The phone apparently recorded the whole conversation, the Journal reported. The affair allegedly dates to 2006. Last night, however, the Washington Post reported that the Federal Bureau of Investigation has actually "seized more than 100 recordings that Michael Cohen made of his conversations with people discussing matters that may relate to Trump and his businesses and with Trump himself talking". The truth is no one knows, but the mainstream media is spinning the story to sound as though this tape is the ultimate smoking gun against Trump.
Cohen's lawyer, Bill Clinton associate Lanny Davis, provided the tape to CNN on Cohen's behalf. How can the audio suggest inducement of a fraud when the conversation happened after the deal was already done?
As I noted in a column in April, the press and others have sometimes characterized Cohen as the man who knows all of Trump's secrets or even, errantly, as someone who ran the Trump Organization with the president's children. Earlier in the conversation Cohen suggested that he "open a company for the transfer of all of that info" to the National Enquirer and its parent company, American Media Inc.
Ms McDougal reportedly received $150,000 (£115,000) from the Enquirer for her story.
Cohen reportedly chose to flip on Trump over feelings of personal betrayal, not as part of any significant legal strategy.
"We'll have to pay", Cohen said, according to a recording of the conversation that CNN obtained and broadcast Tuesday night.
The next section is pivotal. Mr Cohen's response is clear: "No, no, no".
"Everybody heard just now Donald trump say the word 'cash, '" Davis said. "Whatever spin Mr. Giuliani is trying to invent, it says 'cash, ' and Michael Cohen says 'no, no, no'".
Weisselberg, on the other hand, has worked for the Trump family since the 1970s, and knows more about the Trump Organization's history and finances than almost anyone. And given Mr Cohen's business and legal work for Mr Trump over the course of a decade, there's no telling what surprises might be in store.
Trump then turns his attention to Cohen, his longtime friend and attorney.
"No, no", Cohen says.
"The president wanted to do it the right way".
-Trump was going off about an NBC story before a VFW audience when he said, "Don't believe the crap you see from these people-the fake news". Could Trump have paid a woman to abort his own child? White House spokeswoman Sarah Sanders said this week "the president maintains he's done nothing wrong".
The idea that Trump and Cohen were "concerned about a pregnancy" certainly is an alarming statement to hear about the President of the United States.
Mr Cohen told ABC News this month that his loyalty to his family and country came before his old boss. And that could be of interest to investigators looking into whether Cohen violated election laws by orchestrating hush money payouts. Then there is Stormy Daniels, the adult entertainer who claims to have slept with Trump and then took $130,000 to keep quiet. "Made from the best stuff on Earth!" says the parodied version of Trump on the tape.