WEBVTT - Introducing: L.A. World

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<v Speaker 1>Hey, handbook heads, it's haz well. I went and did

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<v Speaker 1>it again. I went and started a local news company.

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<v Speaker 1>Will I ever learn? It's called La Material. We've got

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<v Speaker 1>a new podcast. It's called La World. We take three

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<v Speaker 1>big stories from what's going on that week in LA

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<v Speaker 1>and we pick them apart, we explain them to you.

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<v Speaker 1>It's a fun show. I decided to drop it in

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<v Speaker 1>here for you to listen to because I thought you

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<v Speaker 1>might enjoy it. And also because when we launched, we

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<v Speaker 1>were in the top two hundred news podcast for one second,

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<v Speaker 1>and I gotta get back in there. You know how

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<v Speaker 1>important that is to me. And so this is an

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<v Speaker 1>excerpt from the show, talking about sports. We're talking about

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<v Speaker 1>the Lakers and the Dodgers and financial alleged crimes. I

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<v Speaker 1>hope you listen to it. I hope you subscribe to

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<v Speaker 1>LA World, even if you don't live in La. We

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<v Speaker 1>all love stories. Give it a chance. I think you'll

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<v Speaker 1>like it a lot. Thank you so much, always appreciate

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<v Speaker 1>all your support all these many years. Thank you, thank you,

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<v Speaker 1>thank you. This is LA World. Hey sports sports man,

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<v Speaker 1>oh man, is it ever sports today? So this story

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<v Speaker 1>is about the Lakers and the Dodgers, two of maybe

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<v Speaker 1>the five most important teams in American sports and obviously

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<v Speaker 1>in the cultural map of la Like there's nothing bigger

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<v Speaker 1>than these two teams. Until last week, they were functionally

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<v Speaker 1>owned by the same guy, Mark Walter, a nuclearly boring businessman,

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<v Speaker 1>but he's from Chicago, and until last week he owned

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<v Speaker 1>a controlling share of both teams. He bought the Dodgers

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<v Speaker 1>in twenty twelve and the Lakers just last year, in

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<v Speaker 1>twenty twenty five. But Mark Walter got less boring a

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<v Speaker 1>few weeks ago when it was reported that his business

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<v Speaker 1>empire was being investigated by the federal government. What for,

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<v Speaker 1>let's lock in well, I explained, intricate financial complexities, no

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<v Speaker 1>hitting the fifteen second back button. So, in addition to

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<v Speaker 1>sports teams and other businesses, Mark Walter owns two insurance companies.

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<v Speaker 1>Those insurance companies are called Delaware Life and Clear Spring.

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<v Speaker 1>Walter's business empires under the Gougenheim umbrella. It owns two

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<v Speaker 1>insurance companies. Insurance companies sit on a ton of money.

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<v Speaker 1>Millions of policy holders are making their payments. They usually

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<v Speaker 1>don't get their money back for a long time. These

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<v Speaker 1>insurance companies specialize in annuities, which are basically retirement funds.

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<v Speaker 1>So in the meantime they have Scrooge McDuck coinpool of

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<v Speaker 1>policy holder money that they're just sitting on. So what

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<v Speaker 1>do they do with that money? They invest it. That

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<v Speaker 1>is how these companies make money. Sometimes they invest in

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<v Speaker 1>other companies under the same ownership umbrella, basically distributing loans

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<v Speaker 1>around the business, and that is pretty normal. These are

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<v Speaker 1>called related party transactions. They're just supposed to be reported

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<v Speaker 1>because investors need to know if if too much risk

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<v Speaker 1>is being gathered under one umbrella empires fall. You want

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<v Speaker 1>your risk to be, you know, distributed across multiple places.

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<v Speaker 1>And the companies have been reporting that a small percentage

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<v Speaker 1>of their loans, their investments were to these related parties,

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<v Speaker 1>three to five percent. They were saying, we're going to

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<v Speaker 1>Mark Walter related businesses. Then the federal government starts looking

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<v Speaker 1>into this and the insurance companies report that oops, they

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<v Speaker 1>say the related party transactions were actually more like forty

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<v Speaker 1>or fifty.

