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This is not simply a fishing exercise. certainly not supposed to be a fishing exercise. when we heard about it, we thought it was fairly significant. >> here's the thing. who has seen the search warrant? >> the lawyers for michael cohen have even it. obviously because cohen was given a copy of it. >> and the people that produced it presumably? there's a small circle of people. >> the feds. >> i'm trying to figure out, i've got reporting that says it was bank fraud, "access hollywood," payments to stormy daniels and also karen mcdueling, new york city taxicab medallions. >> also nondisclosure a...

Michael schmidt broke that story. pete williams joins me now. michael, what? >> still trying to figure out exactly what it is on the "access hollywood" video that they want. what is it about it? because the narrative about the access would video is that trump didn't remember it, it wasn't something on their radar. it sort of pops up on that day in october and actually a remarkable day in october. that's a month before the election, the same day the obama administration calls out russia and the same day that john podesta's e-mails leaked. >> october 7th. >> and so the question is, is that what ...

Exercise. certainly not supposed to be a fishing exercise. when we heard about it, we thought it was fairly significant. >> here's the thing. who has seen the search warrant? >> the lawyers for michael cohen have even it. obviously because cohen was given a copy of it. >> and the people that produced it presumably? there's a small circle of people. >> the feds. >> i'm trying to figure out, i've got reporting that says it was bank fraud, "access hollywood," payments to stormy daniels and also karen mcdueling, new york city taxicab medallions. >> also nondisclosure agreement with other women or ...

Temperature down on this and just let it play out. you heard that kind of sentiment from ty cobb this week in part because i think people recognize that. this can spin out of control quickly. >> you know, there's a legitimate debate on how far special counsel's, independent counsel's should go and what investigative byways and pathways they should be allowed to follow. looks like a fishing exercise on one side looks like a legitimate path to another. talk about ken starr. he was supposed to investigate a land deal in arkansas and went on to travelgate, paula jones and sending impeachment on mo...