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Photo: Alex Wong/Getty Images

President Trump's attorney Rudy Giuliani told Fox News' Laura Ingraham that the audio of Michael Cohen and Trump speaking about a payment to Playboy model Karen McDougal, which was leaked to CNN on Tuesday, gives "no indication of any crime being committed."

Why it matters: The recording suggests that Trump had knowledge of the purchase for the rights of McDougal's story, who claims she had an affair with Trump years ago. Giuliani, however, stood by his claim that Trump was unaware of the transaction.

"I got tapes even longer...how about 4,000 hours of mafia people on tapes? I know how to listen to them...This tape is clear crystal clear when you listen to it. I dealt with much worse tapes than this."
— Giuliani
  • On Trump's awareness of the purchase of McDougal's story: "I mean, he may or may not have known about McDougal's claims. I don't know that. But he didn't know about this transaction."
  • He said Trump insists that Cohen not pay with cash: "[H]e says don't pay with cash. And then Cohen says, no, no, no, and the president says check. ... The point is the president wants the transaction to be memorialized."
  • "There's no way the president is going to be talking about setting up a corporation and then using cash unless you are a complete idiot. Again, the president is not an idiot."
  • Giuliani said there are no other tapes: "We have all of the tapes in our possession. We have transcripts of all them. We are comfortable with them. And there are no — there are no others."

Go deeper

Big Tech lobbies hard against looming antitrust bill

Illustration: Sarah Grillo/Axios

Big Tech CEOs, including Apple's Tim Cook and Google's Sundar Pichai, have been jawboning lawmakers as a Senate committee takes up a key antitrust bill Thursday.

Why it matters: The bill prompting this lobbying frenzy could upend how tech's giants do business, and tech's critics see this as a "now or never" moment for Congress to check the industry's power.

Biden stock market gets Trumped

Data: Yahoo Finance; Chart: Jared Whalen/Axios

U.S. stocks markets performed worse during the first year of Joe Biden's presidency than during the first year of Donald Trump's presidency.

By the numbers: The S&P 500 rose 19.3% between the market close before Biden's inauguration and yesterday's market close, compared to a 24.1% increase for Trump during the similar period.

Inflation threatens Latinos' buying power

Expand chart
Data: Hispanic Index of Consumer Sentiment; Chart: Jacque Schrag/Axios

Latinos in the U.S. are less optimistic about the economy than they were a year ago as inflation threatens to cut into their buying power.

Why it matters: Latinos have been economic growth drivers for the past decade, opening new businesses at faster rates than other groups and increasing their homeownership rates. The group's overall output would make them the seventh-largest GDP in the world if they were a country.