yes objection. barrow's contributed to america's lawyer was on hand to break down purdue pharmacy declaration and what it could mean going forward for the fight over who will pay for the opioid prices and how much grieving families will get. prices and shot up on the news of a drone attack on saudi oil facilities horwitz about the trading of standing by to begin to oil prices and whether the incident is a one off or the start of a trend. i'm up with happened with. facebook getting regulators around the world to set up a little straighter there chair and actually pay attention to the space. as current currencies continue to disrupt the payments space governments are waking up to the risks christiane managed to catch up with matthew walk to get his view on the future of regulation in the thin tech space so much content to fit in just 27 minutes can we do it just watch let's go 1st strike in more than 10 years by the united auto workers union leads our global report today as 46000 workers

a general motors bring production to a halt at 55 plants across the united states the current contract between workers represented by the u.a.w. and bosses at g.m. expired saturday night and the decision to axe to not to extend the previous agreement and extend instead strike was made by a unanimous vote of the u.a.w. regional leaders u.a.w. workers are determined to draw the line on wages health insurance cost increases and management exploitation of temp positions the action by u.a.w. workers does not affect their status under existing collective bargaining agreements with the other 2 of the famed big 3 u.s. automakers ford and chrysler g.m. workers so any gains despite describe the work mood among workers here another know . you say we buy. our to keep this company running. record profits they're making now off our labor they don't

want to even give any bag what they want to take and that's not right this betrayed . experts say both sides will feel pain from a long strike u.a.w. workers have a strike fund of $850000000.00 from which they will receive $250.00 in weekly strike wages meanwhile industry experts say g.m. will lose about $50000000.00 each day the strike goes on general motors stock fell more than 3 and a half percent in monday morning trading. and there was a dramatic though expected turn in the legal drama surrounding part purdue pharma the corporate career creator of oxycontin the drug experts place at the center of the u.s. opioid abuse addiction an overdose crisis on sunday night purdue pharma filed for chapter 11 bankruptcy protection to shield the staggering profits for more than 2600 pending suits still pending over produce role in creating and pushing the

miraculously profitable drug a.p. reporter jeff mulvihill kahn commented on the legal state of play. but now what happens is up to a bankruptcy judge. one of the major issues remaining for the bankruptcy judge sort out will be whether there are lawsuits against cleaners the family that owns the company can move ahead and state courts. produce chapter 11 filing includes an endorsement by their corporate board of the roughly $12000000000.00 settlement between perdue and a coalition of at least 10 state attorneys general and a number of local and trouble governments that was announced last week however attorneys general from a majority of u.s. states have vocally declined to join that statement one of those declining agee's latisha james of new york on friday said her office has discovered roughly 1000000000 dollars in wire transfers by the cyclers produce founding family as james said in a statement quote while the sackler is continue to lowball victims and skirt they

were responsible settlement we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct. and joining us now to give us the latest installment of this corporate legal drama is molly barrows contributor at america's lawyer molly welcome back where does this bankruptcy filing lead perdue when it comes to the upcoming opioid trials. well it looks like a bankruptcy court is going to be the ultimate deciding factor in that decision however as part of that more than $10000000000.00 settlement agreement in principle that produce has announced the company has indeed filed for chapter 11 bankruptcy and that filing typically would remove pretty from test trial scheduled for next month for example in ohio but in those particular trials but he wasn't the only plain f. in those cases so those trials will continue against other pharmaceutical companies and distributors now in general some lawsuits are allowed to go forward against companies who have filed for bankruptcy if the case is close to being resolved or

if it will help determine how much a plaintiff is worth but normally when they file for bankruptcy there's a freeze in litigation against. the company what's called an automatic stay while assets and debt are assessed and then claims are negotiated which brings us to a big concern that some have over this pretty good deal and that the value of produce assets and the sale of its global drunk company they think it's over estimated and there were the settlement money may not come in which is why some state attorneys general opposed the settlement because they also want the company to admit wrongdoing which is something that they don't do in this agreement and they also want to hold members of the sackler family financially accountable tourney generals have filed against them in particular so that is of course family as you know that controls pretty you made billions out the opioid sales and that's part of the reason why the settlement deal is only supported by about half the states that are suing purdue daniel right and so we we know the. attorneys general that do not want to be part of this agreement have stated staked

out their their position very well and the question is whether produce will be what will be out of some of these lawsuits but whether they're out of all of them does the do so does the revelation of these sort of wire transfers from james your new york attorney general does that change the standing of those other cases that were already moving forward where do they stand after that and could could that cause the underlying agreement here that produce was pursuing to fall apart. absolutely now how it would affect those other cases individually i'm not sure if those individual judges would have to rule on that as far as the overriding determination of whether or not this settlement will be approved by the court whether or not the bankruptcy filing will be approved by the court when you have revelations like that i'm sure that is going to come into play if the attorneys are doing their jobs and want to bring those issues up to say hey you know we had some concerns that they perhaps more being entirely forthright about all of their holdings and their assets and then you have wire transfers like this

