Kate Leinbaugh
Appearances
The Journal.
Trump's Attack on Big Law
Trump is taking aim at some big law firms because of things that happened years ago, going all the way back to his first term.
The Journal.
Trump's Attack on Big Law
The first firm Trump went after provided some legal services around the investigation of Trump's role in the January 6th riot.
The Journal.
Trump's Attack on Big Law
Trump issued an executive order against Covington & Burling that suspended the firm's security clearances and placed its government contracts under review.
The Journal.
Trump's Attack on Big Law
Trump said his order was in response to quote, the weaponization of our system by law firms. Covington said it had a long history of representing clients facing government investigations that is quote, consistent with the best traditions of the legal profession. About a week later, Trump issued another executive order against another prominent firm, Perkins Coie.
The Journal.
Trump's Attack on Big Law
This executive order went further than the first one. It limited the firm's access to federal buildings.
The Journal.
Trump's Attack on Big Law
So what you're saying is, if their clients want to keep their federal contracts, they'd have to go to a different law firm. That seems like it would be a big deal for Perkins Coie.
The Journal.
Trump's Attack on Big Law
Perkins Coie decided to fight back. The firm said the order was a, quote, irrational abuse of power that shocks the conscience. The firm alleged the order was illegal in at least nine different ways, including violating a client's right to legal counsel.
The Journal.
Trump's Attack on Big Law
Just days later, Trump signed a third executive order that would take his fight against big law in a different direction. This order was against a major law firm called Paul Weiss.
The Journal.
Trump's Attack on Big Law
And like the other firms Trump has gone after, Paul Weiss has done some work for people and organizations that oppose Trump.
The Journal.
Trump's Attack on Big Law
President Donald Trump has signed an executive order targeting Chicago-based law firm Jenner & Block. These executive orders could have massive, detrimental consequences for some of the nation's biggest law firms. Here's our colleague Erin Mulvaney, who covers legal affairs.
The Journal.
Trump's Attack on Big Law
Did Trump say anything in particular about why he was taking aim at Paul Weiss?
The Journal.
Trump's Attack on Big Law
Earlier this month on Fox News, President Donald Trump announced a new plan.
The Journal.
Trump's Attack on Big Law
Pomerantz is someone who used to work at Paul Weiss. He was affiliated with the firm for about two decades. In 2021, Pomerantz worked at the Manhattan DA's office on an investigation that resulted in an indictment against the Trump Organization for alleged fraudulent business practices. The indictment eventually fell apart.
The Journal.
Trump's Attack on Big Law
Trump's executive action against Paul Weiss was basically identical to the one against Perkins Coie. And immediately, it started to impact Paul Weiss's business. Other big law firms started to approach Paul Weiss's clients, hoping to poach them. At least one client decided to drop the firm.
The Journal.
Trump's Attack on Big Law
After the break, what Paul Weiss did and why it was so surprising. Once Trump signed the executive order against Paul Weiss on Friday, March 14th, it set off a scramble.
The Journal.
Trump's Attack on Big Law
In the background, Brad Karp found a way to trump. He tapped a powerful acquaintance, Robert Kraft, the owner of the New England Patriots. Kraft connected Karp with the president, and a meeting was set up.
The Journal.
Trump's Attack on Big Law
The firm also agreed to not take clients based on any political ties or partisanship.
The Journal.
Trump's Attack on Big Law
And as these executive orders were coming out, what was the response from lawyers in those firms?
The Journal.
Trump's Attack on Big Law
President Trump yesterday rescinded an executive order targeting prominent law firm Paul Weiss. How big of a deal is this, given that Perkins had gotten a temporary injunction and that people in the legal community thought Paul Weiss had a pretty good case?
The Journal.
Trump's Attack on Big Law
What has Paul Weiss said about why they went this route of striking a deal instead of getting litigious?
The Journal.
Trump's Attack on Big Law
President Trump is pushing ahead. He said he's looking into executive orders against more law firms. Yesterday, he signed one against the firm Jenner & Block. Jenner said the executive order was similar to the one that had already been declared unconstitutional by a federal court and said it would pursue, quote, all appropriate remedies. Are you seeing any other sort of changes in the industry?
The Journal.
Trump's Attack on Big Law
among firms trying to get ahead of a conflict with Trump or dodge a conflict with Trump.
The Journal.
Trump's Attack on Big Law
What are the implications of like all of this on the legal system?
The Journal.
Trump's Attack on Big Law
These law firms are now having to decide how to respond. And none of the options are good. Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Wednesday, March 26th. Coming up on the show, Trump's attack on big law.
The Journal.
Trump's Attack on Big Law
That's all for today, Wednesday, March 26th. The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Josh Dawsey and Ryan Barber. Thanks for listening. See you tomorrow.
The Journal.
The Nazi Ties to Credit Suisse
And so there's this feeling that this period of time hasn't been fully studied, that there hasn't been a full sense of accountability. And so I think people want to get more transparency. There's still a sense amongst many families, many Jewish organizations, many people,
The Journal.
The Nazi Ties to Credit Suisse
of people who otherwise suffered at the hands of the Nazis, that there wasn't a full reckoning of some of the activities in World War II, and that the Swiss banks perhaps were more complicit than people had thought.
The Journal.
The Nazi Ties to Credit Suisse
Simon Wiesenthal was a Nazi hunter. He was a survivor of the Holocaust. And so the Simon Wiesenthal Center, their mission is really to teach the world about the Holocaust.
The Journal.
The Nazi Ties to Credit Suisse
The Simon Wiesenthal Center was looking at bank accounts that were attached to Nazis and Nazi entities, Nazi affiliates. So say like a holding company that was furthering the Nazi aims for industry that would maybe own a bunch of companies. And some of those companies might have come from Jewish owners that they'd been taken over. So they had these sort of new leads on Nazi linked accounts.
The Journal.
The Nazi Ties to Credit Suisse
that they studied themselves for some time, and so they shared that with a bank in 2020. And Credit Suisse, to its credit, said, yeah, we want to look into this.
The Journal.
The Nazi Ties to Credit Suisse
So the task here is to delve into archives of often written records in ledgers or maybe some of it might have at some point been put onto microfilm or lots of like, you know, almost obsolete media. So there'd just be, you know, sort of rooms and rooms of customer documents and old bank records, often handwritten. And those all had to be really sort of sifted through.
The Journal.
The Nazi Ties to Credit Suisse
And so this investigation was producing a lot of information because the last time anyone had really looked was in the 1990s and the technology is a lot better now to process information. And so a lot of leads were coming up.
The Journal.
The Nazi Ties to Credit Suisse
What he started to find was that many of these leads were strong, that the Simon Weisenthal Center had given to the bank, that there were some new Nazi clients that hadn't really been found before. So he's finding a lot, and he's finding that the more he looks, the more he finds. And something else he started to find was internal information at the bank about those 1990s investigations.
The Journal.
The Nazi Ties to Credit Suisse
What kind of information? There was information in those sort of working papers from the 1990s that indicated the bank did know about certain clients, that the bank was aware of certain connections with Nazi affiliates or Nazi-related companies that hadn't been disclosed before. And so he was pursuing that investigation, and then he got fired from the job by the bank.
The Journal.
The Nazi Ties to Credit Suisse
Why did Credit Suisse fire him? So Credit Suisse fired Neil Brofsky. Some of the executives who were at the bank at the time felt like he was kind of overstepping the bounds of what he was there to investigate. So whilst the Simon Wiesenthal Center had given them lists of names and facts, he was finding even more. He was finding indications about their disclosures in the 90s.
The Journal.
The Nazi Ties to Credit Suisse
And so it was becoming a bit open-ended. He was finding so much that some executives within the bank were concerned that this is going to take forever and cost a ton of money and what's going to come out of it.
The Journal.
The Nazi Ties to Credit Suisse
So at that point in time, I think a lot of the parties involved felt like this is it. A line has been drawn. We're going to move past this. And certainly that was how the Swiss banks felt. And that agreement in 1998 was also endorsed by more than a dozen Jewish organizations. So it really was like everyone who had been sort of around the table on this had agreed, okay, let's do this settlement.
The Journal.
The Nazi Ties to Credit Suisse
His position was that he had a job to do. He had been asked to investigate and to write a report. And so he wrote a report.
The Journal.
The Nazi Ties to Credit Suisse
So this is where things started to kind of get out of the bank's hands because the bank had, you know, essentially been trying to silence these findings and this report.
The Journal.
The Nazi Ties to Credit Suisse
And the reports were pretty different because the Neil Brofsky report was 205 pages. It had a lot of information about what he'd found. Credit Suisse report was much shorter. And the Credit Suisse position was essentially, OK, he did find some things, but this doesn't really move on the historical record. It's pretty much what we knew already.
The Journal.
The Nazi Ties to Credit Suisse
And he gets dug in again with a team. UBS devoted resources to it. So there was something like 50 or more people working on this. And Neil Brofsky was also able to hire his own forensic accountants and his own historians and so forth to really sort of look at their work that was being done. So at this point, he had sort of fresh support for his efforts there.
The Journal.
The Nazi Ties to Credit Suisse
And he also had the Senate Budget Committee behind him saying, please leave no stone unturned.
The Journal.
The Nazi Ties to Credit Suisse
And so he found something like there were, you know, thousands of boxes full of files. And in those files, there were numerous client files that were stamped with this. It was a stamp that Brofsky and his team hadn't seen before. And it was American Blacklist.
The Journal.
The Nazi Ties to Credit Suisse
So this was a designation given to Nazi entities or other Axis powers during the war that the U.S. and its allies were aware of or suspected were financing or trading with the Nazis. And so this is a designation that seems really important to look into.
The Journal.
The Nazi Ties to Credit Suisse
And this will kind of put an end to it once and for all. But of course, not everyone felt that way.
The Journal.
The Nazi Ties to Credit Suisse
So they haven't investigated or they haven't fully probed all of these files. That's the work that's going on right now is to understand the significance of the people that had that blacklist, that were on the blacklist, had that stamp on their files, to really understand what they were doing and how that might fit in with the investigation.
The Journal.
The Nazi Ties to Credit Suisse
So Borofsky told senators that the investigation uncovered scores of individuals and entities who were linked to Nazi atrocities and that these either hadn't been identified before or the full nature of Credit Suisse's involvement hadn't ever been reported publicly. The investigators also find accounts for several hundred alleged Nazi intermediaries, such as lawyers.
The Journal.
The Nazi Ties to Credit Suisse
And these are people who had helped the Nazis hide gold or loot Jewish assets or just generally support the war economy under the Nazis. But these are the new leads that Borowski and the investigators are pursuing now. Borowski also found information that the bank hadn't disclosed before about a specific account that other researchers had identified years ago, back in the 1990s.
The Journal.
The Nazi Ties to Credit Suisse
So this was an account controlled by two SS officers and a Swiss intermediary. And so Credit Suisse in the 1990s had told one of the commissions looking at this issue that it couldn't find any information about this account. But Borowski found that the bank did know about the account. It had documentation in its files in those 1990s reviews.
The Journal.
The Nazi Ties to Credit Suisse
So this account is important because this Swiss intermediary could have kept sending cash to the Nazis after the war ended, since it was in the name of a Swiss person. And that's the kind of question that Borowski is looking at now, like whether that happened or not, and what happened with some of these assets and with some of this money.
The Journal.
The Nazi Ties to Credit Suisse
I think one lesson is that if there are secrets to hide, sometimes it's better just to come clean at the moment of cleansing, which was supposed to be in the 90s. That was supposed to be the moment for the banks to really come clean.
The Journal.
The Nazi Ties to Credit Suisse
You know, Switzerland has been a haven for money, and that includes dirty money. And so when a government is deposed or a dictator flees, then often the first place people look is, you know, well, where's the money? Where is it? And often a portion of it is in Switzerland.
The Journal.
The Nazi Ties to Credit Suisse
So there's a sense that this could be a wake-up call for Swiss banks that the past cannot be fully left behind, that the past can come back many years later and harm your reputation again.
The Journal.
The Nazi Ties to Credit Suisse
There was a Swiss lawyer who was known for cloaking Nazi transactions, and that person had several accounts at Credit Suisse. There was a relationship with a German manufacturer that used slave labor from concentration camps, and that manufacturer opened an account at Credit Suisse during the war. There were entities run by the SS that were opening accounts during the war.
The Journal.
The Head of the EPA on the Future of the Agency
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Wednesday, April 9th. Coming up on the show, an interview with EPA Administrator Lee Zeldin. So, the administration has been making tons of changes to the government, including working to shut down government departments like the Department of Education and USAID.
The Journal.
The Head of the EPA on the Future of the Agency
Administrator Zeldin, thank you so much for your time today.
The Journal.
The Head of the EPA on the Future of the Agency
That's all for today, Wednesday, April 9th. The Journal is a co-production of Spotify and The Wall Street Journal. Special thanks to Eric Kneeler for his help with this episode. Thanks for listening. See you tomorrow.
The Journal.
The Head of the EPA on the Future of the Agency
Has there been talk of getting rid of the EPA? No.
The Journal.
The Head of the EPA on the Future of the Agency
Since taking over as EPA administrator, you've announced plans to pull back a raft of climate regulations. What is your objective?
The Journal.
The Head of the EPA on the Future of the Agency
The Loper Bright decision. It was a watershed ruling by the Supreme Court last year.
The Journal.
The Head of the EPA on the Future of the Agency
The EPA has a clear mission, to protect human health and the environment. The agency does this primarily through regulations on issues like air and water pollution. Now, under President Trump, things at the EPA are changing. Climate regulation is being rethought. Staff have been laid off. And billions of dollars in funding to green initiatives have been frozen.
The Journal.
The Head of the EPA on the Future of the Agency
The decision means federal judges can overrule a government agency's interpretation of the law. It's a meaningful rollback of agencies' regulatory power.
The Journal.
The Head of the EPA on the Future of the Agency
What do you see as a solution for global warming?
The Journal.
The Head of the EPA on the Future of the Agency
Congress created the Clean Air Act to regulate emissions. The act empowers the EPA to set limits on air pollutants and penalize companies that violate the rules. Would you want to amend the Clean Air Act?
The Journal.
The Head of the EPA on the Future of the Agency
Do you believe greenhouse gas emissions contribute to climate change?
The Journal.
The Head of the EPA on the Future of the Agency
In 2009, the EPA released what's known as the endangerment finding. This determination came to the conclusion that six greenhouse gases, like carbon dioxide or methane, endanger human health. It found that together, the emissions directly contribute to climate change. In January, President Trump called for a rethink of the legality of the endangerment finding.
The Journal.
The Head of the EPA on the Future of the Agency
The Environmental Protection Agency was created in 1970 by President Richard Nixon.
The Journal.
The Head of the EPA on the Future of the Agency
But this finding has been held up again since 2009. So why do you think things have changed?
The Journal.
The Head of the EPA on the Future of the Agency
Do you believe greenhouse gases should be regulated?
The Journal.
The Head of the EPA on the Future of the Agency
Coming up, we'll talk about the environmental rules that Zeldin is putting in place. Getting back to what you've done at the EPA, you've been pushing through deregulatory actions, including rolling back rules on coal plant pollution and greenhouse gas emissions from cars. How do you square deregulation with the EPA's mission to protect human health and the environment?
The Journal.
The Head of the EPA on the Future of the Agency
All of it is being directed by the man Trump appointed to lead the EPA.
The Journal.
The Head of the EPA on the Future of the Agency
Are you planning to make any new rules?
The Journal.
The Head of the EPA on the Future of the Agency
Last week, Zeldin finalized new water quality standards to protect fish in a stretch of the Delaware River. The EPA first proposed these standards in 2023.
The Journal.
The Head of the EPA on the Future of the Agency
Lee Zeldin, who has... Lee Zeldin, a Trump loyalist who spent eight years in Congress representing his Long Island congressional district. Last week, I got to ask him some questions. Administrator Zeldin, thanks for joining us today.
The Journal.
The Head of the EPA on the Future of the Agency
Are you concerned that the trade relations between the U.S. and Mexico vis-a-vis the tariffs could interfere with your objectives?
The Journal.
The Head of the EPA on the Future of the Agency
You brought up the wildfires in California. I mean, I think that that was a real... extreme situation that sort of captures the fears that many Americans have about climate change. And And that's why people feel an urgency to try to remediate it, to reverse it, as opposed to just dealing with the consequences of it.
The Journal.
The Head of the EPA on the Future of the Agency
I wanted to sort of circle back to your plans for the EPA itself. Given the changes happening to the federal government, it has been reported that you plan to eliminate the EPA's scientific research arm and lay off more than 1,000 scientists, including toxicologists. Is that true? And how will that impact the EPA's ability to write policy?
The Journal.
Will Honda Be Nissan's Ride or Die?
That's all for today, Wednesday, January 8th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
Will Honda Be Nissan's Ride or Die?
If you were to boil down this story into one simple idea, what would that be?
The Journal.
Will Honda Be Nissan's Ride or Die?
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Wednesday, January 8th. Coming up on the show... What's behind the proposed merger of Nissan and Honda?
The Journal.
Will Honda Be Nissan's Ride or Die?
For decades, Japanese automakers have sold their vehicles to the world. Cars famed for being reliable, no frills, and not too expensive.
The Journal.
Will Honda Be Nissan's Ride or Die?
The third company in Japan's big three is its oldest.
The Journal.
Will Honda Be Nissan's Ride or Die?
