tv MSNBC Live With Ali Velshi MSNBC April 20, 2018 12:00pm-1:00pm PDT
in america, the jobs that they deserve. that's what we are focused on. we are focused on making sure that we denuclearization north korea. and that's what you are seeing with this president. >> all right. mercedes schlapp, white house adviser of strategic communications, wish we had more time but our hour is up. thank you for joining us. >> thank you so much. >> in a wraps things up for this hour i'm kristin welker in today for katy tur. ali val she picks things up from new york. >> credit should go to the president for on the mitch and for job creation and for the stock market. these are all trends that began on march 9th of 20 08 09, which was the bottom of the recession. we have seen unemployment steadily down over those years. so was stock market groegt. so was wage creation. she is not wrong but one does have to tell a fuller story. i appreciate you attempting to
get those answers. >> good afternoon, everyone. i'm ali val she. the president's stay at mar-a-lago estate has been anything but relaxing. today the dnc filed a lawsuit contending election officials conspired to tilt the election in favor of donald trump. while he keeps out of the public eye details of his private conversations with fired fbi director james comey are in the spotlight. 15 pages of memos were released last night unveiling conversations between himself and the president months before he was fired. donald trump added former new york city mayor rudy giuliani to his personal legal team. he hopes to negotiate an end to
the mueller investigation in a week or two. >> breaking news, dnc suing the russian government, top members of the trump campaign and wikileak. the dnc is alleging they conspired not only to disrupt the 2016 presidential election but also to help elect donald trump. they want millions of dollars for what it calls a brazen attack on american democracy, ranging from the russian misinformation campaign to the cyber attacks on the dnc and subsequent release of that information by wikileaks. the "washington post" first reported the lawsuit. i'm joined now by one of the reporters who broke it, rosalind haulederman. rosalind, what is this all about? what's the dnc hoping to achieve that otherwise wise wouldn't be achieved by robert mueller. >> they believe they are the victim the core attack that russia played on our system
which was cyberer intrusion on their computer systems. and they symbolically claim they want to be part of holding someone to account for that. there are monetary damages involved. they say they can prove there were damaged by this activity and they should be paid by that. i think they are also forcing discovery of different people in their roles during the campaign. >> a lot of people are named in the lawsuit. julian assange of wikileaks. donald trump's campaign, donald trump himself, donald trump jr. actually, paul manafort, roger stone, jared kushner, george papadopoulos, and richard gates. i'm going to talk in a moment with somebody about some of the legal strategies. but what can they do differently that isn't already there? they content have the resources that bob mueller already has. they have to pay for these lawsuits and pay lawyers. >> they can seek money.
if they were to win a judgment they would receive money. there is an interesting parallel here to watergate, actually, where the democratic national committee filed suit against the committee to reelect richard nixon well before the watergate situation was resolved and said our offices were broken into, our phone lines were tapped that's illegal active and we were damaged by it and they sought money from president nixon's re-election committee. in that case they got money from it and taking the symbolic acknowledgent in of wrongdoing. on the day that nixon left office the re-election committee agreed to pay the democratic party about $00,000. >> rosalind thanks for your reporting on this. of the "washington post." while the president is yet to react to the lawsuit by the dnc he is reacting to the release of the memos by his fired fbi director. this morning, donald trump attacked comey while defending his former national security
adviser mike flynn despite in those memos questioning flynn's judgment. he tweeted in part, so, general michael flynn's life can be totally destroyed while shady james chi can leak and lie. is that the way life in america is supposed to work? i don't think so. let's take this. who destroyed michael flynn's life. >> flynn found him in hot water early in his time with the trump administration for his contact with the russian ambassador to the united states. trump fired flynn for lying to vice president mike pence about those discussions. but it was the other connections to the russian government that seems to have started flynn's legal issues. flynn was paid by russian companies, including the at news channel for speeches he gave in 2015 while in moscow. he reportedly lied about the source of the payment when he applied to renew his security clearance, which is felony. now, as the special counsel investigation ramped up, flynn's
