Venezuela’s Machado Gives Trump Nobel Medal; Greenland Seeks Support Against Takeover Bid

Bloomberg Audio Studios, Podcasts, radio News.
Good morning.
I'm Nathan Hager and I'm Lisa Matteo. Here are the
top stories we're following today.
Lisa, we begin at the White House, where President Trump
says he has accepted an honor he has long said
he deserves. The President says Venezuelan opposition leader Maria Cariina
Machado presented him with her Nobel Peace Prize medal during
a White House meeting. In a social media post, the
President called it a wonderful gesture of mutual respect. Machado
compared it to a similar gesture two hundred years ago,
when the Marquis de Lafayette presented a medal of George
Washington to Venezuela's Simon Boulouvar for liberating much of South
America from Spain.
The people of Believer are giving back to the hair
of Washington a medal.
In this case, a medal of the Nobel Peace Prize, as.
A recognition for his unique commitment.
With our freedom.
Maria Karina Machado may be hoping to get in President
Trump's good graces after the ouster of Nicolas Madoro. The
President has said she doesn't have the support or respect
to run her country, clearing the way for Venezuela's Vice
president Delsi Rodriguez to take over as acting president.
To the latest on Greenland, Nathan, Both Denmark and Greenland
are stepping up lobbying of US lawmakers in an effort
to head off President Trump's push to take control of
the island.
A group of senators is set.
To meet members of the Danish parliament in Copenhagen today
to show a support for greenland sovereignty. Jean Shaheen is
the most senior Democrat of the Senate Foreign Relations Committee.
She tells Bloomberg's Michelle Who's saying that the Senate is
just looking for clarity.
I don't think there is any concern on the part
of our allies, Denmark and Greenland about partnering with the
United States, and that's the route we should be taking.
It should be diplomatic, We should be engaging in conversations
if there is an interest on the part of this
administration in additional operations.
There New Hampshire Senator Geene Shaheen. Get the full conversation
on Bloomberg's The Michelle Hussein Show. It's available on the
Bloomberg Podcast channel on YouTube, and high level talks between Denmark,
Greenland and the US earlier this week ended in a stalemate.
And Lisa Bloomberg Economics has found President Trump is following
through on more of his threats during his second term.
In his first term, the president carried about carried out about.
Forty percent of the threats he made.
That rate has risen in his second administration, leading some
to say that the taco trade investor shorthand for Trump
always chickens out, maybe fading. We get more from Bloomberg
Chief Emerging Markets economist Zia Daoud.
My colleague Jennifer Welsh actually looked at trumpstrakracord in terms
of his threats and whether he cues them through, and
she found that at least in a second term, he
basically exercised about sixty percent of the threats that he
came up with, and that included against Houthi's in Yemen,
that included strikes against Nigeria and ominously for Iran, also
strucks against Iran itself, So not good news for Iran.
There with ziadaouda Bloomberg Economics and UN Ambassador Mike Waltz
renewed threats against Iran at the UN Security Council, saying quote,
all options are on the table to stop the slaughter
of protesters.
Another geopolitical news, Nathan China and Canada are normalizing ties.
This morning.
The two countries reached a wide ranging agreement to lower
trade barriers, including a reduction in taris for Canadian, Canola
and Chinese electric vehicles. Prime Minister Mark Karney is in
China meeting with Jijiping. It's the first visit by a
Canadian leader to Beijing in eight years.
It's expected that within three years this agreement will drive
considerable Chinese investment in Canada's auto sector, creating good careers
in Canada and accelerating our progress towards the net zero
future and the auto industry of the future.
And that was Canada's Mark Arnie, who has been seeking
to rebuild relations with Beijing and reduce Canada's reliance on
the US. After President Donald Trump in posts we mean tariffs.
I'm back here at home Lia.
President Trump's issuing a threat to Minnesota after weeks of
protest over the immigration enforcement surge in Minneapolis. The President
posted on social media he'll invoke the Insurrection Act and
send the military to the state, lets the state and
local officials stop attacks on ICE agents. But after last
week's shooting death of Renee Good and another ICE involved
shooting this week, Minnesota Governor Tim Waltz is making a
direct appeal to the President, asking him to quote stop
this campaign of retribution. White House Press Secretary Caroline Levitt
says the President is open to speaking with the governor.
I'm not sure if that's a genuine offer to speak
with the president. Look, the President is always willing to
answer the phone when people pick up and call. When
there was another tragic shooting many months ago in Governor
Walls's state, he spoke directly with the governor.
Press Secretary Caroline Levitt at the White House.
No.
President Trump has threatened to use the Insurrection Act before
but has not followed through. The last time the law
was invoked was in nineteen ninety two during the Rodney
King riots in Los Angeles.
