Transcripts For RT Boom Bust 20240712

A spin around the globe to see how markets ended the week and later a series of blockbuster films have been delayed due to the pandemic we welcome in a movie Industry Expert to discuss what effect it will have on the bottom line we have a packed show today so lets dive right in. And a huge settlement today as u. S. Investment Bank Goldman Sachs has agreed to pay a 3900000000. 00 settlement over malaysias criminal probe into the multibillion 1. 01 m d b scandal now the settlement could also help bring an end to the u. S. Justice departments investigation into the same issue now the deal includes a 2500000000. 00 cash payout by goldman and its guaranteed to return at least 1400000000 dollars in proceeds from assets linked to the Sovereign Wealth Fund one Malaysia Development b h d now malaysian and u. S. Authorities estimate 4500000000. 00 was stolen from one m d b in an elaborate scheme that spanned the globe. And implicated high level officials in the in the fun former malaysian Prime Minister Najib Razak Goldman staff and many others joining us now to discuss his boom bust cohost investigative journalist ben swan ben thank you for being here to break this all down lets start with helping the viewers understand what is one m d p. Yeah its a pretty complicated story but this is probably the easiest part to wrap your head around here which is this is one malaysia d. B. Or development b. H. P. It was essentially the governments Investment Firm right which was set up to encourage outside development and investment into malaysia thats why it was set up was back in 2009 it was the then Prime Minister. Who was in charge of this right and he actually was on that Advisory Board headed up the whole idea was were going to bring investment into the country sounds good the problem is it didnt do that instead it was wound up creating massive amounts of debt running up about 12000000000. 00 in debt brought almost no development into the country did things like you know try to buy a private power plants but again it drove up debt and now what weve learned of course is that it was actually sitting off a huge amount of this money it was being misappropriated and going to elected officials and bankers at Goldman Sachs and now it was that Investment Fund that Authorities Say was the focus of massive amounts of pfeffer what can you tell us about that. A lot so essentially when we say massive amounts of theft were talking about about 4500000000. 00 stolen out of this fund just that number alone is a stunning number right. 8000000000. 00 is what originally flowed in 4500000000. 00 was misappropriated going again to all kinds of government officials you know the Prime Minister himself was was a recipient of a gift of about 680 1000000. 00 which after he was removed from office in 2018 he says that well that was repaid it was given back the whole thing was just an absolute disaster and essentially what we know is that this money flowed around the world it with to various people with high level connections people in china people in malaysia people in the United States in fact in a kind of a. Weird twist here apparently even the movie the wolf of wall street was funded with some of this money and they had to return like 60000000. 00 to this fund because it was misappropriated to create that movie i want to be i dont want to make light of this situation because youre seeing billions of dollars being defrauded but i want to point out an irony here a movie about wall street fraud was funded by defrauding the what m. T. B. Flawed i mean its very easy u. S. Prosecutors have created at least 3 senior bankers from Goldman Sachs one of whom admitted to bribery now goldman helped the fund raise 6500000000 into Bond Offerings now earning itself around 600000000. 00 in fees from that does this mean some jail time for any goldman executives yet certainly may theres 1. 00 in particular that hes the former Southeast Asian chairman his name is tim lester he pleaded guilty to u. S. Charges of conspiring to launder money and admitted to bribing officials in malaysia as well as officials in the United Arab Emirates to get bond deals on behalf of goldman so we know that we also know that malaysia and the malaysian government file criminal charges against 3 different goldman units as a part of this theyre accusing the bank of mis representing themselves to investors and misrepresenting where these one indeed the bond cells would go saying that they would be used for legitimate purposes with goldman knew that they wouldnt be so there certainly may be some gel time here and i think it would be it would be lack of a better term criminal for there to not be jealous i mean were talking about a massive defrauding of an entire nation essentially that took place here through the in part Goldman Sachs and we know how much they loved a block of bankers im sorry if thats the case with this settlement ben and quickly will that be enough for the u. S. Justice department to let the let the thing go or will we consider you to investigate here in the United States and so the u. S. Justice department is actually kind of led the charge on this so kudos to them for doing that whats interesting about this though is the u. S. Justice. Apartment has a policy of the centrally not what they like to call piling on right so if another jurisdiction has already taken steps here obviously you have this you know multibillion Dollar Settlement thats come to they dont usually in their words pile on and force additional stuff now what may happen here is theyre looking at still possibly the Justice Department getting another 2000000000. 