WEBVTT - Putin's Tucker Interview, Biden's Memory & Private Equity NFL Interest

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Good morning, It's finder the ninth of February in London.

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<v Speaker 2>This is the Bloomberg DAYBAQ podcast, available every morning on Apple,

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<v Speaker 2>Spotify or wherever you listen. I'm Caroline Hepki.

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<v Speaker 3>And I'm Stephen Carroll. Coming up today. Putin takes a

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<v Speaker 3>hardline on Ukraine and his interview with the US right

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<v Speaker 3>wing commentator Tucker Carlson.

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<v Speaker 2>Jeremy Hunt says that he's very attracted by the idea

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<v Speaker 2>of a British ISA to boost the UK stock market.

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<v Speaker 3>And to hail Mary Pass. Why an NFL succession crisis

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<v Speaker 3>is forcing teams to let private equity in.

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<v Speaker 2>Let's start with a roundup of our top stories.

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<v Speaker 3>Russian President Vladimir Putin says his country hasn't yet achieved

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<v Speaker 3>its objectives in Ukraine. Putin made the comments in an

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<v Speaker 3>interview with the right wing US commentator and former Fox

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<v Speaker 3>News presenter Tucker Carlson. It's the first time the Russian

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<v Speaker 3>leader has given an interview to a Western media figure

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<v Speaker 3>since he ordered the invasion of Ukraine almost two years ago.

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<v Speaker 3>Here's what he said in the interview with the Tucker

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<v Speaker 3>Carlson Network.

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<v Speaker 4>If you really want to stop fighting, you need to

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<v Speaker 4>stop supplying weapons. It will be over within a few weeks.

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<v Speaker 4>That's it, and then we can agree on some terms.

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<v Speaker 3>That's Latimir Putin, speaking via a translator. Tucker Carlson, who

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<v Speaker 3>conducted the interview as a prominent Donald Trump supporter and

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<v Speaker 3>has used his media platform to question US support for

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<v Speaker 3>Ukraine and to defend the Kremlin. Meanwhile, Ukraine's ambassadors the

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<v Speaker 3>United States has warned that her country's facing a critical

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<v Speaker 3>shortage of military hardware, even as she expressed optimism that

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<v Speaker 3>American lawmakers will overcome their deadlock and deliver aid to

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<v Speaker 3>her country.

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<v Speaker 2>President Joe Biden says that there is nothing wrong with

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<v Speaker 2>his memory. The president was reacting to a US Special

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<v Speaker 2>Council report that described him as an elderly man with

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<v Speaker 2>a poor memory and chronicled repeated occasions where he's struggle

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<v Speaker 2>to recall basic facts in his life. In an impromptu

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<v Speaker 2>White House news conference, Biden, who is eighty one, answered

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<v Speaker 2>defiantly to questions about his capacity to continue serving as president.

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<v Speaker 5>My memory is My memory is fine.

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<v Speaker 6>My memory. Take a look at what I've done since

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<v Speaker 6>the recompression.

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<v Speaker 4>None of us thought I could pass any of the

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<v Speaker 4>things I got passed.

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<v Speaker 1>How'd that happen?

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<v Speaker 2>You know?

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<v Speaker 6>I guess I just forgot what was going on.

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<v Speaker 2>Piden's comments came after the report by a Justice Department

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<v Speaker 2>Special Council found that the President knowingly stored and disclosed

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<v Speaker 2>classified information kept in unsecured locations at his homes. However,

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<v Speaker 2>investigators concluded the evidence does not establish mister Biden's guilt

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<v Speaker 2>beyond a reasonable doubt.

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<v Speaker 3>The US Treasury Secretary Janet Yellen says regulators are monitoring

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<v Speaker 3>risks stemming from non bank mortgage lenders. Speaking to the

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<v Speaker 3>Senate Banking Committee, Yellen caution that a failure of one

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<v Speaker 3>of them is possible in the case of market strains.

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<v Speaker 6>Non bank mortgage companies lack access to the deposits which

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<v Speaker 6>banks have. There is concern that in stressful market conditions,

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<v Speaker 6>we could see the failure of one of these.

