Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg
Speaker 1: This Weekend Podcast with David Gura, Christina Raffini and Lisa Matteo.
Speaker 2: Thanks for joining us for today's selection of conversations from
Speaker 2: the show.
Speaker 3: You can listen to our favorite discussions right here on
Speaker 3: the podcast, but also make sure to join us live
Speaker 3: every Saturday and Sunday morning starting at seven am Eastern.
Speaker 4: We're on Bloomberg Television, Radio and the Bloomberg Business App,
Speaker 4: bringing you unique takes and in depth interviews on news, politics,
Speaker 4: lifestyle and culture.
Speaker 3: We'll get back to that rising youth unemployment in India
Speaker 3: which is sparked. Student led cockroach movement just managed to
Speaker 3: houst a cabinet minister while presenting a growing challenge to
Speaker 3: Prime Minister in rand Remotium.
Speaker 5: The protests highlight the extent to which India's economic rise
Speaker 5: is failing to include young unemployed graduates, with many feeling
Speaker 5: their lives and futures are being ignored by the governing party.
Speaker 5: Joining us now is Bloomberg News Senior reporter Dan Strength.
Speaker 6: Dan, the most interesting.
Speaker 5: Thing to me is the catalyst for all of this
Speaker 5: seems to have been a set of leaked test answers,
Speaker 5: Can you please explain why that mattered and how that
Speaker 5: got us here?
Speaker 7: Sure? Sure, yeah, that's absolutely right. So what was the
Speaker 7: catalyst in all of this was it was actually a
Speaker 7: series of leaked what's known in India as exam papers. Essentially,
Speaker 7: it's the early leak of the actual test itself that
Speaker 7: was circulating among some students and essentially forced the government
Speaker 7: to invalidate a huge number of the one of the
Speaker 7: most competitive tests in India, which is the test to
Speaker 7: get into medical school. Now this affects hundreds of thousands
Speaker 7: of students, if not more. It's a highly sought after
Speaker 7: sort of pathway for high achievers in India, widely seen
Speaker 7: as kind of a way out of poverty, and it
Speaker 7: is really it really at the time shook the confidence
Speaker 7: in the nation's education system, which for a long time
Speaker 7: has been having trouble really funneling it's many young educated
Speaker 7: students into well paying jobs.
Speaker 8: So all of this has.
Speaker 7: Kind of culminated come to a head in the last
Speaker 7: couple of months in the form of this movement that
Speaker 7: we have seen that has taken to the streets and
Speaker 7: as you said, has really shaken the politics of India
Speaker 7: and forced this rare retreat by the government in the
Speaker 7: form of the resignation of the Education Minister, and you know,
Speaker 7: calls for this group to kind of carry on it's mandate,
Speaker 7: to keep pushing and keep calling for reform.
Speaker 3: We were chatting about the name of the group and
Speaker 3: for us as the Yorker as cockroaches have one connotation,
Speaker 3: I gather there's a satirical connotation there in India. Explain
Speaker 3: that if you would. This is the c JP versus
Speaker 3: the BJP, which is the ruling party, which is helm
Speaker 3: by Nerandromodi. Explain the joke, if you would, and maybe
Speaker 3: tell us just a bit about how cohesive this group
Speaker 3: of young people is.
Speaker 7: Yeah, so it is a satirical movement. It started as
Speaker 7: a sort of a joke among some young people. Uh,
Speaker 7: you know, it's a play. It is a play on
Speaker 7: the ruling party, the b JP. What they're calling themselves
Speaker 7: is the CJP, the cockroach jaunt the party. And it
Speaker 7: essentially stemmed from what was kind of an offhand remark
Speaker 7: some months back by the Chief Justice of the Supreme
Speaker 7: Court of India sort of dismissively referring to unemployed young
Speaker 7: people as kind of cockroaches of society with with with
Speaker 7: nothing better to do but sort of uh, you know,
Speaker 7: disrupt things and cause trouble. Now, this did not go well.
Speaker 7: This did not go down well among some young people,
Speaker 7: and and they started sort of joking on it online
Speaker 7: on Twitter. Uh, a sort of riff began to circulate,
Speaker 7: and and this this joke essentially metamorphized into what became
Speaker 7: what is what they're calling themselves a political party. It's
Speaker 7: still not officially that it's it's a movement of sorts,
Speaker 7: but it's it's this, it's this movement around this sense
Speaker 7: of aggrievement, this sense of disenfranchisement among young people, that
Speaker 7: the system is sort of not working for them, that
Speaker 7: the education system now working for them, that the economy
Speaker 7: is now working for them, that they're not getting the
Speaker 7: jobs that they need, and that the establishment, the political
Speaker 7: class in India isn't listening to them, and worse is
Speaker 7: mocking them and sort of uh, dismissing them as as cockroaches.
Speaker 7: So they've sort of taken on this mantle and and
Speaker 7: and and of kind of sort of wearing it proudly.
Speaker 7: And you really see, you know, in the form of
Speaker 7: some of those videos you just showed some of those
Speaker 7: videos you just showed, you know, embracing this this this
Speaker 7: sort of cockroach mantle and taking it forward.
