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this is an interesting story did you see
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this Murdoch family in a court battle
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who will lead Corp and fox according do
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you think of this oh I know a lot about
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it let me just go through it for people
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currently the Family Trust gives each of
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rubert Murdoch's children four children
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equal votes he has two others but they
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have ownership but not votes uh he wants
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to change that he made this when he
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divorced from his wife Anna um to she
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this she insisted on this um that rert
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has filed a petition to amend the trust
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it's it's an irrevocable trust but
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that's what he's done to give exclusive
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control to his oldest son
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as reasoning he cites political
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differences with his other children that
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could impact editorial stance of his
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companies three other children have
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responded with a legal challenge the
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trial is expected to be September it's
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it's in Nevada where this is so it's one
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person who deals with trusts in Estates
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um you know there's one tiny little out
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that he's saying he's doing it for the
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benefit of these people and he's doing
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it for political reasons that's not the
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benefit of shareholders or anything else
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to let Lan who's presided over disaster
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after disaster of the company including
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the law lawsuits and behaviors and
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payoffs and everything else I mean Lin
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has been a terrible CEO in that regard
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um I don't think this helped
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shareholders um I've you know what's
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interesting I have a little knowledge of
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these these people um they were not
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together James um uh Liz and I think
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it's Prudence they were not aligned at
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all Liz moved back and forth like shiv
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on succession you know she was she's
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very much wanting her dad and her to get
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along um so so this United them which
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was of course another stupid thing laand
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does because he's as dumb as a box of
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hammers um so it's really interesting um
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you know this is a family that has huge
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impact on our society and he's trying to
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live beyond the grave this old crusty
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old Draculas trying to live beyond the
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grave what do you
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think there are a few companies I have
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difficult time thinking of a four profit
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company who um has a greater impact
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relative to it's market capitalization I
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mean I think the market cap of i f what
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the market cap is but it's essentially
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you know you have oh it's $33 billion
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which is um you know Warner is 20 which
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is unfair because has 40 billion in
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debts it's 60 billion in Enterprise
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Value but it's $33 billion which is you
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know big but this is arguably I me you
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can make a you could definitely make an
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argument this is one of the five or 10
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most influential companies in the world
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and a lot of people think that this
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company literally picks the Republican
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nominee uh for president and has a huge
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influence and Fox's viewership is really
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strong I mean he's actually I don't
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think it's fair to to say Lin's done a
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terrible job I I think the Dominion case
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was obviously a huge stub toe but I
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think that's more about the fact that
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well anyways I think I think it's unfair
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to say he's done a bad job what I took
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from this entire St oh come on the two
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cases are smar mtic coming Bill O'Reilly
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and other gropers at that company but go
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ahead go ahead let me say the HR has not
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been very good here but the company is
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the company is as influential as it has
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ever been and the Wall Street Journal is
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amazing um
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anyways up for debate whether you think
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he's done a good job or not what I took
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from this had nothing to do with
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business nothing and that is I'm I'm
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turning 50 and my sole objective right
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now all the money I'm spending almost
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every like my biggest thing right now my
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kids are about to be 14 and 17
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I'm buying homes in beautiful places I'm
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thinking about where we're going to live
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and making huge investments in my kids
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because all I want Mo first and foremost
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is I want to spend a ton of time with my
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boys when when they're older and this is
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a man who by any stretch of the
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imagination whether you think he's
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Satan's devil or whatever has had a
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remarkably successful career in terms of
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influence and impact and when he's
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getting married three of his four kids
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didn't show up I know was which in my
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view which in my view means you have
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failed yeah and it also reverse engineer
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to another thing tax policy I think we
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dramatically need to increase tax rates
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above say 10 million a year or on trusts
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because I'm telling you carara creating
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dynasties it doesn't do anyone any good
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do you think this has been good for
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their family no and I I I I think it
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it's succession is we've got succession
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here and he you know if he dies before
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this thing gets gets to trial it stays
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the same and then we'll see what happens
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to this um to this company because the
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other three I wouldn't call them United
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but now they are now they're like screw
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you Dad like it's really it's it is
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pathetic it's pathe they're against
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their dad and their dad's F this is this
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is like the second thing I just behind
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wanting to spend a lot of time with my
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boys you know what I really hope I
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really hope that my boys are friends
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when they're older and sometimes with
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the way they go at it I think there's
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that's not
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given can you imagine this a family
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where three of the siblings side go
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ahead yeah it was tense between Lin and
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the rest of
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them Liz was between Pruden as out in
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Australia does her own thing but it's
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just it's it's ridiculous it's a
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ridiculous thing to do at this moment in
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time because he's gonna let me just tell
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you RT moch you're going to die like you
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know for Moon struck no matter what you
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do rubert moch you're going to die and
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you don't get to decide things after
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you're dead that's it that's it and he's
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ruining the rest of his thing just
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because he has this you know some people
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think that llan is unduly influencing
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him he is 90 some years old that's one
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of the little things you know that
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laan's engineering this well how you
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could make the same argument on the
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other three no they didn't start this
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thing this was this has been in place
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for for decades they didn't move to
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change it this this rert did a little
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bit of background an irrevocable trust
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is basically a tax shelter and this is
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what I'm getting at dynasties as far as
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I can tell don't do anyone any good they
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remove tax dollars from the Commonwealth
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your kids don't end up fighting each
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other and not showing up at their
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father's wedding and dynastic wealth and
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tax policies that lead to dynasties used
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to be something that we weren't down
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with we used to have very high um
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inheritance taxes and now we have raised
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minimums from 5 million per person to 11
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million and here's the thing and this is
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where I'm going and I'm becoming Bernie
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Sanders and Elizabeth Warren giving your
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kids Financial security fine okay but if
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they each get 25 million not necessarily
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Bill anything you give your kids about
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10 or 20 million it doesn't make them
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any happier and at some point when you
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have this dynasty that has all this
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political influence and impact on the
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world it ends up separating families and
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dividing them that could be but I'm
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saying this thing was in place for
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decades he agreed to it this is what it
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is and now he's having buyer remorse
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it's all rer or Lin generated this is
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not those other kids doing this but this
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is what you have to do to put something
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in something that transfers to your kids
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taxfree is called a trust but the thing
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about the trust is it has to be
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irrevocable now that term irrevocable is
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really important it means that the
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construct and the agreements within the
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trust have to hold you don't get to then
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decide to change it and what he's
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claiming is no I want the irrevocable
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trust to be revocable and there's a
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loophole and the loophole is a following
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if you can prove you're making
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decisions that um help help them
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economically right but he's basically
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going to try and say that my view my
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endorsement of someone who has a
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different political complexion than the
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other three will help them economically
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and I would think legally the other
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three would be able to swap that down or
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just delay just take a note you know
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page out of the Trump lawyer handbook
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and just keep delaying this case because
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he's not his expiration date is about 10
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years past due oh don't no his mother
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lived to like way past 100
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I forgot she's riding around a golf cart
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who knows in any case it's sad and
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pathetic and he's going right down the
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suar Redstone Avenue as they all I
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thought maybe they would avoid this but
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I don't know
