1 00:00:06,200 --> 00:00:08,719 Speaker 1: This is the weekend edition of Fear and Greed business 2 00:00:08,760 --> 00:00:12,040 Speaker 1: news you can use. I'm Michael Thompson and good morning Sean. Aylmer. 3 00:00:12,200 --> 00:00:13,960 Speaker 2: Good morning, Michael, Sean. 4 00:00:14,000 --> 00:00:15,600 Speaker 1: Our weekend show is all about the two of us, 5 00:00:15,600 --> 00:00:17,760 Speaker 1: each nominating what we think is the biggest business story 6 00:00:17,800 --> 00:00:20,800 Speaker 1: of the week, the most remarkable story, a mystery category 7 00:00:20,840 --> 00:00:25,239 Speaker 1: that changes every week, and then our favorite business story. 8 00:00:25,239 --> 00:00:27,040 Speaker 1: But they're all our favorites. Really. We love all of 9 00:00:27,040 --> 00:00:29,639 Speaker 1: our stories. And every week we are joined by a 10 00:00:29,760 --> 00:00:32,640 Speaker 1: judge to pick a winner, because this is a competition 11 00:00:32,720 --> 00:00:36,120 Speaker 1: and there must be a winner. Occasionally he is declared 12 00:00:36,120 --> 00:00:38,760 Speaker 1: to a drawer, and no one likes that. Our judge 13 00:00:38,760 --> 00:00:41,800 Speaker 1: is our Fear and Greed colleague, Adam Lang Adam, good morning. 14 00:00:41,720 --> 00:00:44,920 Speaker 3: Good morning Michael. And just like good business and competition, 15 00:00:45,040 --> 00:00:47,920 Speaker 3: it's releasing the animal spirits on the weekend edition. 16 00:00:50,600 --> 00:00:53,880 Speaker 1: Do you release the animal spirit when you're in the boardroom, Adam? 17 00:00:54,920 --> 00:00:57,279 Speaker 3: Sometimes I don't have to keep it down. 18 00:00:59,400 --> 00:01:07,080 Speaker 1: Today, kitten. Anyway, what are you looking for today, Adam? 19 00:01:07,319 --> 00:01:09,240 Speaker 1: When you're judging these stories. 20 00:01:09,080 --> 00:01:11,639 Speaker 3: I just think of that judge. I am not a cat. 21 00:01:14,200 --> 00:01:18,840 Speaker 3: Topicality and timeliness obviously, economic impact, playing a little bit 22 00:01:18,880 --> 00:01:22,760 Speaker 3: to my subjective bias, and of course Michael's strong suit 23 00:01:22,840 --> 00:01:23,679 Speaker 3: of melodrama. 24 00:01:24,840 --> 00:01:28,319 Speaker 1: Okay, we can do that. Let's do this sean biggest 25 00:01:28,319 --> 00:01:29,720 Speaker 1: story of the week, go for it. 26 00:01:30,360 --> 00:01:36,160 Speaker 2: Well, Adam, you said topicality, you said economic impact, you 27 00:01:36,240 --> 00:01:40,120 Speaker 2: said your bias. What else could be the biggest story 28 00:01:40,440 --> 00:01:45,200 Speaker 2: under those criteria? Then the economy. Three big things happened 29 00:01:45,200 --> 00:01:48,520 Speaker 2: this week in the US. We got an interest rate 30 00:01:48,560 --> 00:01:50,480 Speaker 2: cut for the first time in more than six months. 31 00:01:51,240 --> 00:01:53,720 Speaker 2: We probably Joan Powell has been under all sorts of 32 00:01:53,720 --> 00:01:57,080 Speaker 2: pressure from Donald Trump to cut raids. He did it 33 00:01:57,320 --> 00:01:57,840 Speaker 2: this week. 34 00:01:58,240 --> 00:01:58,760 Speaker 3: Number two. 35 00:01:59,480 --> 00:02:03,440 Speaker 2: Sarah Hunter, chief economist at the Reserve Bank. She came 36 00:02:03,480 --> 00:02:08,560 Speaker 2: out and basically said, we've defeated inflation. They've never defeated 37 00:02:08,720 --> 00:02:12,960 Speaker 2: inflation as such, because it's just something that keeps on giving. However, 38 00:02:13,440 --> 00:02:16,880 Speaker 2: she said, we're pretty much there and the employment market 39 00:02:17,360 --> 00:02:21,079 Speaker 2: is about right. Isn't that good news? I mean, we 40 00:02:21,320 --> 00:02:24,400 Speaker 2: almost have the Goldilocks economy. She also said that the 41 00:02:24,440 --> 00:02:27,480 Speaker 2: house that the you know, I can't I was going 42 00:02:27,560 --> 00:02:29,840 Speaker 2: to say house of living crisis. That's interesting. 43 00:02:31,639 --> 00:02:36,000 Speaker 3: It is cost of living is it's cost of living, 44 00:02:36,040 --> 00:02:38,480 Speaker 3: but the cost is the house. 45 00:02:38,680 --> 00:02:41,080 Speaker 2: So it could just switch house of living in anyway, 46 00:02:41,440 --> 00:02:45,840 Speaker 2: the cost of living crisis, well it's been alleviated. There's 47 00:02:45,880 --> 00:02:48,360 Speaker 2: a good word. So people aren't feeling the cost of 48 00:02:48,360 --> 00:02:51,560 Speaker 2: living crisis as much. Before point number three, we had 49 00:02:51,560 --> 00:02:54,000 Speaker 2: the labor market figures come out. Unemployment four two point 50 00:02:54,040 --> 00:02:56,880 Speaker 2: two percent is still pretty good. But we lost jobs 51 00:02:57,320 --> 00:03:00,480 Speaker 2: last month. In fact, over the first four months of 52 00:03:00,520 --> 00:03:03,920 Speaker 2: the year, the economy created eighty thousand jobs. The next 53 00:03:03,919 --> 00:03:07,840 Speaker 2: four months just twenty four thousand jobs. You piece all 54 00:03:07,840 --> 00:03:10,080 Speaker 2: that together, you put it into the economic mix master, 55 00:03:10,639 --> 00:03:13,520 Speaker 2: you'd switch it on, you put the lid on it. 56 00:03:14,240 --> 00:03:17,600 Speaker 2: What do you get? You probably get rate cuts later 57 00:03:17,639 --> 00:03:21,920 Speaker 2: in the year. So for everyone out there, home loans, 58 00:03:22,080 --> 00:03:26,280 Speaker 2: credit card debts, savings, I reckon rates the game for 59 00:03:26,480 --> 00:03:28,720 Speaker 2: later in the year, probably November. In fact, the market's 60 00:03:28,720 --> 00:03:30,959 Speaker 2: priced a ninety percent chance of a cut in November. 61 00:03:31,639 --> 00:03:36,240 Speaker 2: So what a cracking week for the economy. Biggest story 62 00:03:36,440 --> 00:03:39,360 Speaker 2: we had chief economists, we had labor fourth figures, we 63 00:03:39,440 --> 00:03:44,400 Speaker 2: had us interest rates. Just keeps giving beat that, Mickey T. 64 00:03:45,520 --> 00:03:50,840 Speaker 2: I do just have one small question the economics mixed master. 