20 Burst results for "Herta"
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Within minutes apart, which was also a break from tradition. So it made him nervous and he told his alleged token spirit that we have to be careful. It sounds like he has the ability to weave a story, which is not always the case with the star witness. Yeah. I mean, he's a good storyteller. The defense has just railed at him, and they basically sound like a sociopath, and they're opening statements. They would scale this credibility and reliability. And he has shown what is rare in the courtroom of I've seen of a cooperator that appears to have a tremendous amount of remorse for his crime. Many people, when they describe their testimony, they minimize their role in basically blame everyone else. That's not his telling. His account is a kind of fulsome rendition of this is what I did and I did this in just a minute. But by the way, this is what I said to him and this is what you need. And it's pretty thorough to ask about these offshore vehicles that are basically passed through entities through which bribes were being paid. And the prosecutor was asking, what's this all about? No, it didn't do anything at all. It didn't do anything else but collect money and pay bribes. Plus, he has the capacity because he's passionate about soccer. He's very knowledgeable about what's empowered. He's Argentina, he's a great loyalty to Argentina, very proud of the country, loves soccer and yet you can see as a former banker. He's got an extraordinary capacity to describe all these financial transactions. And maybe a little much for the jury who are everyday folks. What kind of a deal did he make? He played guilty to racketeering and a host of crimes. So he faces some serious time. So he's going to have to throw himself on the mercy of the court and to see if he, you know, he gets a lenient sentence. So the two former Fox executives and the sports marketing firm are on trial. But I understand that each is being represented by more than one attorney. Well, I counted at least 22 lawyers inside the courtroom well. Really, there are a lot of lawyers. There are three defendants and each of them has about 6 lawyers apiece. So with lawyering like that with lots of money to spend, there's going to be anything is going to be tried. You know, and everyone's going to get their shot at trying to go after grew soccer. That's scary. That many lawyers in one trial. They have to reconfigure the courtroom CD just to fit them all. Is there a chance that any of the defendants will take the stand? I don't think so. If I were them, I wouldn't. Well, we'll have to wait and see what the defense puts on as its case. Thanks so much, Patti. That's Patricia Herta Bloomberg legal reporter. Coming up next on the Bloomberg law show? Is it art or is it a digital knockoff? The first NFT trademark trial over digital images of the famous birkin bag. You're listening to Bloomberg. Mister favorite Bloomberg radio show, Bloomberg businessweek, masters in business, Bloomberg intelligence, and more are also available as podcasts. Listen today on Apple Spotify and anywhere else you get your podcasts. Memphis police are firing a 6 officer who was involved in the federal arrest of Tyree Nichols in a statement MPD said Preston hemphill violated 5 departmental policies and he was fired on Friday afternoon. Police officials say the investigation into Nichols death is ongoing and other officers are also being investigated for policy violations, and the House judiciary committee is kicking off an investigation into the alleged targeting of parents by federal law enforcement at school board meetings. Brian shook has more. Fox News reports the GOP led committee subpoenaed FBI director Christopher wray compelling him to turn over communications pertaining to the DoJ's alleged misuse of federal criminal and counter terrorism resources by March 1st at issue is a 2021 memo sent by attorney general Merrick Garland tasking the FBI to investigate potential threats from parents at school board meetings. I'm Brian shook. And I'm Jim Forbes. And now this Bloomberg is sports update. Should he stay or should he go that is the pressing question for nets all star point guard Kyrie Irving. He's requested a trade out of Brooklyn, the deadline is looming for Thursday at 3 p.m. eastern. What does this mean for the future of the team? Kevin Durant coming back, Irving says, if you don't grant my wish, I'll become a free agent this summer. Irving's played for the Celtics, the Nats, the Cavaliers, he was the number one overall pick out of duke, could be headed west, a reunion, perhaps with LeBron James, where he started his career in Cleveland with the Lakers, could be the sons. He could hook up with Chris Paul there, or it could be teaming up with Luka Dončić and the Dallas Mavericks, those are the teams that are allegedly the frontrunners. He said to want a four year $200 million deal, which is the maximum during the off season. To the NBA game schedule, nicks and nets they are both off. They'll gear up for some action on Saturday at the Barclays center. Nets, they play host to Washington who's been hot of late. That's currently the fourth seed there are three games behind Philadelphia. Tip off set for 6 o'clock. New York, they welcome in the LA clippers to Madison Square Garden an hour later. New York is a 7th seed. They're one game behind the Miami Heat. College basketball seaton hall Rutgers and St. John's all with the night off, Columbia wishes they had the night off. They lost big 74 65 at Penn, they're now one in 7 in conference play. In the NHL all star weekend from of all places, sunny, South Florida, two thirds of your local teams would be in the postseason right now. Devil's the fourth seed, rangers the 6th seed. There's a trio of games and interesting all star spectacle on Saturday starts at three. There's another one at four. Another one at 5 with the champion of the two previous games playing one another, all the divisions will be represented islanders, Brock Nelson wrapped the team well. He won the skills competition for accuracy on Friday. With your Bloomberg sports update. I'm rob buskin. This is a Bloomberg money minute. For decades made in China has meant toys, clothes, consumer electronics, just about anything that could be made on the
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"This is Bloomberg law with June Grasso from Bloomberg radio. How they yearn for a messy moment. Messi. Little Messi, Messi's hang on. That's what they came for. The magic man. Williams of people watched Argentina triumph in the 2022 World Cup in Qatar. But it was one of the most controversial soccer tournaments in history, more for what was happening off the field, including criminal charges being filed against nearly three quarters of the FIFA executives who voted to award the cup to Qatar. The international crackdown on corruption in FIFA soccer's governing body brought down some of the biggest names in soccer, and so far resulted in 27 guilty pleas, and to convictions. A trial in federal court in Brooklyn is part of that trail of corruption in the world's most popular sport, federal prosecutors allege that two former Fox executives paid millions of dollars in bribes to win the U.S. rights to broadcast the 2018 and 2022 world cups. The defendants claim there being framed and retaliated against by their one time business partner, who is the state's star witness. Joining me is Bloomberg legal reporter Patricia Herta, who's covering the trial. The prosecution says that this is not just about one case of bribery, but it's a system of bribery? Yeah. This is the second trial involving FIFA and in 2015, people may remember there was this incredible raid on a 5 star hotel in Switzerland. Where all these FIFA boxes were having their international meetings and law enforcement swept in and erected them. It set off a series of prosecutions led by the U.S. involving the FIFA bribery scheme. And in that part of the case, soccer boxes, they ran the soccer for their federation for their country, were accused of taking bribes and altogether at least 27 people have publicly pleaded guilty in the investigation in the U.S. for companies have pledged guilty and we have had a trial in 2017 that resulted in the conviction of two former soccer officials from South American countries. So now we are having the second part of the case, which now involves not the people who are accepting the bribes that the people who were paying the bride. This now features allegedly Fox Sports executives. It was a unit of thought 21st Century Fox for that are accused of paying bribes to soccer bosses to get access to great broadcasting rights, which are very lucrative and everyone knows about the World Cup and how popular soccer is around the world. The defense claims its revenge. They built their case on the back of a bad guy. Tell me about that. Yeah, the government star witness his name is Alejandro, for example, and he's an Argentine businessman who used to be a city group banker and did venture capital deals in New York and he went home to Argentina and then eventually joined Latin American sports marketing company called. And it turns out that the man who started working for and working with was allegedly paying bribes to soccer for broadcast rights. And that's how he got embroiled in the process after his former colleague at those nails became ill and died. And the defense they claim he's the mastermind of the soccer bribery scheme, not them, they're