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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, we begin with politics and a major move by

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Speaker 2: President Biden. Less than two months before he leaves office.

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Speaker 2: The President has reversed course and signed a sweeping pardon

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Speaker 2: order for his son Hunter. We get more from Bloomberg

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Speaker 2: News Senior editor Bill Ferries.

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Speaker 3: For Hunter Biden, it really wipes the slate clean for

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Speaker 3: basically the entire past decade. So that includes these gun

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Speaker 3: and tax charges that he had been convicted on in

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Speaker 3: some cases and pled guilty on and others, and it

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Speaker 3: also includes anything if there was anything out there that

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Speaker 3: perhaps the legal system hadn't found at this point. It

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Speaker 3: is really a complete and total pardon for all activities

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Speaker 3: against the breaking US law since January twenty fourteen.

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Speaker 2: Bloomberg's Bill Ferries says the President reversed his previous stand

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Speaker 2: that he would not use executive powers to aid his son.

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Speaker 2: He justified the pardon by saying the case against Hunter

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Speaker 2: was politically tinged, excessive, and designed to break him and

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Speaker 2: his son Well Nathan.

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Speaker 1: Reaction is pouring into the Hunter Biden pardon. Former federal

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Speaker 1: prosecutor LORII Levinson says it should not be a surprise.

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Speaker 4: I think everyone needs to recognize that with the broad

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Speaker 4: power that presidents have to issue pardons, they will use

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Speaker 4: them for family members and they will use them for

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Speaker 4: close friends because the Constitution gives them this broad pardon power.

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Speaker 1: Former federal prosecutor Louri Levinson says Hunter Biden was found

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Speaker 1: guilty of gun charges by a federal court in Delaware

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Speaker 1: earlier this year. His sentencing in that case was set

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Speaker 1: to take place next Thursday.

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Speaker 2: Mc karen President, like Donald Trump, is criticizing Biden's decision.

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Speaker 2: In a post on his Truth social platform, Trump said, quote,

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Speaker 2: does the pardon given by Joe to Hunter include the

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Speaker 2: j six hostages who have now been imprisoned for years

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Speaker 2: such an abuse and miscarriage justice?

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Speaker 5: End quote?

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Speaker 1: Well, Nathan and Debate is brewing in Washington over President

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Speaker 1: elect Trump naming Cash Betel to take over the FBI.

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Speaker 1: Patel has been outspoken against the FBI's investigation into possible

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Speaker 1: Russian collusion with Trump's twenty sixteen campaign. Republican Senator Mike

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Speaker 1: Grounds notes Trump and nominated the current FBI director Chris Ray,

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Speaker 1: and he still has three years left on his term.

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Speaker 6: Once they've been nominated by the president, then the president

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Speaker 6: gets the benefit of the doubt on the nomination. But

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Speaker 6: we still go through a process, and that process includes

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Speaker 6: advice and consent, which for the Senate means advice or consent.

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Speaker 5: Sometimes.

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Speaker 1: Republican Senator Mike Grounds is a guest on ABC's This

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Speaker 1: Week Hear It's Sundays on Bloomberg Radio and Karen.

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Speaker 2: President elect Trump is bringing someone that he has pardoned

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Speaker 2: into his administration, nominating Charles Kushner as US ambassador to France.

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Speaker 2: The President elect praised Kushner as a tremendous business leader, philanthropist,

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Speaker 2: and deal maker. Kushner is the father of of Jared Kushner,

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Speaker 2: Trump's son in law and former senior advisor. He served

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Speaker 2: two years in prison for filing false tax returns, witness retaliation,

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Speaker 2: and making false statements to the Federal Trade Commission. Trump

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Speaker 2: pardoned Kushner near the end of his first term.

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Speaker 1: He can President elect Trump is issuing a tariff threat

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Speaker 1: against the so called bricks and nations if they try

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Speaker 1: to move away from the dollar. In a post on

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Speaker 1: truth Social Trump repeated a threat of one hundred percent

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Speaker 1: tariffs unless the Bricks promise not to create a new

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Speaker 1: currency or back any other currency to replace the US dollar.

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Speaker 7: The Group of.

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Speaker 1: Emerging Market nations that include Brazil, Russia, India, China and

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Speaker 1: South Africa discussed the dollarization at a summit last year.

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Speaker 1: Despite the group's rhetoric, the infrastructure that backs the dollar,

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Speaker 1: such as cross border payments, will likely give the green

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Speaker 1: back the edge for decades to come.