work for the turkish government came under an intense microscope. it was soon uncovered that flynn wrote an op ed criticizing a turkish cleric living in pennsylvania without filing the proper foreign agent paperwork. he wrote it as if he were a private citizen but he was actually in the employ of the turkish government. flynn was also accuse of being part of a plot to kidnap this cleric and return him to turkey in exchange for $15 million. a month after that plot broke flynn entered a guilty plea in the investigation against him. he also pleaded to one count to lying to the fbi about the conversations with the russian ambassador. flynn became a cooperating witness for the special counsel's investigation, and he's not the only one. the other witnesses include trump campaign adviser george papadopoulos, or as the trump now calls him, the coffee boy. campaign aide rick gates, who is
a close confidante of paul manafort's, and businessman george nader. this guy is like where's waldo. he keeps showing you up all over the place. has connections to rulers of the united arab emirates, but there are all sorts of meetings he has been setting up for people all over the world. including for the brother of the education secretary, betsy devos and a russian in the maldives. joining us, nbc news white house correspondent geoff bennett. geoff, in unusual fashion, you probably have less to report today because we haven't had a white house press briefing and the president other than his tweet has kept out of the public eye. >> that's right, ali. and look, the leaked comey memos are really 15 pages of documents that capture who is now the familiar narrative of the interaction between president trump and the now former fbi
director. conversations that was apparently so unnerving he felt compelled to document it. however, the president is making an argument that the comey memos actually support his position. and you have allies on capitol hill also making the argument that the comey memos show in fact that the cloud the president wanted lifted was not the russia cloud. it was in fact the cloud surrounding the salacious, unverified dossier. he's one of the tweets the president sent off last night. james comeys memos just out. shows clearly there was no collusion and no obstruction. essentially, he looked classified information. will the witch-hunt continue? to be clear, d.o.j. provided members of congress with copies of the kmooe memos which were then leaked within an hour. the other point the president is making is that michael flynn, the former national security adviser is being treated unfairly as compared to comey who is getting this publicity
and attention surrounding the release of his best selling book. he says approximate flynn, so general michael flynn's life can be totally destroyed while shady james comey can leak and lie and make lots of money from a book that should never have been written? that the way life in america is supposed to work? i don't think so. tonight the president is hosting a private round table with republican national committee supporters. >> geoff, thanks very much. jeff bennett in florida with the president. to break down what's in these comey memos and what impact they could have on the special counsel investigation i'm joined by elizabeth hultsman, a former congressman involved in the watergate scandal and vetted to impeach president nixon while on the judiciary committee and mike memberaly. mike, it was 15 pages of e-mails that were dumped. some of it was redacted. some of it wasn't.
what at large do we know that we didn't before we saw the memos. >> it is a good point you make. a lot of what we see in these 15 pages covering seven different conversations that jim comey had either with the president or other white house officials has been in the public domain already, either from comey's own testimony before congress, in his new book, or in some of the media interviews after. i think what's fascinating in terms of what we see in greater deal and with great details is the real state of mind both of the president and others in the white house during these first months of the administration. first, the concern is very much over michael flynn, whether he was the subject of a surveillance warrant. and also the potential larger russia investigation. over time you see trump in his conversations with comey more concerned about his own state. he talks about this cloud in a is hanging over him. he says he thinks, according to comey, that he would have had a health care bill, that it would have passed in congress if not for this cloud hanging over him.
it's been fascinating in this respect. we have talked a lot about the conversations that comey documents with the president himself. i want to flag one that happened with the chief of staff at the time, reince priebus. there is a two-way conversation there. on the one handled, we have priebus asking comey about some of the details, salacious details, in the dossier. and you have comey responding to say that some of the details in the dossier, not necessarily those salacious once have been corroborated by other intelligence. that's significant. and secondly you have priebus asking comey firstly is this a private conversation, and secondly is there a fisa warrant against michael flynn. we know just days before sally yates the then deputy attorney general had come to warn the white house about this and it was only a week later that in fact flynn was fired. what me addresses as he recounts that conversation with priebus is the fact that he does answer the question. we don't know the answer because it's redacted.