just victims and he's only implicated. As revenge. Horizon was on the witness stand for 11 days. How did he do? He's quite a witness as a fantastic memory as very vivid in his recollections as well as several in his descriptions of bribes and discussion. Apply the dramatic story of the man who got away and then became the secret government cooperator. And he pretty colorful, he told us all about the chaos that ensued after two soccer bosses, he alleges that he did pay bribes with these two Fox executives and he was asked that there come a time when you became basically cautious about paying frauds. And he said, yes, and around December 2010, what happens then? Well, apparently, he said two of the FIFA officials that are part of the governing body got caught on camera, accepting bribes on the secretly recorded camera and articles were written about that. And after that happened, he said, there was an uproar. And then the FIFA executive how they're eating to decide who is going to be named the host country for the 2018 World Cup in the 2022 World Cup. And as according to his telling, everyone had expected the U.S. or another country to win anybody but basically counter, which was eventually selected as the host country. And he said, when the U.S. had held the World Cup and 94, they had had the greatest record attendance ever and they had stadiums and capability and infrastructure and here cutter was in the middle of the desert with the a 120° in June and July of 2022 and they had no stadium, no infrastructure. And he said it was a bit of a joke. And he said it was like writing in the sky and in the cloud, we are open for broad. And he said, everyone was done. He said that the controversy that erupted first with the people getting bags of money caught on camera. Those two officials were not allowed to vote on whether or not Qatar and Russia because it also involved awarding of the 2018 World Cup host country. So Russia got 2018 and then suddenly, which break from tradition, they aborted the second country. And they did it in the same day within minutes apart, which was also a break from tradition. So it made him nervous and he told his alleged token spirit that we
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Of the biggest legal issues over the past year. I'm June Grasso. For the first time, a Trump business has been convicted of criminal conduct. After a monthlong trial, a New York jury convicted the Trump corp and Trump payroll corp of all 17 counts against them, including a scheme to defraud conspiracy, criminal tax fraud and falsifying business records. Manhattan district attorney Alvin Bragg took a victory lap on CNN. It's consequential. I'm gonna have the namesake company of a former president of the United States held accountable by a jury by way of a criminal conviction. At trial prosecutors proved a scheme that allowed executives such as former chief financial officer Allen weisselberg to evade taxes on company paid perks, including free apartments and luxury cars for more than a decade. And then when we look at the conduct here, tax fraud, but really it's cheating, it's lying, it's greed. Joining me is Bloomberg, legal reporter, Patricia Herta, who covered the trial. Pat tell us about some of the evidence that convinced the jury. The evidence showed that the employees, including many high ranking executives, dot Kirk, and I'm talking about the company's CFO, Alan weisselberg, the chief operating officer, Matthew calamari, senior, many of these men. They would get perks like apartments that the company would pay for that the employees didn't pay taxes on. Many of them got his and her Mercedes Benz for themselves and their wives. Many of them got parking paid for in their apartment building as well as their car licenses and registration carries forward. They never pay taxes on. Many of them even like rifle Burke got flat screen CDs and furnished his Florida condo with furniture and with carpeting from APC carpet. You know, it was a very nice way of living if you were a Trump executive, you got these Kirk and the Nate claimed they were quote unquote backing them out of their salary. So they would get like a $100,000 worth of perks, but they were getting them deducted from their salary. And then they were not paying state and federal taxes. Tell me about weisselberg's testimony because he was the prosecution star witness, but it sure seemed like he was reluctant to be there. Yeah, I mean, basically the prosecutors elicited that weisselberg as well as the current company controller. They're all on the Trump payroll. They're still being paid. They're still on the books as employees. Weisselberg hopes to collect his annual bonus of another $400,000 at the end of this year. The DA was arguing they were behold and still to the Trump company and wanted it inflicted little damage upon their employer. The Trump organization. So they were very careful in what they said, especially weisselberg, who has an agreement. It was in a cooperation agreement with the DA per se. It was just an agreement to testify truthfully. So both sides tried to elicit testimony from him that supported their case. What's the likely sentence? Well, both of the companies now face what is estimated to be a grand total of $1.6 million in fines for not having their employees pay these taxes and for being convicted. Some may say, well, that's paltry for a company like Trump or why does it matter? But it's a huge paint on the good name and goodwill of the company. That belongs to the former president. He obviously was tweeting about it and complaining that he knew nothing of this fraud. Some people are suggesting to us that it may make it more difficult for the company to do business because some lenders and possibly partners may not want to do any business anymore with the Trump board and its entities because of this conviction. Because why would you want to do business with a felon? In a statement, Trump said that this was all about Alan weisselberg, committing tax fraud on his own for himself. He and every witness repeatedly testifying that president Trump and the Trump family knew nothing about his actions, but pat wasn't their evidence at trial that Trump knew about the scheme, signed checks. They showed ledger or memos where Trump was personally okaying certain bonus payments and you saw his signature in an initial with a black sharpie okay, these payments you saw him approving certain executives getting car leases. There were three employees that testified for the prosecutor and the testimony showed that basically Donald Trump had to and did approve and sign every check over $2500. So when you start thinking about what would a Donald Trump see and what came across his death, that's obviously many of these payments like including payments to these leases for these Mercedes Benz were approved by Donald Trump. There was also evidence that show he had had conversations with weisselberg about getting them apartment for him paid for by the Trump corporation. So there were many indications that Trump knew and the amazing moment at the trial. For days repeatedly, the defense had solicited questions that Donald Trump know, no, he didn't know whether a witness would answer. And then the DA had evidence selling Donald Trump had signed something or approved something or sanctioned something for conversations like he had with weisselberg. We said, you should have an apartment. Your wife's not there. It's terrible for you to go home to a cold house in Long Island. It's such a long time for you to be on the Long Island railroad home. So why don't you get in an apartment in Manhattan and you can work longer hours, so different conversations that witnesses cited indicating Donald Trump personally now. And Donald Trump was personally paying for twice a first one grandchild, and then a second grandchild, their private school commission, which is quite a big chunk of change. And the jurors saw those checks authorizing the payments by Trump. And then later on when Trump became president, who took over Eric Trump and Donald Trump Jr.. So weisselberg testified, yep, there it was. I had to go to Eric and dawn and they signed the check. Authorizing the payment for the private school tuition. And then during the closing arguments, the prosecutor actually argued that Trump knew exactly what was going on. Joshua Stein glass said, this whole narrative that Donald Trump is blissfully ignorant is just not real. Actually, with stunning because he got up at one point and he said, I'm going to argue now that Trump knew and defense got up there and said, objection, if you actually, there was an instruction that your prosecution was not allowed to argue Trump knew because Trump saw indicted an exotic defense table. And the judge told them, well, you're the one who brought Donald Trump into this discussion. You kept saying he didn't know, well now the DA gets to argue to the jury what they have that he did know that you opened the door. So they basically fell into the trap of the judge now allowing the prosecutors to start arguing and show evidence. For prosecutors noted, Trump actually had an open door policy. He actually enjoyed talking to employees at the Trump corporation and hearing about what was going on at his company. Jeff mccarney could have blown the whistle at any time, yet he never went to Trump and said, your CFO is making me commit fraud. Your COO is also making me commit fought. This wasn't just makani following orders. It wasn't just the soldiers. He was a co-conspirator. And the other reason he didn't walk down the hall to blow the whistle is because he undoubtedly knew what you almost already at least that Donald Trump knew exactly what was going on with his top executive. And that was a pretty dramatic moment. Right now says that the investigation is continuing and this trial is just one chapter in it, but he had dropped the ball on the prosecution of Trump, and that was very well publicized. Now he's back on track? Well, he has insisted throughout this entire time period and also in the middle of the turmoil and controversy over the