Well, a Trump administration's latest attack on the FED may
have just the opposite effect of what the President wants.
Let's get the latest from Bloomberg's John Tucker.
Good Morning John, and Good morning Lisa.
The Trump Justice Department's investigation of the FED. The President's
personal attacks on Chairman Jerome Powell stoke expectations that Palell
will stay on the Board of Governors after his term
as chair ends in May. It's far from clear how
the legal process is going to play out and what
decision Powell will ultimately make on his future. Those who
know Pale say if he does stay on, he would
only do so to protect the institution and would have
no interest in playing a role as a shadow FED chair.
But if the legal development does provoke Pale to stay,
it would up end President Trump's stated plans to stack
the board with officials who will bend to his will.
It could also create a powerful counterway inside the FED
to whomever President Trump picks the next FED chair. You know, York,
I'm John Tucker, Bloomberg Radio.
Well, John, you can scratch any thought of Jamie Diamond
becoming the next FED chair. The JP Morgan Chase CEO
tells Bloomberg hosts David Rubinstein, he's not interested.
Well, Chairman of the FED. I'd put in the absolutely positively,
no chance, no way, no how, for any reason.
Okay, thank you for doing Treasury.
I would consider if A president calls you up and
asks you to do something you know you should consider it.
So I would take the call and consider it and
think about why and what they want, et cetera.
JP Morgan Chase CEO Jamie Diamond speaking there with David
Rubinstein at a US Chamber of Commerce event. You can
catch their full conversation on The David Rubinstein Show Peer
to Peer Conversations. It airs Wednesday at nine pm Wall
Street Time on Bloomberg Television.
Nathan wall Street's Five Biggest Bangs.
Well, they reported a record one hundred and thirty four
billion dollars of trading revenue last year, and they say
more is coming. Morgan Stanley CEO Ted pick let the
optimist them the.
Results for every quarter over the last eight are a
blueprint for Morgan Stanley's success. We expect this mix of
tailwinds and headwinds to prevail in twenty twenty six and
are prepared to continue.
To execute well.
Like Morgan Stanley's Ted Pig Goldman Sach CEO David Solomon
was optimistic too.
I think the world is set up at the moment
to be incredibly constructive in twenty twenty six. For m
and A and capital markets activity. And I think the
likely scenario is it is a very very good year
for M and A and capital markets activity.
Goldman Zach CEO David solomonel Shares of Morgan Stanley and
Goldman both rose the most since April, getting five point
eight percent and four point six percent yesterday.
POLISA, President Trump and the governors of several Northeastern states
have agreed to push for an emergency wholesale electricity auction
that could compel tech companies to effectively fund new power plants.
The unprecedented plan is set to be announced this morning.
It seeks to address growing tensions over how the US
can supply electricity to our hungry data centers, which are
seen as necessary to help win the global AI race,
without at the same time hiking utility bills for homes
and businesses.
And Finally, Nathan, a last ditch effort by Microsoft and
Open Ai to avoid a trial with Elon Musk has
been defeated. Must claims that sam Altman's startup betrayed its
founding mission as a public charity when it took billions
in funding from Microsoft and made plans to operate as
a for profit business.
A federal judge in California yesterday.
Ordered the case to proceed to a jury trial set
for late April. Must help Altman and others launch open
AI in twenty fifteen, and went on to found his
own artificial intelligence company in twenty twenty three. Time now
for a look at some of the other stories making
news in New York and around the world. For that,
we're joined by Bloomberg's Michael bar Good morning, Michael.
Good morning Lisa. There's no end in sight yet for
the New York City nurses strike, which is entering its
fifth day. Nearly fifteen thousand nurses walked off the job
Monday after contract talks stalled over pay, better benefits, and
workplace security. Negotiations resumed at New York Presbyterian Hospital last night,
but ended with no resolution on the picket line. The
Uniformed fire Fighters Association, which represents the largest body of
firefighters in the nation, also joined the nurses.
Nobody ever, said it's an emergency.
Somebody get management.
They're looking for nurses, They're looking for firefighters.
People respect the work we do.
The hospitals, however, say the New York State Nurses Association,
demands are unrealistic. A federal appeals panel yesterday reversed a
lower court decision that released former Columbia University graduate student
Mockmood Khalil from an immigration jail. It brings the government
one step closer to detaining and ultimately deporting the Palestinian
activists actor and director Timothy Bussfield. We'll get a court
hearing next Tuesday on where he should be held in
jail pending a trial on child sex abuse charges. Busfield
remains at the Metropolitan Detention Center in Albuquerque after turning
himself in on Tuesday. District Attorney Sam Brickman, first.
