I really don’t think Putin has anything on him, in the conventional sense. Putin simply has Trump figured out. Trump is insecure, petty, and attention-seeking. Simply give him the attention his father never gave him (and some cash), and he will do anything you say. But it’s not about the money, it’s about the attention.

In particular, I think the pee tape doesn’t exist, and both Trump and Putin know it. But Putin keeps the rumor alive, because he knows how much it plays into Trump’s paranoia. If Trump knows this one thing that some in the media keeps pumping is false, it makes it easier for him to dismiss it all.