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Opened the door. So they basically fell into the trap of the judge now allowing the prosecutors to start arguing and show evidence. The prosecutors noticed Trump actually had an open door policy. He actually joy talking to employees at the Trump corporation and hearing about what was going on at his company. Jeff mccarney could have blown the whistle at any time. Yet he never went to Trump and said, your CFO is making me commit fraud. Your COO is also making me commit fought This wasn't just McCann following orders. It wasn't just the soldiers. He was a co-conspirator. And the other reason he didn't walk down the hall to blow the whistle is because he undoubtedly knew what you almost already at least suspect that Donald Trump knew exactly what was going on with his top executive. And that was a pretty dramatic moment. Brag now says that the investigation is continuing and this trial is just one chapter in it, but he had dropped the ball on the prosecution of Trump, and that was very well publicized. Now he's back on track? Well, he has insisted throughout this entire time period and also in the middle of the turmoil and controversy over the quitting of these two senior prosecutors who were doing this Trump investigation. Now that Trump investigation allegedly also involved Trump's valuation of assets and inflating of his assets as part of this $250 million loss that's been brought by the New York attorney general with his. I guess we'll see if they bring a case in the future. Thanks, pat. That's Bloomberg legal reporter Patricia Herta. Coming up next on the Bloomberg long show, what do Jack Daniels a squeaky dog toy and Ginger Rogers have in common? I'm June Grasso on your listening to Bloomberg. Global market news
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"June grosso from Bloomberg radio. For the first time, a Trump business has been convicted of criminal conduct. After a monthlong trial, a New York jury convicted the Trump corp and Trump payroll corp of all 17 counts against them, including a scheme to defraud conspiracy, criminal tax fraud and falsifying business records. Manhattan district attorney Alvin Bragg took a victory lap on CNN. It's consequential. When you have the namesake company of a former president of the United States, held accountable by a jury by way of a criminal conviction. At trial prosecutors proved a scheme that allowed executives such as former chief financial officer Allen weisselberg to evade taxes on company paid perks, including free apartments and luxury cars for more than a decade. And then when we look at the conduct here, you know, it's tax fraud, but really it's cheating, it's lying, it's greed. Joining me is Bloomberg, legal reporter, Patricia Herta, who covered the trial. Pat tell us about some of the evidence that convinced the jury. The evidence showed that the employees, including many high ranking executives, dot Kirk, and I'm talking about the company, CFO, Alan weisselberg, the chief operating officer, Matthew calamari, senior, many of these men. They would get perks like apartments that the company would pay for that the employees didn't pay taxes on. Many of them got his and her Mercedes Benz for themselves and their wives. Many of them got parking paid for in their apartment buildings as well as their car licenses and registration carries for. They never pay taxes on. Many of them even likewise oberg got flat screen TVs and furnished his Florida condo with furniture and with carpeting from ABC carpet. You know, it was a very nice way of living if you were a Trump executive, you got the Kirk and the Nate claimed they were quote unquote backing them out of their salary. So they would get like a $100,000 worth of perks, but they were getting them deducted from their salary. And then they were not paying state and federal taxes. Tell me about weisselberg's testimony because he was the prosecution star witness, but it sure seemed like he was reluctant to be there. Yeah, I mean, basically the prosecutors elicited that weisselberg as well as the current company controller. They're all on the Trump payroll. There's still being paid. You're still on the books as employees. Weisselberg hopes to collect his annual bonus of another $400,000 at the end of this year. The DA was arguing they were beholden still to the Trump company and wanted to inflict his little damage upon their employer, the Trump organization. So they were very careful in what they said, especially weisselberg, who has an agreement. It was in a cooperation agreement with the DA per se. It was just an agreement to testify truthfully. So both sides tried to elicit testimony from him that supported their case. What's the likely sentence? Well, both of the companies now face what is estimated to be a grand total of $1.6 million and fine for not having your employees pay these taxes and for being convicted. Some may say, well, that's paltry for a company like Trump or why does it matter? But it's a huge paint on the good name, a goodwill of the company. That belongs to the former president. He obviously was tweeting about it and complaining that he knew nothing of this fraud. Some people are suggesting to us that it may make it more difficult for the company to do business because some lenders and possibly partners may not want to do any business anymore with the Trump board and its entities because of this conviction. Because why would you want to do business with a felon? In a statement, Trump said that this was all about Alan weisselberg, committing tax fraud on his own for himself. He and every witness repeatedly testifying that president Trump and the Trump family knew nothing about his actions, but pat wasn't their evidence at trial that Trump knew about the scheme, signed checks. They showed ledger or memos where Trump was personally okaying certain bonus payments. And you saw his signature in an initial with a black sharky okay, these payments you saw him approving certain executive getting car leases. There were three employees that testified for the prosecutor and the testimony showed that basically Donald Trump had to and did approve and sign every check over $2500. So when you start thinking about what would a Donald Trump see and what came across his death, that's obviously many of these payments like including payments or these leads for these Mercedes Benz were approved by Donald Trump. There was also evidence that show he had had conversations with weisselberg about getting them apartment for him paid for by the Trump corporation. So there were many indications that Trump knew and the amazing moment at the trial. For days repeatedly, the defense had solicited questions that Donald Trump know, no, he didn't know whether witness would answer. And then the DA had evidence showing Donald Trump had signed something or approved something or sanctioned something or conversations like he had with weisselberg. We said, you should have an apartment. Your wife's not there, it's terrible for you to go home to a cold house in Long Island. It's such a long time for you to be on the Long Island railroad home. So why don't you get in an apartment in Manhattan? And you can work longer hours, so different conversations that witnesses cited indicating Donald Trump
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Law with June Grasso from Bloomberg radio. For the first time, a Trump business has been convicted of criminal conduct. After a monthlong trial, a New York jury convicted the Trump corp and Trump payroll corp of all 17 counts against them, including a scheme to defraud conspiracy, criminal tax fraud and falsifying business records. Manhattan district attorney Alvin Bragg took a victory lap on CNN. It's consequential. You have the namesake company of a former president of the United States held accountable by a jury by way of a criminal conviction. At trial prosecutors proved a scheme that allowed executives such as former chief financial officer Allen weisselberg to evade taxes on company paid perks, including free apartments and luxury cars for more than a decade. And then when we look at the conduct here, you know, tax fraud, but really it's cheating, it's lying, it's greed. Joining me is Bloomberg, legal reporter, Patricia Herta, who covered the trial. Pat tell us about some of the evidence that convinced the jury. The evidence showed that the employees, including many high ranking executives, got perks, and I'm talking about the company, CFO, Alan weisselberg, the chief operating officer, Matthew calamari, senior, many of these men. They would get perks like apartments that the company would pay for that the employees didn't pay taxes on. Many of them got his and her Mercedes Benz for themselves and their wives. Many of them got parking paid for in their apartment building as well as their car licenses and registration carries for. They never pay taxes on. Many