So, if the tape is 'exculpatory,' as Rudy claims, why would Cohen tape this brief, seemingly innocuous conversation it and retain it? My theory: Trump is on tape requesting payment in check form, so 'there is a record.' It makes everything look above board, should the deal arrangement with The Enquirer ever get out. It's a CYA tape and they know it. It's exactly why Giuliani has previously said 'as long as Michael tells the truth,' they're fine. They're preparing to call him a liar, if he cooperates and tells the full story.