Speaker 3: Just one secrecy and Dan wins the show thus far.
Speaker 3: We're talking about the cockroach movement. He has the kofa
Speaker 3: s metamorphosis reference there to the way this group has developed.
Speaker 3: You're in the lead, Dan, You're leader, the leader for it.
Speaker 7: That's far all right, That was entirely that was an
Speaker 7: entirely unintended.
Speaker 3: Incidental I'm sure as you mentioned it.
Speaker 9: It does sound great, totally derailed by trade of thought.
Speaker 5: But I did want to talk about who was going
Speaker 5: to these protests. I've been listening to some reports on
Speaker 5: them throughout the weeks, and it seems like it's not
Speaker 5: just kids anymore. As there was some crackdowns on these protests,
Speaker 5: I heard of parents and aunties and uncles like showing
Speaker 5: up to try to show support because, as you mentioned,
Speaker 5: these tests are really important, but they're kind of the
Speaker 5: whole family has stake in them, especially if you're from
Speaker 5: a not well off family. Those test results are seen
Speaker 5: as a way to break generations of a cycle of
Speaker 5: poverty and the amount of pressure that has put on
Speaker 5: these young people and then to then allow kind of
Speaker 5: these malfeasance or these leaked test results. People were just
Speaker 5: really really upset about it. Who's going to these protests
Speaker 5: and are they specific about what they want?
Speaker 7: So it did start off as a sort of a
Speaker 7: very much a student led protest. The founder of the
Speaker 7: movement was a student actually studying in the US at
Speaker 7: the time of Indian descent, was studying at Boston University.
Speaker 7: You since come back to help lead the movement here,
Speaker 7: but it was very much a sort of a movement
Speaker 7: that started at the grassroots level from students. It has
Speaker 7: since grown much more widely. I mean, you do see
Speaker 7: sort of just young people across society joining in the protests,
Speaker 7: and as you said, many of their family members have
Speaker 7: also been coming out because you're absolutely right. For many families,
Speaker 7: you know, many of these students who were taking the tests,
Speaker 7: who are hoping to go on to these higher education
Speaker 7: programs that have come under threat, were the first people
Speaker 7: in their families to do this. I mean, this is
Speaker 7: you know, India remains, you know, a low income country
Speaker 7: that puts a lot of priority on education and on
Speaker 7: the opportunities that education can afford. You're seeing a lot
Speaker 7: of pathways close off for many young Indians. For example,
Speaker 7: many who used to go to the US for education
Speaker 7: or for employment on H one B visas. That was
Speaker 7: a major pathway for many Indians. Now that's being closed off.
Speaker 7: So all of these things are kind of coming together,
Speaker 7: and you do see many more people kind of joining
Speaker 7: the protests. One big tipping point I think has been
Speaker 7: what the way the government initially responded to these protests,
Speaker 7: which was was actually quite a quite a tough crackdown
Speaker 7: in the form of police coming out into the streets
Speaker 7: using batons on some of the protesters, using tear gas,
Speaker 7: allegations of pellet guns as well being used, and a
Speaker 7: lot of these images and videos of this sort of
Speaker 7: of this response by the police have circulated widely on
Speaker 7: social media and really has helped it inflame the movement
Speaker 7: and actually spread a lot of sympathy I think for
Speaker 7: many of these protesters, which is which is around the
Speaker 7: time that you started to really see the movement take off.
Speaker 7: So it has seen quite a sort of widespread sympathy. Uh,
Speaker 7: and it's and it's growing, and it really it does
Speaker 7: show no signs of slowing down.
Speaker 3: Yeah, great to speak with you. Thank you very much
Speaker 3: for the update. Dan Strump showing us for New Delhi here.
Speaker 3: Stay with us for more on Bloomberg this weekend. Right
Speaker 3: after this, Israel's Prime Minister, Benjamin at Yahoo is one
Speaker 3: of several world leaders who made the pilgrimage to Washington,
Speaker 3: d C. This to attend the memorial service for the
Speaker 3: late Senator Lindsey Graham. And while he was in DC
Speaker 3: Netanyah who had a meeting with the President. It was
Speaker 3: productive according to the White House, and excellent according to
Speaker 3: the Prime Minister.
Speaker 5: All Right, that being said, Israel's elections are less than
Speaker 5: two months away, and then Yao is facing a formidable
Speaker 5: challenger from his former military advisor, Gottie Eisenkott. We caught
Speaker 5: out with David Remnick, the editor of The New Yorker,
Speaker 5: who just published a new profile of BB's challenger.
Speaker 3: David, thanks for being here, and I want to start
Speaker 3: with some recent polling here from Channel twelve in Israel.
Speaker 3: A question to voters was who's the best candidate for
Speaker 3: Israel's Prime minister? Fifty nine percent said not Netanyahoo. And
Speaker 3: it makes me wonder how vulnerable is the prime minister
Speaker 3: right now? As he looks forward to this election.
Speaker 10: I want to mark it down right here.