of them even like rifle Burke got flat screen TVs and furnished his Florida condo with furniture and with carpeting from ABC carpet. You know, it was a very nice way of living if you were a Trump executive, you got these Kirk and they claimed they were quote unquote backing them out of their salary. So they would get like a $100,000 worth of perks, but they were getting them deducted from their salary. And then they were not paying state and federal taxes. Tell me about weisselberg's testimony because he was the prosecution star witness, but it sure seemed like he was reluctant to be there. Yeah, I mean, basically the prosecutors elicited about weisselberg as well as the current company controller. They're all on the Trump payroll. They're still being paid. You're still on the books as employees. Weisselberg hopes to collect his annual bonus of another $400,000 at the end of this year. The DA was arguing they were behold and still to the Trump company and wanted to inflict his little damage upon their employer, the Trump organization. So they were very careful in what they said, especially weisselberg, who has an agreement. It was in a cooperation agreement with the DA per se. It was just an agreement to testify truthfully. So both sides tried to elicit testimony from him that supported their case. What's the likely sentence? Well, both of the companies now face what is estimated to be a grand total of $1.6 million in fine for not having your employees pay these taxes and for being convicted. Some may say, well, that's paltry for a company like Trump court. Why does it matter? But it's a huge paint on the good name and goodwill of the company. That belongs to the former president. He obviously was tweeting about it and complaining that he knew nothing of this fraud. Some people are suggesting to us that it may make it more difficult for the company to do business because some lenders and possibly partners may not want to do any business anymore with the Trump board and its entities because of this conviction. Because why would you want to do business with a felon? In a statement, Trump said that this was all about Alan weisselberg, committing tax fraud on his own for himself. He and every witness repeatedly testifying that president Trump and the Trump family knew nothing about his actions, but pat wasn't their evidence at trial that Trump knew about the scheme, signed checks. They showed ledger or memos where Trump was personally okaying certain bonus payments and you saw his signature in an initial with a black sharpie okay these payments you saw him approving certain executive getting car leases. There were three employees that testified for the prosecutor and the testimony showed that basically Donald Trump had to and did approve and sign every check over $2500. So when you start thinking about what would a Donald Trump see and what came across his death, that's obviously many of these payments like including payments to these leases for these Mercedes Benz were approved by Donald Trump. There was also evidence that showed he had had conversations with weisselberg about getting them apartment for him paid for by the Trump corporation. So there were many indications that Trump knew and the amazing moment at the trial. For days repeatedly, the defense had solicited questions that Donald Trump know, no, he didn't know that a witness would answer. And then the DA had evidence showing Donald Trump had signed something or approved something or sanctioned something for conversations like he had with weisselberg. We said, you should have an apartment. Your wife's not there, it's terrible for
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Is Bloomberg law with June grosso from Bloomberg radio. For the first time, a Trump business has been convicted of criminal conduct. After a monthlong trial, a New York jury convicted the Trump corp and Trump payroll corp of all 17 counts against them, including a scheme to defraud conspiracy, criminal tax fraud and falsifying business records. Manhattan district attorney Alvin Bragg took a victory lap on CNN. It's consequential. I'm going to have the namesake company of a former president of the United States held accountable by a jury by way of a criminal conviction. At trial prosecutors proved a scheme that allowed executives such as former chief financial officer Allen weisselberg to evade taxes on company paid perks, including free apartments and luxury cars for more than a decade. And then when we look at the conduct here, you know, it's tax fraud, but really it's cheating, it's lying, it's greed. Joining me is Bloomberg legal reporter Patricia Herta, who covered the trial. Pat tell us about some of the evidence that convinced the jury. The evidence showed that the employees, including many high ranking executives, dot Kirk, some talking about the company, CFO, Alan weisselberg, the chief operating officer, Matthew calamari, senior, many of these men. They would get perks like apartments that the company would pay for that the employees didn't pay taxes on. Many of them got his and her Mercedes Benz for themselves and their wives. Many of them got parking paid for in their apartment buildings as well as their car licenses and registration cared for. They never pay taxes on. Many of them even likewise will Burke got flat screen TVs and furnished his Florida condo with furniture and with carpeting from ABC arc. You know, it was a very nice way of living if you were a Trump executive, you got the Kirk and the Nate claimed they were quote unquote backing them out of their salary. So they would get like a $100,000 worth of perks, but they were getting them deducted from their salary. And then they were not paying state and federal taxes. Tell me about weisselberg's testimony because he was the prosecution star witness, but it sure seemed like he was reluctant to be there. Yeah, I mean, basically the prosecutors elicited that weisselberg as well as the current company controller. They're all on the Trump payroll. There's still being paid. You're still on the books as employees. Weisselberg hopes to collect his annual bonus of another $400,000 at the end of this year. The DA was arguing they were beholden still to the Trump company and wanted to inflict his little damage upon their employer, the Trump organization. So they were very careful in what they said, especially weisselberg, who has an agreement. It was in a cooperation agreement with the DA per se. It was just an agreement to testify truthfully. So both sides tried to elicit testimony from him that supported their case. What's the likely sentence? Well, both of the companies now face what is estimated to be a grand total of $1.6 million and fine for not having your employees pay these taxes and for being convicted. Some may say, well, that's paltry for a company like Trump court. Why does it matter? But it's a huge paint on the good name, a goodwill of the company. That belongs to the former president, he obviously was tweeting about it and complaining that he knew nothing of this fraud. Some people are suggesting to us that it may make it more difficult for the company to do business because some lenders and possibly partners may not want to do any business anymore with the Trump board and its entities because of this conviction. Because why would you want to do business with a felon? In a statement, Trump said that this was all about Alan weisselberg, committing tax fraud on his own for himself. He and every witness repeatedly testifying that president Trump and the Trump family knew nothing about his actions, but pat wasn't their evidence at trial that Trump knew about the scheme, find checks. They showed ledger or memos where Trump was personally okay, certain bonus payments. And you saw his signature in an initial with a black sharky, okay, these payments you saw him approving certain executive getting car leases. There were three employees that testified for the prosecutor and the testimony showed that basically Donald Trump had to and did approve and sign every check over $2500. So when you start thinking about what would a Donald Trump see and what came across his death, that's obviously many of these payments like including payments or these leases for these Mercedes Benz were approved by Donald Trump. There was also evidence that showed he had had conversations with weisselberg about getting them apartment for him paid for by the Trump corporation. So there were many indications that Trump knew and the amazing moment at the trial. For days repeatedly, the defense had solicited questions that Donald Trump know, no, he didn't know whether witness would answer. And then the DA had evidence showing Donald Trump had signed something or approved something or sanctioned something for conversations like he had with weisselberg. We said, you should have an apartment. Your wife's not there, it's terrible for you to go home to a cold house in Warren island. It's such a long time for you to be on the Long Island railroad home. So why don't you get into the department in Manhattan? And you can work longer hours. So different conversations that witnesses cited indicating Donald Trump personally now. And Donald Trump was personally paying for twice a first one grandchild, and then a second grandchild, a private school person, but you're quite a big chunk of change. And the jurors saw those checks authorizing the payments by Trump. And then later on when Trump became president, who took over, Eric Trump and Donald Trump Jr.
