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Trump Tax Bill Narrowly Passes House, Overcoming Infighting · Bloomberg Intelligence

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Speaker 2: The other news of the day, of course, is that
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Speaker 2: the House passes the big beautiful bill. Now it heads
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Speaker 2: to the Senate. Joining us now for more details on
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Speaker 2: that is Michael Shepherd, Bloomberg Senior editor in Washington. All Right,
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Speaker 2: what are the sticking points for the Republicans in the
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Speaker 2: Senate now?
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Speaker 3: Well, what they're looking at are really the same sticking
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Speaker 3: points that had really caused such a fight in the House.
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Speaker 3: And the first is reservations about the overall long term
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Speaker 3: fiscal impact of the bill. There is a concern that
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Speaker 3: this will add significantly to deficits the Congressional Budget Office
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Speaker 3: founder would add as much as two point three trillion
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Speaker 3: dollars to deficits over the next ten years, and that
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Speaker 3: of course risks exacerbating what we've been seeing in the
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Speaker 3: bomb market, and that namely is concerned about ballooning US debt.
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Speaker 3: And that was all highlighted by Moody's decision last week
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Speaker 3: to downgrade the US government's credit rating. And the other
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Speaker 3: big concern, of course is Medicaid, and we've heard this
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Speaker 3: come up from some House members, and there was a
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Speaker 3: bit of a split. There were a handful of Conservatives
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Speaker 3: who really wanted significant cuts to the program that helps
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Speaker 3: the poor receive access to medical care with government support.
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Speaker 3: But there are others who were concerned about the impact
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Speaker 3: in their districts and their states, and the political fallout
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Speaker 3: in the Senate, concerns about the impact politically and on
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Speaker 3: healthcare in their states has been more vocal. We saw
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Speaker 3: Josh Wally, a key Republican who represents a more populous
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Speaker 3: wing of the party, expressing grave worries about what would
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Speaker 3: happen to Medicaid, especially in his state of Missouri. We're
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Speaker 3: going to be watching those two themes, both on the
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Speaker 3: fiscal side, but then also on what happens to that
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Speaker 3: key title program of Medicaid outs.
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Speaker 4: Michael, what's the timing here for the Senate?
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Speaker 5: We know the Speaker of the House said, hey, we're
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Speaker 5: going to get something done by Memorial Day.
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Speaker 4: He did that. How about the Senate, what's their timetable?
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Speaker 3: Well, Mike Johnson delivered with a big assist from Donald Trump,
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Speaker 3: who really drove lawmakers hard. He met with the Republican
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Speaker 3: Conference earlier in the week to say basically that anyone
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Speaker 3: who voted against the bill or failed to support it
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Speaker 3: and stood in its way, it would be guilty of
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Speaker 3: the ultimate betrayal and would pay the price in the
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Speaker 3: next congressional elections. In the Senate, it's a little bit
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Speaker 3: of a different ballgame. It's unclear that the leadership there
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Speaker 3: is as enthusiastic about the bill with that same sense
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Speaker 3: of timing. The Treasury Sectory, Scott Besson and the President
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Speaker 3: really would like this done by July fourth. That may
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Speaker 3: be a big ask. We're really a little bit more
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Speaker 3: than a month away. Wlawmakers are going out on Memorial
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Speaker 3: Day recess, and the Senate does want to make some changes.
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Speaker 3: They do face the deadline, though, Paul and Alex and
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Speaker 3: that is on the debt limit. The bill does contain
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Speaker 3: a measure that would raise the US borrowing limit and
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Speaker 3: help us avert that thing that we fear of a
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Speaker 3: US default. We're seeing an X state somewhere in August,
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Speaker 3: at least according to the Treasury Secretary so that gives
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Speaker 3: them a target to work for before their August recess.
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Speaker 3: But they do have a lot to get through, and
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Speaker 3: the President may have to do some arm twisting in
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Speaker 3: the Senate as well, just as he did in the House.