00 in a settlement from goldman but i would like to see as i think we you just alluded to is where the actual criminal charges here and people go into jail because thats what we rarely see we see lots of fines which dont make whole anybody governments just collect those fines and these guys still walk free so what id like to see is forget about the to go in additional fines that youre going to lobby against them and instead lets see some gel to boom bust cohost ben swan well keep on this story thank you so much for breaking it down you got it. And as we continue to see cases of coping 1000 in the u. S. Surging more than 150 prominent medical experts in the country are calling on political leaders to shut down the economy and start the process of containing the virus all over again the letter has been signed by Public Health professionals across the country including experts from the university of pennsylvania Harvard Northwestern University and yale in the document these experts right right now we are on a path to lose more than 200000 americans lives by november 1st yet in many states people can drink in bars get a haircut inside a restaurant get a tattoo get a massage and do a myriad of other normal pleasant but non essential activities they also lay out the provisions that should be taken to stop the spread of the virus which looked very similar to what major cities were doing at the beginning of the stay at home orders and lock downs amid the pandemic the letter was sent to the Trump Administration congressional leadership and state governors and with all of this in mind lets go ahead and take a look at the spread of the virus with r. T. Correspondent site average or where are we friday so iran right now more than 5. 15. 5000000 people around the world have wind ive been dying diagnosed with cobra 19 but the good news is that so far at least 9600000 people have recovered so over 60 percent have recovered while more than 639000 people have died now in the u. S. Theres been just 70000 cases in the last 24 hours 24 percent increase from last week where there is a total number of confirmed cases over 4200000. 00 and over 148000 deaths now im going to talk about the trend from the 10 most affected countries so im not just referring to total cases but climb trees that are seeing the most new cases now the u. S. Of course is leading the list once again with 70000 cases just in the last 24 hours and as o 4 pm today john hopkins reported another 43000 cases and 650 new deaths so as you can see the u. S. Is just going higher and higher and the trend then is followed by brazil thats reported 58000 cases in the last 24 hours plus 1300. 00 that so you see here in brazil also the trend is going higher and higher so obviously brazil is not headed in the right direction of the moment that i want to get to india thats reported more than 49000 fresh cases with 740 new deaths marking the biggest daily surge in infection in the country has seen so far so again india as we see the trend its nowhere to flattening is just going higher and higher and i want to talk about south africa thats now the 4th highest number of new cases in the world with over 13000 cases in the last 24 hours now south africa was praised that 1st for doing really well because you see back in april and may they hardly had any cases now all of a sudden there are all over 13000. Well south africa is obviously not headed in the right direction now i want to talk about also latin america besides brazil that we already went over and these are there for countries right here colombia that colombia has surpassed mexico followed by peru which is relatively doing better because if you take a look at peru back in june when they had had a huge spike in cases so theyre doing relatively better and then we have chile thats back on the list and chile again is still doing better because they had a huge spike as well in june so these 4 latin american countries although they seem to have been better at doing better than before theyre all still headed into the wrong direction now in the middle east iran is one country thats constantly on this list theyve been up in march they surged they went back down again and april and then once again between may and june day surge and now theyre kind of flattening a little bit but still theyre seeing a steady amount of cases and the last 24 hours theyve sought 2600 new cases now last thing i want to talk about kurdistan now thats really ballooned in cases since june as you can tell us don just like south africa they were kind of new joining this list of countries with new cases in april may why a lot of countries had thousands of cases there hardly any now all of a sudden in july theyre seeing over 3000 cases and thats because back since june when the quarantine measures eased in the country they its it appears that they just didnt follow any social distancing rule so now that were seeing spike in cases and also the World Health Organization has list there kurdistan in a list of countries that can turn into a potential hotspot brant. Markets ended mixed this week as the world continues. To monitor the spread of covert 1000 and increase tensions between the United States and china lets start in russia where the mo x. Is up for the week started with a big gain early on with a nearly one percent increase monday by friday though the ruble had weakened ahead of the Central Banks expected 25. 