WEBVTT - Inside the Trump Family’s Money-Making Machine

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. The Gulf of Mexico

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<v Speaker 1>has been renamed the Gulf of Amara.

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<v Speaker 2>Now to Elon Muskin what's being described as a hostile

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<v Speaker 2>takeover of a government landmark decisions impacting the future of

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<v Speaker 2>birthright citizenship game. The President says he wants friendship with

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<v Speaker 2>our northern neighbor despite trade tensions, but won't give up

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<v Speaker 2>by the idea of turning Canada into the fifty first state.

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<v Speaker 2>It's been about six months since President Trump started his

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<v Speaker 2>second term, and if you're having a hard time keeping

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<v Speaker 2>track of everything that's happened since then, you're not alone.

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<v Speaker 2>The President has imposed eye popping tariffs on our largest

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<v Speaker 2>trading partners.

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<v Speaker 1>She's calling the beginning of a new system of.

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<v Speaker 2>Trade, ramped up border enforcement and mass deportations, deploy about

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<v Speaker 2>seven hundred marines to the LA area in response to

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<v Speaker 2>the protests over ice raids, and overhauled large parts of

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<v Speaker 2>the federal government. Trump has also ordered military strikes on Iran.

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<v Speaker 1>His massive precision strikes on the three key nuclear facilities.

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<v Speaker 2>Engaged in legal battles with universities in the media, and

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<v Speaker 2>signed a massive tax and spending bill into law. Passing

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<v Speaker 2>in the Senate, it was very close. Vice President jd

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<v Speaker 2>Vance with the tie breaking vote. The White House has

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<v Speaker 2>celebrated the last six months. The administration has argued the

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<v Speaker 2>president has delivered on campaign promises. He's cracked down on

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<v Speaker 2>illegal border crossings, reduced the trade deficit, and delivered tax

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<v Speaker 2>cuts to working class Americans. But during that time and

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<v Speaker 2>in the months leading up to his reelection, something else

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<v Speaker 2>has also happened. President Trump and his family have made

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<v Speaker 2>a lot of money.

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<v Speaker 3>The way that his wealth looks now in his second

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<v Speaker 3>term versus his first term is very different.

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<v Speaker 2>Annie Massa covers wealth for Bloomberg.

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<v Speaker 3>In Trump's first term, I would say there were already

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<v Speaker 3>calls and protests over potential for conflicts of interest because

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<v Speaker 3>he was a businessman. He has the Trump organization. But

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<v Speaker 3>now as we come into the second term, it's just

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<v Speaker 3>a much more complex picture.

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<v Speaker 2>Today, President Trump's assets are in a trust controlled by

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<v Speaker 2>his oldest son, Donald Trump Junior, and his family says

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<v Speaker 2>they aren't doing any business with governments. Critics of the

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<v Speaker 2>president would argue it falls short of separating him from

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<v Speaker 2>his business interests, and he spent months working with a

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<v Speaker 2>team of reporters at Bloomberg crunching the numbers on how

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<v Speaker 2>the assets in that trust and the Trump family's wealth

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<v Speaker 2>have ballooned since the early days of his campaign for reelection.

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<v Speaker 2>In that time, according to the Bloomberg Billionaires Index, President

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<v Speaker 2>Trump's net worth has more than doubled to about six

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<v Speaker 2>point four billion dollars.

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<v Speaker 3>He now has a publicly traded company that was not

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<v Speaker 3>true last time around, and that's Trump Media, which is

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<v Speaker 3>the parent company of Truth Social, making up a huge

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<v Speaker 3>portion of that wealth. The other really big thing to

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<v Speaker 3>zero in on is crypto and so you have the

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<v Speaker 3>these branches that simply weren't there in Trump's first term

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<v Speaker 3>at all. He didn't have these crypto ventures, he didn't

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<v Speaker 3>have a publicly traded company. His sons are now adding

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<v Speaker 3>themselves to advisory boards of various companies that are regulated

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<v Speaker 3>by the government in certain ways. So it's an even

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<v Speaker 3>more intricate picture and ballooning wealth.

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<v Speaker 2>I'm David Gerret, and this is the big take from

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<v Speaker 2>Bloomberg News today on the show, the Trump Family's money

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<v Speaker 2>making machine. Where's their wealth coming from? And how is

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<v Speaker 2>Donald Trump's second presidency benefiting his family. Donald Trump is

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<v Speaker 2>certainly not the first president to profit from the presidency.

