So far, Pecker's testimony aligns snugly with what prosecutors promised the evidence would show during opening statements.

Trying to pierce Pecker's claim that the arrangement was mutually beneficial, ADA Steinglass notes that catch-and-kill of the alleged affairs didn't benefit AMI's magazines.

Q: The purpose of that component was to benefit the campaign?

Pecker agrees.

Pecker says the agreement was never formalized.

'It was just an agreement among friends,' Pecker says.

He estimates that the meeting lasted between 20 and 25 minutes.

Pecker says he told the National Enquirer's then-editor-in-chief Dylan Howard that the arrangement was 'Highly, highly confidential.'

Pecker inspects another exhibit: Enquirer headlines praising Trump.

Pecker inspects another exhibit: Enquirer headlines trashing Trump's rivals.

'My conversations with Michael Cohen, and Michael Cohen would call me and say, 'We would like for you to write a negative article on [...] let's say, for the sake of argument, Ted Cruz...'

Pecker:

'... or Ben Carson, and we would embellish it from there.'

He clarifies that, 'we,' here, is the National Enquirer.

Pecker elaborates on Cohen's instructions on whom 'we would like' the Enquirer to write a negative story about:

'Since Michael Cohen wasn't part of the campaign, I though he was talking about himself and Mr. Trump.'

Asked about his understanding of Cohen's relationship to the campaign, Pecker says: 'He always told me that he was not part of the campaign.'

Pecker, on the chain of command:

'I would only work with Michael, and so I don't know who else he spoke to.'

Exhibit

The National Enquirer's headline attacking Trump's rival, then rising in the polls: 'BUNGLING SURGEON BEN CARSON LEFT SPONGE IN PATIENT'S BRAIN.'