65 00:03:52,200 --> 00:03:53,520 Speaker 2: I don't know any mixed misters. 66 00:03:53,920 --> 00:03:57,040 Speaker 1: No, No, I just don't know. Typically they don't have lids. 67 00:03:57,160 --> 00:04:00,520 Speaker 1: Perhaps you're referring to an economics blender. Maybe maybe I 68 00:04:00,560 --> 00:04:02,880 Speaker 1: just thought it just a minor point of order, because 69 00:04:02,880 --> 00:04:06,120 Speaker 1: you know blenders have lids. Mixed master tends to just 70 00:04:06,200 --> 00:04:07,760 Speaker 1: be like a wide bowl. 71 00:04:08,240 --> 00:04:08,760 Speaker 3: You were right. 72 00:04:08,920 --> 00:04:10,880 Speaker 2: I hate to say it, but I think you were right. 73 00:04:11,160 --> 00:04:12,920 Speaker 2: Did you a blender when you were growing up or 74 00:04:12,920 --> 00:04:14,880 Speaker 2: even the when you've got at home. You know how 75 00:04:15,120 --> 00:04:16,920 Speaker 2: you put the lid on the blender and then there's 76 00:04:16,960 --> 00:04:19,840 Speaker 2: a small round bit in the middle that you've got 77 00:04:19,880 --> 00:04:21,359 Speaker 2: to put another little cap on. I don't know what 78 00:04:21,360 --> 00:04:26,039 Speaker 2: they use that forcu no one ever uses it right good. 79 00:04:26,360 --> 00:04:30,960 Speaker 2: Inevitably you lose that small round bit. So whenever I 80 00:04:31,160 --> 00:04:33,240 Speaker 2: use the blender, I've always got to put my hand 81 00:04:33,640 --> 00:04:37,360 Speaker 2: on top of it to stop it spewing out. Similar story. 82 00:04:37,360 --> 00:04:41,160 Speaker 3: If you stop the economy boiling over, ye, to. 83 00:04:41,080 --> 00:04:43,680 Speaker 2: Stop rates coming out one way, the employment market coming 84 00:04:43,680 --> 00:04:44,160 Speaker 2: out the other. 85 00:04:44,320 --> 00:04:52,080 Speaker 1: May Sarah Hunter's popping out the other part. Biggest story 86 00:04:52,520 --> 00:04:57,560 Speaker 1: of the week, Adam, this is one for you. In fact, 87 00:04:57,640 --> 00:04:59,000 Speaker 1: you know what, it's one for all of us because 88 00:04:59,040 --> 00:05:02,120 Speaker 1: this affects everything person in this country. The Albanezer government 89 00:05:02,160 --> 00:05:05,599 Speaker 1: has finally put a number on twenty thirty five, a 90 00:05:05,760 --> 00:05:10,440 Speaker 1: sixty two to seventy percent cut in emissions. It is ambitious, 91 00:05:10,720 --> 00:05:14,520 Speaker 1: but not too ambitious, a balancing act between the Climate 92 00:05:14,640 --> 00:05:18,039 Speaker 1: change Authority pushing for more, business groups pushing for less, 93 00:05:18,279 --> 00:05:21,200 Speaker 1: the Coalition saying they're dead against it, the Green saying 94 00:05:21,240 --> 00:05:24,240 Speaker 1: it's nowhere near enough. That just somewhere in the middle 95 00:05:24,720 --> 00:05:27,479 Speaker 1: is the government at the moment with the target that 96 00:05:27,560 --> 00:05:32,000 Speaker 1: it says is responsible, practical and achievable with proven tech, 97 00:05:32,040 --> 00:05:36,600 Speaker 1: and that anything higher, anything higher, was going to be 98 00:05:36,839 --> 00:05:40,200 Speaker 1: essentially unattainable. Critics do say that it's a bit weak 99 00:05:41,080 --> 00:05:44,720 Speaker 1: two weak, particularly environmental groups. Either way, it does come 100 00:05:44,720 --> 00:05:48,160 Speaker 1: with a seven billion dollar funding boost, a plan for renewables, EVS, 101 00:05:48,240 --> 00:05:53,560 Speaker 1: carbon removal. It is adam the biggest story of the 102 00:05:53,600 --> 00:06:00,400 Speaker 1: week because this target defines Australia's economic future. There is 103 00:06:00,480 --> 00:06:03,599 Speaker 1: certainty for business, yes, in having this target, but there 104 00:06:03,600 --> 00:06:08,479 Speaker 1: are billions and billions and billions of dollars on the 105 00:06:08,600 --> 00:06:14,320 Speaker 1: line here two brillion dollars, billions and trillions apparently also 106 00:06:14,480 --> 00:06:18,279 Speaker 1: trillions two trillion dollars to the economy by twenty fifty 107 00:06:18,880 --> 00:06:22,320 Speaker 1: if successful. There's a goal to legislate the target, and 108 00:06:22,360 --> 00:06:27,119 Speaker 1: then there's the almighty challenge of actually getting there, and 109 00:06:27,200 --> 00:06:30,080 Speaker 1: as part of that, a realization that the transition to 110 00:06:30,120 --> 00:06:35,119 Speaker 1: greener energy and a greener economy is harder than previously hoped. 111 00:06:35,279 --> 00:06:38,520 Speaker 1: This is the biggest story of the week because this 112 00:06:38,600 --> 00:06:41,200 Speaker 1: is a story that will continue to impact us for 113 00:06:41,400 --> 00:06:43,760 Speaker 1: years and years and years to come. 114 00:06:44,200 --> 00:06:54,880 Speaker 3: Adam, right, very difficult monthly inflation numbers. Chief economist Sarah 115 00:06:54,960 --> 00:06:58,159 Speaker 3: Hunter declaring, we're pretty much there, but like you said, Sean, 116 00:06:58,400 --> 00:07:02,000 Speaker 3: probably not a decision until November, until we get those 117 00:07:02,200 --> 00:07:06,000 Speaker 3: next quarterly figures. I think in this case this week, 118 00:07:06,080 --> 00:07:09,760 Speaker 3: the announcement on greenhouse or carbon emissions by twenty thirty 119 00:07:09,760 --> 00:07:12,480 Speaker 3: five has to win because of its longer term and 120 00:07:13,040 --> 00:07:16,960 Speaker 3: probably deeper impacts on the Australian economy. So it's a 121 00:07:17,000 --> 00:07:19,800 Speaker 3: real grapple. Close on the points, but Michael just wins. 122 00:07:19,920 --> 00:07:23,480 Speaker 2: Hold on, Adam, Hold on, Adam, hold on point of order. Yes, 123 00:07:23,680 --> 00:07:27,160 Speaker 2: you just said monthly inflation right, it was a monthly employment. 