00:00:00
All this foreign policy chaos is
00:00:01
conveniently distracting from the story
00:00:03
Trump doesn't want to discuss, which
00:00:05
again is Jeffrey Epstein.
00:00:13
>> Hi everyone, this is Pivot from New York
00:00:14
Magazine and the Vox Media Podcast
00:00:16
Network. I'm Carara Swisser
00:00:17
>> and I'm Scott Galloway.
00:00:19
>> How you doing Scott?
00:00:20
>> I'm doing well. How are you?
00:00:21
>> This has been quite a week. this uh
00:00:23
what's going on in this country is
00:00:24
really disturbing it on so many levels
00:00:27
and
00:00:28
>> it's been disturbing. Um and uh I don't
00:00:32
know what to say. I think we probably
00:00:33
should just get to the news. First, very
00:00:35
quickly, Donald Trump uh and I can't
00:00:36
believe I'm saying this, is threatening
00:00:38
to invoke the insurrection act as
00:00:39
anti-ICE protests intensify in
00:00:41
Minneapolis, largely because they've
00:00:43
been egged on by ICE itself. The latest
00:00:46
protest in the city began when a federal
00:00:48
officer shot a man in the leg on
00:00:50
Wednesday, just a week after an ICE
00:00:52
agent fatally shot 37year-old Renee
00:00:55
Good. Uh I I I don't quite know what to
00:00:58
say. This is like they are from what the
00:01:01
the word in Washington is Steven Miller
00:01:03
wants something that he can invoke the
00:01:05
Insurrection Act and then declare
00:01:07
martial law so they can't have midterm
00:01:09
elections. That's the that's the
00:01:11
conspiracy theory running around
00:01:13
Washington right now. And I got to say
00:01:15
this is they are causing the problem
00:01:17
that you can look at these videos and
00:01:19
see like absolutely pushing over old
00:01:22
people asking for people's papers. I
00:01:24
feel like I I'm in the middle of like a
00:01:26
Nazi movie or something at this point.
00:01:29
Thoughts?
00:01:30
>> Well, we talked about this the last
00:01:31
time. The very founding of America was
00:01:33
meant to avoid this.
00:01:36
Not wanting a monarch that could have
00:01:39
unilateral unchecked power and start
00:01:41
harassing and terrorizing the population
00:01:43
is is the basis of the founding of
00:01:47
America. The question is what do you do
00:01:49
about it? And what's really disappointed
00:01:50
me, and I've been on the phone with a
00:01:52
couple Democrats, is I believe that uh
00:01:56
people at ICE and the officials and
00:01:59
administrators who have ordered them and
00:02:01
created a context around this, I think
00:02:02
that they potentially could be guilty of
00:02:04
second or third degree murder, of
00:02:06
manslaughter, of criminally negligent
00:02:09
homicide, and absolutely of assault. And
00:02:13
what I would be doing very publicly in
00:02:14
the Congress and Senate is passing two
00:02:17
types of or proposing two types of laws
00:02:19
which will not pass now. But should we
00:02:21
have the kind of momentum we believe
00:02:23
we're going to have in 26 and then in 28
00:02:26
make sure that these officials ordering
00:02:29
this type of deprave behavior and the
00:02:30
people executing it understand that this
00:02:32
is absolutely a possibility. And those
00:02:33
two bills are the following.
00:02:36
One is criminal charges and resources
00:02:39
that will be allocated to and vary with
00:02:41
a fine tooth and comb. Go through all of
00:02:42
this video and be willing to to charge
00:02:45
these individuals. And two, something
00:02:47
that says potentially that for certain
00:02:50
types of crimes, including anything with
00:02:52
the word homicide in it, uh that uh from
00:02:55
this point forward, once the it's the
00:02:58
pardons are no longer valid, there there
00:03:00
has to be I do find that the Democrats
00:03:05
you know, the strongly worded letter
00:03:07
kind of defines in my opinion and
00:03:09
Democrats will say, "Well, look, there
00:03:11
was very little we can do and I'm
00:03:12
sympathetic to that because they they
00:03:14
they do not they're the minority uh in
00:03:17
in all three houses. I get it. But these
00:03:20
folks need to be reminded very swiftly
00:03:23
that, okay, the same overrun of judicial
00:03:26
power and co-equal branches of
00:03:28
government that you've committed, we
00:03:30
could do the same, but we're going to do
00:03:32
it to to quite frankly go
00:03:36
uh weaponize, not weaponize.
00:03:39
We believe the law, just enforced as it
00:03:41
is correctly, could put many of these
00:03:44
people behind bars or at a minimum
00:03:45
impair their careers, which would be
00:03:47
justifiable. and this and begin laying
00:03:50
the groundwork.
00:03:51
>> Yeah, absolutely. The the you know, one
00:03:53
of the things that's hard is that they
00:03:56
keep doubling down, right? Like there
00:03:58
was a you know this I'm sorry it's a
00:04:00
specious report from CBS News. No
00:04:02
surprise at this point um about
00:04:04
>> they're relying less on experts and
00:04:06
academics and speaking to you.
00:04:09
>> God, I hated that.
00:04:10
>> Don't don't make me go into that
00:04:12
ridiculous disaster over there.
00:04:14
>> Can I can I just rant on that for a
00:04:15
minute? Please go right ahead cuz you
00:04:17
can Nikki Nikki Glazer this for me my
00:04:19
friend. Go ahead.
00:04:20
>> I actually like
00:04:21
>> she made a joke I'm referencing.
00:04:22
>> I like the guys next the the anchor. I I
00:04:26
actually think he's a great pick. I
00:04:28
think he's handsome which I think
00:04:29
>> that's all they could get. But go ahead.
00:04:30
>> Uh I think he's really solid. I think
00:04:32
he's really handsome.
00:04:32
>> That's all they could get. They were
00:04:34
looking at elsewhere but go ahead.
00:04:35
>> And I assume that he's a good person
00:04:36
because I like Katie Tour and assume
00:04:38
that anyone she decides to spend her
00:04:39
life with is a good person. But that
00:04:41
opening monologue, you know, it was fine
00:04:43
except for the part and we're gonna less
00:04:45
we're going to rely it's something along
00:04:46
the lines we're gonna rely less on the
00:04:48
academics and the experts and more on
00:04:50
what the people think. That's saying,
00:04:53
okay, we're going to start entertaining
00:04:55
conspiracy theory and misinformation.
00:04:58
By the way, folks, the word expert in
00:05:00
the US might as well be the word
00:05:02
meritocracy.
00:05:03
>> Yeah. And that is you can be a a kid
00:05:07
growing up in the poorest village
00:05:09
outside of Hyderabbad in India and if
00:05:11
you are just so [ __ ] talented and
00:05:12
hardworking and smart and end up at I
00:05:14
think it's called IIT, you can end up
00:05:17
being one of those experts at Harvard
00:05:19
that they're not going to listen to that
00:05:21
knows more than anyone else in the world
00:05:24
on mRNA vaccines. You can be,
00:05:26
>> you know, the son of a single mother
00:05:28
lived and died an expert and someday
00:05:30
quote unquote work your [ __ ] ass off
00:05:31
to be considered an expert in brand
00:05:34
strategy.
00:05:35
>> So this notion that they're not going to
00:05:37
listen to expertise, it's like we want
00:05:39
an excuse to impose political values or
00:05:42
[ __ ] Ouija boards or horoscopes or
00:05:44
what'sever trending on Twitter as
00:05:46
opposed to listening to the people
00:05:47
who've actually [ __ ] earned it. And
00:05:50
one of the great things about America is
00:05:52
it is in fact a meritocracy. Sometimes
00:05:54
it's a bit too much of a meritocracy and
00:05:56
that is the people who aren't talented
00:05:58
or are unfortunate live a very harsh
00:06:01
life here. But be clear, meritocracy
00:06:04
means capitalism means expertise.
00:06:08
>> People who are experts are science.
00:06:10
>> Yeah. People who get paid a lot
00:06:13
>> to provide input. So if we're not going
00:06:15
with the experts and the academics,
00:06:17
>> I I don't mind and they've done this
00:06:19
forever. News does a lot of kind of
00:06:21
quote unquote man on the street. Let's
00:06:22
talk to people in the community and see
00:06:24
how they feel at the barber shop or the
00:06:25
diner. But we're going to start
00:06:27
listening to them about vaccine safety,
00:06:30
not not epidemiologists who have written
00:06:32
peerreview research for the last 30
00:06:34
[ __ ] years.
00:06:34
>> Let me interject here cuz I'm going to
00:06:36
because it's repulsive. What's I know
00:06:38
you're being very kind to this guy, but
00:06:39
he's done six or seven things that are
00:06:41
really problematic. One is talking about
00:06:44
more transparent than Walter Kankite
00:06:46
doing this kiss ass. All the interviews,
00:06:49
I'm so sorry, but they're PR for the
00:06:51
Trump administration is what they are.
00:06:52
They're terrible interviews and he has
00:06:54
an opportunity given they're sucking up
00:06:56
to do an actual tough interview. He is
00:06:58
doing a disservice to journalism in
00:07:00
these interviews given that he's got
00:07:02
this access.
00:07:03
>> But it isn't any worse than Fox. I mean,
00:07:05
>> uh, yes, exactly. Thank you. Fox is
00:07:07
entertainment. Like, this is CBS News
00:07:09
saying he's more transparent than Walter
00:07:11
Kronhite. Uh, we we unapologetically
00:07:14
love America. But what do you what does
00:07:16
a news organization need to that's not
00:07:18
their job. We're going to do we're going
00:07:20
to give one the one they did this week
00:07:22
is really another one he said this week
00:07:24
was just equally idiotic and the and and
00:07:27
and and the there was a story in the New
00:07:29
York Times that everyone should read
00:07:30
like we want to be the news. New news
00:07:32
does not want to be the news reports the
00:07:35
news. You know this is this is a stunt.
00:07:37
This is all stunts all the time flying
00:07:40
across the country. It's it's the people
00:07:42
I know a lot of people at CBS News.
00:07:44
beside themselves is what's happening
00:07:46
there. And it's and it's depressing to
00:07:48
watch and this guy is doing it. I'm
00:07:50
sorry. Whatever you think of him as a
00:07:53
nice person and I think he probably is.
00:07:54
I don't I know Katie. Katie's terrific.
00:07:57
Um but it doesn't matter. It doesn't
00:07:59
This is just a disservice. It's It's a
00:08:01
state organization. It's a state media
00:08:03
organization is what's happening. And
00:08:05
and and this story, let me get back to
00:08:07
what we were talking about. This ICE
00:08:09
officer has all these internal injuries.
00:08:11
You get internal bleeding from or
00:08:13
whatever internal bleeding from taking
00:08:15
Advil. Everybody, we don't see this guy.
00:08:18
There's no proof of it. And they just
00:08:20
all they do is say federal officials say
00:08:22
it here. Here here here Pravda. Here's
00:08:25
what we want you to say. That's it
00:08:26
doesn't have any reporting involved in
00:08:28
it. And it's in order to create this
00:08:30
this ridiculous and everyone has seen
00:08:32
the video that this guy had has was more
00:08:36
hurt than her. I'm sorry. she's dead and
00:08:39
he has I don't know a bruise like I'm
00:08:42
this then to be facilitate that is
00:08:44
really bad and so I think what they're
00:08:46
trying to do is create equalization and
00:08:49
trying to sort of smear this woman who
00:08:51
seems to be have been in the PTA you
00:08:54
know you know call calling this this
00:08:56
whole thing about women wine moms um
00:08:59
angry wine moms or white women who are
00:09:01
smug to lectured by men white men who
00:09:05
are smug who actually invented smug Um,
00:09:08
it's just it's just this equalization.
