When reading Josh Marshall, one has to let any phrase starting with "big" go through several levels of filters before investing a lot of emotion into it. Many things, according to Marshall, are "big deals" and "big problems" for the President. Perhaps in a normal world, they would be; but here on Bizzaro World, so many things that would have ended another politician's career bounce off Trump's hair like clichés off a hack's keyboard.
Tonight, however, he may have chosen the right adjective phrase:
[A Michael] Cohen business partner...has agreed to cooperate [with prosecutors]. Bad news for Cohen. But here’s where it gets more interesting and complicated. These are not federal charges. They’re state charges. But the agreement obligates [Evgeny "Gene"] Freidman to cooperate with state and federal prosecutors, basically on an as-needed basis.
Freidman also got a very good deal. The charges he was looking at carried, in theory, as much as a hundred years of prison time. The deal he made will allow him to avoid any jail time. He’s literally getting a get-out-of-jail-free card. ... The state is basically walking away from a very big case and it’s not clear what kind of cooperation on other state prosecutions would merit such a generous deal. Freidman is also cooperating with the feds. You don’t do that unless you have a clear understanding that the the feds won’t come at your with further indictments based on your cooperation. Finally, note that this is a prosecution out of the office of the now-disgraced ex-New York Attorney General Eric Schneiderman, who we know was working assiduously to backstop Mueller’s probe with potential state charges.
[M]y sense is that federal prosecutors probably have more than enough to indict Cohen on various bank fraud- and financial fraud-type crimes. It’s always great to have more evidence, more pressure. But the kind of deal Friedman got seems like one that assumes something more than just adding to the evidence against Cohen on those sorts of crimes.
Don't get me wrong; I've read Marshall's blog since it started in the winter of 2000. He's usually absolutely correct about the facts but never quite right about the outcomes. In this case, he might be right about both.