas públicas por la decisión de Bragg de no proseguir con una acusación formal.En su carta de renuncia, que más adelante obtuvo The New York Times, Pomerantz señaló que Trump era culpable de varios delitos graves.18 de agosto de 2022Continúa la investigación de BraggTras guardar silencio casi total durante varias semanas de críticas, el fiscal de distrito habló por primera vez en público acerca de la investigación de Trump conducida por su oficina. Su mensaje, en esencia, fue que las averiguaciones continuarían.18 de agosto de 2022Weisselberg se declara culpable y accede a declarar en contra de la Organización TrumpAunque el director financiero se negó a entregar a Trump, accedió a testificar en el juicio de octubre en contra de la empresa en la que trabajó durante casi medio siglo.Finales del verano de 2022Los fiscales retoman el tema del pago a cambio del silencio de la actrizTranscurridos varios meses, los fiscales de Bragg retomaron el tema central original de la prolongada investigación: un pago para silenciar a Stormy Daniels, la estrella porno, quien dijo haber tenido relaciones sexuales con Trump.24 de diciembre de 2022Se declara culpable a la Organización Trump, en una victoria importante para el fiscal de distritoLos fiscales al mando de Bragg lograron que se declarara culpable a la empresa familiar de Trump, tras convencer al jurado de que esta era culpable de fraude fiscal y otros delitos.Enero de 2023El fiscal de distrito selecciona un nuevo gran juradoEl gran jurado se reunió durante los siguientes tres meses y escuchó testimonios de al menos nueve testigos sobre el pago a una actriz a cambio de su silencio.Mitad del invierno de 2023Los fiscales insinúan que es probable que se presente una acusación formal y ofrecen a Trump testificar frente al gran juradoEste tipo de ofertas por lo regular indican que pronto habrá una acusación formal; sería inusual notificar a un posible acusado si no se tiene la intención de presentar cargos en su contra.18 de marzo de 2023Trump predice su arresto y convoca a protestasSin ningún conocimiento directo, el expresidente afirma en una publicación en su cuenta de Truth Social que lo arrestarán en tres días e intenta convocar a sus partidarios. Se desdijo pronto de su predicción y no fue arrestado en ese momento.JuevesUn gran jurado decide presentar una acusación formal contra TrumpLos cargos, que todavía no se dan a conocer, serán los primeros presentados en contra de un presidente estadounidense.Jonah E. Bromwich cubre justicia penal en Nueva York, con énfasis en la fiscalía de distrito de Manhattan, las cortes penales estatales en Manhattan y las cárceles de la Ciudad de Nueva York. @jonesieman More

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      Donald Trump también debe responder ante la justicia

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      Por primera vez en la historia de Estados Unidos, un gran jurado ha acusado formalmente a un expresidente del país. Donald Trump estuvo durante años, como candidato, en la presidencia y tras su salida de ella, ignorando las normas y los precedentes democráticos y legales, intentando plegar al Departamento de Justicia y al poder judicial a sus caprichos y comportándose como si él no estuviese sujeto a las reglas.Como demuestra su acusación, sí lo está.El reiterado desprecio por la ley suele conducir a una acusación penal, y esa es la consecuencia a la que se enfrenta hoy Trump. Los fiscales federales y estatales hicieron bien en dejar de lado las preocupaciones por las consecuencias políticas, o la reverencia por la presidencia, e iniciar exhaustivas investigaciones penales sobre la conducta de Trump en al menos cuatro casos. La investigación del fiscal de distrito de Manhattan es la primera que conduce a una acusación formal.Trump transformó por completo la relación entre la presidencia y el Estado de derecho, y a menudo afirmaba que el presidente está por encima de la ley. De modo que es adecuado que sus actos como presidente y como candidato sean ahora ponderados oficialmente por jueces y jurados, con la posibilidad de que se enfrente a sanciones penales. Trump dañó gravemente las instituciones políticas y legales de Estados Unidos, y volvió a amenazarlas con llamados a protestas generales cuando fuera acusado. Sin embargo, esas instituciones han demostrado ser lo bastante fuertes para exigirle responsabilidades por ese daño.Un sano respeto por el sistema legal también requiere que los estadounidenses dejen de lado sus opiniones políticas a la hora de formarse un juicio sobre estos casos. Aunque Trump pidió habitualmente que el FBI investigara a sus enemigos, que fueran imputados o enfrentaran la pena de muerte, su indiferencia hacia las garantías procesales para los demás no debería negarle los beneficios del sistema, incluidos un juicio imparcial y la presunción de inocencia. Al mismo tiempo, ningún jurado debería extenderle ningún privilegio como expresidente. Debería seguir los mismos procedimientos que cualquier otro ciudadano.La acusación es aún confidencial, y es posible que no se conozcan los cargos contra Trump hasta dentro de unos días. Pero Alvin Bragg, el fiscal de distrito, ha estado investigando un caso de posible fraude e infracciones por parte de Trump en la financiación de su campaña, al ocultar los pagos que le hizo a la estrella del cine porno Stormy Daniels antes de las elecciones de 2016. Sus actos —utilizar dinero para silenciar a los críticos y ocultar información políticamente perjudicial— estuvieron mal. La pregunta que se le planteará al jurado es si esa conducta alcanza el umbral suficiente para ser susceptible de una condena por delito grave.Si son esas las acusaciones, la condena dependerá de demostrar que Trump participó en la falsificación de registros mercantiles mientras se infringía la ley sobre financiación de campañas, una estrategia jurídica un tanto novedosa. La falsificación de registros puede ser imputable como delito menor en Nueva York; para que sea un delito más grave, se debe probar que lo hizo junto con un segundo delito, en este caso, una posible vulneración de la ley en la financiación de la campaña. El expresidente, que aspira a un segundo mandato en 2024, ha negado las acusaciones y ha dicho que la causa presentada contra él por Bragg, demócrata, obedece a motivaciones