but he says in the future these kinds of conversations should be happening through official channels. >> liz, what do you make of these memos as they relate to the ongoing case that robert mueller is pursuing? >> well, with regard to the issue of obstruction of justice and whether comey is telling the truth, inthese memos really are very supportive of what he said in the public and his testimony before. these are lengthy tos, they are well written for the most part and they show a very disciplined earn approximate. he sat down -- these meetings, these phone calls were troubling to him. he sat down, these memos couldn't have been written in two seconds. they took a long time. and he basically documented in a full fashion what happened. it's very supportive of what he said because there is nothing in these memos that contradicts anything in an important way. the second thing is you see the president's state of mind. i mean, he is buttering up -- there is no question, he is buttering up comey. et cetera trying to get comey
into thinks pocket telling him he has heard all these great things about him and everybody says he is so great. but in the very first conversation, he lets it be known to comey that he has the power to change what's going on at the fbi. >> right. >> so he has already put that threat out there that i can remove you. and then it proceeds, as we know, to i want this cloud over my head gone. >> right, and as -- >> flynn is a good guy. >> right. >> let's see if you can let this whole thing drop. the other things that i think are kind of astonishing is that he reports about a conversation with putin. i don't know if the president is lying. he lies about so much, you don't really know. but putin told him that russia had the most beautiful hookers in the world. i mean, what does it say -- if that's a true conversation, putin has analyzed trump very well. >> right. >> and understands what this person's character -- what truf's character is all about. >> let's talk about rudy giuliani for minute. rudy giuliani has over the years -- a lot of people mellow
with age. he has not done that. the idea that he is going to roll in and put an end to this investigation because of his personal connections because he was u.s. attorney, because he knows the players, maybe he knows mueller -- i mean there is very little that rudy giuliani says these days that is not inflammatory. >> i think you are right. and he has been an attack dog for trump all the way through the campaign and afterwards. and that's not going to work with mueller. nobody is going to intimidate mueller. nobody is going to intimidate the people on his staff. these are very confident people, and professional people, and they are not going to be moved by yelling and screaming of rudy giuliani. >> as both a former legislator and a lawyer, what is behind the strategy? is it just that trump likes giuliani and he wants more people on his team who are -- >> trump is desperate for lawyers. nobody wants to work for him. in fact the other two lawyers he hired, maybe they are very competent ten but they are not
top name in the legal field. that's because top names in the legal field who are professional and in the area of white collar crime don't want to be associated with donald trump. that's a telling commentary. rudy giuliani he can bluster and keep and yell. it's going to get him nowhere. is he going to put on the charm routine and then maybe try to -- >> he knows how to do it. >> he does. >> maybe he will bring it. >> but mueller has a job to do. >> right. >> i don't think screaming i don't know charm. >> you are saying screaming for the offensive works. liz holtzman is a former congresswoman involved in the watergate scandal -- not involved. she was -- you know what i mean. mike bevelly is an msnbc news reporter and not involved in any scandals. but next year's tax deadline taxpayers are expected to seest mo of the changes from the trump
administration's tax cuts when they file their 2018 return which you do in 2019. the president's tax plan was signed into law near the end of december, 2017. my next guest says current data already proves the law's fixativeness. he writes, perhaps it is a tie to put aside the archaic notion that the conflict between capital and labor is the central story of our society. in a modern competitive economy workers do well when their employers do. joining me now is the author of that piece, kevin hassett. he is the chair of the white house council of economic advisors. in a lot of ways i enjoy -- these are the conversations you and i have enjoyed having over the years. >> for decades, yes. >> i want to pull out this full screen from the "wall street journal" on march 1st where it says -- the title is boom in share buybacks renews question of who win in tax cuts. buybacks have exceeded $200 billion in the past three years, more than double the prior year
