Speaker 1: It is one o five on Wall Street, and that
Speaker 1: means it is time for Dave Wilson and the market
Speaker 1: drivers report with the focus is always at this time
Speaker 1: on American depository receipts, and Dave Wilson got to be
Speaker 1: looking at Trivago, oh absolutely in an e d rs
Speaker 1: are and as it happened, sort of bouncing around a bit.
Speaker 1: UH the SNP A d R index will change, while
Speaker 1: the SMP five hundreds down to tents of a percent.
Speaker 1: But Germany's Triviago is up five point six percent after
Speaker 1: selling two hundred and eighty seven million dollars of ad
Speaker 1: rs in an initial public offering. The size and price
Speaker 1: of the travel sites I p O we're actually reduced
Speaker 1: before the sale was done. Triviago majority owned by the
Speaker 1: US online travel agency Expedia. UH. Swiss drug maker act
Speaker 1: Hellion is up thirteen percent. People with knowledge of the
Speaker 1: matters that Francis Santa Fee is an advanced talks to
Speaker 1: buy the company Johnson. Johnson walked away from a twenty
Speaker 1: eight billion dollar deal for Actillion on Tuesday, and Air
Speaker 1: France KLEM has risen five point eight percent. The airline's
Speaker 1: KLM unit dropped the plan to set up a replacement
Speaker 1: pension fund for its pilots. The pilots union had opposed
Speaker 1: the move, and the court blocked it two weeks ago. Now,
Speaker 1: Japan's Nintendo has fallen seven and a half percent, even
Speaker 1: though its first mobile game ranked first on best seller
Speaker 1: lists in sixty eight countries. The game is called Super
Speaker 1: Mario Brothers, and one thing that concerns analysts is that
Speaker 1: it requires users to pay ten dollars to move beyond
Speaker 1: the first three levels. Charlie, all right, thank you very much,
Speaker 1: Dave Wilson. Following a d RS force the DAL the
Speaker 1: SMP nez dak all trading Laura recapping the SMP down
Speaker 1: four to twenty two fifty seven to drop there of
Speaker 1: two tenths of one percent. I'm Charlie Pelots and that
Speaker 1: June Grosso and Greg Store is a Bloomberg business flash.
Speaker 1: Thanks Charlie, see you in court. That may be the
Speaker 1: response of Democratic attorneys general across the country if the
Speaker 1: Trump administration backs off of financial, environmental or antitrust regulations.
Speaker 1: Former Texas Attorney General Greg Abbott, now Texas governor, made
Speaker 1: a business of suing the Obama administration with more than
Speaker 1: forty lawsuits. Virginia and Florida, a g s filed dozens
Speaker 1: of lawsuits. Several Democratic attorneys general are on record as
Speaker 1: ready to take Trump to court if he crosses the
Speaker 1: constitutional line. New York AG Eric Schneiderman already sued over
Speaker 1: Trump University, and he's reassured New Yorkers who have seen
Speaker 1: a rise in the number of hate crimes in the
Speaker 1: state in the past year after the quote ugliness of
Speaker 1: the rhetoric during the campaign. As New York's top law
Speaker 1: enforcement officer, I stand here today to tell everyone was
Speaker 1: understandably scared that my tent team stands with you, with
Speaker 1: our colleagues and law enforcement across the state, and we
Speaker 1: will have your back. And California's new attorney general, Congress
Speaker 1: Congressman Javier Bsara, has dared Trump to come at us
Speaker 1: over some of the most liberal state policies in the country.
Speaker 1: He spoke about the parameters for protecting the state's progressive
Speaker 1: values on MSNBC a week ago. We're not going to stop,
Speaker 1: and we're not interested in having folks try to stop us.
Speaker 1: Will look at the Constitution of the United States, and
Speaker 1: we'll look at our California constitution and recognize that, as
Speaker 1: any other state, we will do whatever the u. S.
Speaker 1: Constitution allows us to do to protect our people and
Speaker 1: advance our interests. Our guest today are James Tierney, the
Speaker 1: former Attorney general of Maine and a lecture at Harvard
Speaker 1: Law School, and Paul Millette, a professor of political science
Speaker 1: at Marquette University. Jim Republicans have used the argument that
Speaker 1: states serve as a check on federal overreach as gospel
Speaker 1: for the past eight years. Will the legal tactics they
Speaker 1: used help democratic ages in the next four years? Well,
Speaker 1: I think it will help. And it's any general who's
Speaker 1: worried about federal overreach. I wouldn't assume, as some of
Speaker 1: the latest suppress has been that Republican attorneys general are
Speaker 1: are somehow turned themselves into the him made of the
Speaker 1: Trump administration. I don't think that's true. Every age will
Speaker 1: protect their state's position in the world of sovereignty and
Speaker 1: they'll protect the state laws. Um. So yeah, they're all watching.