00 to 50. 00 basis point cut on its key Interest Rate still not enough to erase the gains we saw earlier in the week moving to asia the shanghai composite it is down on the week tensions between the u. S. And china continue to flare up as china has ordered the u. S. To close its consulate in chengdu after the u. S. State department ordered china to close its consulate in Houston Texas investors remain cautious as the index closed nearly 4 percent lower on friday in hong kong the hang sang it followed a similar trend on u. S. China relations the index took a hit of 2. 5 percent on friday afternoon alone tech stocks took some losses with 10 cent tumbling more than 5 percent and ali baba was down more than 3 percent in japan the nikkei was was closed on friday for a holiday but ended the week in the red on similar sentiments rail where shares really took a hit as coronavirus numbers continue to increase east to pand railway fell 2. 3 percent to a 7 year low west Japan Railway they fell 1. 2 percent as well moving to india the sensex is up for the 6th straight week the s. And p. B. S. E. Sensex gained 3 percent this week 8 of the 13 Nifty Companies that reported results so far have either be in or met expectations this despite the countrys nearly 1300000 coronavirus cases in australia the a. S. X. Close slightly down for the week the index fell 1. 6 percent on friday alone the big losses come from the Financial Sector and oil stocks in south africa the all shares that is up for the week as the countrys economy grapples with the cope at 19 pandemic the countrys reserve bank cut its Interest Rates for the 5th time this year to 3. 5 percent the central bank now predicts the economy with. Contract by 7. 3 percent for the year even more than its previous estimate of 7 percent now lets move over to europe and the americas where were seeing similar trends as investors are keeping an eye on those u. S. China relations starting in the u. K. Where the footsie is down for the week despite its big increase in retail sales which jump what 13. 9 percent u. S. China tensions are way on sentiment here the u. K. And europe also pushed back the deadline to reach an agreement over brecks it to september now the german dax closed just slightly down for the week the german chip maker infinium saw a major losses as shares fell by more than 4 percent the french cac also down for the week the index fell 1 point one percent in early trading friday on that to protect u. S. China consulate move lets move across the atlantic to brazil where. It is in the red for the week the rail slipped 1. 5 per cent against the u. S. Dollar still the brazilian Economic Policy secretary said stimulus measures are helping the countrys economic recovery and the forecast of g. D. P. Will have to be revised to better than expected very nice there in mexico that its up for the week despite reporting a surge in coronavirus cases the index stayed positive the countrys economy shrank 2. 6 percent in may from april on thursday mexican president and dress well Lopez Obrador he announced plans to boost pensions of average workers in the private sector by about 40 percent moving to the u. S. All indices are down for the week the nasdaq the dow and the s. And p. Plunged on friday as tensions between washington and beijing continue to flare the s. And p. Had its 1st negative week after 3 consecutive weeks of gains the tech heavy nasdaq lost 1. 3 percent after record runs and finally the t. S. A. Is also down for the weak Investor Sentiment weighed down once again by escalating tensions between the u. S. And china tech sector stocks led the losses with 2. 6 percent decline going into next week were going to continue to monitor u. S. China relations as well as those teen numbers and. That is a Global Market watch. Time now for a quick break but hang here because when we return several blockbuster films have been delayed due to the pandemic we welcome the movie Industry Expert to discuss what effect this will have on bottom line as we go to break here the numbers of the clothes. We go to work. Straight home. Listen stumbling online algorithms dictate what you get to want to go to portable dot tv slash download to get killer television its completely free im talking Award Winning comedy awesome Sports Coverage inside so frank still tastes like raspberries on a spring day take so hot theyll burn your face off thousands of videos more added by the hour did i mention free its its free go go get it portable t. V. Im holland cook i invite you to climb with me above the Mainstream Media and from that higher fan to each to glimpse the big picture question more. 