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Speaker 2: So talking my book here, I was really interested that
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Speaker 2: they push forward the rollback for some of the clean
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Speaker 2: energy tax credits. So the Renewable Investment Tax Credit and
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Speaker 2: production tax credit is now going to be done in
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Speaker 2: twenty twenty eight rather than twenty twenty nine and twenty
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Speaker 2: thirty Yeah, twenty thirty one. And there are other parts
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Speaker 2: of that as well that have really put pressure on
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Speaker 2: the clean energy guys. A lot of the clean energy
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Speaker 2: projects are in red states, So how are Republican senators
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Speaker 2: going to manage that?
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Speaker 3: Well, that's a great question, Alex, and it is something
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Speaker 3: that really divided the caucus in way because they do
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Speaker 3: like getting that money, and it's sort of the same
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Speaker 3: tension that we've seen in Republican and opposition from the
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Speaker 3: President himself to the Chips Act and some of that
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Speaker 3: funding and some of those subsidies. They like having the
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Speaker 3: projects in their state. Yet when they look at ways
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Speaker 3: to find savings for this pretty expensive tax bill. They
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Speaker 3: start looking for everything, and it's not only medicaid, but
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Speaker 3: as you mentioned, it is those clean energy projects and programs.
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Speaker 3: They're trying to say that, look, we're going to accelerate
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Speaker 3: the timeline, but not eliminate them entirely.
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Speaker 4: There, Michael, thank you so much for joining us.
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Speaker 5: Michael Shepherd, Senior editor, Bloomberg News, joining us from Washington, DC,
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Speaker 5: talking about some tax legislation, big big move forward today,
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Speaker 5: our President Trump in the House.
4:57
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Speaker 5: Bloomberg Originals is kind of where you go find us there. Again,
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Speaker 5: the Justice Department is probing whether Alphabet's Google violated antitrust
5:30
Speaker 5: law with an agreement to use the artificial intelligence technology
5:33
Speaker 5: of a popular chat maker. According to people familiar with
5:36
Speaker 5: than knowledge of the matter. It's not that they're probing
5:39
Speaker 5: an acquisition.
5:40
Speaker 4: That they want to make. It's using somebody's technology. I
5:43
Speaker 4: don't know.
5:44
Speaker 5: Stocks up three percent on news, It doesn't seem like
5:46
Speaker 5: the market's that word. Man Deep seeing Hill, tell us
5:48
Speaker 5: what's going on here? He covers all the technology stuff
5:50
Speaker 5: for Bloomberg Intelligence mandeep.
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Speaker 4: I mean usually the DJ comes in when you make
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Speaker 4: an acquisition and says who whoaahah.
5:58
Speaker 5: But this is just looking at a deal or a
6:01
Speaker 5: contract they made with some AI provider.
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Speaker 6: Yeah. I mean, in fact, all three of them, Google,
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Speaker 6: Microsoft and Amazon did this AQUI hires of these startups
6:12
Speaker 6: back in twenty twenty four, So these were three different companies.
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Speaker 6: Google did that for Character AI. Microsoft had the same
6:21
Speaker 6: sort of setup for Inflection, and then Amazon did it
6:25
Speaker 6: for Adept, which is another small AI company. And if
6:29
Speaker 6: you remember back at that time, Lena Khan was the force,
6:34
Speaker 6: and you know, everyone was reluctant when it comes to
6:38
Speaker 6: making these acquisitions. So this was their way of licensing
6:43
Speaker 6: the technology. They were effectively paying a license fee and
6:47
Speaker 6: in most cases it was non exclusive, but it ended
6:51
Speaker 6: up basically bringing those employees to work for you know,
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Speaker 6: Google in a way where it wasn't an outright acquisition.
7:00
Speaker 6: It was an independent company still, but they paid the
7:04
Speaker 6: current shareholders of those companies a licensing fee which pretty
7:08
Speaker 6: much was like sixty.
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Speaker 4: Transaction lawyers working up at that.
