Squawk Pod

Two weeks after a train derailment in Ohio resulted in a hazardous chemical spill, the responsible railway Norfolk Southern, the EPA, and the Biden administration are working to help the affected community. Oscar Munoz, former United Airlines CEO and former CEO of CSX rail  shares lessons from his career, and offers some advice to the leaders involved. In the wake of wins for betting giants like DraftKings and Fanduel, Activate CEO Michael Wolf discusses the trends for legal and illegal sports betting. Plus, Sam Bankman-Fried is in trouble again, and prominent Chinese investment banker Bao Fan is missing according to his company China Renaissance Holdings. The Beijing-based fund and investment bank said it “has been unable to contact Mr. Bao Fan,” but is operating normally, according to a filing. In this episode:Becky Quick, @BeckyQuickJoe Kernen, @JoeSquawkCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Charlie Munger, a shareholder and board member for The Daily Journal, spoke at the newspaper’s virtual annual meeting on Wednesday. The meeting featured a Q&A moderated by Becky Quick that featured a wide range of topics, from market volatility, his favorite stocks of all time, the Federal Reserve’s rate hikes, to cryptocurrencies and investing in China. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Berkshire Hathaway Vice Chairman Charlie Munger, a shareholder and board member of the Daily Journal Corporation, spoke at this year’s virtual Daily Journal Annual Meeting. Becky Quick delivers the highlights from that meeting, where Munger addressed A.I., his favorite stocks of all time, Elon Musk’s Twitter takeover, and what he calls “crypto crap-o.” The Labor Department reported a producer price index hotter than economists expected, raising questions about the longevity of inflation in the U.S. CNBC’s Rick Santelli and Steve Liesman discuss what the most recent inflation data means for the Fed’s fight against inflation. The Congressional Budget Office has warned that the U.S. the Treasury Department can only sustain its extraordinary measures to prevent a debt default for five to eight more months. The CBO also raised its projection of national debt over the next decade. Phillip Swagel, the director of The Nonpartisan Congressional Budget Office, discusses the deficit and default warnings, the contentious Congressional debt ceiling fight, and rising interest payments challenging the U.S. budget window. Plus, more leadership changes are coming for the Federal Reserve, Wall Street Bets founder is suing Reddit, and a growing population of wealthy Chinese are relocating out of China, as economic concerns rise in the mainland.In this episode:Rick Santelli, @RickSantelliSteve Liesman, @steveliesmanRobert Frank, @robtfrankBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After his dramatic takeover, Elon Musk aims to name a successor at Twitter before the end of 2023. Musk has also announced that thousands of Tesla’s chargers will soon open all other EVs. Federal Reserve Vice Chair Lael Brainard is leaving her post to become President Biden’s top economic advisor. She’s replacing White House powerhouse Brian Deese, who speaks with Joe Kernen, Becky Quick, and Andrew Ross Sorkin for an exit interview. Deese discusses his legacy at the National Economic Council, President Biden’s push against corporate buybacks, and the administration's remaining agenda. Louis Vuitton has hired designer and musician Pharrell Williams, and CNBC’s Robert Frank reports that it’s LVMH’s biggest bet yet on mixing pop culture and luxury for the world’s largest fashion brand. Plus, Starbucks CEO Howard Schultz has declined a Congressional invitation, and travel costs are up–alongside profits. CNBC’s Phil LeBeau reports on air travel traffic and the FAA’s testimony before the Senate Commerce Committee today.  In this episode:Robert Frank, @robtfrankKayla Tausche, @kaylatauschePhil Lebeau, @LebeaucarnewsJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The New York Times columnist Jim Stewart is out with a new book chronicling the manipulations and secret machinations of Sumner Redstone’s final years and the battle for his media empire. “Unscripted,” co-authored by Rachel Abrams, follows the drama that built the Paramount-CBS-Viacom business–and it’s a real life “Succession” story. Coca Cola reported a beat on earnings this quarter, and CEO James Quincey discusses his company’s strategy for marketing, inflation, and premixed cocktails. CPI data reveals inflation for January rose 6.4% from a year ago, signaling a continuing–albeit slow–moderation in inflation’s