00:09:10
And again, one person's dead, one
00:09:13
person's shot in the leg, and the others
00:09:15
aren't. And to I just it's it I don't
00:09:19
know what to say. And for a news
00:09:20
organization to go along with that is
00:09:22
really an embarrassment uh to the
00:09:24
legisl.
00:09:27
It's [ __ ] irrelevant. If if
00:09:28
>> Yes, it is. That's true.
00:09:30
>> If HBO If HBO's co if HBO is cocaine and
00:09:33
Netflix is edible, CBS is literally like
00:09:35
fiber supplement. I mean,
00:09:38
>> psyllium, what's it called?
00:09:39
>> Psyllium.
00:09:39
>> If if you were to visit one of their
00:09:41
editorial meetings,
00:09:44
>> right?
00:09:45
>> Yeah.
00:09:46
>> You'd go in and you'd see a giant
00:09:47
whiteboard and they'd write, "Okay, our
00:09:50
audience is tired, scared, and eating a
00:09:52
lot of soup."
00:09:54
>> I mean, who cares?
00:09:55
>> You're right. The numbers are really
00:09:58
[ __ ] matter.
00:09:58
>> Can't be Fox News. Let me pick up a
00:10:01
lower middle income 83year-old in Iowa
00:10:03
who
00:10:04
>> I know, but Fox does it well. I have to
00:10:05
say they do their heinous [ __ ] well.
00:10:08
>> Well, they've gone full full, you know,
00:10:10
stripper pull cosplaying political news.
00:10:13
I mean,
00:10:14
>> yeah.
00:10:14
>> And they're also very talented and
00:10:16
they've leaned into
00:10:16
>> they're entertaining in a really heinous
00:10:18
way, I would say. Anyway, you're right.
00:10:20
No one the numbers are down.
00:10:22
>> I don't I wouldn't even know how to find
00:10:24
CBS on my Although I have been watching
00:10:26
Wait, is Landman that's CBS? That's
00:10:28
Paramount.
00:10:29
>> That's Paramount. Yeah,
00:10:30
>> that shit's really good.
00:10:31
>> But he's leaving. He went over to
00:10:33
Universal. Yeah, but he produced Blam. I
00:10:35
really enjoy
00:10:36
>> that guy. Super talented. I've tried to
00:10:38
get him on my show. I I love all his
00:10:40
shows. I watched Yellowstone from the
00:10:42
start, but they're all go. He's leaving
00:10:43
going over to Universal. It's I don't
00:10:45
know some [ __ ] up.
00:10:46
>> Let me guess. More money.
00:10:47
>> Anyway, good for any Land Man is really
00:10:50
good. There are some good shows in
00:10:51
Paramount. I really like them.
00:10:53
>> But I want you to Where do you think
00:10:54
this goes from? I I get that you want
00:10:57
Democrats to speak out more, but what
00:10:59
what is the I mean, because the numbers
00:11:01
for Trump are cratering on all this
00:11:03
stuff. So, it's obviously Scott, he's
00:11:05
got to go to martial law, right?
00:11:06
>> There's the problem.
00:11:08
The numbers are cratering for Trump.
00:11:11
They've almost plunged to the levels of
00:11:14
Democrats.
00:11:15
>> Mhm.
00:11:16
>> It's like
00:11:16
>> who are going up who are going up? Oh,
00:11:18
>> not a lot, Cara.
00:11:19
>> Well, no, with young men. These No,
00:11:21
there's a few polls out that show really
00:11:23
significant shifts, but go ahead.
00:11:26
It's it's the worst cocktail in the
00:11:27
world for democracy and that is you have
00:11:29
a fascist who doesn't have a credible
00:11:31
opposition. I I just think we look weak
00:11:33
and feckless. I don't
00:11:35
>> who's
00:11:36
>> I want you to focus on the fascist and
00:11:38
not on the feckless for a minute.
00:11:40
>> Well, I want to focus on being effective
00:11:41
and what the [ __ ] we actually need to do
00:11:43
to push back on those fascists. And if
00:11:45
you don't have an objective group of
00:11:47
leaders emerging who are powerfully
00:11:49
talking about creating a series
00:11:50
incentives to stop this [ __ ] it
00:11:53
doesn't matter. and just sitting around
00:11:54
thinking, scolding them and saying,
00:11:56
"Isn't this awful?" and vote in 20, you
00:11:58
know, 26. It's like,
00:11:59
>> that's not exactly leadership. Mhm.
00:12:02
>> I want to see legislation of how we're
00:12:04
going to track down and prosecute and
00:12:05
indict and subpoena these people,
00:12:07
including all the crypto scammers
00:12:09
>> and a series of of laws that or
00:12:13
proposals and legislation that does not
00:12:15
give the retroactively can unmask
00:12:19
uh uh protection from pardons because
00:12:22
they have been so hugely abused. Unless
00:12:26
you give these people the sense that
00:12:27
there's a non-zero probability that they
00:12:29
will be held accountable for these
00:12:30
actions, they're going to continue.
00:12:33
>> And we don't have anyone with the moral
00:12:35
authority right now or the charisma or
00:12:36
the leadership to stand up and quite
00:12:38
frankly rally America more than the the
00:12:41
images they're seeing on social media.
00:12:43
That just horrifies them.
00:12:45
>> Yeah, it's absolutely true. Anyway,
00:12:46
moving on. The US is exact started
00:12:48
evacuating some troops from a base in
00:12:50
Qatar ahead of a potential military
00:12:52
conflict with Iran. Though Trump says
00:12:54
he's been told the killing in Iran has
00:12:55
stopped, no executions are planned,
00:12:57
indicating he may moving away from
00:12:58
taking military action. Uh, you know,
00:13:02
who I don't know what's going to happen
00:13:04
here. There's all this weird vetting
00:13:05
happening by individuals, again, very
00:13:08
similar to the Venezuelan invasion.
00:13:09
There are insiders in the government
00:13:11
making money off of these military
00:13:13
actions and maybe influencing them, too.
00:13:15
That's another scary thing to think
00:13:17
about. Um, what is what what do you
00:13:19
imagine happening? And at the same time,
00:13:20
Denmark, Greenland, and their NATO
00:13:22
allies, including France and Germany,
00:13:24
are increasing the military presence in
00:13:26
and around Greenland. I can't believe
00:13:29
I'm saying this. The move comes in the
00:13:30
wake of a meeting at the White House
00:13:32
between JD Vance, Marco Rubio, and
00:13:34
foreign ministers at Denmark and
00:13:35
Greenland. The Danish foreign minister
00:13:37
said the talks were constructive, but
00:13:38
fundamental disagreement remains. Ahead
00:13:40
of the meeting Donald Trump posted on
00:13:41
True Social than anything less than US
00:13:43
control of Greenland is unacceptable.
00:13:46
uh feels very um nerve-wracking. Um at
00:13:50
the same time, a lot there was an
00:13:52
interesting article in I forget where it
00:13:53
was that that JD Vance and Marco Ruby
00:13:56
may be slow rolling this into the grass
00:13:58
so that Trump they don't want it to
00:14:00
happen this Greenland thing. Um and
00:14:02
they're so they're just dragging it out
00:14:04
so that Trump loses interest uh in the
00:14:07
situation. But I don't know, seems very
00:14:09
strange to go to war with France.
00:14:12
>> I mean, first off, there's a few things
00:14:14
here. The potential for insider trading
00:14:16
is just so insane.
00:14:18
>> Yeah.
00:14:18
>> On poly poly market and right now. So
00:14:21
poly market right now puts the
00:14:23
likelihood that Kmeni will be out of
00:14:26
supreme leader before 2027 at 63%. So if
00:14:30
you're part of the inner circle and by
00:14:32
the way there's reports that they are
00:14:34
transferring the senior leadership is
00:14:35
transferring millions of dollars out of
00:14:37
Iran which is a very hopeful sign
00:14:38
because they think they need to get the
00:14:39
hell out. But if if you know, okay, on
00:14:42
Wednesday we're all headed to Moscow,
00:14:44
easy way to make 50% on your ma money
00:14:46
would be betting on one of these
00:14:47
markets. So just be clear folks, just as
00:14:50
the casino has figured out the odds of
00:14:52
these numerical games that on average
00:14:54
over time they win.
00:14:56
>> Mhm.
00:14:56
>> When you don't have inside information
00:14:57
on these things, eventually you're
00:14:59
playing at a disadvantage. The footnote
00:15:02
here is the following or the disclosure.
00:15:03
I have not had any substantive
00:15:05
conversations before I say that because
00:15:07
this is such a hot topic with anyone
00:15:09
senior in the Israeli government. This
00:15:11
is pure speculation on my part. But I
00:15:14
talk a lot about Israel. My background
00:15:16
is in brand and I would consistently get
00:15:18
calls from people in Israel, in the
00:15:20
government and in the private sector
00:15:22
saying, "What can we do about our brand?
00:15:24
Uh the brand Israel is so terrible
00:15:27
around the world." And the general
00:15:29
belief is if you look at actually what
00:15:31
we're doing relative to other wars, it's
00:15:33
just being characterized unfairly. And
00:15:35
we think a lot of it we're shocked at
00:15:36
how poorly our brand or how dramatically
00:15:39
our brand is eroded. And I remember when
00:15:41
I was a kid, the Israeli brand was one
00:15:43
of the strongest brands in the world and
00:15:45
TV uh Munich, they were just seen as the
00:15:48
good guys. They are no longer seen as
00:15:50
the good guys. And so they're constantly
00:15:52
calling and asking what can we do about
00:15:53
the brand. I think the most brand
00:15:55
decreative move that Israel could do,
00:15:58
the biggest opportunity for Israel right
00:15:59
now would be to go in and do what they
00:16:01
did uh when they decided to take out
00:16:04
their air defenses or something along
00:16:06
the same lines. And that is when they
00:16:08
decided to take out their air defenses
00:16:09
and basically neuter Iran, who has been
00:16:12
the primary sponsor of terror across the
00:16:14
region for a couple decades. They they
00:16:18
said, "Okay, there are basically when
00:16:19
our jets fly in, the surfaceto-air
00:16:22
missiles, the air defense systems are
00:16:24
operated by this this group of people
00:16:27
and there's six to eight people that
00:16:29
need to give the order to fire missiles
00:16:31
at alien aircraft." And you know what
00:16:33
they did that day? They killed them.
00:16:36
They had targeted assassinations. Within
00:16:38
like an hour, six of the eight were
00:16:39
dead. And then when the radar sent these
00:16:42
these these, you know, F-15s flying in,
00:16:45
there was no one to give the order. And
00:16:48
I know that sounds really, you know,
00:16:50
macabra and ugly, but in my opinion,
00:16:52
these are murderers right now. I think
00:16:54
if they were, it's clear that the MOSAD
00:16:57
has deeply penetrated soft assets at the
00:16:59
highest level in Iran. but coordinated
00:17:02
military strikes of centers of civilian
00:17:05
suppression with the US Air Force and on
00:17:08
the ground soft assets that wreak havoc
00:17:10
across what is a murderous IRGC right
00:17:12
now I think is not only geopolitically
00:17:15
very smart over the long term but I
00:17:16
think would be very good for a brand
00:17:19
Israel right now
00:17:20
>> well they've got a lot of things to do
00:17:22
let's be there
00:17:23
>> right but but I think this you know what
00:17:26
I thought I found really heartening
00:17:27
these protests in New York where I see
00:17:29
Iranian and and uh flags of Israel. I
00:17:33
actually find that quite
00:17:35
>> encouraging.