Exciting to drive, like that Nissan Skyline that roars across the finish line in Too Fast, Too Furious. Spoiler alert, in the movie, the Nissan wins. And Nissan was also once seen as a pioneering automaker.
The Journal.
Will Honda Be Nissan's Ride or Die?
That's our colleague Sean McClain. He covers the auto industry.
The Journal.
Will Honda Be Nissan's Ride or Die?
So how did Nissan go from pioneering an electric vehicle to today? Like, tell us the story of where Nissan went wrong.
The Journal.
Will Honda Be Nissan's Ride or Die?
Automotive titan Carlos Ghosn was put on... Carlos Ghosn became CEO of Nissan in 2001. He was a superstar of the auto industry and had a bold vision for Nissan. He wanted to make it the largest car maker in the world. What was the big bet he made?
The Journal.
Will Honda Be Nissan's Ride or Die?
So Ghosn and Nissan spent billions of dollars building factories all over the world. He pushed for drastic sales increases and made big investments in electric cars, robo-taxis, and autonomous vehicles.
The Journal.
Will Honda Be Nissan's Ride or Die?
By 2018, Nissan's profit margins were shrinking. And Ghosn soon found himself accused of financial crimes in Japan. He fled the country and is now a fugitive in Lebanon. He denies wrongdoing and has dismissed the idea that he was responsible for Nissan's current woes. But Nissan was stuck.
The Journal.
Will Honda Be Nissan's Ride or Die?
Nissan was strapped for cash at a time when the industry was on the precipice of big changes. The electric vehicle market was taking off around the world, and Nissan was left flat-footed. especially in China, the world's largest car-buying country where Nissan had invested heavily.
The Journal.
Will Honda Be Nissan's Ride or Die?
China had a burst of new EVs of its own, carmakers like BYD Auto, and Chinese customers were buying in, which was bad news for the whole Japanese car industry and especially for Nissan.
The Journal.
Will Honda Be Nissan's Ride or Die?
In this proposed deal, Nissan would get a lifeline. But what does Honda get? That's after the break.
The Journal.
Will Honda Be Nissan's Ride or Die?
In December, Nissan and Honda held a joint press conference. A translator interpreted for the CEOs and for reporters.
The Journal.
Will Honda Be Nissan's Ride or Die?
As the CEOs of both companies stood on stage at the press announcement, things got awkward. What did the Honda CEO first say about this deal?
The Journal.
Will Honda Be Nissan's Ride or Die?
I hope I answered your question. He said worthy of consideration? Like, that's not exactly a ringing endorsement.
The Journal.
Will Honda Be Nissan's Ride or Die?
The merger, which is planned for next year, would create the third largest automotive group in the world behind Toyota and Volkswagen. The merged company would have sales of 8 million vehicles a year. Honda has said that pooling resources with Nissan will allow for both brands to continue innovating as demand rises for EVs and autonomous technologies.
The Journal.
Will Honda Be Nissan's Ride or Die?
Honda versus Nissan, locked in a high-octane street race. Kind of like the rivalry they have in real life. Two Japanese car giants selling similar cars to similar customers. Which is why, just before Christmas, some news out of Japan was so surprising.
The Journal.
Will Honda Be Nissan's Ride or Die?
But if Honda's CEO sounded lukewarm about the deal, that may be because it was a bit of an arranged marriage. Arranged by the Japanese government.
The Journal.
Will Honda Be Nissan's Ride or Die?
Honda's CEO has rejected suggestions that the company was being pushed to rescue Nissan. So this deal might make sense from, like, a political perspective, but what about the market challenges the deal faces?
The Journal.
Will Honda Be Nissan's Ride or Die?
There's an iconic scene from the 2003 action movie Too Fast, Too Furious, a scene beloved by gearheads. And it begins, naturally, with cars rolling up to a starting line.
The Journal.
Will Honda Be Nissan's Ride or Die?
There's also concerns about duplication, the idea that both Honda and Nissan currently have similar product lines.
The Journal.
Will Honda Be Nissan's Ride or Die?
Honda and Nissan are calling this a merger, not a takeover by Honda. But it's clear Nissan is the weaker company. The boss of the combined company would likely come from Honda, and Honda will also appoint the majority of board members, all of which positions Honda to be the company calling most of the shots. How do you think this potential merger between Nissan and Honda works?
The Journal.
Will Honda Be Nissan's Ride or Die?
will affect future Fast and Furious films. You think Vin Diesel is going to be driving a Chinese BYD car?
The Journal.
Will Honda Be Nissan's Ride or Die?
What does this tell us about how the global automotive industry is changing?
The Journal.
The Fraud Trial That Became JPMorgan's Headache
But now, at least J.P. Morgan can say, it was duped by a convicted fraudster.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Javis is scheduled to be sentenced this summer. Her attorneys are petitioning for a new trial. That's all for today, Wednesday, April 2nd. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
This trial, which concluded Friday, exposed not just the actions of Charlie Javis. It also revealed ignored warnings and lax due diligence at J.P. Morgan on a deal that CEO Jamie Dimon has called a, quote, huge mistake. Why was this trial worth paying attention to?
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Wednesday, April 2nd. Coming up on the show, how a fraud trial exposed embarrassing details about J.P. Morgan.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
What you're hearing is Exhibit 1.8 in the case of the United States of America v. Charlie Javis. This video is from an archived webinar where Javis is introducing her financial aid business, Frank.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Javis graduated from the Wharton School of Business. She was a high-achieving wunderkind with a gift for marketing herself. When she was in her 20s, she started Frank. Why did she name it Frank?
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Frank was a tool that was meant to make it easier for students applying for financial aid for college or graduate school. At the core of the trial was the 2021 sale of Frank to JP Morgan for $175 million. JP Morgan had bought Frank, in large part, for its millions of young users.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
When did it start to become clear to JP Morgan that there was a problem?
The Journal.
The Fraud Trial That Became JPMorgan's Headache
During the trial, JPMorgan executives recounted the moment that they started to get worried. It happened some months after the deal when Javis delivered a file containing Frank's more than 4 million customers.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
It would be a big, life-changing deal. And this witness testified that Javis had an unusual request.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
And that led to the total meltdown of the relationship.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
This was the data that Javis had asked her chief software engineer to fake. And remember, he testified that when he refused, Javis made that comment that she didn't want to end up in an orange jumpsuit. So Javis looked for someone else. She found a math professor at Queens College and paid that professor $18,000.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
And at the trial, it became clear that JP Morgan hadn't done that basic due diligence. That's next. At the trial, Charlie Chavis' defense took an interesting approach. Instead of focusing on the actions of their client, they put the spotlight on J.P. Morgan.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
At a federal courthouse in Manhattan, a witness was called to the stand. He was testifying for the prosecution. The witness, Patrick Vuvor, had been the chief software engineer at a financial aid startup called Frank. On the stand, he recounted a story from back in 2021. Frank's founder, a woman named Charlie Javis, was on the precipice of selling her business to JPMorgan Chase.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Her top two defense attorneys making this argument are very experienced.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
In this trial, that strategy was on display after the former software engineering chief testified about Javisa's orange jumpsuit comment. Immediately, one of her attorneys sprung into action.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
That's our colleague Alexander Saidi. So how does this engineer testify that he responded to this request?
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Beyond trying to discredit the prosecution's witnesses, the defense tried to make the case that JP Morgan didn't thoroughly vet Frank's business. They called a former lower-level JP Morgan employee to the stand.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Javisa's lawyers cross-examined another JPMorgan employee, the executive who led the deal to buy Frank. The defense lawyers pulled up some of this executive's text messages. And in one text, she referred to an annual shareholder letter written by J.P. Morgan CEO Jamie Dimon.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
J.P. Morgan did do some due diligence. They hired a third-party company to examine and validate the more than 4 million users that Frank said it had.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
At the trial, another J.P. Morgan executive said that he expected this third-party company had been doing more than just counting rows in a spreadsheet. In testimony, a representative from the third-party company said it actually offered to do more validation work on the data file, but that J.P. Morgan didn't express interest in doing that.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
In closing arguments, the prosecution told the jury this was a clear case of fraud. The defense said it was buyer's remorse. And after five weeks of testimony, it was up to the 12 people on the jury to decide. Last Thursday, they started their deliberations. And on Friday, they were still deliberating.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Javis and her co-defendant, a former executive at Frank, were both found guilty on three counts of fraud and one count of conspiracy to commit fraud. Both could go to jail for decades.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
Yesterday, Javisa's lawyers were in court again. Alex was there, and he sent us this voice memo.
The Journal.
The Fraud Trial That Became JPMorgan's Headache
One thing her defense lawyers said is that Javis will never get her good name back. Was this trial also damaging for J.P. Morgan?
The Journal.
Arrivederci, Donatella Versace
And don't worry because I'm sticking around for a few more weeks, but my time with the show will officially conclude at the end of April.
The Journal.
Arrivederci, Donatella Versace
I do. It's kind of a big thing. After six years on the show, I am taking a new job and will be leaving our podcast. I'm going to be the Wall Street Journal's new corporate news editor.
The Journal.
Arrivederci, Donatella Versace
All the feels, Ryan. I've got all the feels because working on this podcast with you and all of our producers and editors and engineers has been... the best. And bringing the news every day, telling our listeners about the money, business, and power stories has been so much fun. And I'm going to miss doing this with you and especially connecting with our listeners every day.
The Journal.
Arrivederci, Donatella Versace
Donatella Versace, who has been at the helm of Versace for more than 25 years, is stepping down.
The Journal.
Arrivederci, Donatella Versace
And I also promise to bring you a steady stream of stories about money, business, and power.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
It's bragging rights, exactly. Corporate America, I mean, being number one kind of matters.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Tuesday, March 18th. Coming up on the show, will Walmart lose its crown as the king of retail? When you started 10 years ago covering Walmart, what were you told you'd be covering?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
The slow decline of the king of retail, of Walmart.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
The two Goliaths in this story are the king of retail and the king of the internet, Walmart and Amazon.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
It all began in 1962 in Rogers, Arkansas, with Walmart founder Sam Walton. His mission was to have the lowest prices anytime, anywhere. Walmart's super inflation buster sale blasted through the inflation barrier with big discount savings on hundreds of everyday items. By 1990, Walmart was the largest retailer in the U.S. It had boxed out smaller stores and redefined how Americans shopped.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
But then, the internet happened, and Walmart got a new upstart competitor which would change American shopping habits. Amazon. Founder Jeff Bezos envisioned a place where customers could, quote, come to find and discover anything and everything they might want to buy online.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Through the 2000s, Amazon built out a network of fulfillment centers, offered two-day shipping with Amazon Prime, and expanded its offerings by allowing third-party sellers on its platform. The growing Amazon was a threat to Walmart. And in 2014, when Walmart named a new CEO, Doug McMillan, it was one of the many things on his plate. What was his mission?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
So Macmillan, started looking for ways to grow Walmart's online operation. And one part of the company caught his eye. An experiment happening in Colorado.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
This experiment worked. Within a few years, Walmart started offering online grocery pickup in a thousand stores across the country.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
And she says this year, Amazon could take Walmart's crown. A crown Walmart's held for more than three decades. The nation's number one retailer by revenue. And is Walmart putting up a fight to keep its crown?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
So Walmart wanted to build out same-day grocery delivery. But it wasn't easy.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
But these partnerships with delivery apps proved to be expensive and complicated. They led to abandoned orders, crowded aisles, and a chaotic patchwork of drivers. In those years, Walmart also bought an e-commerce startup called Jet.com for $3.3 billion. But it didn't work out as planned, and Walmart had to shut the site down in 2020.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
For Walmart, the war between the Goliaths was getting expensive.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
There's like a genre of story that is the David versus Goliath story. But this is like a Goliath versus Goliath story.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Coming up, how same-day grocery delivery is giving Walmart a fighting chance. Over the years, Walmart has identified one area where it could outfox Amazon. Grocery delivery. More than 50% of Walmart's U.S. sales come from groceries. And its hope was that customers would come for onions and spaghetti and tack on other items with higher margins, like home goods, toys, or clothes.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Why does Walmart see fast grocery delivery as their edge?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
To achieve this dream of same-day grocery delivery, in 2018, Walmart launched an app with its own network of freelance drivers.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Spark was working, and more and more of Walmart's orders were delivered via the app. But the app had limitations, namely in how it mapped out delivery areas for drivers. Spark started out using zip codes, but Walmart wanted it to be more precise.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Spark is now responsible for over 80% of Walmart's deliveries. And its stores, once considered the company's Achilles heel, have now become an asset. Sarah, who 10 years ago thought she was on the inevitable decline of Walmart beat, recently listened to the company's earnings call. She was surprised to hear that today, Walmart is able to do same-day delivery to 93% of American households.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Why is Amazon struggling to compete in fast grocery delivery?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
But Amazon does have a national grocery retailer. It has Whole Foods. Yeah.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Unlike Walmart, Whole Foods has a more limited grocery selection. As a natural and organic supermarket, it doesn't sell brands like Cheerios or Doritos.
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
After a decade-long push, Walmart has a 9% share of U.S. e-commerce sales. Amazon, has 41%. And Walmart's online business, as a standalone operation, isn't profitable. How do they justify it?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
And in this war between our two Goliaths, Who's caught in the middle?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
So if you were to place a bet on who's going to win in the Clash of the Titans?
The Journal.
The Battle to Be the King of Retail: Walmart vs. Amazon
Before we go, we're interested in hearing from you. Do you have any questions about what's happening with the Trump administration? Email us and let us know. Please send us a voice note to thejournalatwsj.com That's thejournalatwsj.com That's all for today, Tuesday, March 18th. The Journal is a co-production of Spotify and The Wall Street Journal.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
But Newberry was about to get an assist from a presidential hopeful who was promising to revitalize American manufacturing.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Donald Trump, his main tool to bring those jobs back was tariffs. And for Newberry, that would bring in a new employer and chart a new path to growth. This is the playbook that Trump is now trying to replicate today on a much larger scale. But Newberry's good fortune came at a cost. Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Tuesday, April 8th.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Coming up on this show, one town that benefited from Trump's tariffs and what it meant for everyone else. Our colleague Chow Deng covers the economy and has been following Trump's tariff plans. What is his policy goal with these tariffs?
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Newberry was one of those towns. It had a long, cherished manufacturing history tied to the textile industry.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Rick Farmer's job as Newberry's economic development officer is to keep jobs in town and bring in more. which is why it was such a gut punch when Caterpillar said in 2016 it was moving out and leaving Newberry with an empty factory.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
But then, Rick caught wind of another project that could turn around his town's fortunes.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
That large contingent of engineers was with Samsung, the giant Korean manufacturer. Rick gave them a tour of the factories.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Samsung was in Newberry looking for a new place to build washing machines. It was scouting several locations around the country. After months of looking, Samsung picked Newberry and announced a $380 million investment. And when you found out you won, what did that feel like?
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
So how has this deal been for your community?
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Rick Farmer works in Newberry, South Carolina, as the county's economic development officer. So tell us about Newberry.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Trump's washing machine tariffs expired in early 2023. The Samsung factory now employs more than 1,500 workers, and it brings in more than a million dollars of annual tax revenue to the city.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Caterpillar, the iconic American manufacturer of construction equipment. It was leaving its factory in Newberry, and that meant losing over 300 jobs. When you first heard that news that they were moving out, how would you describe it?
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
But on the national level, things were more complicated. That's next. — Samsung's interest in a U.S. factory was influenced by Trump's election. He had vowed on the campaign trail to bring more manufacturing jobs back into the country. And he was talking a lot about trade.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
In Trump's first term, he took specific aim at imports of these everyday household appliances.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Samsung has previously said that the U.S. is one of the fastest-growing markets for home appliances and called building an American facility a, quote, natural choice. A spokeswoman for Samsung declined to comment on how tariffs affect the company. But those washing machine tariffs from Trump's first term had some downsides. What did these tariffs do to overall U.S. washing machine prices?
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
That same study found that the prices of dryers also went up, even though dryers weren't tariffed. Because washing machines and dryers are often sold as pairs, so companies raised prices on both. Now, our reporting shows that the price of washing machines in the U.S. has been going up. So in some ways, it feels like there's a trade-off between prices and jobs.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Samsung says it's considering moving dryer production to Newberry from Mexico, but it hasn't yet made a decision.
The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Before we go, do you have any questions about the Trump administration? If you do, email us and let us know. Please send a recording of your question to thejournalatwsj.com. That's thejournalatwsj.com. That's all for today, Tuesday, April 8th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts.
The Journal.
Meta Settles With Trump for $25 Million
And between this and the ABC settlement, do you think there'll be more?
The Journal.
Meta Settles With Trump for $25 Million
That's all for today, Thursday, January 30th. The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Annie Linsky. Thanks for listening. See you tomorrow.
The Journal.
Meta Settles With Trump for $25 Million
Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Thursday, January 30th. Coming up on the show, Meta's $25 million settlement with President Trump.
The Journal.
Meta Settles With Trump for $25 Million
The roots of the Trump lawsuit against Meta go back to the January 6th Capitol attack. In the days after, tech companies took action against Trump.
The Journal.
Meta Settles With Trump for $25 Million
— The reason the companies gave for the suspensions was that Trump had used his accounts to rally his supporters.
The Journal.
Meta Settles With Trump for $25 Million
In the months after Trump left the White House, pressure on him mounted. He was being investigated by prosecutors in New York, D.C., and Georgia.
The Journal.
