tv Bloomberg Markets Balance of Power Bloomberg December 9, 2019 12:00pm-1:00pm EST
vonnie: from bloomberg world headquarters in new york to our tv and radio audiences worldwide, i am vonnie quinn. kevin: i'm kevin cirilli in washington. welcome to "balance of power" where the world of politics meets the world of business. the hauch impeachment committee holding its latest impeachment hearing. what is the latest on capitol hill? last chance for republicans and democrats to present their case to the american people we have been hearing from the intelligence committee and they have been putting forth the evidence that has been gathered in the impeachment process thus far. vonnie: what have we heard from the attorneys for the democrats and the attorneys for the republicans? anna: kind of the same thing we've been hearing for the past few weeks. democrats have been saying there is such overwhelming evidence the president committed these acts, that he pressured a foreign power to help him in politically motivated investigation and the president himself said this publicly.
republicans are saying there is not sufficient evidence to accuse the president of these actions and this impeachment is a sham. it is not built on first-hand evidence and they have tried to dismiss the process as not worth pursuing. i was talking to sources over the weekend who are working on the committees with regards to impeachment, and they're working on drafting articles of impeachment as we speak. when will that process conclude and the committee introduce articles of impeachment? we expect to see articles this week. they will probably be voted first in the judiciary committee as soon as wednesday and go to the house floor next week. they want to wrap this up before christmas and right now they are on that timeline. vonnie: what are we looking at in terms of articles of impeachment? at least twoa:
articles, the first will be abuse of power, that the president abused his power and trying to elicit help from a foreign power. the other will be obstruction of congress and pointing out all of the documents and witnesses that have been requested from congressional committees that the white house and the trump administration have not turned over. those will be the two we expect to see. there could be more added on in addition to that. kevin: michigan, wisconsin, pennsylvania, there are poles that suggest among independent voters this impeachment saga is largely noise. anna: that is a risk democrats have to take. nancy pelosi was asked about this and she said this is not about politics. when it comes to differences on health care policy or trade policy, that is about the election. that is when we can get into presenting our ideological differences. this, she said, is about the constitution. this is about the president violating his oath of office and
she is presenting it as an offense so grave but the congress had no choice but to act. kevin: it will be fascinating to see how speaker pelosi places out. on, thank you. vonnie: u.k. voters heading to the polls thursday to decide the fate of boris johnson. recent polls show the labour party making small inroads but there's still a significant tory lead. let's welcome niall gardner, director of the margaret thatcher center for freedom at the heritage foundation in washington, d.c. is a former aide to margaret thatcher. not to be glib, but what would margaret thatcher say as -- about boris johnson? how would you characterize his leadership? many: boris johnson is in respects a center-right prime minister. he has a big admirer of margaret
thatcher. it was margaret thatcher's wish that britain leave the european union and boris johnson committed to delivering that. margaret thatcher, were she think shee today, i would be greatly supporting britain's drive for brexit, which boris johnson is pledging to deliver. i think we do have a prime minister in place who is following many of the policies that margaret thatcher pursued. we have a conservative prime minister who is fully committed to taking britain outside of the european union and advancing conservative principles and ideas. vonnie: margaret thatcher did enact huge changes, change the structure of the economy, but there were consequences. will we see the same thing of boris johnson gets to enact the policies he is trying to bring to the table and exits written
out of the european union? will we see recession and people out of jobs? niall: i think quite the opposite. the policies boris johnson has outlined are very good policies. that will deliver tremendous benefits for the united kingdom. i think britain's exit from the eu will begin a new era of british prosperity. britain can return to bring -- to being a great free trading nation. the united kingdom can control its own orders and its own destiny, be once again a tremendous world power. if you look at the economic situation in the u.k. at the moment, the prospects look good. we have record levels of employment in place, some of the lowest levels of unemployment we have seen in many decades. i do think that in the brexit era, britain is going to be a tremendous success. we are also his seeing strong