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Indicating Donald Trump personally now and his sons also approved a conversation that weisselberg had where Donald Trump was talking to one of the employees and he was indicating to them that he was going to okay and authorize paying for the private school tuition of his grandchildren. It's called Columbia grammar and prep school in a private school in the upper west side of Manhattan. So while silver is standing there and it says, hey, you know, my grandson, I want my grandson to go there. And Donald Trump goes, okay, yeah. And he goes, oh, don't worry, I'll pay you back. So Donald Trump was personally paying for weisselberg first one grandchild, and then a second grandchild, a private school commission, which is quite a big chunk of change. And the jurors saw those checks, and they thought it seemed safe to and approved by Trump. And then later on when Trump became president, who took over Eric Trump and Donald Trump Jr.. So weisselberg testified, yep, there it was. I had to go to Eric and Don and they signed the check. Authorizing the payment for the private school tuition. So the DA in the end, he actually was stunning because he got up at one point and he said, I'm going to argue now that Trump knew and defense got up there and said, objection, if you actually, there was an instruction from it that you couldn't worry, you know, just classification of which not allowed to argue Trump knew because chops on indicted and he's not at the defense table. And the judge told them, well, you're the one who brought Donald Trump into this discussion. You kept saying he didn't know, well now the DA gets to argue to the jury what they have that did know that you opened the door. So they basically fell into the trap of the judge now allowing the prosecutors to start arguing and show evidence. And that was a pretty dramatic moment. Coming up next on the Bloomberg long show, I'll continue this conversation with Bloomberg legal reporter Patricia Herta, and we'll talk about what the prosecutor is said to the jury about Trump in the closing arguments, also, why wasn't Trump charged personally and is the Manhattan district attorney's office still pursuing cases against Trump. I'm June grass on your listening to
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"The founder of colony capital and a close ally of Donald Trump, is on trial in Brooklyn for using his access to the former president to secretly help the United Arab Emirates to try to gain influence over American foreign policy. Prosecutors say that Barrick and his former assistant Matthew Grimes were the eyes and ears and voices of the UAE, providing the country with sensitive information and access to the highest levels of U.S. government. But the defense says barrack was a globetrotting businessman who ran a $40 billion investment fund. And called the prosecution's allegations that he was an illegal foreign agent nonsense. Joining me is Bloomberg legal reporter Patricia Herta, who's covering the trial. Tell us what prosecutors are accusing Barrick of. Well, Tom Barrick is a longtime friend of Donald Trump's who acted as one of his campaign finance guys in 2016. The government alleges that during the run up to the election as well as Trump's election as president. He and his former assistant gentleman named Matthew Grimes basically conspired to act as unregistered foreign agents for the government of the United Arab Emirates. And the allegations are that he agreed to do the UAE spitting to help influence the new presidency in the new administration. Arranging for meetings, talking points, he denies it all. He said he was just a businessman doing his business. The government alleges he made money. According to the government, the emirati sovereign wealth funds later invested about 374 million into a fund and real estate projects feedback. So was there any formal agreement or anything that the government can point to to specifically show the agreement? No. What you have to do. And so if you are acting as a foreign agent, it's a 9 51 violation section 9 51 and according to this, you're supposed to tell the
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Baby died because of this bank robbery that they created this statute, the fetal murder statute. But it only applies to a third party and what legal expert and women tries to activist and abortion rights activists have said is these are misapplications of laws. Originally designed to protect the pregnant person and their child, and now are actually being applied against the pregnant person and giving their child the fetus the same rights as the parent. There are now abortion bans on the books in about half the states. Do any states have laws that punish women who get abortions? Yeah, there are states that have a totally outlawed abortion and they're still fighting them out every day we see a new ruling of how the state is interpreting the overturning of roe. Some states like Michigan have a 1931 statute that was basically allowed to remain on the books prohibiting abortion, which was never rescinded. So there's this old law that just hung out on the books throughout the entire period of time when roe was validated. And now it could be back in effect of judge and Michigan has put a stay on it and allowing that to go forward. But many pro live advocates are using every weapon in the toolbox to basically go after abortion rights. So in three states have laws that criminalize. Women for self induced abortions, Oklahoma, Nevada and South Carolina. Yeah. And now there's also prohibition against self managed abortions and these would be women who take those drugs to basically self induce an abortion under a certain time period. There's an effort underway. That is one of the major ways women or pregnant people have been using to manage their abortions because it's a lot more convenient to do it chemically than to have to go through the surgery of an abortion. But of course, it's only takes place up to a certain period of time. It's allowable. Coming up next on the Bloomberg law show, I'll continue this conversation with Bloomberg legal reporter Patricia Herta, and we'll talk about the devastating effects of some of these prosecutions, as well as what reproductive rights lawyers expect in a future without roe V wade
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"This is Bloomberg law with June grosso from Bloomberg radio Two former Goldman Sachs bankers and a fugitive Malaysian financier have been charged over the alleged plunder of billions of dollars from Malaysia's state development fund Malaysia prosecutors filed criminal charges against the bank and two former employees roger ang the only person in all of Goldman Sachs to stand trial in the U.S. over the scheme to loot billions from the Malaysian one MDB fund was convicted on all counts conspiring to launder money and to violate anti bribery laws The alleged mastermind of the scheme jolo is still a fugitive and ung's former boss former Goldman banker Tim leisner made a deal and became the state's star witness Joining me is Bloomberg legal reporter Patricia Herta who covered the trial Pat it seemed like Aung was at the bottom of the ladder so to speak So if you think about it the mastermind of this game is Joe Lowe the Malaysian financier who came up with this idea according to Tim weisner Tim wisener is roger on his boss that Goldman Sachs And roger was allegedly the relationship banker that you Joe Lowe and introduced them to Tim weisner Tim weisner described a host of crimes that he said he engaged in with Joe Lowe and what the government did in this case was they had Tim leisner Plead guilty and cooperate down if you will So you're having like the equivalent of a mob boss cooperating down and testifying against an underling who may be less culpable But because this is conspiracy if one person takes an act is further into the conspiracy even if they're an underlying they can be held responsible for the more prolific crimes of their co-conspirators either the boss or Jill low type And lisner made some startling confessions in his ten days on the witness stand So we have Kim weisner admitting that he committed a lot of crime but he put roger in with him in this scheme And that was the story the jury heard but they also heard you know admitting that he was twice married to two different women at the same time that he had fabricated certain claim that he had stolen money even from Joe Lowe He admitted that he was holding on to $80 million of a €145 million transaction that low send him to quote unquote hold for him and that he promised that he would pay it back but he just happened had a chance to The defense was arguing that wisner had also stolen at least 1.5 million from roger and that he was implicating roger in these kinds to basically not have to pay him back Does this verdict mean the jury believed lisner Well the government's argument was it doesn't matter if you believe him or not because you look at the evidence And the government did have a very crucial piece of evidence They traced the transactions The money going out from Goldman Sachs and it went into a fund It was supposedly to bankroll or fund the trio of bond transactions And billions of dollars went in through the account but it was siphoned off through if you will it was like an offshore copycat bank account that Joe Lowe set up with his crony And hundreds of millions of dollars literally the next day after a transaction we're getting siphoned off and diverted to other offshore companies and entities that Joe Lowe controlled So all this money gets siphoned off immediately and the FBI traced it back and they showed jurors eventually downstream Rogers wife got the money in an account which she said she created for her elderly mother And the government really went after her for credibility you know she had this story that she had done a business transaction with Tim wisner's former wife and the money had come from the business transaction She didn't have any evidence to support that The defense is already planning an appeal What issues are they looking at There was a count that the jury found roger on guilty of And it's basically circumventing internal controls and accounting practices of Goldman Sachs in conspiracy to violate the U.S. anti bribery laws This is the first time that count has gone to a jury and market who descended and argued that the count should be dismissed and that there was no accounting controls His view was that would go more to embezzlement of money from Goldman Sachs and no money was embezzled from Goldman Sachs if any money was embezzled It was stolen after it left Goldman and it went to one MDB So that's going to arcane arguments He also has appeals issues anyway because there was the belated handing over thousands of documents They found discovery and they handed it over like literally day and a half after opening arguments as well as there was a disclosure of 15,500 other documents that were suddenly discovered and belatedly turned over He's facing a maximum 30 years in prison What's he likely to get Obviously he's not going to get 30 years in prison with this kind of charge It's a white collar case It's nonviolent And the other thing it's still unclear how they're going to proceed with the interplay with the Malaysian case because technically now he has to go back to Malaysia to face trial on that case But according to agnifilo depending on the kind of sentence he receives in the U.S. Malaysia may default to the U.S. prosecution and say all right let's let that take care of and encompass any kind of punishment we could ever impose in Malaysia Thanks pat That's Bloomberg legal reporter Patricia hurtado coming up the strictest abortion law in the country This is Bloomberg Market movers with the cost of living going up across the country you deserve a solution that offers some change BJ's Wholesale Club members can save an extra 50 cents.