Meta Settles With Trump for $25 Million
And those lawsuits were filed in July 2021. What was the basis of his suit against Meta?
The Journal.
Meta Settles With Trump for $25 Million
That's our colleague Rebecca Ballhaus. She says the dinner was part of efforts by Meta to court Trump.
The Journal.
Meta Settles With Trump for $25 Million
And did that strategy go beyond these cases? Like, were there other lawsuits that his legal team brought? Yeah.
The Journal.
Meta Settles With Trump for $25 Million
All right. So getting back to this meta case, at the time, how did the company respond to the lawsuit? They pushed back.
The Journal.
Meta Settles With Trump for $25 Million
Trump appealed that dismissal, but it had repercussions for his other lawsuits.
The Journal.
Meta Settles With Trump for $25 Million
Weeks after Donald Trump won the election, Mark Zuckerberg, CEO of Meta, flew to Florida to have dinner with the president-elect.
The Journal.
Meta Settles With Trump for $25 Million
But then Trump won the election, and the Meta lawsuit came back into play. That's after the break. When Zuckerberg and his team from Meta went down to Mar-a-Lago last November, they had a long list of policy issues to talk about with Trump.
The Journal.
Meta Settles With Trump for $25 Million
A few weeks after that dinner, there was some big news in a separate case Trump had brought against a media company.
The Journal.
Meta Settles With Trump for $25 Million
Do you know whether that settlement impacted the meta situation?
The Journal.
Meta Settles With Trump for $25 Million
Then on January 10th, Zuckerberg went to Mar-a-Lago to hash out an agreement with Trump's team.
The Journal.
Meta Settles With Trump for $25 Million
And yesterday, they came to a resolution. Meta, which owns Facebook and Instagram, agreed to pay $25 million to settle the lawsuit. What stands out to you about this settlement?
The Journal.
Meta Settles With Trump for $25 Million
And then yesterday, the result of the talks between Meta and Trump came out. A $25 million settlement. Of that money, $22 million will go to a fund for Trump's presidential library. The remainder is for legal fees and the other plaintiffs. Would this case have gone to court if Mehta hadn't settled it?
The Journal.
Meta Settles With Trump for $25 Million
How has the news of this settlement been received by lawmakers and Trump's critics?
The Journal.
Meta Settles With Trump for $25 Million
Has the White House responded to that? The White House has not. And what has Meta said about the settlement?
The Journal.
Meta Settles With Trump for $25 Million
What have your sources told you about what this settlement says in terms of Meta's relationship with the administration?
The Journal.
Meta Settles With Trump for $25 Million
What does this say about the relationship between big tech and media companies with Trump?
The Journal.
Three Federal Workers Hit by DOGE
Today, more cuts were announced. The Department of Health and Human Services said it plans to cut 10,000 full-time employees. Those employees work in departments that are tasked with responding to disease outbreaks, approving new drugs, and providing insurance for the poorest Americans. HHS said essential health services won't be affected. That's all for today, Thursday, March 27th.
The Journal.
Three Federal Workers Hit by DOGE
The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Matt Barnum, Alison Poley, and Liz Esley White. Thanks for listening. See you tomorrow.
The Journal.
Three Federal Workers Hit by DOGE
Trump's cuts, three workers, and the reach of government efficiency. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, March 27th. Coming up on the show, the collateral damage of the federal layoffs. The federal government has been laying off workers in a way that hasn't been seen before.
The Journal.
Three Federal Workers Hit by DOGE
Under the guidance of Elon Musk's Department of Government Efficiency, tens of thousands of employees have been laid off or left their jobs.
The Journal.
Three Federal Workers Hit by DOGE
The Federal Aviation Administration. The cuts have hit department after department. The Department of Veterans Affairs.
The Journal.
Three Federal Workers Hit by DOGE
President Trump says the federal workforce includes many people who aren't doing their jobs. He also wants to reduce federal spending by $1 trillion this fiscal year. Now, in many cases, these agencies are figuring out how to do their work with fewer employees.
The Journal.
Three Federal Workers Hit by DOGE
That's our colleague Lindsay Ellis. She spoke with over 60 federal workers across the country who do all kinds of jobs for the government.
The Journal.
Three Federal Workers Hit by DOGE
One agency that's been hit hard is the Department of Veterans Affairs, or the VA. It says it has already laid off more than 2,000 workers and is planning to cut about 70,000 positions. Lindsay spoke to some of the laid-off VA employees. One of them was Brett Taylor.
The Journal.
Three Federal Workers Hit by DOGE
Victoria, Keith, and Brett are among thousands of government employees who've been laid off as the Trump administration slashes the federal workforce in the name of efficiency. They say that the work they used to do could be at risk of falling through the cracks, like Victoria's job of investigating alleged civil rights violations in local schools.
The Journal.
Three Federal Workers Hit by DOGE
Brett is a vet himself. He served in the Army. How long were you in the military?
The Journal.
Three Federal Workers Hit by DOGE
After coming home, Brett went to graduate school and got a master's degree in social work. He says he started at the VA in 2019.
The Journal.
Three Federal Workers Hit by DOGE
Last summer, Brett moved to Colorado for a new job at the VA. In his role, he helps vets without housing find a permanent place to live. One of his last cases, he says, involved a veteran in his family who needed housing that would accommodate the man's disability.
The Journal.
Three Federal Workers Hit by DOGE
Once Donald Trump took office and created Doge, were you concerned for your job?
The Journal.
Three Federal Workers Hit by DOGE
Because Brett had recently started that new role, he was classified as a probationary employee. Those are workers who were recently hired or promoted in the last year or two. And when the Trump administration started making cuts, probationary employees were among the first targets. So Brett was laid off. How did you find out?
The Journal.
Three Federal Workers Hit by DOGE
Or was there... Yeah, it was immediately. When you were laid off, how many cases did you have open? I think about 16 cases.
The Journal.
Three Federal Workers Hit by DOGE
Brett's field office is still open. He worries that the remaining workers are having to handle higher caseloads. And when you think about the sort of policy objective of Doge, um, Does any of it ring true? Like, are there inefficiencies at the VA?
The Journal.
Three Federal Workers Hit by DOGE
A VA spokesperson said the probationary employees who've been laid off amount to half of 1% of its workforce. saying, quote, the notion that these layoffs are causing issues across the department is false. Over at the Department of Education, Victoria, who's in Birmingham, Alabama, is also sympathetic to a broad goal of government efficiency.
The Journal.
Three Federal Workers Hit by DOGE
Victoria had a number of ongoing cases at the Office for Civil Rights, ones she says she wasn't able to hand off.
The Journal.
Three Federal Workers Hit by DOGE
Victoria has been advocating against the cuts with her union. She says she's fighting for her job because it's something she really believes in.
The Journal.
Three Federal Workers Hit by DOGE
A Department of Education spokesperson said the Office for Civil Rights plans to use more mediation and a faster case processing approach to address disability-related and other harassment complaints, noting that the agency will, quote, deliver on its statutory responsibilities. The layoffs of probationary federal employees like Victoria and Brett were quickly challenged in court.
The Journal.
Three Federal Workers Hit by DOGE
Earlier this month, two federal district judges blocked those terminations. One judge in San Francisco ordered the government to reinstate laid-off probationary employees at a half-dozen agencies. This week, the Trump administration asked the Supreme Court to intervene on its behalf. As the litigation works through the courts, Victoria and Brett have been in limbo.
The Journal.
Three Federal Workers Hit by DOGE
They were both reinstated, but put immediately on administrative leave. Then this week, Brett says he was told to return to work and is in the process of getting onboarded again. After the break, we talked to another laid-off worker, someone who was already working in government efficiency. Keith Kamir has worked in the government for a number of years.
The Journal.
Three Federal Workers Hit by DOGE
Brett, who worked at the Department of Veterans Affairs, worries about a VA with fewer hands to help homeless vets.
The Journal.
Three Federal Workers Hit by DOGE
He's worked for the census and the Small Business Administration. Why have you been drawn to government work?
The Journal.
Three Federal Workers Hit by DOGE
Last year, Keith joined the IRS. He was on a team charged with streamlining the process to manage the agency's IT budget.
The Journal.
Three Federal Workers Hit by DOGE
Keith says a big part of his job was government efficiency. Is the objective to cut waste?
The Journal.
Three Federal Workers Hit by DOGE
The IRS didn't respond to a request for comment. What's your view of government waste?
The Journal.
Three Federal Workers Hit by DOGE
So Trump comes into the White House, establishes Doge. Did you think your job would be affected?
The Journal.
Three Federal Workers Hit by DOGE
And Keith, who was at the IRS, says productivity is suffering.
The Journal.
Three Federal Workers Hit by DOGE
Keith says he's now on paid administrative leave, but not allowed to go back to work. And he told us he's considering changing his party affiliation from Republican to Independent. The sweep of these cuts is just beginning to be felt across the country.
The Journal.
Will Paramount Settle With Trump?
That's all for today, Thursday, February 27th. The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Joe Flint and Drew Fitzgerald. Thanks for listening. See you tomorrow.
The Journal.
Will Paramount Settle With Trump?
Hello again. How are you? This is raw video footage from 60 Minutes, the longstanding news magazine show on CBS. Last fall, veteran correspondent Bill Whitaker sat down with Democratic presidential candidate Kamala Harris.
The Journal.
Will Paramount Settle With Trump?
It's Thursday, February 27th. Coming up on the show, Trump's fight against the news media runs headlong into a massive entertainment merger. Soon after 60 Minutes aired its interview with Harris, her opponent, Donald Trump, took to the stage at a campaign rally and asked his supporters a question.
The Journal.
Will Paramount Settle With Trump?
Trump did sue CBS for $10 billion. And our colleague Jessica Tunkel has been following the case.
The Journal.
Will Paramount Settle With Trump?
Here is Harris' answer as it aired on Face the Nation.
The Journal.
Will Paramount Settle With Trump?
I'm good. All right. Well, Madam Vice President... Whitaker kicked the interview off with questions about the Middle East and pressed Harris on the Biden administration's relationship with Israel's prime minister.
The Journal.
Will Paramount Settle With Trump?
And like sort of stepping back, in media generally, what is best practice when it comes to this kind of editing?
The Journal.
Will Paramount Settle With Trump?
After Trump won the election, several companies that he sued announced settlements. In December, ABC said it would pay Trump $15 million to settle a defamation lawsuit. The case involved an inaccurate statement by anchor George Stephanopoulos about a sexual abuse case against Trump. In January, Meta settled a case over Trump's suspension on Instagram and Facebook, paying him $25 million.
The Journal.
Will Paramount Settle With Trump?
$20 billion? Yes. What have legal experts said are the chances that Trump's lawsuit would succeed in court?
The Journal.
Will Paramount Settle With Trump?
And if they choose to settle, what do legal experts say that would show?
The Journal.
Will Paramount Settle With Trump?
This merger. CBS parent company Paramount is trying to get an $8 billion merger completed. But first, it needs approval from the Federal Communications Commission, which is now run by a Trump appointee. That's after the break.
The Journal.
Will Paramount Settle With Trump?
Paramount is a huge media conglomerate. It not only owns CBS, it also owns Showtime, Paramount Pictures, and its own streaming platform. And the company has been struggling for years. Long before the Harris interview aired, Paramount's owners had started merger talks with a production company called Skydance.
The Journal.
Will Paramount Settle With Trump?
David Ellison and Skydance seemed like a perfect suitor for Paramount and Sherry Redstone. But talks dragged on for more than a year.
The Journal.
Will Paramount Settle With Trump?
The deal was announced last summer, but to be finalized, it needed government approval, specifically the FCC.
The Journal.
Will Paramount Settle With Trump?
That is not what happened. What's holding up the deal at this moment?
The Journal.
Will Paramount Settle With Trump?
So whether Paramount settles with Trump should not have any impact on the FCC review?
The Journal.
Will Paramount Settle With Trump?
Is that unusual for the FCC, the Federal Communications Commission, to bring up the idea of bias as part of a merger review?
The Journal.
Will Paramount Settle With Trump?
Since CBS and Paramount have been so vehement that this case is frivolous, if they do settle, could it be interpreted as a quid pro quo for approval for the merger?
The Journal.
Will Paramount Settle With Trump?
A spokesperson for Paramount Global said, quote, this lawsuit is completely separate from and unrelated to the Skydance transaction and the FCC approval process. We will abide by the legal process to defend our case. And what has Skydance said?
The Journal.
Will Paramount Settle With Trump?
Would Skydance go ahead with the deal if the Trump lawsuit is still out there?
The Journal.
Will Paramount Settle With Trump?
And yesterday, there was an indication that a deal could be in the works. Trump told reporters that settlement talks are underway in his case against CBS.
The Journal.
Will Paramount Settle With Trump?
When you look at this, do you think it's more of a media story or a business story or a politics story?
The Journal.
Will Paramount Settle With Trump?
This answer and how it was edited has become the center of a storm involving President Trump, claims of election interference, and questions about media independence. This storm is also threatening an $8 billion merger that CBS's parent company, Paramount Global, desperately wants to get done. Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
What do you think it signals about what the next four years are going to be like?
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
As of Thursday afternoon, Melania's coin is worth about $470 million, and Trump's coin, about $7 billion. That's all for today, Thursday, January 23rd. The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Caitlin Ostroff. Audio in this episode from Rob Smith via Storyful. Thanks for listening. See you tomorrow.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
But while they were partying, Trump, the champion of the crypto industry, was making a surprise move.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
The president-elect had just launched his own coin. And this move would roil the crypto community. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, January 23rd. Coming up on the show, why Trump's cryptocurrency has shaken the crypto world.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
The coin that Trump launched last Friday wasn't just any kind of cryptocurrency. It's what's known in the crypto community as a meme coin. What is a meme coin?
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Like little, like viral internet thingamajiggers. Nuggets, yes. How many of these meme coins have you seen in the past few years?
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
According to Vicky, the most popular usually feature dogs.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
In its heyday in 2021, Dogecoin was worth over $80 billion. Unsurprisingly, it spawned many imitators.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
And as a serious reporter for the Wall Street Journal, You're covering these things. It's a fun job.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Because they're so popular and easy to make, meme coins have also become a vehicle for scams. One of these scams is sometimes called a rug pull. Basically, someone launches a new coin, they hype it up, convince other people to buy it, and then they sell, raking in the profits and tanking the coin price for everyone else. All of which is to say, meme coins don't have the greatest reputation.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
OK, so tell us about this coin that Trump launched last Friday, the night of the crypto ball.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Trump's pick for Treasury Secretary was there. So was the Speaker of the House. Guests noshed on beef tenderloin and tuna tartare. They snapped up free swag like Make Bitcoin Great Again hats and Trump-style golden slippers. Snoop Dogg performed.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Trump announced the launch on his Truth Social platform. He posted, quote, get your Trump now. The price of the token immediately soared. In the first hours of trading, one Trump coin could go for $7, $10, and then $20. But as more people jumped in, the price climbed even higher to $30, $40, then $70. On Sunday, the Trump coin had an almost $15 billion market cap.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
For the people who bought this coin, why did they do it? Why did they think it was a good move? I thought these kinds of coins are jokes.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
What did the surging price of this coin mean for Trump himself?
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
The Friday before inauguration, the crypto industry convened in D.C. for a party. They called it the Crypto Ball. Our colleague Vicky Huang talked to some of the attendees.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Trump is now a crypto billionaire because entities associated with him own 80% of the supply of Trump coins.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
But Trump's ballooning crypto wealth was about to receive a hit. And from an unlikely source, his wife, Melania Trump.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
The incoming first lady also announced her coin on Truth Social. She posted, quote, you can buy Melania now.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Wait, wait a second. Her stock goes up, so his goes down? Yes. I say stock, but I mean coin. Her coin goes up, so his goes down? Yes.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
The problem, according to traders Vicky talked to, was that the buyers for Trump's coin and Melania's coin overlapped. The same people who were looking to make a quick buck on Trump's coin now wanted Melania's token.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Some crypto fans applauded Trump's decision to release a coin, saying it brought energy, attention and new users to digital currencies. Others just bragged on X about their gains, like media entrepreneur Dave Portnoy. He said he made, quote, a quick milli and then said he loved Trump's America. But the Trump and Melania coins also generated plenty of criticism.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Cryptoskeptics called the coins a scam, and others worried that people might buy tokens as a way of currying favor with Trump. Has Trump responded to these concerns?
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
At a press conference with the president Tuesday, a reporter referred to the launch of Trump's coin.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
But Trump's coin has done more than fire up the usual critics. It's also drawn criticism from within the crypto community. That's next. The release of the Trump meme coin blindsided people in the crypto industry who've been working hard to repair crypto's reputation.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
On the campaign trail, Trump embraced crypto. He promised industry-friendly regulations and pledged to start a national Bitcoin reserve. And the crypto industry embraced Trump right back, channeling contributions to him and other crypto-friendly candidates. Now, at the crypto ball, it seemed like all that effort and cash was about to pay off. Here's Trump's crypto czar, David Sachs, on stage.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Crypto is increasingly going mainstream. Major Wall Street firms now offer crypto funds. Crypto-friendly legislators won big in November's election. And in December, the price of Bitcoin hit $100,000 for the first time.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
Meme coins have such a dodgy reputation that when Trump first posted about his new coin, many in the crypto community assumed it was a scam and his accounts had been hacked. When it became clear that the coin launch was real, some in the industry raised concerns that it was a rug pull, that the Trump entities behind the coin could cash out, tanking the coin price for everyone else.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
On the other hand, Vicky says, cashing out would be tricky in practice because of how the Trump meme coin is structured.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
They need to be... sold over the course of three years? Yes. So that's a sign that it might not be a rug pull.