levels -- we are also seeing strong levels of foreign investment in the u.k. those levels will increase once brexit is delivered. there is a sense of optimism with regard to britain's future as a truly sovereign nation outside of the european union. i think boris johnson has done a good job in terms of outlining how britain can move forward in the brexit era, in contrast to jeremy corbyn, who offers a big government neo-marxist outlook for great britain, which is the complete opposite of what boris johnson is offering. kevin: in terms of what this means for u.s./u.k. trade relations, how important are the elections for the trump administration? nile: i think this election is very important for the united states. the u.s. administration has been a wholehearted supporter of brexit. it has strongly backed the u.s. u.k. free-trade agreement, and of boris johnson secures the majority on december 12, as most
will movecate, he forward with brexit on january 31. you will see the u.s. and the u.k. implementing a free-trade and aent in 2020, u.s.-u.k. trade deal will be a generator for economic prosperity and economic freedom on both sides of the atlantic. he will see a large number of new u.s. and british jobs added as a result of a trade deal. this is a win-win situation for both sides of the atlantic if johnson is able to move forward with brexit on january 31 as he has plan to do. corbyn gets iny charge, a very different picture , especially on the u.s.-u.k. trade front. no? nile: jeremy corbyn has run a campaign that is dripping with anti-american sentiment. he is a leader of the labour destroyo i think would
the special relationship with united states. i think jeremy corbyn's run a campaignsly negative strongly opposed to the u.s.-u.k. special relationship. he has cast constant doubt on the u.s.-u.k. free-trade deal and launched a conspiracy theory about american corporations wanting to take over the national health service, which is completely untrue, an example of "fake news." jeremy corbyn is a far-left ideologue who advances an extremist view of the world. he is isolationist. he is someone who will destroy not only the special relationship, but also the broader transatlantic alliance. he is threatening to spend trillions of pounds on spending projects and the money is not there. he would bankrupt the british economy. vonnie: thank you for that opinion.
the margaret thatcher center for freedom at the heritage foundation. let's get a check on how markets are reacting to today's top stories with abigail doolittle. abigial: small moves. we are in wait and see mode because everyone wants to know what will happen with trade. sunday is coming up with the possible tariff deadline where the u.s. may put tariffs of 25% on chinese goods write ahead of the all-important holiday. ,ake a look these tiny moves between small gains and losses. we also have the vix slightly higher telling you there's uncertainty. haven bonds rallying as well. wait and see it move waiting to see what is next. -- vonnie: the around the world we are seeing wait and see. we did get headlines with the canadian dollar, but it is about trade. abigial: yes. even if we were to take a look at the sectors of the s&p 500,
and even mixed, not big moves, perhaps a little bit to the positive side, but david westin and i have been talking about this every day. we do not have any headlines. waiting for december 15. that is what it is going to be today and this entire week. vonnie: moves there like pg&e as well. abigial: a few big outside movers. vonnie: that is abigail doolittle with our market check. we turn out a mark crumpton for first word news. mark: house investigators are making their closing arguments in the case against president trump. at the same time, they will keep debating how far they want to go in drafting articles of impeachment. judiciary committee chairman jerrold nadler says the president is likely to be accused of abuse of power and obstruction of government. who killedunman three people in florida on friday had apparently gone on twitter shortly before the
shooting to criticize u.s. support of israel and accuse america of being anti-muslim. officials are treating the shooting is an act of terrorism. they are trying to determine whether the killer acted alone or was part of a larger plot. the gunman who was in the u.s. to learn to fly was killed by a sheriff's deputy during the rampage. the supreme court has left intact a controversial kentucky law known as informed consent. it requires doctors who perform abortions to first show the woman an ultrasound and give her a detailed description of the fetus, even if she does not want to listen. appealtices rejecting an by kentucky's only abortion clinic in its three doctors who said the law violates their free speech rights. france is gearing up for another week of protests. the government and labor unions are vowing to stick to their guns in a battle over pension reform. emmanuel macron has told associates he cannot consider running for reelection in 2020