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<v Speaker 2>Presidents often have their windfall after leaving office, with multimillion

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<v Speaker 2>dollar book deals and speaking engagements, but Trump has seen

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<v Speaker 2>his net worth soar, so much so that when Bloomberg

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<v Speaker 2>wealth reporter Annie Massa and finance reporter Max Abelson were

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<v Speaker 2>trying to tallly the president's net worth, they kept having

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<v Speaker 2>to update their estimates as new projects were announced. Max says,

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<v Speaker 2>it's a remarkable transformation when you think of where Trump

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<v Speaker 2>was five years ago.

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<v Speaker 1>I mean, it is not exaggerating to say that Donald

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<v Speaker 1>Trump as a person, as a brand, as a businessman,

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<v Speaker 1>as the head of a company, was facing some serious

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<v Speaker 1>headwinds just a few years ago. I'm not talking about

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<v Speaker 1>the nineteen nineties. In the wake of his first presidency.

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<v Speaker 1>He left Washington with debts coming due, a lot of

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<v Speaker 1>money coming due. At the same time. Then he also

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<v Speaker 1>had a lot of legal trouble, not just because of

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<v Speaker 1>that four hundred and fifty four million dollar civil fraud judgment.

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<v Speaker 1>There was a conviction, talking criminal conviction. So I think

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<v Speaker 1>it's helpful to keep in mind when we talk about

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<v Speaker 1>this Trump money making machine, it's not just different from

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<v Speaker 1>the first Trump presidency. It's different from where we last

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<v Speaker 1>saw him in the wake of his first administration.

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<v Speaker 2>Annie mad This says, one good example is truth Socials

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<v Speaker 2>parent company, Trump Media and Technology Group.

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<v Speaker 3>Trump Media and Technology Group Corp. For the full name.

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<v Speaker 3>And that's an example where okay, so that platform really

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<v Speaker 3>flourishes based on the President of the United States posting

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<v Speaker 3>on there, Donald Trump posting on there. He is the

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<v Speaker 3>largest shareholder. His shares are in a trust. The trust

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<v Speaker 3>is overseen by Donald Trump Junior, but Donald Trump Junior

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<v Speaker 3>is also part of the company, so it can be

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<v Speaker 3>very hard to untangle than not.

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<v Speaker 1>I think there is just nothing nottier than the real

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<v Speaker 1>estate you've got, not like a nod not notier like

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<v Speaker 1>an untied knot because you know, you look at the

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<v Speaker 1>Middle East especially. Trump Organization has licensed its name to

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<v Speaker 1>brand new skyscrapers that are worth I think half a

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<v Speaker 1>billion each. Sometimes that total project cost reaches into the billions.

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<v Speaker 1>You've got them and cutter in Dubai and oman riodd

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<v Speaker 1>and it's not having in a vacuum.

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<v Speaker 2>You look at this money making machine and divide it

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<v Speaker 2>into four parts. Can you just run through kind of

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<v Speaker 2>what the four categories are of the way in which

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<v Speaker 2>Donald Trump and his family make money.

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<v Speaker 3>Absolutely. You have real estate. I mean that is the

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<v Speaker 3>original Trump family money making endeavor. But now you have

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<v Speaker 3>these new pieces. You have corporate connections, which include the

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<v Speaker 3>memberships on advisory boards and other kind of relationships that

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<v Speaker 3>his sons have. And you also have other ventures, which

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<v Speaker 3>is really just a grab bad that kind of defy

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<v Speaker 3>a categorization.

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<v Speaker 2>And you also have crypto, which includes the Trump family's

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<v Speaker 2>meme coins and a crypto platform. Trump was a crypto skeptic,

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<v Speaker 2>going so far as to call bitcoin a scam. More

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<v Speaker 2>recently he's embraced it, calling it amazing and great for

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<v Speaker 2>our country. I asked Danny to explain that about face.

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<v Speaker 3>Well, we can't one hundred percent get in side Trump's head.

