WEBVTT - Hunter Biden Pardoned; Stocks Enter December at Record High

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

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

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin with politics and a major move by

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<v Speaker 2>President Biden. Less than two months before he leaves office.

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<v Speaker 2>The President has reversed course and signed a sweeping pardon

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<v Speaker 2>order for his son Hunter. We get more from Bloomberg

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<v Speaker 2>News Senior editor Bill Ferries.

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<v Speaker 3>For Hunter Biden, it really wipes the slate clean for

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<v Speaker 3>basically the entire past decade. So that includes these gun

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<v Speaker 3>and tax charges that he had been convicted on in

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<v Speaker 3>some cases and pled guilty on and others, and it

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<v Speaker 3>also includes anything if there was anything out there that

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<v Speaker 3>perhaps the legal system hadn't found at this point. It

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<v Speaker 3>is really a complete and total pardon for all activities

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<v Speaker 3>against the breaking US law since January twenty fourteen.

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<v Speaker 2>Bloomberg's Bill Ferries says the President reversed his previous stand

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<v Speaker 2>that he would not use executive powers to aid his son.

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<v Speaker 2>He justified the pardon by saying the case against Hunter

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<v Speaker 2>was politically tinged, excessive, and designed to break him and

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<v Speaker 2>his son Well Nathan.

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<v Speaker 1>Reaction is pouring into the Hunter Biden pardon. Former federal

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<v Speaker 1>prosecutor LORII Levinson says it should not be a surprise.

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<v Speaker 4>I think everyone needs to recognize that with the broad

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<v Speaker 4>power that presidents have to issue pardons, they will use

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<v Speaker 4>them for family members and they will use them for

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<v Speaker 4>close friends because the Constitution gives them this broad pardon power.

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<v Speaker 1>Former federal prosecutor Louri Levinson says Hunter Biden was found

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<v Speaker 1>guilty of gun charges by a federal court in Delaware

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<v Speaker 1>earlier this year. His sentencing in that case was set

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<v Speaker 1>to take place next Thursday.

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

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<v Speaker 2>In a post on his Truth social platform, Trump said, quote,

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<v Speaker 2>does the pardon given by Joe to Hunter include the

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<v Speaker 2>j six hostages who have now been imprisoned for years

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<v Speaker 2>such an abuse and miscarriage justice?

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<v Speaker 5>End quote?

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<v Speaker 1>Well, Nathan and Debate is brewing in Washington over President

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<v Speaker 1>elect Trump naming Cash Betel to take over the FBI.

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<v Speaker 1>Patel has been outspoken against the FBI's investigation into possible

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<v Speaker 1>Russian collusion with Trump's twenty sixteen campaign. Republican Senator Mike

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<v Speaker 1>Grounds notes Trump and nominated the current FBI director Chris Ray,

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<v Speaker 1>and he still has three years left on his term.

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<v Speaker 6>Once they've been nominated by the president, then the president

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<v Speaker 6>gets the benefit of the doubt on the nomination. But

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<v Speaker 6>we still go through a process, and that process includes

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<v Speaker 6>advice and consent, which for the Senate means advice or consent.

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<v Speaker 5>Sometimes.

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<v Speaker 1>Republican Senator Mike Grounds is a guest on ABC's This

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<v Speaker 1>Week Hear It's Sundays on Bloomberg Radio and Karen.

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<v Speaker 2>President elect Trump is bringing someone that he has pardoned

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<v Speaker 2>into his administration, nominating Charles Kushner as US ambassador to France.

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<v Speaker 2>The President elect praised Kushner as a tremendous business leader, philanthropist,

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<v Speaker 2>and deal maker. Kushner is the father of of Jared Kushner,

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<v Speaker 2>Trump's son in law and former senior advisor. He served

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<v Speaker 2>two years in prison for filing false tax returns, witness retaliation,

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<v Speaker 2>and making false statements to the Federal Trade Commission. Trump

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<v Speaker 2>pardoned Kushner near the end of his first term.

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<v Speaker 1>He can President elect Trump is issuing a tariff threat

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<v Speaker 1>against the so called bricks and nations if they try

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<v Speaker 1>to move away from the dollar. In a post on

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<v Speaker 1>truth Social Trump repeated a threat of one hundred percent

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<v Speaker 1>tariffs unless the Bricks promise not to create a new

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<v Speaker 1>currency or back any other currency to replace the US dollar.

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<v Speaker 7>The Group of.

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<v Speaker 1>Emerging Market nations that include Brazil, Russia, India, China and

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<v Speaker 1>South Africa discussed the dollarization at a summit last year.