00:17:36
>> Yeah.
00:17:37
>> To think that we might
00:17:38
>> You saw Manny push back. You saw AOC
00:17:40
push back on a lot of these uh more you
00:17:44
know Hamas supporting stuff. They were
00:17:46
they were very clear about what
00:17:48
happened. I think one of the things is
00:17:50
that with Iran, you and I both agree
00:17:52
that Iran is a is a menacing country.
00:17:55
Um, and also would be a really huge
00:17:57
opportunity for
00:17:58
>> the leadership, the RGC, the the Islamic
00:18:00
Republic.
00:18:01
>> Yeah, it would be a thing. I I think
00:18:03
it'll be interesting to see what I think
00:18:06
the juxtaposition here is
00:18:09
is is Trump trying to create and ferment
00:18:14
uh protests by brutality here in this
00:18:17
country and it brutalizing protesters
00:18:20
and then supporting protesters in Iran.
00:18:22
I think that's the obvious.
00:18:23
>> Yeah, I had I had connected that. You're
00:18:24
right. That's right.
00:18:26
>> And so and and then going after, you
00:18:29
know, Greenland when, you know, you have
00:18:31
something like Ukraine sitting there and
00:18:33
blaming again Vladimh
00:18:35
Zillinski in in what's happening. But
00:18:38
the idea of us going to war with France,
00:18:40
I mean, or France having to send
00:18:42
military thing. What an insane moment.
00:18:46
Like these are our friends. These are
00:18:47
our allies. These are places we like to
00:18:50
go. Like we like to to be part of. Um,
00:18:54
and so I think, you know, let me get the
00:18:56
reason I think all this foreign policy
00:18:57
chaos is conveniently distracting from
00:19:00
the story Trump doesn't want to discuss,
00:19:01
which again is Jeffrey Epstein. Um, it's
00:19:04
been nearly a month since the deadline
00:19:06
for releasing the Epstein files came and
00:19:07
went. And the Justice Department appears
00:19:09
to be going nowhere close to making a
00:19:12
full files public. I think they have 1%
00:19:15
or something. The DOJ sent a filing last
00:19:16
week that it reviewed more about 12,000
00:19:19
documents out of more than two million.
00:19:21
incredible amount of documents.
00:19:23
Democratic Representative Roana and
00:19:25
Republican Representative Thomas Massie,
00:19:27
who is really quite a badass these days,
00:19:29
had filed a complaint with a federal
00:19:31
judge. They're asking for the judge to
00:19:33
appoint what they call a special master
00:19:34
to force the DOJ to release the files. I
00:19:37
actually spoke with Roana on the latest
00:19:38
episode of On with Cara Swisser and
00:19:40
asked him what happens next because this
00:19:42
is actually a process. They have gotten
00:19:44
the the law passed. They had the DOJ has
00:19:47
to comply. The DOJ didn't comply. Now
00:19:49
they have to do this. Let's listen. We
00:19:51
will see some of these millions of
00:19:53
documents because the Justice Department
00:19:54
has said to the judge they're releasing
00:19:56
them. The question is the quality of
00:19:58
that and will they have excessive
00:19:59
reductions. And then Thomas Massie and I
00:20:01
are planning to in introduce inherent
00:20:03
contempt. Uh inherent contempt if it
00:20:05
passes the house, it just requires the
00:20:07
house would find Pam Bondi personally
00:20:09
$10,000 a day uh for every document that
00:20:12
she didn't release. whether that passes
00:20:14
and is in force. The point is it's
00:20:16
showing the crack in the MAGA base,
00:20:20
>> which is interesting. Let me just
00:20:21
finish.
00:20:21
>> That's actually doing something. That's
00:20:23
kudos to that person.
00:20:24
>> Yes. And also, they're trying to get
00:20:25
this special master, which I think is
00:20:26
another thing, which is probably the
00:20:28
right thing to do here. Meanwhile, Bill
00:20:29
and Hillary Clinton released a scathing
00:20:31
letter to got to read this letter to the
00:20:33
House uh oversight committee this week
00:20:35
saying they will not testify in the uh
00:20:37
Epstein investigation. I will say Roana
00:20:40
said they should testify. At the same
00:20:42
time, they are having a quite a good
00:20:44
point uh noting every person uh has to
00:20:46
decide when they have seen or had enough
00:20:48
and are ready to fight for this country,
00:20:50
its principles, its people, no matter
00:20:51
the consequences. For us, now is the
00:20:53
time. The House Republicans are moving
00:20:55
to hold both Clintons in contempt. Of
00:20:57
course, they don't think Trump should
00:20:58
testify, which I which is a good reason
00:21:01
for the Clintons maybe not to. Um this
00:21:04
continues to be the story that doesn't
00:21:06
go away. and talk about what's happening
00:21:08
here because you know he is doing a lot
00:21:11
of this to get the focus off of Epstein
00:21:13
which is going to come out no matter
00:21:15
what he does. I mean this is not this is
00:21:17
not to be quashed at this point is my
00:21:19
feeling but
00:21:20
>> I just want to go back to Denmark for a
00:21:22
moment talk about abstain.
00:21:24
>> Yeah. So, my favorite meal in the world
00:21:27
is
00:21:28
um In-N-Out animal style at the Sepulva,
00:21:32
the In-N-Out on Sepulva near LA. Because
00:21:35
what it means is I've just gotten to LA.
00:21:37
I'm about to roll into the Beverly Hills
00:21:39
Hotel, roll up to the bar.
00:21:41
>> Uh perhaps get my eye contact return
00:21:44
from a lovely woman who perhaps might be
00:21:45
from Russia. But it just signals a bunch
00:21:48
of good things are about to happen.
00:21:49
Karen, I'm about to roll with my buddy
00:21:51
Mike. I absolutely love LA. My second
00:21:54
favorite meal is a latte and grapefruit
00:21:57
and yogurt at Jack's wife Frito. Just
00:21:59
sitting out there watching the world go
00:22:00
by. I feel like I'm an author in I don't
00:22:03
know 1920s France. My third
00:22:05
>> Can I just note if we were on the
00:22:06
newlywood game, I would know all this.
00:22:08
But go ahead. I do know all this.
00:22:11
My favorite one, Bob Eubanks,
00:22:13
outstanding talk show host, asked, "What
00:22:15
is what is somewhere uh recently you've
00:22:17
gone that you was interesting or what
00:22:19
what do you where do you want to go or
00:22:20
where have you visited recently that you
00:22:22
and your husband enjoyed?" And she
00:22:24
looked down and then she looked up and
00:22:25
said, "In the ass." And they didn't even
00:22:28
bleep it out cuz they were so they were
00:22:30
so shocked. And it was good times. And
00:22:32
so, uh, my third favorite meal is
00:22:35
anything from Chipotle. The fact that
00:22:38
Chipotle is not a sponsor of everything
00:22:41
I do is a a crime against commerce. I
00:22:44
can walk into Chipotle with a blindfold
00:22:46
and I walk out with a smile on my face.
00:22:48
>> All right.
00:22:48
>> This Denmark is similar to me showing up
00:22:51
with an AR-15
00:22:53
>> and zip ties and a military vest and
00:22:55
saying, "If you don't give me a burrito
00:22:59
bowl with pork, extra guacamole, and
00:23:02
sour cream and brown rice for $14.73,
00:23:05
I'm going to kill everyone here."
00:23:07
>> Right. and they'd say, "Well, sir,
00:23:08
>> this is Trump is the person."
00:23:10
>> Sir, we we would do this anyways.
00:23:13
There's no need for guns. There's no
00:23:15
need for military vest. You
00:23:17
>> there there is absolutely an argument
00:23:20
around why Greenland is strategic. It's
00:23:23
a passage for not only all kinds of
00:23:25
commerce u uh maritime commerce, but
00:23:28
also for nuclear submarines. It would be
00:23:30
a staging ground for any attack. It's
00:23:32
it's hugely important. It also
00:23:33
supposedly has about 17% is it 17% or
00:23:38
12% of rare earth materials.
00:23:40
>> But all of this
00:23:42
>> ours all of it is or not even ours. The
00:23:46
whole point of the new world order post
00:23:48
1945 was we said to nations rather than
00:23:51
going on conquests try this thing called
00:23:54
reciprocal mutually beneficial trade and
00:23:57
commerce.
00:23:58
>> Yes.
00:23:59
>> And it's less expensive than firing
00:24:01
>> bases. We could have as many bases there
00:24:03
as we want.
00:24:03
>> We used to have I think 11. We closed
00:24:05
them down. And now we have one.
00:24:07
>> They're like there 57,000 people. They
00:24:09
up until recently really liked Americans
00:24:11
and they like the jobs. Like sure, put a
00:24:14
>> put a nuclear submarine base here. Put a
00:24:16
tracking. Put a radar station. Whatever
00:24:17
you want. If you want to start,
00:24:19
>> you want to come up trade deals around
00:24:21
the minerals.
00:24:22
>> Whatever you want, sir. We will give you
00:24:24
your burrito bowl. You don't need to
00:24:26
bring a gun into Chipotle.
00:24:28
>> I like this Chipotle metaphor. I was
00:24:30
expecting wondering where I was going
00:24:32
with that.
00:24:32
>> I was indeed.
00:24:34
>> By the way, my new favorite restaurant
00:24:35
in New York is a place called The Corner
00:24:37
Store. Oh my god, so many fabulous
00:24:39
people there.
00:24:40
>> The French Dip. You heard it here.
00:24:42
You're welcome.
00:24:42
>> All right. Okay.
00:24:43
>> Um anyways, this just makes no [ __ ]
00:24:45
sense. Look, the Epstein files.
00:24:48
>> There's no getting around it, Cara. It's
00:24:50
probably
00:24:52
um President Clinton looks really bad
00:24:54
here. There's just
00:24:56
>> this is what Ro noted, but nonetheless,
00:24:58
it was a great
00:24:59
>> There's just no getting around here. But
00:25:00
again, Ro is right except for the
00:25:02
following. And one of the reasons why
00:25:04
one of the other, you know, pieces of
00:25:07
material that's been stained uh
00:25:10
indelibly by the Trump administration is
00:25:13
that many of the activities testifying
00:25:15
in front of Congress, not having your
00:25:17
children trade in crypto and leverage
00:25:19
the presidency to get multi-billion
00:25:20
dollar deals.
00:25:22
>> There's actually few laws against them.
00:25:24
What they are is they've been enforced
00:25:27
by norms. And we've had norms in this
00:25:29
country where if you're called before
00:25:31
Congress, you go
00:25:33
>> regardless of who you are.
00:25:35
>> You don't act like a jackass every
00:25:37
>> And because Trump has just waved the
00:25:39
middle finger at so many so many norms
00:25:43
and
00:25:44
>> which he did this week in in Detroit,
00:25:46
but go ahead. And because we have
00:25:47
abdicated, as Barry Goldwater back in
00:25:50
the late 60s and early 70s, because we
00:25:51
have abdicated and um quite frankly
00:25:55
recklessly and and ignorantly
00:25:57
transferred so much power to the
00:25:59
executive branch that this guy has not
00:26:02
only been able to blow through stop
00:26:03
signs, he can mow over children in the
00:26:05
crosswalk and say, "Yeah, [ __ ] it.
00:26:07
There's no law against it." And so I
00:26:09
think, and this is how society's kind of
00:26:11
just digressed. So, so understandably
00:26:13
and justifiably, the Clintons are
00:26:16
saying, "Oh, these norms no longer
00:26:17
apply.
00:26:19
>> Yeah.