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<v Speaker 3>We do know that he loves an opportunity to put

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<v Speaker 3>the Trump brand on something, and crypto has a lot

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<v Speaker 3>to do with branding and the kind of the attention

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<v Speaker 3>economy that Trump is such a master of. So he

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<v Speaker 3>did transform really in the past year into a crypto

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<v Speaker 3>entrepreneur of sorts. So he and his family promote a

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<v Speaker 3>platform called World Liberty Financial. So that's one piece, and

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<v Speaker 3>they earn money from this endeavor. It has something called

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<v Speaker 3>a stable coin affiliated with it. It's a crypto platform

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<v Speaker 3>that hasn't done all that much yet, but there's an

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<v Speaker 3>affiliated token you can buy, so that's one piece. There's

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<v Speaker 3>also a meme coin that was unveiled on his inauguration

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<v Speaker 3>weekend to much fanfare when everyone was paying attention to

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<v Speaker 3>Donald Trump.

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<v Speaker 1>I want to pick up on something you said, and

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<v Speaker 1>I think that one of the great geniuses or evil

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<v Speaker 1>of bitcoin, depending on how you want to look at it,

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<v Speaker 1>is that it is certainly, among other things, a new

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<v Speaker 1>and potentially very lucrative way of turning attention into cash.

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<v Speaker 1>It financializes attention, and Trump is, I think it's fair

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<v Speaker 1>to say, at the forefront of figuring out how to

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<v Speaker 1>financialize attention. And it came from to refer to an

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<v Speaker 1>earlier story I wrote. This was many years ago. It

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<v Speaker 1>came from essentially a crisis in his career where things

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<v Speaker 1>were not going well for him in the late eighties

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<v Speaker 1>and the very early nineties. He was overlevered, companies were

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<v Speaker 1>going bankrupt, things were not looking good, and he really

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<v Speaker 1>rebuilt his career in the nineteen nineties and then into

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<v Speaker 1>the aughts as someone who would use other people's capital

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<v Speaker 1>and sell his name. It was a savvy move, and

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<v Speaker 1>now we're seeing versions of that now. As for what

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<v Speaker 1>the family's doing while he's in the White House.

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<v Speaker 2>Let's look at real estate, which for so many years

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<v Speaker 2>has been the bread and butter of the Trump organization.

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<v Speaker 2>How has the approach evolved or changed from the Trumps

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<v Speaker 2>to real estate. We see a lot of deals being

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<v Speaker 2>announced in the Balkans, in the Middle East. What's different

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<v Speaker 2>this time, it's black and white.

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<v Speaker 1>What we're seeing now is a willingness for the Trump

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<v Speaker 1>family to partner quite literally around the world, sometimes in

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<v Speaker 1>ways where arms of the deals touch arms of foreign governments.

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<v Speaker 1>And that's just simply not something we saw. I think

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<v Speaker 1>in the first administration. The rule that Trump put on

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<v Speaker 1>his company was no new deals around the world. This

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<v Speaker 1>time around, the white paper that was a sort of

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<v Speaker 1>ethics plan that he put out was no new deals

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<v Speaker 1>with foreign governments, h directly with foreign governments. That opened

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<v Speaker 1>the door to deals from Vietnam to Serbia.

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<v Speaker 2>In some cases, investment in a Trump affiliated property can

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<v Speaker 2>get you significant perks. According to a website for the

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<v Speaker 2>Trump International Hotel and Tower in Dubai, investors who spend

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<v Speaker 2>roughly five hundred and forty five thousand US dollars can

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<v Speaker 2>get a ten year Golden visa a Trump tower in Jetta,

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<v Speaker 2>Saudi Arabia. Anyone who spends a million dollars is eligible

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<v Speaker 2>for Saudi residency.

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<v Speaker 1>And I want to be clear about what's happening, and

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<v Speaker 1>I want to be clear about what's not happening. What's

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<v Speaker 1>not happening is Donald J. Trump, the president, starting hotels himself, because,

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<v Speaker 1>as he points out, his assets are in a trust

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<v Speaker 1>that are run by his son. What is also not

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<v Speaker 1>happening is the Trump organization getting into deals with the

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<v Speaker 1>Japanese government, quad the Japanese government, or I just use

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<v Speaker 1>that as an example. What they are doing now, because

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<v Speaker 1>we've seen photos of it and we've seen press releases

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<v Speaker 1>about it, is that they are working on deals where

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<v Speaker 1>government officials are involved in the signing ceremony. It's new,

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<v Speaker 1>and I think that the way we're figuring out how

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<v Speaker 1>to cover this is by just being like very precise.

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<v Speaker 2>Max and Any say that since the early days of

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<v Speaker 2>Trump's reelection campaign, the Trump name has powered more than

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<v Speaker 2>ten billion dollars of real estate projects coming up. Drones, sneakers,

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<v Speaker 2>and the difficulty of separating the president's financial interests from

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<v Speaker 2>his sons. We've talked about crypto, talked about real estate.