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<v Speaker 1>Despite the group's rhetoric, the infrastructure that backs the dollar,

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<v Speaker 1>such as cross border payments, will likely give the green

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<v Speaker 1>back the edge for decades to come.

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<v Speaker 2>Well Karen. Politics is also a major focus overseas. Marine

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<v Speaker 2>Le Penn's National Rally party in France has threatened to

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<v Speaker 2>support a no confidence motion against the French government unless

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<v Speaker 2>Prime Minister Mishall Barnier makes changes to next year's budget,

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<v Speaker 2>But Francis Finance Minister Antoine Armand tells Bloomberg News they

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<v Speaker 2>will not accept artificial budget deadlines from the pen.

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

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<v Speaker 8>at the French parliamentary debate. It's respecting each and every

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<v Speaker 8>parliamentary debate that leads to an evolution. We will take

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

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<v Speaker 8>We are committed to reduce the deficit.

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<v Speaker 2>French finance Minister and tuin Armand spoke with Bloomberg's Carolinkna

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<v Speaker 2>and stocks in France right now are down seven tenths

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<v Speaker 2>of one percent.

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<v Speaker 1>Let's turn to the markets now, Nathan, and stocks begin

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<v Speaker 1>the last month of the year in record of fashion.

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<v Speaker 1>The S and P five hundred rows five points seven

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<v Speaker 1>percent in November, its best month this year, as investors

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<v Speaker 1>plout one hundred and forty one billion dollars into US equities.

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<v Speaker 1>So far this year, the S and P five hundred

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<v Speaker 1>is up twenty six and a half percent.

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<v Speaker 2>Right now, shares of Stalantis are down eight and a

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

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<v Speaker 2>stepping down. More on that story from Bloomberg's Denise Pellegrini.

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<v Speaker 5>Tavaris is quitting after prophet slumped and US sales weekened

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<v Speaker 5>at the maker of gpsuvs and Fiat cars, and temporarily

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<v Speaker 5>the automaker will be run by an interim committee headed

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<v Speaker 5>by Chairman John elkenn Stillentis says a new CEO will

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<v Speaker 5>be named in the first half of this coming year.

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<v Speaker 5>Company also says tavares views on the carmaker's future differed

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<v Speaker 5>from those of the board and some shareholders, and Stillentis

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<v Speaker 5>is confirming its financial guidance for the year. Bloomberg News

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<v Speaker 5>reported in October Elkenn had begun a process to find

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<v Speaker 5>a successor to Tavaris, but Tavaris later told reporters he

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<v Speaker 5>would stay on until the end of his mandate in

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<v Speaker 5>early twenty twenty six. Denise Pellogrene Bloomberg Radio.

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<v Speaker 1>And it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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

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<v Speaker 1>Good Morning, Good Morning.

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<v Speaker 9>Karen is increasing pressure on President elect Trump to work

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<v Speaker 9>with President Biden and Israeli Prime Minister Netanyahoo to free

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<v Speaker 9>hostages in gazap In a new video, American Israeli hostage Iniden,

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<v Speaker 9>Alexander asked Trump for help, and his father Addie Alexander

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<v Speaker 9>spoke Sunday at a rally held in Central Park in

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<v Speaker 9>New York City.

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<v Speaker 3>President Biden, President Trump, Prime Minister in Chinio.

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<v Speaker 5>I call on all of you to act.

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<v Speaker 8>This is not a moment for politics or hesitations.

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<v Speaker 9>Aldi Alexander says, no father should hear his child plead

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<v Speaker 9>for his life like that. Meanwhile, a fragile ceasefire between

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<v Speaker 9>Israel and Hesbilan Lebanon remained in effect overnight. Overnight snowfall

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<v Speaker 9>is buried western New York and Pennsylvania. One town in

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<v Speaker 9>upstate New York already is seeing nearly fifty nine inches

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<v Speaker 9>of snow. Frigid air that's passing over the relatively warm

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<v Speaker 9>lake that triggered alerts and emergency declarations. In Erie, Pennsylvania.

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<v Speaker 9>The National Guard was called up to rescue stranded drivers,

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<v Speaker 9>where even plow drivers got stuck. Crews including the US

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<v Speaker 9>Coast Guard in Alaska, searching the cold waters southwest of

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<v Speaker 9>Juneo for five people who are reporting that their fishing

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<v Speaker 9>boat was overturning. High winds and heavy snow was reported

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<v Speaker 9>in the search area. Coast Guard spokesman Petty Officer John

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<v Speaker 9>Highttower says they received an urgent distress caller from those

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<v Speaker 9>aboard the fifty foot boat.