which you know maybe they'll have a better explanation for it but in the meantime it certainly adds credence to their doubts that that's why. some of these attorneys general did not want to get involved in that particular settlement agreement but it is so very complicated because pretty you isn't the only one that's basically being sued and these thousands of cases that are being filed from across the country so produce. ideally if you will for produce or typically in a legal case like this where a company has filed for bankruptcy they would be eliminated if their settlement is finalized but again it's such a complex case there's no guarantee that that would happen even if the settlement is finalized and especially in light of what you're talking about with those transfers but the federal case in cleveland is going to go forward that's against other drug manufacturers to ship bidders pharmacies it's still pending that's where all those lawsuits many in fact have been consolidated in that multi district litigation the judge in that case has also been pushing for a settlement so money can go directly to communities that need it for drug

addiction related issues and treatment so he certified a plan that would allow every municipality nation to share the proceeds if a settlement is reached so in the meantime there is a lot riding on purdue. with this getting a settlement approved as well as their bankruptcy filing 1st approved because this federal trial these 2 bellwether cases are scheduled to start in mid october with these 2 counties in ohio and right now it doesn't look like they'll be a part of that trial if it goes if there are deals approved. still a lot more to this story molly barrows legal journalist and contributor america's lawyer thanks for your insight. all right thank you and in oil market news production was immediately cut in half one who yemeni militias successfully attach the cries oil field and cake processing facility using drones brant crude oil was up by almost 20 percent in one day trading on the news a 50 percent fall in saudi oil productivity would take roughly $5700000.00 barrels

or 5 percent of global supply off the market industry experts say it could be weeks before the saudis are able to restore. production to targeted levels but even more concerning the tech the attacks make it clear that the saudis relatively under resourced regional adversaries can easily inflict major pain with inexpensive means the incident could also change fundamental risk assessments for the role long rumored initial public offering of stock in saudi aramco widely expected to become the biggest i.p.o. ever of all who the rebels from yemen directly claim responsibility for the attacks the trump administration made efforts to shift blame toward iran. and joining us now to help us get a handle on the explosive situation in there is todd bubba horwitz she's strategist trading welcome back baba and i noted the bump in brant crude in the intro here but

more broadly just give us a sketch how are prices going on this news and are they likely to keep rising. danielle look at the end of the day you caught 1st of all you cut her short squeeze because of course there was a lot of people trying to sell oil into this and all the sudden we have this news which creates all this fear and panic and pushed at one point last night or was up over is not all that bowlers because what we talk about is a formation which is known as backwardation today's oil october oil is trading $3.00 over february or oil so prices are getting cheaper as you go in the future which means that everybody expects this situation to resolve itself and then oil resume what it was a year for which is actually had a lower and this could help the around go deal because of course it puts the price of oil much higher which makes their value wire maybe they set their own drones and who knows interesting so the way this plays out is that your colleagues in the

market seem to think that in the long term the oil will be there they'll be the supply but in the in the medium term increase in the price actually helps. others as. well i think so i mean look they're going there to break them valuation so we know that they're going to back into production and certainly they can probably do it a lot faster than a couple weeks but if they dragged it out and held the prices are the reason they didn't go last year was because prices were too low so they didn't want to put it out as an i.p.o. yet well now they've got the high prices to go along with it again this formation is not bullish by any means i doesn't mean it can't change to be bullish but there is still a go a lot of oil and a global slowdown in the economy throughout the world and and that is not going to change because saudi arabia's and i would compare this very much to what happened in the cattle markets a couple of weeks ago when the tyson fires came in and they had to wipe out and cattle went down limit twice in

a row before resuming going back there and i think this is very much the same thing it's an overreaction by traders by investors and the people that got quite short that were forced to panic and cover higher right and speaking of reactions what have. been the official reactions from saudi arabia which is a opec member of course and the defacto leader in effect with russia in managing global energy supply would have been the official reactions from opec members open opec as a group and russia to this incident. well you know actually i haven't heard much about that but i can say this that to me opec is nothing more than a phony organization that manipulated the price and for years held the united states hostage with the oil price and now that we are our own producers and actually were a net exporter and today we're the biggest producer in the world to me opec is a worthless organization that does nothing but try to manipulate price to bring in more profits and more money and i put no stock in what they say i don't care what