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<v Speaker 2>Let's move into the corporate side of things. A few

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<v Speaker 2>weeks ago, I was leaving the building Bloomberg Headquarters. In

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<v Speaker 2>came Donald Trump Junior, the President's son with a really

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<v Speaker 2>sized belentarage. He was here for an interview. We've talked

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<v Speaker 2>about him here during the course of this conversation. What

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<v Speaker 2>role is he playing now in this whole organization, the

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<v Speaker 2>s apparatus Donald Trump Junior.

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<v Speaker 3>Right, So we've talked about the Trump's affixing their names

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<v Speaker 3>to buildings. Nothing new there, the president of fixing his

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<v Speaker 3>name to a cryptocurrency. But you also have this phenomenon

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<v Speaker 3>of Donald Trump Junior and Eric Trump affixing their names

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<v Speaker 3>and their advisory services to various companies in all kinds

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<v Speaker 3>of industries.

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<v Speaker 2>Spell that out. What are we talking about.

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<v Speaker 3>We're talking about drones. We're talking about a very small

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<v Speaker 3>investment bank that's headquartered in Trump Tower. We're talking about

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<v Speaker 3>a blank chech company that took an online gun retailer public,

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<v Speaker 3>so really a huge number. I mean, Eric Trump is

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<v Speaker 3>involved in a Japanese bitcoin stockpiling operation. There's really no

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<v Speaker 3>limit to the different industries that they've become involved in.

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<v Speaker 2>We've advanced beyond the Trump Winery, all these outside businesses.

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<v Speaker 1>Exactly as the White House forwards this maga agenda. Donald

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<v Speaker 1>Trump Junior is, I think, forwarding a certain kind of

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<v Speaker 1>maga capitalism, and there once again is a certain kind

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<v Speaker 1>of financial political loop that we see that. You know,

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<v Speaker 1>if you want to be fair about it, Donald Trump

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<v Speaker 1>Junior himself will say, look like, I'm a private citizen.

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<v Speaker 1>That's what he told his first story. I'm a private citizen.

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<v Speaker 1>I've been a businessman and I've a serial investor my

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<v Speaker 1>entire life. It would be ridiculous to expect me to

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<v Speaker 1>stop doing what I've always done to provide. I think

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<v Speaker 1>he said to provide for my five children. And you know,

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<v Speaker 1>you could take that idea and extend it and say like,

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<v Speaker 1>it would be ridiculous to expect him to stop forwarding

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<v Speaker 1>a kind of maga financialization agenda simply because his dad

0:13:20.520 --> 0:13:21.160
<v Speaker 1>is doing the same.

0:13:21.720 --> 0:13:24.520
<v Speaker 2>Andy if I were to draw a ven diagram, so

0:13:24.600 --> 0:13:28.400
<v Speaker 2>it's like Donald Trump Junior's business interests and then President Trump,

0:13:28.960 --> 0:13:31.319
<v Speaker 2>is there any intersection here? I imagine back in twenty

0:13:31.360 --> 0:13:34.680
<v Speaker 2>sixteen twenty seventeen. You might have had a President Trump

0:13:34.720 --> 0:13:37.680
<v Speaker 2>who is interested in the state of his real estate portfolio,

0:13:37.800 --> 0:13:41.760
<v Speaker 2>for instance, any indication that he's taking a substantial interest

0:13:41.920 --> 0:13:44.160
<v Speaker 2>in what his son, what his sons are doing when

0:13:44.160 --> 0:13:45.800
<v Speaker 2>it comes to business, or is this very much their

0:13:45.840 --> 0:13:49.360
<v Speaker 2>own venture, yes, built on their shared surname.

0:13:49.640 --> 0:13:55.120
<v Speaker 3>Sometimes it can be hard to disentangle, and as Max mentioned,

0:13:55.120 --> 0:13:59.240
<v Speaker 3>there's often a kind of virtuous circle at play where

0:13:59.280 --> 0:14:02.840
<v Speaker 3>you have both the president and the activity of the

0:14:02.840 --> 0:14:06.880
<v Speaker 3>president and his family, so it can be hard to

0:14:06.880 --> 0:14:07.760
<v Speaker 3>fully disentangle.

0:14:08.080 --> 0:14:11.959
<v Speaker 2>Amazon, for example, plays a role in several Trump family projects.