00:26:19
>> Uh, we don't have if if what's good for
00:26:21
them is good for us." In any other
00:26:23
administration, if the Clintons had
00:26:25
called been called before Congress,
00:26:27
>> they would have said absolutely will
00:26:29
come testify, they would show up.
00:26:30
They're very smart. They're very
00:26:31
wellprepared, and they would have
00:26:33
performed
00:26:33
>> excellently. Instead, they want to make
00:26:35
theater and make and connect Epstein
00:26:37
more to Clinton and a Democrat than to
00:26:39
>> I don't know. I think they want to get
00:26:41
arrested and show that Trump doesn't
00:26:43
have to testify. I think that's
00:26:44
precisely
00:26:45
>> they want to get arrested. I'm sorry.
00:26:46
>> They want to get arrested.
00:26:47
>> The Clintons Yes.
00:26:48
>> They want to make a spectacle of it.
00:26:50
>> They want to make a spectacle and they
00:26:51
want to point out that that they want to
00:26:53
have the Clintons testify, but not
00:26:55
Trump.
00:26:56
>> The Clintons, but not Trump.
00:26:58
>> Yeah. Think about it.
00:26:58
>> You know more about this than I do.
00:27:00
>> Trump is not the the committee doesn't
00:27:02
want Trump to testify. Why wouldn't
00:27:03
they? Trump was closer to Epstein. I
00:27:07
mean, on
00:27:07
>> the committee is controlled by
00:27:08
Republicans. No. No, I get that. But I'm
00:27:10
just saying that they want to do they
00:27:12
want to do this that I think they
00:27:14
wouldn't write a letter.
00:27:15
>> The Clintons want to do this.
00:27:16
>> Yes, the Clintons want to make some
00:27:18
[ __ ] noise. That's my guess here if I
00:27:20
had to guess because I think they both
00:27:23
they they they also noted they gave a
00:27:25
lot of information. They've been
00:27:26
cooperative, but they're not going to
00:27:28
appear essentially if Trump doesn't. And
00:27:30
I think that's I think people can gro
00:27:33
that pretty clearly. I you know what I
00:27:35
mean? And I do think they want to be
00:27:38
tried for this. I think that's what
00:27:40
they're doing. I think that's
00:27:42
>> I I I don't think William Jefferson
00:27:43
Clinton wants to be tried under oath for
00:27:45
anything to do with abstain.
00:27:46
>> You don't write a letter like that if
00:27:48
you don't want. It's a dare. It's a
00:27:50
dare.
00:27:50
>> Well, they're both they're both lawyers
00:27:52
and my guess is the best lawyers in the
00:27:53
world reviewed it whether they signed it
00:27:55
or not.
00:27:55
>> Got it. But it's a dare. You wouldn't
00:27:57
send a letter like that if you didn't
00:27:59
want something to happen. If you didn't
00:28:01
want
00:28:01
>> Well, and you were smarter than me, so I
00:28:03
defer to your strategy.
00:28:04
>> Yeah. We'll see. Nonetheless, the
00:28:05
Epstein files should be released. And
00:28:07
what Trump is doing is is in is
00:28:09
distraction, distraction, distraction.
00:28:11
There is something that he does not want
00:28:13
to come out. I don't know if it's about
00:28:15
him. It's definitely about his friends.
00:28:18
So he this is what's happening here.
00:28:20
He's trying to to get it out. And by the
00:28:22
way, the people that want it out the
00:28:24
most is the MAGA base. So uh and now me
00:28:27
and now Scott and now the rest of the
00:28:29
country. So we'll see. All right, we're
00:28:31
going to go to a quick break. We come
00:28:32
back. Paramount sues Warner Brothers.
00:28:36
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00:30:34
Scott, we're back with more news. The
00:30:36
battle for Warner Brothers is get is
00:30:38
continuing and as as Paramount continues
00:30:41
to fall downstairs on this in doing deal
00:30:43
making. Uh Paramount filed a lawsuit
00:30:45
against Warner Brothers and his CEO
00:30:47
David Zazlov this week trying to get
00:30:48
them to turn over details of their sale
00:30:50
process and the Netflix deal. Warner
00:30:51
Brothers is calling the lawsuit
00:30:53
meritless. Paramount also announced
00:30:54
plans to nominate its own slate of
00:30:56
directors to Warner Brothers board to
00:30:58
vote against the next deal. This is very
00:30:59
typical in these fights. Netflix is
00:31:01
making some moves ahead of its own,
00:31:03
reportedly amending its offer to an
00:31:04
allcash deal, very savvy, which could
00:31:06
speed up the process significantly. The
00:31:08
stock is down, so it makes sense and it
00:31:10
makes it more attractive and gets that
00:31:12
problem out of the way, the stock
00:31:13
declining. Um, I'd love you to talk
00:31:16
about the board dynamics. I talked to
00:31:18
Bill Cohen last night and he was like, I
00:31:20
don't understand why you would and you
00:31:22
would sugar, give the money, give $34 a
00:31:24
share. You don't do vinegar here after
00:31:26
doing so many stupid things in this
00:31:28
deal. And and actually, let me note
00:31:30
lengthening the time frame because Trump
00:31:33
is if martial law doesn't happen, Trump
00:31:36
loses the House and the Senate, this
00:31:38
deal is [ __ ] for the Paramount people.
00:31:40
So, the time frame is really bad uh for
00:31:43
them at this point. they're taking too
00:31:45
long to get this. If they got their
00:31:46
hands on this, it Trump will be damaged
00:31:50
by the time and unable to help them. But
00:31:52
um what do you think of this proxy
00:31:54
strategy? You've been in the middle of
00:31:55
these things a million times.
00:31:57
>> Yeah, it's Bill's exactly right. Um at
00:32:01
some point, I mean, they went through a
00:32:02
long process and to Zazlo and their
00:32:04
banker's credit, they got the number
00:32:06
much higher than anyone, including me
00:32:08
had anticipated. And at some point, they
00:32:10
have to say, "Okay, this is this is why
00:32:12
we're picking this deal. you have to be
00:32:13
able to economically justify it for
00:32:15
shareholders. Uh there was justification
00:32:17
for a lot of reasons that that the
00:32:19
Netflix is the superior bid and I have
00:32:21
never been on a company that's been
00:32:23
acquired or has acquired another company
00:32:26
or has gone out of business where
00:32:28
there's not lawsuits. I was on the board
00:32:29
of Eddie Bower when we declared
00:32:31
bankruptcy. I was on
00:32:33
>> Really? You're on the board of Eddie B?
00:32:34
I forgot. Okay.
00:32:36
>> Um Yeah. Well, because I'm such a great
00:32:37
outdoorsman. Um it just made sense.
00:32:39
>> I can't see you hiking anyway. We're
00:32:42
going on a hike someday. Go ahead.
00:32:44
>> Anyways, these guys don't scare easily.
00:32:46
They just end the law. The lawsuit's not
00:32:48
going to have any merit. It's just it
00:32:50
might tie it up or delay it. But it just
00:32:52
adds another moving part to what is
00:32:53
already going to be a complicated, messy
00:32:55
situation.
00:32:56
The only thing that talks here is uh
00:33:00
they got to put $354 a share on the
00:33:03
table. They've got to
00:33:05
and not only that, it has to be incre
00:33:08
the increase, the incremental offer has
00:33:10
to be great enough to justify a
00:33:12
potential breakup where I believe WBB
00:33:14
would have to pay Netflix $2 billion.
00:33:16
>> Yes, exactly. And also the all those
00:33:18
loan covenant things they have to get
00:33:19
their nose out of. They have to let
00:33:21
Warner Brothers do those loan things.
00:33:22
>> So the only way this happens or
00:33:24
something
00:33:25
>> the only way this happens there's
00:33:26
they're not going to block this deal
00:33:27
with lawsuits. The only way this happens
00:33:30
is if Larry Ellison goes, "Whatever. I'm
00:33:32
81 [ __ ] years old. I'm worth I don't
00:33:35
know. I think he's the third richest man
00:33:36
in the world. I know. I know he's less
00:33:37
wealthy now.
00:33:38
>> Yeah.
00:33:39
>> But that he just says or Saudi money
00:33:42
shows up and says, "Larry, if you're
00:33:44
willing to put in another 10, we'll put
00:33:45
in another 10." And they show up with a
00:33:50
15% premium to the current offer. That's
00:33:53
the only way the board is legally
00:33:54
because of Revlon laws. Mhm.
00:33:56
>> I don't even think it can even be
00:33:58
incremental. If it's a 3 or 5%, they
00:33:59
would say the additional risk injected
00:34:01
into the deal and the breakup fee means
00:34:04
that this is a wash and we we are just
00:34:06
going with this dance partner as
00:34:07
committed.
00:34:08
>> There was a really interesting note um
00:34:10
you know, you and I both know VB Nevo.
00:34:13
He's so funny. He's a funny little guy.
00:34:15
Um uh who is a very big investor in a
00:34:18
lot of stuff and he's he's he's very
00:34:20
amusing on many levels. um and uh has
00:34:23
been a sort of a quiet whisperer to lots
00:34:25
of mogul. He was sitting next to David
00:34:28
Zazoff at um which many people pointed
00:34:31
out at the uh Golden Globes which was
00:34:33
and not with and he's a he's a Warner
00:34:36
Brothers shareholder uh and not with
00:34:38
David Ellison who apparently was seated
00:34:40
in the back but as he's being insulted
00:34:42
by the host of a show that's on his
00:34:44
network which I loved. Um
00:34:47
I I it was really interesting. That was
00:34:50
a really interesting Zazoff sort of
00:34:52
flexing a little bit there having Vivv
00:34:54
next to him. Um and and and I think this
00:34:57
I get lawsuits are typical but it seems
00:35:00
like not the way to do this. Like just
00:35:02
give them the money. I just I keep going
00:35:03
and same thing that that that Bill says
00:35:06
give them the money. Just give them the
00:35:07
money. That will work. Why aren't they
00:35:09
giving them the money? That's
00:35:11
>> Well, you mean offer more money. Yeah.
00:35:12
Offer best their bid. Top their bid.
00:35:14
>> Yeah. Yeah.
00:35:15
>> So, in 25 my big tech stock pick or my
00:35:17
stock pick was Alphabet.
00:35:19
>> This year it's Amazon. Do you know what
00:35:20
my stock pick in 24 was?
00:35:22
>> What?
00:35:24
>> Warner Brothers.
00:35:25
>> Oh, interesting.
00:35:26
>> And at the end of the year it was down
00:35:27
10%. So,
00:35:29
>> you had it now.
00:35:30
>> Oh my gosh. Yeah. No, I thought these
00:35:31
assets will go. What will be interesting
00:35:35
>> and this is going to come back to my
00:35:36
prediction. What will be interesting is
00:35:37
I think all of these bankers and
00:35:39
financeers figuring out they could in
00:35:41
fact they can in fact do whatever
00:35:43
hundred billion dollars is a 12 figure
00:35:46
deal
00:35:47
>> once this thing is done or has left the
00:35:49
station you know who they're going to
00:35:50
turn their sights on
00:35:51
>> Disney
00:35:52
>> 100%
00:35:54
>> Disney
00:35:55
>> Disney's going to be put in play by
00:35:56
somebody.
00:35:57
>> Yeah. Yeah. And then I will be doing the
00:35:59
lovely exit interview with Robert Iger.
00:36:01
Um, so yeah, I agree, but it has to be
00:36:03
done. Interestingly, at the same time,
00:36:06
say Apple is the obvious candidate for
00:36:08
that particular purchase%.
00:36:10
>> There's going to be a new CEO at Apple
00:36:11
relatively soon and a new CEO at Disney.
