It’s called the “Black Ledger.” And it’s the account of corrupt payments that allegedly shows Ukraine’s former pro-Russian government paying its cronies, including former Trump campaign chairman Paul Manafort. The ledger has surfaced once again because Trump associates have pursued a conspiracy theory that the ledger was a forgery and part of an effort by Ukraine to meddle in the 2016 election against Donald Trump.

Unfortunately for those pushing the theory, the FBI has already published documents showing it had bank records corroborating the ledger’s claims two years before Trump even ran for president. So what do the records show and why are they important?

Welcome to Rabbit Hole.