unless his reform plans succeed. global news 24 hours a day, on air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. back to you in washington. kevin: coming up, georgia appoints aian kemp political newcomer to the u.s. senate. we will talk the political consequences with former georgia congressman kingston, next. this is "balance of power" on bloomberg television and radio. ♪
vonnie: this is "balance of power" on bloomberg television and radio. i am vonnie quinn in new york. guy: georgia governor -- kevin: georgia governor brian kemp was ushered into office as a champion of president trump's agenda but now he is facing kellys after supporting loeffler to succeed johnny isakson in the senate at the end of the year. showing us with more inside his former republican congressman jack kingston, thank you for being here. georgia?oing on in rep. kingston: we republican men in georgia, we have the white male, the role vote, the traditional republican vote, but unfortunately the last election shows we did not do well with suburban women. that was not unique to georgia. what brian kemp is looking at his who can bring that element to the table. kelly loeffler has a great community background. she has been very active with
the atlanta philanthropic causes. she owns a large business, she owns a national basketball team. she can shore up where we have become traditionally weak. down the you stare next political year, you mentioned how kelly loeffler could represent an opportunity for the republican party to win back and make inroads in suburbs across the country. and i am hearing from you, you are is inside the republican party can get, is that is a private conversation something republicans are aware needs to get done. rep. kingston: yes. if you look at karen handel, she lost because a lot of traditional suburban women voted the opposite way because they do not like the president. i think karen handel will be a great president, but we lost other people like estate a statetative -- like
representative, solid center-right republicans got wiped out in the last republican and we think adding this element back on the ticket and a major way, not just bullet kelly lochner but karen handel and many other women, the number is 176 women who decided to run for republicans. we are up to 160 candidates nationwide. 200 candidates have filed in the republican party. more than did this time last cycle. we have a robust recruitment effort going on. --nie: shirley the bill surely the deliberate signaling will not be lost on the georgian voters. will the suburban women the republican party is looking for favorn kelly lautner's given that many conservative radio hosts are calling her a republican in name only and so on. rep. kingston: there is an element that will seat last -- lets she how she does on the
tough vote. will she turn out to be mitt romney who is often against the president and not a reliable republican vote? there is concern about that. i ran against somebody for the u.s. senate, david purdue, who had not ever been in public office, and he turned out to be a great ally of the president and a great conservative and somebody who can get things done in washington. more importantly, he never said anything wrong. that is one thing that happens with self funders and celebrity candidates is sometime they slip and say something stupid on the campaign trail because they've have not been out there before. they have not based people like kevin with tough questions. that is something all candidates need to learn. i send it back to washington, presumably we get articles of impeachment this week and vote upon them in the house. is it all over by this time next week or the middle of next week? rep. kingston: i think it is. it was probably all over when
the democrats won the majority in january 2017 when they were sworn in in 2018, having one back the house. they wanted to impeach the president from day one and they have the votes. i will say i think for the 31 candidates who represent states that president trump one in the last cycle or 2016, i think it is a political death sentence. i do not see how they survive. i do not think all 31 will get wiped out, but i think a substantial majority will. kevin: will any democrats break with speaker pelosi? rep. kingston: two did on the last election and two more vindicated they will. i think you will see a bipartisan vote against impeachment. kevin: the volatility into washington over the next couple of weeks with the funding bill, with the wall fight, which the usmca, not to mention the u.s. china tariffs, wall street better wake up. there's a lot of volatility.