And foremost, it's important to emphasize that the defendant, Timothy
Busfield is presumed innocent and until and unless he's proven
guilty in a court of law.
D A.
Bregman says. Busfield is currently charged with two counts of
criminal sexual contact of a child under thirteen and one
count of child abuse. Global News twenty four hours a
day and whenever you want it with Bloomberg News Now.
I'm Michael Barr, and this is Bloomberg Lisa.
Thanks Michael.
Time now for a Bloomberg Sports update. For that, we
bring in John stash hour.
The LA Dodgers two time defending World Series champions, and
they continue to spend incredible amounts of money. Outfielder Kyle
Tucker was considered to be the best free agent in
this year's He's going to the Dodgers for a four
year deal. He'll make sixty million a year. The Dodgers
have eight players with deals of over one hundred million.
The Warriors beat the Knicks. Joseph kaminga re signed to
the offseason, couldn't be treated until now.
He has requested that the Warriors trade him. That's your
Bloomberg Sports updeat.
Stay with us more from Bloomberg Daybreak coming up after this.
Coast to coast on Bloomberg Radio nationwide on Serious Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business Appum.
This is Bloomberg Daybreak.
Good morning of Nathan Hager.
With little letup to the Trump administration's pressure on the
FED chair J Powell announced, of course, those Justice Departments
subpoenas against him, and President Trump since then has said
he's looking forward to Powell leaving we.
Having a FED person.
He was extended by Biden and yeah, I think he's wrong.
He's he's done a bad job.
That was a president to Day Detroit this week.
But the threat of criminal charges is raising speculation the
move could backfire on the President and encourage Powell to
stay on. Joining us for more on this is Bloomberg
News Senior editor Alistair Bold.
Alistair, is this more than just speculation?
Good morning, good morning, Thanks for having me on. So
it's a mess. But the reason it's a mess is
in a way illustrating a very deliberate design feature of
the Federal Reserve. When lawmakers set the institution up at
the early part of the last century, they knew that
it would be subject to political interference, so they granted
fed governor's fourteen year terms. The very reason that Jerome
Powell has the option of staying on the board after
his timers chair ends in May is because of that
institutional feature. And so while it's convention that he steps down,
his ability to remain there would really be just sort
of triggering that defense mechanism for the institution to defend
it from political pressure, which is why this has now
floated up to the service. And I think a lot
of people when they heard his statement on Sunday, read
between the lines as him saying to the administration, if
you do this, I'm going to stay on the board.
Well what does what's the risk that if he does
stay on the board that it would create something of
a shadow chair position for whoever the President nominates next
to take over the chairmanship.
Well that's a very real risk. But how it plays
out for policy, I think is a little bit harder
to game out. Are colleague Anna Wong, who's Bloomberg Economics
chief US economist, said that she thinks that J. Powell
is one of four doves on the board. There's an
irony to this. The Trump administration is targeting him, but
he may be their strongest voice for lower interest rates
on the FOMC. So if he does stay, I don't
think it's one shouldn't assume he's just going to block
the new chair in lowering interest rates. He be fought
the data would warrant it. I mean, I think that's
an important point here. Jerome Power has led the said
to be very data dependent. They may have made policy mistakes.
I think they've missed that with keeping interest rates too
low for too long during the inflation episode, but he's
not really he's going to deliberately do the wrong thing
just despite the Trump administration. So if he does stay
on the board, I don't think it's a given that
that means policy is going to be more hawkish than otherwise,
but it's certainly going to make it harder to figure
out for markets.
Yeah, I would to think so in our last minute here,
would it make it more difficult for that next chair
to build the kind of consensus that the position is
supposed to.
Promote.
It would definitely make it hard, but that job was
already going to be very difficult and made more complicated
by the grand courts of poenas. Because the Institution and
the and the other board members they will they will
respect the arguments that they hear in the room. But
if somebody comes in and they're immediately viewed with suspicion
as somebody who's just there to carry ward of the
President to reverse engineer any argument from economics to justify
lower interest rates, they're not going to win the argument
in any way, regardless of whoever else is around the table.
And if one of those people is Drone.
Pale again, great to have you back on with us. Alistair,
thank you so much. That's Alistair Bull. He is senior
editor for Bloomberg News.
Lisa, all right, Nathan, repeating some of our top stories
this morning. President Trump says he's accepted Maria Corrida Machado's
Nobel Peace Prize medal, the Venezuelan opposition leader hoping to
get in the President's good graces. Norwegian experts are calling
the move pathetic and embarrassing.
A group of US senators is in Copenhagen for meetings
with lawmakers as Denmark and Greenland's step up lobbying against
President Trump's push to take control of the Arctic territory.