políticas.Si bien algunos expertos jurídicos han cuestionado la teoría en que se apoya el caso de Bragg, no hay ninguna base para acusarlo de motivaciones políticas, una afirmación que Trump ha hecho durante muchos años, cada vez que se investigaba su conducta. Del mismo modo que a los miembros del jurado se les instruye para que ignoren las pruebas indebidamente introducidas en un juicio, también deberán ignorar todas las insinuaciones sin fundamento de los partidarios y los defensores de Trump en estos casos, y juzgarlas estrictamente por sus méritos.Tres de las otras investigaciones que podrían dar lugar a acusaciones son más graves, porque conllevan acusar a Trump, no solo de haber vulnerado la ley, sino también de haber abusado de su cargo presidencial.Las imputaciones contra él en Georgia están entre las más vergonzosas. Fani Willis, fiscal de distrito del condado de Fulton, está considerando presentar cargos penales contra varias personas, incluido Trump, por intentar anular los resultados de las elecciones presidenciales de 2020 en ese estado, que ganó el presidente Biden por 11.779 votos. Trump presionó repetidas veces al secretario de Estado de Georgia, Brad Raffensperger, para que “buscara” votos adicionales que pudieran cambiar el resultado de las elecciones en el estado, parte de un plan para socavar la voluntad de los votantes.Un gran jurado especial formado por Willis recomendó en febrero que se presentaran cargos en el caso; todavía se desconoce qué personas o acusaciones se incluirán en las recomendaciones del gran jurado o a quién podría intentar acusar Willis, si es que procede.Una investigación del Departamento de Justicia federal dirigida por un fiscal especial, Jack Smith, también podría dar lugar a acusaciones formales contra Trump. Smith está investigando los intentos del expresidente de impedir el traspaso pacífico del poder el 6 de enero de 2021, cuando Trump incitó a una turba armada que atacó el Capitolio de Estados Unidos, amenazando a los legisladores allí reunidos para certificar los resultados de las elecciones presidenciales. Un informe del Senado realizado por los dos partidos concluyó que siete muertes estaban relacionadas con el ataque.El equipo de Smith también está investigando al expresidente por su indebido manejo de los documentos clasificados que fueron retirados de la Casa Blanca y llevados a Mar-a-Lago, su residencia privada en Florida. En el caso se han recuperado unos 300 documentos clasificados. Los fiscales también están estudiando si Trump, sus abogados o miembros de su personal trataron de confundir a los funcionarios del Estado que pidieron la devolución de los documentos.Además de los cargos penales, Trump se enfrenta a varias demandas civiles. La fiscal general de Nueva York, Letitia James, ha demandado al expresidente por inflar de forma “flagrante” y fraudulenta el valor de sus activos inmobiliarios. Tres de los hijos adultos de Trump también figuran en la demanda. Un grupo de policías del Capitolio y legisladores demócratas han demandado al presidente, aduciendo que sus actos del 6 de enero incitaron a la turba que les provocó daños físicos y emocionales. E. Jean Carroll, una escritora que acusó a Trump de haberla violado, ha demandado al expresidente por difamación. Trump niega las acusaciones.Sin duda, procesar al expresidente ahondará las divisiones políticas existentes que tanto daño han hecho al país en los últimos años. Trump ya ha avivado esa división, al tachar a los fiscales que están detrás de las investigaciones —varios de ellos personas negras— de “racistas”. Afirmó en un mensaje publicado en las redes sociales que sería detenido, y se dirigió así a sus simpatizantes: “¡PROTESTEMOS, RECUPEREMOS NUESTRA NACIÓN!”. Con ese lenguaje, estaba repitiendo el grito de guerra que precedió a los disturbios en el Capitolio. Las autoridades de la ciudad de Nueva York, que no se arriesgan a que se repitan los actos de los partidarios de Trump, se han estado preparando para la posible agitación.Esas acusaciones del expresidente están claramente dirigidas a socavar las denuncias contra él, protegerse de las consecuencias de su mala conducta y utilizar los casos para su beneficio político. Los dos fiscales de distrito en estas causas son demócratas electos, pero su raza y sus afinidades políticas no tienen ninguna relevancia para los procesos judiciales. (Smith no está afiliado a ninguno de los dos partidos). No obstante, el presidente de la Cámara de Representantes, Kevin McCarthy, demostró de inmediato la intención de su partido de politizar la imputación al calificar a Bragg de “fiscal radical” que persigue “la venganza política” contra Trump. McCarthy no tiene la jurisdicción sobre el fiscal de distrito de Manhattan ni le corresponde interferir en un proceso penal y, sin embargo, se ha comprometido a que la Cámara de Representantes determine si la fiscalía de Bragg está recibiendo fondos federales.La decisión de procesar a un expresidente es una tarea solemne, sobre todo teniendo en cuenta las profundas fisuras nacionales que Trump exacerbará, inevitablemente, a medida que se acerque la campaña de 2024. Pero el costo de no buscar la justicia contra un dirigente que puede haber cometido esos delitos sería aún más alto.El Comité Editorial es un grupo de periodistas de opinión cuyas perspectivas están sustentadas en experiencia, investigación, debate y ciertos valores arraigados por mucho tiempo. Es una entidad independiente de la sala de redacción. More

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      Trump’s Indictment and What’s Next

