Finance Foggle

  Key Takeaways The FCC approved Paramount’s $8 billion sale to Skydance Media by a 2-1 vote, transferring CBS licenses amid political controversy . Paramount paid $16 million to settle Trump’s lawsuit over a  60 Minutes  interview weeks before approval . Skydance agreed to eliminate DEI programs and install a CBS ombudsman to address bias complaints . Critics like FCC Commissioner Anna Gomez called the merger a “cowardly capitulation” threatening press freedom . Stephen Colbert’s show was canceled days after mocking Paramount’s Trump settlement . The FCC’s Landmark Approval Federal regulators greenlit one of Hollywood’s biggest deals yesterday. The FCC voted 2–1 to let Skydance Media buy Paramount Global for $8 billion. That transfer hands CBS’s 28 local TV stations, Paramount Pictures, and networks like Nickelodeon to David Ellison’s Skydance . Chair Brendan Carr emphasized Skydance’s $1.5 billion cash injection would stabilize Paramount’s finances. They’ve been drownin...

Key Takeaways Cost dispute : Trump claimed Fed renovations cost $3.1B; Powell corrected him, noting $2.5B was accurate and Trump’s figure included unrelated projects . Firing threats walked back : Trump called firing Powell “unnecessary” despite earlier threats, signaling temporary retreat . Rate pressure continues : Trump publicly demanded rate cuts during the tour, linking them to housing affordability . Renovation justifications : Fed cited asbestos removal, security upgrades (blast-proof windows), and inflation as key cost drivers . Legal limits : Experts argue renovation overruns don’t meet the “for cause” threshold required to fire a Fed chair . The Confrontation: $3.1B Claim Meets Instant Pushback Trump wasted no time setting a combative tone. Standing beside Powell in hard hats at the Fed’s renovation site, he waved a document claiming costs had ballooned to  $3.1 billion , far above the publicly stated $2.5 billion. Powell’s reaction was swift and visible: shaking his head...

  Key Takeaways Trump considers eliminating capital gains tax on primary home sales, linking it to Fed rate cuts . Current law exempts $250K (single) / $500K (married) gains since 1997—unadjusted for inflation . 29M+ homeowners could exceed exemption thresholds today; high-cost areas hit hardest . Critics argue removal primarily benefits wealthy sellers (avg. net worth: $5.7M) . NAR claims tax creates “stay-put penalty,” freezing inventory as seniors delay downsizing . The Proposal in a Nutshell Trump’s Oval Office remarks hit like a whiskey shot—no chaser. “We are thinking about no tax on capital gains on houses,” he told reporters, flanked by leather chairs and Philippine President Ferdinand Marcos Jr. . He framed it as a housing market fix, snarling that the Federal Reserve’s refusal to slash rates forced his hand. “If the Fed would lower the rates, we wouldn’t even have to do that” . Within hours, Rep. Marjorie Taylor Greene claimed his words endorsed her  No Tax on Home S...

Key Takeaways Sam Altman warns of an imminent AI-driven fraud crisis, citing voice authentication as critically vulnerable . Financial institutions still using voiceprints for authentication are called "crazy" by Altman; AI can now flawlessly clone voices and soon video . The FBI confirms AI voice scams are already targeting parents and officials, including impersonations of Marco Rubio . Altman advocates for "proof of human" tools like The Orb by Tools for Humanity and urges overhauled authentication systems . Regulatory gaps persist: 85% of countries lack AI policies, while the EU’s AI Act imposes fines up to 7% of global turnover for violations . Voiceprints Are Dead Sam Altman stood at the Federal Reserve on Tuesday. He told bankers and regulators something obvious. Voice authentication is suicide. Financial institutions still use voiceprints to move money. Say a phrase. Prove you’re you. Altman called it crazy. AI kills that method. It kills it dead. He knows. ...

Key Takeaways China controls  90% of rare earth processing , leveraging decades of strategic policy and lax environmental standards . Heavy rare earths like  terbium and dysprosium  face near-total Chinese monopoly, crippling defense and green tech sectors . New export controls enacted in 2024 allow Beijing to  restrict dual-use items , impacting semiconductors and AI technology . A Chinese Academy of Sciences study predicts China’s share of rare earth mining will drop to  28% by 2035  as global rivals emerge . U.S. ventures like  NioCorp  and  Phoenix Tailings  struggle against Chinese pricing power and investor skepticism . Underground Vaults and Global Panic Deep in a WWII-era vault near Frankfurt, Louis O’Connor guards ingots of terbium and dysprosium. Armed patrols circle thick concrete walls. Investors beg to buy his entire stock. China just tightened export controls on seven rare earth elements. O’Connor calls it a “tap system.” B...

  Key Takeaways UK Supreme Court quashed Tom Hayes and Carlo Palombo’s convictions due to unfair trials . Jury misdirection deemed central to unsafe convictions—no retrial planned . Traders served 5.5 and 4 years respectively; Hayes lost family, career, mental health . Cases expose alleged scapegoating post-2008 crisis; US cleared all similar charges by 2022 . 7 other UK convictions may be challenged; calls for SFO reform and public inquiry . The Gavel Falls — Differently The wood-paneled silence of the UK Supreme Court cracked open yesterday. Tom Hayes and Carlo Palombo walked in as convicted felons. They walked out cleared men. Ten years of appeals, prison time, broken marriages—gone with a judicial pen stroke. The court didn’t exonerate their actions. It shredded the trials that put them away. Jury instructions were flawed. Unfair. Unsafe. The  Serious Fraud Office  won’t retry. Too late anyway . Who Were These Men? Tom Hayes traded for UBS and Citigroup. Carlo Palombo...

Key Takeaways Skydance commits to 2-year CBS News ombudsman role reporting to Paramount’s president to evaluate bias complaints . Paramount eliminated all DEI programs in February 2025, removing diversity hiring goals and its Office of Global Inclusion . FCC Chairman Brendan Carr conditioned merger approval on DEI elimination, calling such programs “invidious discrimination” . $16M Trump lawsuit settlement preceded the FCC deal, with rumors of $20M more in PSA commitments . The Ombudsman Gambit Skydance lawyer Stephanie Kyoko McKinnon put it in writing July 22. An ombudsman will take complaints about CBS News. Report straight to New Paramount’s president. For two years minimum. This person judges “bias or other concerns.” McKinnon cited Comcast’s NBCUniversal deal as precedent. Said the FCC liked this setup before. Called it a “mechanism effective in preventing editorial bias.” Jeff Shell becomes New Paramount’s president. David Ellison sits as CEO. They want this merger done . DEI Dis...