Speaker 11: He is vulnerable, but I would never count bb netanyah
Speaker 11: who out. You have to remember this country has moved
Speaker 11: steadily to the right in the last generation. Younger voters
Speaker 11: are even more conservative than their elders, and since October seventh,
Speaker 11: the country has moved to the right. So even though
Speaker 11: there's a lot of ANTIBB sentiment for reasons we can discuss.
Speaker 11: And even though Gotti Eisenkob, the subject of the piece
Speaker 11: that I in New Yorker, is now seemingly in the lead,
Speaker 11: is three months left in the race, and a lot
Speaker 11: can happen.
Speaker 5: But can you explain how that doesn't translate to the
Speaker 5: polls when people go to vote.
Speaker 10: Well, I don't know. It's like long marriages.
Speaker 12: I think.
Speaker 11: I think the country has grown sick of reports of
Speaker 11: his corruption. There are a lot of people who blame
Speaker 11: him for the national security collapse on October seventh. There
Speaker 11: are a lot of people who are angry about the
Speaker 11: deals he cuts with the ultra orthodox so that they
Speaker 11: don't have to go to the army or not get
Speaker 11: arrested for dodging the draft. There's a multiplicity of reasons.
Speaker 11: You know, pick your poison. Most of the reasons are
Speaker 11: not the reasons that people here dislike. And I should
Speaker 11: add and I should also say it's very important to
Speaker 11: know I think tragically that the business of two states
Speaker 11: and Palestinian rights is not exactly in the center of
Speaker 11: the campaign.
Speaker 3: Let's talk about Gottie Eisencott, whom you profile in the piece.
Speaker 3: He's somebody who knows Natyahu very well. He was in
Speaker 3: the IDF for four decades and the knnessa after that.
Speaker 3: You describe him as the anti BB. Tell us a
Speaker 3: bit about his platform and how it contrasts with what
Speaker 3: we see from the Prime minister.
Speaker 10: Again, I don't.
Speaker 11: Want to mistake eisen Kott for some you know, a
Speaker 11: man of the left. For example, this is somebody who
Speaker 11: is the chief of the General Staff under Nettagna, who
Speaker 11: that's the top military position.
Speaker 10: It's like being the head of the Joint Chiefs.
Speaker 11: But I think that there's a very personal attached to
Speaker 11: Eisencott that israelis no longer have in the main with Nettagne,
Speaker 11: who he's seen as more honest, more sincere, and I
Speaker 11: think that they reflect they see something in him that
Speaker 11: they see in themselves a certain brokenness, a certain damage,
Speaker 11: exemplified by the fact that Eisincott lost his own son
Speaker 11: and two.
Speaker 10: Nephews soon thereafter in the war.
Speaker 11: So there is a certain kind of heart that he
Speaker 11: projects that Netta, who certainly does not a lot of Israelis,
Speaker 11: really resented Netta Yahoo for his seeming indifference to the
Speaker 11: hostages and the hostage families during during the war, and.
Speaker 10: That caused a lot of anger.
Speaker 11: His antipathy, not his antipathy, but seeming indifference to them.
Speaker 6: That surprised me.
Speaker 5: I remember I was talking to a couple hostage families
Speaker 5: who are very conservative and very on the right side politically,
Speaker 5: and we're just absolutely furious at NATANIELO and saying this
Speaker 5: would be his downfall.
Speaker 6: But to your earlier point, so how so far it
Speaker 6: hasn't been.
Speaker 5: Do you think Eisencott because he's not exactly dichotomist? Is
Speaker 5: he a good choice because he's not completely on the
Speaker 5: other side of things? But as you said, it's you
Speaker 5: would never count beb out completely.
Speaker 10: Let me be clear about this.
Speaker 11: Israel is in no way going to elect someone from
Speaker 11: the left as we understand it here. Israel, much as
Speaker 11: you might want them to. Is not going to elect
Speaker 11: someone in this election cycle or anytime soon who makes
Speaker 11: it a priority to talk about the rights of the Palestinians,
Speaker 11: the future of a potential Palestinian state. That is just
Speaker 11: not the agenda. Even Yayrglanos, the head of the Democratic Party,
Speaker 11: when he talks about two states, he talks about it
Speaker 11: in the distant future, whatever that may be.
Speaker 3: Now.
Speaker 11: They were also, i should say, because it's rarely mentioned
Speaker 11: in Israel, a fifth of this country, twenty percent of
Speaker 11: the country are Palestinian citizens of Israel Arabs.
Speaker 10: They also get a vote.
Speaker 11: But in this coalition arrangement and the current political mood
Speaker 11: of Israel, it is an unsayable thing to say that
Speaker 11: you could you'll make a coalition with those voters, which
Speaker 11: complicates matters even more. Netta Yaho is going to and
Speaker 11: is already attacking Eisenkott for being too friendly to Arabs
Speaker 11: or willing to make a government with the Arab of parties.
Speaker 11: This campaign is going to get lower and lower and
Speaker 11: dirtier and dirtier. Nah who speaks the Trumpian language of
Speaker 11: the deep state, and he refers to us meeting the
Speaker 11: press as enemies of the people. There's a real interplay
Speaker 11: between Trump and Natanyahu, a real influence back and forth
Speaker 11: between the two of them, even though their relationship lately
Speaker 11: has suffered.