124 00:07:27,160 --> 00:07:29,440 Speaker 2: Were you even listening to me? I mean, how can 125 00:07:29,480 --> 00:07:31,960 Speaker 2: you give it to Michael when you didn't even listen 126 00:07:32,000 --> 00:07:32,200 Speaker 2: to me. 127 00:07:32,680 --> 00:07:34,640 Speaker 1: I don't think that's a reflection on Adam. I think 128 00:07:34,640 --> 00:07:36,880 Speaker 1: it was a reflection on the speak, I'm out a mistake. 129 00:07:38,520 --> 00:07:42,680 Speaker 1: I actually saw Adam just briefly fall asleep. 130 00:07:43,840 --> 00:07:46,720 Speaker 3: It No, I'd love to say that was at fault, 131 00:07:47,000 --> 00:07:48,920 Speaker 3: but it wasn't that. I just made a mistake. 132 00:07:49,120 --> 00:07:50,600 Speaker 2: I went and got myself a cup of tea when 133 00:07:50,640 --> 00:07:52,520 Speaker 2: Michael was talking, because. 134 00:07:53,880 --> 00:07:56,320 Speaker 1: And he came back to defeat. Huh. 135 00:07:56,800 --> 00:08:01,480 Speaker 3: I like your commentary both of you yesterday in the 136 00:08:01,480 --> 00:08:04,960 Speaker 3: morning edition of the Business News when you were talking 137 00:08:04,960 --> 00:08:09,440 Speaker 3: about basically everyone was unhappy with the announcement by the government, 138 00:08:09,480 --> 00:08:12,480 Speaker 3: but probably they're all unhappy equally, and so that means 139 00:08:12,480 --> 00:08:13,600 Speaker 3: it could be a good decision. 140 00:08:14,040 --> 00:08:18,840 Speaker 2: Yeah, good call. Yeah, excellent analysis there. Right a Michael, 141 00:08:18,880 --> 00:08:21,400 Speaker 2: what about the most remarkable story? You're up one nill. 142 00:08:21,840 --> 00:08:24,160 Speaker 2: You've taken an early lead. It's a four hundred meter race. 143 00:08:24,200 --> 00:08:25,560 Speaker 2: One hundred meters gone. 144 00:08:25,520 --> 00:08:28,840 Speaker 3: You're leading, Michael is Gout in this analogy. 145 00:08:29,240 --> 00:08:31,280 Speaker 2: Well, let's do a two hundred meter race in because 146 00:08:31,760 --> 00:08:36,000 Speaker 2: it's a two hundred meter runner. Fifty right, You've taken 147 00:08:36,040 --> 00:08:38,880 Speaker 2: the front, now Gout. Gout is famous for his final 148 00:08:38,920 --> 00:08:43,120 Speaker 2: fifty meters, So let's just wait and see go on 149 00:08:43,559 --> 00:08:44,600 Speaker 2: most remarkable story. 150 00:08:45,200 --> 00:08:48,880 Speaker 1: God, did you guys say that I waffle on this 151 00:08:49,000 --> 00:08:49,760 Speaker 1: show too much. 152 00:08:50,000 --> 00:08:54,360 Speaker 3: It's a lovely picture, isn't it, Adam Yep. 153 00:08:54,400 --> 00:09:00,160 Speaker 1: This week Super Retail sacked at CEO Anthony Herity he 154 00:09:00,200 --> 00:09:04,080 Speaker 1: allegedly misled the board about an alleged relationship with his 155 00:09:04,320 --> 00:09:08,720 Speaker 1: HR chief. Now, this story has been a saga, It 156 00:09:08,760 --> 00:09:11,520 Speaker 1: has been going on for some time, but it came 157 00:09:11,600 --> 00:09:15,280 Speaker 1: to a head significantly this week. It started last year 158 00:09:15,280 --> 00:09:17,880 Speaker 1: when super Retail announced it was expecting legal action from 159 00:09:17,920 --> 00:09:21,720 Speaker 1: two other staffers whistleblowers essentially about what was happening. The 160 00:09:21,760 --> 00:09:26,120 Speaker 1: relationship between Herety and the HR boss was investigated internally. 161 00:09:26,640 --> 00:09:30,000 Speaker 1: Turns out that maybe not everything at the time was disclosed, 162 00:09:30,040 --> 00:09:32,560 Speaker 1: and that is largely why he was then let go 163 00:09:32,640 --> 00:09:36,120 Speaker 1: this week, because he disclosed new information to the board. 164 00:09:36,200 --> 00:09:38,720 Speaker 1: And here is the remarkable bit, the reason why this 165 00:09:38,760 --> 00:09:41,480 Speaker 1: story is so remarkable, and in fact is the most 166 00:09:41,520 --> 00:09:45,319 Speaker 1: remarkable story of the week. It is becoming a pattern. 167 00:09:45,440 --> 00:09:48,080 Speaker 1: It is a trend that we are seeing here. We've 168 00:09:48,120 --> 00:09:51,040 Speaker 1: seen it at Wisetech with Richard White's alleged relationship with 169 00:09:51,080 --> 00:09:54,640 Speaker 1: women at the company. We have seen it at Mineral 170 00:09:54,679 --> 00:09:59,000 Speaker 1: Resources with Chris Ellison's alleged involvement in a tax evasion scheme. 171 00:09:59,440 --> 00:10:05,000 Speaker 1: CEO is not being completely open, not disclosing everything that 172 00:10:05,120 --> 00:10:08,600 Speaker 1: needs to be disclosed. Adam, I don't need to tell you. 173 00:10:08,920 --> 00:10:13,760 Speaker 1: Governance matters, doesn't it. And for super retail listed company 174 00:10:13,840 --> 00:10:19,640 Speaker 1: running Rebel Sport BCF super cheap governance matters instead ended 175 00:10:19,679 --> 00:10:23,440 Speaker 1: up with subpoenas, lawsuits and now are very expensive, very 176 00:10:24,920 --> 00:10:28,600 Speaker 1: unpleasant corporate drama. The remarkable part about this isn't so 177 00:10:28,720 --> 00:10:33,760 Speaker 1: much the relationship. It is the failure of transparency at 178 00:10:33,880 --> 00:10:36,480 Speaker 1: the very top. And that is all I'm going to 179 00:10:36,480 --> 00:10:37,400 Speaker 1: say about this matter. 180 00:10:37,760 --> 00:10:40,560 Speaker 2: Over to you, Sean, I reckon, you just about convinced 181 00:10:40,600 --> 00:10:43,199 Speaker 2: yourself that's not very remarkable by saying this is happening 182 00:10:43,240 --> 00:10:43,680 Speaker 2: all the time. 183 00:10:43,679 --> 00:10:46,400 Speaker 1: Therefore it's I mean, it is a trend. And as 184 00:10:46,440 --> 00:10:48,839 Speaker 1: we say in economics, Sean, the trend is your friend. 185 00:10:50,200 --> 00:10:52,400 Speaker 1: And oh god, I love saying that back to you. 186 00:10:52,760 --> 00:10:56,200 Speaker 1: Oh that gives me a great degree of satisfaction. Speaking 187 00:10:56,240 --> 00:10:59,120 Speaker 1: of satisfaction, satisfy a Sean, what have you got? What 188 00:10:59,280 --> 00:11:02,439 Speaker 1: is your Well? 189 00:11:02,520 --> 00:11:06,920 Speaker 2: Look, I hope this isn't a trend. But some of 190 00:11:06,960 --> 00:11:09,640 Speaker 2: the banks were one of the banks ane zed up 191 00:11:09,679 --> 00:11:12,680 Speaker 2: to their old tricks. In fact, the banking industry's old tricks. 