How do Hank and Jacob effectively set Lou up in Chapter Six?

Jacob offers to pretend to be the sheriff, and Lou plays along with Hank taping the entire conversation. Hank then tells Lou that they're not going to split up the money until summer, as they'd planned. Hank shows Lou the tape, explaining why he'd made it and what he would do with it. Lou calls on Jacob to help him get the tape back, and Jacob refuses.