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      The fallout will be widespread, with ramifications for the 2024 presidential race, policymaking and more.Donald Trump is likely to turn himself in on Tuesday.Christopher Lee for The New York TimesWhat you need to know about Trump’s indictment A Manhattan grand jury has indicted Donald Trump over his role in paying hush money to a porn star, making him the first former president to face criminal charges. It’s a pivotal moment in U.S. politics — there was an audible on-air gasp when Fox News anchors reported the news on Thursday — with ramifications for the 2024 presidential race, policymaking and more.Here are the most important things to note so far.Mr. Trump is likely to turn himself in on Tuesday, which will see the former president be fingerprinted and photographed in a New York State courthouse. (Prosecutors for the Manhattan district attorney, Alvin Bragg, wanted Trump to surrender on Friday, but were rebuffed by the former president’s lawyers, according to Politico.) Afterward, Mr. Trump would be arraigned and would finally learn the charges against him and be given the chance to enter a plea. The former president has consistently denied all wrongdoing.Mr. Trump and his advisers, who were at his Mar-a-Lago resort in Florida on Thursday, were caught off guard by the announcement, believing some news reports that suggested an indictment wouldn’t come for weeks. The former president blasted the news, describing it in all-caps as “an attack on our country the likes of which has never been seen before” on Truth Social, the social network he founded.The case revolves in part around the Trump family business. Charges by the Manhattan district attorney arise from a five-year investigation into a $130,000 payment by the fixer Michael Cohen to the porn actress Stormy Daniels in 2016, before the presidential election that year.The Trump Organization reimbursed Mr. Cohen — but in internal documents, company executives falsely recorded the payment as a legal expense and invented a bogus legal retainer with Mr. Cohen to justify them. Falsifying business records is a crime in New York. But to make it a felony charge, prosecutors may tie the crime to a second one: violating election law.The fallout will be wide, and unpredictable. Democrats and Republicans alike used the news to underpin a flurry of fund-raising efforts. (Among them, of course, was Mr. Trump’s own presidential campaign.)It’s unclear how the indictment will affect the 2024 race. Mr. Trump, who can run for president despite facing criminal charges, is leading in early polls. Still, his potential opponents for the Republican nomination — including Gov. Ron DeSantis of Florida and Mike Pence, Mr. Trump’s former vice president — harshly criticized the move. House Republicans have also flocked to his defense, potentially increasing the chances of gridlock in Washington.But while the charges may give Mr. Trump a boost in the G.O.P. primary, they could also hurt his standing in the general election against President Biden.HERE’S WHAT’S HAPPENING European inflation remains stubbornly high. Consumer prices rose 6.9 percent on an annualized basis across the eurozone in March, below analysts’ forecasts. But core inflation accelerated, a sign that Europe’s cost-of-living crisis is not easing. In the U.S., investors will be watching for data on personal consumption expenditure inflation, set to be released at 8:30 a.m.A Swiss court convicts bankers of helping a Putin ally hide millions. Four officials from the Swiss office of Gazprombank were accused of failing to conduct due diligence on accounts opened by a concert cellist who has been nicknamed “Putin’s wallet.” The case was seen as a test of Switzerland’s willingness to discipline bankers for wrongdoing.More Gulf nations back Jared Kushner’s investment firm. Sovereign funds in the United Arab Emirates and Qatar have poured hundreds of millions into Affinity Partners, The Times reports. The revelation underscores efforts by Mr. Kushner, Donald Trump’s son-in-law, and others in the Trump orbit to profit from close ties they forged with Middle Eastern powers while in the White House.Lawyers for a woman accusing Leon Black of rape ask to quit the case. A lawyer from the Wigdor firm, who had been representing Guzel Ganieva, told a court on Thursday that the attorney-client relationship had broken down and that Ms. Ganieva wanted to represent herself. It’s the latest twist in the lawsuit by Ms. Ganieva, who has said she had an affair with the private equity mogul that turned abusive; Black has denied wrongdoing.Richard Branson’s satellite-launching company is halting operations. Virgin Orbit said that it failed to raise much-needed capital, and would cease business for now and lay off nearly all of its roughly 660 employees. It signals the potential end of the company after it suffered a failed rocket launch in January.A brutal quarter for dealmaking Bankers and lawyers began the year with modest expectations for M.&A. Rising interest rates, concerns about the economy and costly financing had undercut what had been a booming market for deals.But the first three months of 2023 proved to be even more difficult than most would have guessed, as the volume of transactions fell to its lowest level in a decade.About 11,366 deals worth $550.5 billion were announced in the quarter, according to data from Refinitiv. That’s a 22 percent drop in the number of transactions — and a 45 percent plunge by value. That’s bad news for bankers who had been hoping for any improvement from a dismal second half of 2022. (They’ve already had to grapple with another bit of bad news: Wall Street bonuses were down 26 percent last year, according to New York State’s comptroller.)The outlook for improvement isn’t clear. While the Nasdaq is climbing, there’s enough uncertainty and volatility in the market — particularly given concerns around banks — to deter many would-be acquirers from doing risky deals. Then again, three months ago some dealmakers told DealBook that they expected their business to pick up in the middle of 2023.Here’s how the league tables look: JPMorgan Chase, Goldman Sachs and the boutique Centerview Partners led investment banks, with a combined 58 percent of the market. And Sullivan & Cromwell, Wachtell Lipton and Goodwin Procter were the big winners among law firms, with 46 percent market share.Biden wants new rules for lenders The Biden administration on Thursday called on regulators to toughen oversight of America’s midsize banks in the wake of the crisis triggered by the collapse of Silicon Valley Bank, as policymakers shift from containing the turmoil to figuring out how to prevent it from happening again.Much of the focus was on reviving measures included in the Dodd-Frank law passed in the aftermath of the 2008 financial crisis. These include reapplying stress tests and capital requirements used for the nation’s systemically important banks to midsize lenders, after they were rolled back in 2018 during the