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
What does this whole coin drama tell you about the crypto industry?
The Journal.
Love Trump? Now You Can Buy His Meme Coin.
The tension between the gamblers and the suits.
The Journal.
Grindr Makes a Date With AI
Do you think that AI is going to be the future of dating apps?
The Journal.
Grindr Makes a Date With AI
As for Pietro, the AI wingman hasn't transformed his dating life. And right now, he's focusing on skiing with friends in Tahoe. When's your next date?
The Journal.
Grindr Makes a Date With AI
AI Wingman, a bot powered by artificial intelligence, meant to help its users find love. Pietro is one of 10,000 people who've been given a peek into this unreleased AI technology. So you were AI curious?
The Journal.
Grindr Makes a Date With AI
That's all for today, Thursday, February 13th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
Grindr Makes a Date With AI
Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Thursday, February 13th. Coming up on the show, the new race on the AI frontier, love. Pietro has been using Grindr since he was 18. What does your about me say on Grindr?
The Journal.
Grindr Makes a Date With AI
Now, back in the dating game, Pietro is remembering the things he doesn't like about the apps. What is the worst part of online dating?
The Journal.
Grindr Makes a Date With AI
Pietro Pecora is 27, and he's single. He lives in San Francisco and works in tech. What's your dating life like right now?
The Journal.
Grindr Makes a Date With AI
Even though millions of people use dating apps to find romance and hookups, there's been some backlash. Like Pietro, some people don't like the time commitment. They don't like the slew of getting to know you messages that don't go anywhere. Some people are tired of the emphasis on looks. They just don't feel like dating apps are genuine. And others are ready for something new.
The Journal.
Grindr Makes a Date With AI
The dating apps are catching these signals, and they've been trying to right their relationship with users. Here's our colleague, Belle Lin.
The Journal.
Grindr Makes a Date With AI
Dating apps like Hinge, Tinder, and Bumble have been struggling with declining demand and user engagement. Many younger users have snubbed the apps, and companies want to make online dating better, more joyful, and faster. Enter AI. Here's the CEO of Tinder at a conference.
The Journal.
Grindr Makes a Date With AI
But the app that's done the most with AI? You guessed it. It's Grindr.
The Journal.
Grindr Makes a Date With AI
If a world where bots match lovers together sounds straight out of sci-fi... That's because it is. Take this episode of Black Mirror called Hang the DJ. In it, an algorithm matches different people in relationships until they find their lifelong partner.
The Journal.
Grindr Makes a Date With AI
Me too. A device pairs couples for fixed periods of time. In this scene, the AI even decides their meal. Do you know how we order?
The Journal.
Grindr Makes a Date With AI
But this sci-fi-type dating situation is not what the apps are offering right now, at least according to Pietro. He's been testing Grindr's AI wingman for about six months. He says the wingman is like a chatbot. It can give you dating tips, advice for how to navigate Grindr, and techniques for flirting. And, um, how did you use it?
The Journal.
Grindr Makes a Date With AI
So to help his real-life game, Pietro asked AI Wingman to write him some pickup lines.
The Journal.
Grindr Makes a Date With AI
Can you ask your AI wingman for an opening line if you bump into Pedro Pascal?
The Journal.
Grindr Makes a Date With AI
But what Pietro really wants is what he talked about earlier, help with filtering different profiles.
The Journal.
Grindr Makes a Date With AI
Yeah. Okay. Okay. Who is your fantasy person? What do they look like?
The Journal.
Grindr Makes a Date With AI
What do you wish this AI tool could do for you in future versions?
The Journal.
Grindr Makes a Date With AI
To figure out if Grindr's AI wingman is going to give Pietro the help he needs, we called up Grindr's CEO. That's coming up after the break.
The Journal.
Grindr Makes a Date With AI
So can you start by introducing yourself? Tell us your name and what you do?
The Journal.
Grindr Makes a Date With AI
George has been the CEO of Grindr since 2022, and he is also AI-curious.
The Journal.
Grindr Makes a Date With AI
Pedro Pascal, the heartthrob who starred in The Mandalorian, The Last of Us, and also Corona beer commercials.
The Journal.
Grindr Makes a Date With AI
How do you see this AI wingman changing the way people date?
The Journal.
Grindr Makes a Date With AI
Grindr put us in touch with one of your beta testers, a guy named Pietro. And he said the worst part of online dating and using Grindr is what he described as filtering.
The Journal.
Grindr Makes a Date With AI
So you think Wingman will be able to help Pietro spend less time filtering?
The Journal.
Grindr Makes a Date With AI
Can you have your Wingman out there chatting for you with other profile people who then their Wingman is chatting back?
The Journal.
Grindr Makes a Date With AI
In his hunt for tall, dark, and handsome, Pietro mainly uses the LGBTQ dating app Grindr. And about six months ago, Pietro agreed to beta test a new feature on the app.
The Journal.
Grindr Makes a Date With AI
How big of a priority is this for Grindr? And is it going to totally transform what the online dating world will look like?
The Journal.
Grindr Makes a Date With AI
I asked our colleague Belle Lynn if she thinks there's going to be an appetite to pay for AI to play matchmaker.
The Journal.
Grindr Makes a Date With AI
Do you think that AI is the answer for dating apps or is it just an industry grasping for an answer to a business problem?
The Journal.
China Unleashes a Trade War Arsenal
And I guess we're going to have to find out what China does after this.
The Journal.
China Unleashes a Trade War Arsenal
Today, China announced it would reduce imports of American movies. In response, President Trump said, I think I've heard worse things. The administration also said today the new tariffs on China add up to a total of 145 percent, not the 125 percent it previously indicated. That news sent U.S. stock markets down sharply. That's all for today, Thursday, April 10th.
The Journal.
China Unleashes a Trade War Arsenal
The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Gavin Bade. Thanks for listening. See you tomorrow.
The Journal.
China Unleashes a Trade War Arsenal
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, April 10th. Coming up on the show, how the U.S.-China trade war spun out of control. Going back to Inauguration Day this year, how was China feeling about its relationship to the U.S. ?
The Journal.
China Unleashes a Trade War Arsenal
After Inauguration Day, China tried to open up communications with the Trump administration. They knew Trump had promised more tariffs, but China remained hopeful that they could negotiate on trade and still do business. China's foreign minister, Wang Yi, made a phone call to his newly appointed American counterpart, Secretary of State Marco Rubio. Rubio is a known China hawk.
The Journal.
China Unleashes a Trade War Arsenal
And China hit back. China announcing retaliatory tariffs of 34%, effective April 10th. Then the U.S. countered China's counter-retaliation.
The Journal.
China Unleashes a Trade War Arsenal
This simple diplomatic introductory call ended well. But it turned out there was something off.
The Journal.
China Unleashes a Trade War Arsenal
That warning for Rubio to behave himself was touted in China, but it wasn't included in the English translation of the call.
The Journal.
China Unleashes a Trade War Arsenal
Then, in early February, Trump hit China with 10% tariffs across the board. China's response was relatively mild, answering back with similar-sized tariffs on specific U.S. imports.
The Journal.
China Unleashes a Trade War Arsenal
Then China countered the U.S. 's counter-counter-retaliation.
The Journal.
China Unleashes a Trade War Arsenal
According to one of Ling Ling's sources, Waltz didn't meet with Wang Yi, in part because of that warning that had been delivered to Rubio. The Chinese pursued other avenues into the administration and also had no luck. The Chinese ambassador to Washington had tried to engage with Elon Musk and failed. The Chinese commerce minister wrote letters to the U.S. Commerce Secretary and the U.S.
The Journal.
China Unleashes a Trade War Arsenal
Trade Representative. No response. Lingling says the White House wanted communication from higher levels in Beijing.
The Journal.
China Unleashes a Trade War Arsenal
And then yesterday, President Trump paused tariffs on most other countries, with one big exception.
The Journal.
China Unleashes a Trade War Arsenal
In the last week, the U.S.-China trade war has spiraled. It started in the Rose Garden.
The Journal.
China Unleashes a Trade War Arsenal
But it seems like it's going both ways, like both sides are making efforts to communicate, but those efforts weren't going anywhere.
The Journal.
China Unleashes a Trade War Arsenal
China remained hopeful that negotiations were possible. So in March, when Trump laid another 10% tariff on Chinese imports, again, Beijing didn't retaliate much. And then last week, any glimmer of hope that Beijing had that the bilateral relationship could be maintained went out the window.
The Journal.
China Unleashes a Trade War Arsenal
Liberation Day. And I remember your tweet from that day.
The Journal.
China Unleashes a Trade War Arsenal
Yeah. So now average U.S. tariffs on China are over 70 percent. Wow.
The Journal.
China Unleashes a Trade War Arsenal
On Liberation Day, Trump increased tariffs on China again, on top of the already existing tariffs. What was Beijing's experience of that day?
The Journal.
China Unleashes a Trade War Arsenal
How China responded is after this break. Trump's so-called Liberation Day tariffs sparked a huge response from China.
The Journal.
China Unleashes a Trade War Arsenal
That's what China is doing to the US directly. What else is China doing to kind of undermine the US on the global stage?
The Journal.
China Unleashes a Trade War Arsenal
Lingling, we have some breaking news here. As I spoke with Ling Ling yesterday, Trump's broader trade war took a dramatic turn. Trump has just posted on Truth Social, quote, based on the lack of respect that China has shown to the world's markets, I am hereby raising the tariff charged to China by the United States of America to 125%. What? Just now? Just now.
The Journal.
China Unleashes a Trade War Arsenal
And at the same time, he's going to pause the other retaliatory tariffs on all the other countries to 10 percent for 90 days.
The Journal.
China Unleashes a Trade War Arsenal
China's Commerce Ministry struck a defiant tone, saying, quote, if the U.S. insists on its own way, China will fight to the end. What could be an off-ramp in this trade war?
The Journal.
China Unleashes a Trade War Arsenal
We have the world's two biggest economies now in a full-blown massive trade war. How can this end and what will it mean for the global economy?
The Journal.
Inside USAID as Elon Musk and DOGE Ripped It Apart
Workers at the U.S. Agency for International Development, USAID, in Washington were told to stay home this morning. The main office closed. They received an email shortly after midnight telling them, don't come in.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
And he was trying to see things positively, but he also said he just felt sad. Yeah.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Today, global investors reacted to the news.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
When markets opened in the U.S., they plunged. Stocks from GM to Apple, Nike to Nvidia lost billions of dollars in value. You are seeing the opening bell be rung. U.S. stock futures plummeted this morning. By the end of the day, when U.S. markets closed, stocks had suffered their biggest one-day wipeout in value since March 2020.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Governments around the world are already pushing back. Canada today announced a retaliatory 25% tariff. French President Emmanuel Macron said Europe is weighing its response, including tariffs against the U.S. And China vowed its own countermeasures. It just feels like the world changed yesterday.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Is there a chance that Trump will back off?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
This afternoon, President Trump was asked about the tariffs. He said, quote, That's all for today, Thursday, April 3rd. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
It was an overcast, windy day at the White House yesterday, and a crowd gathered in the Rose Garden.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, April 3rd. Coming up on the show, a new era in U.S. trade policy.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
In the Rose Garden, Trump held up this big poster that had a long list of countries on it.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Was the scope of the tariffs he announced surprising?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
That's our colleague Brian Schwartz. He was there for a big event. So were cabinet members, Republican senators, and union workers in hard hats.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Trump sees reciprocal tariffs as a kind of tit-for-tat tariff.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
The reciprocal tariff on China was set at 34%. For the EU, it's 20%. And on Japan, 24%, just to name a few. The administration says these tariffs were calculated to balance trade deficits. One thing he said is... You know, other countries have been sort of feasting on the U.S. economy while hollowing it out. And he wants to make them pay.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
What are Trump's policy goals with these tariffs?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Here's Trump on the Oprah Winfrey Show in 1988.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
And in the Rose Garden event, he listed off several companies that have pledged to build factories in the U.S., billions and billions of dollars. Does that mean this policy is achieving its aims?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
For months, companies have been sort of dealing with the uncertainty of tariffs? And, you know, for better or worse, now we have the answers. Will that help companies make decisions?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
After the break, how the world is reacting to Trump's Liberation Day. When you heard what was announced, what was your immediate reaction?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Right after Trump's announcement, we called up Steve Greenspawn. Steve owns a company called Honey Can Do that makes household goods. He sells to major retailers like Walmart and Target. We also spoke to him last month. Steve used to manufacture most of his goods in China.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
But seven years ago, during Trump's first term, in reaction to tariffs then, Steve decided to move some production out of China and into Vietnam.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
How much did you spend to move production to Vietnam?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Yesterday, Steve watched as Trump put 46% tariffs on goods coming from Vietnam.
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Will you pass along the tariff cost to your customers?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Trump announced sweeping new tariffs on dozens of countries, from allies to adversaries, in a bid to reinvigorate U.S. manufacturing. But these tariffs have sent markets into a tailspin as businesses, governments, and investors digest an escalating global trade war. In one word, what could these tariffs mean for the global economy?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
What do you think it will do to your sales?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
If your sales fall, will you have to lay off staff?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Do you think these moves could bring this kind of manufacturing back to the U.S. ?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Do you regret moving production to Vietnam now?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Will you keep your production in Vietnam?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Are you worried that you could go out of business?
The Journal.
Trump’s Tariffs Force a New Era in Global Trade
Brian, I wanted to get your thoughts on this conversation I had with an American businessman. Yeah. He shifted some operations from China to Vietnam to get away from China tariffs and now is being hit by these new tariffs.
The Journal.
Why Utah Is Regulating Mom Influencers
I know it's something totally different, but like there was a certain age where I stopped posting pictures of my kid on social media.
The Journal.
Why Utah Is Regulating Mom Influencers
I think it just felt like an intrusion. Yeah. In his life. You know, he doesn't have a say in it. The voyeurism and social media is, I guess, a little corrosive.
The Journal.
Why Utah Is Regulating Mom Influencers
At the end of last year, Sherry Franke posted on Instagram that she was going to get married and that it was the end of her sharing her private life. She said she will continue to be an advocate for children. That's all for today, Monday, March 31st. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts.
The Journal.
Why Utah Is Regulating Mom Influencers
We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
Why Utah Is Regulating Mom Influencers
But Utah's influencer industry is about to change because last week, the state passed a new law that aims to protect the children in these videos.
The Journal.
Why Utah Is Regulating Mom Influencers
Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Monday, March 31st. Coming up on the show, the Ruby Frankie scandal and how Utah is trying to stop it from happening again. One of the things that makes these Utah mom influencers popular is where they come from.
The Journal.
Why Utah Is Regulating Mom Influencers
A large percentage of Utah's population are members of the Church of Jesus Christ of Latter-day Saints. Historically, the Mormon community has encouraged big families, and some women stay home as primary caregivers. Zusha says blogging or influencing has been appealing to a lot of Mormon moms.
The Journal.
Why Utah Is Regulating Mom Influencers
What kind of curiosity are these influencers tapping into?
The Journal.
Why Utah Is Regulating Mom Influencers
One mom who tapped that curiosity is Ruby Franke. About a decade ago, she came on the Utah influencer scene when it was just getting started.
The Journal.
Why Utah Is Regulating Mom Influencers
Some viewers noticed that after one of the kids forgot their lunch at home, Ruby Franke refused to bring it to school. And after another viewer set up a Change.org petition, Child Protective Services were called on the Franke family. In 2022, the couple separated. Ruby took the youngest kids and moved in with a therapist, and they started building a new business together.
The Journal.
Why Utah Is Regulating Mom Influencers
How would you describe the kind of content that comes from a lot of the mom influencers in Utah?
The Journal.
Why Utah Is Regulating Mom Influencers
As this was going on, the eight passengers' YouTube channel was shut down.
The Journal.
Why Utah Is Regulating Mom Influencers
There's a corner of social media that's become really popular, and it includes moms in Utah who share their families' day-to-day lives.
The Journal.
Why Utah Is Regulating Mom Influencers
Police went to the house and found a second child. They arrested Ruby Franke and her partner and opened an investigation.
The Journal.
Why Utah Is Regulating Mom Influencers
Prosecutors said the two women appeared to believe that the abuse was necessary to teach the children how to, quote, properly repent for imagined sins and to cast the evil spirits out of their bodies.
The Journal.
Why Utah Is Regulating Mom Influencers
Guilty. Franke pleaded guilty to four counts of child abuse. Guilty.
The Journal.
Why Utah Is Regulating Mom Influencers
Last year, Ruby Franke was sentenced to up to 30 years in prison. But her daughter, Sherry, wanted to see more protections for other children like her. And she would take that fight to the state capitol. That's next. In January, Ruby Franke's 22-year-old daughter Sherry published a memoir. It's called The House of My Mother.
The Journal.
Why Utah Is Regulating Mom Influencers
In it, Sherry describes how her mother bribed and coerced her into embarrassing moments. Here's Sherry reading from the book.
The Journal.
Why Utah Is Regulating Mom Influencers
In her memoir, Sherry mentions the eyebrow waxing incident and how mortified she was when she saw her reflection in the mirror.
The Journal.
Why Utah Is Regulating Mom Influencers
I'm just going to walk you through the products I use and the methods I use to clean my house. We are all so tired from apple picking today. I don't know.