Speaker 3: I want to talk about that in just a minute,
Speaker 3: but first I wonder if you could draw that contest.
Speaker 3: We talked about the kind of ideological or political contrast,
Speaker 3: but between these two so much as there is one,
Speaker 3: how about in terms of political polish And you're kind
Speaker 3: of getting at that a moment to go. So when
Speaker 3: you were on the campaign trail with him, listening to
Speaker 3: him speak, how different does he present from a Benjamin
Speaker 3: at Yahoo.
Speaker 11: It's not Eisenkott is anything but a polished campaigner. He
Speaker 11: is not an exciting orator. He comes across and you'll
Speaker 11: forgive the iiddishism as a kind of Menshi guy, But
Speaker 11: this is also an army general and the author of
Speaker 11: the Dahia doctrine, which is a rather brutal military doctrine
Speaker 11: of destroying civilian infrastructure as a way to flush out
Speaker 11: terrorists who hide within it, whether it's in Lebanon or
Speaker 11: later in Gaza. But his personal bearing on the stump,
Speaker 11: his imagery in the Israeli imagination is quite different than
Speaker 11: Ettenio was, You're absolutely.
Speaker 5: Right when it comes to the Trump a BB relationship
Speaker 5: that David was referencing.
Speaker 6: It's certainly gone through its ups and downs.
Speaker 5: But previously when campaigning, you know, there were posters of
Speaker 5: the two of them put up across Israel, and he
Speaker 5: was really leading into this relationship. I'm wondering, coming off
Speaker 5: of Iran, if that's something he should be doing. Was
Speaker 5: Iran seen as it's a liability for BB strategically and
Speaker 5: where does that leave his relationship going into the election.
Speaker 11: You make a crucial point, a crucial point, and here's
Speaker 11: the crux of the difference. It's not personality. The crux
Speaker 11: of the difference is that for Netsagne, who it's in
Speaker 11: his greatest political interest for the war to keep going.
Speaker 11: For Trump, he can't get out of this war soon enough,
Speaker 11: even though he seemingly does not know how to, because
Speaker 11: he's in up to his neck Trumps politically, who's facing
Speaker 11: the midterms. He is seeing gas prices soar, he's seeing
Speaker 11: two thirds of the American people or seventy percent of
Speaker 11: the American people against this war, seeing it as a
Speaker 11: strategic disaster, and they don't know why the hell were
Speaker 11: in in the first place, whereas the Israelis have been
Speaker 11: sold a bill of goods, believe it or not, since
Speaker 11: since Netagne, who came on the political scene decades ago, Netannell,
Speaker 11: who has been trying to sell American presidents and going
Speaker 11: to war with Iran since the nineties, and since George W. Bush, Obama,
Speaker 11: any number of presidents, and.
Speaker 10: Trump was the first to say yes.
Speaker 11: But now Trump finds himself looking to get out as
Speaker 11: quickly as possible, and deeply resentful of Nataniell, who he loved,
Speaker 11: Nataya who when he was a winner, and not so
Speaker 11: much when things have gone south.
Speaker 3: Day before you got this job, you were at the post.
Speaker 3: You covered Russian and I think we want to spend
Speaker 3: a couple of minutes talking about that. I mean, there's
Speaker 3: been a lot of conversation among experts about the position
Speaker 3: that Vladimir Putin is in right now. And we see
Speaker 3: the gains that Ukraine has made here in recent months,
Speaker 3: really pushing into Russian territory, and there's this sense that
Speaker 3: if Putin doesn't have his back to the wall, maybe
Speaker 3: it's getting closer to that. How do you think about
Speaker 3: his grip on power and the potential consequences of that
Speaker 3: him being forced in a position where there is more
Speaker 3: vulnerability than we've seen in the last couple of years.
Speaker 11: Let me say what most reporters are unwilling to say
Speaker 11: when faced with a television camera.
Speaker 10: I don't know.
Speaker 11: In other words, there's so as opposed to the Israeli
Speaker 11: political culture, to some extent, the American political culture, which
Speaker 11: is relatively relatively transparent and reportable, the ability to report
Speaker 11: inside the Kremlin and understand what might happen tomorrow in
Speaker 11: terms of opposition and so on and so forth is
Speaker 11: relatively obscure. It's a little bit like the old days
Speaker 11: of you know, in communist times, pre Gorbachev. However, I
Speaker 11: will say that a combination of strategic foolishness, the change
Speaker 11: in military technology, and the sheer will of the Ukrainian
Speaker 11: people has seen after all this time, You're absolutely right,
Speaker 11: or reversal of fortune. And it is deeply embarrassing to
Speaker 11: Vladimir Putin that the Ukrainians are able to send drones
Speaker 11: into Russian territory and take out things like, you know,
Speaker 11: manufacturing depots or energy sites or what have you. This
Speaker 11: is deeply embarrassed, and this is you know, the asymmetric
Speaker 11: kind of war that we've been hearing all about.
Speaker 10: The losses on the Russian side are enormous, enormous.
Speaker 11: No American president would be able to withstand that politically.