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Speaker 2: But how different is this from what say, Microsoft is
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Speaker 2: doing with open ai.
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Speaker 6: Well, that's a forty nine percent stake one. And in
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Speaker 6: that case, in the case of Microsoft, you're right, I mean,
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Speaker 6: the comparison is app in the sense that OpenAI still
7:30
Speaker 6: remains independent and they're launching their products. In this case,
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Speaker 6: a lot of the folks who were working at character
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Speaker 6: ai did end up working on Google's projects, and so
7:44
Speaker 6: same thing with Microsoft. The folks at Inflection Ai did
7:47
Speaker 6: end up working on Microsoft's projects. That didn't happen in
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Speaker 6: the case of open ai. Open ai still is kind
7:55
Speaker 6: of doing its own thing when it comes to model
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Speaker 6: training and everything. Microsoft is licensing the technology. That's not
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Speaker 6: the case here in terms of character Ai, because character
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Speaker 6: ai was a company with less than two hundred employees
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Speaker 6: and Google end up licensing that for almost two point
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Speaker 6: five billion. So think of, you know, a license fee
8:17
Speaker 6: of two point five billion.
8:18
Speaker 7: It feels yeah, yeah, And so.
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Speaker 6: I think there was that aspect which was kind of
8:28
Speaker 6: in between in terms of how do you make an
8:31
Speaker 6: acqua hire without an outright acquisition, and you know, the
8:35
Speaker 6: amount was pretty big and everyone was surprised, but all
8:40
Speaker 6: these three companies did that one after the other, so
8:43
Speaker 6: they somehow got away and now we are seeing the
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Speaker 6: DJA is looking into it.
8:47
Speaker 4: All right, if I'm.
8:48
Speaker 5: On sand Hill Road in Silicon Valley where all the
8:51
Speaker 5: smart money is, how do I view this administration here?
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Speaker 4: Are they pro tech or non pro tech?
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Speaker 6: I think so far they are looking to bring down
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Speaker 6: the regulations. For sure. We have seen some pretty big
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Speaker 6: deals getting announced. I mean the Google's acquisition of wiz
9:09
Speaker 6: that is a M and A thirty two billion dollars. Yes,
9:13
Speaker 6: and so there has been a flurry of M and
9:15
Speaker 6: A activities, so I would say they are pro deal making.
9:20
Speaker 6: At the same time, I think with big tech, every
9:23
Speaker 6: company is different in terms of you know, how the
9:26
Speaker 6: administration views them, and you know, the DOJ and FTC
9:30
Speaker 6: have been doing these investigations, so it doesn't surprise me
9:35
Speaker 6: that they are looking into it. I doubt you know,
9:38
Speaker 6: there will be a big fine, but probably you should
9:41
Speaker 6: talk to genery or legal expert if yeah, what she
9:44
Speaker 6: thinks about this.
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Speaker 2: But you know, Paul pointing out that the stock is
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Speaker 2: up over three percent, how much of that is like
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Speaker 2: ignoring the headlines versus still going back to the AI
9:52
Speaker 2: Developer Day for Google where they unveiled the whole suite
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Speaker 2: of products.
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Speaker 6: Yeah, I mean that was a great event, and overall,
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Speaker 6: I think the sentiment this week is still Google's models
10:03
Speaker 6: are getting better, their execution is getting better, They're shipping
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Speaker 6: a lot more products, So this seems to be something
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Speaker 6: that yes they are involved with. At the worst cases,
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Speaker 6: they may have to pay a fine, but really nothing
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Speaker 6: changes as far as their AI development efforts.
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Speaker 5: When I started my career on the street in mid eighties,
10:23
Speaker 5: it was all about Microsoft and their regulatory challenges they
10:27
Speaker 5: were just starting to go through, primarily with European regulars,
10:30
Speaker 5: and we were freaking out like every day, like oh
10:32
Speaker 5: my god, it's gonna be And then we look back
10:34
Speaker 5: on it ten years later, we're like, Eh, nothing happened.