And Bloomberg Economics says iron might not be able to
count on the so called taco trade or Trump always
chickens out. A Bee analysis finds a president has followed
through on sixty percent of his threats in his first year,
up from forty percent during his first term.
And we have more on those stories coming up on
Bloomberg Daybreak.
All right, let's bring you another.
One of our top stories right now is JP Morgan
CEO Jamie Diamond. He says there's no chance he'll be
the next chair of the Federal Reserve. But speaking yesterday
to Carla A Group co founder and Bloomberg television host
David Rubinstein, Diamond didn't role out becoming Treasury secretary.
Now.
The two spoke at the Chamber of Commerce is twenty
twenty six State of American Business event.
Let's listen in.
Well, Chairman of the Fed, I'd put in the absolutely positively,
no chance, no way, no how, for any reason.
Okay, sec Dary Treasury. I would consider you.
If a president calls you up and asks you to
do something, you know you should consider it. So I
would take the call and consider it and think about
why and what they want, et cetera. But what they
want and how they want to operate that would be
important to me.
I like my job.
I've been my own boss for pretty much twenty five.
Years, and I like it that way.
When they I was in Peru at the APEC Media
something like that. I was coming on stage like this
a televised thing, and as I was walking up, you know,
the person question me. I think it was from bloom
or you know, said the President just tweeted that he
likes you or something like that. But you're not going
to be secretary of Treasury, and she asked me on
National TVs. I said, that's good because I like to
being my own boss. So when we both like it
that way.
When the Great Recession happened, were you worried about the
viability of our financial system?
Your bank was in pretty good shape.
Where we worried that more than many investment banks and
commercial bank were to go under at that time, Well.
A lot of them, did you know.
And yeah, a lot of companies around the world, a
lot of non banks around the world in bankrupt, you know,
JP Morgan. We did a lot to keep people afloat.
We took a lot of risks to do that. We
worked with governments around the world. It was it was terrifying,
and it was you know, twenty four to seven, and
you know, people are just trying to do the right
thing to make sure, you know, we kept.
You think there's a chance of something like that happy
next couple of years, you think we're much better protected
from that kind of problem.
Well, there's there's no chance that you're gonna have that
kind of problem, but you know, there are chances to
have a problem somewhere somehow.
You know.
The biggest unknown is geopolitics. You know, and it's not
like you have to be dangerous, you careful you talk
about it's not like that's going to determine what the
economy does in twenty twenty six. But it is a
moving tectonic plate, you know, alliances. You know, obviously there's
terrible war in Ukraine, which we need to do as
much as we can to help Ukraine, but aid and
it bedded by a Russia and Russia somewhat by China.
Those folks have told you what they want to do.
They want to dismantle the system set up they think
by America, but they're set up by the Western world
after World War two has been quite successful. Yeah, there
are a lot of forces at play, and you know,
and people are going to have to choose, you know,
how they want to play. This play is for now.
So yeah, that would be my greatest concern, and that's
about the future of the free democratic world.
That's not just about America. Are you Are you worried.
About the over regulation that some people in the banking
world think that is occurring now or do you think
the regulations are okay?
Now?
My biggest you know, the problem with regulations when you
talk to some people. It's always act like it's more
or less well and a lot of you deal with regulations.
I think you could create more liquidity in the system,
you know, more capital uses, more learning capability, reduced rules
and regulations was caused when there was complaints about debanking
and complaints about X. I think we could make the
system better, work better, cheaper, work for more Americans and safer.
You know.
And what bothers me the most is when we talk
about regulations that no one ever steps back and say,
what are we trying to accomplish or why do we
want to accomplish it? And much better this or that?
Because no matter what you do, their pros and cons.
So they take the system as you know, banks are
very strong today, but take the system as a whole.
We've gone from eight thousand public companies to four thousand
public companies. Is that what we wanted? Because that's what
we did. We did it with no forethought, without even
thinking about it. But it was you know, years of
rules and regulations that made it costly, litigious and hard.
And you know, we let institutes like ISS and Glass.
Lewis, you know, vote thirty percent.
Of those here is in America, you know, and so yeah,
I'm quite concerned about that.
We get regulations right. We all want safe. Financial system
is safe, food is safe.
But it doesn't mean you have to have endless regulations,
regulations to be reviewed and improved all the time, as
opposed to what we do today. I put that in
a lot of policy, we just add things on top
of things. And if you look at policy at America, well,
affordable housing, it's all about policy, you know, zoning policies,
permitting policies, housing policies.
You know, it's all about policy.
He's got not a damn thing to do that people
don't want to build homes or move into homes.
This is Bloomberg day Break, your morning podcast on the
story's making news from Wall Street to Washington and beyond.
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