The Journal.
Why Utah Is Regulating Mom Influencers
After her mother was sentenced last year, Sherry pushed for legislation in Utah. Then, State Representative Doug Owens proposed a bill last fall.
The Journal.
Why Utah Is Regulating Mom Influencers
Three other states, California, Illinois, and Minnesota, have all passed laws to give more rights to children who appear online. And as this law was gaining traction and being discussed in Utah, what were the other influencers saying about it?
The Journal.
Why Utah Is Regulating Mom Influencers
Last week, Utah's governor signed the bipartisan bill into law.
The Journal.
Why Utah Is Regulating Mom Influencers
And so these influencers can take that fascination and make money out of it.
The Journal.
Why Utah Is Regulating Mom Influencers
Do you think there will be more states passing laws like this?
The Journal.
A Syrian Father’s Journey to Find His Son
He was the one who ran the house. He would respond to him as he was.
The Journal.
A Syrian Father’s Journey to Find His Son
Shadi's mother, Umfadi, said, "'He's my son. What's more to say? He's a piece of my heart.'"
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
A HIMSS spokeswoman said HIMSS communicates transparently with patients about all essential details and safety information. And customers can ask clinicians about side effects. She said customers go through a, quote, comprehensive intake that is reviewed by a licensed provider who makes a clinical determination about the patient's eligibility for medication.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Telehealth companies say they disclose side effects and other risks on their websites. But a lot of men say they wish they would have slowed down and read the fine print. because some of them are suffering serious health problems. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Monday, April 14th.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
The HIMSS spokeswoman said its systems help clinicians make decisions quickly by flagging if a patient's case is routine or more complex. As convenient as the process was, Mark wishes there'd been a little more friction when he signed up with HIMSS.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
That's all for today, Monday, April 14th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Coming up on the show, a quick fix for hair loss is leaving some young men sick. The drug finasteride has been around for decades. The FDA approved it for hair loss treatment in 1997.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
One of those men who Rolf talked to is Mark Millick.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark is 31 years old. He's a veteran and lives in Washington, D.C. He's a construction health and safety manager and gives presentations on how workers can stay safe on job sites. But we're here to talk about hair.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark has short brown hair. But back in 2020, he started getting concerned about hair loss. He remembers the exact moment it really hit him. He was at a 4th of July party with his family.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Rolf and I decided to see how quickly he could sign up for hair loss meds online. Shall we hit regrow hair?
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark took out his phone and made a HIMSS account. He filled out the online subscription form and hit submit.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Why did you go through HIMSS and not go to your doctor?
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
In recent years, telehealth companies like HIMSS, Keeps, and Roman have boomed.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Hims is part of the parent company, Hims and Hers Health, which went public in 2021.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
The main way HIMS and its rival companies get customers is through aggressive TV and social media ads.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Are they like tapping sort of fundamental insecurities?
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
The way these telehealth ads handle side effects is very different from the usual drug commercial.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Finasteride is the generic version of the brand name pill, Propecia. And it has some known and potentially nasty side effects.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
But changes could be coming for telehealth advertising. This past February, HIMSS had a minute-long ad during the Super Bowl for its GLP-1 medication, its version of Ozempic. Obesity is America's deadliest epidemic. This is America. 74% of us are overweight.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Hims defended the ad, saying the company provides a telehealth platform and isn't a drug manufacturer. The senators have since introduced a bill called the Protecting Patients from Deceptive Drug Ads Act. While telehealth companies are able to market their services without the burden of disclosing side effects, they are required to disclose side effects somewhere on their websites.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
My colleague Rolf Winkler has a full head of hair. Still, he gets targeted for hair loss medications all the time, often by telehealth companies like HIMS.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
And that's what happened to Mark Millick.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark started taking the medication he'd bought online. But it didn't go as he'd hoped. That's next.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark was aware that finasteride did have possible side effects. He'd read through the HIMSS website and did his own research online. But to Mark, the risks seemed minimal.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
And in your case, how long did it take before you got approval?
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
About a week or two after Mark started taking the hair loss drug, he began to feel off.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Around six months later, things got even worse.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
60 seconds. Just about as long as you've been listening to this episode. That's how quickly Rolf got approved for finasteride. Why is this a problem? Is it even a problem?
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark says he went to see a neurologist and other doctors who gave him tests like an MRI, EMG, and EEG scans. But the results came back clear and benign. Still, his symptoms kept getting worse.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
It didn't occur to Mark that what he was experiencing may have had to do with the hair loss meds.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
But then, about 15 months after Mark started taking finasteride, he hit a breaking point.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark went on Reddit and searched for finasteride side effects. He found a subreddit of people sharing horror stories.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark stopped taking the drug. But the symptoms didn't go away. They only got worse.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Mark's doctor said she believes the symptoms that he reported to her were caused by the hair loss drug. HIMSS declined to comment on Mark's care. Many of Mark's symptoms weren't identified as potential side effects during Finasteride's clinical trials and aren't listed on the drug's label.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
My colleague Rolf spoke to an endocrinologist who said the clinical trials had flaws that might have underestimated the incidence and severity of side effects, and that they didn't follow its subjects long enough. Merck, the company that developed finasteride, referred questions about the trials to Organon, a company it spun off.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
Organon said it didn't run the trials and stood by the drug's safety and efficacy. Regulators have revisited finasteride side effects in the past. In 2011 and 2012, the FDA revised the drug's label to highlight sexual side effects. In 2022, the agency updated the drug's label to include the risks of, quote, suicidal ideation and behavior.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
The side effects that HIMSS and other telehealth companies list on their websites are based on what's on the drug's label. Most men tolerate finasteride well. The drug's label currently says 3.8% of patients experienced one or more sexual side effects during the clinical trial. The risk of experiencing one of the main sexual side effects was under 2%.
The Journal.
A Quick Fix for Hair Loss Is Making Some Men Sick
That's Rolf again. That less than 2% risk is the stat that HIMSS shows potential customers when they sign up online. Rolf also noticed that HIMSS was citing a statistic in its list of side effects he'd never seen before.
The Journal.
The Collapse of Walgreens
Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Monday, March 10th. Coming up on the show, the collapse of Walgreens.
The Journal.
The Collapse of Walgreens
Walgreens was founded in Chicago in 1901. That was the same year that President William McKinley was assassinated and Teddy Roosevelt took over. Roast beef cost 15 cents a pound and a dozen eggs cost less than a quarter. Ford's Model T wasn't even built yet.
The Journal.
The Collapse of Walgreens
They were the milkshake innovator to create the malted milkshake?
The Journal.
The Collapse of Walgreens
I feel like this is like, you know, Americana trivia, like really good stuff.
The Journal.
The Collapse of Walgreens
Walgreens kept growing. In the decades after, it would put pharmacies in neighborhoods across the country. And business boomed.
The Journal.
The Collapse of Walgreens
Pharmacy chains like Walgreens strike deals with pharmacy benefit managers, or PBMs. PBMs are businesses that set which medicines patients can get. And they are the ones that negotiate with pharmacies on reimbursement rates. In 2011, Walgreens tried to play hardball with one PBM. It wanted better terms from Express Scripts. But its tough tactics didn't work out.
The Journal.
The Collapse of Walgreens
Being kicked out of Express Scripps' network meant that Walgreens lost access to millions of customers. And it added more financial pressure on the company. The next year, in 2012, Walgreens came up with a new solution. It hitched its wagon to a European pharmacy chain, Alliance Boots.
The Journal.
The Collapse of Walgreens
— The American retailer Walgreens has signed a deal to take a 45% stake in Alliance Boots, the parent company of the high street chain Boots. — As part of this deal, which was completed in 2014, Walgreens got a new director and shareholder, an Italian businessman named Stefano Pessina.
The Journal.
The Collapse of Walgreens
Pessina eventually became CEO, and he came up with a new plan for the company. One main focus was on its retail business.
The Journal.
The Collapse of Walgreens
Walgreens, the store with the red squiggly W, has been an American institution for more than a century. It's a place where you can fill your prescriptions, buy deodorant, toothpaste, shampoo, or pick up a pint of ice cream late at night. And it's everywhere. 70% of Americans live within five miles of a Walgreens-owned pharmacy. But this American institution is now at risk of falling apart.
The Journal.
The Collapse of Walgreens
Beyond retail, Pacina also had a prescription to help the pharmacy side of the business, to buy up urgent care and primary care clinics.
The Journal.
The Collapse of Walgreens
In a 2019 interview with The Wall Street Journal, Pessina said he was building a company that could last centuries. So Pessina has this strategy for how he can turn around Walgreens. How does it work out?
The Journal.
The Collapse of Walgreens
That's our colleague Joseph Walker. He's watched Walgreens go from a company worth more than $100 billion down to worth $10 billion today.
The Journal.
The Collapse of Walgreens
What went wrong for Piscina and Walgreens is after this break. With Walgreens' pharmacy business struggling, CEO Stefano Pacina identified other areas that he thought could be more profitable. He tried beefing up its retail business with Walgreens-branded merchandise.
The Journal.
The Collapse of Walgreens
Fecina also tried other things. Walgreens bought thousands of Rite Aid stores. It acquired a couple doctor's office chains. But the deals added more debt and failed to stop the pressure on its cash flow. Meanwhile, Walgreens and its rivals were searching for new solutions for their pharmacy businesses.
The Journal.
The Collapse of Walgreens
That deal allayed the reimbursement pressure for CVS. And Walgreens tried to do something similar and get a deal with the insurance company Humana. But the deal fell through. and the number of potential partners was thinning out.
The Journal.
The Collapse of Walgreens
Pacina stepped down as CEO in 2021, but stayed on as executive chairman. Walgreens hired two other CEOs in the past four years, but neither of them were able to turn the company around. And investors lost patience.
The Journal.
The Collapse of Walgreens
Last week, the private equity firm Sycamore announced it would buy Walgreens for $10 billion, a fraction of the $100 billion it was once valued at. Pacino will stay on as a shareholder. Sycamore plans to take the pharmacy chain off the stock market. In a statement, Walgreen's CEO said this will allow the company time to focus more long-term in its decision-making.
The Journal.
The Collapse of Walgreens
The deal is expected to close in about six months. What did Pacino get wrong about running pharmacies in America?
The Journal.
The Collapse of Walgreens
So is Walgreens going to fall into the bucket of Kmart's and Borders books and other failed chains?
The Journal.
The Collapse of Walgreens
Before we go, we wanted to tell you that we're thinking about hosting a live journal event. Tell us what you want to see by taking our survey. There's a link in our show notes. And for updates on our plans, please leave us your email address. That's all for today, Monday, March 10th. The Journal is a co-production of Spotify and The Wall Street Journal.
The Journal.
The Collapse of Walgreens
Additional reporting in this episode by Sharon Turlough. Thanks for listening. See you tomorrow.
The Journal.
Women's Soccer Is Getting a Big Upgrade
That's all for today, Monday, February 10th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Monday, February 10th. Coming up on the show, how big money is making its way into women's soccer.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Last month, a group from Denver won a competitive race to get a new team for the National Women's Soccer League. It paid $110 million to start a new team, a record amount for women's soccer and for all of women's sports. But something else about Denver's bid stood out to our sports reporter, Rachel Bachman.
The Journal.
Women's Soccer Is Getting a Big Upgrade
When the National Women's Soccer League launched in 2013, its success was uncertain. Two previous attempts to start women's soccer leagues had failed. This time, the NWSL was starting with eight teams and not a lot of money.
The Journal.
Women's Soccer Is Getting a Big Upgrade
What is the downside of being a renter, of playing at other people's stadiums? Oh, there's so many.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Things began to change for women's soccer in 2019 after the U.S. won the Women's World Cup.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Nobody. The tournament was huge, and the win cemented the U.S. team as a powerhouse of global women's soccer. Millions watched the final on TV. And in the stands, soaking up the excitement, was a couple from Kansas City, Missouri.
The Journal.
Women's Soccer Is Getting a Big Upgrade
In 2020, the Longs bought an NWSL team in Utah and relocated it to Kansas City. And they wanted to go beyond that shoestring business model. They wanted to make a big investment, to do something no other women's professional sports team had done before, build their team its own stadium. But first, they needed a bank to finance it. How did that go?
The Journal.
Women's Soccer Is Getting a Big Upgrade
The new Kansas City Stadium opened last March. It cost $140 million and has an 11,500-seat capacity. which is about half the size of a men's soccer stadium in the U.S.
The Journal.
Women's Soccer Is Getting a Big Upgrade
In the first year, the stadium sold out and there are plans to expand it. But the Longs said they didn't turn a profit. Investment in the NWSL has been growing. In 2022, businesswoman Michelle Kang paid a record-breaking $35 million for the Washington Spirit. And then, two years later, Disney CEO Bob Iger and his wife paid $50 million for a controlling stake in L.A.
The Journal.
Women's Soccer Is Getting a Big Upgrade
's team that valued the franchise at a new record of $250 million. So we're talking about investment into these teams and a move from renter teams to owner teams. Alongside that, are we seeing greater spectator interest in women's soccer?
The Journal.
Women's Soccer Is Getting a Big Upgrade
And so last year, when the NWSL opened bidding for a new team, the competition was fierce. What that competition looked like is after the break. When the NWSL opened up bidding for a new team, more than a dozen cities submitted bids. Just three made it to the final round. There was Cleveland.
The Journal.
Women's Soccer Is Getting a Big Upgrade
There was Cincinnati. But the excitement around this situation here in Cincinnati is palpable. And there was Denver.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Each bid offered something different. The Cincinnati group had a celebrity backer, one from a different sport. Basketball sensation Kaitlyn Clark had signed up to be part owner of the team.
The Journal.
Women's Soccer Is Getting a Big Upgrade
What is she doing on a bid for a women's soccer team in Ohio?
The Journal.
Women's Soccer Is Getting a Big Upgrade
What's in it for the NWSL to have Kaitlyn Clark be a part owner of a new team.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Denver had a different plan. Inspired by the success of Kansas City's team, Denver was promising something Cincinnati wasn't, to build a stadium. Rob Cohen is the biggest investor in Denver's bid.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Rachel says building a stadium signals a new level of investment coming for women's sports.
The Journal.
Women's Soccer Is Getting a Big Upgrade
Rob has done a lot of thinking about sports investment. He was in an investor group bidding for the city's NFL team, and he helped put together Denver's bid to host the 2034 Winter Olympic Games. They lost to Salt Lake City. Lately, Rob's been eyeing women's sports teams.
The Journal.
Women's Soccer Is Getting a Big Upgrade
When you saw that Caitlin Clark was affiliated with the bid from Cincinnati, were you like, oh, God, this is game over?
The Journal.
Women's Soccer Is Getting a Big Upgrade
And then in late January, it was announced that Denver would be the next city to have a new women's soccer team. Do you remember the moment you learned you won the bid?
The Journal.
Women's Soccer Is Getting a Big Upgrade
How important do you think the stadium component was to your winning bid?
The Journal.
Women's Soccer Is Getting a Big Upgrade
Denver's new team will start playing next year. And Rachel says the NWSL is favoring stadium ownership going forward.
The Journal.
Women's Soccer Is Getting a Big Upgrade
And is this move to start building women's only stadiums or have teams that own their own stadiums, is it spreading to other women's soccer teams?
The Journal.
Women's Soccer Is Getting a Big Upgrade
From the failed leagues of the past to now a future of massive investment.
The Journal.
Wall Street Speaks Out Against Tariffs
And now, Wall Street is starting to push back on Trump's tariffs. Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Monday, April 7th. Coming up on the show, the tariff sell-off and Wall Street's pushback. So going back to Trump on the campaign trail, he openly touted his love for tariffs.
The Journal.
Wall Street Speaks Out Against Tariffs
Since taking office, Trump has threatened broad tariffs on countries all around the world. He's enacted some, like those on China, Canada, and Mexico. And he'd raised the idea of a blanket 10% tariff on all imports. And last Wednesday, on what he called Liberation Day, Trump unveiled a new comprehensive tariff policy.
The Journal.
Wall Street Speaks Out Against Tariffs
Almost immediately after Trump's announcement, the markets responded.
The Journal.
Wall Street Speaks Out Against Tariffs
Carnage, panic, bloodbath doesn't even begin to cut it.
The Journal.
Wall Street Speaks Out Against Tariffs
Over the weekend, as you were talking to investors, what were they saying?
The Journal.
Wall Street Speaks Out Against Tariffs
Our colleague Gregory Zuckerman has been covering markets for The Wall Street Journal since 1996.
The Journal.
Wall Street Speaks Out Against Tariffs
On Friday, as the markets were about to close, Trump took to social media and said in all caps, quote, ONLY THE WEAK WILL FAIL. And then late Sunday, we started to hear people start to speak out.
The Journal.
Wall Street Speaks Out Against Tariffs
What that pushback looks like is after this break.
The Journal.
Wall Street Speaks Out Against Tariffs
Since President Trump announced sweeping tariffs last Wednesday, markets around the world have tanked.
The Journal.
Wall Street Speaks Out Against Tariffs
Billionaire hedge fund manager Bill Ackman called for a 90-day pause in the tariffs and warned that the alternative would be a self-induced economic nuclear winter. Billionaire investor Stanley Druckenmiller also publicly came out against tariffs exceeding 10%.
The Journal.
Wall Street Speaks Out Against Tariffs
On X, investor Daniel Loeb praised an analysis by the American Enterprise Institute that said Trump's tariff formula makes no economic sense.