Speaker 1: There's no question they're all watching. What are they going
Speaker 1: to do? Well, we have to wait and see, Paul,
Speaker 1: as you look over the legal landscape, and of course
Speaker 1: we don't know exactly what the Trump administration is going
Speaker 1: to do. But where do you think democratic state attorney
Speaker 1: general's attorneys general are likely to have the biggest impact?
Speaker 1: Is that filling in the regulatory gaps? Is that challenging, say,
Speaker 1: environmental regulations. Where do you see them making a mark? Well,
Speaker 1: I think, just in terms of pure quantity of litigation,
Speaker 1: I think the one of the big focal points will
Speaker 1: be definitely an environmental policy um and so at the
Speaker 1: beginning of the Trump administration, I think it will be
Speaker 1: some continuing skirmishes over some of Obama's regulatory efforts like
Speaker 1: the Clean Power Plan, the Waters of the US Rule,
Speaker 1: and other things like that. But I think throughout the
Speaker 1: Trump administration I would expect to see quite a lot
Speaker 1: of wrangling over um de regulatory efforts coming out of
Speaker 1: the e p A and UH potentially a variety of
Speaker 1: other new environmental issues coming out of out of the
Speaker 1: next few years as well. And I would just add
Speaker 1: that I think part of it will be going after
Speaker 1: the FEDS directly, so suing the e p A, trying
Speaker 1: to delay or stop deregulatory efforts, but some of it
Speaker 1: will also potentially be going after say utilities or industry
Speaker 1: in general kind of similar to what some AGS have
Speaker 1: done UM investigating Exxon over the past year and their
Speaker 1: connection to UM climate research and potentially UM you know,
Speaker 1: sweeping some of that research under the rug. So I
Speaker 1: see those areas being particularly prominent areas for egs in
Speaker 1: the coming years, Jim, any other hot button areas were
Speaker 1: democratic ages have the best chance of winning, well, I
Speaker 1: think I think, you know, my friend Paul makes some
Speaker 1: good points, but he, I'm sure would say that a
Speaker 1: lot of that sort of speculation. As this point, we
Speaker 1: we really don't know. UM. I think ages are going
Speaker 1: to be very focused on criminal justice reform, and we
Speaker 1: don't know what the Trump administration's position will be. All
Speaker 1: ages are against hate crime, UM, and we'll you know,
Speaker 1: we'll roll up to sleeves on that to try to
Speaker 1: make our communities feel safe. I think dealing with an
Speaker 1: increasingly diverse population that we have in this country, if
Speaker 1: you're in a G is pretty important. I mean, what
Speaker 1: kids are in school, what about witnesses in court? What
Speaker 1: about victims of crime? UM? A lot of these things,
Speaker 1: don't you know, don't pay attention to some of these
Speaker 1: legal status in the country. So I see a lot
Speaker 1: of diversity related issues, which are which which are here now,
Speaker 1: and they're not going to go away. That's why I'm
Speaker 1: not really kind of predicting. Um. You know, I think
Speaker 1: I think former CIA director Robert Gates made a good
Speaker 1: point yesterday when he said, you know, people say one
Speaker 1: things in campaigns, they act a lot differently once you're
Speaker 1: in office. And I think that all ages, and democratic
Speaker 1: ages in particular, are certainly willing to give the Trump
Speaker 1: administration the chance to see what they're really going to do. Um.
Speaker 1: He does come in personally with a bad rep from
Speaker 1: his Trump University days. Every attorney Dan will look at
Speaker 1: that case and was pretty disturbed by the behavior of
Speaker 1: Trump University. That was none of the partisan issue. Uh,
Speaker 1: So they disturbed. He's on everybody's watching list. Uh and
Speaker 1: maybe the attorneys general are looking particularly closely. But we'll
Speaker 1: have to wait to see what happens. Paul, granting Jim's
Speaker 1: point that some of this is speculative, you know what
Speaker 1: you mentioned the environments, and that is one area where
Speaker 1: his nominee nominee to up the e p A is
Speaker 1: somebody who one would expect to be more favorable to industry.