they say i will never even listen to one of the meetings especially now that they cannot hold busy the united states hostage that's a hard take why that's why you bring bubba here also global global town crier and u.s. president donald trump reacted to the attack among the other people reacting he says on twitter we know the culprit in this attack and then he makes this remarkable statement that the u.s. is quote waiting to hear from the kingdom not being saudi arabia as to who they believe was the cause of this attack and one under what terms we would proceed now that seems like the strangest pronunciation of america 1st that i've heard yet did he really mean to say that the u.s. is waiting for the saudi monarchy to tell the commander in chief where and how to deploy u.s. forces. well i think that basically what he's saying is that he'd like to know what their views are i know how this all happened and where it came from i mean certainly you know it isn't that it is not clear that it was iran i don't know if it was or wasn't so i guess i think you'd like to hear their views are and word all

came from and i think that of course i believe that president trump and united states is always ready to react and take care of business but they do not want to overreact to react too quickly in case there's more to the story which based on that we haven't really heard that it is 100 percent around yet there may be a lot more of the story before it's all said and done right and bob as far as the outlook here i think you kind of got to this earlier you said in the futures markets oil is already going down in the. it seems to be this wisdom in the markets that can reduce all this information to a prediction in the form of a price so it sounds like your you and your colleagues think that this will not escalate into into greater military confrontation based on the futures here. it can but again based on the prices today when 1 february for example is $3.00 cheaper than october oil that is backwards that is known as a formation called backwardation which does not necessarily that means that prices

should be going lower now they could go higher but longer but just look back at july 24th team we had the exact same information very similar action or when it got cut in half by 50 percent now i'm not looking for a 50 percent but i am looking for once this resolves for all to go significantly lower from here interesting expert insight from todd horowitz chief strategist about trading thanks as always thanks dan. time now for a quick pause for the promotional cause but stay tuned because just on the other side of the break as currencies continue to disrupt the payment space governments are beginning to take notice kristie i managed to catch up with matthew ross wap to get his view of the future bring elation in the film takes place and as we go to break here are the market numbers at the close.

the 4. legged. legs. live. live live. live . live. live.

oh. please. play. live. lists lists leg. lifts. and a very warm welcome to you you're watching us in such. 10 years and started as 10 years i think it's time to shake things up maybe change the branding maybe the format here is what i've been thinking about next season related episodes

filmed on an island 10 experts fight it out for a trophy what do you think ok a more affordable option $25.00 packs for. one red rose another suggestion. jeopardy parity no political cookout we will literally wrote the elite. late night show it's a rare format these days and its chief all you need is an old microphone in a printed banner but. i guess i can do this. and laughter politics gone wild like music. ok crosstalk is not about hype it's about meaning 10 years of talk and still going strong. if you want to change something why don't we get rid of that though ty no that is

too much. welcome back the united states justice department has charged 3 members of j.p. morgan's precious metals trading team with running an 8 year scheme to manipulate markets and defraud customers michael know at a managing director at morgan and the head global precious metals of the firm was charged along with 2 others greg smith and christopher jordan both of whom were once titled as j.p. morgan executive directors the indictment claims the traders were engaged in quote widespread spoofing market manipulation and fraud while on the morgan metals trading team which along with a h.s.b.c. largely controls the global flow. over and gold trades the 3 allegedly would place deceptive orders for gold silver platinum and palladium futures and then cancel them before final execution and in attempt to quote create liquidity and drive

prices toward orders they wanted to execute on the other on the opposite side of the market in the past year 2 other former members of j.p. metal trading team have pleaded guilty to similar charges. and china's industrial output grew at its slowest rate in 17 and a half years as an ongoing trade war between washington and beijing rages on industrial output saw growth of just 4.4 percent in august a year over year the slowest growth rate recorded since february of 202-2002 in july industrial growth was only 4.8 percent chinese premier league tried to temper concern over the economic slowdown saying it is very difficult for china's economy to maintain growth at 6 percent or more due to the international trade tensions and the high point at which growth started speaking with russian media while in moscow for 3 days of trade talks with russian prime minister dmitri medvedev mr li said of

the situation for china to maintain growth of 6 percent or more is very difficult against the current backdrop of a complicated international situation and a relatively high base and this rate is at the forefront of the world's leading economies. and boom bust chrissy i may still be on assignment but we have plenty of stellar content for her coverage of invest asia in singapore kristie had a chance to catch up with matthew ross co-founder and chairman of block to discuss being on the forefront of the kipp crypto wave 10 years ago the 2 also discussed the future of the cryptocurrency space space especially when it comes to regulation in the wake of facebook's announcement. their virtual currency libra and what his company blog has in the works. so you 1st got in showed to the entire kept us safe dancing follows their investment thesis back in the day when you didn't really know