according to a "wall street journal" analysis of data for s&p 500 companies. this is not some liberal rag that is saying that companies have mostly benefitted. i want to try to meld that with what you are saying. >> love to. >> you are saying kpd benefitted and they are saying not a bath bad things. >> you would agree if you look at the capital spending data it issette heading up, which is the channel we were targeting in the tut. because when there are more factories here, there are more jobs here and wage goes up. capital spending is going up. one thing i didn't engs in, morgan stanley scraped flew earnings firms and found that 43% of american firms are increasing capital spending this year base of the tax cut. the share buyback, we had trillions of dollars parked overseas and that one time that trillion of dollars is coming back. the firms are putting it in the bank, giving it to workers as bonuses, using it for capital
spending and returning it to shareholders. there is going to be a big spike at this moment as the trillions come back in repurchases that won't be renewed this year because they had all this money stuck offshore and they are bringing it home. when they to do the repurchase money goes into equities in the u.s. maybe a firm like apple to some little equity to come up with the capital for their new idea. would you rather have the money in a bank account in ireland or back here. >> i never art the fact that it's better that it's here than in a bank account in ireland. no offense to the irish, your ancestors. but i want to get closer to the idea that workers do better when their companies do better. 4.3% of workers got bonuses or
wage hikes from their employers in the first three months. 6.3 million workers are getting a one time bonus or a wage hike. that's how you convert the 4.3%. there are 148 million workers roughly in the united states. i get it worked for the 4.3%. what's the argument that it will continue to work. >> first that's a lot of people. and don't forget those numbers are the numbers that we get from scraping news accounts. people say we are giving a wage increase because of this or that. that's going to be the minimum number. >> there are few companies that give bonuses and doesn't tell the media about it. >> but there are lots of businesses that are not news worthy because they have got 20 guys. >> right. >> real wage growth right now is the highest it's been in eight years. >> but it's still a small number compared to corporate profitability growth. >> they been true for the last 20 years. especially the last ten years.
>> correct. >> our view is that changing now. >> why is that going to change? why do you argue that we are in a world where somehow the worker is going to benefit more when their company benefits more? i think they benefit exactly the same as they have for the last 20 years. >> i think they are going to benefit more that don't forget that in 2016 the last year of the obama administration workers had less capital to work with. therefore their productivity went down and there was nothing to pin a wage growth too. now productivity is going up. one other thing i want to add. this notion that capital and labor are at war with each other goes back hundreds of years and the left and the right reason is often at times fighting about it physically. i think one of the things that struck me about this piece in the "wall street journal" is when i said let's be nice and recognize that capital and labor have the same objectives, the
success of the business you can't believe the angry responses i got to that. it struck a nerve, the idea that we need to rethink this idea of capital and labor are in conflict. it goes back to marcos. i'm glad we stood out in front and passed a tax bill that tries to prove it doesn't work. >> noteworthy that you put, pa and picketing in your article in the op ed. it is a big discussion. this is a tiny slice. i appreciate you having it and we will continue to have it. up next, 19 years after the deadly columbine shooting, students across the country have staged walkouts in protest of gun violence. this, what you are looking at right now, this is a walkout happening right now, live, in portland. we are going to take you live to the west coast after the break to hear from students who are wanting to make sure their calls for change are being heard. plus i'm joined by the
reporter who says president trump lied to him about how rich he was in order to get on the coveted forbes 400 list. he has the tapes to prove it. we will play them. but one blows themisturizer all out of the water. hydro boost from neutrogena®. with hyaluronic acid to plump skin cells so it bounces back. neutrogena® afi sure had a lot on my mind. my 30-year marriage... ...my 3-month old business... plus...what if this happened again?