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<v Speaker 2>Percent, a lot bigger than there.

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<v Speaker 1>That's a lot bigger than three to five percent. In

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<v Speaker 1>the case of one of these companies, half of their investments,

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<v Speaker 1>we're going out to other businesses in the Walter universe.

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<v Speaker 1>So in total, about twenty billion dollars worth of policyholder

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<v Speaker 1>money going out to other businesses and market Walter's orbit

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<v Speaker 1>that were incorrectly reported as being loans to unrelated companies

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<v Speaker 1>and kind of funneled through SPV special purpose vehicles companies

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<v Speaker 1>that only are propped up to pass this money through

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<v Speaker 1>to other Walter companies. Okay, this was part of a

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<v Speaker 1>larger investigation, the result of a larger investigation that also

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<v Speaker 1>involved the FEDS raiding a private plane in twenty twenty

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<v Speaker 1>five taking Mark Walter's phone, also taking give me that,

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<v Speaker 1>Give me that. They also took the phone of the

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<v Speaker 1>president of his company, Goggenheim Investments, on the same day.

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<v Speaker 1>This is not boring. This guy suddenly is becoming a

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<v Speaker 1>very intriguing figure. Then it was announced last week that

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<v Speaker 1>Mark Walter decided to sell the Lakers, the team that

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<v Speaker 1>he had bought one year earlier at a ten billion

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<v Speaker 1>dollar valuation. Now he's selling it to Bob Eiger and

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<v Speaker 1>Josh Kushner at a twelve and a half billion dollar valuation.

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<v Speaker 1>So now people are really starting to poured on this

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<v Speaker 1>federal investigation. It used to email people are what's going on?

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<v Speaker 1>You know, some like financial thing. Is this really a

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<v Speaker 1>big deal? Selling the Lakers after one year like implies

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<v Speaker 1>that this is pretty serious, And there is a lot

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<v Speaker 1>of speculation that the sale was to free up assets

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<v Speaker 1>in Walter's business, especially that it's it's been reported that

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<v Speaker 1>Walter is going around trying to scrounge together some money

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<v Speaker 1>to cover these loans that he made from his insurance companies.

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<v Speaker 1>So before we launched this podcast last week, we recorded

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<v Speaker 1>a few dry run episodes where we actually we dug

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<v Speaker 1>into stories, we talked about them as if we were

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<v Speaker 1>doing a real podcast, and we talked with each other

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<v Speaker 1>to kind of test this format and make sure that

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<v Speaker 1>the cameras worked or whatever, which they didn't a lot

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<v Speaker 1>of a lot of time. You are my witnesses that

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<v Speaker 1>I did a segment about out the investigation into Mark

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<v Speaker 1>Walter weeks before weeks he sold the Lakers, And if

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<v Speaker 1>we had launched a few weeks earlier, I could have

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<v Speaker 1>looked pretty smart. You could have really put one over,

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<v Speaker 1>ignoring the fact that in that test episode you Julia

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<v Speaker 1>asked me how this could affect the Dodgers and Lakers,

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<v Speaker 1>and I said not probably not much.

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<v Speaker 3>We could have cut it before that, that's true.

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<v Speaker 1>So I'm not going to get infinite chances to look

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<v Speaker 1>smart of this thing. So today we are getting ahead

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<v Speaker 1>of this story and we're going to talk about how

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<v Speaker 1>this could touch the Dodgers.

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<v Speaker 2>Oh my god, I'd almost forgotten about the Dodgers at

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<v Speaker 2>this point.

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<v Speaker 1>And he still owns a team. Mark Walter still has

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<v Speaker 1>the controlling share in the Dodgers.

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<v Speaker 4>Also, Dodgers much higher at the current moment in the

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<v Speaker 4>pantheon of American sports than the Lakers.

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<v Speaker 1>Currently winning a lot more than the Lakers are.

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<v Speaker 4>Can I tell you a very brief, sad story about

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<v Speaker 4>the Dodgers. Yeah, sure, My son is a Mets fan.

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<v Speaker 1>The Mets are going to come up later in the story.