The Journal.
Wall Street Speaks Out Against Tariffs
Then this morning, JPMorgan CEO Jamie Dimon spoke out. What did he say?
The Journal.
Wall Street Speaks Out Against Tariffs
Dimon said the new tariffs will slow down growth and erode America's long-term economic alliances. Quote, the quicker this issue is resolved, the better. And what are these Wall Street leaders asking for?
The Journal.
Wall Street Speaks Out Against Tariffs
Trump said late Sunday that he doesn't want the market to go down, but, quote, sometimes you have to take medicine to fix something. An administration official said 50 countries reached out over the weekend to negotiate on tariffs. And today, Trump said there can be permanent tariffs and there can be negotiations. He also threatened China with an additional 50 percent tariff.
The Journal.
Wall Street Speaks Out Against Tariffs
Regardless, the stock market route has prompted concerns about a bear market. That's when a stock index drops 20% from a recent peak. Do you think we're headed for a bear market?
The Journal.
Wall Street Speaks Out Against Tariffs
What does this market sell-off mean for everyday Americans?
The Journal.
Wall Street Speaks Out Against Tariffs
After wild swings through the day, the Dow and the S&P 500 fell less than 1% today. The Nasdaq gained slightly. That's all for today, Monday, April 7th. The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Anna Maria Andriotis and Candace Choi. Thanks for listening. See you tomorrow.
The Journal.
Trump’s Tariff Whiplash
Today, President Trump said that he plans to speak with Chinese leadership about tariffs in the next 24 hours. He said the 10 percent tariffs that go into effect at midnight tonight were just an opening salvo, adding that future tariffs would be, quote, very, very substantial. That's all for today, Monday, February 3rd. The Journal is a co-production of Spotify and The Wall Street Journal.
The Journal.
Trump’s Tariff Whiplash
Additional reporting in this episode by Vipal Manga, Brian Schwartz, and Santiago Perez. Thanks for listening. See you tomorrow.
The Journal.
Trump’s Tariff Whiplash
But before those tariffs could go into effect, a pause was put in place for Mexico and Canada after the two countries made concessions. And Trump is planning to talk to China in the next day. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Monday, February 3rd. Coming up on the show, Trump's trade war. Is it on or is it off?
The Journal.
Trump’s Tariff Whiplash
Can you tell us why? What are tariffs? And how have governments historically used them?
The Journal.
Trump’s Tariff Whiplash
On the day he was inaugurated, Trump said he'd impose these tariffs on Mexico and Canada, 25% tariffs. Was that a surprise?
The Journal.
Trump’s Tariff Whiplash
But this round of tariffs isn't rooted in that kind of classical economic thinking you talked about earlier. Tell us about the rationale the Trump administration is using to impose these tariffs.
The Journal.
Trump’s Tariff Whiplash
Trump's tariff plans sent Canadian and Mexican officials into a scramble.
The Journal.
Trump’s Tariff Whiplash
U.S. industries also started lobbying the Trump administration over the tariffs, asking for delays and even exemption.
The Journal.
Trump’s Tariff Whiplash
On Saturday, Trump's trade war began. His administration announced major tariffs on the country's three biggest trading partners, Canada, Mexico, and China.
The Journal.
Trump’s Tariff Whiplash
On Saturday, the Trump administration announced that these 25% tariffs on Canadian and Mexican goods and the 10% tariffs on Chinese goods would go into effect tomorrow morning. And after he announced that this was actually going to happen, how did the governments of Canada, Mexico, and China react?
The Journal.
Trump’s Tariff Whiplash
Canada said it would put tariffs on U.S. imports ranging from fruits and vegetables to appliances, motorcycles and alcohol. Mexican President Claudia Sheinbaum said the country was prepared to respond with tariffs and other measures. And she said yesterday that, quote, problems are not solved by imposing tariffs, but through discussion and dialogue.
The Journal.
Trump’s Tariff Whiplash
How will these tariffs affect the U.S. economy and consumers is after the break. This looming trade war has spooked investors who fear it will deal a blow to the U.S. economy. This morning, stock markets opened sharply lower. Trump said yesterday in a social media post that there will be some pain from the tariffs, but, quote, it will all be worth the price that must be paid.
The Journal.
Trump’s Tariff Whiplash
What do economists say will be the impact of these tariffs on the U.S. economy?
The Journal.
Trump’s Tariff Whiplash
Can you like list through for me some of the products that will be affected?
The Journal.
Trump’s Tariff Whiplash
How will this trade war affect the U.S. economy and U.S. companies and U.S. consumers?
The Journal.
Trump’s Tariff Whiplash
Mexican President Claudia Sheinbaum tweeted that she had a good conversation with President Trump. We reached a series of agreements, deploy 10,000 members of the National Guard to prevent drug trafficking. The U.S. is committed to working to prevent the trafficking of high-powered weapons to Mexico.
The Journal.
Trump’s Tariff Whiplash
The teams will begin working today on two fronts, security and trade, and they're pausing the tariffs for one month from now.
The Journal.
Trump’s Tariff Whiplash
This afternoon, a deal for Canada came through as well. After a call between Trump and Trudeau, Canada agreed to reinforce the border with new helicopters and technology. And Trudeau said nearly 10,000 frontline personnel will be working on protecting the border. Canada also said it will appoint a fentanyl czar. Trump agreed to pause the tariffs for 30 days.
The Journal.
Trump’s Tariff Whiplash
One of the things you've said is that Trump is using tariffs to handle non-trade related issues. What, like in your reporting, what do people say that that reveals about his strategy?
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The family was private. They marked birthdays without inviting other children. They drove a simple Kia sedan. And they tried to blend in.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The couple were model citizens, law-abiding, quiet, and careful. Until they weren't. Because over the years, Maria and Ludwig were starting to get bolder. They were starting to take some risks, including a family vacation.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
That's after the break. The chief of Slovenia's spy agency sits in an office framed by a metallic owl, the emblem for the country's intelligence agency, SOVA. SOVA means owl. The Slovenian director, Josko Kadivnik, cuts a commanding figure.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The high-stakes assignment came suddenly in early spring 2022. Weeks earlier, Russia launched its ground invasion of Ukraine.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
And what he learned at that meeting made his heart race.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
MI6 either would not or could not tell Kadyvnik names, only that the two Russians were hiding under deep cover as illegals.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
In Kadyvnik's world, this was as urgent and as complicated as it gets. British and American intelligence were now counting on his tiny team to find the illegals and arrest them. So he gets this monumental, impossible task. What does he do?
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
What Kudivnik couldn't have known then was that his targets were operating right under his nose, less than three miles from his office. The Doltsevs had been careful. Neighbors saw a quiet Argentinian family, nothing much to see. But their cover began to unravel when the family went on vacation.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
For the Daltzevs, it would be the perfect cover. Russia was hosting the World Cup. The family could blend in with a crush of other tourists. They were, after all, just a family of Argentinian football fans. And as fate would have it, the match was being played in Maria's real hometown.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
As they were getting their travel documents in order, they opted to travel on Russian diplomatic passports. The couple flew under their real names, not as Maria and Ludwig, but as Anna and Artem Doltsev. Why would they do that? They'd been so careful. Why would they fly on Russian diplomatic passports?
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Investigators at OWL and its partner agencies poured through reams of government documents. And eventually, this travel record came to their attention.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
For years, this family lived quietly, first in Argentina, then in the suburbs of Slovenia. The parents gave away nothing about themselves.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Investigators examine the husband's Russian passport details. They ask themselves, what connections might this guy have in Russia? They find nothing under the couple's names online. but they have one clue.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Using this logic, the investigators try to guess the names of his family members. Maybe they could find his father.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
And when the investigators looked closer at this photo inside a Russian house, they recognized the happy couple.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Okay, so now Kadyvnik has these suspects. What does he do next?
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Owl investigators hack into the Doltsevs' phones and intercept their mail.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
They pore over their bank accounts and examine the couple's declared income. Things aren't adding up. Like how could this couple afford the tuition for their children's private schooling? OWL agents start to tail the family's Kia sedan, often following them from a distance.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
December 5th, 2022. Ljubljana, Slovenia. A cold fog is rolling in.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Shortly after nine in the morning, Kadyvnik makes the call.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
To answer those questions, Joe and Drew and a team of Wall Street Journal reporters worked across four continents. They spoke with more than 30 former and current officials in nine countries. They obtained hundreds of court documents and personal records. The Kremlin never responded to their questions.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Police searched the property for hours. Inside was the facade of a domestic life in pieces. Glass and toppled furniture was everywhere, but breakfast was still on the table. Neighbors watched from their windows late into the night. Detectives hauled out electronic devices and bags of money.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The Doltsevs were unmasked. Kadyvnik sent word to the CIA that the operation was a success. In Russia, their arrests sent shockwaves through the Kremlin. Moscow immediately recalled sleeper operatives in Greece and Brazil. And soon, the Doltsevs would become bargaining chips in a geopolitical game. March 2023, Belgrade, Serbia, three months after the raid.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Yoshko Kadyvnik slips into a government building. He sits with the Kremlin's top negotiator for prisoner swaps, who has a message direct from Putin himself.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
By the end of the month, the world learns of another arrest, this time in Russia, one that ends up becoming much more personal to Joe and Drew.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
After months of reporting, our team untangled the truth about Russia's most famous family of spies and unspooled the story of a global hunt, a hunt that hinged on lucky breaks, old-school sleuthing, and leaps of faith. How did they get caught? That's a long story. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Friday, March 28th.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Delicate negotiations between Washington and Moscow for a complex prisoner swap went on for the rest of 2023 and into the next year. By the summer of 2024, a deal was coming together. It would be the biggest prisoner swap with Russia since the Cold War. And it was all set to take place on August 1st.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
As Russian state TV captured the homecoming of the Doltsevs, the children had one question for their parents, according to the Kremlin. Who was the man with flowers who greeted them in Spanish on the tarmac? They'd never heard of Vladimir Putin. Meanwhile, across the Atlantic, another VIP jet was also being received, this one carrying freed Americans.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Among the prisoners released by Russia were former Marine Paul Whelan, American journalist Alsu Kermesheva, and Wall Street Journal reporter Evan Gershkovich. Joe and Drew raced to Andrews Air Force Base near Washington, D.C., to greet their friend and colleague.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Evan Gershkovich was held in Russia for more than 16 months. Anna and Artem Doltsev were detained for about 20 months on charges of spying and falsifying documents. All told, Russia freed 16 people in the swap. The West released eight.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
And knowing what you know now, do you think we will see more prisoner swaps like this one that we saw on August 1st?
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
As for the Doltsevs, they're now living openly as Russians. After years of laying low, they've become celebrities, the toast of Russia's intelligence community.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
In a TV special, the children, Sophie and Daniel, are shown playing near a statue of Stirlitz, Putin's boyhood hero, the fictional super spy. The brother and sister are slowly learning a new language, the one their parents grew up with.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
That's all for today, Friday, March 28th. This episode was produced by Matt Kwong and edited by Colin McNulty. Additional reporting by Juan Ferrero and Sylvina Fridlewski. Special thanks to Kate Vittori-Gina. The theme remix in today's episode is by Nathan Singapak. The Journal is a co-production of Spotify and The Wall Street Journal.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The show is made by Katherine Brewer, Pia Gadkari, Rachel Humphries, Sophie Codner, Ryan Knutson, Matt Kwong, Jessica Mendoza, With help from Trina Menino. Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard. Our theme music is by So Wiley.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Additional music this week by Katherine Anderson, Marcus Begala, Peter Leonard, Billy Libby, Bobby Lord, Emma Munger, Nathan Singapak, Griffin Tanner, and Blue Dot Sessions. Fact-checking this week by Mary Mathis. Thanks for listening. See you Monday.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Coming up on the show, inside the hunt for Putin's sleeper agents. June 14, 2013. Buenos Aires, Argentina. When the patient arrives at the hospital, she's quiet, petite, and clearly in late-stage pregnancy. Medical staff end up running towards her.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The woman checks in and gives the name Maria Rosa Mayer Munoz. That's Dr. Mario Perez, the obstetrician who saw Maria. He's delivered thousands of babies.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Dr. Perez jotted down some notes. Patient Maria was barely interacting with staff. She didn't seem to ask questions or have many requests. She delivered the baby quietly, with no anesthesia.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The couple names their baby girl Sophie, a natural-born Argentine. Maria and her husband Ludwig speak to each other in hushed voices, cooing with the baby in fluent Spanish. And again, there's something weird.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
A year later, Maria is pregnant again, this time with a son. And during this second delivery, the doctor again notes her composure.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Dr. Perez was witnessing the steely resolve of a master Russian spy. Maria's silence would be an important trait for years to come. For more than a decade, she and her husband kept lives so unassuming and so low-key, they could melt into the shadows of civilian life. The couple was secretly sending intel back to Moscow, working under what the Americans call non-official cover.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
That's Dan Hoffman, the CIA's former station chief in Moscow.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The illegals are intelligence operatives who work without official ties or protection from their government. Dan is one of the top guys who actually hunted down illegals during his time at the CIA. Illegals aren't conventional spies who might, say, take a posting as a diplomat at an embassy. When those kinds of spies get caught, they just get sent back on a plane home.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Diplomatic immunity keeps them out of jail. Russia has done things differently.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The illegals can yield valuable gains. In a major coup for the Soviet Union in the 1950s, an undercover spy stole America's atomic secrets while living in Brooklyn.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
That illegal used a hollow nickel for coded messages meant for the Soviets. And this kind of spy activity would be mythologized in Russian pop culture.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
One of the viewers was a young Vladimir Putin. He was enthralled by the undercover super spy Stirlitz. The Soviet Union's answer to James Bond.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
August 1st, 2024. Moscow. It was dark by the time the flight arrived. In news footage, you see a Kremlin honor guard with ceremonial bayonets. The Russians coming home are part of a prisoner swap. Among them are hackers, an assassin, an arms dealer. Dangerous men with notorious pasts. But there's one group that stands out.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
That's our colleagues Joe Parkinson and Drew Hinshaw.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Putin wouldn't become an illegal, but he did manage deep cover agents abroad.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
That's exactly how the mousy woman with the quiet composure ended up assuming her new identity. Using doctored records from a dead infant from a small Greek village 30 years earlier, Anna Doltseva, an elite officer in Russia's Foreign Intelligence Service, became Maria Munoz, an Argentinian national.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The master spy would eventually reunite with her husband, her subordinate officer, a man born Artem Doltsev. Artem would later take the alias Ludwig.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Exactly. And for this wedding, they needed witnesses. So they invited a couple, some of the few friends they seemed to make. A Colombian couple met Maria and Ludwig through their kids. They told the journal about being invited as witnesses to the marriage.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
For years, Maria and Ludwig crafted identities as ordinary Argentines. Maria attended a public relations class, and neighbors saw Ludwig leave the house during office hours, often wearing a tie. They raised two children and only spoke Spanish at home. But by 2017, this phase of their mission was coming to a close.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
After establishing covers, the sleeper agents were about to become awakened for a broader mission, one that would take them into the heart of Europe.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
No passport checks, easy travel. It was a tantalizing way for the Russians to advance their mission, like having a key to a network of invisible pathways across dozens of European countries. The family moved into a modest pastel house on the outskirts of Slovenia's capital, Ljubljana. Did you talk with anybody who knew them?
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
In Slovenia, Maria and Ludwig had innocuous day jobs.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
The camera shows Putin hugging the mousy woman. Then he greets the girl and her little brother. It's a little hard to hear Putin over the airplane. And Putin says to the girl, Why is he addressing this girl in Spanish?
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
And Maria traveled often. She flew to art fairs in London and Edinburgh. Her jet setting provided cover for meetings with contacts and recruiting future agents.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Maria would go to a forest in the south of Slovenia. There, she would slip messages for her handlers under a designated rock.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Maria's online gallery claimed to work with 90 artists around the world. The gallery's social media posted pictures from exhibitions across Europe. Her face is never shown. She is in one picture, standing next to a stepladder and adjusting a painting on the wall. But it's her back to the camera. It turns out the true nature of her work was surveillance.
The Journal.
Inside the Hunt for Putin’s Sleeper Agents
Maria set up her small office just steps away from one of her marks, the director of a European Union energy regulatory agency. Russia wanted to know more about what the regulator was up to, so Maria started watching the director closely. Meanwhile, Ludwig had a startup registered in a nondescript building downtown. On his computer, there was hardware to communicate securely with Moscow.
The Journal.
Inside DOGE's Campaign of Secrecy
The show is made by Katherine Brewer, Pia Gadkari, Rachel Humphreys, Sophie Codner, Ryan Knudsen, Matt Kwong, Colin McNulty, Jessica Mendoza, Annie Minoff, Laura Morris, Enrique Perez de la Rosa, Sarah Platt, Alessandra Rizzo, Alan Rodriguez-Espinosa, Heather Rogers, Pierce Singey, Jivika Verma, Lisa Wang, Catherine Whalen, Tatiana Zamis, and me, Kate Leinbaugh, with help from Trina Menino.
The Journal.
Inside DOGE's Campaign of Secrecy
Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard. Our theme music is by So Wiley. Additional music this week from Bobby Lord, Emma Munger, Griffin Tanner and Blue Dot Sessions. Fact-checking by Kate Gallagher and Mary Mathis. Thanks for listening. See you Monday.
The Journal.
