i. this is boom bust broadcasting around the world and covering the world of business and finance and the impact of on a saw i'm daniel brittle filling in for bird children washington we're glad you're on board coming up following president trump's order to ground all boeing seven thirty seven minutes is some airlines have been feeling the turbulence conservatives in radio commentator steve wallace were joins us to fly through some airline stocks plus facebook is under fire yet again from the feds alex weiss the c.e.o. of rebellion research joins us to dig into the details on how the company's stock is getting squeezed and later in the mission scandal has walked that video among the elites remington a great public citizen is here on him to sort through the scandal all that directly ahead but first we've got some headlines let's go to. the latest fallout from the defeat to from the defeat device emissions fixing scandal the folks wagon leads our

global report today as the u.s. securities and exchange commission charges the company and its former chief executive martin warner korn with effectively defrauding investors as he complained specifically alleges that the company and its c.e.o. misled investors when it sold thirteen billion dollars in bonds in two thousand and fourteen and twenty fifteen while the installation of the so-called defeat devices was known to vokes wagon executives as east as e.c. says that by concealing the emission scheme evokes wagon wreaths hundreds of millions of dollars in benefit by issuing the securities a more attractive rates for the company invokes wagon has struggled to put the emissions cheating scandal in the rearview mirror since the scheme was revealed in two thousand and fifteen the us environmental protection agency charged at that time that we w. violated the clean air act by installing software on diesel powered cars that caused artificially low readings of nitrogen oxide pollution. jet

airways is having some financial and logistical turbulence as india's second largest airline struggles to manage an increasingly challenging debt burden and faces a crisis of consumer anger over cancellations the two problems of finance in flight cancellations are forming a kind of vicious spiral as a lack of funds on hand has left the company behind in rent payments for airport terminals and other regular operating costs compelling cancellations and thereby depriving the company of needed revenue the business standard of india reports that jets three hundred thirty long flights on monday of this week compared to the average of six hundred fifty daily flights from march of twenty eighteen they canceled flights and frustrated flyers led to the predictable expressions of outrage on social media with many saying the airline was less than polite and helping them rearrange their plans sort now sources at the state bank of india say that a negotiated resolution of the company's financial follies will be insane in the next few days. and following last weekend's horrific plane crash in

ethiopia that plane model the boeing seven thirty seven max has been grounded in many nations across the globe including the united states home of boeing while those countries are exercising caution the airlines that use the plane have also seen their stocks had a bit of turbulence here to help us break it down is steve malzberg conservative t.v. and radio commentator steve let's get right into this what's the outlook for first of all southwest airlines i was a true they only that they only use boeing seven thirty seven max right now what does southwest has thirty four boeing seven thirty seven max is the biggest exposure of any airline but still less than five percent of its total fleet so the five days a week gone by it was that about fifty one dollars and forty two cents a share near the close today was back up to fifty one forty so but over the past month or so. west is down about ten percent now city today warned that southwest

might lower its outlook due to the grounding of the planes and they also have an unusually high number of planes already out of service management is blaming that on the mechanics union and by the way the mechanics union is in a very contentious negotiation at this very moment with southwest so that's that's where they are right now also there's some of us feared that to fill seats on replacement flights they might have to go below premium prices to fill those seats so that's why you know they're looking at all this or looking at southwest along those lines right now definitely no uncomfortable situation there at southwest losing five percent of your fleet that's still still a big crimp in your logistical operations now what about american airlines now a day or two after that crash union leaders for american airlines mechanics and flight attendants cold for the grounding of the some thirty seven max since then

what's been going on with american and their union and those and those discussions on safety well american that we should point out has twenty four of the affected planes so a little less than southwest but still a significant number for the week they're down slightly to about thirty two dollars a share but down nine percent over the last month analysts do expect by the way a ninety six percent rise in profits in the upcoming year from one point four billion last year to about two point eight by two thousand and twenty so you know there's not really a problem with the unions that because the unions eventually thanks to the administration issuing that order did get what they wanted to so those planes of course are grounded it's interesting in this situation similar to the government shutdown when we saw some we started to see some impact on flight safety the actor really at the end of the brunt the shutdown to an end arguably one. as the some of

the airline staff unions and in this case again we see perhaps a similar dynamic with the unions obviously they're very interested in their members their member safety on these airlines but turning to another company united tends to not make as much news as these others that we've just discussed what how was united airlines weathering this scandal while united has just fourteen we keep going down they have just fourteen of the boeing seven thirty seven max planes and it too is recovered most of its losses for the week you know it hit everybody on tuesday dipped significantly on wednesday when trump announced the grounding of the planes but it was a eighty to ninety one to start the week it's at eighty one fifty before the close today but it's down about again like most of these airlines are down over the month this one down about eight percent although united top their earnings that revenue in the fourth quarter they had a ten point five billion in revenue and any p.s. of two point two dollars or forty one cents compared to an expected one ninety nine