Speaker 11: But because Putin is a dictator and there's no feedback
Speaker 11: loop politically, he remains in power. But if you're asking me,
Speaker 11: can he be overthrown tomorrow? The answer, quite honestly, is
Speaker 11: I have no idea, and neither do you. And if
Speaker 11: somebody is telling you different in the press because they
Speaker 11: have an inside source or something, they're guessing, they're guessing.
Speaker 6: Fair enough, but quickly before I let you go.
Speaker 5: I mean, if this is not sustainable for him and
Speaker 5: he's left with two choices, that's capitulate slash negotiate, come
Speaker 5: to the table, figure something out, or with his backup
Speaker 5: against Well, David was saying, do something extreme. Which of
Speaker 5: those directions do you think he goes?
Speaker 8: Well?
Speaker 11: I don't think he wants to be in this situation,
Speaker 11: but the humiliation of withdrawal to him would be extraordinary.
Speaker 11: He staked his entire political biography and being on the
Speaker 11: idiotic and brutal war, absolutely staked upon it. And it
Speaker 11: would not surprise me that what might bring an end
Speaker 11: to it is mortality.
Speaker 10: Mortality.
Speaker 6: Stay with us for more on Bloomberg this weekend.
Speaker 5: Right after this, FIFA President Johnny and Fantino has abandoned
Speaker 5: a controversial plan to create a commercial entity that would
Speaker 5: have opened the door to outside investors for the World
Speaker 5: Cup after facing intense opposition from key regional football bodies
Speaker 5: and top clubs.
Speaker 3: In a statement posted by FIFA to ex Infantino said quote,
Speaker 3: having listened carefully to all the views, it's become clear
Speaker 3: that the project has created divisions of a nature that,
Speaker 3: regardless of the level of support, are no longer in
Speaker 3: the interest of the objective set out out in the
Speaker 3: first place. Joonie Studs, Bloomberg Senior sports supporter Randa Williams Randall,
Speaker 3: great to see you, and let me just start about
Speaker 3: start with kind of how far Johnny Infantino has fallen here.
Speaker 3: He was all over the country, all over the hemisphere
Speaker 3: during the World Cup.
Speaker 5: I we just do a story on you, like more
Speaker 5: jet miles than almost anybody.
Speaker 3: Else, cruising around in that Gulf stream up for reelection
Speaker 3: in March, enjoying quite a bit of support. Let's just
Speaker 3: start with the genesis of this idea, Where did it
Speaker 3: come from? On the heels of a fifteen billion dollar
Speaker 3: World Cup? Why did you feel like this was the
Speaker 3: moment to kind of push forward this planet's falling apart?
Speaker 13: Well, Bloomberg previously reported that this was in progress way
Speaker 13: before the World Cup started, And so I imagine that
Speaker 13: Johnny and Thankina knew that this World Cup was going
Speaker 13: to be the most successful yet in large part because
Speaker 13: the US, Canada and Mexico has stadiums set up unlike
Speaker 13: any other country in the world. And so he's looking
Speaker 13: at it and saying, Okay, we're going to make more
Speaker 13: money than we've ever made. But why don't we make
Speaker 13: even more money than that? I have this private deal
Speaker 13: set up. It's good for everybody. And then you a
Speaker 13: finda cast would have stomped on that. And now he
Speaker 13: is in big trouble.
Speaker 5: Yeah, we have a statement this morning from UEFA. It
Speaker 5: says it welcomes FIFA's withdrawal of plans of seal stake
Speaker 5: in the World Cup. But it goes on and says
Speaker 5: we cannot keep going on like this with secret schemes
Speaker 5: on fast track time scales cooked up by faceless individuals
Speaker 5: and a dubious benefit to the game. We must identify
Speaker 5: those responsible and hold them to account. The current FIFA
Speaker 5: leadership has not only lost UEFA's confidence, but also that
Speaker 5: of many other members of the football family.
Speaker 6: I mean we were talking, how do you really feel
Speaker 6: you A?
Speaker 3: I feel that right.
Speaker 8: I mean, that's not a lot.
Speaker 6: Of subtlety there, Randall. But is this real?
Speaker 5: I mean, he had kind of shored up his position
Speaker 5: so that he couldn't be kicked out, but it seems
Speaker 5: like that maybe a reality.
Speaker 13: Yeah, it's a big question going forward. And you mentioned
Speaker 13: his reelection in March. I imagine that this puts a
Speaker 13: lot of question marks around it because they go on
Speaker 13: to say that the shabby, backroom, opaque deal he hatched
Speaker 13: and tried to force through was anything but transparent, and
Speaker 13: with reserves standing at over five billion dollars, he has
Speaker 13: failed to use association's money for the benefit of the game.
Speaker 8: And so they're basically saying, we don't trust you anymore.
Speaker 13: You have five billion dollars in your bank account, why
Speaker 13: do you why do we need twenty billion dollars more?
Speaker 13: And why did the world need this four point two
Speaker 13: billion dollar deal with Joshua Kushner Strive Capital he is.
Speaker 13: I think he's going to have to do some campaigning
Speaker 13: to keep his job come March.
