from the ukraine/russian boarder. half an hour away from the opening of the markets. yesterday they took a massive dive after the fed s announcement of another interest rate hike. cnbc s andrew ross sorkin will join us shortly. mike barnicle back with us for the hour. we begin with the lawsuit from the state of new york against donald trump. his eldest children and the trump organization alleging years of fraud. the state is seeking $250 million in damages and wants to bar the family from serving as officers of new york-based companies. the lawsuit is more than 200 pages long and outlines exactly how trump allegedly overvalued his assets by billions of dollars to get more favorable loans. trump, his children, and the organization are accused of using more than 200 false and misleading asset valuations over a ten-year period. new york state attorney general letitia james says she has referred to violations to the u.s. attorney for the southern district of new york and to the
demand in the future, one of the reasons we ve seen the price of gas at the pump go down. so, as i said, the very it feels so weird is the whole goal is for people to buy less refrigerators, to buy less homes. and the question mark about all this is how quickly does that happen and does it happen to such an extent that it tips the economy over into a place that makes it very hard to recover from? so, andrew, bank ceos, a lot of wall street heavy hitters talking to lawmakers on capitol hill yesterday and expressing that little bit of that darkness, the bearishness about the economy. pretty much across the board. it was almost a consensus view. i mean, maybe you have to take the contrarian view, when everyone has one view, oftentimes it turns out to go the other way. but listening to the bank ceos get grilled on the hill about inflation, almost all of them expect us to go into a recession and we can debate the technicalities of that word, but no doubt they believe that 2023
is going to be much tougher than 2022. and you re starting to see it in terms of the profits of the companies and margin, and that s the truth. they take that down, and then of course it gets to workers, labor, et cetera. andrew ross sorkin, always worth the wait, even when the satellite goes down. thanks, andrew. thank you. still ahead, at the start of russia s war against ukraine, one ukrainian millionaire asked the ukrainian million to bomb his newly built mansion. why? because he saw a security camera of russian forces occupying and firing at kyiv from there. that ukrainian businessman joins us next. what he s been doing since to help the war effort. but asthma has taken enough. so i go triple. with trelegy. with 3 medicines in 1 inhaler,. it s the only once-daily treatment for adults that takes triple action against asthma symptoms. trelegy helps make breathing easier,.
now, some of the world s biggest economies are taking aim at skyrocketing gas prices. on tuesday the u.s. announced plans to release a record 50 million barrels of oil from the nation s strategic petroleum reserve. five other nations including china and india plan to take similar measures. it comes, of course, as americans are feeling the squeeze of higher prices, paying $3.40 you can see there, a gallon, on average. compare that on your screen to just over $2 this time last year. that makes a huge difference. but even after tuesday s announcement, it could still be weeks before prices at the pump go down. right now i will do what needs to be done to reduce the price you pay at the pump. and while our combined actions will not solve the problem of high gas prices overnight, it will make a difference.
some of the world s biggest economies are taking aim at skyrocketing gas prices. on tuesday, the u.s. announced plans to release a record 50 million barrels of oil from the nation s strategic petroleum reserve. five other nations including china and india plan to take similar measures. it comes as americans are feeling the squeeze of higher prices, paying $3.40 a gallon on average. compare that to just over $2 this time last year. but even after tuesday s announcement, it could still be weeks before prices at the pump go down. right now, i will do what needs to be done to reduce the price you pay at the pump. and while our combined actions will not solve the problem of high gas prices overnight, it will make a difference. it will take time, but before