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albany, north carolina. these of course after the students of parkland, florida helped reignite this controversial issue. today's walkout marks 19 years since the columbine deadly school shooting. 13 people were killed, most of them students of we spoke with a survivor of columbine about the impact the shooting still happens today. >> i always say i'm sorry. it really should have sended with us. we were told it was an anomaly and would never happen again. and it has. it shunt be like that. it should be like what we went to school and we didn't know we had to worry about our safety in a classroom. >> i'm joined by vaugh hillyard who is in phoenix where students are taking nart today's protest and registering to vote. >> reporter: there is 2,000 students here at mountain point high school here in phoenix. they walked out today.
jenna is one of the student organizers. she is a junior. tell me, this was more than a walkout. what did you do today? >> we had workshops for students to participate in. here we have a station for students to be able to write letters to legislators. we have contact information so they can write to people in their district. over here we have letters to marjorie stoneman douglas so students with write to the victims. we have our vigil. it is a chain, students with write on it and it symbolizes our unity. >> reporter: one of these students who are registering to vote is alley. this is the first issue politically you have been involved in. why? why now. >> i think at least for me and i think as well for many students of our generation we are starting to realize that we can actually make a change with action if we stand together and work toward a common goal.
>> reporter: is there an energy on campus for this issue? >> i would say definitely. there is a very positive and strong and energetic energy. i think students have been kind of told sore so long, the adults, let them figure it out. listen to us, we know what's best. now it's more like students want to find their own information and put it in their own hands. >> reporter: we have been from nevada to wisconsin. you have had had these conversations with the parkland students. what we hear is start of that frustration that there is no action. it's been two months since parkland. congress hasn't passed much. as part of the spending bill they have the cdc to begin research. they put money into school safety grants. and they banned butch stocks. i want to note another point, across the country almost half of republican members of have yet to hold a town hall. students like these here are waiting for the opportunity to take their message to them.
>> it's remarkable how the conferring has sustained since the parkland shooting. vaugh hillyard for us in phoenix. coming up, how the algorithm u tube uses to get you to watch more time watching videos on the website is actually pushing you towards conspiracy videos. plus the reporter w eer who trump lied his way to the top of the forbes 400 list. tomorrow, it's a day filled with promise and new beginnings, challenges and opportunities. at ameriprise financial, we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected and even what's not. and that kind of financial confidence can help you sleep better at night.
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forbes magazine recently estimated that president trump is world just over $3 billion. but it wasn't worth that much in the early 1980s. former forbes reporter jonathan greenberg claims in a new piece this the "washington post" that trump called him pretending to be a trump organization official named john barron. he says he lied about his wealth in order to snag a spot on the forbes 400 richest list. greenberg wrote that trump first made the list in 1982 with a reported net worth of over $100 million. but the documents later proved he was only worth $5 million. greenberg gave the "washington post" audio of a then off the record phone call he says was trump posing as barron. greenberg says in that call he lied about how many apartments the trump organization owned. how much the units were worth
and that trump, not his father, owned the apartments. here's a portion of that conversation. >> greenberg says the trump organization and the white house did not respond to his requests for comment. nbc news also reach out to the white house for comment but hasn't received a response. skron than greenberg joins us now to talk about this. jonathan, whether it was donald trump or barron who was on that recording that person apparently asked for this conversation to be off the record. why did you decide to publish the story, the account, and the audio now? >> john barron doesn't exist,
ali. it is donald trump, as you know, there are some other -- there is another audio of donald trump in 1982 calling me, which was on the record, and you could hear the voices are very similar. they are the same. and you know -- i made an off the record understanding with a fictitious character. so i don't believe there is any need to honor the concept of something being off the record if the person doesn't exist is and is being used as a deception so that he could lie to you. i mean, this is really, you know, standard operating procedure for donald trump was to -- and he learned it from roy cohen who we also have a tape for, he learn i had from roy cohen to call and say it's off the record and then plant deceptiver fictitious information into the media. so i believe that -- you know, i found the tapes, i was -- you know, from my days in the forbes 400. and it was just fascinating to