what this emerging technology was and you didn't really know what it could grow into yeah i mean back then i mean some of the dinners i had with. the early adopters and builders of this phase a lot of us didn't know what we were doing where this was going i mean a take off event and but we knew there was something there this was something novel that that situation not comodo developed on a 9 page white paper and the more you kind of unpack that. you knew was going to change things you know money without governments or banks not that i'm. crazy libertarian or something but having that dimension or that that opportunity to control your wealth and then. kind of transpose it identity and this this new web 3 and other things that are. an offshoot of a sushi is vision is pretty pretty cool to be a part of so where do you see this industry going now that we've spent 10 years in

the space and we've seen off shooting into like this digital internet 3.0 we've seen this evolution of privacy central point and now people back to valuing privacy when the phone we just took it for granted where do you see this and the chain valving into probably for the next decade great question and some ways i want to like force it other models like you know. for like the microwave plus and the automobiles like it takes 10 years to get 10 percent and then another 10 years the other 90 percent i don't know if crypto is going to follow that same flight passing it i think it's taking longer in certain ways. i think the fact that it's money the medium of money and people's trust factors and regulation and a lot of the beginnings of crypto were kind of weird so i think that that timeline might strike. a little bit but i think it's. it's challenging a lot of different models money identity the privacy and security of your data. and

so that takes time to unpack being you know kind of early in the early internet and early cloud in the early genres of tact you can to feel like you're in the right place at the right time but some of the timing elements are a little unknown and so i think building and leaning into this is the right thing to do. i love what's happened with facebook getting regulators around the world that it set up a little straighter in their chair and actually pay attention to the space. and i think that has also made other big tech companies and other big financial institutions really think hard about developing their compass for crypto absolutely and before we get into like all the fancy things that some pop up blocking i think we need to actually build a very solid foundation and for enterprise to actually get involved into it which is what i understand blocked us so i can tell us a little bit more about that so we build infrastructure for tokenize networks so there's there's elements of law change where people want to track and trace you

know some cabbage going from a to b. we don't do that we build the infrastructure for tokenize networks so for the theory and then new layers whether it's distributed computer storage etc and so we build the infrastructure to make that easier to manage so nodes. analytics wallets and then on the other side of block we also build new tokenize networks so we've built to your earlier this year we launched barrel block and we're really excited our next project which is titan which is software for minors it's software for minors that's fascinating because now it seems like you're decentralizing everything price you have decentralized storage we sell like a big boom there are a lot of actually tokens getting into that trying to make computing a lot cheaper much more formal for a big enterprises where do you see this entire industry shifting point. so we see like decentralized everything decent i supply chain decent life story centralized i think so i think it's like. it's decentralized the same time it's more of

a digital cooperative like you're getting. a speculation and then trading but that's speculation the trading of the financing of these projects is is very necessary right now and i think over the near term we'll see more the show throughput and value coming through so what do you think it's necessary in order for there to actually be mass adoption for a big point to actually take its place as digital gold i think more adoption i mean there is depending on what side of crypto twitter and i get off 0 or have some exposure and 10 years into this big ball game you would think we'd be able to buy coffee with bitcoin at this point and it's still not the case so i think getting more exposure and getting this in people's portfolios is a great start and that's more of the kind of investment asset management side versus the use utility remittance and payments but i think some of those go hand in hand to going to get. capital into the ecosystem and then have that finance

a lot of the innovations and use cases that that we all want to see it's ironic because that's where you truly see frictionless payments are right now the biggest bottleneck of frictionless payments is actually getting into the digital assets in the 1st bias no exactly i think as i thank you so much for being here and. that's it for this time you could always catch boom bust on you tube dot com slash boom bust so you know. thousands of american men and women choose to serve in the country's military and the decision. ever. thinking to a complete. the day that i was right. you know hold a shot kill me and i see how it destroyed my life any screamed at me and he made me

come in and he grabbed my arm and he write me with his birthday gary if you take into account that women don't report because of the extreme retaliation it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military is a very very traumatizing tat happening but i've never seen trauma like i've seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished and be offended and almost 10 year career which i was very invested in and i gave a sex offender who was not even going to justice or put on the registry this is simply an issue of our in violence male sexual predators for the large part of target whoever is there whether that's men or women.

let's let's look at this. international. tensions rising there was. once again images of. those images of this to. say that i don't know i. thought it would treat. another one from a. congress while a leading activist there in the protest is now in america for hearings on a bill to provide support for the pro-democracy movement in hong kong we'll tell you all about it. plus big photo on the way in israel going to the polls in an

unprecedented repeat of parliamentary elections that will decide the fate of incumbent prime minister benjamin netanyahu coming up we'll look at how much donald trump has led his way to the campaign.