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"This is Bloomberg law with June grosso from Bloomberg radio Two former Goldman Sachs bankers and a fugitive Malaysian financier have been charged over the alleged plunder of billions of dollars from Malaysia's state development fund Malaysia prosecutors filed criminal charges against the bank and two former employees roger ang the only person in all of Goldman Sachs to stand trial in the U.S. over the scheme to loot billions from the Malaysian one MDB fund was convicted on all counts conspiring to launder money and to violate anti bribery laws The alleged mastermind of the scheme jolo is still a fugitive and ung's former boss former Goldman banker Tim leisner made a deal and became the state's star witness Joining me is Bloomberg legal reporter Patricia Herta who covered the trial Pat it seemed like Aung was at the bottom of the ladder so to speak So if you think about it the mastermind of this game is Joe Lowe the Malaysian financier who came up with this idea according to Tim weisner Tim weisner is roger on his boss at Goldman Sachs And roger was allegedly the relationship banker that you Joe Lowe and introduced him to some wisner Tim weisner described a host of crimes that he said he engaged in with Joe Lowe and what the government did in this case was they had Tim leisner Plead guilty and cooperate down if you will So you're having like the equivalent of a mob boss cooperating down and testifying against an underling who may be less culpable But because this is conspiracy if one person takes an act is further into the conspiracy even if they're an underlying they can be held responsible for the more prolific crimes of their co-conspirators these are the boss or Jill low type And lisner made some startling confessions in his ten days on the witness stand So we had Kim leisner admitting that he committed a lot of crime but he put roger in with him in this scheme And that was the story the jury heard but they also heard you know admitting that he was twice married to two different women at the same time that he had fabricated certain claims that he had stolen money even from Joe Lowe He admitted that he was holding on to $80 million of a 145 million transactions that low sent him to quote unquote hold for him and that he promised that he would pay it back but he just haven't had a chance to The defense was arguing that wisner had also stolen at least 1.5 million from roger and that he was implicating roger in these kinds to basically not have to pay him back Does this verdict mean the jury believed lisner Well the government's argument was it doesn't matter if you believe him or not because you look at the evidence And the government did have a very crucial piece of evidence They traced the transactions The money going out from Goldman Sachs and it went into a fund It was supposedly to bankroll or fund the trio of bond transactions And billions of dollars went in through the account but it was siphoned off through if you will it was like an offshore copycat bank account that Joe Lowe set up with his crony And hundreds of millions of dollars literally the next day after a transaction we're getting siphoned off and diverted to other offshore companies and entities that Joe Lowe controlled So all this money gets siphoned off immediately and the FBI traced it back and they showed jurors eventually downstream Rogers wife got the money in an account which she said she created for her elderly mother And the government really went after her credibility you know she had this story that she had done a business transaction with him wisner's former wife And the money had come from this business transaction She didn't have any evidence to support that The defense is already planning an appeal What issues are they looking at There was a count that the jury found roger on guilty of And it's basically circumventing internal controls and accounting practices of Goldman Sachs in conspiracy to violate U.S. anti bribery laws This is the first time that count has gone to a jury and market who descended and argued that the count should be dismissed and that there was no accounting control His view was that would go more to embezzlement of money from Goldman Sachs and no money was embezzled from Goldman Sachs if any money was embezzled It was stolen after it left Goldman and it went to one MDB So that's going to arcane argument He also has appeals issues anyway because there was the belated handing over thousands of documents They found discovery and they handed it over like literally day and a half after opening arguments as well as there was a disclosure of 15,500 other documents that were suddenly discovered and belatedly turned over He's facing a maximum 30 years in prison What's he likely to get Obviously he's not going to get 30 years in prison with this kind of charge It's a white collar case It's nonviolent And the other thing it's still unclear how they're going to proceed with the interplay with the Malaysian case because technically now he has to go back to Malaysia to face trial on that case But according to agnifilo depending on the kind of sentence he receives in the U.S. Malaysia may default to the U.S. prosecution and say all right let's let that take care of and encompass any kind of punishment we could ever impose in Malaysia Thanks pat That's Bloomberg legal reporter Patricia hurtado coming up the strictest abortion law in the country This is Bloomberg At Bloomberg with.
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Of incredible amount of information Shows how difficult it can be All right Bloomberg news legal reporter pat Herta and Bloomberg legal analyst June Grasso on the legal aspects of this Let's get to Nancy Lyons for a check the latest world in national news She joins us from Washington D.C. Hey Nancy Thanks Tim New York City Residents can breathe easier New York police commissioner keyshawn sewell says the suspect in yesterday's subway shooting has been taken into custody Frank Robert James was stopped on the street and arrested by members of the New York City police department Officers and response to a crime stoppers tip stopped mister James at one 42 p.m. at the corner of saint mark's place and first avenue in Manhattan He was taken into custody without incident and has been transported to an NYPD facility So will says she hopes the arrest brings solace to the victims James allegedly fired a Glock 17 9 millimeter handgun at least 33 times injuring ten people with gunshot wounds He has been charged with federal terrorism 8 federal terrorism offense which carries a sentence of up to life in prison While the CDC says it will extend the nationwide mask mandate for public transit as COVID-19 cases rise in some parts of the country the mandate had been set to expire on Monday Now it will remain in place until May 3rd Pfizer and other drug makers are facing calls from Congress to make their opioid reversal drugs available over the counter 30 lawmakers in the House and Senate are pushing drug makers to apply to the Food and Drug Administration for over the counter status of their respective naloxone products A move that lawmakers believe will lower stigmas around addiction and drug related deaths Both Congress and the Biden administration have ramped up efforts to combat rising overdose numbers in the U.S. which the CDC says soared to historic highs through the COVID-19 pandemic In Washington I made me Morris Bloomberg radio will news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts Hybrid.
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"In the trial of roger ung the only Goldman banker to stand trial in the one MDB scandal Roger ang the only Goldman Sachs banker to go on trial over the global one MDB scandal was found guilty for his role in the epic looting of the Malaysian fund Ang was convicted on all three counts including conspiring to violate U.S. anti bribery laws and conspiring to launder money Jordan is Patricia Herta who covered the trial Pat let's start almost at the beginning Tell us how un came to be in the United States to face trial He had been charged by Malaysia and then the U.S. government in November 2018 files on fields and indictment against roger and Joe Lowe And based on that charging documents the U.S. document he gets picked up and held in custody in a Malaysian prison under very harsh circumstances So his American defense lawyer Mark agnifilo who defended him at the trial convinced him to rave extradition and come to the U.S. to get out of this hole because he's on a hold on the U.S. case And come to the U.S. and face the charges first The Malaysian brokered agreement with the U.S. government to let him go to trial first in the U.S. sort of putting them on parole if you will to come to the U.S. for trial and then he'll have to go back now to Malaysia But he was really being held in a Malaysian prison under what I understand were pretty horrific circumstances This case featured startling confessions from Tim lies near the star witness So if you want to think about it the mastermind of this game is Joe Lowe the Malaysian finance here who came up with this idea according to Tim Larson Tim weisner is roger owned boss that Goldman Sachs and roger was allegedly the relationship banker that you Joe Lowe and introduced them to Tim weisner Tim leisner described a host of crimes that he said he engaged in with Joe Lowe and what the government did in this case was they had Tim leisner plead guilty and cooperate down if you will So you're having like the equivalent of a mob boss cooperating down and testifying against an underling who may be less culpable But because this is conspiracy if one person takes an act and further into the conspiracy even if they're an underling they can be held responsible for the more prolific crimes of their co-conspirators be the boss or Joe Lowe type So we have Kim leisner admitting that he committed a lot of crimes that he put roger in with him in this scheme And that was the story the jury heard but they also heard you know admitting that he was twice married to two different women at the same time that he had fabricated certain claims that he had stolen money even from Joe Lowe allegedly he admitted that he was holding on to $80 million of a 145 million transactions that low sent him to quote unquote hold for him and that he promised that he would pay it back but he just hadn't had a chance to The defense was arguing that wisner had also stolen from roger stolen at least 1.5 million and from others and that he was implicating roger on in these crimes to basically not have to pay him back Does this verdict mean the jury believed lisner Well the government's argument was it doesn't matter if you believe him or not because you look at the evidence And the government did have a very crucial piece of evidence They had two things They traced the transactions The money going out from Goldman Sachs and it went into a fund It was supposedly to bankroll or fund these one MD the trio of bond transaction And billions of dollars went into the account but it was siphoned off through if you will it was like a copycat anchor account an offshore copycat bank account that Joe Lowe set up with his cronies And that hundreds of millions of dollars literally the next day after a transaction we're getting siphoned off and diverted to other offshore companies and entities that Joe Lowe controlled So all this money gets siphoned off immediately and the FBI traced it back and they showed jurors eventually downstream Rogers wife We've been limb thought the money in an account which she said she created and for her mother her elderly mother And I guess it's telling that the jury requested her testimony almost as soon as they began their deliberations Yes And the government really went after her that her credibility you know she had this story that she had done a business transaction with him wisner's former wife Judy Chan weisner who his family is wealthy in China And one of the China's largest vineyards is very successful businesswoman and their claim was the money had come from the two wives and the business transactions She didn't have any evidence to support that And the jury wanted to see her testimony direct and cloth And what she said about it now she did not have any supporting documents and her story was that she had made this gratuitous investment early on in China with a friend of her family and then that the man was dying and told her that she would have to get it out of Mainland China And because she's not a Chinese resident she Malaysian Chinese that had to be somehow handled so that she asked Judy Chan wisener to take the money for her and invest it with her family and that she had done very very well Coming up next I'll continue this conversation with Patricia her tano and we'll talk about roger ung's plans for an appeal and a possible sentence ahead I'm June Grasso and you're listening to Bloomberg The Ito.