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<v Speaker 3>That's the US Treasury Secretary Channet Yellen. Non banks have

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<v Speaker 3>become a major presence in the mortgage market, but rely

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<v Speaker 3>on short term funding instruments to fund their operations and

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<v Speaker 3>have seen rapid growth in recent years. They also aren't

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<v Speaker 3>allowed to access the federal reserves emergency lending facility, not

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<v Speaker 3>as the discount window.

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<v Speaker 7>Now.

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<v Speaker 2>New rules in the United States will force hedge funds

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<v Speaker 2>to share more details about their investment strategies. Funds with

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<v Speaker 2>net assets of at least five hundred million dollars will

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<v Speaker 2>be subject to changes, including reporting separately on each component

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<v Speaker 2>of a fund and revealing how they're investing in crypto.

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<v Speaker 2>It's an expansion of the current quarterly filing system for

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<v Speaker 2>big managers. Regulator to say it's a better way to

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<v Speaker 2>keep tabs on risk in the financial system.

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<v Speaker 3>Here in the UK, the Chancellor is very attracted to

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<v Speaker 3>the idea of the British iSER, form of tax free

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<v Speaker 3>savings account as part of efforts to boost UK stocks.

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<v Speaker 3>Bloombrooks twa Adebayo has the details.

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<v Speaker 7>Various investors and city grandees have called on Jeremy Hunt

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<v Speaker 7>to encourage Brits to invest in their own stock market.

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<v Speaker 7>According to the Chancellor, a British iSER might now be

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<v Speaker 7>the answer. During a fireside chat with Bloomberg's Francine Laquire

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<v Speaker 7>at an industry dinner, Hunt said the scheme could prove

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<v Speaker 7>effective in ensuring UK companies received more of the country's capital.

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<v Speaker 7>Just last year, an open letter published in the Timed newspaper,

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<v Speaker 7>signed by key investors, pushed for the inclusion of a

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<v Speaker 7>British iSER in last year's Autumn statement. Despite his latest comments,

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<v Speaker 7>Jeremy Hunt reiterated that the contents of his upcoming March

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<v Speaker 7>budget haven't been decided in London. Tewa Adebayo Bloomberg.

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<v Speaker 2>Radio Conservative Party donor Nick Candy is backing a change

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<v Speaker 2>of government to labor. The UK property tycoon told Bloomberg

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<v Speaker 2>that it's probably time for a change in the country's leadership.

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<v Speaker 2>He also had praise for the opposition leader Kirs Starmer.

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<v Speaker 5>Something I'm naturally a Tory. I voted for Tony Blair

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<v Speaker 5>when he came into power. I think it's probably time

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<v Speaker 5>for a change. I think all this is inviting in

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<v Speaker 5>the Tories, and even now with the talks of Chemi

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<v Speaker 5>badd and not replacing Rishi by mid May, British people

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<v Speaker 5>should know what's going on and based on that, maybe

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<v Speaker 5>it's time for some change. But we still don't know

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<v Speaker 5>the labor policies. But do I think Kis Starmer is

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<v Speaker 5>a decent man with good values and good modes one

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<v Speaker 5>hundred percent.

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<v Speaker 2>Candy's comments come four years after he donated one hundred

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<v Speaker 2>thousand pounds to the Conservatives during the Boris Johnson administration.

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<v Speaker 2>Despite supporting a change in government, the entrepreneur expressed doubts

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<v Speaker 2>over a potential labor wealth tax and proposed VAT on

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<v Speaker 2>private school fees.

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<v Speaker 3>Labor I, meanwhile, as slash to Key pledge to spend

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<v Speaker 3>twenty eight billion pounds a year on the Green Transition.

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<v Speaker 3>Kiir Starmer confirmed a new annual spending target of four

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<v Speaker 3>point seventy four billion on the party's so called Green

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<v Speaker 3>Prosperity Plan. The opposition leader blamed government spending mistakes for

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<v Speaker 3>the cuts.

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<v Speaker 8>We won't reach the twenty eight billion pounds in visage

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<v Speaker 8>that figure is effectively stood down. The reason for that

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<v Speaker 8>is because since we announced the twenty eight billion, the

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<v Speaker 8>tours have done terrible damage to our economy, not just

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<v Speaker 8>the Liz Trust's budget, but also now the government briefing

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<v Speaker 8>that it's going to max out on the government credit

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<v Speaker 8>card reckless. But I have to anticipate the circumstances as

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<v Speaker 8>they are now, not as I'd wish them to be.