00:36:14
So those
00:36:14
>> Which do you think will come first?
00:36:17
>> Disney.
00:36:18
>> Huh. Yeah, I think you're right. Yeah.
00:36:20
Yeah.
00:36:20
>> Yeah. Disney. I'm pretty sure I'm right.
00:36:22
Um, and but Apple's coming. Apple. Tim
00:36:25
Cook has um has less less there from
00:36:29
what I understand from people and is
00:36:31
starting to move away from it. I think
00:36:33
he'll still be involved. No question.
00:36:34
Both of Well, maybe maybe I will sail
00:36:36
away on his beautiful ships. But um but
00:36:39
I think that they they're they're both
00:36:41
preparing. So whoever the CEO is is
00:36:42
going to have to helm this thing and
00:36:44
therefore be part of the decision
00:36:46
making, right? That's presumably you
00:36:48
don't want to like here you go, I just
00:36:50
did a massive deal kind of thing. But in
00:36:52
this case, just pay the money, Larry, or
00:36:55
not. Like, was [ __ ] or get off the pot
00:36:57
is kind of the situation here.
00:36:58
>> I think they should rename Disney to
00:37:00
strip mining nostalgia.
00:37:04
>> God, we're so creative. We're going to
00:37:06
put out a prequel, a sequel, an aquil, a
00:37:08
nightquil.
00:37:08
>> Let me just say I'm going to I'm going
00:37:10
to push back on that. Both Disney and
00:37:12
Apple have given us so this group these
00:37:14
groups of people have given us so much
00:37:16
great stuff over the many decades. It's
00:37:18
okay that they aren't perfect all the
00:37:19
time.
00:37:20
>> No. and so is Ford Motor and Dowo
00:37:22
Chemical.
00:37:22
>> That's a long long time ago. Although,
00:37:25
you know, as you know, I have a Chevy
00:37:27
Bolt and I love it. Um, anyway, so
00:37:29
what's the next move, Mr. Board member,
00:37:31
since I've never been on a board?
00:37:33
>> Well, what people don't realize around
00:37:35
board dynamics, and this this is more
00:37:37
relevant or impactful as it relates to
00:37:39
Chairman Pal.
00:37:41
>> Chairman Pal, you know, he's off, he's
00:37:43
no longer the chairman as of uh May
00:37:46
2024, but you know who's in charge of
00:37:48
the Fed?
00:37:48
>> 26. 26. I'm sorry. May 2026 and god damn
00:37:52
it.
00:37:53
>> Where does the time go? Cara,
00:37:56
>> the cat's in the cradle.
00:37:58
>> Um,
00:37:59
>> where does the time play with me, Scott?
00:38:02
>> Oh my Oh, wait. My I need to pee. That's
00:38:04
right. It's 2026. Um,
00:38:06
>> okay.
00:38:07
>> So,
00:38:08
>> what's going to happen now?
00:38:09
>> The only time I feel like I don't need
00:38:10
to pee is when I'm peeing.
00:38:12
>> Anyways, just
00:38:16
>> and now the stream is so weak. It's like
00:38:19
missed. It's literally
00:38:21
>> You could be the anchor of CBS News with
00:38:22
that line, but go ahead.
00:38:24
>> Don't trust the experts. Hey, Billy Bob
00:38:27
[ __ ] Yahoo.
00:38:28
>> Concerned with the audience of CBS is
00:38:30
concerned with whether they can figure
00:38:32
out
00:38:32
>> what did 4chan tell you. Um uh
00:38:36
>> what's going to happen here? We have to
00:38:38
move on.
00:38:38
>> Okay, so this is the thing. Why does
00:38:42
Trump want Chairman Pal out so badly and
00:38:45
to resign? Because while his
00:38:46
chairmanship expires in 3 and 1/2
00:38:49
months,
00:38:50
>> he remains on the board of governors
00:38:52
>> and he's influential
00:38:53
>> until 28.
00:38:54
>> Mhm.
00:38:55
>> Who do you think's going to control the
00:38:56
[ __ ] Fed next year?
00:38:58
>> Chairman Pal.
00:38:59
>> Chairman Pal. Cuz this is how boards
00:39:00
work. Cara.
00:39:01
>> Yeah.
00:39:01
>> Or what I've learned. First, there's
00:39:04
there's a quote unquote board meeting
00:39:05
where we all sit around with the CEO in
00:39:07
the room and we eat salad and everyone
00:39:08
listens to themselves talk and we
00:39:10
approve. We does we do whatever the
00:39:12
[ __ ] CEO suggested. And the only time
00:39:15
a board matters is two two times. You
00:39:18
either hire and fire the CEO uh or you
00:39:21
decide if and when to sell the company.
00:39:22
And usually when things get spicy,
00:39:24
there's a second board meeting. And the
00:39:26
second board meeting is the board
00:39:27
members who matter meet usually in the
00:39:30
parking lot after the board meeting and
00:39:32
start talking because the dynamic on a
00:39:34
board is the following. Everybody talks,
00:39:37
everybody's smart, says their [ __ ]
00:39:39
poses for the cameras. It's a bunch of
00:39:41
FIPS, formerly important people saying
00:39:43
intelligent things, you know, and then
00:39:45
going back to the to the, you know,
00:39:47
their country club in Naples. And then
00:39:50
one or two people, usually and then
00:39:52
usually two people speak and everyone
00:39:56
stops and listens and agrees with them.
00:39:58
And the two people are usually the
00:40:00
following. The largest shareholder
00:40:02
because bottom line is they control the
00:40:03
company. And especially if it's a
00:40:04
private company and it might need more
00:40:06
company, everyone kisses this guy's ass
00:40:07
and it's always a guy. And there's
00:40:09
usually an exboard member. What I mean
00:40:12
by exo board member is there's someone
00:40:14
who quite frankly has proven themselves
00:40:16
over the course of the last two, three,
00:40:18
ten years on this board is just [ __ ]
00:40:20
smarter than everybody else. Has more
00:40:22
graas. And when this person speaks,
00:40:25
everyone just starts nodding their head.
00:40:27
And guess who that person on the board
00:40:28
of governors regarding interest rate
00:40:30
decisions is going to be? The chair
00:40:33
communicates to Congress. The chair is
00:40:35
the visual figure head. But at the end
00:40:37
of the day, the people deciding if
00:40:39
interest rates go up or down, it's the
00:40:42
board of governors. And you can bet
00:40:44
regardless of who the chair is in June
00:40:46
of this year, everyone will talk. And
00:40:49
then chairman pal, probably one of the
00:40:51
greatest economic minds in history, will
00:40:53
say, "Yeah, these are all great points,
00:40:55
but I think we should keep interest
00:40:56
rates where you are." You can bet the
00:40:59
other board of governors are going to
00:41:00
decide I'm with chairman or former
00:41:03
chairman or governor power.
00:41:04
>> I got that. So here, let's go to Warner.
00:41:06
So, the board chair is a guy who used to
00:41:08
be chief executive of Price Waters
00:41:10
Cooper, right? And he's the one that's
00:41:12
been on TV.
00:41:13
>> Um, saying there's uh where's the board
00:41:16
of directors? Hold on, let me go. Let me
00:41:18
tell you. So, him, he's a white guy.
00:41:20
David Zazz, Richard Fiser, independent
00:41:23
director. Who was this guy? I don't even
00:41:25
know who this guy is. Um, served as
00:41:27
president and chief executive officer of
00:41:29
the Federal Reserve Bank of Dallas. So,
00:41:31
big a big swinging. Um, so he's that's
00:41:35
him. I'm sure it's a very competent
00:41:37
board,
00:41:38
>> right? Okay. It is. I'm just saying. But
00:41:39
who's who's that do? It's it's Zazoff,
00:41:41
right? Presumably is running the show
00:41:44
here.
00:41:44
>> Zazzled is Zaz Lee. Oh, shoot. That's
00:41:48
interesting.
00:41:48
>> Zazoff has gained a tremendous amount of
00:41:49
credibility because he's almost gotten
00:41:51
everybody's money back.
00:41:53
>> Yeah, Ken Low is on it. Uh, wow. It's an
00:41:56
Anthony Notto's on that board. Oh, I
00:41:58
know a lot of this board really well.
00:42:01
>> Wow. Oh, Jeffrey Yang's on this board.
00:42:03
Malone. Malone. Malone's the big
00:42:05
swinging dick on this board. Malone.
00:42:06
>> Oh, Bob Malone's on this board.
00:42:08
>> Yeah. Yeah.
00:42:09
>> Yeah. He's the guy everybody listens to.
00:42:10
John, I'm sorry. John Malone. He's the
00:42:11
guy. He's He's arguably the brightest
00:42:13
guy or one of the brightest minds in the
00:42:15
history of medium.
00:42:16
>> A couple of tech people. Jeff Yang, the
00:42:18
the the venture capitalist.
00:42:19
>> I've been I've been that guy. I've been
00:42:22
the tech guy they bring on. And over
00:42:24
over a while, just because we started a
00:42:25
tech company doesn't mean we know how to
00:42:27
implement tech.
00:42:28
>> I get it. But there are a couple of
00:42:29
interesting people. Anthony was on it.
00:42:31
Uh Anton Levy is another person who's
00:42:34
really interesting venture capital.
00:42:35
They've got a lot of venture capital.
00:42:37
>> Anyway,
00:42:37
>> I don't know. They're really The thing
00:42:39
about Disney is there
00:42:40
>> Malone.
00:42:41
>> There have been layoffs, but Disney's
00:42:42
announcing so many remakes
00:42:44
>> that a bunch of original ideas have
00:42:46
filed for unemployment.
00:42:47
>> Oh my god. Okay, go. Anyway, moving on.
00:42:50
The FBI searched the home of Washington
00:42:52
Post reporter Hannah Natson on
00:42:54
Wednesday, seizing laptops, a phone, and
00:42:56
a smartwatch. Natson has spent the last
00:42:58
three years covering the Trump
00:42:59
administration's efforts to fire federal
00:43:00
workers. The search was part of an
00:43:02
investigation, they say, into a Maryland
00:43:04
system administration accused of taking
00:43:06
home classified intelligence report as a
00:43:08
pretext. Frankly, the Washington Post
00:43:10
has been told uh neither Natson nor the
00:43:13
outlet are the target of the
00:43:14
investigation. The head of the editor of
00:43:17
the Washington Post, Matt Murray, did a
00:43:19
terrific letter. Uh it took a while to
00:43:22
hear from uh the CEO, uh Will Lewis.
00:43:25
Jeff Bezos has not said word one and
00:43:27
he's getting enormous amounts of
00:43:29
criticism for readers for remaining
00:43:30
quiet in the hours following the news.
00:43:33
Um I think the newsroom leaders have
00:43:36
been done the right thing and everything
00:43:38
else, but this is this is a Trump
00:43:40
administration trying to really go for
00:43:42
the press at this point um and going for
00:43:44
their sources. Uh there's no reason to
00:43:46
take this woman's uh information on on
00:43:49
another investigation and it's pretext
00:43:51
is is all it is. Uh, but Jeff Bezos not
00:43:53
standing up is what another he's busy
00:43:55
partying in Aspen presumably, but
00:43:57
another reason why he's a terrible owner
00:43:59
for the Washington Post. You need to
00:44:01
stand up at times like this.
00:44:02
>> Yeah, I stopped listening about 30
00:44:04
seconds ago. I'm bored. It matters.
00:44:06
You're just masturbating.
00:44:07
>> You talk about democracy
00:44:08
>> journalism. Where's my vibrator?