so they're sitting in you know in pretty good shape as far as that goes very interesting and we so we cover the airlines beginning back to the manufacturer here in this case boeing what are they doing the black box for the some thirty seven is has been recovered is being reviewed by youth ortiz and the company you know there's differing news out there and exactly how boeing is going to come out of this whether it's going to be dire scenario where there were the whether they could somehow really just somehow skate through this what's your take steve well boeing was up as much as three percent today for a little while on news that they will be rolling out this new software fix to try to fix the problem with the seven thirty seven's that will become within the next ten days but they also said there's no indication how long it will take to be proven effective enough to get the planes back in the air it closed up about one point five percent around three seventy nine that down five percent for the week bank of america. that this new fix could take three to six months so who knows what

kind of effect that would have on the stock which is down by the way over ten percent for the month and so again a lot of wildcards in how long it takes for this software to be implemented and will it be effective and who is going to be the first one to try it out in the air i mean i would want to be on that plane. very interesting you know. people are very familiar with getting software updates perhaps on the operating system on their computers so sure that they're doing software updates on this large piece of machinery that carries hundreds of people at a time you know perhaps disconcerting but we'll keep an eye on the situation thanks for updating us steve malzberg conservative t.v. and radio commentator and sort of time have a good weekend. and the sovereign wealth fund of the emirate of abu dhabi has temporarily blacklisted goldman sachs over their involvement in the sprawling one im d.b.'s scandal in malaysia fun which operates with two hundred twenty five

billion dollars in assets under the under the name will be dollar and then spent company says it will now make no new investments with the global mega bank in the wake of a lawsuit filed by movie dollars against goldman last november with all the suit alleges that goldman involved an oil investment subsidiary of movie dollars in the one m.t.v. scandal and while a movie dollars spokesperson said existing relationships with goldman will be honored they also said quote we have suspended any activities with goldman sachs pending outcome of the litigation. and facebook may be facing prosecution is the department of justice starts a criminal investigation into how the social media platform shares its data joining us now to discuss that breaking story from new york is the c.e.o. verbally and research alex weiss alex welcome to the show. they do so much for

having me on today. the opportunity yeah thanks for being here now facebook's been in the news obviously not for the right reasons this week and now they're having to deal with scrutiny from federal prosecutors looking at the way that they profit from sharing your data what can you tell us about this case and catch our viewers up on what's been happening this week well first of all facebook doesn't profit from sharing the data facebook does not sell any data whatsoever facebook only ever share data with other tech firms on a share for share basis to improve your user experience for instance spotify who would get your interests and then have better songs to recommend to you so you know facebook never sold any data to make any type of financial profit. ok let's take it's also no secret that almost all the social media digital platforms are skimming your data in some way you know sort of scraping where you can to get your location

what you like your friends other information like that and the vast array of information and we all know that investigative agencies obviously are looking at that. should we be concerned as consumers on how our our data are being shared. well i think that brings us to a larger question do you believe in government censorship or are you a libertarian and you want all of your data private and so you know that's that's really a separate issue there. but when you sign up for apps you know they make it clear to you that they will share your data with other sources so when you sign up for or tender it's one of the first things that they say to you know we are going to share your data your data is available so. everyone has consented to having their data shared you know facebook didn't share any data they weren't supposed to right now you're saying that they have been all on the up and up and they're not profiting from ship selling data and we're trying to keep an eye on as far as they

publicly announced at the same time there could be things going on within facebook i don't know about you know i i run rebellion research dot com and a i robot visor i'm not at facebook so the only person that really knows if they've done the legal activities is mark zuckerberg you know and that's that's a question for him. i guess that is the question here is one of the questions is is this are these corporate parent this is that they're involved sharing customer data are they on the level of illegality or their trust while asians perhaps or is it just something i don't go ahead. i don't think that there isn't a legal issue here i think you know politicians are reading a lot of headlines and jumping on it i think that you know a lot of tech journalists these days you know are probably less savvy than their i.t. department and so politicians are reading these headlines and jumping on it but now i like these books you know really needs to know though is how to understand their

user better facebook needs to do their users want privacy because it's their job to make their users happy right now if they haven't done anything wrong how they got in so much trouble here. you know there's a spin a media storm that's kind of built on itself and built on itself and built on itself so you know it's a hot topic you know mark zuckerberg is legendary in society for being a jerk you know the movie chronicled him was a fantastic movie and it really made him a legendary you know jerk to most of the world so people love seeing mark zuckerberg as the villain certainly an image problem at the very least alex why he's the c.e.o. of rebellion research. oh my pleasure i have a great day you two. going coming up time now for a quick break but hang here because when we return and in this in scandal is rocking academia among the nations a leader in the united states remington