Trump administration.Here are the new rules the White House wants to see imposed:Tougher capital requirements and oversight of lenders. At the top of the list is the reinstatement of liquidity requirements (and stress tests on that liquidity) for lenders with $100 billion to $250 billion in assets like SVB and Signature Bank, which also collapsed.Plans for managing a bank failure and annual capital stress tests. The administration sees the need for more rigorous capital-testing measures designed to see if banks “can withstand high interest rates and other stresses.”It appears the White House will go it alone on these proposals. “There’s no need for congressional action in order to authorize the agencies to take any of these steps,” an administration official told journalists.Lobbyists are already pushing back, saying more oversight would drive up costs and hurt the economy. “It would be unfortunate if the response to bad management and delinquent supervision at SVB were additional regulation on all banks,” Greg Baer, the president and C.E.O. of the Bank Policy Institute, said in a statement.Elsewhere in banking:In the hours after Silicon Valley Bank’s failure on March 10, Jamie Dimon, C.E.O. of JPMorgan Chase, expressed his reluctance to get involved in another banking rescue effort. Dimon changed his position four days later as he and Janet Yellen, the Treasury secretary, spearheaded a plan for the country’s biggest banks to inject $30 billion in deposits into smaller ailing ones. “If my government asks me to help, I’ll help,” Mr. Dimon, 67, told The Times.“We are definitely working with technology which is going to be incredibly beneficial, but clearly has the potential to cause harm in a deep way.” — Sundar Pichai, C.E.O. of Google, on the need for the tech industry to responsibly develop artificial intelligence tools, like chatbots, before rolling them out commercially.Carl Icahn and Jesus Illumina, the DNA sequencing company, stepped up its fight with the activist investor Carl Icahn on Thursday, pushing back against his efforts to secure three board seats and force it to spin off Grail, a maker of cancer-detection tests that it bought for $8 billion. But it is a reference to Jesus that the company says he made that is garnering much attention.The company said that it had nearly reached a settlement with Mr. Icahn before their fight went public, in a preliminary proxy statement. It added that he had no plan for the company beyond putting his nominees on the board.But Illumina also said Mr. Icahn told its executives that he “would not even support Jesus Christ” as an independent candidate over one of his own nominees because “my guys answer to me.”Experts say Mr. Icahn’s comments could be used against him in future fights. Board members are supposed to act as stewards of a company, not agents for a single investor. “If any disputes along these lines arise for public companies where Icahn has nominees on the board, shareholders are going to use this as exhibit A for allegations that the directors followed Icahn rather than their own judgment,” said Ann Lipton, a professor of law at Tulane University.Mr. Icahn doesn’t seem to care. He said the comments were “taken out of context” and the company broke an agreement to keep negotiations private.“It was a very poor choice of words and he is usually much smarter than that,” said John Coffee, a corporate governance professor at Columbia Law School. “But he can always say that he was misinterpreted and recognizes that directors owe their duties to all the shareholders.”THE SPEED READ DealsBed Bath & Beyond ended a deal to take money from the hedge fund Hudson Bay Capital after reporting another quarter of declining sales, and will instead try to raise $300 million by selling new stock. (WSJ)Apollo Global Management reportedly plans to bid nearly $2.8 billion for the aerospace parts maker Arconic. (Bloomberg)Marshall, the maker of guitar amps favored by Jimi Hendrix and Eric Clapton, will sell itself to Zound, a Swedish speaker maker that it had partnered with. (The Verge)PolicyFinland cleared its last hurdle to joining NATO after Turkey approved its entry into the security alliance. (NYT)The F.T.C. is reportedly investigating America’s largest alcohol distributor over how wine and liquor are priced across the U.S. (Politico)“Lobbyists Begin Chipping Away at Biden’s $80 Billion I.R.S. Overhaul” (NYT)Best of the restNetflix revamped its film division, as the streaming giant prepares to make fewer movies to cut costs. (Bloomberg)“A.I., Brain Scans and Cameras: The Spread of Police Surveillance Tech” (NYT)A jury cleared Gwyneth Paltrow of fault in a 2016 ski crash and awarded her the $1 she had requested in damages. (NYT)“Do We Know How Many People Are Working From Home?” (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Trump Is Indicted, Becoming First Ex-President to Face Criminal Charges

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      A Manhattan grand jury indicted Donald J. Trump on Thursday for his role in paying hush money to a porn star, according to people with knowledge of the matter, a historic development that will shake up the 2024 presidential race and forever mark him as the nation’s first former president to face criminal charges.On Thursday evening, after news of the charges had been widely reported, the district attorney’s office confirmed that Mr. Trump had been indicted and that prosecutors had contacted Mr. Trump’s attorney to coordinate his surrender to authorities in Manhattan.Mr. Trump is likely to turn himself in on Tuesday, at which point the former president will be photographed and fingerprinted in the bowels of a New York State courthouse, with Secret Service agents in tow. He will then be arraigned, at which point the specific charges will be unsealed. Mr. Trump faces more than two dozen counts, according to two people familiar with the matter. Mr. Trump has for decades avoided criminal charges despite persistent scrutiny and repeated investigations, creating an aura of legal invincibility that the indictment now threatens to puncture.But unlike the investigations that arose from his time in the White House — which examined his strong-arm tactics on the international stage, his attempts to overturn the election and his summoning of a mob to the steps of the U.S. Capitol — this case is built around a tawdry episode that predates Mr. Trump’s presidency. The reality star turned presidential candidate who shocked the political establishment by winning the White House now faces a reckoning for a hush-money payment that buried a sex scandal in the final days of the 2016 campaign.In a statement, Mr. Trump lashed out at the district attorney, Alvin L. Bragg, a Democrat, and portrayed the case as the continuation of a politically motivated witch hunt against him.“This is political persecution and election interference at the highest level in history,” Mr. Trump said in the statement, calling Mr. Bragg “a disgrace” and casting himself as “a completely innocent person.”The Manhattan district attorney, Alvin L. Bragg, has been the target of Mr. Trump’s venomous attacks. Anna Watts for The New York TimesMr. Trump, who has consistently denied all wrongdoing, has already called on his followers to protest his arrest, in language reminiscent of his social media posts in the weeks before the Jan. 6, 2021, attack on the Capitol by his supporters. He has also denied any affair with the porn star, Stormy Daniels, who had been looking to sell her story of a tryst with Mr. Trump during the 2016 campaign.“President Trump did not commit any crime,” Mr. Trump’s lawyers, Susan R. Necheles and Joseph Tacopina, said in a statement. “We will vigorously fight this political prosecution in court.”The first sign that an indictment was imminent on Thursday came just before 2 in the afternoon, when the three lead prosecutors on the Trump investigation walked into the Lower Manhattan building where the grand jury was sitting. One of them carried a copy of the penal law, which was most likely used to read the criminal statutes to the grand jurors before they voted.The team prosecuting Mr. Trump was led by Matthew Colangelo, center, and Susan Hoffinger, center left, as well as Chris Conroy.Dave Sanders for The New York TimesNearly three hours later, the prosecutors walked into the court clerk’s office through a back door to begin the official process of filing the indictment, arriving about two minutes before the office closed for the day.For weeks, the atmosphere outside the district attorney’s office had resembled a circus, with television trucks and protesters surrounding the building. But the fervor had cooled by Thursday, and the outskirts of the office were emptier than they had been in weeks.Mr. Bragg is the first prosecutor to indict Mr. Trump, but he might not be the last. Mr. Trump’s actions surrounding his electoral defeat are now the focus of a separate federal investigation, and a Georgia prosecutor is in the final stages of an investigation into Mr. Trump’s attempts to reverse the election results in that state.But the Manhattan indictment, the product of a nearly five-year investigation, kicks off a volatile new phase in Mr. Trump’s post-presidential life as he makes a third run for the White House. And it will throw the race for the Republican nomination — which he is leading in most polls — into uncharted territory.Under normal circumstances, an indictment would deal a fatal blow to a presidential candidacy. But Mr. Trump is not a normal candidate. He has already said that he would not abandon the race if he were charged, and the case might even help him in the short term as he paints himself as a political martyr.The indictment also raises the prospect of an explosive backlash from Mr. Trump, who often uses his legal woes to stoke the rage of die-hard supporters. Already, the former president has used bigoted language to attack Mr. Bragg, the first Black man to lead the district attorney’s office, calling him a “racist,” an “animal” and a “radical left prosecutor.”Mary Kelley, a supporter of Mr. Trump, on the bridge outside of Mar-a-Lago Club in Palm Beach, Fla., on Thursday.Josh Ritchie for The New York TimesIn the past, Mr. Trump has lashed out when feeling cornered, encouraging the violent attack on the Capitol as he contested the results of the 2020 presidential election. That assault on the seat of government demonstrated that Mr. Trump’s most zealous followers were willing to resort to violence on his behalf as he sought to overturn the election results.While the specific charges in the Manhattan case against the former president remain unknown, Mr. Bragg’s case centers on a $130,000 hush-money payment to Ms. Daniels.Mr. Trump’s longtime fixer, Michael D. Cohen, made the payment in the final days of the 2016 campaign. Mr. Trump later reimbursed him, signing monthly checks while serving as president.Mr. Bragg’s prosecutors appear to have zeroed in on the way Mr. Trump and his family business, the Trump Organization, handled the reimbursement to Mr. Cohen. In internal documents, Trump Organization employees falsely recorded the repayments as legal expenses, and the company invented a bogus retainer agreement with Mr. Cohen to justify them.Mr. Cohen, who broke with Mr. Trump in 2018 and later testified before Congress as well as the grand jury that indicted Mr. Trump, has said that the former president knew about the phony legal expenses and retainer agreement.In New York, it can be a crime to falsify business records, and Mr. Bragg’s office is likely to build the case around that charge, according to people with knowledge of the matter and outside legal experts.But to charge falsifying business records as a felony, rather than a misdemeanor, Mr. Bragg’s prosecutors must show that Mr. Trump’s “intent to defraud” included an effort to commit or conceal a second crime.That second crime could be a violation of election law. Mr. Bragg’s prosecutors might argue that the payment to Ms. Daniels represented an illicit contribution to Mr. Trump’s campaign: The money silenced Ms. Daniels, aiding his candidacy at a crucial time.