(CNN) On Wednesday afternoon, Fox News released a snippet of its interview with President Donald Trump. (The interview is set to run in its entirety on Thursday morning). Here's the exchange between Fox's Ainsley Earhardt and Trump on whether he knew about payments arranged by his one-time lawyer Michael Cohen to women alleging affairs with Trump in the run-up to the 2016 election:

Earhardt: "Did you know about the payments?"

Trump: "Later on I knew. Later on. But you have to understand, Ainsley, what he did -- and they weren't taken out of campaign finance, that's the big thing. That's a much bigger thing. Did they come out of the campaign? They didn't come out of the campaign, they came from me. And I tweeted about it. You know, I put -- I don't know if you know but I tweeted about the payments. But they didn't come out of campaign. In fact, my first question when I heard about it was did they come out of the campaign because that could be a little dicey. And they didn't come out of the campaign and that's big. But they weren't -- that's not a -- it's not even a campaign violation. If you look at President Obama, he had a massive campaign violation but he had a different attorney general and they viewed it a lot differently."

There's so much wrong here. Let's go through it point by point.

1. Trump says he knew about the payments -- $130,000 to porn star Stormy Daniels, $150,000 from American Media Inc. to ex-Playboy model Karen McDougal -- "later on." That runs directly counter to what Trump said in April when asked about the Cohen payment to Daniels. Here's that exchange: