Transcript for Michael Cohen's secret recording of conversation with Trump

Ery least, it would seem to be a betrayal by the president's trusted er and fixer and depending what the two N talked AUT on that tape it could be much more. Even in the era ofab esidency, it doesn't get much more tawdr T apparentfirmation at the cling days of the 2016 campaido a a plan to buy the silence of formerboate Karen about an alleged fair. Thank you all very much. Thank ry much. Are stodaniels aaren mcdougleying abouthe affairs? Reporter: The president always denied extramal lationships any knowlee of hush mopaid to her adult film star stormy Daniels. But the F audio rerding made secretly by trump's lawyer Michael Cohen undercuts that.it was Amo items seized in an FBI id of Cohen's home office and hotel according to sources Y Cohen outlines a scheme to reimburse the publishers of "The national enquirer" $150,000 for the rights to her story in order to bury it, a practice known as cch-and-kill. Sources familiar with the tape which C has not ard say trump tells Cohen to make sure any paymis proper documented. Sources say the reimbursement never happened. "The enquirer" never ran story and earlier this year Mcdougal filed suit against the publisher seeking to invalidate the nondisclosure agret signed. She alsopoke with N's Anderson cooper. Did dtrump ever S you Thate loved Yo All the time. Rorter: Sources say the recordings came as a surprise to the pres his longtime fixer has previously pledged undying loyalty rump. I will do anything to protectmr. Trump. Orter: Buthe pressures of a federal investigation may taking theill as cohen recently told George hanopoulosmy wife, my daughter and my son have my first loyalty and always will. Country first. D FBI direor James cey famously said, lordy, I hope there he wasn't tag situation but close enough. The question now is might there E S between ump and his la among the items that the FBI seized th could have a bearing on this othematters. Dan. Absolutely. David ight reporting in from new ey. David, thank you. Uch to disssere so let bring in Kyra Phillips from ABC and our chief political analyst Matthew dowd who is piping in from Ann Arbor, Michigan. Good Moro you. So, kylet me STA with you. You have been covering this story. Two-part question. David'estion is E moreapes? You've spoken to Michael coh natu of the relationship between the two men. Michael Cohen once said I'll take a bullet for the presid is Hof that mind? H, my -- two great questions. First of all, yes, there aapes. The question is, will we hear trump and Cohen on those T? That'shat we don't know yet. As we know, Michael Cohen made a of recordings. He did it with a lot of different peopnd we knowhe I retrieveall those pes in thraids. So it's a wait and see right now.with regartoationship between Michael Cohen an president trump, absolutely night and da there was a time before trump was president and I would want to get aterview with Donald Trump, you had to go through michaehen. He the gatekeer. He gatekeeper. He was the guy and he would say, well, kyed to talk Mr. Trump and we'll see what we can do that and now both of them telling me directly, both the presidentnd Michael Cohen, they don't talk. And for the first time we Michael Cohen not too long ago speaking out againhe president's immigration cy, E separation of lies, and that was a huge surprise. That relationship has done a stark Matt, lebring you from Ann arbor.ue, by the way. Had to get that in T. Bsolutely. Absolute mider. Gardless O whether not the recording will bedmitted as evidennto the investigation, do you T this development the record something damaging for the pres Well, as Kyra said legallyt reminds me of the movie "Untouchables" when Elliott finds the accountant against Al Capone. That the equivent of mice con. I don't think it will have a poll GHT now Dold trump keeps a plethora of support among republicans.he has a city of support among Democrats and a pittance among independents T ink that's fundamentally going channtil the miller inigation wrs up and he presents evidence. Politically, Donald P isn the exact Sala was the day or two after inauguratiay in 2017 nd, Kyra, how key is it for the mur investigion R mil operate? Look, athing is possible, right? He was the pit br Donald tr heked for hi with him for more than N years. We still don't know what Michael cohehas that could impis ion. We know he was in Moscow trying to the trump Towe dealbut that is it. That didn't go THR doeshave anythto implicate the president anything Crimi at ts point, the president tells me I did nothing wrong. There'thing to flip on. Michl Cohen remaining very quiet right now. It's poss he has noing. That is vemportant tsay. Kyra, thank you very much. Matthew dowd, we also appreciate your analysis fromblue country. Thank you, really appreciate it. It's wolverine country. Olverine cntry. Wolverine, Dan. Oh, no, we'll start -- Wrine. Usc. Stanford cardinal. I'll get mine in. Okay, there we go. There we go. Got to get the Colby mules in now. Et's talk ro bowl. Let's just go back to the rose bowl in the '80s.

This transcript has been automatically generated and may not be 100% accurate.