Bloomberg Radio New York
"herta" Discussed on Bloomberg Radio New York
"Matt All right John Tucker thank you so much We appreciate that Green on the screen here Let's see where the action is with those small cap stocks we do that with pretty Gupta She's our markets reporter for Bloomberg news Paul Russell 2000 up for 8 third straight session a lot of this has to do with this news coming out of Avis ticker C AR shares now up 212% hitting I believe their third volatility pause after the CEO said it might consider an EV fleet Now the biggest help me in the Russell by market cap 30 billion market cap I have a take on this as well If Tesla comes out and says hey Herta hasn't signed a contract Elon Musk tweeted this right Maybe Avis is like oh we'll get in there and buy those What are they model threes that are trying to pick up Her wants to pick up a 100,000 maybe Avis can get in there and pick up you know 90 and there won't be any left So hertz has already gotten delivery of some of them apparently Yep And some true And I mean Tesla's talking about the fact that they can't even meet capacity right now So this is an ongoing story some other stocks though to look at Rogers DuPont might acquire the maker of electronic materials in once again the EV space shares up 29% The transaction could be valued at $5 billion marking $275 a share if this goes through once again ticker ROG shares up 29% And lastly to the downside because we have to do a downside move Bloomin brands trigger BLM and 12% with the apostrophe blooming Lumen It's not blooming it's bloomin The parent of outback steakhouse which is their largest chain Missing their Wall Street estimates They gained 26% same store sales that just wasn't enough for the street 30% was the estimates of those shares are down 12% Credi thanks very much Pretty good to there across asset reporter talking about small cap stocks and Avis just started trading again It's about 205% by $525 a share with a marketing retail traders are back I gotta get on WallStreetBets I haven't been on it for weeks I know All right let's get over let's get more serious now Bill Smith joins us national director of tax technical services at sea biz MHM national tax office If you tell somebody your job title in a bar bill that your name is an easy one to remember but your job title and the name of the company you've got to give them a big card I'm guessing Well you're the only person who's ever gotten all the way through it correctly So kudos to you Let's get to the to the tax provisions that we're watching here and I don't know how seriously we have to take them since Joe Manchin doesn't seem to be playing ball But what do you expect in terms of changes to the tax code We'll start with the corporate tax code from the U.S. government Well if we can rely on the House ways and means write up and the Framework that was released by The White House there are some big changes and a lot of interest in what's not included in the latest write up So we've got the swing back to the big alternative minimum tax for corporations It went from a $100 million in the campaign to $2 billion in the prior right up down to $1 billion and that's a 15% really alternative minimum tax for corporations with book profits where that they are not paying any tax Secondly there is going to be an excise tax on redemption So corporations publicly traded corporations who buy back their stock in order to reduce the outstanding numbers are going to have to pay a surcharge on that with the intention that they want the excess funds to be reinvested in what the corporation's core business is not in trying to just buy their stock back There are a lot of other provisions including limitations on certain interest expense deductions and losses But those are the two big ones and the sort of a hybrid between business and personal are the changes to the section 1202 rules That's the qualified small business stock where depending on the time you bought it if you bought the original issuance from a C corporation and it met certain parameters you could exclude either 50% 75% or a 100% of the gain That is now if this goes through that's going to be whittled back to remove the 100% and the 75% So we'll be back to what was the original section 1202 rules There's a lot of let's get to the one that's near and dear to Matt hart He goes no it goes right to his wallet the millionaires sir tax Oh a new sort of tax replace of 5% levy on incomes above 10 million Is that a good idea Is that going to get done Is that a good idea Well I thought this was all written in stone because I didn't think that the president would have the press release and get the right up out of House ways and means the same day if he didn't have the votes We now see that maybe he doesn't have the votes But there's been so much back and forth on what will pay for the spend which is down to half of what it was from three and a half trillion to 1.75 essentially maybe 1.85 if you include the immigration But that's in there as a big pay for for this particular bill So if it goes through like we think it will assuming they get Joe Manchin on board and Kirsten sinema then that'll be in there Pegged it pretty accurately This reminds me that the pen worden school looked at this framework framework I.
WGN Radio
"herta" Discussed on WGN Radio
"Come on. Now The fuel goes in a way goes Colton Herta had to say brutal. Stop a disastrous stop for Colton Herta as it look. Looks like Alex Pelo among those who is able to work their way around. Colton Herta at Graham, right holders in hot pursuit Heading up toward the keyhole. Graham Ray Hall took a long, hard look at making that move entering the keyhole. Now at the bottom of the keyhole, he's going to go to the inside. They are side by side. Heard of man if you get the position back, but they're side by side again as they work their way into turn number three. Colton Herta up against it with cold tires, Graham Ray holes on the inside cold to hurt us on the outside Graham Ray Hall. We'll get that position and return number four Colton Herta again trying to climb that Hill and battle back, he'll be about a car lengths behind Graham Ray Hall. Grab streaks away through turn number six, Calling two car lengths ahead of Colton Heard on Ray Hall will pull away underneath the Honda Bridge, kicking Holt unheard of back to the seventh position. While those cold tires market looks like we've cycled all the way through, so the loss for her to He's gonna remind us five and it goes back up to Joseph, New Gardener leader after his pit stop on lap 30, Speaking of pit stops, Let's get an update from Alex Wolff Takuma Sato, which cycle after the third position. He came in for Real Letterman Lanigan racing and went from blacks to read a couple of turns the front wing in the number. 30 was down and away and Davey Hamilton disastrous stopped for Colt had heard And that's unforeseen set of circumstances when you have issues with that fuel Buckeye. Yeah, You know what? I feel bad Colton's had fuel issue. Problems. I mean, I know of three major ones with fuel issues in his career, and that was probably the worst one. Something happened with the filling nozzle. It wasn't venting or something. The field just was the valve was an open who knows what happened? Man. What a costly stop putting in from second to seventh. Now it doesn't seem like a lot of position on race track, but he was two seconds behind New garden. With that happened. He's not 20 seconds behind her to award growth. Gene Nick Gillman..