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Speaker 2: Well Karen. Politics is also a major focus overseas. Marine

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Speaker 2: Le Penn's National Rally party in France has threatened to

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Speaker 2: support a no confidence motion against the French government unless

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Speaker 2: Prime Minister Mishall Barnier makes changes to next year's budget,

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Speaker 2: But Francis Finance Minister Antoine Armand tells Bloomberg News they

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Speaker 2: will not accept artificial budget deadlines from the pen.

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Speaker 8: The French government doesn't take in tim atoms. It's looking

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Speaker 8: at the French parliamentary debate. It's respecting each and every

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Speaker 8: parliamentary debate that leads to an evolution. We will take

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Speaker 8: into account what is changing, but we won't be blackmailed.

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Speaker 8: We are committed to reduce the deficit.

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Speaker 2: French finance Minister and tuin Armand spoke with Bloomberg's Carolinkna

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Speaker 2: and stocks in France right now are down seven tenths

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Speaker 2: of one percent.

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Speaker 1: Let's turn to the markets now, Nathan, and stocks begin

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Speaker 1: the last month of the year in record of fashion.

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Speaker 1: The S and P five hundred rows five points seven

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Speaker 1: percent in November, its best month this year, as investors

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Speaker 1: plout one hundred and forty one billion dollars into US equities.

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Speaker 1: So far this year, the S and P five hundred

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Speaker 1: is up twenty six and a half percent.

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Speaker 2: Right now, shares of Stalantis are down eight and a

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Speaker 2: half percent. The automaker's chief executive officer, Carlos Tavares, is

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Speaker 2: stepping down. More on that story from Bloomberg's Denise Pellegrini.

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Speaker 5: Tavaris is quitting after prophet slumped and US sales weekened

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Speaker 5: at the maker of gpsuvs and Fiat cars, and temporarily

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Speaker 5: the automaker will be run by an interim committee headed

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Speaker 5: by Chairman John elkenn Stillentis says a new CEO will

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Speaker 5: be named in the first half of this coming year.

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Speaker 5: Company also says tavares views on the carmaker's future differed

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Speaker 5: from those of the board and some shareholders, and Stillentis

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Speaker 5: is confirming its financial guidance for the year. Bloomberg News

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Speaker 5: reported in October Elkenn had begun a process to find

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Speaker 5: a successor to Tavaris, but Tavaris later told reporters he

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Speaker 5: would stay on until the end of his mandate in

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Speaker 5: early twenty twenty six. Denise Pellogrene Bloomberg Radio.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. And for that we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 1: Good Morning, Good Morning.

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Speaker 9: Karen is increasing pressure on President elect Trump to work

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Speaker 9: with President Biden and Israeli Prime Minister Netanyahoo to free

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Speaker 9: hostages in gazap In a new video, American Israeli hostage Iniden,

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Speaker 9: Alexander asked Trump for help, and his father Addie Alexander

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Speaker 9: spoke Sunday at a rally held in Central Park in

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Speaker 9: New York City.

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Speaker 3: President Biden, President Trump, Prime Minister in Chinio.

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Speaker 5: I call on all of you to act.

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Speaker 8: This is not a moment for politics or hesitations.

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Speaker 9: Aldi Alexander says, no father should hear his child plead

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Speaker 9: for his life like that. Meanwhile, a fragile ceasefire between

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Speaker 9: Israel and Hesbilan Lebanon remained in effect overnight. Overnight snowfall

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Speaker 9: is buried western New York and Pennsylvania. One town in

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Speaker 9: upstate New York already is seeing nearly fifty nine inches

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Speaker 9: of snow. Frigid air that's passing over the relatively warm

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Speaker 9: lake that triggered alerts and emergency declarations. In Erie, Pennsylvania.

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Speaker 9: The National Guard was called up to rescue stranded drivers,

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Speaker 9: where even plow drivers got stuck. Crews including the US

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Speaker 9: Coast Guard in Alaska, searching the cold waters southwest of

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Speaker 9: Juneo for five people who are reporting that their fishing

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Speaker 9: boat was overturning. High winds and heavy snow was reported

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Speaker 9: in the search area. Coast Guard spokesman Petty Officer John

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Speaker 9: Highttower says they received an urgent distress caller from those

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Speaker 9: aboard the fifty foot boat.

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Speaker 10: It was a media report from the members of this

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Speaker 10: vessel that's currently being searched for. They reported that the

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Speaker 10: vessel was overturning and that was all they got. Any

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Speaker 10: further attempts to reach the vessel. We were not responded

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Speaker 10: to the Coast Guards.