Inside DOGE's Campaign of Secrecy
I'm Kate Leinbaugh. It's Friday, February 28th. Coming up on the show, behind the scenes of Doge's campaign to gut the federal government.
The Journal.
Inside DOGE's Campaign of Secrecy
Our colleague Scott Patterson has been trying to understand how Doge is operating. To do this, Scott and his team spoke to over two dozen current and former government employees, as well as senior officials with the Trump administration. And what they found was that on inauguration day, as Trump was being sworn in, Musk's team was already inside the Office of Personnel Management.
The Journal.
Inside DOGE's Campaign of Secrecy
Why was OPM the first agency that the Dozers wanted access to?
The Journal.
Inside DOGE's Campaign of Secrecy
Elon Musk was there to tell the cabinet about the work that DOGE, or the so-called Department of Government Efficiency, has been doing. He said they're helping to fix out-of-date computer systems as part of his goal to reduce the national deficit.
The Journal.
Inside DOGE's Campaign of Secrecy
A few days later, Doge put that very powerful tool to work. It sent out a test email intended to hit every single employee in the federal government. Days later, another email went out, this time with a choice. Quit your job and get eight months of paid leave or keep your job but risk being fired.
The Journal.
Inside DOGE's Campaign of Secrecy
At one point, according to Scott's reporting, a Doge programmer took control of OPM's website, taking down its diversity, equity, and inclusion pages. And sources told Scott that in video chats with OPM staff, the Dozers sometimes keep their cameras turned off.
The Journal.
Inside DOGE's Campaign of Secrecy
We reached out to the White House about this, and an administration official said Doge operates in secrecy partially because they know federal employees are opposed to their efforts and would want to thwart them. There are also safety concerns because the White House says that Doge employees are receiving threats. Doge has been using similar tactics at other agencies.
The Journal.
Inside DOGE's Campaign of Secrecy
At President Trump's first cabinet meeting on Wednesday, there was a familiar face standing up front wearing a black MAGA hat and a T-shirt that read tech support.
The Journal.
Inside DOGE's Campaign of Secrecy
So far, dozers have burrowed into systems all across the government, including the Treasury Department, the IRS, and the agency that oversees Medicare and Medicaid. They've also effectively shut down some agencies, like USAID, and they now have access to highly sensitive data.
The Journal.
Inside DOGE's Campaign of Secrecy
Whether or not that prediction is true, DOGE is moving fast to cut spending and slash the federal government.
The Journal.
Inside DOGE's Campaign of Secrecy
A White House spokesman said Doge, quote, has fully integrated into the federal government to cut waste, fraud, and abuse. He also said they will continue to do so and that many inside the government needed to get with the program. And last weekend, Dozers once again picked up their favorite tool and sent out another mass email with the subject line, what did you do last week?
The Journal.
Inside DOGE's Campaign of Secrecy
The email asked all federal workers to reply with a list of five accomplishments from their week. In a tweet, Musk said that failure to respond will be taken as a resignation. For some in the government, this was one step too far.
The Journal.
Inside DOGE's Campaign of Secrecy
How Musk responded to that pushback is coming up after this break. On Wednesday, Trump convened his first cabinet meeting. Reporters were there, Elon Musk was there, and that five-point email came up.
The Journal.
Inside DOGE's Campaign of Secrecy
The question came after reports that some cabinet officials had complained to the White House about the suddenness of Doge's moves, including unannounced incursions onto their turf and some of Musk's tweets.
The Journal.
Inside DOGE's Campaign of Secrecy
Another reporter questioned how the cabinet was feeling about Doge's actions.
The Journal.
Inside DOGE's Campaign of Secrecy
Trump backed Musk's actions. And the White House press secretary said that everyone is working together as one unified team. Quote, any notion to the contrary is false. Trump's support means Doge will keep moving forward with slashing government spending. So far, Doge claims it's already saved the government billions.
The Journal.
Inside DOGE's Campaign of Secrecy
— $50 billion. — $55 billion. — $65 billion in savings. Doge now says it's saving the government $65 billion. But a Wall Street Journal analysis found Doge's claims are overstated.
The Journal.
Inside DOGE's Campaign of Secrecy
Given all that Doge has done in just a few weeks, the Wall Street Journal wanted to get inside exactly how this new pseudo-agency has been operating. And our colleagues found a scorched earth approach that is incredibly secretive, quickly takes control of government data, and that tests the limits of what's legal. Welcome to The Journal, our show about money, business, and power.
The Journal.
Inside DOGE's Campaign of Secrecy
Doge says it's canceled $7 billion in contracts. But the journal analysis projects that number is closer to $2.6 billion. In part, that's because a lot of those contracts have already been paid. So canceling them doesn't save any money. When we first started hearing about this effort, this Doge effort, Musk was saying he wanted to save $2 trillion. How close do you think Doge will get to that?
The Journal.
Inside DOGE's Campaign of Secrecy
Yesterday, a federal judge ordered OPM to reverse the mass firings of probationary workers across agencies. saying that the terminations were probably illegal. That's all for today, Friday, February 28th. Additional reporting in this episode by James Benedict, Josh Dawsey, Caitlin Ostroff, Brian Schwartz, and Shane Shifflett. The Journal is a co-production of Spotify and The Wall Street Journal.
The Journal.
Trump 2.0: Where Is The Economy Headed?
I think part of the reason that it's been hard for the administration to attain the kind of long-term certainty that might actually start this process of fundamentally reshaping the American and world economies is that, as Kobe noted, Trump will be gone in a few years. If policies are passed by Congress, it's much harder to do, but that's for a reason.
The Journal.
Trump 2.0: Where Is The Economy Headed?
And it means that those actions are more durable. So, you know, this administration has pointed to, you know, some of the announcements that have already been made of companies making big investments in the U.S. and saying that this indicates that this strategy of reshoring manufacturing and creating American jobs is going to be successful in the long term.
The Journal.
Trump 2.0: Where Is The Economy Headed?
And I think, as Greg said, there's a possibility that to some degree that is beginning to happen. But the lack of certainty, the lack of long-term certainty, the lack of confidence that in a few years from now this won't just all be overturned is a major impediment to these policies having the intended long-term effect.
The Journal.
Trump 2.0: Where Is The Economy Headed?
Well, on the one hand, Trump continues to defend Hegseth and prominent voices in MAGA world continue to insist that he is, you know, the America first leader that we need at the Pentagon. But I think The fallout from this second group chat revelation was it was less significant that it occurred. It seemed kind of along the lines of the first scandal.
The Journal.
Trump 2.0: Where Is The Economy Headed?
But in the wake of it, you know, a bunch of political appointees at the Pentagon were fired and then spoke out and claimed that they were being unfairly scapegoated, that they were being blamed for violence. for leaks, but that there was no evidence it actually happened.
The Journal.
Trump 2.0: Where Is The Economy Headed?
And one official, former Pentagon spokesman, John Oliot, actually published an op-ed claiming that the Pentagon is in chaos and disarray and that Hegseth's leadership is becoming unsustainable. So I think there is a feeling like there's still a problem at the One Republican, Congressman Don Bacon of Nebraska, even publicly saying he thinks that Hegseth needs to go.
The Journal.
Trump 2.0: Where Is The Economy Headed?
I would say that, you know, based on all the scandals he came in with, many Republicans didn't necessarily have high expectations for Hegseth. But there still is some growing concern. And so he's not out of the woods yet, even though Trump continues to say that he's not going anywhere.
The Journal.
Trump 2.0: Where Is The Economy Headed?
At least in the cabinet so far. I mean, we're not yet 100 days in and so far the cabinet is intact.
The Journal.
Trump 2.0: Where Is The Economy Headed?
It's so exciting, isn't it? Although, sadly, that means we are coming up on the end of this podcast.
The Journal.
Trump 2.0: Where Is The Economy Headed?
The big rundown where we tell you everything you need to know about Trump's first 100 days, and then you can just go to sleep for the next four years.
The Journal.
Trump 2.0: Where Is The Economy Headed?
Yeah, maybe I'll go to Greenland or something, you know, another place of no geopolitical significance where I can completely escape anything having to do with American politics. Your kids are going to love that. I think they probably would. Yeah.
The Journal.
Trump 2.0: Where Is The Economy Headed?
Well, the tariffs don't seem to be going great in the sense that he keeps going back and forth on them. And the public is not particularly enthusiastic. Trump's approval rating has dropped. His approval rating on the economy has especially dropped. And the tariffs themselves are extremely unpopular. So it's possible that there is a long-term strategy here that we're just not seeing.
The Journal.
Trump 2.0: Where Is The Economy Headed?
But in the moment, it doesn't seem to be going great.
The Journal.
Trump 2.0: Where Is The Economy Headed?
Well, pretty much. I mean, interestingly, the vacation I took for my kids' spring break was to Panama, which you may have noticed has been in the news lately. As you might expect from, you know, locals and tour guides and so forth, there were a few references to the fact that this country has been in the news recently.
The Journal.
Trump 2.0: Where Is The Economy Headed?
You hear this a lot from the White House, right? They're saying that like Wall Street is not the economy. Wall Street isn't Main Street. So why is Wall Street freaking out so much? Is it just the expectation that eventually there will be an economic effect to all of these things?
The Journal.
Trump 2.0: Where Is The Economy Headed?
Or is it actually that for all the sort of noise, the sound and fury coming out of the administration, they just haven't actually done very much? Right.
The Journal.
Trump 2.0: Where Is The Economy Headed?
One area where, again, this isn't, I guess, a concrete statistic, it's more vibes, but one area where we do seem to see a change is in consumer confidence, correct? I feel like even though all of these indicators appear stable, the vibes of the economy are bad. Is that what that means? And what are their consequences to that? Or is it just a vibe?
The Journal.
Trump 2.0: Where Is The Economy Headed?
I did. I actually spent my birthday on the Panama Canal on Sunday. And it was really cool.
The Journal.
Trump 2.0: Where Is The Economy Headed?
That's right. It's very much like the Biden economy where the White House was constantly complaining that people didn't appreciate how good it really was on paper.
The Journal.
Trump 2.0: Where Is The Economy Headed?
Hey, Molly. Hey, Kate. How was your break? It was wonderful. And while I love my job, it was great to get away.
The Journal.
Trump 2.0: Where Is The Economy Headed?
Well, it does seem like I missed a lot of gyrations in ye olde economy. Like there was a lot of back and forth about the tariffs and the deals and the economic stuff. And the markets. So I'm trying to catch up on where all that stands. All right, then. So let's dive in.
The Journal.
Trump 2.0: Where Is The Economy Headed?
This has all been very confusing, I feel like, to people on Wall Street because, you know, the IMF meetings are this week. There's a lot of bankers and financial officials from all over the world in town. And they seem very confused that the administration, frankly, is not more sensitive to the markets.
The Journal.
Trump 2.0: Where Is The Economy Headed?
I think there was an expectation that this president viewed the stock market as almost like an approval rating ticker. and would immediately course correct if he saw that there was a negative impact. But instead, he's been sort of intermittently sensitive to market gyrations while claiming that he's not going to be sort of bullied. How much is that uncertainty making people nervous, I guess?
The Journal.
Trump 2.0: Where Is The Economy Headed?
Well, as Greg has pointed out, there continues to be this fundamental conflict and disagreement within the administration about the long term goals of the tariffs. And that's part of why we see this back and forth similar to Trump's first term between the tariff enthusiasts, which are mostly Trump and Peter Navarro. and the more conventional sort of conservative economics types.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
On the call, Allred presented Effie with options, like interviews that would include Allred, a potential movie deal, and also licensing photos of the victim with the accused. Allred referred to that as the money shot.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
But Effie pushed back, saying she didn't want to make any money from her experience.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline has a different story to tell about Allred. She claimed that Allred's firm didn't properly investigate her allegations and later tried to prevent her from speaking out. She talked to our colleague Khadija Safdar.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Effie said she never sold her story or licensed any photos to a media outlet.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Allred steered Effie toward doing a press conference, telling her it was important for the public to see her. It was held online in March 2021.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Effie appeared on screen and tearfully read a statement with her allegations against Hammer.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
On a call about a month later, Effie told Allred she was suffering panic attacks. Effie shared a recording of the call with Khadija.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
In a statement, Allred said, quote, I practice tough love with clients and potential clients. She also said this to Effie.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
After Khadija's story ran, Allred put a statement up on her website. She said that her firm informs their clients of the options, benefits, and risks and is honest about what is possible. Not long after the press conference, Effie was asked if she would take part in a documentary about Armie Hammer's family, which she declined. She sent Allred an email saying she didn't want to be included.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Allred replied a month later saying she hadn't been retained for this purpose. In August 2022, a trailer of the documentary called House of Hammer was released. Allred was in it discussing Effie's case.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Allred eventually resigned as Effie's lawyer after Effie complained to a reporter about Allred's participation in the documentary.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
We asked Allred to respond to the allegations that some women felt repeatedly bullied and re-victimized by her firm. Allred said she often tells clients things that they don't want to hear because they deserve to be informed of the risks that they face. She said clients need to know that taking on the rich, the powerful, and the famous will be very challenging for them.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Quote, in order to win rights, they are going to need to be courageous and make sacrifices. We can't do it for them. We can only do it with them. Some of the women you spoke with had been allegedly assaulted by celebrities and now they're going to the celebrity law firm and they're feeling like they're, they allege they were taken advantage of.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
What's your takeaway from your reporting here?
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
That's all for today, Friday, March 14th. The Journal is a co-production of Spotify and The Wall Street Journal. The show is made by Catherine Brewer, Pia Gadkari, Rachel Humphries, Sophie Codner, Ryan Knutson, Matt Kwong, Colin McNulty, Jessica Mendoza, Annie Minoff, Laura Morris, Enrique Perez de la Rosa, Sarah Platt, Alessandra Rizzo, Alan Rodriguez-Espinosa,
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Heather Rogers, Pierce Singey, Jivika Verma, Lisa Wang, Catherine Whalen, Tatiana Zamis, and me, Kate Leinbaugh, with help from Trina Menino. Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard. Our theme music is by So Wiley. Additional music this week from Peter Leonard, Nathan Singapak, Griffin Tanner, and Blue Dot Sessions. Fact-checking by Mary Mathis. Thanks for listening.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
In her reporting on Allred, Khadija has spoken to dozens of people, including former clients, lawyers, and people who've approached Allred's firm. Many said Allred's public image is at odds with their experience behind the scenes. Some clients said Allred's firm ignored their wishes and instead of helping them find their voice, silenced them through non-disclosure agreements.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Gloria Allred said that the journal didn't highlight her firm's approximately 10,000 happy clients. She's described the journal's reporting as a hit job and an unprecedented attack on her and her law firm. Welcome to The Journal, our show about money, business, and power. I'm Kate Leinbaugh. It's Friday, March 14th.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
The 83-year-old is the go-to lawyer for women's rights cases in the U.S. She has a reputation as a tough and tireless advocate for her clients. And she's represented women against powerful men, like Harvey Weinstein, R. Kelly, Bill Cosby, and Donald Trump. Truth matters.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Coming up on the show, the high pressure tactics Gloria Allred uses on her own clients.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline Wallner accused the acclaimed author Neil Gaiman of sexual exploitation. She said that it happened when she was a caretaker for a property Gaiman owned. Gaiman denied the allegations. Wallner approached Gloria Allred's firm, Allred, Morocco, and Goldberg, in 2021. She wanted to find a lawyer who could take on a case against such a high-profile figure.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline spoke with Allred's legal partner, Nathan Goldberg. And what happened surprised her. When she told him Gaiman's lawyer's name, he told her that he actually knew that lawyer and he would call him.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
After that call, things moved fast. Within a day of retaining Allred's firm, Caroline had signed a settlement with Gaiman. It included a non-disclosure agreement, or NDA, that both she and Gaiman signed. These agreements prevented her from suing Gaiman or speaking about her allegations against him to family, friends, and associates.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
She and Gaiman were also asked to destroy photos, texts, and videos they sent each other. But the settlement wasn't the only thing Caroline signed over those quick few days. When she agreed to be a client of Allred's firm, she signed a retainer agreement, basically a contract between a lawyer and a client. Within this contract was something called a forced arbitration clause.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
This clause is found in many types of contracts, and in this case was meant to prevent Caroline from taking the firm to court or publicizing her experience with the firm.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
That's our colleague Khadija Safdar again.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
It protects Allred and her firm.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline said when she signed the settlement agreement, her focus wasn't on her ability to speak about her case. She said she believed at the time she was Gaiman's only accuser.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Allred's famous for holding press conferences. In front of cameras and microphones, she hugs and comforts tearful clients.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Gloria Allred is one of America's best-known lawyers.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
In a statement, Allred said, quote, Caroline said her top priority at the time was finding a place to live for herself and her three daughters after Gaiman had evicted them. I wasn't in the frame of mind to even make a decision about an NDA, to tell you the truth.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Allred's firm negotiated a $300,000 settlement for Caroline from Gaiman. Caroline tried to move on with her life. She stuck to the terms of her NDA and didn't discuss the case. But last summer, she listened to a podcast that changed all that. It was called Master, The Allegations Against Neil Gaiman. In it, other women made accusations against Gaiman. Gaiman has denied those allegations.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline began to feel strongly that she should speak out about what happened to her.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline wanted to speak out publicly and support the women. She contacted Goldberg, her lawyer at Allred's firm, to ask if she could.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline did break her NDA. Eventually, she hired a different lawyer to send a letter to Allred's firm alleging malpractice. Allred's firm responded, saying that Caroline couldn't sue or publicize her experience due to her retainer agreement. But there was more. Allred's firm made clear they had recently obtained what they called sexually provocative texts, photos, and videos from Gaiman's lawyer.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
These were materials that Caroline had sent Gaiman during the period she accused him of sexual exploitation. Caroline said she was surprised that one of Allred's lawyers, John West, would be in possession of these documents.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
You know... Caroline told Khadijah that she didn't send any nude photos or videos.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline Walner became a client of Allred's firm in 2021.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Caroline and Gaiman have now both filed arbitration claims against the other for breaching the terms of their NDA. Allred said she can't respond to specific client allegations because of ethics rules and other legal reasons. Caroline told Khadija that looking back at her experience with Allred's firm, she wished she'd been encouraged to go to the police. She also talked about signing the NDA.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Khadija spoke with dozens of people who felt silenced or let down by Allred. Effie's story is next. Efresina Angelova was 24 when she posted on her Instagram page messages she'd received from the actor Armie Hammer. Hammer has appeared in films like The Social Network and Call Me By Your Name. The messages discussed rape and cannibalism.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
They went viral online and led to other women making allegations against the star. Hammer has denied the allegations. Efrasina, who goes by Effie, spoke to our colleague Khadija.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Effie became a client of Allred's in 2021, and like Caroline, she was asked to sign a retainer agreement with the forced arbitration clause. She requested that the law firm remove it, but they refused. Effie ended up signing the agreement. Allred would help Effie pro bono to provide evidence to law enforcement and act as her media spokesperson when and if needed.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
It didn't include settlement negotiations or filing a lawsuit. Effie didn't sue Hammer, but she did file a police report, and Allred helped Effie provide evidence to the police. The L.A. District Attorney in 2023 decided not to bring charges against Hammer. But during the criminal investigation, Allred told Effie that she shouldn't speak publicly.