me that you know -- when i listened to what john barron had to say and weaved them into the narrative what have donald trump told me in '28 and '83. there were well planted deceptions deliberately made to inflate his net worth. >> he talks about his worth and other people try the figure it out. a lot of it is based on forbes' reckoning. when it comes to wealthy people, forbes doesn't start from scratch every year. if he lied to you in those interviews, what does that mean about donald trump's wealth today? can anything be extrapolated. >> verify can be extrapolated. what we never knew was what his debts were. and also he -- he just lies about the cash flow of the different properties. and so i think that you really have to take a very skeptical look at his claims to wealth. and a number of us, ali, believe -- a number of us in the
journalism commune who know donald trump and have interviewed him that this reason the tax returns are not being released is because they will show that he doesn't have the cash flow that he brags about and suggests that make him worth, you know, over $3 billion today. so much is based upon his sense that he's real loo a billionaire, he's so successful at business. what he is is a great promoter. and he has licensed his name. and he did very well with the apprenti apprentice. but the likelihood is that he is worth significantly less than anybody believes right now. >> jonathan thanks for your work on this. investigative journalist jonathan greenberg. i want to turn to a story nbc wrote on nbc.com. you may have seen this already. you tube has become the most dominant video sharing platform. here's a look at why that might be. the google-owned website says it has 1.3 billion users. about 30 million people visit
you tube daily and they watch more than 5 billion videos every single day. a billion of those views are on mobile devices. users upload about 500 hours of video every minute. and the average visitor spends more than 40 minutes on the platform. so how does you tube accomplish all of this? well a former employee gave nbc news the answer. he worked as a software engineer at you tube and its parent company, google, until five years ago. he told my colleague jo ling kent that the platform keeps watching you tube by giving them suggestion of videos to watch, including some that promote conspiracy theories. >> just to keep us hooked? >> exactly. not only the videos you might want to watch, but those to get you addicted.
>> we have been the told that google fired the man because of performance issues. they also say the company no longer works the way it did five years ago. google added we make algorithmic changes to better correlate sources in search results are, particularly around breaking news events. i want to bring in ben possible kin who wrote a fascinating article on this issue for nbc news.com. in typical fashion you tried it out yourself to see how much really changed? >> absolutely. i will a dad and my kid has a science project. he is researching space. i type in saturn, i type in uranus and i see headlines that grab my eye. i get curious. i click on them and i find myself tumbling down this click
hole, if you will, that's going farther away from an hagss and documentaries. i was looking to get facts with my kids' project going into conspiracy videos and looking at aliens living under art art ka. i'm watching a putin propaganda video. and i can't believe i'm betting there starting from searching for my kids' science pro j. >> why would it be happening? is it deliberate? is u tube trying the -- i would imagine you tube is not trying to spread conspiracy theories but this is clickable stuff. is it click bait, that you are more likely to click on aliens living antarctica than you are something that's real. >> click bait is ann umbrella term to talk about. what we are looking at here is the effect of the recommendation algorithm. >> right. >> so this is basically a recipe that -- >> anybody who uses you tube knows you are looking at something this the main window
and down the right there are thing that in theory you would like. >> right, they say to its users, you searched for this, you might like this. kind of of like floirk. you watched sleepless in seattle, you might like the notebook. but here, if you served for nasa you might like to learn how the moon landing was faked. that's concerning. >> people are on you tube a lot. how do you deal with this? how do you protect yourself from getting served non-sense? >> i mean, the first step is awareness. just being aware in a your attention is always being tugged and monetized by this engine that's edging people towards more and more extreme content. and check your sources. use quality content. you know, practice mindfulness. unplug from all these social media systems that are constantly blinking and notifying us. >> mentioned a click hole.
sometimes in boredom we follow more and more videos and search links. >> for parents, tone use u tube as a digital nanny. you can trust is you tube to baby-sit your kids for you. >> unless you want them believing that the moon landing was staged. ben pop kin, nbc news senior business reporter. coming up next, we are heading out to california on the day that's international recognized as the celebration of weed to see what challenges the marijuana market is facing four months and 20 days after it was legalized there. is the industry facing a burnout?