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Welcome back and as we all know the coping 1000 pandemic has taken a toll across so Many Industries as social distancing remains necessary to splode the spread of the virus and the movie industry is no different since the start of the pandemic Movie Theaters have been forced to shutter and production has grind to a halt on thursday disney announced several changes to its release calendar with this in mind the house of mouse decided to delay the release of their live action version of move on from its august 21st release date indefinitely while also pushing back the release of 3 untitled star wars films and several sequels in the avatar franchise by a year each the 3rd film in the latest spiderman series well that was also pushed back from july of 2021 to november in hopes that things have returned in normal at that point meanwhile earlier this week Christopher Nolans next blockbuster target which was set for release july 17th or 1st of july 17th release has also been delayed indefinitely after it was intended to be the 1st big movie to run when theaters initially planned to reopen this summer if this all seems like small potatoes or maybe even the Kids Department so you remember this Global Box Office revenue 429000 eclipse a record of 42000000000. 00 so lets go ahead and take a look at the industry and what this all means with paul de guerre b. N. Hes a senior media analyst with com score paul its a pleasure to have you on as always great to be here grant what we want to i mean this is just crazy stuff so what do you take away from these big delays that were seeing and i just mentioned a few of them it seems like in the last 24 hours it is just continuing to roll down the line. I dont think we should be surprised at all by these movements of these big movies on the release calendar and obviously for some of these films having huge budgets these studios are having to make really tough choices do they delay or do they go straight to video on demand which some films have done the problem with that is for a movie like lawn work and where these other big blockbusters that have the enormous budgets you need the global Movie Theater box office to become profitable without that how do you earn back out money these are films that were originally intended for theaters and thus were giving huge budget excuse me huge budgets to work with so thats become a real problem and i think every release counter right now should be written with a pencil not a pen because these released state changes are coming fast and furious and i think will continue to do so and now you know when you talk about Christopher Nolan said it obviously he has been a very specific that he wants it to be shown in theaters he doesnt think its a b. O. D. Movie he makes movies with the intent to give you the full right and really at the same time the Warner Brothers said look we have no interest in putting this on h. B. O. Max we have no interest in releasing a video day were going to wait and see how things happen and how you actually saw this also in the last couple of weeks with tom hanks produced film gray has which a great hound yeah which was pushed directly to apple t. V. And what was interesting about that was tom hanks came out and basically said look im not really happy about this but you know the distributor said were going to sell it to apple and well do it that way as so this is also going to be a case by case situation as far as movies but we may see comedies. Like childrens movies but probably not these big blockbusters exactly right i think when you talk about Christopher Nolan hes probably the only person who loves the Movie Theater more than i do and that big screen experience. And i dont think Warner Brothers who is known as a studio for supporting filmmakers like Stanley Kubrick howdy jank and Clint Eastwood Bradley Cooper so they are really going to stick with Christopher Nolan he wants that the Actual Experience for the movie go work we just dont know when thats going to be and its also about capacity look there are theaters open around the world just at a much more limited amount of screens available and then once theaters do open theyre going to be at reduced capacity so its profit how can you make a profit with limited capacity but thats also where youre seeing a film like theorise 9 and of course universal release trolls were or in other movies the and others they went straight to premium video on demand and thats what like you said earlier its a case by case basis but yeah even tom hanks his movies we know all of them on the big screen but theres some hard choices having to be made right now which films go to the big screen which films migrate to the small screen and now as we move to ensure their go this is a more than 40000000000. 