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<v Speaker 3>That's the Labor leader Kiers Starmer and irresponding to the news,

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<v Speaker 3>Prime Minister Ishisinak said the uncertainty surrounding Labour's plan poses

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<v Speaker 3>a real risk to the country's future. In a moment,

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<v Speaker 3>we'll bring you more in Vladimir Putin's interview and why

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<v Speaker 3>private equity is moving into American football. But first we're

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<v Speaker 3>discussing recently on the program this phenomenon of doom spending.

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<v Speaker 3>Younger people in particular are choosing to spend their savings

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<v Speaker 3>because they feel like big financial milestones like buying home

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<v Speaker 3>or having children are just too impossible and they're too

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<v Speaker 3>stress but the state of the world's Instead, they're buying

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<v Speaker 3>themselves nice things. So Sarah Sarah Green Carmak from Bloomberg

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<v Speaker 3>Opinion has been writing about this with a warning. Don't

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<v Speaker 3>do it, essentially is her message, and now She particularly

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<v Speaker 3>points to how more young women are doom spending than

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<v Speaker 3>younger men and says they can't afford to because women,

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<v Speaker 3>more than men, are more likely to say that debt

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<v Speaker 3>has led them to delay major life milestones like marriage,

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<v Speaker 3>home ownership, and children. Women are also more likely to

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<v Speaker 3>say their debts are unmanageable. Her advice is real self

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<v Speaker 3>care is setting and sticking to a budget, and while

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<v Speaker 3>you might not be able to achieve the ideal goals

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<v Speaker 3>of how much you'd like to be saving. Whatever you

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<v Speaker 3>can save in the short term is going to help

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<v Speaker 3>in the long term. And whereas you can splurge, we

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<v Speaker 3>all want to, but perhaps to scale back the scale

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<v Speaker 3>of your splurging.

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<v Speaker 2>Yeah, literally, I guess this sounds very sensible. It's far

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<v Speaker 2>two cents, and I totally agree with Sarah. I had

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<v Speaker 2>not understood this idea of doom spending, but I would

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<v Speaker 2>probably compare it to skiing, right, which is spending the

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<v Speaker 2>kids inheritance. So that's kind of the flip actual skiing. No, no,

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<v Speaker 2>not actual skiing, but you know the other which that

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<v Speaker 2>was a thing for a while, wasn't it, the sort

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<v Speaker 2>of I don't know, over fifties, over sixties doing that.

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<v Speaker 2>Now it's younger people. I mean, you get it when

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<v Speaker 2>you look at house prices in the UK that that

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<v Speaker 2>might be the case. But also, I mean Sarah's point

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<v Speaker 2>to women in the UK, this generation, the changeover in

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<v Speaker 2>terms of pensions, there's a real worry that there's going

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<v Speaker 2>to be a very big, you know, pension deficit for

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<v Speaker 2>people in the UK. So yeah, one can see why

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<v Speaker 2>you should take the good advice.

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<v Speaker 3>Yeah, definitely worth a read. This morning, let's turn to

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<v Speaker 3>bring you more on our top story now that now though,

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<v Speaker 3>and that interview that Vladimir Pudin gave to the former

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<v Speaker 3>Fox News was aanto at Tucker Carlson, our AMA and

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<v Speaker 3>news director Razin Matheson is with us for more in

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<v Speaker 3>studio RAS. Good morning. This is the first time the

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<v Speaker 3>Russian president has spoken to a figure in the Western

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<v Speaker 3>media since the twenty twenty two invasion of Ukraine. Tucker

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<v Speaker 3>Carlson is a Donald Trump supporter. He's questioned American support

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<v Speaker 3>for Kiev. Why did Vladimir Putin choose to speak to

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<v Speaker 3>him and why now?