10:37
Speaker 5: And I think a whole generation of us have kind
10:39
Speaker 5: of become conditioned to viewing big tech and regulation is
10:43
Speaker 5: not that big a deal. Don't worry about it. At
10:45
Speaker 5: the end, I wonder if we're getting too complacent, though,
10:48
Speaker 5: will they ever say Amazon breakup, Google breakupper, you know,
10:51
Speaker 5: one of those things.
10:53
Speaker 6: I mean, there's always a probability of that happening. I
10:57
Speaker 6: still think it's a low probability event, given everyone wants
11:00
Speaker 6: these companies to do better than the equivalent Chinese companies,
11:05
Speaker 6: and so that aspect still remains. And look, the worst
11:09
Speaker 6: case with these sort of investigations is these companies may
11:13
Speaker 6: end up paying a fine. That's what we have seen
11:15
Speaker 6: in the EU. Google has paid over you know, ten
11:17
Speaker 6: billion dollars in fines and the stock will still be
11:20
Speaker 6: okay because this is just one time. They make the
11:23
Speaker 6: remedies and you move on. So I think that's the
11:26
Speaker 6: worst case here in terms of a slap on the wrist,
11:29
Speaker 6: and you know, you change the behavior. You're not gonna
11:32
Speaker 6: do more aqua hires like that, you know, billion dollar aquahires.
11:36
Speaker 6: But beyond that, it's hard to fathom.
11:39
Speaker 5: All right, Bendep, thank you so much for appreciate a
11:40
Speaker 5: man deep seeing senior tech analyst for Bloomberg Intelligence.
11:45
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Speaker 2: All Right, Walter as President, chief investment officer and managing
12:02
Speaker 2: director at Greenwood Capital. I got to say, the markets
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Speaker 2: are a little surprising to me. But just take a
12:07
Speaker 2: look at the bond market for a second. Is the
12:09
Speaker 2: long end getting yippie?
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Speaker 8: Yeah, that's a good that's a nice technical term for it.
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Speaker 4: Get a little.
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Speaker 8: Skintish maybe another way to describe it. You know, the
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Speaker 8: twenty year auction yesterday. You know, you definitely look at
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Speaker 8: the intry day chart and saw the equities key off
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Speaker 8: of that twenty years, a little bit of an unusual maturity.
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Speaker 8: The FED owns a ton of that sleeve. So not
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Speaker 8: that surprising perhaps, but I know everybody's focused on that
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Speaker 8: thirty year behind rate, but it was really the ten year.
12:38
Speaker 8: It's really the ten year that's key. I mean, that's
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Speaker 8: what a lot of assets are priced off of. So
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Speaker 8: that's a touch lower today, and you see equities kind
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Speaker 8: of key and off of that.
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Speaker 5: So those rates are pretty attractive here, Todd, are you
12:48
Speaker 5: getting increased discussions with your clients about, hey, should I
12:53
Speaker 5: be up in my allocation.
12:54
Speaker 4: To fixed income.
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Speaker 5: If I can get a two year treasury at four percent,
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Speaker 5: I would take maybe a little bit more duration risk
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Speaker 5: and get you know, more than five percent on a
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Speaker 5: thirty year.
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Speaker 8: Not we're not going out of that far, but a
13:07
Speaker 8: lot of our accounts are balanced accounts, so we do
13:09
Speaker 8: have fixed income exposure within that. You know, our kind
13:12
Speaker 8: of target maturity or duration is in that call it
13:15
Speaker 8: three to four year range, but that's a bar bell.