00 a year Industry Worldwide with all the loss or a revenue from 2020 will this cause any production houses or distributors to actually go under or are they in pretty good shape as they kind of know how to work around this. I think for the production side of the business theres going to be huge challenges because how do you make a movie which is usually a collaborative in person kind of experience how do you make movies in that environment but these are very creative people on that side of the ledger they can figure this out and i think can make that part of that work but then you have the exhibition and distribute our distribution exhibition side of the business with the actual film side needing that product wanting it but not being able in most cases to exhibit or show those movies and create a real conundrum for the industry because its difficult to sustain a brick and mortar business over time when youre paying lease payments and you dont have money coming in thats obviously a problem financially i think the Silver Lining here is that people want to go to the Movie Theater or have that big screen experience and thats being played out at the drive in theater around the world where were seeing people though they have all this content at home getting in their cars going they feel safe within that vehicle and going to see a big screen movie with other people just not in a Movie Theater but i think theaters will come back we just dont know when these are decisions that are really for the theaters to decide theyre beholden to local and state federal and country wide protocols that dictate whether or not a Movie Theater can actually open if you cant open you cant show movie and thats a problem i know and paul i want to follow up on something we talked about a couple months ago when we had you audit we continue to see these delays in releases and production essentially shut down are we concerned about running out of premium content that we need i mean if you look at i mean netflix is still related given you great popcorn films like the old guard that came out recently but i mean are we have actually gone to the point where hey we dont have anything on the line anymore because we dont make anything new well thats a great question because this not only affects the big screen that the actual. Movie experience but the small screen content is content so you need to create that both for whether it be a streaming service or intended for the Movie Theater so thats a really big question as i said earlier i think that creatives can we get this out its called the magic for reason but definitely not being able to go out and shoot in a traditional method where their traditional way definitely puts a damper on things but these are folks that will rise to the occasion and make that happen because people want to work in the industry the creative side and the leaders in streaming services alike want on tend to show as you said premium brand new great content just live by archival of their titles a long haul to get ready and of com score thank you so much for being with i love having you on the show great to be her brand any time ill be there. And thats it for this time you catch the bus automat on the brand new portable t. V. App of ala blogs smartphones and tablets with the google play and Apple App Store by searching for portable t. V. Or you can find on brand new or newer models of Samsung Smart t. V. s as well as roku devices or simply check out portable t. V. See you next time. Janet jackson the last of the baby boomers were speculating in the nighty night hes on the birth of companies that went public for the 1st time and they would have these pops and then there was this enormous crash where their millennialism jhansi are speculating on the death of companies in companies that are dying and declared their dead companies and their client plowing their way in to speculate on the on the death of a company. I know to no crow. No shots no. Action just felt. Well stress no risk to. Quench your thirst for action. The world is driven by a dream shaped by phone person. No day or thinks. We dare to ask. Jesse ventura. If you want to just watch. The world according to shush. Today we discuss new twists in the Geoffrey Epstein case and americas secret police. Ship talk show star. I. Am pretty to santas for our top story today the family of a federal judge overseeing a Class Action Lawsuit involving Deutsche Bank and Jeffrey Epstein has been targeted by a murderous mens rights activist yeah this story is something youd expect from a bad made for t. V. Movie but as the old cliche goes truth is stranger than fiction over the weekend the son and husband of the u. S. District judge esther celis were shot at their new jersey home by a man disguised as a fed ex Delivery Driver judge sallis his 20 year old son daniel and died while her husband mark suffered critical injuries judge phallus was reportedly home in the basement of the time of the shooting so she was not injured the f. B. I. Confirms the suspected gunman is mens rights activist and attorney roy den hollander they say his motive may have been an active legal case that hed been involved in the judge sallis oversaw but the suspect stepped back from that case because he was diagnosed with terminal cancer but they may never know for certain what the motive was because one day after allegedly shooting the and girls hollanders body