climb. Plus, the White House is shuffling its economic team, Tesla workers are launching a unionization plan in New York, and NBC is reportedly hoping to win back the NBA. Happy Valentine’s Day! In this episode:James Stewart, @JamesStewartNYTBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Kansas City Chiefs defeated the Philadelphia Eagles in Super Bowl LVII! Not everyone was watching for the big game, though. Most of this year’s advertisements sold for between $6 million and $7 million for a 30-second spot. Fox said it raked in a record amount of Super Bowl ad revenue this year. Kevin Krim, president and CEO of EDO, discussed this year’s Super Bowl ads. Concerns are mounting in Washington after the U.S. shot down a fourth unidentified object on Sunday. Jack Jacobs, retired U.S. army colonel and a Medal of Honor recipient, discusses the latest mystery object and whether citizens should be worried about an escalation. CNBC’s Eamon Javers also reports on the latest unknown flying object and what it could possibly be.In this episode:Kevin Krim, @kevinkrimEamon Javers, @EamonJaversBecky Quick @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Disney CEO Bob Iger’s apparent openness to selling Hulu marks a stark reversal in strategy for the company. Iger said Thursday that “everything is on the table” with regard to Hulu’s future. Matt Belloni, Puck founding partner and author, discusses how Disney will treat Hulu, why another company wouldn’t partner with Hulu and more. SEC chair, Gary Gensler, discusses the recent crackdown from the SEC on Kraken, how the company’s operations differ from other yield-based products and potential climate and crypto regulation. Shares of Lyft are falling after the company reported guidance for its first quarter of 2023 that was short of analyst expectations. Plus, Adidas shares tank after company issues warning over unsold Yeezy stockIn this episode:Gary Gensler, @GaryGenslerMatt Belloni, @MattBelloniBecky Quick @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Disney says it will slash 7,000 jobs from its workforce and plans to cut $5.5 billion in costs, including $3 billion in content savings. CEO Bob Iger says the restructuring is a “significant transformation” that will maximize the potential of their creative teams. Apple co-founder, Steve Wozniak, discusses the power of artificial intelligence, the metaverse, Tesla, and his long career at Apple. Plus, how the rich are saving billions in taxes. ProPublica Reporter, Paul Kiel, says some wealthy Americans are using a century-old law against "wash sales" - selling and buying shares in a company in a short period of time.In this episode:Steve Wozniak, @stevewozPaul Kiel, @paulkielBecky Quick @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

President Biden delivered his State of the Union address to a lively congressional audience. Joe Kernen, Becky Quick, and Andrew Ross Sorkin break down the fireworks and the content with former Republican Congressman Mick Mulvaney and former Democratic Senator Heidi Heitkamp. After a big financial quarter, Uber CEO Dara Khosrowshahi shares his vision for the road ahead (hint: EVs!), consumer spend, and the inflation squeeze. Plus, Microsoft is rolling out a new and AI chatbot-enabled version of Bing, and CNBC’s Steve Liesman analyzes the investor reaction to Federal Reserve Chair Jay Powell’s comments on American jobs and inflation this week.  In this episode:Dara Khosrowshahi, @dkhosHeidi Heitkamp, @HeidiHeitkampMick Mulvaney, @MickMulvaneySteve Liesman @SteveliesmanBecky Quick @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In a this super-sized episode, Speaker of the House Rep. Kevin McCarthy (R-CA) sits with Joe Kernen at the Capitol for an extended interview ahead of President Biden’s State of the Union Address. Speaker McCarthy discusses his political agenda, bipartisan negotiations for the debt ceiling, and America’s geopolitical and economic paths forward. In his first interview in over a year, Activision Blizzard CEO Bobby Kotick discusses his company’s quarterly performance, as well as the stalled deal for Microsoft to acquire the gaming giant. Kotick also addresses ATVI’s $35m settlement with the SEC over claims that the company violated federal whistleblower protections and failed to maintain adequate disclosure standards over workplace misconduct. Plus, AMC is now pricing up tickets for premium movie theater seats, and Google has released its answer to ChatGPT: Bard AI.  In this episode:Rep. Kevin McCarthy, @SpeakerMcCarthyBobby Kotick, @BobbyKotickBecky Quick @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.