Speaker 3: Last I checked FIFA a nonprofit entity. How should we
Speaker 3: think about this in the context of that. You mentioned
Speaker 3: Joshua Kushner, Thrive Capital, the fund that he was creating here,
Speaker 3: the work that he's done with past athletic teams. This
Speaker 3: is a departure from the way that FIFA has operated
Speaker 3: for for a long time. Or should we no longer
Speaker 3: regard it as a nonprofit edity? How did Johnny and
Speaker 3: Fantina kind of make the case that what he's doing
Speaker 3: here wasn't jeopardizing that categorization.
Speaker 13: Well, it has to be a nonprofit now that his
Speaker 13: deal failed you. I think if you look at a
Speaker 13: comparison of this, people are talking about this in comparison
Speaker 13: to the PGA Tour versus the PGA Tour Enterprises, which
Speaker 13: is the tour's for profit arm. But that came about
Speaker 13: because Live Golf was actively threatening the PGA Tour. There
Speaker 13: was a legitimate rivalry between those two organizations for a
Speaker 13: couple of years, and the PGA tor Enterprises helped settle that.
Speaker 13: It helped right some wrongs and helped steer golf in
Speaker 13: the right direction. And so that was with the PGA
Speaker 13: tors version and it's been welcomed by everybody involved in
Speaker 13: the golf world. This was not this is this was
Speaker 13: as if you know, the PGA Tour did it. And
Speaker 13: then the players said no, this is not right. And
Speaker 13: so from FFUs perspective, it's like you can't have a
Speaker 13: for profit arm because France, England, Portugal, Germany and so
Speaker 13: many other superpower nations are saying we don't trust your
Speaker 13: money and we don't trust your head.
Speaker 9: Figure, how did he get here?
Speaker 5: Is this a bit of a self owned because you
Speaker 5: look at where he was in his position and then
Speaker 5: there was a controversy with the red card, his closeness
Speaker 5: to President Trump, and it just seems like he thought
Speaker 5: he had political capital that he didn't really have, especially
Speaker 5: coming off of some of those other controversies.
Speaker 13: Well, it's really interesting, like President Trump said yesterday that
Speaker 13: Gianni and Fantino and he did not discuss this deal.
Speaker 13: I wonder what would have happened if they did. But
Speaker 13: if you go back farther than the flow Balligan controversy,
Speaker 13: Gianny and Fantino, I would say has been pandering to
Speaker 13: President Trump for over a year now. President Trump received
Speaker 13: a peace prize in December. I want to say less
Speaker 13: than thirty days later, maybe a little over thirty days later,
Speaker 13: we went and seized Venezuela's president. Sixty days after that,
Speaker 13: we went to war in Iran. And so FIFA's pandering
Speaker 13: to President Trump has long made Yuefa and other members
Speaker 13: of FIFA very very uncomfortable you think about outside of politics.
Speaker 8: We also had hydration breaks.
Speaker 13: Those things are not normal in soccer DUEFA was not
Speaker 13: a fan of that either, And ultimately those things were
Speaker 13: to maximize revenue.
Speaker 8: The claim was that it was going to be very
Speaker 8: very hot during the summer, but really it wasn't. In
Speaker 8: different climates like Miami.
Speaker 13: Of course they might have needed them, but here in
Speaker 13: New York it was not sweltering.
Speaker 3: Those sprinklers on every quarter they have all right, let
Speaker 3: me ask you just sort of about where things go
Speaker 3: from here. And I think we've seen the power of
Speaker 3: these other groups, UEFA, the kind of the Asian Federation.
Speaker 3: What does that tell you just about the power that
Speaker 3: FIFA holds generally. I think there are a lot of
Speaker 3: folks kind of coming to this story cold unaware of
Speaker 3: the power that FIFA has had historically. But what does
Speaker 3: it tell us that these kind of regional federations have
Speaker 3: wielded and continue to wield a lot of powered influence
Speaker 3: here going forward.
Speaker 8: Well, FIFA's main event is the World Cup.
Speaker 13: They have been trying to build other events, both the
Speaker 13: Men's and Women's World Cup, and they added the Club
Speaker 13: World Cup, which sees you know, clubs like Real Madrid
Speaker 13: and FC Barcelona as well as in Miami compete.
Speaker 8: But outside of that, that's what FIFA is known for.
Speaker 13: The UEFA is known for the EuroLeague, excuse me, the
Speaker 13: Champions League, the euro Cup, and then you go all
Speaker 13: around the world in different federations have different tournaments that
Speaker 13: players think of similarly to the World Cup. Now, of course,
Speaker 13: the World Cup is the big prize that everybody wants
Speaker 13: to win, but if that's your only thing, then everybody
Speaker 13: is sort of looking at you and saying, you know,
Speaker 13: why don't you just stick to the formula of what
Speaker 13: you had. The World Club has worked every four years
Speaker 13: for both men's and women's. It's more popular than it's
Speaker 13: ever been. You know, it's made more money than it's
Speaker 13: ever been. So why does this twenty million dollar deal
Speaker 13: need to happen.
Speaker 8: And I think that, you know, in.