and usmca is so close right now. i think it will happen and i think the speaker wants to get impeachment out of the way and vote on it on the way out of town. probably the same thing with the appropriations bill. they worked diligently over the weekend. i think appropriations will come together. these ladies and gentlemen of the u.s. congress might not do any christmas shopping until the 24th. kevin: better get their online shopping done. you know who i think we'll be watching closely? nikki haley. how kelly lautner navigates the separate -- the world. thank you very much. pacific gas and electric is our stock of the hour. this is "balance of power" on
kevin: this is "balance of power" on bloomberg television and radio. i'm kevin cirilli in washington. vonnie: i am vonnie quinn a new york. time for our stock of the hour. shares of pg&e are up more than 70% after the company reached an agreement with wildfire victims. kailey: it is a lot higher than the amount pg&e initially offered. they initially set $8.4 billion which was widely said that is not enough. now they're coming back with $13.5 billion. still a plan that needs to be approved by gavin newsom. it is a pretty solid plan in terms of looking at it through the lens of pg&e bankruptcy. paying out compensation to the victims of the fire has been the biggest sticking point in pg&e restructuring. what the plan will look like is half of equity in the restructured pg&e and have cash
and than the rest paid out over time. it remains to be seen that this is what goes through. it is a step forward in the bankruptcy proceedings and pg&e once to exit bankruptcy next year. kevin: i want to pick up that point with regards to restructuring. does this mean pg&e's restructuring is back in its own hands? kailey: that is an open question. --e lost exclusive rights their plan also offered $13.5 billion to pg&e and has now match that. it would've wiped out equity value. there were analysts saying the stock could go to zero. citigroup is still warning that is a risk, but analyst at bloomberg intelligence saying because pg&e's plan, the fact they have settled with wildfire victims me they would get paid out quicker. it is likely is the plan that will no through but that remains to be seen. do in: what does pg&e
case of more wildfires? is its equipment ready for something like that? kailey: we saw the rolling blackouts the company was putting in place to avoid this happening again. record blackouts across the state of california. they're having to take dramatic steps to ensure this does not happen again and did not get another $30 billion in liabilities in the next year. vonnie: thank you. that is our stock of the hour. trading around $11 and has traded up as far as $70 and 2017. russiahead, we will talk and ukraine talking peace in paris. ons is "balance of power" bloomberg tv and radio. ♪ [ electrical buzzing ]
to mark crumpton. mark: russian president vladimir putin and ukrainian president zelensky are meeting for the first time today at a summit in paris. both leaders are sitting down with french president emmanuel angela merkel, hoping to find a way to end the five years of fighting in eastern ukraine. that conflict has killed 14,000 people. ukrainian protesters are pressuring president zelensky not to surrender too much to president putin at their first a meeting. north korea is taking a personal swipe at president trump saying his recent comments make him sound like a "heedless and a radical man." the statement by north korean official kim jong toll comes ahead of pyongyang's self-imposed year-end deadline for a breakthrough in nuclear talks. mr. trump tweeted north korean leader kim jong-un was too smart and had too much to lose to renew hostilities with the u.s. at least five people were killed
when a volcano i wrapped it on new zealand's white island today. dozens more were injured. 50 people were on the island at the time of the array option. many are believed to have been from a cruise ship. the defense force as a navy ship is on its way to offer support for the search-and-rescue effort. lawa is set to approve a preventing muslim maker -- migrants from neighboring countries to receiving citizenship. the prime minister says the changes are intended to protect religious minorities or us -- who are escaping persecution, not migrants from bangladesh and pakistan. the controversial citizenship bill has sparked protests and fear around india and left millions at risk of being left stateless. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. thank you.