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<v Speaker 4>He told me that his fondest hope is for the

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<v Speaker 4>Mets to be good enough during this stretch and his

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<v Speaker 4>team that when they make the documentary about how good

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<v Speaker 4>the Dodgers are, the Mets are the main other team.

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<v Speaker 4>That's like his highest hope for the Mets and very

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<v Speaker 4>unlikely one.

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<v Speaker 1>Okay, well, let me tell you how that might happen

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<v Speaker 1>in a little bit. So we're recording this on Tuesday morning,

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<v Speaker 1>the news is coming fast and furious. The Financial Times

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<v Speaker 1>reported on Monday that Mark Walter and his often partner

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<v Speaker 1>Todd Bowley are shopping their shares in Chelsea, the English

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<v Speaker 1>Premier League soccer team. This is one of their other

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<v Speaker 1>premium sports assets. So this is all based on what

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<v Speaker 1>we know right now. Stuff is happening really fast. You

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<v Speaker 1>may have heard that the Dodgers are quote ruining baseball.

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<v Speaker 1>I have heard that they have the highest payroll they

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<v Speaker 1>were able to. I mean, in this trade deadline, they

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<v Speaker 1>got Trek Skouble, the best picture on the mark market,

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<v Speaker 1>they got the best hitter on the market, the best

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<v Speaker 1>closer on the market, and last offseason Kyle Tucker and

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<v Speaker 1>Edwin Diaz. They both stink now. But the point is

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<v Speaker 1>that they can. They can sustain signing those guys in

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<v Speaker 1>them stinking and still be like a great team because

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<v Speaker 1>they spend way more money than everyone else the team

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<v Speaker 1>as a team, they make tons of money. There's so

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<v Speaker 1>much because of Otani, there's so much money coming from

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<v Speaker 1>Japan and Hello Kitty and Hello Kitty. Of course they

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<v Speaker 1>could even sign Hello Kitty. This was like, you know,

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<v Speaker 1>I think people would love wine. I could bat ninth.

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<v Speaker 1>They'd probably she could bat ninth, they'd probably be fine.

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<v Speaker 1>And hello, Kitty, I learned, is actually a human canonically

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<v Speaker 1>a human? Is that true? That's what I learned.

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<v Speaker 3>So so could play baseball.

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<v Speaker 1>Could play baseball? Low, there's nothing in the role book

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<v Speaker 1>that says, hello, Kitty can't play baseball. Their payroll is

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<v Speaker 1>the highest ever, but that's driven by these extremely high

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<v Speaker 1>revenues that they have, which is in turn driven by

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<v Speaker 1>an amazing Winfall TV deal that they got when Walter

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<v Speaker 1>was buying the team as an indirect result of previous

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<v Speaker 1>owner Frank McCourt's divorce proceedings and ultimately bankruptcy proceedings. That

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<v Speaker 1>deal is it's its own episode, but suffice it to say,

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<v Speaker 1>like this, this TV deal is one of the big

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<v Speaker 1>separators of the Dodgers from the rest of the league.

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<v Speaker 1>This is a detail from these insurance companies and their

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<v Speaker 1>financial statements that I'm personally very curious about those debts

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<v Speaker 1>from the insurance companies, those loans that were incorrectly labeled.

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<v Speaker 1>They said we're investing in unaffiliated companies, they were actually affiliated.

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<v Speaker 1>What are those companies? Right? It hasn't been reported yet

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<v Speaker 1>anywhere definitively like the investigation hasn't said, like, we're curious

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<v Speaker 1>about the money going to these parts of Vampire Walter's

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<v Speaker 1>huge empire. Exactly. Based on the company's own filings, hundreds

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<v Speaker 1>of millions of dollars of those incorrectly labeled affiliated investments

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<v Speaker 1>went to American Media Productions, which is the parent company

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<v Speaker 1>of Sports netw LA, the Dodgers' regional TV channel, so

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<v Speaker 1>sports and at LA is owned by Mark Walter, owned

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<v Speaker 1>by the Dodgers ownership Group. It was basically created to

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<v Speaker 1>be a vessel for this TV deal and a substacker

