You’re not looking at the right thing…
The crime was falsifying business records and the underlying crime that they accuse Trump of is intending to commit campaign finance fraud by hiding the payments and burying the story. Those payments are legally required to be disclosed.
He could have paid for the NDA and then disclosed the payment but he didn’t
Are you saying they conspired to "promote an election" by making unlawful campaign contributions?
The FEC and the DOJ investigated Trump for that. The DOJ declined to bring charges, and the FEC dismissed the complaint.
"Burying the stories" is a component of the underlying crime.
"Hiding the payments" is the "falsification of records".
For the falsification of records to be a felony, it has to be for the purpose of concealing some other crime. The judge already ruled that the other crime cannot be another "falsification of records".
Taking the Statements of Fact as true, the meeting in August at Trump Tower was the birth of the conspiracy.
The "statement of facts" and the testimony is that in that meeting, Pecker told Trump that women would be coming out of the woodwork with accusations. They should be on the lookout for these women so they could purchase the stories, and suppress them so they would not embarrass Trump and impact the campaign. Trump went along with the idea. The DA calls it "catch and kill".
Pretty straightforward.
Pecker said he expected to be reimbursed, Cohen expected (and was reimbursed). The money that Trump paid Cohen was not from his campaign funds.
A candidate is not subject to the contribution limits that apply to other parties- he can put as much of his own money into his campaign as he wants to.
The idea that "catch and kill" was a conspiracy to commit campaign finance violations is just not plausible. It was a plan to suppress negative stories so they would not impact the campaign.
Pecker in particular was sensitive to the campaign finance issue- he had already run afoul of it with the Swarzenegger business. He structured the NDA with McDougal to include having her providing content for AMI so that there was a plausible reason for the NDA.
"Conspiracy to violate FECA" is pretty dang thin. Neither Pecker or Cohen were expecting to pay money out of their own pockets for the NDA's..
They had a much stronger case in the John Edwards situation, and were still unable to get a conviction...