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<v Speaker 10>It was a media report from the members of this

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<v Speaker 10>vessel that's currently being searched for. They reported that the

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<v Speaker 10>vessel was overturning and that was all they got. Any

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<v Speaker 10>further attempts to reach the vessel. We were not responded

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<v Speaker 10>to the Coast Guards.

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<v Speaker 9>John high Tower says the boat's GPS emergency beacon led

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<v Speaker 9>them to the area now being searched. New information about

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<v Speaker 9>a security breach at one of New York's busiest airports

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<v Speaker 9>during the Thanksgiving travel rush. Thirty say a stowaway discovering

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<v Speaker 9>on board a Delta flight out of JFK to Paris

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<v Speaker 9>is a Russian national who lives in the US and

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<v Speaker 9>had not purchased a plane ticket. The woman remains in

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<v Speaker 9>custody in France. Official say she somehow bypassed the document

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<v Speaker 9>check podium and the gate agent at JFK. Global News

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<v Speaker 9>twenty four hours a day and whenever you want it

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<v Speaker 9>with Bloomberg News Now. I'm Michael Baron.

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<v Speaker 1>This is Bloomberg Karent, Michael Barr.

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<v Speaker 5>Welcome back. It's good to have you.

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<v Speaker 9>Thank you.

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<v Speaker 5>Yeah, nice to do.

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<v Speaker 1>Time now for the Bloomberg Sports update brought to you.

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

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<v Speaker 7>The morning hearing. Today is Aaron Rodgers's forty first birthday

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<v Speaker 7>yesterday at midlife, and for much of this season he

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<v Speaker 7>has looked rather old, though he did throw a pair

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<v Speaker 7>of touchdown passes in the first quarter against Seattle. Rodgers

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<v Speaker 7>also threw one in the second quarter that he'd liked

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<v Speaker 7>to have Backritz is.

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<v Speaker 5>Coming through inside this kickoff.

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

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<v Speaker 5>He's at big field.

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<v Speaker 1>Turnto philf Blockers, Holy should you kipping? Leo Williams.

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<v Speaker 9>He's gonna take it in for a touchdown.

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<v Speaker 7>Cheyhawks Hi rode the Coe Williams the ex Jet with

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<v Speaker 7>a ninety two yard return, the longest NFL history by

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<v Speaker 7>a defensive lineman. The Seahawks came from fourteen down took

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<v Speaker 7>their first lead with five and a half minutes left.

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<v Speaker 7>They beat the Jets twenty six twenty one in the snow.

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<v Speaker 7>In Buffalo, the Bills beat forty nine ers thirty five

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<v Speaker 7>to ten. The Bills have already clinched the AFC East.

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<v Speaker 7>Eighth straight win for Philadelphia twenty four to nineteen at

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<v Speaker 7>Baltimore State, Huon Barkley again over one hundred yards at

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<v Speaker 7>a twenty five yard TD run in the fourth quarter.

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<v Speaker 7>Washington ended a three game losing the streak of forty

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<v Speaker 7>two to nineteen round of Tennessee, Minnesota with its second

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<v Speaker 7>five game win streak came from thirteen down, scored late,

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<v Speaker 7>beat Arizona by a point. The Patriots lost by a

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<v Speaker 7>point a game with seven lead changes Indianapolis a game

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<v Speaker 7>winning eighty yard nineteen play drive at a TV and

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<v Speaker 7>two point conversion with twelve seconds left. Next back over

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<v Speaker 7>the long road trip started a four game homestand on

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<v Speaker 7>one to eighteen to eighty five blowout of New Orleans.

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<v Speaker 7>Mckel bridges at his best game as a Nick, thirty

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<v Speaker 7>one points. He made seven threes at Barkley's Orlando bet

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<v Speaker 7>the Nets one hundred and ninety two. The Mets have

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<v Speaker 7>a deal to sign free agent piccher Frankie Montas two years,

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<v Speaker 7>thirty four million. The Yankees acquired Montass from Oakland at

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<v Speaker 7>the twenty twenty two trade deadlomit. He only won one

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<v Speaker 7>game in eight starts. He was hurt for all but

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<v Speaker 7>one start in twenty three. Split this past season with

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<v Speaker 7>the Reds and Brewers from college football. West Virginia and

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<v Speaker 7>Perdue fired their coaches. Purdue just went one and eleven.

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<v Speaker 7>John Stanshawer Bloomberg Sports Karena Nathan all.