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<v Speaker 1>named Nick Neemith, whose substack is called mispriced Assets. He

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<v Speaker 1>found that there's five hundred and eighty seven million dollars

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<v Speaker 1>in debt holdings from Walter related insurance companies that were

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<v Speaker 1>marked unaffiliated that were that this money was going to

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<v Speaker 1>American Media Productions, and the Wall Street Journal has noted

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<v Speaker 1>these holdings as well. So when you hear Walter was

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<v Speaker 1>using this insurance company money to invest in his own

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<v Speaker 1>companies and not reporting it correctly, a big one of

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<v Speaker 1>those companies was the Dodgers TV Network. It gets weirder still.

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<v Speaker 1>You talked about rating agencies. Thank you for introducing Fitch earlier.

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<v Speaker 1>I was thought I was going to introduce this from scratch.

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<v Speaker 3>Surely what this?

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<v Speaker 4>You know the way to the top of the new

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<v Speaker 4>two hundred is to get way on boundaries.

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<v Speaker 1>So the Wall Street Journal found that Mark Walter and

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<v Speaker 1>his companies disproportionately use this one ratings agency to rate

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<v Speaker 1>their debt you've heard of like Fitch and Moodies and

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<v Speaker 1>Standard and Poors. Wall Street Journal found that they use

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<v Speaker 1>a company called Egan Jones a lot, and they used

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<v Speaker 1>it to rate their American Media Production's debt. The sports

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<v Speaker 1>net company Debt and Egan Jones gave this debt gave

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<v Speaker 1>American Media Productions a BBB, which is just barely investment grade.

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<v Speaker 1>It's one notch above junk. Two former employees are suing

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<v Speaker 1>Egan Jones at the at the same time, saying that

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<v Speaker 1>the company pressured staff to inflate ratings to gain business.

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<v Speaker 3>In this specific case or across the board.

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<v Speaker 1>Across the board, and a Wall Street Journal analysis showed

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<v Speaker 1>that across fifty two cases they looked at where a

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<v Speaker 1>debt had been rated by two different agencies, Egan Jones

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<v Speaker 1>ratings were on average a point higher than pers and

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<v Speaker 1>in dozens of cases they were three points higher. So

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<v Speaker 1>and the Wall Street Journal in this article really focuses

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<v Speaker 1>on the American media debt and the way that I

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<v Speaker 1>feel like papers do when they want to show that

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<v Speaker 1>they've got something, even if they can't tell the whole story.

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<v Speaker 1>So hundreds of millions of dollars of loans to the Dodgers'

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<v Speaker 1>TV channel sitting on their insurance company's books, mislabeled as

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<v Speaker 1>an unrelated transaction even though the same guy owns all

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<v Speaker 1>of it. Also hired a rating agency that allegedly had

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<v Speaker 1>a reputation for inflation that rated these debts as just

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<v Speaker 1>above junk. If that rating was inflated, it would take

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<v Speaker 1>it from junk to barely investment great. So Walters Group

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<v Speaker 1>is now looking to unwind these affiliated investments. What does

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<v Speaker 1>unwinding five hundred and thirty seven million dollars in debt

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<v Speaker 1>from Sportsnet look like for the channel and for the Dodgers, Like,

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<v Speaker 1>I don't know, I don't know if this is one

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<v Speaker 1>of the investments that they're that they're attempting to unwind.

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<v Speaker 1>But if they hold on to this Sportsnet debt and

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<v Speaker 1>it's found to be mispriced, that's more money that he

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<v Speaker 1>needs to claw back to keep his insurance companies out

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<v Speaker 1>of receivership, keep this from like spreading across the whole

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<v Speaker 1>googen High Empire. And his search for money is not

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<v Speaker 1>going great by by all accounts. He went to Steve Cohen,

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<v Speaker 1>the billionaire hedge fund guy who owns the Mets, and

0:13:27.480 --> 0:13:30.400
<v Speaker 1>he asked if Steve con would help him raise capital

0:13:30.720 --> 0:13:34.840
<v Speaker 1>to pay down these loans, and Steve Cohen basically told him,

0:13:35.120 --> 0:13:37.400
<v Speaker 1>don't let the door hit you. Where the good lord

0:13:37.440 --> 0:13:41.120
<v Speaker 1>to plit ye? And according to the Financial Times, they

0:13:41.120 --> 0:13:43.960
<v Speaker 1>say a person familiar with the matter told the Financial

0:13:44.040 --> 0:13:47.240
<v Speaker 1>Times that saying no was a quick and easy decision

0:13:48.040 --> 0:13:49.760
<v Speaker 1>to pass on helping.