Speaker 1: Will it be is easy for Democratic ages to challenge
Speaker 1: uh deregulation in the environmental sphere as it was for
Speaker 1: Republicans to challenge what they considered to be over regulation
Speaker 1: from the e p A. Well, it's a little tricky
Speaker 1: because I guess you could give an answer both yes
Speaker 1: and no. They're I mean, I think on the on
Speaker 1: the side that it's a little bit harder. UM. I
Speaker 1: think part of it is, you know, depending on what
Speaker 1: Republicans in Congress do, like, for instance, that they amend
Speaker 1: the Clean Air Act to actually take some of the
Speaker 1: power away from the e p A to say, regulate
Speaker 1: greenhouse gases, then it's going to be very difficult for
Speaker 1: Democratic A g s to try to challenge um, the
Speaker 1: EPA and court if they say, hey, look, Congress has
Speaker 1: taken away our ability to even regulate in this area. UM.
Speaker 1: One thing that I think democratic ages or maybe just
Speaker 1: A g s in general, do have though, is if
Speaker 1: they are concerned that the e p A other agencies
Speaker 1: are not regulating properly, they can number one to the agency,
Speaker 1: but they can also go after, you know, utilities that
Speaker 1: they think are are polluting beyond the the what's acceptable
Speaker 1: under federal environmental law or state environmental laws, and so
Speaker 1: in one way, I think though they'll still have avenues
Speaker 1: to hold that thought. Ye. Coming up on Bloomberg law.
Speaker 1: Donald Trump's business interests are under fire as possible conflicts
Speaker 1: of interest, and one hotel in particular seems to be
Speaker 1: drawing the most attention. I'm June Grosso with Greg Store.
Speaker 1: This is Bloomberg Mobile Business News twenty four hours a
Speaker 1: day at Bloomberg dot com. The radio blows mobile line
Speaker 1: and on your radio is a Bloomberg business left from
Speaker 1: Bloomberg World Headquarters. Signed Charlie Pelotadal The SMPT and stack
Speaker 1: all declining right now. This after a report that China's
Speaker 1: navy seized an American drone in international waters in the
Speaker 1: South China Sea. This update brought you by Bentley University.
Speaker 1: What do developing apps at Facebook and analyzing data biogen
Speaker 1: have in common? An NBA from Bentley University, where you
Speaker 1: will explore innovation and leadership because business is everywhere. Prepare
Speaker 1: here has and P five hundred in decks down six
Speaker 1: to twenty two fifty five, a drop of three tenths
Speaker 1: of one percent down. Industrials down twenty four decline of
Speaker 1: one tenth of one percent, and nez Dak is falling
Speaker 1: twenty one points, down four tenths of one percent. The
Speaker 1: ten ure up eight thirty seconds, yield at two point
Speaker 1: five seven percent, Gold up seven sixty to eleven thirty seven,
Speaker 1: up seven tenths of one percent, Crude oil advancing one
Speaker 1: point seven percent, up eighty seven cents of arral to
Speaker 1: fifty one dollar and seventy eight cents. I'm Charlie Tollerton.
Speaker 1: That Gregg Store and Jo Grasso is a Bloomberg business
Speaker 1: flash and Charlie. One area of President elect Donald Trump's
Speaker 1: business interests that seems to be drawing concentrated fire from
Speaker 1: Democrats is the sixty year lease between the federal government
Speaker 1: and the Trump International Hotel in Washington, d C. According
Speaker 1: to a December fourteenth letter from four House Democrats, a
Speaker 1: top official of the General Services Administration, which leas's government buildings,
Speaker 1: told their staff that Trump will be in violation of
Speaker 1: the lease agreement the moment he takes office unless he
Speaker 1: fully divests himself. Congressman A. Logic Cummings was one of
Speaker 1: those Democrats and accused Trump of ignoring four decades of
Speaker 1: White House president on conflicts of interest. This is the
Speaker 1: same advice to the Department of Justice and the Office
Speaker 1: of Government Ethics has provided to every president over the
Speaker 1: past four decades. G s A announced it does not
Speaker 1: have a position on the lease provision, and Trump Transition
Speaker 1: aids said the g s A lease issue will be
Speaker 1: addressed in January. We've been talking with j Hims Tierney,
Speaker 1: the former Attorney General of Maine and a lecture at
Speaker 1: Harvard Law School, and Paul let, a political science professor
Speaker 1: at Marquette University. Jim the least forbids elected officials from
Speaker 1: being party to the deal or receiving any of it
Speaker 1: of its benefits. Does that seem like a clear contract
Speaker 1: issue that has to be resolved before the inauguration or
Speaker 1: can this slide as other conflicts seem to be sliding. Well, well,
Speaker 1: of course it should be resolved. It has to be resolved.
