Prosecutors have at least 12 recordings by Trump lawyer Cohen

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Trump is heard at one point suggesting the team "pay with cash", before Cohen dismisses the idea by saying, "no, no".

The tape seems to show then-candidate Trump and Cohen discussing payments to former Playboy model Karen McDougal to keep her quiet about an alleged affair with Trump, although there's been some dispute about what exactly was said due to the poor quality of the recording. Trump's lawyer, Rudy Giuliani, says Trump never made a payment to McDougal. Mr. Trump and his long-time fixer, Michael Cohen, can be heard discussing a payment involving former Playboy model Karen McDougal.

Without any claim to attorney-client privilege, investigators - including those working on special counsel Robert Mueller's Russian Federation investigation - would have free reign to examine a slew of documents and tapes about Trump and Cohen's business dealings.

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In addition to discussing the McDougal payment, Trump and Cohen are overheard running through a list of potential legal issues, including contesting a New York Times request to unseal divorce records from Trump's first wife Ivana as well as more mundane matters such as polling numbers and Trump surrogate Pastor Mark Burns. Giuliani says that shows Mr. Trump was trying to be above board.

As the first former federal prosecutor put it, "The way Cohen has behaved in general on Twitter and other things, they sort of know what they're getting with him, and if he had compelling evidence of crimes by Donald Trump, they could put a lot of their qualms aside about how he carries on".

The White House has consistently said Trump denied both affairs. Federal investigators uncovered the recording in April during raids on Cohen's home and offices. However, the new audio recording makes that claim suspicious. "It's about truth", Davis said on "Good Morning America" on Wednesday.

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Cohen, 51, is under investigation for possible campaign finance law violations regarding a $130,000 payment to adult-film star Stormy Daniels over an alleged affair with President Donald Trump 12 years ago. Giuliani has said that Mr. Trump never paid AMI for the story rights. AMI had bought them from McDougal for $150,000 (£114,080) but AMI did not publish her story.

"I need to open up a company for the transfer of all that info regarding our friend David", Cohen says. Cohen has long claimed his loyalty to Trump was unbreakable - most famously saying "I'm the guy who would take a bullet for the president" - but in an exclusive interview earlier this month with ABC News' George Stephanopoulos, Cohen signaled a willingness to cooperate with investigators. Mr Cohen responds, "No, no, no, no, no".

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