0:14:12.400 --> 0:14:15.959
<v Speaker 2>It recently purchased the rights to Milania Trump's documentary, paying

0:14:16.080 --> 0:14:19.680
<v Speaker 2>forty million dollars to license the film. According to The

0:14:19.680 --> 0:14:23.000
<v Speaker 2>Wall Street Journal, that is almost tripled the next best offer.

0:14:23.600 --> 0:14:26.560
<v Speaker 2>Max Andanny say Amazon falls into their fourth and final

0:14:26.640 --> 0:14:30.720
<v Speaker 2>category of the Trump money making machine, what they call ventures.

0:14:32.400 --> 0:14:36.760
<v Speaker 3>So one good example is Trump sneakers. You actually saw

0:14:36.800 --> 0:14:39.480
<v Speaker 3>Trump when he was on the campaign trail stop by

0:14:39.560 --> 0:14:42.840
<v Speaker 3>a sneaker head convention, and he's kind of hawking sneakers.

0:14:43.280 --> 0:14:46.640
<v Speaker 3>There are perfumes that are branded in a forty five

0:14:46.760 --> 0:14:50.320
<v Speaker 3>forty seven way, referring to the numbers of his presidencies,

0:14:50.880 --> 0:14:55.680
<v Speaker 3>and it just captures the range of different kinds of

0:14:55.720 --> 0:14:58.560
<v Speaker 3>material goods that he's applied his name to.

0:14:59.000 --> 0:15:02.120
<v Speaker 1>I mean, I think it's only fair to point out

0:15:02.360 --> 0:15:04.920
<v Speaker 1>that we're not talking about someone who was elected to

0:15:04.960 --> 0:15:06.880
<v Speaker 1>the White House and then suddenly woke up and decided

0:15:06.920 --> 0:15:10.760
<v Speaker 1>to become a global businessman. It's Donald Trump's m O.

0:15:10.920 --> 0:15:13.920
<v Speaker 1>I mean, I'm pretty sure it's sort of exactly what

0:15:14.080 --> 0:15:18.600
<v Speaker 1>his fans and his voters and supporters are embracing, this

0:15:18.760 --> 0:15:23.280
<v Speaker 1>idea of a savvy businessman who is not held back

0:15:23.320 --> 0:15:27.160
<v Speaker 1>by the same standards of you know, for example, embarrassment.

0:15:27.200 --> 0:15:30.720
<v Speaker 1>He's certainly unembarrassed about being a brand, although it does

0:15:30.720 --> 0:15:32.800
<v Speaker 1>occur to me that I have never seen a picture

0:15:32.800 --> 0:15:34.120
<v Speaker 1>of him wearing the Trump sneakers.

0:15:34.320 --> 0:15:36.280
<v Speaker 3>True, we're going to need to request that from the

0:15:36.280 --> 0:15:36.720
<v Speaker 3>White House.

0:15:36.720 --> 0:15:37.960
<v Speaker 1>We're going to have to get to the bottom of that.

0:15:38.880 --> 0:15:41.880
<v Speaker 2>Could I ask you about something that's in this venture's bucket,

0:15:41.920 --> 0:15:42.800
<v Speaker 2>and that's settlements.

0:15:43.000 --> 0:15:47.720
<v Speaker 3>Right, there's this piece again, a pretty new phenomenon in

0:15:47.800 --> 0:15:53.560
<v Speaker 3>this second term, where various huge companies have come to

0:15:53.680 --> 0:15:56.960
<v Speaker 3>multimillion dollar settlements with Trump.

0:15:56.720 --> 0:15:59.120
<v Speaker 2>Law firms, media organizations.

0:15:58.640 --> 0:16:02.760
<v Speaker 3>Yes, that's right, a media organizations, other social media platforms

0:16:03.600 --> 0:16:08.560
<v Speaker 3>like Meta and x. And even if those dollars don't

0:16:08.600 --> 0:16:12.000
<v Speaker 3>necessarily go into the pocket of the president, and they

0:16:12.160 --> 0:16:15.320
<v Speaker 3>come in the form of a donation to the as

0:16:15.400 --> 0:16:20.120
<v Speaker 3>yet to be created Presidential Library, that's also a way

0:16:20.120 --> 0:16:21.400
<v Speaker 3>that the cash register rings.