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<v Speaker 9>Well, obviously it was interesting to see that it was

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<v Speaker 9>Tucker Carlson who spoke too, because that allowed him to

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<v Speaker 9>talk about history essentially for fifty minutes unfettered, before he

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<v Speaker 9>came into questioning as to why now. Of course, Vladimir

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<v Speaker 9>Putin's coming up for re election fairly soon, and while

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<v Speaker 9>that's not really in doubt, the Russian media has been

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<v Speaker 9>a frequent player of Tucker Carlson's clips domestically because it

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<v Speaker 9>does tend to paint Vladimir Putin in a favorable or

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<v Speaker 9>question at least the US support for Ukraine and its

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<v Speaker 9>war against Russia. So you can imagine that some of

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<v Speaker 9>this could be for a domestic audience, using this to

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<v Speaker 9>burnish Vladimir Putin's credentials. He's standing on the international stage

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<v Speaker 9>to the Russian voter, so that's possibly right now. Also,

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<v Speaker 9>he seems to be feeling fairly upbeat, shall we say,

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<v Speaker 9>I mean cast it back to two years ago, in

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<v Speaker 9>the aftermath of his invasion of Ukraine.

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<v Speaker 4>It was going terribly.

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<v Speaker 9>I mean, they failed to take Kiev, they were pushed

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<v Speaker 9>back very quickly. There were lots of big questions about this,

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<v Speaker 9>how long his war could sustain. It's coming up to

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<v Speaker 9>the third year. They haven't taken Kiev, but they've carved

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<v Speaker 9>out a huge amount of territory really from Ukraine in

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<v Speaker 9>the south and the east. We know that there are

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<v Speaker 9>problems within the administration in Ukraine. Telinski, the president essentially

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<v Speaker 9>had to fire his army chief yesterday. Perhaps he's seizing

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<v Speaker 9>the moment. He's also, you know, looking at fishes between

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<v Speaker 9>Ukraine and Europe and Ukraine in the US over the

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<v Speaker 9>supply of weapons. So perhaps there's a moment to talk

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<v Speaker 9>about that.

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<v Speaker 2>Yeah, absolutely so yeah, but as you say, perhaps pointing

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<v Speaker 2>to this use as in domestic propaganda. But Putin, when

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<v Speaker 2>he was questioned what did he actually say about the

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<v Speaker 2>war in Ukraine and the possibility of it.

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<v Speaker 9>Ending, well, he repeated what he's says quo from which

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<v Speaker 9>is that his goals have not been achieved in Ukraine.

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<v Speaker 9>That's a fairly standard line. But he did seem to

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<v Speaker 9>try and stick a wedge, a further wedge between the

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<v Speaker 9>US and Ukraine. Of course, we know that there are

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<v Speaker 9>big debates in Congress about the supply of further military aid,

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<v Speaker 9>particularly to Ukraine. Ukraine is warning they're running out of ammunition.

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<v Speaker 9>They need this stuff urgently. He was saying, essentially that

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<v Speaker 9>if the US stops supplying weapons to Ukraine, he may

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<v Speaker 9>think about negotiating or having talks and really putting the

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<v Speaker 9>owners there on the US and Ukraine. Of course, there's

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<v Speaker 9>no sign that Vladimir Putin is serious about intending to negotiate,

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<v Speaker 9>and the US has been a staunch supporter overall of Ukraine.

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<v Speaker 9>But it seems to be perhaps about trying to exploit

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<v Speaker 9>some of those little fishes that we're seeing with Ukraine.

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<v Speaker 9>Is he really serious about negotiating probably not anytime soon.

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<v Speaker 3>And another story ris that we wanted to touch on

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<v Speaker 3>with you as well, is in regards to the US

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<v Speaker 3>election present Biden criticizing a justice to Bors which questioned

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<v Speaker 3>his memory and his mental acuity. How serious an issue

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<v Speaker 3>is this for the election campaign?

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<v Speaker 9>Well, this could arguably be one of the worst weeks

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<v Speaker 9>yet for Joe Biden, and where months away from the election,

0:12:13.920 --> 0:12:16.600
<v Speaker 9>he's had a repeated series of gas where he's mixed

0:12:16.720 --> 0:12:20.600
<v Speaker 9>up former leaders of Germany, France, and now in the

0:12:20.720 --> 0:12:23.480
<v Speaker 9>very press conference where he was defending his ability to

0:12:23.880 --> 0:12:28.199
<v Speaker 9>be president and his mental capacity, he mixed up the

0:12:28.280 --> 0:12:31.400
<v Speaker 9>leaders of Egypt and Mexico on his way out the door,

0:12:32.240 --> 0:12:34.959
<v Speaker 9>which kind of overshadowed what was quite a forceful press

0:12:34.960 --> 0:12:39.720
<v Speaker 9>conference from him defending again his record his mental acuity.