“Campaign finance violations may seem like small potatoes next to possible charges for his attempt to overthrow the 2020 election, but they also go to the heart of the integrity of the electoral process,” said Jerry H. Goldfeder, a special counsel at Stroock & Stroock & Lavan LLP and a recognized expert in New York state election law.If Mr. Trump were ultimately convicted, he would face a maximum sentence of four years, though prison time would not be mandatory.Yet a conviction is not a sure thing, and Mr. Bragg’s case might apply a legal theory that has yet to be evaluated by judges. A New York Times review of relevant cases and interviews with election law experts strongly suggest that New York State prosecutors have never before filed an election law case involving a federal campaign.An untested case against any defendant, let alone a former president of the United States, carries the risk that a court could throw out or limit the charges.Mr. Trump will not be the first person charged over the hush-money payment. In 2018, Mr. Cohen was federally prosecuted for the payment and pleaded guilty to campaign finance violations.Michael D. Cohen, right, Mr. Trump’s former fixer, will be a crucial witness against him. Jefferson Siegel for The New York TimesMr. Cohen is likely to become Mr. Bragg’s star witness at trial. While his past crimes will make him a target for Mr. Trump’s lawyers — who can be expected to attack the former fixer’s credibility at every turn — prosecutors will be likely to counter that Mr. Cohen lied on behalf of Mr. Trump, and that his story has been consistent for years.In a statement, Mr. Cohen said he took “solace in validating the adage that no one is above the law; not even a former president.”His lawyer, Lanny J. Davis, said that “Michael Cohen made the brave decision to speak truth to power and accept the consequences,” and that “he has done so ever since.”Mr. Cohen will not be the prosecution’s only witness: David Pecker, a longtime ally of Mr. Trump and the former publisher of The National Enquirer, testified before the grand jury twice this year. He is likely to be able to corroborate important aspects of Mr. Cohen’s story, including that Mr. Trump wanted to bury embarrassing stories to protect his presidential campaign, not just his family, as his lawyers contend.Soon after Mr. Trump began his campaign in 2015, he hosted Mr. Pecker for a meeting at Trump Tower, during which the publisher agreed to look out for stories that might damage Mr. Trump’s candidacy.One such story arose in the summer of 2016, when Karen McDougal, Playboy’s playmate of the year in 1998, said that she had had an affair with Mr. Trump. She reached a $150,000 agreement with the tabloid, which bought the rights to her story to suppress it, a practice known as “catch and kill.”When Ms. Daniels tried to secure a similar arrangement, Mr. Pecker didn’t take the deal. But he and the tabloid’s former top editor helped broker Mr. Cohen’s payment to Ms. Daniels.Despite the potential legal obstacles, and questions about Mr. Cohen’s credibility, if the case does go to trial, the salacious details could sink Mr. Trump. While white-collar prosecutions are often dry and procedural, this one will likely have some built-in jury appeal: a defendant charged with a seedy crime in a city where he is loathed by many.Any trial is months away. It will take time for Mr. Trump’s lawyers to argue that the case should be thrown out. That timeline raises the extraordinary possibility of a trial unfolding in the thick of the 2024 presidential campaign.The case would come before a jury more than five years after Mr. Cohen’s federal guilty plea prompted the district attorney’s office to open an investigation into Mr. Trump’s role in the hush-money saga. The inquiry began under Mr. Bragg’s predecessor, Cyrus R. Vance Jr., who did not seek re-election.Over the years, the investigation expanded to include whether Mr. Trump had lied about his net worth on annual financial statements. Although Mr. Vance’s prosecutors were marching toward an indictment of Mr. Trump for inflating his net worth, soon after Mr. Bragg took office, he developed concerns about proving the case.But he continued to scrutinize Mr. Trump. And in January, a few months after his prosecutors began revisiting the potential hush-money case, Mr. Bragg impaneled the grand jury that has now indicted Mr. Trump.Maggie Haberman More

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      What’s an Indictment and What Will Happen When Trump Is Arrested

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      He will be fingerprinted. He will be photographed. He may even be handcuffed.If he surrenders Tuesday, Donald J. Trump is expected to walk through the routine steps of felony arrest processing in New York now that a grand jury has indicted him in connection with his role in a hush-money payment to a porn star. But the unprecedented arrest of a former commander in chief will be anything but routine.Accommodations may be made for Mr. Trump. While it is standard for defendants arrested on felony charges to be handcuffed, it is unclear whether an exception will be made for a former president. Most defendants are cuffed behind their backs, but some white-collar defendants deemed to pose less danger have their hands secured in front of them.Mr. Trump will almost certainly be accompanied at every step — from the moment he is taken into custody until his appearance before a judge in Lower Manhattan’s imposing Criminal Courts Building — by armed agents of the U.S. Secret Service. They are required by law to protect him at all times.Security in the courthouse is provided by state court officers, with whom the Secret Service has worked in the past. But the chief spokesman for the federal agency, Anthony J. Guglielmi, said he could not comment on measures that would be put in place for Mr. Trump.It may take several days for Mr. Trump to appear at the courthouse. Now that the grand jury has voted to indict him — meaning to charge him with felony crimes — the indictment will remain sealed until his expected arraignment on Tuesday, when the charges will be formally revealed.After the indictment, prosecutors contacted Mr. Trump’s defense lawyers and negotiated the terms of his surrender, a common practice in white-collar investigations.Lawyers for Mr. Trump, who is running for president a third time, said late Thursday that he will surrender and he is expected to be arraigned on Tuesday.After he is arraigned, he is almost certain to be released on his own recognizance, because the indictment will likely contain only nonviolent felony charges; under New York law, prosecutors cannot request that a defendant be held on bail in such cases.The former president is already using the charges as part of a campaign strategy to energize his base.Surrender is not in the confrontational former president’s DNA, and he often seems to relish antagonizing and attacking prosecutors who have investigated him, such as Alvin L. Bragg, the Manhattan district attorney who secured Thursday’s indictment. He has called Mr. Bragg, who is Black, “a racist” and an “animal” and said that his investigation was politically motivated.In the unlikely event that the former president refuses to surrender, Gov. Ron DeSantis of Florida has already said that his state “will not assist in an extradition request,” should one come from New York authorities. Still, if the New York prosecutors were to actually seek Mr. Trump’s extradition, and Mr. DeSantis attempted to protect his Republican rival, he could possibly face legal action himself. More

