Oh whoops!
Cohen's claim that he made the payment to Stormy Daniels himself means he cannot claim attorney-client privilege as a defence. So then it's campaign finance fraud and he loses his licence to practice law. They will use this as the basis of a plea bargain as Cohen surely knows where the bodies are buried.
Ouch!
But if they find correspondence with Trump about it, then Trump lied about having sex and paying to keep things quiet in order to obstruct justice. In the Bill Clinton way, only worse.
Ouch squared!!
As we anticipated, Cohen has put himself in a very bad place. He isn't taking a bullet for Trump. He is the bullet.