Welcome to Rabbit Hole, a breaking-news analysis that helps you get smart on the one story everyone’s obsessing over—for Beast Inside members only.

The Trump Organization paid Michael Cohen a $60,000 “bonus” after he handled Donald Trump’s alleged mistress problem with a hush money payout to porn star Stormy Daniels. Now he’s paying for that bonus and much more as he stares down a possible three-year prison sentence for campaign finance violations, cheating the IRS out of his luxury handbag profits, and lying about Trump’s would-be Russian real estate empire, among other charges. Federal prosecutors in Manhattan and Special counsel Robert Mueller have both filed sentencing memos on Cohen and boy do they not look good for him.

Welcome to Rabbit Hole.