192 00:11:12,760 --> 00:11:14,240 Speaker 2: This week we found out it's going to pay a 193 00:11:14,240 --> 00:11:16,079 Speaker 2: record fine of two hundred and forty million dollars to 194 00:11:16,120 --> 00:11:18,920 Speaker 2: settle a case brought by the corporate regulator in which 195 00:11:18,960 --> 00:11:22,480 Speaker 2: the bank admitted to incorrectly reporting bond trading data to 196 00:11:22,520 --> 00:11:26,120 Speaker 2: the federal government. The thing is, there was more to it. 197 00:11:26,120 --> 00:11:30,199 Speaker 2: It's not just the bond trading. There were the other 198 00:11:30,360 --> 00:11:32,840 Speaker 2: big issues. Where that mean the penalties added up to 199 00:11:32,880 --> 00:11:35,600 Speaker 2: two hundred and forty was the fact that ains A's 200 00:11:35,640 --> 00:11:40,000 Speaker 2: retail division, we found out failed to refund fees charged 201 00:11:40,040 --> 00:11:43,480 Speaker 2: to thousands of dead customers. It didn't respond to family 202 00:11:43,480 --> 00:11:45,880 Speaker 2: members dealing with deceased the states in a timely manner. 203 00:11:46,360 --> 00:11:49,720 Speaker 2: It's also fine for making false and misleading statements on 204 00:11:49,840 --> 00:11:52,960 Speaker 2: savings interest rates where it didn't pay the correct rate 205 00:11:53,559 --> 00:11:57,400 Speaker 2: just tens of thousands of customers. It didn't respond to 206 00:11:57,480 --> 00:12:01,040 Speaker 2: hundreds of customers hardship notices in some case for more 207 00:12:01,080 --> 00:12:04,560 Speaker 2: than two years. The thing is, we had a beaning 208 00:12:04,640 --> 00:12:07,760 Speaker 2: Royal commission six years ago. I thought that we're beyond this. 209 00:12:08,160 --> 00:12:10,920 Speaker 2: I thought we'd moved on now. The bond trading case 210 00:12:10,960 --> 00:12:13,320 Speaker 2: has been a real problem for ain Z for a 211 00:12:13,360 --> 00:12:16,280 Speaker 2: long time. They didn't try and manipulate the market, and 212 00:12:16,280 --> 00:12:18,920 Speaker 2: they came out. Paul O'Sullivan, the chairman, came out and said, well, 213 00:12:18,960 --> 00:12:21,559 Speaker 2: then the good thing is that they didn't really find 214 00:12:21,559 --> 00:12:23,760 Speaker 2: that we actually had tried to do that. We just 215 00:12:23,800 --> 00:12:26,400 Speaker 2: sort of stuffed up our comms. That's true, But what 216 00:12:26,480 --> 00:12:28,920 Speaker 2: about all the other stuff, what about all the stuff 217 00:12:28,920 --> 00:12:30,520 Speaker 2: that we went through a banking Royal commission to make 218 00:12:30,520 --> 00:12:33,319 Speaker 2: sure banks didn't do that anymore? Sudden we find out 219 00:12:33,320 --> 00:12:38,200 Speaker 2: it's happening. Still remarkable a dem Ski. 220 00:12:39,320 --> 00:12:45,600 Speaker 3: Yes, Sean wins. I think that is remarkable. Also, an 221 00:12:45,600 --> 00:12:48,520 Speaker 3: incredible week really, all two weeks for Anne's out in 222 00:12:48,640 --> 00:12:54,040 Speaker 3: terms of employment changes, the transition of the bank, massive story. 223 00:12:55,000 --> 00:12:58,600 Speaker 3: So I think that story in particular on the asset 224 00:12:58,640 --> 00:13:01,800 Speaker 3: finals remarkable. It's been so long standing, tunes, It's over 225 00:13:01,880 --> 00:13:03,880 Speaker 3: so many years that this has been happening. 226 00:13:04,240 --> 00:13:05,080 Speaker 2: Yeah, so I. 227 00:13:05,080 --> 00:13:07,280 Speaker 3: Think Sean has to win on this one. I did 228 00:13:07,400 --> 00:13:10,040 Speaker 3: enjoy both of your discussion on what you called, I 229 00:13:10,080 --> 00:13:15,120 Speaker 3: think the gold standard of relationship disclosure. BHP's Mike Henry 230 00:13:15,600 --> 00:13:19,720 Speaker 3: and the CEO of Canadian National Railways over there potast 231 00:13:19,880 --> 00:13:23,360 Speaker 3: projects where they almost didn't seek permission perhaps, but we're 232 00:13:23,559 --> 00:13:26,640 Speaker 3: very forthright in their disclosure to the boards and colleague 233 00:13:26,640 --> 00:13:29,400 Speaker 3: of green light for the relationship to continue. I thought 234 00:13:29,400 --> 00:13:30,240 Speaker 3: that was marvelous. 235 00:13:30,240 --> 00:13:32,960 Speaker 2: So great story at its finest. 236 00:13:34,440 --> 00:13:37,560 Speaker 1: It is one all, one all. We are going to 237 00:13:37,559 --> 00:13:40,880 Speaker 1: take a quick break and come back with the mystery 238 00:13:41,760 --> 00:13:44,079 Speaker 1: category of the week, and it's a good mystery category 239 00:13:44,120 --> 00:13:44,520 Speaker 1: this week. 240 00:13:44,600 --> 00:13:45,480 Speaker 3: We'll do that in a moment. 241 00:13:52,640 --> 00:13:55,240 Speaker 1: All right, Sean, it is one all. Would you like 242 00:13:55,280 --> 00:13:57,439 Speaker 1: to elaborate on your gap Gout analogy? 243 00:13:57,520 --> 00:14:00,160 Speaker 3: Here? Yeah, were at one hundred. 244 00:14:00,480 --> 00:14:03,000 Speaker 2: He's pulled you out the hundred. He's pulled up to 245 00:14:03,040 --> 00:14:05,120 Speaker 2: the pack. If you've been watching you sort of at 246 00:14:05,160 --> 00:14:08,440 Speaker 2: the athletics Championships, Gout Gaup, he's kind of in touch 247 00:14:08,480 --> 00:14:10,520 Speaker 2: with the leaders. At this point, you're in touch with 248 00:14:10,559 --> 00:14:13,199 Speaker 2: the leader. We're using you as Gout Gout. I'm going 249 00:14:13,240 --> 00:14:17,520 Speaker 2: to be the Jamaican runner who inevitably ends up winning. 250 00:14:18,400 --> 00:14:21,080 Speaker 2: So you are in touch with the leader at the moment. 251 00:14:21,120 --> 00:14:25,040 Speaker 1: Michael, Okay, all right, this is okay, I'm okay in 252 00:14:25,040 --> 00:14:29,640 Speaker 1: this position. Let's go into our mystery category and Adams, 253 00:14:30,520 --> 00:14:35,200 Speaker 1: the mystery category this week is a story that wasn't 254 00:14:35,240 --> 00:14:41,720 Speaker 1: a story. Okay, sounds mysterious. Luckily, Sean is here to 255 00:14:41,800 --> 00:14:44,240 Speaker 1: tell you his and that we'll make it all crystal clear. 