00:44:10
>> Journalism. You don't There's We have
00:44:11
rules in this country. Why does Talk
00:44:13
about Bober? Hold on. No. Why does my
00:44:15
stuff not m Why does press You talk
00:44:17
about
00:44:18
Are we married now? Why does my stuff
00:44:22
democracy.
00:44:22
>> You don't touch me anymore.
00:44:24
>> The press is an important part of this.
00:44:26
>> You don'tice.
00:44:28
>> State media is is being created even as
00:44:31
we speak. Jeff Bezos, if he wants to own
00:44:34
this fantastic newspaper still, despite
00:44:37
his best efforts to make it suck,
00:44:39
>> should stand up. Come on.
00:44:41
>> Yeah. I'm trying to think of what's
00:44:43
what's less relevant than CBS. Oh, the
00:44:45
Washington Post. By the way, it is not
00:44:46
>> relationship advice to the young men out
00:44:49
there. Women don't want money and
00:44:50
height. They want follow-up questions.
00:44:52
Follow-up questions. No,
00:44:54
>> they want Yeah, they do. Women want
00:44:56
followup questions. They need They want
00:44:57
to be noticed. Let's talk about Bob.
00:44:58
Just let me get a few Bob things back
00:45:00
and then you can go back to talking
00:45:01
about how important the Washington Post
00:45:02
is and how bad.
00:45:03
>> It's not I'm not saying it's important.
00:45:04
It's an important moment that owners
00:45:06
step up.
00:45:06
>> No, no, no. It's terrible. What's going
00:45:08
on here?
00:45:08
>> Oh my god. You're like literally when
00:45:10
you're when you're reading Provda every
00:45:12
day and getting updates from
00:45:14
>> I read Prada.
00:45:16
>> I I'm sure you'll enjoy that. Yeah, I'm
00:45:19
getting a tattoo that says Al Jazer. Um,
00:45:21
>> no, no, listen to me. This is He is I'm
00:45:24
going to ignore you completely. An owner
00:45:26
the Grahams, Mrs. Graham went out on a
00:45:29
[ __ ] limb all the time for this for
00:45:31
this country and so did Don Graham.
00:45:34
>> Yeah. To your point, I probably
00:45:36
shouldn't be glib about it. The
00:45:37
Washington Post reporter whose house was
00:45:40
raided developed I guess over or it's
00:45:43
reported well over a thousand
00:45:45
confidential sources inside
00:45:48
a variety of government agencies. So,
00:45:50
this is an attempt not only an attempt
00:45:53
to put a chill around the press, which
00:45:55
is obviously totally contrary to
00:45:57
everything America is supposed to value,
00:45:58
but it's really meant to unmask sources
00:46:01
and put a chill around anyone who talks
00:46:03
to the press outside of normal
00:46:05
propaganda channels.
00:46:08
Uh, it really is upsetting. Um, federal
00:46:12
agents, they've knocked down the door of
00:46:14
the journalist. Her name is uh as you
00:46:17
referenced Hannah Nathansson.
00:46:19
The vet show up at her house. They don't
00:46:21
ask for a comment that they don't call
00:46:23
her. They just kick down her door and
00:46:25
take her computer and her phone. So
00:46:28
again, we just continue to find
00:46:30
violations of the very principles that
00:46:32
America was founded on.
00:46:34
>> Look, this is a long line in in in in
00:46:38
media companies acquiescing to the
00:46:40
government.
00:46:41
>> Thank you.
00:46:43
CBS, whether it's CBS, whether it's
00:46:46
making payoffs to him, whether it's
00:46:48
Sherry Redstone, whether it's whatever,
00:46:50
Jeff Bezos is a long line of shitty
00:46:53
owners of media.
00:46:54
>> I agree. We agree that he's probably I
00:46:56
think he probably agrees that he
00:46:57
shouldn't have owned or bought the
00:46:59
Washington Post.
00:46:59
>> He should go and get his chin implants
00:47:01
or whatever he wants, but he shouldn't
00:47:03
own.
00:47:03
>> But here's the thing. Bob Iger, you
00:47:05
know, he doesn't ruin childhoods. He
00:47:07
leases them back to you monthly.
00:47:09
>> No, I'm not gonna sell. He's not evil.
00:47:12
He's worse. He's the kind of guy who can
00:47:14
ruin something politely.
00:47:16
>> No. No. The You don't have the child.
00:47:19
And you Disney is a wonderful
00:47:22
does wonderful stuff as does do many
00:47:24
people. Anyway, you're not going to get
00:47:25
the focus off of shitty Jeff Bezos. All
00:47:27
right, Scott. We'll go on a quick break.
00:47:30
You don't You do not care for the things
00:47:31
I
00:47:32
>> You know, his big innovation was making
00:47:33
you pay $27 to skip a line so you can
00:47:36
stand in a different line. That's his
00:47:38
innovation. I When's the last time you
00:47:41
were at Disney?
00:47:42
>> Oh, I So 364 days a year I do not show
00:47:47
up for my kids and then
00:47:49
>> my partner says, "All right, [ __ ] You
00:47:52
you're so I take my we haven't done it
00:47:55
in a couple years cuz now they go to
00:47:56
they want to go to um Universal with
00:47:58
their buddies and not have dad around."
00:48:00
>> Yeah, that's a good
00:48:01
>> The only time I would go, they want to
00:48:02
go to Halloween night. I'm like, "I'll
00:48:03
go." And they're like, "No, no, Dad.
00:48:04
You're not invited."
00:48:05
>> Oh. Um, I used to take uh uh all the
00:48:08
kids and their friends to Disney once a
00:48:09
year for a long time.
00:48:10
>> Yeah. All right. But no longer.
00:48:12
>> No, I haven't been in a while. Have you
00:48:14
been a
00:48:14
>> help you? I've been on a Disney cruise.
00:48:15
>> Oh, you've Oh, you've been We've been
00:48:17
with I've heard they're great. My kids
00:48:18
wanted a Disney cruise with their
00:48:19
grandparents.
00:48:20
>> It's endless soft serve. That's all I
00:48:21
have to say.
00:48:22
>> I've heard it's fantastic.
00:48:23
>> It's It's very good. It's very well
00:48:25
done. I I wanted to kill myself, but it
00:48:28
it's very well done.
00:48:28
>> Well, that's called a cruise.
00:48:30
>> Yes, exactly. It was endless.
00:48:31
>> Actually, you're getting to that age
00:48:32
now, though. No, I'm not going to my
00:48:34
boat. I'm not a boat
00:48:35
>> and they have deals for you and your
00:48:36
nurse.
00:48:37
>> Okay. Anyway, let's go on a quick break.
00:48:39
When we come back, we'll talk about
00:48:41
Apple and Google teaming up on AI.
00:48:44
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00:50:58
Scott, we're back with more news. Apple
00:51:00
and Google have announced a multi-year
00:51:01
deal for Apple to base its AI products
00:51:04
on technology developed by Google.
00:51:05
Upcoming versions of Apple intelligence
00:51:07
be based on Gemini AI models powering
00:51:10
Siri and other AI features. Alphabet
00:51:12
stock jumped on the news, making it the
00:51:13
fourth publicly traded company to be
00:51:15
worth over $4 trillion. Uh it's
00:51:18
interesting because they did have a they
00:51:19
were mobbed up a little bit with open AI
00:51:21
as you know uh for a little bit and now
00:51:23
they're and of course there's many
00:51:25
criticisms of Apple uh being behind.
00:51:28
Meanwhile, several publishers including
00:51:30
our own Vox Media, the Atlantic Penske
00:51:32
Media are suing Google for antitrust
00:51:34
violations over its dominant ad tech
00:51:36
business. There's a case happening too.
00:51:38
Meta has named former Trump adviser Dena
00:51:40
Powell McCormack to serve as president
00:51:42
and vice chair. McCormick. Uh Powell
00:51:44
McCormack served as Trump's deputy
00:51:46
national security adviser during his
00:51:47
first term. That's when I met her. Uh
00:51:49
but President Trump posted truth social
00:51:51
congratulating Powell McCormack calling
00:51:53
it move a great choice by Mark Z. Uh I
00:51:55
I'll comment on that at the end uh
00:51:57
because I think she's highly competent.
00:51:58
Um and she used to work for Goldman
00:52:00
Sachs. I want to leave that out. Is a
00:52:01
married to Senator David McCormack of
00:52:04
Pennsylvania. They are a power couple
00:52:06
obviously. But talk about the Google
00:52:08
Apple thing and the um and the lawsuit.
00:52:10
>> I think you know more about this than I
00:52:12
do care. I'm mentioning your thoughts.
00:52:14
>> Uh I think you know Apple's been
00:52:15
criticized for being behind in this in
00:52:17
the AI stuff. They haven't been
00:52:19
developing it. They've been losing staff
00:52:21
in that way. Obviously they decided not
00:52:22
to participate in the in the money
00:52:25
spending in this area that Google and
00:52:27
others are doing. Um I think it makes
00:52:29
sense they had they have strong
00:52:30
relationships over mapping and and
00:52:33
search and everything else. And I think
00:52:34
they may be um
00:52:37
I don't know they they've gotten in
00:52:39
trouble over the mapping and everything
00:52:41
and and the search making them the
00:52:42
default search and so they may be just
00:52:45
doing it again right if Google and Apple
00:52:47
do this I think they don't have the
00:52:49
capabilities and and you and then Gemini
00:52:52
has gotten a lot better I have to say
00:52:53
even on the on Google search when I use
00:52:55
it very rarely now so they have to be um
00:52:58
mobbed up with an Apple because that's
00:53:00
where people get their information. Uh
00:53:02
we'll see. I think it's in the in the
00:53:03
light of that there is still an adtech
00:53:05
case by the federal government and then
00:53:07
now this one. Um these people have
00:53:09
complained about Google but never done
00:53:12
anything and now they've done it. Um I
00:53:15
think this is exactly what they should
00:53:16
do is uh is sue them. I mean I've always
00:53:18
thought they should sue them in this
00:53:20
regard. Google is on both sides of the
00:53:22
ad trade uh and shouldn't be. Um and I
00:53:24
do think the case that the government
00:53:26
has is a strong one um against Google.
00:53:28
So any thoughts? Well, I thought I
00:53:31
thought Apple not entering into the
00:53:34
capital wars of AI was a really deaf
00:53:37
move because I thought they were going
00:53:38
to pull a search and say, "All right,
00:53:40
you guys fight it out for search and
00:53:42
we'll just sequester access to the most
00:53:45
valuable billion consumers in the world
00:53:47
that really are the only
00:53:48
>> They did that with maps, too,
00:53:49
>> right? They're really only the only So,
00:53:52
what is it? There are now more phone
00:53:54
contracts than there are people on the
00:53:56
planet and a billion of those or 1.2 two
00:53:59
billion of those I think are iOS and
00:54:01
quite frankly they're the only people
00:54:02
that matter because they're the only
00:54:03
people with money and when you carry an
00:54:05
Android phone and I've said this for a
00:54:07
long time you're communicating to the
00:54:08
world that things just quite haven't
00:54:10
worked out for you and so Apple and iOS
00:54:13
is like is responsible for something
00:54:15
like 80% of online commerce they just
00:54:18
spend you can get a free phone you can
00:54:19
get an amazing phone and a free phone as
00:54:20
long as it's Android and these things
00:54:22
cost 3 months salary in Hungary right
00:54:24
now the iPhone it's the ultimate the
00:54:26
ultimate signal as a as your worth as a
00:54:29
mate is whether you have iOS or not. And
00:54:33
so what they do is they know the value
00:54:34
of that. And they said to search, if you
00:54:36
want to be put in front of the billion
00:54:37
most powerful consumers in the world,
00:54:39
you got to pay us not five, not 10, but
00:54:40
$20 billion a year. I thought they were
00:54:42
going to have the same type of leverage
00:54:44
with these LLMs that one of these LLM
00:54:47
was going to pay them
00:54:48
>> a massive amount of money to be the
00:54:50
default.