a greg of public citizen lenses a hand to sort through the scandal and before we go one quick stock to know apple which is traded on the nasdaq has seen their stock jump in the town's couple of weeks take a look at that meter spike that happened around march eat much of that can be attributed to the positive news the company has gotten lately jumping around ten dollars over the past week and as we go to break here are the rest of those market numbers at the closing bell. with this manufactured sentenced to the public will. when the ruling clauses protect them so. when the final

clear you're around to listen to the woman. we can all middle of the roots to. the real news is. it's up to the government to step in and be a player in the economy not just an enabler for monopoly you know the government should be competing for health care and drug prices they should be competing in transportation and education and they should offer an alternative people should be able to get a public utility bank for example account and get out of the matrix of the big wall street banks they don't have that option they should have that option and therefore you would restore some competition in the economy.

and both of you know what the cost. for you. to come in for a fair amount. you don't want to. pick up because a couple of you show me e.g. you got honey. locust it would be ok sunny. you know full well for you if they think you know how to. save us. you. know that you know. what if i don't want to over the united.

turkey is toeing the line between east and western rankling nato allies with plans to purchase an a four hundred missile defense system from russia u.s. officials have now vented their displeasure over those previously announced turkish plans to buy and deploy the air defense system anonymous u.s. officials told reuters that the s four hundred system could not be deployed in tandem with the u.s. made f. thirty five attack jet one was quoted as saying turkey must choose one of the other because quote the gravity of the risk of the to the f. thirty five both see the united states answer nato allies is such that the two systems cannot be colocated in other turkey news figures released by the turkish government this week show the strategically located country officially entering a recession with the economy reportedly shrinking by two point four percent in the fourth quarter of twenty eighteen after

a one point six percent shrinkage in the third quarter. and italy is considering going even further in building a canonic ties with china we previously reported on the italian government's plans to become the first european partner in the vaunted chinese belton road initiative now italian policymakers are considering taking loans from the asian investment and infrastructure investment bank a multilateral lender led by china a five page memo outlining expansive options for economic cooperation between italy and china as defacto proxy lender was obtained by the financial times of london the proposals will. we considered it a summit between prime minister be contrary and chinese prime minister she jinping on march twenty second. a scandal over the extent of corruption an honor and privilege in the u.s. higher education system is rolling roiling the united states this week on tuesday federal prosecutors charged fifty people across six states with involvement in

a scheme to buy help on standardized tests and slots on college athletic recruitment list for the children of america's wealthy elites the parents on the list of alleged bribe payers include a golden globe nominated actress and former c. list sitcom star accused of paying her daughter's way into the university of south southern california or us see that daughter olivia j.g. a newly was reportedly sailing on the two hundred sixteen foot yacht belonging to the chairman of us he's board of trustees when the scandal broke. the revolution revelations are provoking larger questions about wealth privilege and systemic injustices embedded in an increasingly unfordable on affordable american system of higher education here to discuss this scandal in the vital issues around it in greater detail as rehman and greg counsel for civil justice and consumer rights of public citizen welcome back to the show now to lymington thank you for joining us this is a huge story here in the united states obviously but for a global audience can you just quickly recap the bombshell on monday and some of

the developments in the story this week yeah it was an explosive story a massive scandal twenty five million dollars worth of bribes were paid to get kids into elite colleges they bribed coaches they found ways to get them in to the colleges without going through the normal channels of meritocracy and as the ring leader admitted in court because he's already pled guilty in our system we have a front door which is you get there through hard work you have a back door which is you pay people to to get you there usually through large donations and then you have the side door which is what he was using which is using some of the the ways that you can kind of cheat the system and so what we have now is thirty three parents who have been indicted nine coaches and these students who had no clue what their parents were doing and we recently found out today that this whole investigation which was only about

a year from start to finish was only started because of a tip from someone who was being investigated for securities fraud and he wanted to use this to buy some good favor with authorities in those tipsters can be really key in cases like this person hadn't spoken we might not we would know most likely about any of this this is as you mentioned such a sprawling story across six states and so many plugs right into so many roiling issues right now wealth class race. the structures in this country that either distribute or deny cannot make opportunity based on education a lack of proper to news in the united states so you know stepping back from the big picture you know what is this story about to you what are the real issues that we should focus on when we read this news and what should we be looking for in the story which will be talking about i mean this this is a huge question and we should be talking about it now and in the future because we cannot talk about this without bringing in race and class it's absolutely