0:13:49.760 --> 0:13:51.720
<v Speaker 2>Like we don't have anything to do with that guy.

0:13:51.920 --> 0:13:55.120
<v Speaker 1>This is a you know, a rival, this is a

0:13:55.160 --> 0:13:59.000
<v Speaker 1>billionaire baseball rivalry. Yeah, I mean maybe the conversation was

0:13:59.000 --> 0:14:01.400
<v Speaker 1>like give me the Dodgers, said I'll make them, you know.

0:14:01.400 --> 0:14:02.640
<v Speaker 3>I can make them sad with me.

0:14:06.280 --> 0:14:09.800
<v Speaker 1>So on August twelfth, the La Times reports that sources

0:14:09.800 --> 0:14:12.520
<v Speaker 1>say Mark Walter has no intention of selling the Dodgers.

0:14:13.160 --> 0:14:15.640
<v Speaker 1>That was August twelfth, watch them have sold by the

0:14:15.679 --> 0:14:20.480
<v Speaker 1>type this episode codes out, I want to invite anyone

0:14:21.080 --> 0:14:25.480
<v Speaker 1>who is curious to look into this relationship, especially someone

0:14:25.560 --> 0:14:29.400
<v Speaker 1>that like really knows about finance. I'm a liberal arts major.

0:14:30.560 --> 0:14:34.560
<v Speaker 1>This relationship between Mark Walter's insurance companies and this American

0:14:34.600 --> 0:14:37.440
<v Speaker 1>media production's debt. It's all in their their their their

0:14:37.480 --> 0:14:40.720
<v Speaker 1>public statements, and share your findings with me in the

0:14:40.720 --> 0:14:44.360
<v Speaker 1>hashtag sports channel and the ELI material forum. After you

0:14:44.440 --> 0:14:47.480
<v Speaker 1>become a member of ELI material at elimateial dot com

0:14:47.520 --> 0:14:50.560
<v Speaker 1>slash upgrade, I will be talking about it in there

0:14:51.080 --> 0:14:54.880
<v Speaker 1>and right here. If you have any extra questions.

0:14:54.960 --> 0:14:55.560
<v Speaker 3>What does this.

0:14:55.600 --> 0:14:58.760
<v Speaker 2>Mean for Lakers fans and Dodgers fans?

0:14:58.800 --> 0:15:00.520
<v Speaker 1>I'll tell you for the when it it comes. Well,

0:15:00.560 --> 0:15:04.280
<v Speaker 1>the Lakers are getting new owners. We're figuring out exactly

0:15:04.280 --> 0:15:07.680
<v Speaker 1>who they are because Bob Igri and Josh Kushner are

0:15:07.720 --> 0:15:11.720
<v Speaker 1>buying Mark Walters and Todd Bowleies and like that group's

0:15:11.760 --> 0:15:15.200
<v Speaker 1>share of the team. But now the Bus family, a

0:15:15.320 --> 0:15:18.640
<v Speaker 1>majority of them has said that they want to sell

0:15:18.680 --> 0:15:23.240
<v Speaker 1>their share as well. Genie Bus, however, the sister who

0:15:23.360 --> 0:15:25.480
<v Speaker 1>was kind of a point is like governor of the team,

0:15:26.360 --> 0:15:30.480
<v Speaker 1>said I don't want to sell. We're not selling. I'm

0:15:30.560 --> 0:15:33.040
<v Speaker 1>governor for life legally.

0:15:33.520 --> 0:15:38.040
<v Speaker 2>And so that family drama is also another episode unto itself.