256 00:14:44,840 --> 00:14:50,120 Speaker 2: Yes, the story that wasn't a story. The story, according 257 00:14:50,160 --> 00:14:52,320 Speaker 2: to an overseas media outlet that everyone picked up on, 258 00:14:53,080 --> 00:14:55,280 Speaker 2: was that Macquarie Group had held talks to merge with 259 00:14:55,360 --> 00:14:59,520 Speaker 2: private equity giant Carlole Group, although the discussions ended up 260 00:14:59,560 --> 00:15:03,360 Speaker 2: going nowhere. If it had happened, you would have ended 261 00:15:03,440 --> 00:15:07,200 Speaker 2: up with a global investment powerhouse with about one trillion 262 00:15:07,240 --> 00:15:11,560 Speaker 2: dollars in combined assets. Now mcquarie wasn't competing on it, 263 00:15:12,040 --> 00:15:17,120 Speaker 2: but it's broadly shifting away from public assets towards private 264 00:15:17,120 --> 00:15:19,560 Speaker 2: assets at the moment. This year it's sold its North 265 00:15:19,560 --> 00:15:23,640 Speaker 2: American and European public asset management. What's interesting about this 266 00:15:24,040 --> 00:15:27,920 Speaker 2: is it just shows how hard mcquarie are working to 267 00:15:28,000 --> 00:15:32,080 Speaker 2: build shareholder returns. This is Australia's pre eminent investment bank, 268 00:15:32,120 --> 00:15:36,160 Speaker 2: has been for twenty years, the Millionaires Factory, all that stuff. Well, 269 00:15:36,240 --> 00:15:38,800 Speaker 2: times are just a lot tougher. The fact that they're 270 00:15:38,840 --> 00:15:42,960 Speaker 2: even entertaining talks with Carlisle Group, which you know, a 271 00:15:43,000 --> 00:15:47,120 Speaker 2: massive company, although in terms of its price, so what 272 00:15:47,200 --> 00:15:50,920 Speaker 2: it trades relative to earnings, it's actually less than mcquarie. 273 00:15:51,120 --> 00:15:52,960 Speaker 2: Maybe this is a merger. I'm not sure that actually 274 00:15:52,960 --> 00:15:55,400 Speaker 2: adds a lot of value to McQuary, at least in 275 00:15:55,400 --> 00:15:57,560 Speaker 2: the short term. But the fact that they're talking about it, 276 00:15:57,560 --> 00:16:01,200 Speaker 2: they're entertaining the idea of merging with the global player, 277 00:16:02,080 --> 00:16:05,960 Speaker 2: just shows you the predicament that Macquarie's in. So this 278 00:16:06,120 --> 00:16:07,680 Speaker 2: is a story that's not a story, but it is 279 00:16:07,720 --> 00:16:10,120 Speaker 2: a story because you know, kind of read between the lines. 280 00:16:10,160 --> 00:16:14,760 Speaker 2: It is a cracking story. But nothing happened. And as 281 00:16:14,800 --> 00:16:17,040 Speaker 2: my former editor Glen Burge used to say, never put 282 00:16:17,080 --> 00:16:19,760 Speaker 2: on the front page a story that says something didn't happen. 283 00:16:20,120 --> 00:16:23,320 Speaker 2: And he's right. So this didn't happen. But the story 284 00:16:23,360 --> 00:16:26,160 Speaker 2: behind the story. Remember this TV shap behind the news 285 00:16:26,160 --> 00:16:27,000 Speaker 2: when you were growing up. 286 00:16:28,680 --> 00:16:32,480 Speaker 1: It speaks around, is it really Yeah, kids still watch 287 00:16:32,480 --> 00:16:33,120 Speaker 1: it in school. 288 00:16:34,080 --> 00:16:35,440 Speaker 2: Well this is the BTN. 289 00:16:35,120 --> 00:16:36,560 Speaker 3: Category for adults. 290 00:16:36,880 --> 00:16:49,080 Speaker 4: Yeah, adult BTN. Here we go, Oh, Michael, go on, okay, Adam. 291 00:16:49,120 --> 00:16:52,680 Speaker 1: The biggest story that didn't happen, the story that wasn't 292 00:16:52,720 --> 00:16:58,000 Speaker 1: a story behind the news, the thirty billion dollar takeover 293 00:16:58,240 --> 00:17:02,280 Speaker 1: of Santos. For months, it looked like Abu Dhabi's Adnock, 294 00:17:02,400 --> 00:17:05,200 Speaker 1: the national oil company, was about to pull off one 295 00:17:05,200 --> 00:17:08,479 Speaker 1: of the biggest cash deals, if not the biggest in 296 00:17:08,720 --> 00:17:17,359 Speaker 1: ASX history, and then nothing. The bidder walked away two 297 00:17:17,480 --> 00:17:22,800 Speaker 1: days before deadline, two days out of the blue, just 298 00:17:22,880 --> 00:17:26,640 Speaker 1: said nope, not doing this. And it had come after two 299 00:17:27,359 --> 00:17:30,200 Speaker 1: increased offers in order to get them in the building. 300 00:17:30,760 --> 00:17:35,359 Speaker 1: Then eleven weeks of due diligence and Adnock apparently didn't 301 00:17:35,520 --> 00:17:39,080 Speaker 1: like what it found. Santos said the consortium wouldn't agree 302 00:17:39,119 --> 00:17:42,800 Speaker 1: to terms the protected value for Santa's shareholders given how 303 00:17:42,800 --> 00:17:45,600 Speaker 1: long a transaction was going to take to complete, and 304 00:17:45,640 --> 00:17:52,400 Speaker 1: the whole thing collapsed. A major, major, major shock here. 305 00:17:52,640 --> 00:17:55,240 Speaker 1: The share price tumbled, but down what about twelve percent 306 00:17:55,920 --> 00:17:59,480 Speaker 1: after the things The news broke of this late at night, Right, 307 00:17:59,520 --> 00:18:02,560 Speaker 1: it just came everyone was asleep. Everyone was just sound asleep. 308 00:18:02,760 --> 00:18:06,520 Speaker 2: No, that is not true, Michael, because we had a 309 00:18:06,520 --> 00:18:08,880 Speaker 2: discussion at ten thirty at night. 310 00:18:10,240 --> 00:18:10,919 Speaker 3: Have you seen this? 311 00:18:11,359 --> 00:18:13,399 Speaker 2: And said, have you seen this? And we were getting 312 00:18:13,440 --> 00:18:15,880 Speaker 2: ready for the show, and I said, this is really 313 00:18:15,960 --> 00:18:18,480 Speaker 2: late for you to be up because you know whatever 314 00:18:18,520 --> 00:18:22,960 Speaker 2: time we record. Yep, you said, can I say it? 315 00:18:23,880 --> 00:18:24,440 Speaker 1: Go for it? 316 00:18:24,800 --> 00:18:27,560 Speaker 2: You said, I'm naked and getting into the shower. And 317 00:18:27,600 --> 00:18:30,080 Speaker 2: that was the last thing I needed to hear or 318 00:18:30,160 --> 00:18:30,720 Speaker 2: think about. 