13:18
Speaker 8: So some you know, one and two year paper as
13:20
Speaker 8: well as some you know, maybe five out to seven,
13:22
Speaker 8: but nothing really longer than that. So you you know,
13:25
Speaker 8: these are attractive vials, as you say, if you put
13:27
Speaker 8: a corporate spread on top of that, which have come
13:29
Speaker 8: in lately but still decent, you can lock in some
13:32
Speaker 8: good rates for a multi year period, which we we
13:34
Speaker 8: find attractive. Now, interestingly, you've got several corporate issuers that
13:38
Speaker 8: are rated above the US government debt at this point,
13:41
Speaker 8: JP Morgan being one of them, J and J another,
13:45
Speaker 8: And the credit default swaps for the US government are
13:48
Speaker 8: actually higher than they are for JP Morgan at the moment,
13:50
Speaker 8: so there's a balancing act there between the two.
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Speaker 2: What do you if you kind of ignored the last
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Speaker 2: two months, you'd be kind of no worse off unless're
14:00
Speaker 2: taling about the bond market or to the dollar than
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Speaker 2: you would have been before. So how do you then
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Speaker 2: understand equity market volatility going forward?
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Speaker 8: Yeah, Alex is a great question, and the equity market
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Speaker 8: volatility has been extreme over that. You know, if you've
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Speaker 8: gone under a rock, like you say, two months ago
14:18
Speaker 8: and come out now, you're basically break even. I think
14:21
Speaker 8: we're going to continue to see volatility, and I think
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Speaker 8: it's going to be keyed off some of these macro headlines,
14:26
Speaker 8: whether that's you know, something affecting interest rates, whether it's
14:28
Speaker 8: this bill that has now moved out of the House
14:30
Speaker 8: into the Senate, which by the way, this is the
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Speaker 8: end of the beginning, now of the beginning of the
14:35
Speaker 8: end in my opinion, in this process. And then also
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Speaker 8: finally earnings, I mean we kind of forget about fundamentals
14:41
Speaker 8: of individual companies. They actually came in a bit better
14:44
Speaker 8: than expected in the first quarter, but revisions did come
14:47
Speaker 8: down quite significantly for the second quarter. So I think
14:50
Speaker 8: depending on the time of the year, the month we're in,
14:52
Speaker 8: and where we're going to key off of macro headlines,
14:54
Speaker 8: or fundamental headlines, and then we had the trade component
14:58
Speaker 8: as well, So all of those things mixed together to
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Speaker 8: we think, continue some volatility, but you know, take advantage
15:04
Speaker 8: of that where you have companies that you you know,
15:07
Speaker 8: know and understand and feel like are going to weather
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Speaker 8: the storm.
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Speaker 4: Walter, what do you make of this the stock market?
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Speaker 5: It seemingly we've round tripped almost here off of the
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Speaker 5: twenty percent declines we had our earlier New Year when
15:17
Speaker 5: people were really trying to get their handle around what
15:20
Speaker 5: a world of tariffs means. Are we appropriately priced here?
15:23
Speaker 5: Do you think the market's ahead of itself or is
15:26
Speaker 5: there still upside here?
15:27
Speaker 4: Do you think?
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Speaker 8: Yeah? I think I think in the near term the markets,
15:32
Speaker 8: you know, come a long way in a very short
15:33
Speaker 8: period of time and is probably as Jamie Dimond I
15:35
Speaker 8: think use the term complacent to describe investors. We would
15:39
Speaker 8: tend to agree with that. Where we are today, I
15:42
Speaker 8: don't think we're pricing in a lot of risks. We're
15:44
Speaker 8: pricing in a lot of deals that have been talked
15:46
Speaker 8: about happening but haven't happened on the trade front yet.
15:49
Speaker 8: So what we've been doing is just trying to stay
15:52
Speaker 8: disciplined on our sizing within positions, so names that have
15:55
Speaker 8: run significantly in the past five to six weeks. If
15:57
Speaker 8: we have a target of two and a half percent
15:59
Speaker 8: and that weights now well over three percent, we're running
16:02
Speaker 8: that back to model as we call it for example.
16:04
Speaker 8: So just trying to stay disciplined within the process and
16:07
Speaker 8: you know, take advantage of the move that we've had
16:09
Speaker 8: and look kind of reload for some more opportunities to
16:13
Speaker 8: come if.