paul barker has died. the chairman broke the back of runaway inflation in the 1980's. three decades later, led barack obama's bid to rein in risk-taking at commercial banks. it was codified as the volcker rule. he passed away yesterday in new york at the age of 92. for more on his legacy, we are joined by michael, bloomberg's economic policy correspondent. you covered him from a variety of angles for several decades. he was the person who solved runaway inflation. what did he do that was so different? what did he invent in terms of monetary policy? michael: change the way the federal reserve went about carrying out monetary policy. . they targeted the level of the money supply which created a new class of employees at wall street forms -- firms. they had to figure out as best they could where they thought the fed funds rate would be trading. just from watching the money supply. that was a different way of
doing it. it ended when volker left and they went back to the old system. but that was his contribution to the mechanics of monetary policy. vonnie: how was he so sure it would work? indeed, it eventually worked and got adopted and this is what we think of now. communication may be different but generally, the volcker principles are adhered to. how did he know this? michael: he didn't know it would work. he has said to since he was doing what he thought he could do. his job was to attack inflation which at one point went nearly to 15% on the cpi. he was looking for something different that would increase confidence and be simple to explain and would also impose discipline on the policy process rather than having people at the fed gas out where the rate should be. he didn't know it would work. he said he certainly didn't know the u.s. base rate would go to do what -- go to 20%. kevin: is resurgence in the last decade in particular, he never
really left, but his resurgence in terms of the force with regards to regulatory policy has really left its mark on the current economic and financial service regulatory structure of today. they are still talking about the volcker rule. michael: dodd-frank is a very big, very broad set of laws and regulations that affect the financial industry. only one of the regulations is named after a person and that is paul volcker. his idea that the wall street trading on its own behalf was not good for the economy and for the financial system that was codified into law. it is being modified now. but it will be forever known as the volcker rule. he did play a role for a long -- barack obama turned to him in 2000 nine when the economy was at its bottom and put him in charge and a committee of ceos and business leaders to give a business perspective on what should be
done for the economy. he helped to lead the reforms that were put into place and represented the administration on capitol hill. just the end of a long career that began in 1952 when he became an employee for the first time at the new york fed. kevin: even to follow-up on that, in the current administration, at the beginning of the administration, there were some of the ceo type of forums. one could argue that was one of the legacies that paul volcker had, uniting those ceo leaders. do you think that legacy could return sometime in the next decade or so? michael: it has to be done by someone outside of the federal reserve. could be a retired fed chairman and we have a couple of those now. at this point, it isn't clear what they contribute in terms of actual advice, whether they are united enough. we have the business roundtable, jamie dimon shares that. they did change the way they
look at businesses. no longer only to make a profit, it is to help employees as well. maybe we are seeing a legacy affect. that carries on vonnie: and he was internationally recognized as someone who could be fair, rigorous. some of the other things he accomplished in his life were overseeing the payment of claims by u.s. banks to holocaust victims, for example. also the food program, they were programs he oversaw. michael: it is an interesting transition he made in the sense of he came into office known on the financial side about not known to the rest of america. became very, very well-known as interest rates went up and created a lot of enemies. people did not like what he did. mortgage rates went way up. businesses were hurt. we had a couple of her sessions. ever since mine, as interest rates continued lower and lower, his reputation was rehabilitated and he was seen as someone who did what he thought was the right thing instead of giving
into political expediency. that varnished his reputation enough that people put him in charge and other products. vonnie: is also a very funny man. -- he was also a very funny man. michael: you have to cope you smoke cigars -- have to hope you smoke cigars because if you were around paul, you would have cigar smoke. vonnie: michael mckee, our international and policy correspondent. paul volcker, dead at the age of 92.
york. ukraine's president volodymyr zelensky campaigned on bringing peace to crimea. today in paris, he is getting his first shot at delivering on that promise. he is meeting with vladimir putin for the first time in the so-called normandy format alongside french president emmanuel macron and angela merkel. for more insight, joining us is michael bossel q. former spokesman for the organization for security and cooperation in europe. it is phenomenal just the position of pictures. you have closing arguments in the impeachment inquiry. on the other, you have these leaders gathered in paris. what would be the hope for this meeting? do you have any hope? you.el: good to be with of course, the hope is to bring peace finally to eastern ukraine after five years of violence which has caused -- cost 14,000 lives, billions of dollars of
infrastructure damage and millions displaced. zelensky, key campaigned on bringing peace to eastern ukraine. as well as eradicating corruption. but he came here with very low expectations. also a very long shopping list. above and beyond anything, he wants another prisoner swap as well as return of control of the ukraine-russian border to ukraine. after that, withdrawal of russian bag revels, heavy weapons. on the other hand, you have putin who woke up probably not in a good mood because he received word that the agency has banned russian athletes from the olympics and the world cup. we just saw the first images of the leaders, the four leaders meeting. it was quite extraordinary to see putin and zelensky for the first time across from each other. vonnie: it really is. these pictures are so dramatic. to see emmanuel macron and angela merkel there, clearly there must be something behind
