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Photo: Melina Mara/The Washington Post via Getty Images

Near the end of Michael Cohen's testimony yesterday, Rep. Alexandria Ocasio-Cortez asked the former fixer whether President Trump had ever run an insurance fraud. Cohen said yes, naming three Trump Organization executives: Allen Weisselberg, Ron Lieberman and Matthew Calamari.

Why it matters: Cohen offered no proof for this allegation — and given his record of lying, his claims can't be believed without evidence. But by making this allegation — and coughing up the names of the executives — Cohen gave House investigators and federal prosecutors yet another trail to chase.

  • Unless you're a student of The Trump Organization — the thinly-staffed Trump family business — you may never have heard of Weisselberg, Lieberman or Calamari. 
  • But over the next year, these men and their colleagues may become household names as they endure a far-reaching, multi-armed investigation into Trump's family business and personal finances.

The bottom line: "This organization has never had a proctology exam like it's about to get," Bloomberg's Timothy O'Brien told me shortly after watching Cohen's testimony. "It's going to surface records. That's going to become problematic for all of them to keep their stories straight." 

  • O'Brien is in a good position to know. In 2006, Trump tried — and failed — to sue O'Brien for $5 billion for writing that Trump had a much lower net worth than he claimed.
  • In the course of that litigation, because Trump went after O'Brien on financial grounds, O'Brien got his tax returns and financial records.

Here's what Trump's businesses face: 

  • Five House committees (Financial Services, Intel, Judiciary, Oversight, Ways and Means) plan to look at Trump's business deals and finances.
  • The state of Maryland and the District of Columbia are suing Trump, alleging he violated the Emoluments Clause of the Constitution by taking gifts from foreign governments through his properties.
  • The New York attorney general has a lawsuit against the Trump Foundation, alleging Trump misused his charitable foundation in a "shocking pattern of illegality." Cohen may have bolstered that case yesterday.
  • The Southern District of New York has dealt with Trump Organization executives in its investigation of Cohen.

By all accounts, Trump still has Weisselberg's loyalty. NBC reported yesterday that Weisselberg still works with The Trump Organization and has never been a cooperating witness against Trump.

  • "Any law enforcement person who's trying to build a case around insurance fraud, tax fraud, money laundering is going to have to wind up spending a lot of time [with] ... Allen Weisselberg," says O'Brien, who spent time with Weisselberg while writing his book "TrumpNation."
  • "It's the classic thing: Follow the money."

Axios reached out to senior Trump Organization executives Alan Garten and George Sorial for comment on Cohen's allegations against Weisselberg, Lieberman and Calamari. They didn't respond.

Go deeper:

Go deeper

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President Biden reacts delivers his inaugural address on the West Front of the U.S. Capitol on Wednesday. Photo: Alex Wong/Getty Images

World leaders have pledged to work with President Biden on issues including the COVID-19 pandemic and climate change, with many praising his move to begin the formal process for the U.S. to rejoin the Paris Climate Agreement.

The big picture: Several leaders noted the swift shift from former President Trump's "America First" policy to Biden's action to re-engage with the world and rebuild alliances.

Updated 5 hours ago - Politics & Policy

In photos: The Biden and Harris inauguration

President Biden and first lady Jill Biden watch a fireworks show on the National Mall from the Truman Balcony at the White House on Wednesday night. Photo: Chip Somodevilla/Getty Images

President Biden signed his first executive orders into law from the Oval Office on Wednesday evening after walking in a brief inaugural parade to the White House with first lady Jill Biden and members of their family. He was inaugurated with Vice President Kamala Harris at the U.S. Capitol on Wednesday morning.

Why it matters: Many of Biden's day one actions immediately reverse key Trump administration policies, including rejoining the Paris Agreement and the World Health Organization, launching a racial equity initiative and reversing the Muslim travel ban.

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.