The accountants talked, and well, zzzz. No stories of crazed haberdashery and animal-based tacky couture today. SAD!
Anyway the take-away is that Manafort (and at least one ethics-lite accountant testifying under immunity) concealed many bank accounts from offshore bank havens. So when he would infuse cash into his US bank accounts from one of these unreported accounts he claimed that they were loans and therefore did not count as income. This also lowered his taxable basis, so tax and bank fraud (ALLEGEDLY!!1!).
Another accountant said that he directly asked about foreign bank accounts and was told that there were none, so more tax and bank fraud (ALLEGEDLY!!1!).
I’m sure this gripping tale of ledgers are holding all Scissorheads in their seats. The thing to note is that Manafort is charged with tax evasion and so when his accountant (under immunity) says that yeah, it was tax evasion, it will be pretty hard to refute that. Manafort’s defense counsel keeps on bringing up that Gates was embezzling, but that wouldn’t stop the case from being about tax evasion.
Look for squid ink next week when the defense cross-examines the accountants.