WGN Radio
"herta" Discussed on WGN Radio
"And Philip all that? Well right now, interestingly, scene right now. Okay, We know he was leading the race who just put in from new guard who's ahead of him right now. So when it cycles through new card, good find himself in front of this race right now. Great strategy by that Penske team, and you know we've seen them do that time and time again with all those They're gone on believing what happens if you get that free air he comes out and matter of fact, I'm gonna look at the fastest speed. He's not it will. Power has the fastest lap of the race at 2 24. But he had some good laughs. Come on. We got Colton heard coming in no sense getting held up anymore for him. He's coming on pit lane. We've seen Colton heard of pretty consistently in the top five all afternoon and you got to wonder if maybe he is just biding his time until we get to that final step, And then he is going to get on his giddy up if you will. Colton heard it to Rob Blackman Has he pulls in the pit lane? And here they go for Firestone Firehawk the windshield tear off one quick to have quarter turn on the front wing down in a way. 8.3 seconds goes Colton Herta, who's been running in the top five most of the day, and it was announced earlier this month that game rich and Colton heard of gonna be together for a while. A long term relationship there with Andretti Autosport great to have Holding a solid situation in his age and guys that obviously could win races and then working together already won a race this year, by the way, and let's go with Maura updates on pit road started with Alex Seitz carom in a couple of inches forward ahead of his marks with dry a rival team captured Friday. 10.87 2nd stop on a good day for Ryan Hunter Rey David he used to the attention of his crew doing a great job. Ryan just keeps on top of him. Right now, I'm surprised the leaders haven't came in, but would under Rob's Who's on there now. Well, Yeah. Brian Hunter, right. You said great job, man. You were on it. David Hamilton. That was a sub six second pit stop and included a half turn to the front wing is he's.
Coronacast
How can we safely reopen international borders?
"So there's been a lot of talk in the last couple of days about the international border and particularly from the Prime Minister says that international rivals from safe corona virus countries could avoid Herta quarantine and instead of going into Mandatory Hotel quarantaine people from those countries could go and do it in their own home. There's been quite a few questions about this coming through it. ABC. Dot Net dot edu slash corona cast including one from Kathy who says, what does Norman think of the PM suggestion about that Safe Countries Avoiding Hotel Quarantine? So this is an a nuanced, not easy problem to deal with. So there are some countries which do have very low prevalence of the virus. There's not many of them by the way, but there are some in which case you have people quarantining at home. You probably have large numbers quarantining. Technology rights even from paces with slightly higher prevalence. You only one person to get out by the way and spread the virus and you've got a major outbreak on your hands. So there is a risk they are, but you could have ankle bracelets which people could pay for, and that would be cheaper than hotel quarantine for two weeks you could have geo location on your phone you could. Have fines for giving you a phone to somebody else. But you've got to be able to know that the police whoever's going to administer canister this at huge scale, but it's possible to do that with modern technology. So it's not a bad idea and it could loosen top and it could listen up for international students particularly if you add rapid testing to the equation, but we don't ask that. Level of imposition from the government on ankle bracelets for people who are infected domestically and I selecting at Harmon we've we've spoken about this on chronic hospital four but also kathy also makes the point that one of the countries named was Japan which had more than four hundred cases on September twenty eighth alone, and she says as a Melbourne Ian in lockdown she's furious because as as you've noted, Norman that it only. Takes one case to to start another wife Yes. So you've just got to be very, very careful and this is not something you could turn on tomorrow. This is something that's got to have an infrastructure in place to make it manageable and to be as fail safe as it possibly can be. The Abbey's reported a couple of experts saying that it actually could work one was Robert and the other was paid calling. So. Do you think it's worthwhile though like if wages taking only a few countries admittedly with low A. numbers that it would help or is it just sort of opening up this slow step towards making it back to trying to get life back to normal? One way that you could do this is open it up to lure countries, get the system, right get a working with ankle bracelets or however you're going to do it get the systems in place and do it with relatively few travelers from Lewis places while Hotel Corentin is going on in parallel you could actually compare the two and see what the rate. Of positivity is you could combine it with rapid testing before you leave when you arrive and the middle of the of the quarantine periods, you could do this at scale with international students from Laura places like China one assumes that China at the moment Israel Risco that you can't be sure. So there are ways of dealing with this, which is not. That all of a sudden on the fifteenth of October hypothetically just starting to do this you might just ease your way into it learn how to do it in a safe way, and then you could scale up quite rapidly. Having said that you got to experts saying this is a good idea not not really a problem and you go professor Rhino, McIntyre Who's been pretty accurate predictions right through this Pandemic University of new, south Wales saying well, numbers would soon overwhelm you and you be able to cope. It does seem a bit strange talking about international arrivals to Australia win still many state borders are getting better but they're still closed. I mean you couldn't come down and visit me in Tasmania at the moment. But I'd have to quarantine. You'd have to come visit me through the window. You're right. But INTERNAL BORAS WE'LL start opening up your already. See a bit of relaxation in. Western. Australia with Corentin. NEW APP which they think is going to work in terms of how are monitoring people. Technology is the answer here, which would include I think rapid testing. So moving to Victoria, the numbers have been falling in recent days the average fourteen day data graph, which we all love looking at every single day continues to fall, but it does seem like healthcare workers are still getting infected. Yes and just today the updated healthcare worker numbers, and so the last week there have been twenty four H. Care Workers Nurses one doctor one, paramedic one allied health professional infected. So they're still comprising a fairly significant percentage of the. Total cases in Victoria and shows that there are still problems there and the thing is that there are catching up with numbers. So the numbers coming through very orgy complex cases you've got healthcare workers suddenly increasing you don't win there were infected the numbers from Victoria I'm sure they are trending down, but they are not as said this again and again they're not as transparent as they luke. Okay.
Celeb News Ride Home
Lady Gaga's Song "Stupid Love" Leaks, Fans React
"Lady Gaga has a new album coming out and one of the tracks from it has leaked. That's right. The track is allegedly called stupid love and and it leaked online yesterday. I may or may not have listened to it and it's allegedly a total banger. But also I have no filter when it comes to lady Gaga. Everything she does is perfect to me. Because I am a die-hard Stan Anyway. According to Instinct magazine quote Gogga's label was sure. Herta remove any and all evidence of the fame monster era sounding track from the Internet. Some information has leaked on it based on the tweet below as well as many others. The track is due to be released on February seventh on radio with a brand new album. Allegedly titled Gamer coming in March and quote. The tweet that they're referring to who is just a picture of a UK radio lineup. The song is titled Stupid Love and it's featured on the list. Can we talk about how the album might be called Gamer. Mer I kind of love that. It's so weird. I mean if you're a lady Gaga Fan like me you already know. She's like a big Gamer. She loves video games and has been tweeting about it for a while. Now so yeah stupid. Love out the stupid love. Era is here I guess. LG Six might be called Gamer. My favorite part of this Article on Instinct magazine. Is that twitter user. Sam striker posted a photo of Gogga's Pumpkin that she posted on Halloween. And and zoomed in. And there's a phone sitting next to the Pumpkin and on the phone. You can kind of make out that. She's playing song called stupid. Love like Lady Gaga fans these are spies we are so smart like this guy is so funny for finding this little tiny clue I love it. It's the best if you don't like Lady Gaga I'm. I'm sorry I'm a big Fan and I'm going to be covering all of this on the podcast. My brain is broken. When it comes to lady Gaga I am obsessed with her and she is my mom
Bloomberg Daybreak: Europe
Nestle to examine 'strategic options' for skin health unit
"Let's kick it off with Nestle, shall we? Because apparently, it's exploring strategic options for its skin health unit. Yes. Marcus morning necessarily is exploring options through skin health businesses business with sales around two point seven billion francs. This comes as part of its plan to sharpen up its portfolio. Nestle said this morning that the skin care regions opportunities lie outside the group strategic scope, so there this this is all within the context of Nestle's sort of heightened period of buying and selling at the moment. They agreed fell Gerber life insurance earlier this week on also they're apparently considering selling their lunch meat, Bryan. Herta shares are actually up about point five percent because it's such a huge company that makes them the biggest. Move on the stock. Six hundred moment this morning.