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Speaker 9: John high Tower says the boat's GPS emergency beacon led

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Speaker 9: them to the area now being searched. New information about

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Speaker 9: a security breach at one of New York's busiest airports

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Speaker 9: during the Thanksgiving travel rush. Thirty say a stowaway discovering

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Speaker 9: on board a Delta flight out of JFK to Paris

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Speaker 9: is a Russian national who lives in the US and

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Speaker 9: had not purchased a plane ticket. The woman remains in

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Speaker 9: custody in France. Official say she somehow bypassed the document

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Speaker 9: check podium and the gate agent at JFK. Global News

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Speaker 9: twenty four hours a day and whenever you want it

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Speaker 9: with Bloomberg News Now. I'm Michael Baron.

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Speaker 1: This is Bloomberg Karent, Michael Barr.

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Speaker 5: Welcome back. It's good to have you.

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Speaker 9: Thank you.

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Speaker 5: Yeah, nice to do.

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Speaker 1: Time now for the Bloomberg Sports update brought to you.

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Speaker 1: I try state Audie. Here's John stash Hour, John, good morning.

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Speaker 7: The morning hearing. Today is Aaron Rodgers's forty first birthday

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Speaker 7: yesterday at midlife, and for much of this season he

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Speaker 7: has looked rather old, though he did throw a pair

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Speaker 7: of touchdown passes in the first quarter against Seattle. Rodgers

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Speaker 7: also threw one in the second quarter that he'd liked

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Speaker 7: to have Backritz is.

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Speaker 5: Coming through inside this kickoff.

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Speaker 1: Cleio Williams coming near sign. He's running like a race horse.

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Speaker 5: He's at big field.

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Speaker 1: Turnto philf Blockers, Holy should you kipping? Leo Williams.

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Speaker 9: He's gonna take it in for a touchdown.

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Speaker 7: Cheyhawks Hi rode the Coe Williams the ex Jet with

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Speaker 7: a ninety two yard return, the longest NFL history by

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Speaker 7: a defensive lineman. The Seahawks came from fourteen down took

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Speaker 7: their first lead with five and a half minutes left.

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Speaker 7: They beat the Jets twenty six twenty one in the snow.

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Speaker 7: In Buffalo, the Bills beat forty nine ers thirty five

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Speaker 7: to ten. The Bills have already clinched the AFC East.

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Speaker 7: Eighth straight win for Philadelphia twenty four to nineteen at

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Speaker 7: Baltimore State, Huon Barkley again over one hundred yards at

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Speaker 7: a twenty five yard TD run in the fourth quarter.

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Speaker 7: Washington ended a three game losing the streak of forty

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Speaker 7: two to nineteen round of Tennessee, Minnesota with its second

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Speaker 7: five game win streak came from thirteen down, scored late,

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Speaker 7: beat Arizona by a point. The Patriots lost by a

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Speaker 7: point a game with seven lead changes Indianapolis a game

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Speaker 7: winning eighty yard nineteen play drive at a TV and

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Speaker 7: two point conversion with twelve seconds left. Next back over

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Speaker 7: the long road trip started a four game homestand on

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Speaker 7: one to eighteen to eighty five blowout of New Orleans.

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Speaker 7: Mckel bridges at his best game as a Nick, thirty

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Speaker 7: one points. He made seven threes at Barkley's Orlando bet

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Speaker 7: the Nets one hundred and ninety two. The Mets have

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Speaker 7: a deal to sign free agent piccher Frankie Montas two years,

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Speaker 7: thirty four million. The Yankees acquired Montass from Oakland at

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Speaker 7: the twenty twenty two trade deadlomit. He only won one

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Speaker 7: game in eight starts. He was hurt for all but

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Speaker 7: one start in twenty three. Split this past season with

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Speaker 7: the Reds and Brewers from college football. West Virginia and

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Speaker 7: Perdue fired their coaches. Purdue just went one and eleven.

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Speaker 7: John Stanshawer Bloomberg Sports Karena Nathan all.

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Speaker 1: Right, John, thank you, SMP futures down two tenths of

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Speaker 1: a percent down thirteen points down, futures down a tenth

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Speaker 1: of upper cent or fifty two points. Nasdaq futures down

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Speaker 1: two tenths of up percent or forty eight points. Ten

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Speaker 1: year Treasury yield four point two zero percent.

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Speaker 9: Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 9: and around the world on Bloomberg dot Com and the

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Speaker 9: bloom We're Business app.

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Speaker 5: This is Bloomberg Daybreak.

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Speaker 11: Good Morning.

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Speaker 2: I'm Nathan Hager. It is a major reversal for a

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Speaker 2: president who has said four months that he would not

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Speaker 2: use his pardon powers to benefit family, even his own son.

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Speaker 6: I am satisfied that I'm not going to do anything.

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Speaker 6: I said, I adviye by the jury decision.

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Speaker 5: I will do that and I will not partner.