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      Donald Trump enfrenta cargos penales

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      Trump será el primer expresidente estadounidense en enfrentar cargos criminales. El caso, cuyos detalles se desconocen, está centrado en un pago realizado a una actriz pornográfica a cambio de su silencio.Donald Trump fue imputado en Manhattan este jueves por su rol en el pago de un soborno a cambio de silencio a una actriz pornográfica, según cinco personas con conocimiento del asunto. Esta es una decisión histórica que moverá los cimientos de la contienda presidencial de 2024 y que por siempre marcará a Trump como el primer expresidente de la nación en enfrentar cargos criminales.El jueves por la noche, después de que se difundiera la noticia de los cargos, la oficina del fiscal de distrito confirmó que Trump había sido acusado y que los fiscales se habían puesto en contacto con el abogado de Trump para coordinar su entrega. Dos personas con conocimiento del caso dijeron que se esperaba que Trump se entregara y enfrentara la lectura de cargos a principios de la próxima semana, momento en el que se revelarán los cargos específicos.Por décadas, Trump ha logrado evadir las acusaciones penales a pesar de un constante escrutinio y repetidas investigaciones, lo que creó cierta aura de invencibilidad legal que esta acusación formal ahora amenaza con romper.Sus acciones vinculadas a su derrota electoral de 2020 son el enfoque de otra investigación federal, y una fiscal de Georgia está en las etapas finales de una investigación a los intentos de Trump por revertir el resultado de las elecciones en ese estado.Pero a diferencia de las investigaciones que surgieron durante su periodo en la Casa Blanca, este caso se basa en un sórdido episodio que precede a la presidencia de Trump. La estrella de telerrealidad convertido en candidato presidencial, que conmocionó a la clase política al ganar la Casa Blanca, enfrenta las consecuencias del pago de un soborno monetario a cambio de silencio para acallar un escándalo sexual en los últimos días de su campaña presidencial de 2016.Este jueves, los tres fiscales principales en la investigación a Trump entraron al recinto donde estaba el gran jurado, en los minutos previos a la reunión programada del panel, a las 02:00 p. m. Uno llevaba una copia del derecho penal —con visibles notas adhesivas Post-it— la cual probablemente fue usada para leerles los estatutos penales al gran jurado antes de su votación. Aproximadamente tres horas después, los fiscales entraron a la secretaría del tribunal por una puerta trasera, para comenzar el proceso de la presentación de la acusación formal.Durante semanas, la atmósfera alrededor de la fiscalía parecía la de un circo. Pero el fervor se había calmado en los últimos días, y este jueves, las inmediaciones del recinto estuvieron más vacías.Trump ha negado una y otra vez haber cometido algún delito y ha atacado a Bragg, demócrata, al cual ha acusado de liderar una persecución con fines políticos. También ha negado haber tenido un amorío con la actriz pornográfica, Stormy Daniels, quien había estado tratando de vender su historia de una cita con Trump durante la campaña presidencial.Estos son otros datos que necesitas saber:Trump siempre se ha referido a la investigación como una conspiración mayor promovida por sus oponentes políticos. Aunque insultó a Bragg, optó por culpar a su sucesor en el Despacho Oval. “Creo que esta caza de brujas será contraproducente para Joe Biden”, dijo.El testigo principal de la fiscalía es Michael D. Cohen, antiguo colaborador de Trump que pagó los 130.000 dólares para que Daniels guardara silencio. Cohen ha declarado que Trump le dio la orden de sobornar a Daniels, y que Trump y su empresa familiar, la Organización Trump, ayudaron a ocultar toda la situación. Los registros internos de la compañía identificaron de manera falsa los reembolsos como gastos legales, lo que ayudó a ocultar el verdadero propósito de los pagos.Aunque todavía no se conocen los cargos específicos, los abogados de Bragg se han centrado en ese soborno y en los falsos registros creados por la compañía de Trump. No hay garantías de que se produzca un fallo condenatorio: el intento de combinar un cargo relacionado con los registros falsos con una violación de las leyes electorales en relación con el pago a Daniels estaría basado en una teoría legal que no ha sido evaluada por ningún juez, lo que incrementa la posibilidad de que un tribunal pueda desestimar o limitar los cargos.La acusación formal, producto de una investigación de casi cinco años, inaugura una fase nueva y volátil en la vida de Trump después de la presidencia, en un momento en el que intenta por tercera vez ocupar la Casa Blanca. Además, podría hacer que la contienda por la candidatura republicana —la cual lidera en la mayoría de las encuestas— incursione en un territorio desconocido.Bragg es el primer fiscal que acusa formalmente a Trump. Es probable que se convierta en una figura nacional, y tendrá que lidiar con una agresiva atención política.Maggie Haberman More

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      Trump Hush-Money Case Timeline: What Led to Indictment