319 00:18:31,359 --> 00:18:35,760 Speaker 1: Yeah, more regrettable that you'd called me on FaceTime. 320 00:18:38,440 --> 00:18:41,600 Speaker 2: Anyway, So we were the story for me and hopefully 321 00:18:41,640 --> 00:18:42,480 Speaker 2: it ruins it for Adam. 322 00:18:42,520 --> 00:18:44,520 Speaker 3: But this was the behind the news story. 323 00:18:44,640 --> 00:18:51,480 Speaker 1: Indeed why I said it was adult btn very very nude. Anyway, 324 00:18:51,720 --> 00:18:56,000 Speaker 1: the whole thing collapsed on. The deal collapsed, major, major shock, 325 00:18:56,359 --> 00:18:59,120 Speaker 1: share price tumbled. The interesting thing here is that now 326 00:18:59,200 --> 00:19:02,560 Speaker 1: in recent years, Santos has essentially had three big suitors 327 00:19:02,760 --> 00:19:06,000 Speaker 1: circle kick the tires walk off for various reasons. This story, 328 00:19:06,280 --> 00:19:10,560 Speaker 1: this was supposed to reshape the energy sector, not just now, 329 00:19:10,920 --> 00:19:18,080 Speaker 1: but for millennia to come, and it just didn't happen, 330 00:19:19,000 --> 00:19:20,960 Speaker 1: and we are all shocked. 331 00:19:21,640 --> 00:19:26,639 Speaker 3: Adam, Okay, So at this point it is so close 332 00:19:26,840 --> 00:19:29,879 Speaker 3: at the one hundred and fifty meter mark, it's impossible 333 00:19:30,119 --> 00:19:34,080 Speaker 3: to tell who's going to win. But Michael wins that 334 00:19:34,200 --> 00:19:38,080 Speaker 3: story because that was the bigger deal this week. I 335 00:19:38,119 --> 00:19:41,920 Speaker 3: did love the mcquarie Carlisle group story, but to your point, 336 00:19:41,920 --> 00:19:44,840 Speaker 3: shown the story that didn't happen, albeit some time ago. 337 00:19:45,520 --> 00:19:48,160 Speaker 3: Neither of them happened, but that was longer ago. Great 338 00:19:48,200 --> 00:19:50,639 Speaker 3: story and we only found out about it. But in 339 00:19:50,640 --> 00:19:52,760 Speaker 3: this instance, I have to have I have to put 340 00:19:52,920 --> 00:19:56,399 Speaker 3: Santos BHP deal off. And I just wonder, after eleven 341 00:19:56,440 --> 00:20:00,720 Speaker 3: weeks of due diligence, is it a negotiating tactic, like, sorry, 342 00:20:00,840 --> 00:20:01,720 Speaker 3: is this story over? 343 00:20:02,200 --> 00:20:04,479 Speaker 2: I don't know, well, I was saying, I mean, if 344 00:20:04,480 --> 00:20:08,919 Speaker 2: you read between the lines, Santos know that for this 345 00:20:09,000 --> 00:20:11,480 Speaker 2: deal to get ahead, it's got political barnacles all over, 346 00:20:11,520 --> 00:20:14,280 Speaker 2: and it's got regulatory barnacles all over, and it sounds 347 00:20:14,280 --> 00:20:16,119 Speaker 2: like they want to make shareholders don't get left in 348 00:20:16,119 --> 00:20:17,880 Speaker 2: the lurch. So this could go on for twelve months 349 00:20:17,880 --> 00:20:21,600 Speaker 2: and suddenly ad Not runs away and Santos has been 350 00:20:21,680 --> 00:20:24,600 Speaker 2: treading water for two years by that point, and it 351 00:20:24,720 --> 00:20:26,760 Speaker 2: just sounds like the board said, no, we can't afford 352 00:20:26,960 --> 00:20:28,960 Speaker 2: for that to happen. Whether there's a poison pill in 353 00:20:29,000 --> 00:20:30,520 Speaker 2: there where the you know, whatever it was. 354 00:20:30,880 --> 00:20:33,160 Speaker 3: It's distracting for everybody, right, yeah. 355 00:20:32,920 --> 00:20:34,879 Speaker 2: Yeah, And this is very much reading between the lines. 356 00:20:35,280 --> 00:20:37,679 Speaker 2: So I'd be surprised if they're in there for that 357 00:20:37,760 --> 00:20:40,080 Speaker 2: long and walked away as a negotiating point, particularly when 358 00:20:40,080 --> 00:20:40,800 Speaker 2: they've already. 359 00:20:40,560 --> 00:20:42,639 Speaker 3: Up the price toward right fair point. 360 00:20:43,520 --> 00:20:47,000 Speaker 1: So I've just edged in front. You have taken the lead, 361 00:20:47,560 --> 00:20:50,840 Speaker 1: all right, favorite story? Am I going first on this one? 362 00:20:50,840 --> 00:20:51,720 Speaker 2: Then yeah, there you go. 363 00:20:52,640 --> 00:20:55,800 Speaker 1: Okay, all right, okay, I'll do that, Adam. I need 364 00:20:55,840 --> 00:20:59,000 Speaker 1: to alert you to something that has happened. My favorite 365 00:20:59,040 --> 00:21:06,920 Speaker 1: story is that King Charles has just saved Orcus and 366 00:21:07,040 --> 00:21:12,160 Speaker 1: that matters for Australia. I don't know, you're You're likely 367 00:21:12,440 --> 00:21:16,400 Speaker 1: in coming days and minutes to hear stories that don't 368 00:21:16,400 --> 00:21:20,600 Speaker 1: really affect Australia very much. This story does affect Australia 369 00:21:20,760 --> 00:21:26,560 Speaker 1: in a hugely significant way. Donald Trump was given a 370 00:21:26,600 --> 00:21:30,000 Speaker 1: guard of honor this week a state banquet at Windsor Castle. 371 00:21:30,600 --> 00:21:33,040 Speaker 1: He was visiting the UK, second visit in just a 372 00:21:33,080 --> 00:21:36,200 Speaker 1: few months. He loves the place, truly loves the place. 