Senate Confirms Todd Blanche as AG, Passes Spending Bill, More

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Bloomberg News Now 6 min 7 speakers 2 chapters transcribed 1 month ago

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Monica Ricks 0:32

News when you want it with Bloomberg News Now. I'm Monica Ricks. The U.S. Senate has confirmed Todd Blanche as Attorney General in a very narrow early morning vote that cements President Trump's former personal attorney's command of the Justice Department. Bloomberg's Laura Davison has more from Washington.

Laura Davison 0:50

This is really um, you know, sort of a remarkable end to a weeks long saga of you had uh, you know, multiple senators coming out and expressing some concerns about Todd Blanche and also just how Trump is influencing the Justice Department, particularly this one point eight billion dollar quote anti-weaponization fund that would have gone to support um January 6th insurrectionist and other um allies of the president, as well as the the the president being able to cut a uh a deal with the IRS uh to uh uh save himself from um any tax audits. Um so uh you know they were able to get some concessions from the Justice Department that really limited the scope of that tax deal as well as uh uh essentially tabling killing off uh that that anti weaponization fund.

Laura Davison 1:29

Reporter Laura

Monica Ricks 1:30

Davison on Bloomberg this weekend. Just two Republicans joined Democrats in opposing the confirmation. Senators Susan Collins of Maine and Lisa Murkowski of Alaska.

Monica Ricks 1:48

Meantime, the Senate passed a short-term spending bill to avert a government shutdown, sidestepping the president's calls to enact emergency funds for the war in Iran and elements of a controversial voter ID proposal.

Monica Ricks 2:07

Lukewarm reaction now to the latest developments in the Strait of Hormuz after Iran says it reached a deal with Oman to allow vessels to enter the waterway through an Iranian controlled route. Defense analyst Mick Mulroy says the deal could allow Tehran to charge tolls.

Unknown 2:23

Ultimately it sounds like Iran is not interested at all in conceding its sovereignty over the strait, their claimed sovereignty over the strait. It is an international waterway, and they're gonna charge fees for it.

Monica Ricks 2:36

The strait would still need to be cleared of mines. Turkey is now restricting commercial ship traffic into the Black Sea due to growing concern over an uptick in Russian and Ukrainian attacks on vessels in the area.

Monica Ricks 2:58

This comes as Ukraine and Russia traded more attacks.

Monica Ricks 3:10

Berkshire Hathaway just released earnings which show the company spent about four point five billion dollars to buy back its own shares in the second quarter, providing shareholders with the largest quarterly payout since twenty twenty one. Bloomberg's Matthew Palazzola says operating earnings also surged sixteen percent in the three months through June under CEO Greg Abel.

Matthew Palazzola 3:30

They're over earning, but I think some of the gains they're making are sustainable. So I think he's looking at that a little bit better. Burlington Northern, the railroad, he's got his eyes on that. He called them out at the annual meeting. He said they're gonna improve their margins there. So I think the underlying earnings power of those businesses are improving.

Why was Todd Blanche’s confirmation as Attorney General so controversial?

Matthew Palazzola 3:46

They have tons of cash, so I think he's putting some of it to work.

Monica Ricks 3:49

Reporter Matthew Palazzola on Bloomberg this weekend. The firm's cash pile fell to $365.5 billion in the second quarter as its net purchases of equities reached nearly 20 billion.

Monica Ricks 4:07

Wolf Research Economist Stephanie Roth says that could affect how the Fed handles interest rates next month.

Stephanie Roth 4:13

If data look somewhat softer in the next couple months, especially on when it comes to the inflation side, they're probably not gonna want a hike in September. They're probably gonna wanna just see how the data progresses.