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<v Speaker 1>Right, John, thank you, SMP futures down two tenths of

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<v Speaker 1>a percent down thirteen points down, futures down a tenth

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<v Speaker 1>of upper cent or fifty two points. Nasdaq futures down

0:10:44.520 --> 0:10:47.160
<v Speaker 1>two tenths of up percent or forty eight points. Ten

0:10:47.200 --> 0:10:49.720
<v Speaker 1>year Treasury yield four point two zero percent.

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<v Speaker 9>Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

0:10:56.720 --> 0:10:59.560
<v Speaker 9>and around the world on Bloomberg dot Com and the

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<v Speaker 9>bloom We're Business app.

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<v Speaker 5>This is Bloomberg Daybreak.

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<v Speaker 11>Good Morning.

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<v Speaker 2>I'm Nathan Hager. It is a major reversal for a

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<v Speaker 2>president who has said four months that he would not

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<v Speaker 2>use his pardon powers to benefit family, even his own son.

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<v Speaker 6>I am satisfied that I'm not going to do anything.

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<v Speaker 6>I said, I adviye by the jury decision.

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<v Speaker 5>I will do that and I will not partner.

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<v Speaker 2>That was President Biden at the G seven back in

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<v Speaker 2>June talking about his son Hunter. But last night the

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<v Speaker 2>President did indeed issue a sweeping pardon on taxing gun charges,

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<v Speaker 2>saying in a statement, no reasonable person could conclude that

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<v Speaker 2>his son Hunter was singled out for any other reason

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

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<v Speaker 2>are joined by Bloomberg's Kevin Whitelaw. Kevin I guess the

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<v Speaker 2>overarching question this morning is why now good morning, Yeah.

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<v Speaker 11>Good morning, Nathan. You know, I think that you know,

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<v Speaker 11>it became very clear that President Biden is increasingly worried

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<v Speaker 11>about what would happen to his son and under a

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<v Speaker 11>true presidency. You know, we have already seen a situation

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<v Speaker 11>where president uh uh elect Trump has you know, stated

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<v Speaker 11>that he's he thinks that the Justice Department was sort

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<v Speaker 11>of weaponized against him, uh, citing the various prosecutions and

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<v Speaker 11>investigations into into several different aspects of Trump's first term

0:12:24.160 --> 0:12:25.559
<v Speaker 11>and surrounding events.

0:12:27.080 --> 0:12:27.360
<v Speaker 1>Uh.

0:12:27.679 --> 0:12:30.840
<v Speaker 11>And he's with a set of loyalists that he's been

0:12:30.840 --> 0:12:33.679
<v Speaker 11>appointed to these key positions and and and talking about

0:12:33.679 --> 0:12:37.720
<v Speaker 11>installing I think, uh, the President Biden just decided that

0:12:37.760 --> 0:12:39.600
<v Speaker 11>he couldn't take the risk that his son was going

0:12:39.679 --> 0:12:43.000
<v Speaker 11>to be part of sort of some ongoing uh set

0:12:43.040 --> 0:12:48.480
<v Speaker 11>of uh probes, challenges, prosecutions, et cetera. It just creates

0:12:48.480 --> 0:12:51.160
<v Speaker 11>an enormous challenge though for for Democrats who are who

0:12:51.160 --> 0:12:53.839
<v Speaker 11>are already very worried about how they were going to make,

0:12:53.920 --> 0:12:56.040
<v Speaker 11>you know, sort of apply the rule of law in

0:12:56.040 --> 0:13:01.640
<v Speaker 11>in and hold a second Trump term administration into account.

0:13:02.320 --> 0:13:05.640
<v Speaker 2>That puts this into the context then of President elect

0:13:05.679 --> 0:13:09.480
<v Speaker 2>Trump nominating a loyalist, Cash Patel to be his next

0:13:09.559 --> 0:13:12.439
<v Speaker 2>FBI director, Does that go into that context?

0:13:12.440 --> 0:13:12.640
<v Speaker 7>Then?