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Speaker 2: That was President Biden at the G seven back in

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Speaker 2: June talking about his son Hunter. But last night the

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Speaker 2: President did indeed issue a sweeping pardon on taxing gun charges,

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Speaker 2: saying in a statement, no reasonable person could conclude that

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Speaker 2: his son Hunter was singled out for any other reason

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Speaker 2: than that he is the President's son. For more, we

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Speaker 2: are joined by Bloomberg's Kevin Whitelaw. Kevin I guess the

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Speaker 2: overarching question this morning is why now good morning, Yeah.

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Speaker 11: Good morning, Nathan. You know, I think that you know,

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Speaker 11: it became very clear that President Biden is increasingly worried

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Speaker 11: about what would happen to his son and under a

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Speaker 11: true presidency. You know, we have already seen a situation

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Speaker 11: where president uh uh elect Trump has you know, stated

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Speaker 11: that he's he thinks that the Justice Department was sort

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Speaker 11: of weaponized against him, uh, citing the various prosecutions and

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Speaker 11: investigations into into several different aspects of Trump's first term

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Speaker 11: and surrounding events.

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Speaker 1: Uh.

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Speaker 11: And he's with a set of loyalists that he's been

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Speaker 11: appointed to these key positions and and and talking about

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Speaker 11: installing I think, uh, the President Biden just decided that

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Speaker 11: he couldn't take the risk that his son was going

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Speaker 11: to be part of sort of some ongoing uh set

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Speaker 11: of uh probes, challenges, prosecutions, et cetera. It just creates

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Speaker 11: an enormous challenge though for for Democrats who are who

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Speaker 11: are already very worried about how they were going to make,

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Speaker 11: you know, sort of apply the rule of law in

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Speaker 11: in and hold a second Trump term administration into account.

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Speaker 2: That puts this into the context then of President elect

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Speaker 2: Trump nominating a loyalist, Cash Patel to be his next

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Speaker 2: FBI director, Does that go into that context?

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Speaker 7: Then?

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Speaker 11: Yeah, I think it does. I think when you start

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Speaker 11: to look at the some of the remarks that whether

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Speaker 11: it's Kash Patel, obviously the Matt Gates appointment for Attorney

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Speaker 11: General didn't didn't work out, but Pam BONDI, these are

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Speaker 11: extreme loyalists. And Trump has talked about wanting to, you know,

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Speaker 11: have that Justice Department be more responsive to the kinds

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Speaker 11: of things that he thinks it should be. And when

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Speaker 11: you have a set of people who have made it

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Speaker 11: very clear that they think that there's more wrongdoing to

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Speaker 11: be found. These are for a number of the people

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Speaker 11: that he's appointed and surrounded himself with. I've talked for

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Speaker 11: a very long time about the Hunter Biden case and

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Speaker 11: with all kinds of allegations of deeper corruption, et cetera,

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Speaker 11: none of which they've really ever been able to substantiate,

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Speaker 11: but obviously that wouldn't necessarily stopped them from using it.

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Speaker 11: And that really is a big difference in how the

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Speaker 11: Justice Department has been run for the past couple of decades,

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Speaker 11: and you know, ever since the next administration had really

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Speaker 11: been a sense that this needed to be a bit

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Speaker 11: of a hens sort of a distance, of a distance

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Speaker 11: between the White House and the Justice Department, of a

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Speaker 11: little bit of an independence. After all, the Justice Department

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Speaker 11: under Joe Biden is the one that investigated Hunter Biden, right,

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Speaker 11: So there was a sense that that's what could happen.

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Speaker 11: But Trump has talked about it in ways that are

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Speaker 11: extremely different, And now it's going to be a challenge

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Speaker 11: even more so for Democrats who've kind of lost a

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Speaker 11: little bit of the moral high ground they may have

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Speaker 11: otherwise had on this issue.

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Speaker 2: YEA, for President Biden to say that no reasonable person

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Speaker 2: could conclude but that the case against his son was

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Speaker 2: politically motivated, does that add more fuel to the argument

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Speaker 2: that the President delect has been making that the justice

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Speaker 2: system has been tainted by politics. Got about a minute left.

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Speaker 11: Yeah, I mean, I do think that it at least

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Speaker 11: gives him the to make that case more and it's

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Speaker 11: one more argument that the Democrats and others would have

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Speaker 11: to would have to try to push back at. But

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Speaker 11: we have seen continued complaints from Trump and his aides

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Speaker 11: about what they see as a politicized Justice Department. But

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Speaker 11: obviously it now seems like they want to try to

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Speaker 11: use it for their own purposes. You know. Of course,

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Speaker 11: it's not like Biden invented the pardon power. Trump used

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Speaker 11: it quite intensively in his first term, including for several

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Speaker 11: key loyalists and aids around him.

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