373 00:21:36,960 --> 00:21:39,880 Speaker 1: King Charles delivered a very dignified, and you've got to say, 374 00:21:39,880 --> 00:21:42,880 Speaker 1: a very royal speech. There's not much melodrama. He would 375 00:21:43,040 --> 00:21:45,560 Speaker 1: if King Charles was a competitor here, he would get 376 00:21:45,600 --> 00:21:48,040 Speaker 1: like maybe one point for melodrama. But he doesn't need 377 00:21:48,080 --> 00:21:53,840 Speaker 1: it because the melodrama happens around him. Right, Yes, I know, 378 00:21:54,000 --> 00:21:57,920 Speaker 1: but where is the dramatic pauses? Where is the triple butt? 379 00:21:58,480 --> 00:22:03,560 Speaker 1: Like things like this give some lessons on the melodrama Michael, 380 00:22:03,760 --> 00:22:08,600 Speaker 1: that's all right anyway. In delivering this speech, this speech, 381 00:22:09,880 --> 00:22:12,360 Speaker 1: the King reminded it was just if you've watched it, 382 00:22:12,359 --> 00:22:14,280 Speaker 1: it only goes for a couple of minutes. It is 383 00:22:14,440 --> 00:22:18,240 Speaker 1: just amazing. The King reminds Trump, who's sitting right next 384 00:22:18,280 --> 00:22:22,960 Speaker 1: to him, of Britain and America's alliance in two World Wars, 385 00:22:23,200 --> 00:22:25,360 Speaker 1: links it all directly back to the need to keep 386 00:22:25,359 --> 00:22:29,880 Speaker 1: supporting Ukraine in the fight against Russia, and then vitally, 387 00:22:30,359 --> 00:22:38,280 Speaker 1: crucially importantly significantly drops in orcus why like why it 388 00:22:38,320 --> 00:22:40,560 Speaker 1: doesn't need to be in there. This is not really 389 00:22:40,600 --> 00:22:41,240 Speaker 1: the occasion. 390 00:22:41,240 --> 00:22:45,040 Speaker 2: He's our king to Michael, he's our king too exactly. 391 00:22:45,160 --> 00:22:48,320 Speaker 1: He did it anyway, He did it anyway, and he 392 00:22:48,440 --> 00:22:53,720 Speaker 1: said his words were, our submarine partnership with Australia sets 393 00:22:53,760 --> 00:22:59,199 Speaker 1: the benchmark for innovative and vital collaboration. That is just 394 00:22:59,400 --> 00:23:03,879 Speaker 1: extraordinary and so incredibly pointed, right. I mean, the Royals 395 00:23:03,920 --> 00:23:07,480 Speaker 1: don't say, they never say anything without having additional meaning 396 00:23:07,600 --> 00:23:10,400 Speaker 1: behind what they are saying. You've got a reigning monarch 397 00:23:10,800 --> 00:23:13,960 Speaker 1: in front of Donald Trump, in front of the world media, 398 00:23:14,359 --> 00:23:18,720 Speaker 1: putting his personal weight and pressure behind a deal that 399 00:23:18,800 --> 00:23:23,040 Speaker 1: Australia has staked three hundred and sixty eight billion dollars 400 00:23:23,040 --> 00:23:27,480 Speaker 1: and the future of our defense on and suddenly we 401 00:23:27,680 --> 00:23:32,560 Speaker 1: have the King advocating for us there when the President 402 00:23:33,000 --> 00:23:36,240 Speaker 1: is right next to him. It is just extraordinary, And 403 00:23:36,320 --> 00:23:38,359 Speaker 1: of course it's at a very good time. The Pentagon 404 00:23:38,720 --> 00:23:43,200 Speaker 1: Review of Orcust dragging on, skeptics inside the White House 405 00:23:44,080 --> 00:23:46,520 Speaker 1: getting a little bit kind of antsy about this whole thing, 406 00:23:47,000 --> 00:23:49,399 Speaker 1: and Albanezy heading to the US knowing that he's got 407 00:23:49,440 --> 00:23:52,160 Speaker 1: to make the case for it all over again. Suddenly 408 00:23:52,200 --> 00:23:54,680 Speaker 1: the Prime Minister's got the King of England on his side, 409 00:23:54,840 --> 00:23:57,919 Speaker 1: and we know that Donald Trump is partial to a 410 00:23:57,960 --> 00:24:02,119 Speaker 1: little bit of the royal treatment, is wowed by that 411 00:24:02,200 --> 00:24:02,680 Speaker 1: kind of thing. 412 00:24:03,359 --> 00:24:05,320 Speaker 2: And you have beaten the Geebas out of that story. 413 00:24:05,359 --> 00:24:07,879 Speaker 2: I've got to say, I reckon, No, no, no, I haven't. 414 00:24:08,080 --> 00:24:13,240 Speaker 2: I absolutely haven't did this. But there this has saved Ucas. 415 00:24:13,640 --> 00:24:16,920 Speaker 1: That is it. That is it, and that affects Australogy 416 00:24:16,920 --> 00:24:18,200 Speaker 1: and it is just extreme. 417 00:24:18,359 --> 00:24:21,000 Speaker 2: It has judged the story as you find fit, Adam. 418 00:24:21,400 --> 00:24:25,399 Speaker 2: But don't judge it as the King saving orcus for Australia. 419 00:24:25,720 --> 00:24:27,600 Speaker 2: That would be disappointing if you judge it the way 420 00:24:27,720 --> 00:24:31,960 Speaker 2: did you notice the seating arrangements at dinner? So Donald 421 00:24:31,960 --> 00:24:35,240 Speaker 2: Trump was there on his left, King Charles the Third, 422 00:24:35,760 --> 00:24:39,160 Speaker 2: our wacky King. We like the man on his right, 423 00:24:40,600 --> 00:24:44,439 Speaker 2: Kate will Middleton, m M. Why would you put her 424 00:24:44,480 --> 00:24:47,800 Speaker 2: next to Donald Trump? She's not next in line for 425 00:24:47,840 --> 00:24:52,080 Speaker 2: the throw? She's why. 426 00:24:53,960 --> 00:24:57,800 Speaker 1: I suppose it's a good tactic, isn't it, Pond? She's 427 00:24:57,960 --> 00:25:00,159 Speaker 1: very charming. That's the thing it is. It is. It 428 00:25:00,200 --> 00:25:02,440 Speaker 1: is a charm offensive right, like they are just they 429 00:25:02,440 --> 00:25:05,520 Speaker 1: are there to get to make the points they need to. 430 00:25:05,720 --> 00:25:08,480 Speaker 1: How many times you reckon? She mentioned Ucus in their little. 431 00:25:10,800 --> 00:25:11,160 Speaker 3: Is nice? 432 00:25:11,160 --> 00:25:14,480 Speaker 1: What do you think of submarines? That kind of thing? Anyway, 433 00:25:15,400 --> 00:25:15,800 Speaker 1: going on. 434 00:25:15,840 --> 00:25:20,600 Speaker 2: Too long, I've just got this shocking story involved Donald 435 00:25:20,600 --> 00:25:25,840 Speaker 2: Trump again. It's my least favorite story really, and it's 436 00:25:26,400 --> 00:25:32,639 Speaker 2: Jimmy Kimmel slash New York Times slash the ABC's John Lines. 