Be that as it may, do you have thoughts on why this wouldn't be privileged and confidential? As much as I despise Trump, he has rights.
I'd assume that's part of the reasoning. But I suspect there'd be more.
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So my thought here is that this would be a slim reed. The worst Trump could be guilty of is a disclosure failure, since it's legal to donate unlimited amounts to your own campaign.
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And at the time of the conversation, it might not be evident whether Trump (A) was going to reimburse Cohen, or (B) was going to report the donation to the FEC.
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