Speaker 1: I think if the g s A says they're going
Speaker 1: to address that, they will. They're competent, their career people,
Speaker 1: and and you know, he's you know, I don't know
Speaker 1: if Donald Trump ever thought he was gonna win, but
Speaker 1: he did, and so now he's got a host of
Speaker 1: business issues. I think they're gonna be popping up all
Speaker 1: over the place, and he's gonna have to figure out
Speaker 1: his ethics and his complex as he goes along. But
Speaker 1: he wants he's going to be the president. He can't
Speaker 1: just do what he wants. Um, we all live by
Speaker 1: the rules, So he's gonna have to learn how to
Speaker 1: do that. I want to pick it off a little bit.
Speaker 1: That that what Paul said earlier. Um, he certainly is
Speaker 1: accurate when he said this could happen, This could happen,
Speaker 1: This could happen. But let me make something clear, because
Speaker 1: we have a lot of listeners, a lot of business people,
Speaker 1: Attorneys general, especially democratic attorneys general, are not here lined
Speaker 1: up to try to stop every de regulatory effort that
Speaker 1: the Trump administration is going to be carried out. This
Speaker 1: is very important. Presidents when they get to administer, they
Speaker 1: get to they get the great deference by our courts
Speaker 1: and by other elected officials. That's our democracy. Uh And
Speaker 1: I think, um so so. But if there's evidence, if
Speaker 1: there's a good case, if there are facts, if they
Speaker 1: are statistics, there are clear violation, of course, attorneys general
Speaker 1: are going to respond. And I think that's what General
Speaker 1: Bush era General Sneiderman said that the you know at
Speaker 1: the top of the hour. Um, So I just want
Speaker 1: to make that clear. I mean, it's not like the
Speaker 1: ages of the line. They've got a lot of things
Speaker 1: to do rather than line up and you know, sue
Speaker 1: every federal agency is. It's an important, important principle that
Speaker 1: has to be law, that has to be facts, has
Speaker 1: to be a clear violation before it gets to the
Speaker 1: top of an age agenda. Paul PAULA may ask you
Speaker 1: to respond to that, But first of me, say, we
Speaker 1: haven't we you know, seen a real change in the
Speaker 1: dynamic of of a state attorney's general over the past
Speaker 1: you know, twenty or thirty years or so, where uh,
Speaker 1: you know, these we've come to expect these challenges from
Speaker 1: attorneys general with an administ a white house they don't
Speaker 1: agree with. But but are we perhaps, as Jim said,
Speaker 1: overstating that that it will necessarily happen this way. One
Speaker 1: thing that's definitely been true over the last ten fifteen years,
Speaker 1: in particular, is that at least a subset of nationally
Speaker 1: important issues a g s have gotten much more polarized,
Speaker 1: I mean, much more willing to um submit amicates briefs
Speaker 1: and Supreme Court, for instance, on a variety of measures,
Speaker 1: and also to sue federal agencies over a variety of things.
Speaker 1: I think that much is true, But I certainly take
Speaker 1: the point that number one, we do have to wait
Speaker 1: and see what happens and what the Trump administration ends
Speaker 1: up doing. But also going back to a point that
Speaker 1: Jim made before, there are still an number of areas
Speaker 1: like criminal justice, in which ages have worked together on
Speaker 1: a bipartisan besis and whether that continues in the next
Speaker 1: administration will be interesting to watch. Well, I think it's
Speaker 1: I think it's definitely going to continue. And and while
Speaker 1: and while ages have disagreed, Republicans disagree with the Obama
Speaker 1: administration in some areas, they are regularly, almost every week
Speaker 1: there's a joint federal state settlement of some administration some
Speaker 1: enforcement case which all fit the AG sign onto. So
Speaker 1: it's it's it's it's important, especially we have a business
Speaker 1: audience listening that do not be overstated that people feel
Speaker 1: that this is going to be all these extra lawsuits
Speaker 1: flying around all over the place. I think we have
Speaker 1: to wait and see. And we've seen, you know, we
Speaker 1: see send the McCaskill as, the Democrats from Missouri saying
Speaker 1: that she's willing to rethink Obamacare. We see that evidently
Speaker 1: sent a Schumer of New York is having regular conversations
Speaker 1: with the Trump Towers. So I mean, I'm you know,
Speaker 1: look great. Uh, we're not talk about We're gonna have
Speaker 1: to stop you there. We have a lot more to
Speaker 1: talk about and we'll have you both back again. That's
Speaker 1: Jim Tierney, the former a G of Maine and lecture
Speaker 1: at Harvard Law School, and Paul Millette, political science professor
Speaker 1: at Marquette. This is Bloomberg