fundamental and income inequality and there are three big pieces here number one is wealth and privilege wealth and privilege begets more wealth and privilege and these children have mazing privileges and are able to get into almost any doorway but with a great elite education or at least going to an elite college rather question whether they actually went to school or not they're able to open even more doors for themselves and when we are trying to get into open those doors for ourselves a lot of times we have to spend a lot of money in student loan debt just to get there and that widens the wealth gap and whines it unwinds it second there are two americas and there's one set of rules for the wealthy and there's another set of rules for everyone else and i think that's what's so shocking about this case it's that they have so much wealth and privilege already and they still refuse to abide by the rules and the third is like we found out that or we should know the underbelly of this which is there's

a lot of ways to get into college other than just meritocracy we have obviously athletics but we also have legacies twenty percent of those who go to harvard are there because someone else in their family went there and of course money we have that story two point five million dollars was given to harvard by christmas father and behold he went to harvard so there's a lot of money in this is a lot of privilege and wealth and income inequality that we need to talk about in the and that's certainly one of the critiques out there is that these parents that have. charged tried to use their money in the wrong way that there is more respectable means of essentially doing the same thing as in the case of jared kirshner the coaches played a role in this they were sort of. auctioning off these slots that they have that they can choose on the college sports teams what does this does this tell us anything more about the influence the influence of political influence on cap on campus sports teams and sort of their influence in the university industrial

complex here you know i mean i i remember when i was in high school a nerdy. reporter my school newspaper writing about the fact of sports. on the on the school campus and absolutely right because they get to say ok we want this person that we want this person and they are and they are admitted and as we know oftentimes they don't have the comparable grades and test scores as their peers. you know sitting in this scandal aside what is the state of ohio for higher education affordability right now well the state of it is it's not affordable. for one point five billion dollars sorry trillion dollars. in student loan in student loan debt and we are seeing people having to choose between paying for their mortgages and paying their student loan debt or

waiting to have children and so this is impacting the entire economy and it's widening the wealth gap i mean yes obviously student loans are important for all of us to get into college for many but there is also the pernicious side of ways that it keeps you. shackled and keeps you from being able to move up the economic ladder because you had these for thirty forty years of your life and you know the lecture that millennial is get a lot from boomers is the more you learn the more you earn and then in. this case we have the most by some measures the most educated generation american history saddled with all that student loan debt and they aren't mabel able to make the most of that education that they got what that they were advised to get but a lot of issues to dig in here and thank so much for digging in and some of it with us from public citizen thank you thank you.

and as we end the week there is some sweet and stimulating merger news to report the familiar globally it's how you and coffee brand has quite sensibly decided to pair their product with something sweet moving to acquire london based pressed at london based chocolatier priced at for an undisclosed amount ricardo illy president of the group elite told the financial times of presidents menu of chocolate truffles were special inducement to add chocolate chocolate makers treats to their arsenal of affiliated confectioner's that already includes that the more he chocolate brand is to really told the paper he also expects pressed out to find quote perfect integration with the morey press that gains access to the more supply chain of top shelf creo cocoa. that's it for this time you can catch boom bust on direct t.v. channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. the free t.v. channel one thirty two or as always have us up at youtube dot com slash boom bust

r.t. so you nice time. seventy . two. hundred sixty days of. the russian. show you how that. bridge was. witness to construction of. the. wall of google for more

of the rights. during the great depression which i'm old enough to remember there was most of my family were unemployed. and it wasn't it was bed much worse objective listen today but there was an expectation of the things were going to get better. there was a real sense of hopefulness there isn't today today's america where shaped my the turn principles of concentration of wealth and power. reduced democracy attack solo down engineer elections manufacture consent and other principles according to no on. one set of rules for the rich opposite. to that's what happens when you put her into the. narrow sector of wilf which rule is dedicated to increasing power for chills just as you'd expect one of the

most influential intellectuals of our time speaks about the modern civilization of america. gets. been a real good shots people get murdered. but sometimes our community young people are deciding if they want to not like their parents not like the liberals. always struggle school. you always have problems but you're not going to focus a lot it's the most ubiquitous going on out there most police departments use it almost over stores in the school they could get their hands on them twenty.

three with two chinese kids. or a series of police brutality taken cried of their. these all a part of the story. currently underway in new zealand the day after the terror attacks in christchurch in which. an australian national has been charged with one count of murder. in the french president's national dialogue initiated in response to yellow vests protests wraps up as a new poll finds seventy percent of the country think the exercise was a waste of time. and the un says people should eat less meat in order to protect the environment and proposes taxing people can be all guesstimates of the idea. they fear that so.