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      The investigation by the Manhattan district attorney’s office into Donald J. Trump’s hush-money payments to a pornographic film star, which led to the indictment of the former president, has spanned nearly five years.Here are some key moments:Aug. 21, 2018Michael D. Cohen says he arranged hush-money payments for the president, and the investigation begins.Mr. Cohen, previously a personal lawyer and fixer for Mr. Trump, pleaded guilty to federal crimes and told a court that Mr. Trump had directed him to arrange hush-money payments to two women. The payments were made during the 2016 campaign to keep the women from speaking publicly about affairs they said they had conducted with Mr. Trump.Soon after Mr. Cohen’s admission, the Manhattan district attorney’s office opened an investigation to examine if the payments broke New York State laws. The office soon paused the inquiry at the request of federal prosecutors, who were still looking into the same conduct.August 2019The district attorney’s office subpoenas the Trump Organization.After federal prosecutors said that they had “effectively concluded” their investigation, Cyrus R. Vance Jr., the Manhattan district attorney at the time, revived his own inquiry. Late in the month, prosecutors in his office issued a subpoena to the Trump Organization and another subpoena to Mr. Trump’s accounting firm, demanding eight years of Mr. Trump’s personal and corporate tax returns.Sept. 19, 2019Mr. Trump’s lawyers sue to protect his tax returns.The lawsuit, filed in U.S. District Court in Manhattan, argued that a sitting president cannot be criminally investigated. It led to a lengthy delay.July 9, 2020Mr. Vance wins his first key victory at the U.S. Supreme Court.After appellate judges ruled against Mr. Trump, the lawsuit found its way to the Supreme Court, where the justices ruled that the presidency did not shield Mr. Trump from criminal inquiries and that he had no absolute right to block the release of his tax returns.The ruling left Mr. Trump with the opportunity to raise different objections to Mr. Vance’s subpoena.AUTUMN 2020The investigation intensifies.Prosecutors interviewed employees of the main bank and insurance company that serve Mr. Trump and issued several new subpoenas.The district attorney’s office also signaled in another court filing that it had grounds to investigate the president for tax fraud.The investigation that led to the indictment of Donald J. Trump has spanned nearly five years.Stefani Reynolds for The New York TimesFeb. 22, 2021The Supreme Court denies Mr. Trump’s final bid to block the release of his returns.The brief unsigned order was a decisive defeat for Mr. Trump and a turning point in Mr. Vance’s investigation.Just hours later, eight years of financial records were handed over to Mr. Vance’s office.March 1, 2021The investigation’s focus turns to a top executive.In the spring, Mr. Vance’s prosecutors set their sights on Allen H. Weisselberg, the Trump Organization’s long-serving chief financial officer, whom they hoped to pressure into cooperating with their investigation.The prosecutors were particularly interested in whether the Trump Organization handed out valuable benefits to Mr. Weisselberg as a form of untaxed compensation.July 1, 2021The Trump Organization is charged with running a 15-year tax scheme.When Mr. Weisselberg refused to testify against his boss, prosecutors announced charges against him and Mr. Trump’s company, saying that the company helped its executives evade taxes by compensating them with benefits such as free cars and apartments that were hidden from the authorities.JAN. 1, 2022A new Manhattan district attorney takes office.Mr. Vance left office, and his successor, Alvin L. Bragg, took over the case. Both are Democrats.Mr. Bragg, a former federal prosecutor, retained two of the investigation’s leaders, Mark F. Pomerantz, an experienced former federal prosecutor and white-collar defense lawyer, and Carey Dunne, Mr. Vance’s general counsel.Feb. 23, 2022Two prosecutors resign, leaving the investigation’s future in doubt.After Mr. Bragg expressed reservations about the case, Mr. Pomerantz and Mr. Dunne suspended the presentation of evidence about Mr. Trump to a grand jury. A month later, they resigned, prompting a public uproar over Mr. Bragg’s decision not to proceed with an indictment.In his resignation letter, which was later obtained by The New York Times, Mr. Pomerantz said that Mr. Trump had been guilty of numerous felonies.Aug. 18, 2022Mr. Bragg’s investigation continues.After staying mostly silent through weeks of criticism, the district attorney publicly discussed his office’s investigation of Mr. Trump for the first time. His fundamental message: The inquiry would continue.Aug. 18, 2022Allen Weisselberg pleads guilty and agrees to testify against the Trump Organization.Though the chief financial officer declined to turn on Mr. Trump himself, he agreed to testify at the October trial against the company that he had served for nearly half a century.Late Summer, 2022The prosecutors turn back to hush money.After several months, Mr. Bragg’s prosecutors returned to the long-running investigation’s original focus: a hush-money payment to Stormy Daniels, a pornographic film actress who said she had a sexual relationship with Mr. Trump.Dec. 24, 2022The Trump Organization is convicted, securing a significant victory for the district attorney.Mr. Bragg’s prosecutors won a conviction of Mr. Trump’s family business, convincing a jury that the company was guilty of tax fraud and other crimes.January 2023The district attorney impanels a new grand jury.The grand jury met throughout the next three months and heard testimony about the hush-money payment from at least nine witnesses.Midwinter 2023Prosecutors signal that an indictment is likely, offering Mr. Trump a chance to testify before the grand jury.Such offers almost always indicate an indictment is close; it would be unusual to notify a potential defendant without ultimately seeking charges against him.March 18, 2023Mr. Trump predicts his arrest and calls for protests.Without any direct knowledge, the former president posted on his Truth Social account that he would be arrested three days later and sought to rally supporters to his side. His prediction was soon walked back, and he was not arrested at that time.March 30, 2023Mr. Trump is indicted by a grand jury.The charges, which are still unknown, will be the first against any president, current or former. More