0:13:12.920 --> 0:13:14.600
<v Speaker 11>Yeah, I think it does. I think when you start

0:13:14.640 --> 0:13:18.680
<v Speaker 11>to look at the some of the remarks that whether

0:13:18.720 --> 0:13:23.040
<v Speaker 11>it's Kash Patel, obviously the Matt Gates appointment for Attorney

0:13:23.080 --> 0:13:25.880
<v Speaker 11>General didn't didn't work out, but Pam BONDI, these are

0:13:26.200 --> 0:13:30.760
<v Speaker 11>extreme loyalists. And Trump has talked about wanting to, you know,

0:13:31.559 --> 0:13:35.200
<v Speaker 11>have that Justice Department be more responsive to the kinds

0:13:35.200 --> 0:13:37.560
<v Speaker 11>of things that he thinks it should be. And when

0:13:37.559 --> 0:13:39.360
<v Speaker 11>you have a set of people who have made it

0:13:39.480 --> 0:13:42.600
<v Speaker 11>very clear that they think that there's more wrongdoing to

0:13:42.640 --> 0:13:45.280
<v Speaker 11>be found. These are for a number of the people

0:13:45.280 --> 0:13:47.720
<v Speaker 11>that he's appointed and surrounded himself with. I've talked for

0:13:47.760 --> 0:13:50.200
<v Speaker 11>a very long time about the Hunter Biden case and

0:13:50.360 --> 0:13:53.880
<v Speaker 11>with all kinds of allegations of deeper corruption, et cetera,

0:13:54.040 --> 0:13:56.800
<v Speaker 11>none of which they've really ever been able to substantiate,

0:13:57.520 --> 0:14:01.360
<v Speaker 11>but obviously that wouldn't necessarily stopped them from using it.

0:14:01.440 --> 0:14:03.679
<v Speaker 11>And that really is a big difference in how the

0:14:03.720 --> 0:14:07.480
<v Speaker 11>Justice Department has been run for the past couple of decades,

0:14:07.520 --> 0:14:10.680
<v Speaker 11>and you know, ever since the next administration had really

0:14:10.679 --> 0:14:12.760
<v Speaker 11>been a sense that this needed to be a bit

0:14:12.800 --> 0:14:15.960
<v Speaker 11>of a hens sort of a distance, of a distance

0:14:15.960 --> 0:14:17.840
<v Speaker 11>between the White House and the Justice Department, of a

0:14:17.840 --> 0:14:21.360
<v Speaker 11>little bit of an independence. After all, the Justice Department

0:14:21.440 --> 0:14:24.400
<v Speaker 11>under Joe Biden is the one that investigated Hunter Biden, right,

0:14:24.640 --> 0:14:28.160
<v Speaker 11>So there was a sense that that's what could happen.

0:14:29.720 --> 0:14:31.800
<v Speaker 11>But Trump has talked about it in ways that are

0:14:31.800 --> 0:14:34.720
<v Speaker 11>extremely different, And now it's going to be a challenge

0:14:34.960 --> 0:14:37.640
<v Speaker 11>even more so for Democrats who've kind of lost a

0:14:37.640 --> 0:14:39.600
<v Speaker 11>little bit of the moral high ground they may have

0:14:39.640 --> 0:14:40.840
<v Speaker 11>otherwise had on this issue.

0:14:41.000 --> 0:14:44.080
<v Speaker 2>YEA, for President Biden to say that no reasonable person

0:14:44.080 --> 0:14:46.880
<v Speaker 2>could conclude but that the case against his son was

0:14:46.880 --> 0:14:49.880
<v Speaker 2>politically motivated, does that add more fuel to the argument

0:14:50.000 --> 0:14:53.280
<v Speaker 2>that the President delect has been making that the justice

0:14:53.280 --> 0:14:55.960
<v Speaker 2>system has been tainted by politics. Got about a minute left.

0:14:56.240 --> 0:14:59.360
<v Speaker 11>Yeah, I mean, I do think that it at least

0:14:59.360 --> 0:15:01.960
<v Speaker 11>gives him the to make that case more and it's

0:15:02.040 --> 0:15:04.680
<v Speaker 11>one more argument that the Democrats and others would have

0:15:04.760 --> 0:15:06.520
<v Speaker 11>to would have to try to push back at. But

0:15:06.960 --> 0:15:12.360
<v Speaker 11>we have seen continued complaints from Trump and his aides

0:15:12.400 --> 0:15:18.080
<v Speaker 11>about what they see as a politicized Justice Department. But

0:15:18.280 --> 0:15:20.120
<v Speaker 11>obviously it now seems like they want to try to

0:15:20.200 --> 0:15:22.680
<v Speaker 11>use it for their own purposes. You know. Of course,

0:15:22.960 --> 0:15:26.680
<v Speaker 11>it's not like Biden invented the pardon power. Trump used

0:15:26.680 --> 0:15:30.400
<v Speaker 11>it quite intensively in his first term, including for several

0:15:30.960 --> 0:15:34.120
<v Speaker 11>key loyalists and aids around him.

0:15:34.200 --> 0:15:37.640
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