437 00:25:33,720 --> 00:25:40,280 Speaker 2: The worst case of political pressure on journalism came with 438 00:25:40,359 --> 00:25:46,880 Speaker 2: Jimmy Kimmel. So basically, ABC cut the Jimmy Kimmel Late 439 00:25:46,960 --> 00:25:50,160 Speaker 2: night show after he's opening monologue early in the week. 440 00:25:50,320 --> 00:25:54,160 Speaker 2: It's very critical of Donald Trump. He also talked about 441 00:25:54,160 --> 00:25:56,960 Speaker 2: the mag again desperately trying to characterize this kid who 442 00:25:57,040 --> 00:25:59,760 Speaker 2: murdered Charlie Kirk as anything other than one of them, 443 00:25:59,760 --> 00:26:03,080 Speaker 2: and do everything they can to score political points from it. 444 00:26:03,080 --> 00:26:05,040 Speaker 2: It was very heart I mean it was a heart monologue, 445 00:26:05,080 --> 00:26:08,399 Speaker 2: no doubt about it. But nothing over the top. I 446 00:26:08,480 --> 00:26:13,359 Speaker 2: don't think anyone thought. Suddenly the guy who actually hands 447 00:26:13,359 --> 00:26:17,320 Speaker 2: out the licenses for Freda Wear broadcasting in the US 448 00:26:17,400 --> 00:26:21,359 Speaker 2: came out. His name is Brendan Carr, a Trump appointee. 449 00:26:21,520 --> 00:26:23,640 Speaker 2: He said it was the sickest conduct possible. He urged 450 00:26:23,680 --> 00:26:26,040 Speaker 2: his need to take action. He said an apology from 451 00:26:26,160 --> 00:26:28,600 Speaker 2: Kimball would be a very reasonable, minimal step. What do 452 00:26:28,720 --> 00:26:32,600 Speaker 2: they do they sacked him, Well, they suspended the Jimmy 453 00:26:32,680 --> 00:26:35,679 Speaker 2: Kimmel Show. We also had John Lyons, ABC journalist asking 454 00:26:35,720 --> 00:26:38,320 Speaker 2: Donald Trump a very reasonable question about his business interest 455 00:26:38,359 --> 00:26:41,720 Speaker 2: giving him his president. Donald Trump roused on him, said, well, 456 00:26:41,960 --> 00:26:44,159 Speaker 2: you're in trouble. I'm going to tell Anthony Alberneze about that. 457 00:26:44,240 --> 00:26:46,960 Speaker 2: We also had Donald Trump suing The New York Times 458 00:26:47,000 --> 00:26:53,119 Speaker 2: for allegedly being a democratic mouthpiece for fifteen billion dollars. 459 00:26:54,200 --> 00:26:56,359 Speaker 2: Democracy only works when you have freedom of the press, 460 00:26:57,160 --> 00:27:03,960 Speaker 2: and three incredibly egregious examples of political pressure being applied 461 00:27:03,960 --> 00:27:06,760 Speaker 2: to the media to stop them from doing their job. 462 00:27:07,320 --> 00:27:09,679 Speaker 2: He's probably my least favorite story of the week, but 463 00:27:09,720 --> 00:27:12,400 Speaker 2: it's the most notable story of the week. 464 00:27:13,400 --> 00:27:21,320 Speaker 3: Dempsky, Okay, didn't King Charles play his role? I thought 465 00:27:21,320 --> 00:27:24,680 Speaker 3: it was inspirational, Like just I think the pomp and 466 00:27:24,760 --> 00:27:28,960 Speaker 3: ceremony is ridiculous. But talk about playing the person. He 467 00:27:29,119 --> 00:27:32,440 Speaker 3: played Trump beautifully and he did his job. 468 00:27:32,760 --> 00:27:34,480 Speaker 2: So long as Trump doesn't in the next couple of 469 00:27:34,520 --> 00:27:38,040 Speaker 2: weeks come out and start talking about like render made. 470 00:27:38,040 --> 00:27:40,359 Speaker 2: He went and sucked up to Donald Trump and then 471 00:27:40,400 --> 00:27:41,720 Speaker 2: Donald Trump just ignored. 472 00:27:41,440 --> 00:27:42,920 Speaker 3: It all and that didn't work. 473 00:27:43,040 --> 00:27:46,200 Speaker 2: No, the King really is putting himself out there doing this. 474 00:27:46,400 --> 00:27:50,760 Speaker 1: Yeah, but but Trump does. He is really susceptible to 475 00:27:50,960 --> 00:27:53,199 Speaker 1: the royal stuff like he loves and he loves the 476 00:27:53,200 --> 00:27:55,840 Speaker 1: idea of having a king. I would argue he likes 477 00:27:55,840 --> 00:27:58,120 Speaker 1: the idea of being of being a king. 478 00:28:00,040 --> 00:28:03,760 Speaker 3: Player of the week, King Charles. But this is really 479 00:28:03,840 --> 00:28:06,960 Speaker 3: tough because sewn for all the reasons you mentioned, Jimmy 480 00:28:07,040 --> 00:28:12,159 Speaker 3: Kimmel sacked. New York Times sued Australian journalist John Lyons rebuked. 481 00:28:12,840 --> 00:28:16,400 Speaker 3: So in both parts of the Northern Hemisphere we had 482 00:28:16,440 --> 00:28:19,920 Speaker 3: different stories going on both involving Trump, so I had 483 00:28:19,920 --> 00:28:21,720 Speaker 3: to call it a dead heat on this. They were 484 00:28:21,760 --> 00:28:27,560 Speaker 3: both brilliant stories, favorite maybe most notable of the week, 485 00:28:28,000 --> 00:28:31,040 Speaker 3: but certainly massive stories, so well played both. 486 00:28:31,800 --> 00:28:34,639 Speaker 2: I think Gout Gout has done it. Think we're going 487 00:28:34,720 --> 00:28:36,080 Speaker 2: to have to I think we're going to have to 488 00:28:36,119 --> 00:28:39,480 Speaker 2: go to the timer, to the tape at the official 489 00:28:39,480 --> 00:28:43,240 Speaker 2: timing to make sure because they took the tape. It 490 00:28:43,280 --> 00:28:46,240 Speaker 2: was really close. We think Gout Gout has it, but 491 00:28:46,440 --> 00:28:48,480 Speaker 2: over to the judges to get in. 492 00:28:48,480 --> 00:28:52,760 Speaker 3: The flow motion replay. Ye, so even on the last story. 493 00:28:52,840 --> 00:28:55,640 Speaker 3: So on the story, Karen, it's one and a half, 494 00:28:55,680 --> 00:29:02,040 Speaker 3: Sean two and a half. Michael gotgat on ninety one points, 495 00:29:03,560 --> 00:29:11,040 Speaker 3: Michael ninety two points by the thinnest of margins battle 496 00:29:11,600 --> 00:29:12,960 Speaker 3: point zero one seconds. 497 00:29:13,400 --> 00:29:14,760 Speaker 2: Gout has done it. 498 00:29:15,160 --> 00:29:15,680 Speaker 1: I will take it. 499 00:29:15,720 --> 00:29:16,560 Speaker 3: Come back next week. 500 00:29:16,920 --> 00:29:20,600 Speaker 1: Great judgment. Thank you, Adam, Thank you, Michael, Thank you, Sean, 501 00:29:20,720 --> 00:29:21,680 Speaker 1: Thank you very much. Sean. 502 00:29:21,840 --> 00:29:22,520 Speaker 2: Thanks Michael. 503 00:29:22,840 --> 00:29:25,240 Speaker 1: Make sure you're following the podcast and head to Fearangreed 504 00:29:25,240 --> 00:29:26,719 Speaker 1: dot com dot are you to sign up for our 505 00:29:26,760 --> 00:29:29,600 Speaker 1: free daily newsletter. O'm Michael Thompson. That was Fear and Greed. 506 00:29:29,880 --> 00:29:30,720 Speaker 3: Its a great weekend.