0:15:38.240 --> 0:15:41.560
<v Speaker 1>Jerry Buss. Doctor Jerry Buss said he was worried when

0:15:41.600 --> 0:15:44.280
<v Speaker 1>he was alive that when he passed, ownership of the

0:15:44.320 --> 0:15:48.960
<v Speaker 1>team would divide his children, and that happened now did

0:15:49.000 --> 0:15:50.120
<v Speaker 1>come to pass.

0:15:50.240 --> 0:15:54.840
<v Speaker 4>As documented in the documentary series that Ka Running Points.

0:15:54.840 --> 0:15:57.800
<v Speaker 3>That's right, yeah, I mean not really. It's a delightful sitcom.

0:15:57.880 --> 0:16:00.360
<v Speaker 3>Kate Hudson plays Jennie Bus or Genie Bus type.

0:16:00.560 --> 0:16:02.800
<v Speaker 2>Yeah, but I haven't watched the show, so.

0:16:02.680 --> 0:16:06.040
<v Speaker 1>What could happen to the Dodgers, You know, if the

0:16:06.120 --> 0:16:12.840
<v Speaker 1>team isn't sold the Dodgers. Dodgers fans have recent memory

0:16:13.320 --> 0:16:16.640
<v Speaker 1>of what it's like having an owner that is embroiled

0:16:17.200 --> 0:16:23.960
<v Speaker 1>in really serious like financial issues. Frank mccorr got a

0:16:23.960 --> 0:16:26.400
<v Speaker 1>divorce that if there is a divorce Hall of Fame,

0:16:26.760 --> 0:16:33.680
<v Speaker 1>it has a little special exhibit and that did end

0:16:33.760 --> 0:16:38.040
<v Speaker 1>up manifesting in less money going towards the team. But

0:16:38.120 --> 0:16:41.680
<v Speaker 1>if they decided to take more revenue out, that's money

0:16:41.680 --> 0:16:46.600
<v Speaker 1>that could potentially potentially less money could be spent on

0:16:46.680 --> 0:16:50.960
<v Speaker 1>the team. It could also end up with new ownership

0:16:51.000 --> 0:16:55.120
<v Speaker 1>that has a different approach to managing the franchise, like

0:16:55.240 --> 0:16:58.920
<v Speaker 1>it can ownership matters a great deal.

0:16:59.120 --> 0:17:01.440
<v Speaker 2>But do you think like new ownership could mean that

0:17:01.520 --> 0:17:06.000
<v Speaker 2>this like glorious age of Dodger like doomin.

0:17:09.600 --> 0:17:13.560
<v Speaker 1>That it's that combined with a lot of different other

0:17:13.920 --> 0:17:16.119
<v Speaker 1>factors that are happening at the same time. People are

0:17:16.160 --> 0:17:18.960
<v Speaker 1>talking about a strike next year in MLB, like in

0:17:19.960 --> 0:17:24.960
<v Speaker 1>part because of the Dodgers runing baseball, and part of

0:17:25.000 --> 0:17:28.560
<v Speaker 1>what's being discussed in MLB. In MLB is a salary cap,

0:17:28.760 --> 0:17:31.120
<v Speaker 1>which they don't have now. That like basically says you're

0:17:31.160 --> 0:17:36.080
<v Speaker 1>only allowed to spend this much money on payroll in

0:17:36.240 --> 0:17:39.320
<v Speaker 1>having you know, an owner like Mark Walter, who was

0:17:39.359 --> 0:17:44.400
<v Speaker 1>a pretty powerful voice when it came to these negotiations,

0:17:45.920 --> 0:17:52.840
<v Speaker 1>be preoccupied with some other it it Uh, it does

0:17:54.280 --> 0:17:58.920
<v Speaker 1>change some dynamics.

0:17:57.320 --> 0:17:59.679
<v Speaker 4>Big spending representation at the table.

0:18:00.119 --> 0:18:01.399
<v Speaker 3>He's tied up doing other things.

0:18:01.560 --> 0:18:06.760
<v Speaker 1>Yeah, and it does. And also if he is criminally

0:18:06.880 --> 0:18:10.919
<v Speaker 1>charged if that, if that happens, there are provisions that

0:18:11.000 --> 0:18:15.600
<v Speaker 1>can force a sale of the like like morality clauses.