Speaker 13: Terms of the power that these organizations have, we just
Speaker 13: saw witness. We saw UEFA and Concacast stomp on this
Speaker 13: and say we're out, and next thing you know, within
Speaker 13: forty eight hours or maybe seventy two hours, this deal
Speaker 13: is dead.
Speaker 5: All right, Rada Williams, thank you so much for joining
Speaker 5: us and breaking that down. You are, of course, our
Speaker 5: senior business of sports reporter and the host of Sports
Speaker 5: City and the co host of the Business Sports podcast.
Speaker 4: Stay with us for more on Bloomberg this weekend.
Speaker 3: Right after this, well, here we are Bloomber this weekend.
Speaker 3: Time for the pointed news quiz.
Speaker 5: I'm feeling very outnumbered and like collusion is about.
Speaker 3: Well, there's no collusion. I just want to emphasize that
Speaker 3: this is a self regulated body, but there was no
Speaker 3: empty Are.
Speaker 6: We a nonprofit?
Speaker 9: Should we be a nonprofit like FIFA.
Speaker 14: We're thinking about some investment on broad definition of the terms.
Speaker 3: Tim stat of a fully in for Lisa Mateo today
Speaker 3: quite capably, I must dad.
Speaker 12: Well, it is the moment.
Speaker 14: Thank you, by the waylcome, it's it's.
Speaker 9: The capable.
Speaker 14: Waiting Yes, I agree.
Speaker 12: This is the pointed news quiz. Yes, you can play
Speaker 12: along at home if you have never played just Bloomberg
Speaker 12: dot com slash pointed. You can do it on your
Speaker 12: mobile device or on your computer. Pay attention, though, because
Speaker 12: he's the rules.
Speaker 3: What are the rules?
Speaker 14: All right?
Speaker 12: You guys each have thirty chips?
Speaker 3: Yes, yes, thereabouts.
Speaker 14: I feel like way bets.
Speaker 12: They look like they could be. Don't you replace your
Speaker 12: bets on each category? Depending on how you really feel
Speaker 12: about these categories? Here the category I level of confidence?
Speaker 14: All right?
Speaker 3: Categories Here the category I'm interrupt He doesn't like my interruptions.
Speaker 9: Like you're derailing his motive.
Speaker 12: Stop it, d I just want to make sure we
Speaker 12: have time to get I'm sorry.
Speaker 3: Okay, all right, here the category there's.
Speaker 12: They're not just categories, but a bonus question too. All right,
Speaker 12: don't tell us that online shopping online shopping sandwiches. Car
Speaker 12: chargers okay, car chargers.
Speaker 6: EV chargers are like a charger for my phone in
Speaker 6: the car.
Speaker 12: You'll find out. Okay, interesting, we're actually going to go
Speaker 12: a little bit out of order.
Speaker 3: Okay, we are, Yeah, that's not how this.
Speaker 12: No, we're not going to go out I kind of
Speaker 12: want to change it up.
Speaker 3: All right, I'm ready.
Speaker 9: All right, I'm going to split across.
Speaker 3: Oh you're really I feel confident in my sandwich knowledge.
Speaker 5: Okay, I feel confident your sandwich knowledge. Okay, okay, are
Speaker 5: you ready?
Speaker 3: I'm ready?
Speaker 14: All right, first category, we're going with online shopping.
Speaker 12: Let's go with sandwiches.
Speaker 3: Actually, oh really yeah, I got to move that of ear.
Speaker 12: Okay, all right, sandwiches. Excitement impatience baby like wonder, says
Speaker 12: what spokesman in an ad for the recently I POD
Speaker 12: Jersey mics.
Speaker 3: Say that one we're talking.
Speaker 9: What's the question?
Speaker 12: Excitement impatience, baby like wonder, says what spokesman an ad
Speaker 12: for the recently I p O for his name.
Speaker 3: You know, this was a major I p O this
Speaker 3: week as we saw this move into consumer I pos
Speaker 3: And have you.
Speaker 12: Guys been to Jersey Mikes?
Speaker 3: I used to go growing up. I haven't been in
Speaker 3: a long time. You order by number, you pick a sandwich,
Speaker 3: really miracle menu?
Speaker 12: Okay, what do you have?
Speaker 6: Christina Jersey Mike?
Speaker 7: I don't know that.
Speaker 12: David's right there.
Speaker 14: He is, you can see him right there with and
Speaker 14: a Manning Brother.
Speaker 9: Interview.
Speaker 5: I read two articles Danny DeVito was never mentioned.
Speaker 3: And I have ten of your tokens to give to you.
Speaker 3: Don't get them, you have to hand them over there
Speaker 3: you go.
Speaker 9: All right, Well, okay, Lisa, so much, Lisa.
Speaker 12: All right, play along at home. Bloomberg dot Com flash point,
Speaker 12: all right, what's we're there? I'm leaving the online shopping
Speaker 12: marketplace vented, vented, spell for me, vented, v I n
Speaker 12: t ed vnted.
Speaker 3: Like vented with an eye exact vintage.
Speaker 12: It's expanding into the US and molling an I p O.
Speaker 12: What type of product is sold?
Speaker 10: Nt answer?
Speaker 3: Vented vented like vin Vin diesel Vin vintage. All right,
Speaker 3: I think I'm gonna go with that, Okay.