00:54:51
>> Well, that may be the case here. We'll
00:54:53
have to see. Right. But it look it looks
00:54:54
like there it looks like it's sort of
00:54:56
that the the technology is so
00:54:59
differentiated and they need it so much
00:55:02
that Apple doesn't have the leverage at
00:55:03
least I thought because what it looks
00:55:05
like it looks like they're going to
00:55:06
actually pay my understanding is pay uh
00:55:09
Alphabet about a billion dollars to use
00:55:11
Gemini.
00:55:13
So the leverage has sort of switched
00:55:14
back to the provider here to the content
00:55:16
as opposed to the distribution.
00:55:19
What's interesting is why they've
00:55:20
decided to support I think they've
00:55:23
decided
00:55:26
I mean if you look at the market share
00:55:28
there's a couple things I've been giving
00:55:29
all these talks about AI there's a
00:55:32
couple things about LLM market share
00:55:33
that are just sort of interesting it's
00:55:36
likely and obvious and understandable
00:55:37
that open AAI would be seating its 80
00:55:40
70% share that other people would be
00:55:42
chipping away
00:55:43
>> and now it is Google's come up and
00:55:44
they've come down
00:55:45
>> and the two the two that have been
00:55:46
eating share have been one Gemini and
00:55:49
two the LLMs the openweight LLMs coming
00:55:52
out of China.
00:55:53
>> Mhm.
00:55:53
>> And that's exactly right.
00:55:54
>> It makes sense.
00:55:55
>> And that's it by the way. That's it. The
00:55:57
others are not growing. And
00:55:59
>> and by the way, Google search still gets
00:56:00
about 90 times the the number of
00:56:02
queries.
00:56:03
>> Yeah.
00:56:04
>> Um just on a a different point,
00:56:06
>> they've done a good job integrating AI.
00:56:07
They have there's no
00:56:09
>> Greg Chau the CEO of section AI that
00:56:12
upskills corporations for AI adoption
00:56:14
has said said something to me that I
00:56:16
thought was really bang on. He said, "Of
00:56:19
the billion people out there that might
00:56:20
use AI in the next couple years, only 40
00:56:22
million are going to be willing to pay
00:56:23
it. So really, open AI right now is one
00:56:28
of two one of two forks in the road.
00:56:30
They either get massive, massive
00:56:32
enterprise adoption or they go bankrupt.
00:56:34
He goes, there's no way there's enough
00:56:36
consumers willing to pay 20 or Google.
00:56:38
Which one are you going to be?
00:56:39
>> So anyways, but this is I think this is
00:56:41
a huge win for Alphabet. they're going
00:56:44
to be put in front of the most valuable
00:56:46
consumers in the world or the ones, you
00:56:48
know, the ones that have money. And I
00:56:51
would imagine the reason they're doing
00:56:52
this is they're thinking that this is
00:56:53
going to give an enormous boost to
00:56:56
Gemini. So they either strategically
00:56:58
have decided they don't want OpenAI as a
00:57:00
viable competitor and two they've also I
00:57:04
wouldn't be surprised. People forget
00:57:07
these are people with enormous egos and
00:57:10
I say that in a good way. They are so
00:57:12
they will not spend time with their
00:57:14
families. They will ignore their health
00:57:15
because they want to win so badly and
00:57:17
they want to be relevant in the world.
00:57:19
And one way to do that is to be the CEO
00:57:20
of a company and beat everybody else. I
00:57:22
would I wouldn't be surprised and I'm
00:57:24
I'm curious what your thoughts if Tim
00:57:26
Cook quite frankly is a little pissed
00:57:28
off at and this whole bromance of how
00:57:32
and the implication that open AI is
00:57:34
going to build
00:57:35
>> products. Yeah. And so and they've kind
00:57:38
of goo Alphabet for Apple is the devil
00:57:42
is the devil they know. But this is
00:57:44
going to absolutely elevate or
00:57:45
accelerate the market share of Gemini
00:57:48
relative to um relative to Open AI.
00:57:52
>> Mhm.
00:57:53
>> I didn't have a lot of insight there.
00:57:55
>> No, you had a lot of insight. What? I
00:57:56
was just going to say you actually did
00:57:57
have insight. Let me uh What about the
00:57:59
lawsuit? Very quickly,
00:58:01
>> I don't have a view on it.
00:58:03
>> Yeah. Well, they should sue
00:58:04
>> they they should sue them. They've been
00:58:06
sucking away their value forever and and
00:58:09
doing it in a in a monopolistic way. So,
00:58:11
yes,
00:58:12
>> I'm up for any lawsuit against big tech
00:58:14
at this point.
00:58:14
>> Yeah, I like the law.
00:58:16
>> Oh, and then and then Dena, the way I
00:58:19
read that and I'm curious to for you
00:58:21
>> I do know a lot about this, but go
00:58:22
ahead. Yeah.
00:58:23
>> Oh, so my my thing is that essentially
00:58:26
Meta and Jensen and Juan all realize one
00:58:29
thing quote unquote she's not in charge
00:58:32
of partnerships with the government
00:58:34
around data centers. She's in charge of
00:58:35
figuring out a way to elegantly get them
00:58:37
the government to pay for it and
00:58:39
ultimately bail them out.
00:58:40
>> Yeah.
00:58:41
>> Because their plans around data centers
00:58:43
even they cannot finance.
00:58:45
>> Yeah.
00:58:45
>> So what is she there to do? I think Dena
00:58:47
>> finance.
00:58:48
>> Yeah. I think Dena is there to go
00:58:50
>> to this, you know, Treasury Secretary
00:58:51
and the Commerce Secretary. You know why
00:58:52
it makes sense for the government to
00:58:54
issue bonds and backs stop $4 trillion
00:58:56
in debt for us? Because it'll grow the
00:58:59
economy. And I think she's there with
00:59:01
the world's most elegant, biggest
00:59:02
[ __ ] hat.
00:59:04
>> Yeah. to try and get Trump to justify
00:59:06
and announce that he's going to backs
00:59:08
stop.
00:59:09
>> See, you know, you know, Scottree.
00:59:12
>> Yeah. Oh, I think so. I think she's
00:59:13
there. She's a Goldman. I mean, they
00:59:14
they'd leave out. They a lot of the a
00:59:16
lot of the reaction was, "Oh, it's a
00:59:18
stop to Trump." I don't think that's the
00:59:19
case at all here. I think she's actually
00:59:21
a very deaf networker. She left the
00:59:23
Trump administration rather early and
00:59:25
has a very good reputation as a
00:59:27
networker. She was Goldman Sachs, very
00:59:29
tight with those people. Um, was there
00:59:32
for a long time. She's a she's she knows
00:59:34
everybody and actually across all party
00:59:37
lines which is really interesting and so
00:59:39
I think Meta has has doesn't have much
00:59:43
capital experience in figuring out how
00:59:44
to capitalize these things these data
00:59:46
centers and has been very far behind.
00:59:49
The other thing is you know I think the
00:59:51
SOP to Trump is too easy is too easy. I
00:59:53
think she's the right person especially
00:59:55
if Trump starts to lose power. She is
00:59:58
not uh she she is part she has been
01:00:01
close everyone has to who's
01:00:03
participating has to be have a
01:00:05
relationship with Trump but it's not she
01:00:07
hasn't gone over the edge in the way
01:00:09
that some others have. Um so there's
01:00:12
that I think she has some credibility
01:00:13
with Democrats from what I can glean
01:00:16
>> she's now the head of the she's now the
01:00:18
head of the big tech pack and she will
01:00:19
orchestrate the largest bailout for tech
01:00:22
since co possibly or else figure out how
01:00:24
to capitalize this stuff, right? How to
01:00:26
get the money for it, which is a bailout
01:00:28
if it comes from the government.
01:00:29
>> Yeah. So, she the the other thing I
01:00:30
think she has to avoid being is Cheryl
01:00:32
Samber too, right? Like seen as that
01:00:34
way. Um and so
01:00:37
>> I don't think she will though, unless
01:00:38
she's going to unless she's going to
01:00:39
like
01:00:40
>> claim, you know, well, let me just be
01:00:43
unless she's going to pretend to promote
01:00:44
gender equality while depressing teens
01:00:47
all over the world.
01:00:48
>> She will not. She's actually,
01:00:49
interestingly, she's very close to Nikki
01:00:51
Haley. Um, uh, she's definitely a
01:00:53
Republican, a very interesting
01:00:54
background, but I agree with you. It's
01:00:57
all about the data centers. You're one.
01:00:59
Good for you, Scott. Not knowing
01:01:00
everything, you're absolutely financed
01:01:04
to start a paper.
01:01:05
>> And actually, I love Aspen.
01:01:08
>> As much as I hate to comment Mark Zer is
01:01:10
a very sharp choice.
01:01:12
>> One of the better business minds of the
01:01:13
last century.
01:01:13
>> Yeah, I got to say, he's made the right
01:01:15
choices. He's made a lot of bad choices.
01:01:16
This one's a good one for him. Um, and
01:01:18
it's too easy to say it's just to suck
01:01:20
up to Trump. It's not. It's absolutely
01:01:21
not. It's a suckup to everybody. All
01:01:23
right. Uh Scott, one more quick break.
01:01:26
We'll be back for predictions.
01:01:29
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Okay, Scott, let's hear up prediction.
01:02:37
The only thing I want to say is
01:02:39
>> I thought that XAI is disabled the
01:02:43
ability for Grock to create sexualized
01:02:44
images of real people, including
01:02:46
children, following a wide backlash. Um,
01:02:48
it's pretty easy to generate those
01:02:50
debates, by the way. But I not I think I
01:02:53
got it right that he was going to give
01:02:55
up even though he was pretending he
01:02:56
wasn't on this stuff. Uh, I think he's
01:02:59
going to continue to double down. That's
01:03:00
my prediction because like I don't know
01:03:03
what else to say. this guy is a really
01:03:06
heinous character and he thinks he's
01:03:08
equating free speech with sexualization
01:03:09
of children is really where we are right
01:03:12
now with him and and that Apple I don't
01:03:14
think Apple and Google will do anything
01:03:16
about it which they should have at the
01:03:18
before this but he's backed off. So
01:03:21
there you have it. Maybe they did behind
01:03:22
the scenes. I don't know. Go ahead.
01:03:25
>> Yeah. So we've been talking about Warner
01:03:27
Brothers Discovery. It's about to go
01:03:28
into boring mode where they just try and
01:03:29
get the CPHUS and antitrust and all the
01:03:32
lawsuits and reviews, you know, for the
01:03:35
next
01:03:36
>> 18 or 24 months.
01:03:37
>> Yeah.
01:03:38
>> The next thing that's going to preoccupy
01:03:39
us is there's going to be uh most likely
01:03:42
an activist because it's so big. But
01:03:44
Disney's going to be put in play.
01:03:46
>> The leadership transition here is
01:03:48
uncertain. Um he says Iger says he plans
01:03:51
to retire but succession issues have
01:03:54
traditionally invited shareholder
01:03:56
activism and a moment of a leadership
01:03:58
change is an opportunity for an activist
01:03:59
to kind of prop up and place the uh
01:04:02
>> have you been called Scott Galloway?