16:14
Speaker 2: We do get this big, beautiful bill of passed, I mean,
16:16
Speaker 2: get tax cuts or tax cuts extension if we wind
16:21
Speaker 2: up getting deregulation and the Fed, as William said earlier today,
16:25
Speaker 2: could cut in July. If tariffs come down to ten percent.
16:28
Speaker 2: Is this like a complete then bull market? Like, can
16:32
Speaker 2: we finally look towards discounting all that good news?
16:36
Speaker 7: Yeah? This is last to me.
16:38
Speaker 8: Yeah no, but I mean there's a long way from
16:41
Speaker 8: here to there. I guess I would say, you know,
16:44
Speaker 8: so as it relates to the FED, I think it's
16:46
Speaker 8: a stretch to say that we go in July, because
16:49
Speaker 8: you got to think about all this this bill includes,
16:52
Speaker 8: you know, is kind of pro growth post stimulus that's
16:55
Speaker 8: going to create upward pressure on prices. You would think
16:57
Speaker 8: if if growth improves, so I think the Fed's going
17:00
Speaker 8: to be on hold, so I don't think they're going
17:01
Speaker 8: to come into the picture, probably till the fall. But yeah, no, listen,
17:05
Speaker 8: if you incrementally get this bill passed, the debt ceiling increased,
17:08
Speaker 8: if you get some trade deals, you know, we're gonna
17:11
Speaker 8: run up on that ninety day first wind ninety day
17:13
Speaker 8: window in early July. So we've got to see some
17:16
Speaker 8: progress there. But yeah, it could create the catalyst to
17:18
Speaker 8: for us to move up through those highs that we
17:20
Speaker 8: hit in February and beyond. I just think between now
17:23
Speaker 8: and then we could see some you know, some downside.
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Speaker 4: Walter, thanks so much for joining us.
17:28
Speaker 5: Always appreciate getting a few minutes of your time.
17:29
Speaker 4: Walter Todd.
17:30
Speaker 5: He's a president, chief estiment officer, and managing director at
17:33
Speaker 5: Greenwood Capital, located in Greenwood, South Carolina, which I googled.
17:38
Speaker 5: A little bit west of Columbia, South Carolina, a little
17:41
Speaker 5: bit north of Augusta, Georgia, a little bit south of Greenwood,
17:44
Speaker 5: a Greek Greenville, South Carolina's right back in.
17:46
Speaker 4: The middle of the great.
17:47
Speaker 5: State of South Carolina. Some good stuff down there.
17:51
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18:27
Speaker 2: They had an in depth piece about Trump's President Trump's
18:30
Speaker 2: families money making machine. What is the money making machine?
18:37
Speaker 7: Max?
18:37
Speaker 9: You know, if it were able, if we were able
18:39
Speaker 9: to put it into one word or one line, we
18:42
Speaker 9: really would have. Unfortunately, it does take like four thousand
18:45
Speaker 9: words to describe.
18:46
Speaker 7: Because the machine is really, really big.
18:49
Speaker 9: I think the way what we ended up deciding is
18:51
Speaker 9: that no modern American president has ever positioned his family
18:56
Speaker 9: to make this much money while in the White House.
19:00
Speaker 9: You can't you can't oversimplify it either as a supporter
19:04
Speaker 9: or is a critic. You can't say, oh, what he's
19:06
Speaker 9: doing is crypto, or oh, what he's doing is licensing
19:08
Speaker 9: his name, or oh what he's doing is going overseas,
19:10
Speaker 9: or what what the family is doing is making corporate connections.
19:15
Speaker 7: That it really is.
19:16
Speaker 9: We ended up thinking about this as basically an atlas,
19:18
Speaker 9: an outlass to what the Trump family is doing.
19:22
Speaker 7: You know, it's to take it seriously and to really
19:26
Speaker 7: focus on.
19:27
Speaker 9: The facts and on the numbers and on the places.
19:31
Speaker 9: It was real work, and I was and I was actually,
19:34
Speaker 9: dare I say.