Speaker 12: I love to hear in the music, Christina says, it's
Speaker 12: like you second hand clothing, clothing, vintage clothing.
Speaker 5: It's not all vintage. It's like second hand fashion stuff.
Speaker 12: Personally, except that as a correct answer, Wow, David, vintage clothing. Yeah,
Speaker 12: second hand clothing.
Speaker 3: Is all right, excellent, gave you the great I was
Speaker 3: going to say, yeah, spelled it out to the course
Speaker 3: of this vintage vinted tell me more about it.
Speaker 12: Yeah, it's yours largest online clothing resell market. Do you
Speaker 12: know about this?
Speaker 5: Yeah, and they're really popular because they don't charge a
Speaker 5: fee to the seller, so you can sell your clothes
Speaker 5: and get more money for them. Because anybody who's tried
Speaker 5: to second hand retail online you get hardly anything for it.
Speaker 5: You get more if you list on vinted.
Speaker 3: You do. Yeah, have you found one in the city
Speaker 3: yet that you enjoy? Okay, you don't have to reveal
Speaker 3: them on here.
Speaker 12: This was founded in two thousand and eight in Lithuania
Speaker 12: and it's process twelve point three billion dollars worth of
Speaker 12: secondhand clothing West last year.
Speaker 3: It's a big men's clothing and women's I think, so,
Speaker 3: I don't know, is it? I think? So stay tuned
Speaker 3: next week.
Speaker 14: Usually I mean to them. Yeah, usually usually it's easier to.
Speaker 9: I'll find you boys. Some blazers, don't worry, all right.
Speaker 3: Third question? All right, I bet nothing on this, so
Speaker 3: I'm just caring.
Speaker 12: What are we doing? You guys are car chargers. You
Speaker 12: guys are tied one to one.
Speaker 3: The way I bet twenty on that first one.
Speaker 5: I think I get half a point for his because
Speaker 5: I gave him the answer.
Speaker 12: All right, Well, you keep you guys can keep track
Speaker 12: of the masks car chargers. What retailer is second only
Speaker 12: to Tesla in expanding its EV charging network in the
Speaker 12: second quarter. It's also the nation's largest grocer.
Speaker 3: I do know this one nation's largest grocer.
Speaker 12: Maybe I shouldn't have given that for a clue.
Speaker 14: It's ok.
Speaker 3: I don't know about that good thing. I didn't bet
Speaker 3: any chips on it, I wrote Kroger.
Speaker 12: Walmart Christina is right. Walmart is betting its investment in
Speaker 12: EV ports juice sales inside its stores, since drivers need
Speaker 12: something to do while their cars are charging. Yes, Walmart
Speaker 12: is creating one of the country's largest EV charging networks,
Speaker 12: nearly three hundred and fifty stations spread among its forty
Speaker 12: six hundred stores.
Speaker 9: It was the largest gross.
Speaker 3: I guess we have time for a bonus.
Speaker 12: We have time.
Speaker 3: I don't need it, but we.
Speaker 12: Have time for a bonus.
Speaker 6: We're time.
Speaker 3: You have twenty all right?
Speaker 14: All right, okay, alright, that's the category.
Speaker 3: All right one?
Speaker 12: Which country will host Formula one for the first time
Speaker 12: in nine years after agreeing to take on Bahrains postponed
Speaker 12: Grand Prix.
Speaker 14: What's it going to be? I don't know, I really
Speaker 14: don't know.
Speaker 12: It's going to be called.
Speaker 3: Kid, I wrote, Saudi Arabia.
Speaker 12: Oh okay, neither of you got it right. That's good.
Speaker 12: It's it's Malaysia, Malaysia. I'll be hosting the event. It's
Speaker 12: going to be called Bahrain Grand Prix in Malaysia was
Speaker 12: postponed due to disruption caused by the war in the
Speaker 12: Middle East. Malaysia actually hosted F one races for nineteen seasons,
Speaker 12: but were retired of the expensive staging fees and falling
Speaker 12: ticket at our expensive I remember there.
Speaker 9: Used to be a race in Malaysia.
Speaker 14: Yes, bye.
Speaker 9: Watch the Netflix show back in the day.
Speaker 3: Tim Sik, thank you very much. Happened to win three
Speaker 3: weeks in a row, David Gerrol winning pointed with Simsonaglaht.
Speaker 3: So you can test your knowledge on all ten questions.
Speaker 5: Good sport when my winning streak was going hot, take the.
Speaker 3: Point of news quiz at Blomberg dot Com. Slash pointed
Speaker 3: on the Bloomberg Business app. It is available as well.
Speaker 9: Thank you for joining it.
Speaker 2: Luck next week, Thanks for joining us on today's Bloomberg
Speaker 2: This Weekend podcast. Don't forget to tune in live for
Speaker 2: the show every Saturday and Sunday morning, starting at seven
Speaker 2: am Eastern.
Speaker 3: We're on Bloomberg Television, Radio, and the Bloomberg Business App,
Speaker 3: bringing you unique takes and in depth interviews on news, politics,
Speaker 3: lifestyle and culture.