The Journal.
The High Pressure Tactics Gloria Allred Uses On Her Own Clients
Effie said she wanted to speak out for herself, and Allred offered options. She and Effie spoke on a call, and Effie shared a recording with Khadija.
The Journal.
Can Pepsi Make a Comeback?
Hey, it's Kate, here to say that my colleague, Alison Poley, has stepped in to guest host today's episode. Enjoy.
The Journal.
Can Pepsi Make a Comeback?
That's all for today, Friday, April 11th. The Journal is a co-production of Spotify and The Wall Street Journal. Thanks to Alison Poley for hosting today's episode. The show is made by Tatiana Zamis and me, Kate Limbaugh, with help from Trina Menino. A big thank you and shout out to Alessandra Rizzo, who's been our amazing intern for the past six months.
The Journal.
Can Pepsi Make a Comeback?
Ali, we're rooting for you and wish you the best. Thanks for everything. Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard. Our theme music is by So Wiley. Additional music this week from Katherine Anderson, Peter Leonard, Nathan Singapak, Griffin Tanner, and Blue Dot Sessions. Fact-checking this week by Mary Mathis. Thanks for listening. See you Monday.
The Journal.
Trump 2.0: Tariff Turnaround
The stakes are really high for the administration here. And they have this 90-day window. What does the administration need to get done in that period?
The Journal.
Trump 2.0: Tariff Turnaround
But last week on this podcast, we heard Howard Lutnick saying that in six months you'd start to see a revival of American manufacturing because of these tariffs. So what does this mean for the policy objectives that were used as the justification for these tariffs?
The Journal.
Trump 2.0: Tariff Turnaround
Molly, do you think this is going to be the last time we talk about tariffs?
The Journal.
Trump 2.0: Tariff Turnaround
They're not going to come up next week because we're taking a week off.
The Journal.
Trump 2.0: Tariff Turnaround
As you just heard, Trump 2.0 is taking a break next week. But we'll be back in two weeks, on Friday, April 25th. Trump 2.0 is part of The Journal, which is a co-production of Spotify and The Wall Street Journal. This episode was produced by Enrique Perez de la Rosa and edited by Catherine Whelan. Molly Ball is The Wall Street Journal's senior political correspondent. I'm Kate Leinbaugh.
The Journal.
Trump 2.0: Tariff Turnaround
This episode was engineered by Nathan Singapak. Our theme music is by So Wiley and remixed by Peter Leonard. Fact-checking by Kate Gallagher. Artwork by James Walton. See you in two weeks.
The Journal.
Trump 2.0: Tariff Turnaround
And to help us understand what happened in the Trump orbit, we're joined by our colleague, White House reporter Josh Dawsey. Hey, Josh. Hey, Josh.
The Journal.
Trump 2.0: Tariff Turnaround
Doing well. Thanks for being with us. Of course. Josh, what has the mood been like at the White House since Liberation Day?
The Journal.
Trump 2.0: Tariff Turnaround
Who were the players in the administration who were getting pressure?
The Journal.
Trump 2.0: Tariff Turnaround
But we're not going to do that. Anyway, great to have you. How are you doing? I'm doing just fine. I'm a little bit exhausted from the tariff roller coaster of the last week. It's been a lot. Indeed. Since so-called Liberation Day, when Trump announced sweeping tariffs, the markets tanked. And then on Wednesday, Trump put in place a 90-day pause. And the stock market shot up. That's right.
The Journal.
Trump 2.0: Tariff Turnaround
When would you say that Trump really saw how bad it was and started to think about changing course?
The Journal.
Trump 2.0: Tariff Turnaround
Molly, I was curious, like, as he was holding his guns, sticking to this policy earlier in the week, what were you hearing?
The Journal.
Trump 2.0: Tariff Turnaround
And the face-saving solution is that this 90-day pause grants him time to negotiate.
The Journal.
Trump 2.0: Tariff Turnaround
So, Molly, what does this mean for Trump? Politically, how is it playing out?
The Journal.
Trump 2.0: Tariff Turnaround
So where are we left in this conversation about tariffs right now?
The Journal.
Trump 2.0: Tariff Turnaround
Hi, Molly. Hey, Kate. I know you're not surprised to see me here, but I'm here for Ryan.
The Journal.
Trump 2.0: Tariff Turnaround
We're going to take a quick break. And when we're back, we're going to hear some listener questions and look ahead to what the next 90 days hold for Trump's tariffs. Stick with us. So we would like now to hear from a listener. And we have a question from Tim Madison in Houston.
The Journal.
Trump 2.0: Tariff Turnaround
And to be clear, right now there's no evidence that Trump himself profited personally.
The Journal.
Trump 2.0: Tariff Turnaround
And I'm sure it's something a lot of reporters are exploring right now. But now we'd like to hear from another listener, Richard Zernick in Spokane, Washington.
The Journal.
Trump 2.0: Tariff Turnaround
In his 90-day pause, he paused these so-called reciprocal tariffs on all countries but one. He still kept the tariffs on China and turned up the heat. What does that say?
The Journal.
Trump 2.0: Tariff Turnaround
From The Journal, this is Trump 2.0. I'm Kate Linebaugh. And I'm Molly Ball. It's Friday, April 11th. Coming up, we'll break down the weakened tariffs and go behind the scenes at the White House. So, Molly, last week, Trump announced these sweeping tariffs and seemed to be sticking to his guns until Wednesday, when in a post on Truth Social, he announces this pause. Were you surprised?
The Journal.
Trump 2.0: The First 100 Days
So— Aaron, do we see either the declines that you're talking about or the resilience of Trump's approval concentrated in any particular groups? I'm particularly interested in, you know, after the election, there was so much talk about the new groups that Trump had brought into the Republican Party, how well he'd done with young people, with Latinos, with African-Americans.
The Journal.
Trump 2.0: The First 100 Days
We made it. Yay! Where are the crowd sounds? Where is the cheering? Can we get like a sound effect? Fireworks? Something?
The Journal.
Trump 2.0: The First 100 Days
But actually, because of the sort of chaotic way they've gone about the firings and cuts and so forth, they have actually increased the amount of federal spending. So the answer is a negative number.
The Journal.
Trump 2.0: The First 100 Days
It's a great question. Thank you, Jackson. And this is why this whole discussion matters, right? Trump doesn't have to run for election ever again. He will not be on the ballot in the upcoming midterm elections. But those Republican members of Congress in swing seats, they are very much on the front lines of this. They are getting angry blowback from their constituents.
The Journal.
Trump 2.0: The First 100 Days
And so the worry for the administration is if those Republicans people start to see political advantage in opposing Trump rather than going along with him, it will make it much more difficult for the administration to accomplish anything that they want to get through Congress. And we already hear some rumblings of nervousness.
The Journal.
Trump 2.0: The First 100 Days
But, you know, as Jackson says, most Republicans still see the best political strategy as sticking with Trump and trying to help him be successful and hoping that that is what is going to ultimately reassure voters when they eventually have to face them.
The Journal.
Trump 2.0: The First 100 Days
I believe the numbers on this are pretty low. It's less than 100,000, which is not putting them on pace to reach a million this year, which I think is one of their goals. And it's behind the pace of the Biden administration.
The Journal.
Trump 2.0: The First 100 Days
And of course, there were places Joe Biden couldn't go in his midterm.
The Journal.
Trump 2.0: The First 100 Days
One thing that's interesting to me is you might expect the first 100 days to sort of set the table for what's to come. But we actually seem to be at a real inflection point where the next 100 days could look very different from the first 100 days.
The Journal.
Trump 2.0: The First 100 Days
where, you know, we don't know if a peace deal with Ukraine is imminent or if the administration is going to, if Trump is going to walk away from the table. The Doge effort that consumed so much of the bandwidth of Trump's 100 days seems to be, if not winding down, changing very much in its sort of emphasis and leadership.
The Journal.
Trump 2.0: The First 100 Days
The tariffs are mostly in a state of suspended animation where what could be coming is a flurry of deals that set things back to sort of something resembling the status quo ante. Or we could just be waiting for that deadline to hit and all the tariffs go all the way back up.
The Journal.
Trump 2.0: The First 100 Days
So I think we are at a very uncertain point in this administration where a lot of things could go in one direction or another. That big, beautiful bill that's working its way through Congress, the rubber is really hitting the road. It's going to be very difficult. to write this bill in a way that will enable it to pass the House and Senate where Republicans have such narrow majorities.
The Journal.
Trump 2.0: The First 100 Days
And that is very much sort of hanging by a thread and it could blow up and be a disaster or they could succeed in changing the face of American government through this big, beautiful piece of legislation. So I think there's a lot that we're still waiting to see and a lot that we'll know more about when the second 100 days rolls around.
The Journal.
Trump 2.0: The First 100 Days
Well, we saw a big crack this week with the ouster of the National Security Advisor, Mike Waltz, who's, I think, the first major member of the administration to lose his job. Now, Trump announced late yesterday that he's actually going to be nominated for U.N. ambassador.
The Journal.
Trump 2.0: The First 100 Days
But, of course, this comes after the Signalgate controversy that he was involved in and after he had become sort of unpopular within the White House. So a lot of the same kind of infighting, backbiting palace intrigue that marked the first Trump administration also now seems to be a feature of this one.
The Journal.
Trump 2.0: The First 100 Days
And while the defense secretary, Pete Hegseth, is safe for now, he has also— Who was also in the group chat. He was also in the group chat. He's been on thin ice for various reasons. Some people think maybe he's the next to go.
The Journal.
Trump 2.0: The First 100 Days
But the upshot of it is that now that someone has been ousted, you cannot say that this is the same administration that came in on day one and everything is sort of intact anymore. And I think you also see that the opposition is sort of waking up. The Democrats are still very disorganized, very unpopular.
The Journal.
Trump 2.0: The First 100 Days
I think they still haven't really come to consensus on who's the face of the party or what they want it to stand for going forward. But the rank and file is not waiting for that. And we have seen in these town halls of Republicans and Democrats alike, where people are coming out of the woodwork to go out and yell at their member of Congress.
The Journal.
Trump 2.0: The First 100 Days
It's such an interesting question because I think there's a really good chance that the next 100 days doesn't look very much like the first 100 days at all. I think we're at an inflection point where a lot of things are in flux and we don't really know what comes next.
The Journal.
Trump 2.0: The First 100 Days
There's a potential that, you know, you're going to have a sort of dispirited, discouraged Republican Party, but a very awakened, energized Democratic base going into the midterms. And that is a recipe for Democrats to do well and potentially deliver another blow to Trump a year and a half from now. But the midterms are far away. The midterms are far away.
The Journal.
Trump 2.0: The First 100 Days
What I'm really looking at is the elections this November when Virginia and New Jersey will hold statewide elections. So that'll be really the first big bellwether before the midterms of what we're in for.
The Journal.
Trump 2.0: The First 100 Days
It has been so much fun. I'm going to miss you, Kate. I'm going to miss you, too. And I'll miss all of our listeners, but they have been so wonderful. We have had such a good time on this podcast, haven't we?
The Journal.
Trump 2.0: The First 100 Days
Well, you know, one interesting thing about a lot of Trump's comments recently has been how much he continues to blame his predecessor. You've got to think that if things were going really, really well, he wouldn't feel a need to do that, to say there are some things that people still don't like about what's happening. But come on, they're not my fault.
The Journal.
Trump 2.0: The First 100 Days
So he did spend a lot of time talking about Joe Biden, and he spent a lot of time talking about immigration.
The Journal.
Trump 2.0: The First 100 Days
It's clear that, you know, this is what Trump and others see as sort of the centerpiece of his presidency. He believes it's his best issue in the eyes of American voters. And they really do think that it's a winning issue for them. You know, playing the videos of these people who've been deported to that prison in El Salvador and really –
The Journal.
Trump 2.0: The First 100 Days
doubling down on the message that the border has been closed. We see that some of Trump's highest ratings are on this issue of border crossings, which have decreased by an incredible amount. So it's always revealing sort of what he chooses to emphasize.
The Journal.
Trump 2.0: The First 100 Days
Well, and speaking of other branches of government, he's really challenged the judiciary, hasn't he?
The Journal.
Trump 2.0: The First 100 Days
Ah, I actually looked this up recently. I believe it's about 140, which is a lot.
The Journal.
Trump 2.0: The First 100 Days
Well, I think that obviously depends who you ask. Certainly, some Trump critics and scholars of authoritarianism point to things like these emergency declarations and say, look at other countries. This is how dictators act. They declare martial law, right? They say, because there's an emergency happening, I get to do whatever I want.
The Journal.
Trump 2.0: The First 100 Days
Obviously, I think the administration would take issue with that assessment. Aaron pointed to what a lot of people see as a red line, which is a defiance of a court ruling, particularly a Supreme Court ruling. And Trump has repeatedly said that this is not something he would do, that he respects the courts, that his administration is going to abide by the courts.
The Journal.
Trump 2.0: The First 100 Days
At the same time, you know, he did an interview this week with ABC News where he was asked about This man who the administration has acknowledged it mistakenly deported to El Salvador and courts have ordered the administration to bring him back. And the administration has basically said, well, we'd let him in if he came back, but we don't have any control over the Salvadoran government.
The Journal.
Trump 2.0: The First 100 Days
He was asked, couldn't you solve this in a phone call? Couldn't you call your friend who runs El Salvador and just tell him to send the guy back? And he said, yeah, I could, but I don't want to.
The Journal.
Trump 2.0: The First 100 Days
And so here's what seems to me like an important confrontation between the executive and judicial branches because it is testing the question of whether a judge can tell the president to do something he doesn't want to do. And the president is basically saying, I could do this, but I don't want to, even if a judge tells me I have to.
The Journal.
Trump 2.0: The First 100 Days
You also have now several court cases pending with the Supreme Court that could be decisive. And we'll see how the administration reacts when and if they get adverse rulings there. I think all of these are potentially important in this discussion.
The Journal.
Trump 2.0: The First 100 Days
It's a lot more than most presidents sign, and, you know, they've been pretty substantive. They've really driven a lot of policy. It's been his major way of running the government. How many bills has Trump signed into law? Well, this is quite a contrast. Very few. I believe the number is just five.
The Journal.
Trump 2.0: The First 100 Days
Yeah. So I wrote an article recently about Trump seeming to retreat in small ways on some of these fronts. Obviously, the big tariffs are still on pause as they say they're negotiating all of these deals. That's something that the president has acknowledged he did in part because of pressure from the markets.
The Journal.
Trump 2.0: The First 100 Days
We have the administration saying if they don't get the deal they've proposed with Ukraine, that they could just walk away from the whole conflict. That, to me, seems like a real reversal from these very definitive promises that Trump made to solve this conflict, although it also could be a negotiating tactic.
The Journal.
Trump 2.0: The First 100 Days
And we did see the administration make real progress on the Ukraine front with the signing of the mineral deal this week. I think that's a very promising sign for where these talks may be headed. and on Doge. Overall, you know, the work of Doge has not been particularly popular, and it has caused some conflicts within the government.
The Journal.
Trump 2.0: The First 100 Days
So while Musk says that it's going to continue, we do see a dialing back of that effort, and particularly of Musk's role in it. So we see him pulling back a little bit in multiple areas, even if it is obviously still the case that he is still running a very confrontational administration on a lot of fronts.
The Journal.
Trump 2.0: The First 100 Days
So Congress kind of spinning its wheels while Trump is, you know, putting his signature on all kinds of things. How much money has Trump cut from the federal budget? Ah, well, Doge, the Elon Musk Department of Government Efficiency, claims that they have cut about $160 billion.