19:34
Speaker 7: Even fun to work with Anyon. I'm trying to figure
19:36
Speaker 7: it out.
19:36
Speaker 5: Hey there, So Annie, I mean, is this I guess
19:40
Speaker 5: part of the question is depending on Hey, you look
19:42
Speaker 5: at it.
19:42
Speaker 4: Is this legal? Is it ethical? What are the folks
19:46
Speaker 4: in Washington saying?
19:48
Speaker 10: Well, when when you look at the scale of what's happening.
19:52
Speaker 10: Even just today, President Trump has announced that he's going
19:56
Speaker 10: to allow the largest holders of his meme coin to
20:00
Speaker 10: come to a special VIP event. So one of the
20:03
Speaker 10: challenges of working on the story was that almost week
20:07
Speaker 10: by week there would be new details to add. And
20:11
Speaker 10: I think what Max and I found was that to
20:14
Speaker 10: go through each of these different categories. We covered real estate,
20:19
Speaker 10: we covered crypto, we covered this kind of grab bag
20:22
Speaker 10: of other ventures that the Trump family has become involved in,
20:27
Speaker 10: you have to go really deep into each one, and
20:31
Speaker 10: there's a high velocity of new deals coming now. From
20:36
Speaker 10: the ethical standpoint, what the Trump family has decided to
20:41
Speaker 10: do is they've issued an ethics plan for Trump's second term,
20:45
Speaker 10: as they did in his first term. The way that
20:47
Speaker 10: they've handled it is by putting President Trump's assets in
20:50
Speaker 10: a trust which is overseen by his son, Donald Trump Junior.
20:55
Speaker 10: But there are some differences in the ethics plan of
20:58
Speaker 10: Trump's first term and his second term this time around.
21:01
Speaker 4: As we note in.
21:02
Speaker 10: The story, the ban on new foreign deals that existed
21:08
Speaker 10: last time is no longer in place, and you can
21:11
Speaker 10: see the new deals popping up all the time.
21:14
Speaker 9: I found it very liberating, actually, to in our work,
21:17
Speaker 9: rather than putting ourselves in a position where we wanted
21:20
Speaker 9: to say Trump is the most amazing president and everything
21:23
Speaker 9: he does is amazing, or being in a position where
21:25
Speaker 9: we have to say Trump is the worst president and
21:27
Speaker 9: everything he does is illegal. What we tried to do
21:29
Speaker 9: is just to understand peace by piece the way the
21:31
Speaker 9: family is making money, and it was helpful to just
21:35
Speaker 9: use Trump's own words and own plan. Last time around,
21:38
Speaker 9: in the first administration, he was unwilling for the family to.
21:42
Speaker 7: Do new deals around the world.
21:45
Speaker 9: This time the family is embracing deals around the world,
21:49
Speaker 9: and by their own account, what they're not allowing is
21:52
Speaker 9: deals with foreign governments. And when Andy and I look closely,
21:55
Speaker 9: what we found is that there are some deals, especially
22:00
Speaker 9: in Oman especially and Cutter, that really test the.
22:04
Speaker 7: Edge of that agreement. They are with arms of governments.
22:07
Speaker 9: Now it may not necessarily be the Trump organization doing
22:09
Speaker 9: these deals. Sometimes their entities kind of in between. There's
22:12
Speaker 9: this one developer called dar Global. So what we're hoping
22:16
Speaker 9: listeners out there will do is read our story because
22:18
Speaker 9: we really tried to vary carefully and without kind of
22:23
Speaker 9: without doing anything but the facts. Just really tried to
22:25
Speaker 9: understand everything about this money making machine.
22:29
Speaker 2: So how much of this money making machine are real
22:33
Speaker 2: deals based on like properties and hotels, and how much
22:36
Speaker 2: of it are like NFTs and capitalizing more on this
22:40
Speaker 2: on the celebrity that is President Trump.
22:42
Speaker 9: It would be so bad to pick one or the other.