0:12:40.120 --> 0:12:42.400
<v Speaker 9>And so that's really just going to be red meat

0:12:42.440 --> 0:12:45.560
<v Speaker 9>in a way for the Republicans, particularly Donald Trump, the

0:12:45.720 --> 0:12:48.240
<v Speaker 9>likely candidate. Although Joe Biden and Donald Trump are not

0:12:48.240 --> 0:12:51.160
<v Speaker 9>that different in age, it's just that, you know, being

0:12:51.240 --> 0:12:54.440
<v Speaker 9>president and having these moments, it really just plays into

0:12:54.480 --> 0:12:57.920
<v Speaker 9>that narrative where Donald Trump calls him sleepy Joe and

0:12:58.000 --> 0:12:59.000
<v Speaker 9>questioning his ability.

0:12:59.120 --> 0:13:00.880
<v Speaker 2>Yeah, what else, Thank thank you, so much for being

0:13:00.880 --> 0:13:03.880
<v Speaker 2>with us this morning. I AMA News director Roslyn matheson

0:13:03.960 --> 0:13:07.959
<v Speaker 2>there with well all the details around Vladimir Putin's interview,

0:13:07.960 --> 0:13:09.319
<v Speaker 2>and President Joe Biden.

0:13:09.640 --> 0:13:11.800
<v Speaker 3>Turned to talk about something that we don't often feature

0:13:11.840 --> 0:13:15.439
<v Speaker 3>on this show, American football. Ahead of Sunday Superbil, Bloomberg's

0:13:15.440 --> 0:13:17.880
<v Speaker 3>been looking at the changing ownership of NFL teams and

0:13:17.920 --> 0:13:20.360
<v Speaker 3>how private equity could be about to enter the game.

0:13:20.400 --> 0:13:23.400
<v Speaker 3>Bloomberg's Charlie Wells joins us with more details of today's

0:13:23.480 --> 0:13:26.520
<v Speaker 3>Big Take report. Charlie, what's causing, first of all, what's

0:13:26.520 --> 0:13:29.560
<v Speaker 3>been called a succession crisis in the National Football League.

0:13:30.200 --> 0:13:32.720
<v Speaker 1>Yeah, look, so I am not necessarily the most natural

0:13:32.760 --> 0:13:36.839
<v Speaker 1>American football fan, but this is a really, really fascinating,

0:13:37.240 --> 0:13:42.000
<v Speaker 1>fascinating development and what really is in American institution. And look,

0:13:42.360 --> 0:13:44.280
<v Speaker 1>you know, football might not be everyone's game of tea,

0:13:44.320 --> 0:13:47.280
<v Speaker 1>but this is the only sport in the United States

0:13:47.280 --> 0:13:52.440
<v Speaker 1>that can bring together one hundred million viewers to watch,

0:13:52.720 --> 0:13:55.680
<v Speaker 1>you know, a single event. And what's really fascinating is

0:13:56.600 --> 0:14:01.360
<v Speaker 1>both age and appreciation are changing America's National Football League

0:14:01.360 --> 0:14:03.959
<v Speaker 1>and creating something of a crisis. So if you look

0:14:04.080 --> 0:14:07.480
<v Speaker 1>at you know how much these football teams are worth

0:14:07.600 --> 0:14:12.360
<v Speaker 1>They are worth billions. They have appreciated in value on

0:14:12.559 --> 0:14:16.240
<v Speaker 1>average about sixty nine percent between just twenty twenty and

0:14:16.320 --> 0:14:20.080
<v Speaker 1>twenty twenty three. The average team value is now about

0:14:20.160 --> 0:14:24.040
<v Speaker 1>five billion dollars. But you've got to remember that the

0:14:24.120 --> 0:14:27.080
<v Speaker 1>National Football League is very different from other sports leagues