0:18:15.600 --> 0:18:19.160
<v Speaker 1>Basically the league ownership is allowed to come in and say, like, hey,

0:18:19.200 --> 0:18:21.399
<v Speaker 1>you have to offload this team.

0:18:21.440 --> 0:18:23.920
<v Speaker 4>What is Walter said publicly about the investigation, Does he

0:18:24.000 --> 0:18:25.000
<v Speaker 4>have any comment yet.

0:18:24.840 --> 0:18:27.639
<v Speaker 1>He I mean, this is like before and after the investigation,

0:18:27.720 --> 0:18:32.240
<v Speaker 1>he was not a talking guy. Yeah. Really, And you know.

0:18:32.240 --> 0:18:36.200
<v Speaker 4>This, there's no lawyers being like mister Walter blah blah blah.

0:18:36.200 --> 0:18:38.760
<v Speaker 1>Oh yeah, they say, oh, they say all they say

0:18:38.760 --> 0:18:42.640
<v Speaker 1>everything was Everything that was mislabeled was an accident. They're

0:18:42.680 --> 0:18:45.639
<v Speaker 1>working with regulators to get it straightened out. He has

0:18:45.680 --> 0:18:48.639
<v Speaker 1>no intention of selling the Dodgers. So it's hard to

0:18:48.680 --> 0:18:51.320
<v Speaker 1>predict based on statements exactly what's going to happen. There's

0:18:51.400 --> 0:18:55.800
<v Speaker 1>also more and more reporting now. The Wall Street Journal

0:18:55.800 --> 0:18:59.440
<v Speaker 1>covered it. Mark Walter had had a stroke a few

0:18:59.480 --> 0:19:03.560
<v Speaker 1>years ago and it has affected his speech, according to

0:19:03.560 --> 0:19:07.359
<v Speaker 1>people inside the organization. There are also people inside the

0:19:07.440 --> 0:19:10.879
<v Speaker 1>organization that are talking about, like questioning his judgment a

0:19:10.880 --> 0:19:14.200
<v Speaker 1>little more. Per this Wall Street Journal reporting from this week.

0:19:15.640 --> 0:19:21.679
<v Speaker 1>So it's a it's a rich thick soup. Do they

0:19:21.720 --> 0:19:24.800
<v Speaker 1>sell soup at Dodger stadiums? A lot of stuff a

0:19:24.840 --> 0:19:26.679
<v Speaker 1>Dodgers they do. I'm sure there's some kind of like

0:19:26.720 --> 0:19:29.280
<v Speaker 1>famous Dodger stadium soup that I could have given it

0:19:29.520 --> 0:19:31.920
<v Speaker 1>used for analogy. Hot talk doesn't really work.

0:19:33.320 --> 0:19:33.480
<v Speaker 2>Well.

0:19:33.520 --> 0:19:35.880
<v Speaker 4>Heyes, thank you so much, Thank.

0:19:35.720 --> 0:19:38.479
<v Speaker 1>You for listening for us The Frothy Michelada. Thank you,

0:19:38.600 --> 0:19:41.120
<v Speaker 1>perfect of course, Bell.

0:19:42.600 --> 0:19:46.560
<v Speaker 4>Wow, Okay, super interesting. Thank you Hayes, thank.

0:19:46.400 --> 0:19:51.320
<v Speaker 1>You, that's La World. Thank you so much for listening.

0:19:51.440 --> 0:19:54.159
<v Speaker 1>If you're able to give it a subscribe, give it

0:19:54.160 --> 0:19:58.000
<v Speaker 1>a rating, give it a review. Very gratitude, very power.

0:19:58.119 --> 0:20:01.240
<v Speaker 1>As well, throw a little hand implicantside joking there so

0:20:01.280 --> 0:20:04.560
<v Speaker 1>they know who sent you. Thank you so much again,

0:20:04.960 --> 0:20:08.320
<v Speaker 1>really appreciate you. I will see you on some podcast

0:20:08.440 --> 0:20:09.560
<v Speaker 1>or another very soon