22:44
Speaker 9: And he pointed out that is the mean coin dinner
22:46
Speaker 9: literally tonight Chinese. Second, that's literally tonight.
22:49
Speaker 2: That's why your story came out see the newspag there.
22:51
Speaker 9: But there's so many other things too. Annie was really
22:54
Speaker 9: good in particular at finding like these new corporate connections.
22:57
Speaker 7: Yeah. One thing.
22:59
Speaker 10: So it's kind of a everyone kind of knows that
23:03
Speaker 10: Trump real Estate Empire has in many ways moved for
23:07
Speaker 10: a long time, been moving toward licensing the Trump brand
23:11
Speaker 10: for hotels and developments. That's a big that's a big
23:14
Speaker 10: part of what they do now. But what's new or
23:17
Speaker 10: in the second term, is you see his sons, Eric
23:20
Speaker 10: Trump and Donald Trump Junior joining the boards of companies
23:25
Speaker 10: both private and public, and lending the name in a
23:30
Speaker 10: way to those companies. And what tends to happen when
23:33
Speaker 10: they join, either in an executive role or as advisors is,
23:38
Speaker 10: at least in the case of public companies, sometimes the
23:41
Speaker 10: share price of those companies will go flying. So it
23:45
Speaker 10: shows the celebrity to your point and name that they
23:49
Speaker 10: that they bring into the business world into all these
23:52
Speaker 10: different ventures, including in crypto, but in other realms too,
23:56
Speaker 10: like prediction markets.
23:57
Speaker 9: And to be fair, what Donald Trump Junior will say.
24:00
Speaker 9: And what he said to us is, I'm a private citizen.
24:02
Speaker 9: I've been a businessman all my life. It's ridiculous to
24:05
Speaker 9: expect me to stop doing what I do just because
24:07
Speaker 9: my dad is president.
24:08
Speaker 7: And then what Donald.
24:09
Speaker 9: Trump will say, a White House Pokesverson said to us
24:12
Speaker 9: is I'm transparent and I handed over this multi billion
24:16
Speaker 9: dollar empire to serve our country. The White House described
24:19
Speaker 9: at President Trump as making a great sacrifice. I think
24:23
Speaker 9: it's really helpful, though, to just look at the numbers,
24:25
Speaker 9: and I just want to quickly mention what we found
24:27
Speaker 9: is that the Trump name is powering more than ten
24:30
Speaker 9: billion dollars of real estate projects since the re election
24:33
Speaker 9: campaign began. A multi billion dollar valuation for the social
24:37
Speaker 9: media company, a money losing social media company that just
24:40
Speaker 9: went public. I mean, you forget it went public last year,
24:43
Speaker 9: plus the money from crypto, plus the money from corporate connections.
24:46
Speaker 9: I think it's worth taking the time to kind of
24:48
Speaker 9: wrap your arms around it, because it really is sort
24:50
Speaker 9: of I guess, unlike anything I've ever reported on.
24:52
Speaker 5: Again, what I noticed is in this reporting that the
24:55
Speaker 5: first overseas strict President Trump made in his second term
24:58
Speaker 5: as to the Middle East and I'm just looking at
24:59
Speaker 5: your reporting here, and when you talk about the real estate,
25:02
Speaker 5: it's Riad, it's Jetta, it's Oman, it's.
25:07
Speaker 4: You know, simi Isma, which I don't know where that is.
25:09
Speaker 4: I think it's cutter cutter. So there I see the
25:12
Speaker 4: you know, the connection.
25:13
Speaker 5: You know, does it make sense that he this first
25:15
Speaker 5: overseas trip would be to the Middle East?
25:17
Speaker 4: So interesting? Any masset Max Abelson reporters Bloomberg News.
25:21
Speaker 5: This is the big take story here today, the Trump's
25:24
Speaker 5: family money making machine again as Max and and he
25:27
Speaker 5: reported more than ten billion dollars of deals announced since
25:31
Speaker 5: his re election got started. Here.
25:35
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