01:04:03
>> There you go. Yeah. God I was literally
01:04:06
the world's worst athlete in the history
01:04:08
of UCLA and I imagine I'm like the
01:04:10
world's worst activist.
01:04:12
um uh they'll get pressure from activist
01:04:14
investor whether it's whether it's
01:04:16
Nelson
01:04:18
>> um you know this thing basically it's at
01:04:21
its
01:04:22
>> it's flat
01:04:23
>> in a market that's tripled or quadrupled
01:04:26
it's flat over the last 10 years and you
01:04:28
look at this IP in these parks it's just
01:04:30
there's very few companies that have
01:04:32
more assets than Disney right now
01:04:34
>> nobody has it Warner Warner would be the
01:04:37
second but Disney's top you're right
01:04:39
>> there's just something about
01:04:42
I mean look at Disney these parks these
01:04:44
cruises are singular and Netflix can't
01:04:48
spin up a Disney park in two three
01:04:50
decades it would take 50 years
01:04:52
>> the obviously the IP here Marvel Star
01:04:55
Wars Pixar theme parks ESPN
01:04:58
>> why flat then why is it flat then
01:05:00
>> because they haven't been able to grow
01:05:01
earnings
01:05:02
>> they just and um it's and there's just
01:05:05
you can't get around it you'd have to
01:05:07
argue it's been poorly managed um you
01:05:10
know it's How on earth is Intel worth
01:05:12
less than it was 25 years ago when it
01:05:15
was the leader in microchips? I mean uh
01:05:18
and also the thing the the biggest
01:05:19
reason why Disney will be put into play
01:05:21
it comes from that movie
01:05:24
what was it called Wall Street where
01:05:27
Charlie Sheen is saying why did you have
01:05:29
to go after this company why do you want
01:05:30
to break this and he finally loses his
01:05:32
[ __ ] and he goes because it's breakable
01:05:34
and Disney is breakable in the sense
01:05:36
that unlike most media companies
01:05:39
>> it has very modest anti-takeover or
01:05:41
poison pill provisions it
01:05:43
>> it has an annually elected board it
01:05:45
doesn't have a staggered board. Once you
01:05:46
get on a board and you decide, you know,
01:05:48
we're smarter than everybody else,
01:05:49
including our shareholders,
01:05:51
>> we'll start. I was on the board of
01:05:52
Gateway Computer and we finally found a
01:05:54
[ __ ] bidder to buy that Joey bag of
01:05:56
Donuts company and all the board members
01:05:58
sat around and said, including the guy
01:06:00
who went on to be the governor of
01:06:02
Michigan, they tried to put in a poison
01:06:04
pill and they're like, we just want you
01:06:05
to come in through the front door. And
01:06:07
I'm like, all the like Yahoo, you know,
01:06:10
farmsp speakak just means you think
01:06:12
you're smarter than shareholders. you
01:06:13
now think you own this company as
01:06:15
opposed to shareholders. Disney has not
01:06:17
done that. That that means a bidder only
01:06:20
needs to persuade the majority of
01:06:21
shareholders to replace directors which
01:06:24
can make hostile approaches.
01:06:25
>> He's been through this. He has been
01:06:26
through a few hostiles as you know with
01:06:28
Ike and a whole bunch of people.
01:06:31
>> And also the other thing that I think's
01:06:33
lined up here is I think people look at
01:06:34
Disney and go yeah [ __ ] a Disney
01:06:36
someone should go in there and acquire
01:06:38
2% and be an activist. And that's
01:06:40
probably what happens here. But what
01:06:42
Warner Brothers has probably shown the
01:06:44
market that oh if you find the right
01:06:48
right billionaire and the right the
01:06:50
right pockets of money in the Gulf and
01:06:53
the right bankers really hungry for fees
01:06:56
you can assemble this type of money and
01:07:00
there's so much money on the sidelines.
01:07:02
>> Yeah. I don't think they'll let the
01:07:03
Saudis into this one. It's going to be
01:07:05
an apple. It's going to be someone who
01:07:07
doesn't need the Saudi Hill.
01:07:10
I'm just trying to think.
01:07:11
>> Disney's an American brand. Such I mean,
01:07:13
Warner is too, but Disney there. There's
01:07:16
no way.
01:07:16
>> Aren't they opening They're opening a
01:07:18
Disney in the Gulf, right?
01:07:19
>> They are, but it's they're not going to
01:07:20
let the Saudis own Disney.
01:07:21
>> Well, I don't know. I think all you need
01:07:23
to do is make is give Mickey Mouse a
01:07:26
beard and a moral and a morality police.
01:07:29
Um,
01:07:30
>> okay. Who I think it's Apple. It's got
01:07:32
to be Apple if they were if they had
01:07:34
set. Uh,
01:07:37
>> by the way, can I make another
01:07:38
prediction besides these?
01:07:40
>> They just have to change the name of the
01:07:41
ride from It's a Small World to
01:07:43
something like It's a Small World and
01:07:45
more restricted that we live in. I I
01:07:48
think gosh
01:07:49
>> I was at at this dinner uh that notice
01:07:51
which is a really interesting new
01:07:53
publication here is do did and the far a
01:07:56
pharma guy was there and as I was
01:07:57
sitting here I thought because they're
01:07:59
doing pharma and tech are doing all
01:08:01
these deals together whether it's open
01:08:02
AI or all of them are doing deals these
01:08:05
health deals I think big tech is going
01:08:08
to go after pharma next and own
01:08:10
>> oh that's super interesting
01:08:12
>> I was like oh I I looked at him and he's
01:08:14
going on and on about Trump or something
01:08:16
I said you know
01:08:17
you're going to get owned by tech in the
01:08:19
that you're the next frontier. They're
01:08:21
doing the media stuff, but it's nuts
01:08:23
peanuts compared to you. And actually in
01:08:26
terms of doing great things, AI combined
01:08:28
with pharma is an amazing
01:08:31
huge opportunity. Thank you. That's But
01:08:34
anyway,
01:08:35
>> I see I think actually the golf owning
01:08:37
Disney is a bigger fit than you think.
01:08:39
Especially with Hold on. Especially with
01:08:41
the Star Wars franchise. Desert Planets,
01:08:43
Dynasties, family drama. Done. fits
01:08:45
perfectly.
01:08:46
>> Okay.
01:08:47
>> Um
01:08:49
>> uh
01:08:49
>> they can have the golf. They're not
01:08:51
getting Disney. So they can have golf
01:08:53
and tennis or whatever the hell, but not
01:08:55
Disney. It's going to be hard. That
01:08:56
that'll be made. There'll be a lot of
01:08:59
push back on that.
01:09:00
>> Well, they I like that. I like that.
01:09:01
>> They'd have to ban gay days. They'd
01:09:03
rebrand them as I imagination
01:09:04
maintenance closures.
01:09:08
>> Also H No, that's on Warner. Right. He's
01:09:10
rival on Warner. Um anyway, on HBO.
01:09:13
Yeah. Anyway, anyways, my prediction is
01:09:15
>> Disney is about to be the object of our
01:09:17
obsession when it's most likely going to
01:09:19
be an activist because it still is a
01:09:20
very big pill to swallow. But they have
01:09:24
good for them. And I I hate I hate
01:09:26
poison pill provisions and anything that
01:09:29
shifts shifts accountability and
01:09:31
authority from shareholders to a bunch
01:09:32
of people who think they're smarter than
01:09:33
everyone else on a board because they
01:09:35
show up for a Cobb salad and get paid
01:09:36
$300,000 a year called boards of
01:09:38
directors.
01:09:40
You would not believe how arrogant we
01:09:41
become when we be go on boards. I really
01:09:43
>> Okay, I'm going to go on a board this
01:09:45
year. That's one of my little goals. All
01:09:46
right, board people. I'm interested.
01:09:48
Anyway, uh that's a great prediction,
01:09:50
but are you and you you will and may
01:09:52
steal my idea of tech buying big pharma.
01:09:54
Okay,
01:09:55
>> but I just to come to your def I thought
01:09:56
of you and you'll like this because it
01:09:58
makes you look good, but you got a ton
01:09:59
of [ __ ] on one of the social platforms.
01:10:01
No, someone insulted me
01:10:03
>> about my take on masculinity and then
01:10:06
someone weighed in and said, "Yeah, and
01:10:08
we should have known this." He partners
01:10:10
with Cara Swisser, who's been a total
01:10:13
total corporate shill for big tech
01:10:15
>> and I thought immediately,
01:10:17
>> yeah,
01:10:18
>> I've been on I've been on the nominating
01:10:20
committee. When you go on a board and
01:10:21
they don't like you, i.e. Scott
01:10:23
Galloway,
01:10:24
>> um they put you on the stupidest
01:10:26
committee, they put you on the
01:10:27
nominating and governance committee. And
01:10:29
the one thing the nominating and I
01:10:30
always end up on the compensation
01:10:32
committee because it's the worst [ __ ]
01:10:33
committee or the absolute worst is the
01:10:35
audit committee because you have to do
01:10:36
real work.
01:10:37
>> But anyways,
01:10:38
>> on the nominating governance committee,
01:10:39
the thing you do is find new directors
01:10:41
when directors roll off and good
01:10:43
>> good boards roll, you know, kick
01:10:45
politely have a conversation with his
01:10:47
golf buddy who's been there 24 years.
01:10:48
Maybe it's time for you to move on
01:10:50
>> or we talk to their nurse. But anyways,
01:10:52
the
01:10:54
>> I'm not exaggerating. I know exactly
01:10:57
what they're looking for in directors.
01:10:59
You check every [ __ ] box, literally
01:11:03
and figuratively, except
01:11:06
>> you're unafraid and you're a pain in the
01:11:08
ass.
01:11:09
>> Pain in the ass.
01:11:09
>> If you were not speaking truth to power
01:11:12
and totally unafraid, I'm not
01:11:13
exaggerating. I think you'd be the
01:11:14
chairman of [ __ ] OpenAI or Tesla
01:11:16
right now. So the notion I think your
01:11:20
>> oh it's such
01:11:20
>> your abrasive truth kind of tell truth
01:11:24
to power has cost you cara hundreds of
01:11:27
millions of dollars. So for anyone on
01:11:30
any social media platform, they can say
01:11:31
they don't like you. They can say you're
01:11:33
arrogant. There's some truth, whatever.
01:11:35
Fine. But to say that you are a
01:11:38
corporate shill.
01:11:39
>> I know they do that.
01:11:40
>> I don't know what the opposite is.
01:11:42
>> I was close to Elon and wasn't. And they
01:11:43
just can't. These are these sort of
01:11:45
sensor.
01:11:46
>> And if you And if you'd stayed close to
01:11:47
him and kissed his ass, you'd be the
01:11:49
you'd be on the board of Tesla and $200
01:11:51
million news. That's what
01:11:52
>> And I'd be standing at your place in
01:11:54
Soho.
01:11:55
>> Exactly. I know. I'm aware. I'm aware.
01:11:56
Most of the criticism I get is from
01:11:58
being with you. Anyway, uh we we don't
01:12:00
care that we're shrill or dislikable or
01:12:02
anything else. We don't care. Um we want
01:12:04
to hear from you. Send us your questions
01:12:06
about business tech or whatever is on
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your mind. Go to nymag.com/pivot
01:12:09
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01:12:11
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each other. That's the way it's going to
01:12:19
go. You're not going to split us up. We
01:12:20
are going to do that ourselves. Okay,
01:12:22
that's the show. Thanks for listening to
01:12:24
Pivot and be sure to like and subscribe
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to our YouTube channel. We'll be back
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next week and happy Martin Luther King
01:12:29
Jr. Day to everybody.