0:16:22.040 --> 0:16:24.800
<v Speaker 2>President Trump has said those settlements with law firms will

0:16:24.840 --> 0:16:28.119
<v Speaker 2>go to pro bono legal services to causes he supports

0:16:28.600 --> 0:16:32.080
<v Speaker 2>during his second term and beyond. He said the settlement

0:16:32.080 --> 0:16:36.040
<v Speaker 2>with Paramount will go toward advertising and public service announcements.

0:16:37.240 --> 0:16:38.920
<v Speaker 2>Let me end with a question I'd like both of

0:16:38.960 --> 0:16:41.160
<v Speaker 2>you to answer, and that is sort of how much

0:16:41.200 --> 0:16:46.080
<v Speaker 2>does this machine grow? Unconstrained at the top. We talked

0:16:46.080 --> 0:16:49.760
<v Speaker 2>about the criticism and pressure that the president was under.

0:16:50.200 --> 0:16:51.960
<v Speaker 2>What's your sense of where this goes from here?

0:16:52.280 --> 0:16:56.840
<v Speaker 3>There's a sense that many are overwhelmed or kind of

0:16:56.840 --> 0:17:00.640
<v Speaker 3>inured almost to the scale of the money making happening.

0:17:01.320 --> 0:17:08.679
<v Speaker 3>And the question that I have is whether the resistance

0:17:08.720 --> 0:17:10.880
<v Speaker 3>that's out there, and there is some There have been

0:17:10.920 --> 0:17:16.160
<v Speaker 3>Democratic lawmakers who've for example, spoken out against the meme coin,

0:17:16.840 --> 0:17:19.960
<v Speaker 3>but has there been a unified front to shut it

0:17:20.040 --> 0:17:24.000
<v Speaker 3>down in some way? Would that even be viable. So

0:17:24.760 --> 0:17:28.560
<v Speaker 3>I guess the lingering question is whether there's any force

0:17:28.680 --> 0:17:32.960
<v Speaker 3>that could really resist a money making machine with this

0:17:33.080 --> 0:17:34.280
<v Speaker 3>many different arms.

0:17:35.320 --> 0:17:39.040
<v Speaker 1>My mind is going to the changes that are happening

0:17:39.040 --> 0:17:42.120
<v Speaker 1>in the United States government, where a fellow billionaire, Elon Musk,

0:17:42.200 --> 0:17:44.879
<v Speaker 1>was called in by Trump to appreciate the government. And

0:17:44.920 --> 0:17:47.800
<v Speaker 1>that's like, it's not an abstract thing, and it includes

0:17:48.720 --> 0:17:53.560
<v Speaker 1>the agencies and offices that oversee Trump's own public company,

0:17:53.640 --> 0:17:56.119
<v Speaker 1>and it includes the agencies and offices that oversee his

0:17:56.800 --> 0:18:00.640
<v Speaker 1>crypto projects. It even includes the people who will see

0:18:00.840 --> 0:18:04.880
<v Speaker 1>the actual conflicts of interests themselves. So we're not necessarily

0:18:04.920 --> 0:18:07.440
<v Speaker 1>in the business of like predicting the future. But I'm

0:18:07.520 --> 0:18:11.640
<v Speaker 1>betting that it's going to become harder and not easier

0:18:11.840 --> 0:18:14.440
<v Speaker 1>to understand what people in power are doing and how

0:18:14.440 --> 0:18:16.439
<v Speaker 1>people in power are making money. And I am not

0:18:16.920 --> 0:18:19.080
<v Speaker 1>specifically referring to Donald Trump. I think it's going to

0:18:19.080 --> 0:18:23.240
<v Speaker 1>be true of Republicans and Democrats, and I think it

0:18:23.240 --> 0:18:26.520
<v Speaker 1>will take a kind of concerted effort to reverse some

0:18:26.680 --> 0:18:30.880
<v Speaker 1>of the things that have happened in these past few months.

0:18:32.920 --> 0:18:35.120
<v Speaker 2>This is the big take from Bloomberg News. I'm David

0:18:35.119 --> 0:18:37.720
<v Speaker 2>Gera to get more from The Big Take and unlimited

0:18:37.760 --> 0:18:40.960
<v Speaker 2>access to all of bloomberg dot Com. Subscribe today at

0:18:41.000 --> 0:18:45.280
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0:18:45.359 --> 0:18:47.440
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0:18:47.520 --> 0:18:50.080
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0:18:50.640 --> 0:18:52.560
<v Speaker 2>Thanks for listening. We'll be back tomorrow