the scenes that are giving hope to these leaders. they wouldn't meet in normandy paris, extend this hospitality if they didn't think something was going to come out of this and perhaps europe would end up looking like the bigger between europe and the u.s. michael: the stakes are very high. this is the first time that these talks are taking place, not only with zelensky but also with zelensky without his main benefactor, the united states, the white house. a lot of people including myself have written that it has put him in a weak position. you also have vladimir putin who was very well known for playing the long game. he can go home with any agreement or no agreement whatsoever and tell the russian people it is a win. i'm very worried about zelensky. if he doesn't go home to ukraine with some sort of win or victory, if he is seen as capitulating towards russia, his
political life could be very severely shortened. already there have been protests on the streets of kiev warning him not to capitulate against russia. he and it -- he is in a very difficult position. kevin: in washington, he is the eye of the political impeachment storm. and curious in terms of the international geopolitics of this if micron and malt -- and merkel will be mediating anything. putin really would have his own agenda as it would relate to this very high profile meeting, given the zelensky. michael: well, what a bizarre past few days. we had rudy giuliani continuing to dig up dirt on the biden's. and also every two seconds saying ukraine is a corrupt place. fast forward a few days later and you have these hearings going on today, split to screen across the land taken washington, and then also these meetings here. it has drawn a lot of attention
away from these meetings. at the same time, i guess if you can take anything out of these hearings, it is that the ukrainian story has gone out. the conflict has gone on for so long and maybe that's more informative public will put pressure on these leaders to bring an end to this terrible conflict. markle,g with macron an it is probably their last kick of the can on this issue. i think they feel morally obligated to bring an end to this conflict and put pressure on putin to do so. at the same time, emmanuel macron, there are strikes in paris, he needs to pander to his public. and then merkel is hungry for russian gas and does not want to pressure putin much. very complex situation. kevin: i can't let you go without asking about the other develop and from putin's perspective. the issue of the olympics.
on a day in which that news is breaking, line there putin now at the meeting -- vladimir putin now at the meeting, how is that going to cast a shadow on this meeting? michael: right. knowing what we know of vladimir putin, this strikes at the heart more than anything else, more than sanctions, more than leaders shying away from him like at the g7 or the g20. it is something that he can't go back to russia and say this is nothing to the russian public. because this is something the russian public will really react to. this is shameful that our russian athletes have been put in this position. and i think quickly, i think it will further work to isolate russia both in the mentality of the russian people and also in terms of their leader. we will see how that plays out. it turned out not to be a good morning for vladimir putin today. vonnie: global affairs analyst michael, thank you very much for
kevin: this is "balance of power." i'm kevin cirilli in washington. vonnie: i'm vonnie quinn in new york. the committee's latest impeachment hearing is underway. i've been trying to keep an eye on live go. it is a phenomenal thing to watch the procedural, you know, things going on in washington, d.c. it will be over most likely by later on today, correct? kevin: in terms of going in
terms of where this is headed a midweek, anticipating the drafts of articles of impeachment with a vote anticipated by the end of the calendar year. from there, there is going to be a back and forth with senate majority leader mitch mcconnell and chuck schumer. they are going to try to come up with rules. if leader mcconnell can't work with democrats, it will be a partyline vote. that's the next legislative fight in terms of the process. and then a six to eight week trial anticipated. on at least,s republicans at the various senatorial levels and committee levels are trying to what they feel is offer a defense for president trump for the six to eight week process. vonnie: exactly. we should know how president trump feels about the whole thing. no doubt he will be tweeting about it. he is facing impeachment and capitol hill but fighting another -- a number of legal battles let's extend beyond -- that extend beyond that. arehree subpoena cases
speeding their way to a possible showdown at the supreme court. i say speeding in legal terms, not regular people's terms. three appellate courts ruled against president trump on the subpoenas. there were different subpoenas but the reasoning was the same. greg: exactly. one comes from a house committee wanting to see trump's business records going back several years and his tax returns. another comes from the district attorney in manhattan who is pursuing a potential criminal case into -- that involves payments from the trump organization. there have been different nuances in the appeals court ruling in favor of the people who want the returns. and basically, discarding the president's argument that he is above the law or that this would constitute some sort of an inhibition on him as being able to carry out the duties of being president. but, consistent with the president's and is a real estate mogul, donald trump's
long-standing behavior and responses to other challenges throughout his career, he is very litigious and i think the fact that he has been able to push this off and extend by weeks and then months and possibly well into next year any final resolution through the supreme court has been to some extent a victory in a short term for him now. june: i actually am trying to keep track of where these cases are because one is already at the supreme court. justices will be talking about that on friday. one, he has appealed to the supreme court, filed the papers. and the other he has not filed the papers. when the justices talk friday, it is about subpoena. how likely are they to take the case? there will be internal pressure to take it just to resolve this matter. it is a matter that goes beyond this particular president. and will extend well into the future.