0:14:27.280 --> 0:14:30.000
<v Speaker 1>in that it is very much a family run sort

0:14:30.040 --> 0:14:33.920
<v Speaker 1>of business. And the owners of a number of these

0:14:34.040 --> 0:14:37.880
<v Speaker 1>leagues is growing. So you know, the average age of

0:14:37.920 --> 0:14:41.720
<v Speaker 1>the league's thirty two principal owners is seventy two, and

0:14:41.960 --> 0:14:45.280
<v Speaker 1>seven of the principal owners are eighty or older. And

0:14:45.320 --> 0:14:48.200
<v Speaker 1>then when you think about that, you've got the appreciation

0:14:48.360 --> 0:14:51.280
<v Speaker 1>of these teams. You've also got the family ownership structure

0:14:51.560 --> 0:14:53.720
<v Speaker 1>that means that as they age, they want to pass

0:14:53.760 --> 0:14:57.520
<v Speaker 1>on these teams, but they're facing huge tax liabilities and

0:14:57.560 --> 0:14:58.800
<v Speaker 1>that's creating this crisis.

0:14:59.120 --> 0:15:02.280
<v Speaker 2>Yeah, that's interesting. Yeah, I mean the merchandise in the tickets,

0:15:02.320 --> 0:15:05.480
<v Speaker 2>it's it is a big money game. Why do you

0:15:05.520 --> 0:15:09.320
<v Speaker 2>think private equity is so interested then in investing in

0:15:09.360 --> 0:15:10.240
<v Speaker 2>football teams?

0:15:10.760 --> 0:15:13.440
<v Speaker 1>Yeah, it's really interesting. And so this kind of takes

0:15:13.440 --> 0:15:16.320
<v Speaker 1>from the kind of standard private equity playbook. If you

0:15:16.480 --> 0:15:18.400
<v Speaker 1>if you kind of think about it, right. They look

0:15:18.680 --> 0:15:21.360
<v Speaker 1>at many times for these sort of mom and pop

0:15:21.400 --> 0:15:24.880
<v Speaker 1>businesses that are kind of, you know, incredibly profitable, that

0:15:24.960 --> 0:15:29.360
<v Speaker 1>generate lots of revenue, but that maybe have some leadership issues,

0:15:29.400 --> 0:15:33.200
<v Speaker 1>but that maybe need some extra capital, And that seems

0:15:33.200 --> 0:15:36.560
<v Speaker 1>to be what's going on here, right. But what's you know,

0:15:36.680 --> 0:15:41.400
<v Speaker 1>really striking is that this kind of level of family ownership,

0:15:41.640 --> 0:15:45.960
<v Speaker 1>certain rules have prevented certain investors, including private equity, from

0:15:46.000 --> 0:15:52.000
<v Speaker 1>coming on board, but that certainly could change, and it's

0:15:52.040 --> 0:15:53.840
<v Speaker 1>really hard for a lot of these investors to look

0:15:53.880 --> 0:15:55.080
<v Speaker 1>away from the profits here.

0:15:55.160 --> 0:15:55.320
<v Speaker 4>Right.

0:15:55.360 --> 0:15:58.560
<v Speaker 1>So the National Football League was responsible for ninety three

0:15:58.680 --> 0:16:02.240
<v Speaker 1>of the one hundred most broadcast last year and run

0:16:02.280 --> 0:16:05.120
<v Speaker 1>in about twenty billion dollars in revenue. So you've got

0:16:05.200 --> 0:16:06.760
<v Speaker 1>kind of conflicting tensions there.

0:16:07.880 --> 0:16:10.640
<v Speaker 3>This is Bloomberg Daybreak Europe, your morning brief on the

0:16:10.680 --> 0:16:13.760
<v Speaker 3>stories making news from London to Wall Street and beyond.

0:16:14.040 --> 0:16:17.200
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0:16:23.160 --> 0:16:25.880
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<v Speaker 2>I'm Caroline Hepka.

0:16:34.800 --> 0:16:37.240
<v Speaker 3>And I'm Stephen Carroll. Join us again tomorrow morning for

0:16:37.360 --> 0:16:39.760
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0:16:39.760 --> 0:16:45.600
<v Speaker 3>here on Bloomberg day Break Europe