Second, as my colleague Michelle Goldberg explains in her new column, it’s hard to read Giuliani’s comments about Stormy Daniels as anything other than an admission that Trump broke campaign-finance laws.

The brief version: Giuliani acknowledged that Trump repaid Michael Cohen, another one of his lawyers, the $130,000 in hush money that Cohen had paid Daniels. Giuliani also acknowledged the purpose of the payment was political — to keep the alleged affair between Trump and Daniels quiet in the final weeks of the presidential campaign. Finally, Giuliani said that Trump repaid Cohen after the election.

All of that, as Michelle lays out, seems to add up to large, undisclosed and thus illegal campaign activity by Trump or Cohen, if not both.