because of the way things work, the legal machinations against the president this time are bound to be repeated when the other parody takes power next time. it will set a precedent. i think there will be some interest by the supreme court to resolve or lay down a marker on this. i don't know that, i'm just guessing. june: i know, i think you're right. president trump's attorney say this is a case of firsts. and it is. but there were cases before the super in court involving presidents nixon and clinton. even though they are not directly on point, do they give a little bit of guidance to the cord or some sort of precedent? greg: i would think so, especially in the case of nixon where one of the reasons nixon resigned was after there was a supreme court ruling that he would have to turn over the recordings he made in his own office. i think he knew that was game over for him and that led to his resignation. it was a supreme court decision basically allowing the house
investigative committee to get evidence that could be used against him. june: we will find out on friday whether or not they will take perhaps on friday, you are right -- greg: the arguments, and i think it will be expedited no matter what. possibly by christmas they will decide whether or not they will take this. june: this is breakneck speed for this up in court. these cases were decided in november and december. greg: yes. the reason it is so quick i think is because they realize a lot is at stake. it does affect not just the impeachment but also the election next year. rather than drag this out so it 1, a out next october month before the election, it is in everybody's interest including the supreme court to get this resolved and clearly as well before the election next year as possible. june: we should mention that this has nothing to do with the impeachment, these subpoenas were bore for the impeachment. in addition to these excuses over his financial records which he is trained to keep secret,
there are two appeals court, one in d.c. and virginia, are going to decide whether or not, or at least hear oral arguments to decide whether or not these lawsuits should go forward. explain the emoluments cases. they are tricky. districtefly, two attorneys in maryland and washington, d.c. have filed a suit against the president. the trump organization. the president accusing him of violating the emoluments clause in the constitution, which forbids someone using their office as a way to make money. the fact that trump's president, the fact that he owns this high-quality quality hotel in downtown washington, has turned that into a magnet for businesses coming from all over the world. the lawsuits basically claimed that he is taking money away from other hotels and restaurants that would be doing his business. the argument is over whether or not this is an emoluments or
whether it is something the president -- he is a businessman and can't stop doing business. june: we will find out more about those this week. thank you so much. vonnie:vonnie: back to you. june grasso, thank you for that. and of course, greg farrell. coming up, balance of power continues on bloomberg radio. we are also watching markets as you see that we are having just a little bit of a drop for the s&p 500. . down 2/10 of 1%. still, several socks higher. some of the retailer up more than 3% a piece. we have apple suppliers up 2.5%. "balance of power." "balance of power." this is on bloomberg tv and radio. ♪
every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. mark: i'm mark crumpton with bloomberg's first word news. the house judiciary committee received a detailed summary of the impeachment case against president trump as democrats
prepare formal charges against him. the president and his allies lodged assaults on the proceedings that they dismiss as sham. and democratic lawyers outlining the findings so far saying the president pushed to have ukraine investigate rival joe biden, while at the same time were told the u.s. military aid ran counter to u.s. policy and benefited russia as well as himself. british prime minister boris johnson goes into the final days of the election campaign focused on his key message. johnson maintains only he can deliver brexit. also, the conservative party on track to win a majority. the prime minister will urged his supporters not to be complacent about thursday's election. russia has been banned from the olympics and other international competitions for four years because of doping. they ripped -- they banned the national team after officials were accused of covering up the use of banned substances by the country's