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commercial break i was messing with you, it's not four months and 20 days into the year. but i said it it was like a word trick 420678 that's today. it's marijuana celebration today. there are more signs that public opinion toward drug is changing. chuck schumer says he now supports decriminalizing marijuana at a federal level. the "washington post" reports it is the first time a leader of any party has taken that stance. the legislation would leave it entirely up to states how to penalize marijuana or even legalize it without contradicting federal laws. that's part of the public. there are federal laws against marnl marge. some states legalize it but you can't get a bank account.
earlier this month corey gardner says president trump told him he would support a federalism solution to fix a states rights issue. nine states and washington, d.c. legalized marijuana for recreational use. other states decriminalized it to some degree, chug for medical use. jab ok soboroff is spending the day at med men, one of southern california's largest dispensary chains. jake are you still with us? i have been talking to you about this since this morning? >> i am feeling good, ali. it's been really nice out here all day. happy 4/20 today. they have lots of specials at med men today. i want to he show you what they are doing. they are in the 420 special section buying the discounted product. $4.20. prerolled joints there, right? >> yeah, definitely.
>> can i take alock look at those. >> go for night why did you pick these. >> we wanted some active, and then we wanted some chill. >> a little sativa, a little bit of indica. >> we had wonka. everything you want. >> come with me. -- weed wonka. i want to show you what else is going on inside the store right here. this company, med men, it is a lot of fun in here but it really is a massively big business. as you mentioned, california has the sixth largest company in the world. this company believe it or not just opened their first store in manhattan along fifth avenue along 39th street. they don't even have legalized recreational cannabis in the state yet but they are betting big. they spent $26 million for that license. they acquired another company in order to be able to open one of these in new york city. there are very few legal medical dispensaries in new york. 200 million people have access
to legal cannabis, recreational or medicinal throughout the united states. it is playing out amid the debate between the states and the federal government. our attorney general once said don't smoke marijuana. that was in testimony before the congress of the united states. president trump reportedly has struck a deal with senator of the state of colorado to layoff, to have the federal hands stay off state-level marijuana dispensaries and marijuana operations if they have been legalized in the state. that does not mean, however, that this is a slam dunk quite yet. these businesses are very expensive the operate. taxes are very high. let me see if i can find shb -- you know what, quick, come with me ali. >> i'm staying with you. >> bj, a representative for the company. $26 million is a lot of money to pay for a license in new york. why did you put up that much money? >> you know it is a branding effort for us to position us in the state of new york. and the fifth avenue location has seen a good amount of
traffic and you can ask for a better spot than that. >> fifth avenue in new york city. ali, you are a business guy. it is a risky bet, $26 million on san business in new york city. b.j. and med men are hoping it pays off. >>soboroff, never a dull moment with you. jacob soboroff in med mend in los angeles on this 4-20. save this tape. it might get an award. up next, wells fargo slapped with a $1 billion fine for insurance and mortgage abuses. we're going to have the details of why and how right after the break. illette for 20 years. i bet i'm the first blade maker you've ever met. there's a lot of innovation that goes into making our thinnest longest lasting blades on the market. precision machinery and high-quality materials from around the world. nobody else even comes close. it's about delivering a more comfortable shave every time. invented in boston, made and sold around the world. now starting at $7.99. gillette. the best a man can get.
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now to a huge settlement feeking the third largest u.s. bank by assets. you need to know about this. wells fargo is going to pay a whopping total of a billion dollars in fines to two federal regulators to settle a range of investigations over mortgage and auto loan abuses. the bank is going to pay $500 million each to the consumer financial protection bureau, cfp b and the office of the controller of currency, occ, which is an arm of the treasury. the joint action is going to be the most significant to date under the trump administration. the abuses break into three buckets. let's start with mortgages. wells fargo forced customers to pay fees on mortgage
applications even if the bank caused the delay in closing on a home loan. regulators say the bank should have paid those fees. then there's auto insurance. wells fargo charged auto loan customers for insurance policies without their knowledge. some reports say the extra cost in monthly payments might have contributed to missed payments and the repossession of thousands of cars. cnbc reports the bank expects to pay about $182 million back to the affected car loan borrowers. and finally wells fargo's major issue is with compliance. since 2011, the office of the controller of currency said the bank, quote, failed to implement and maintain a compliance risk management program, end quote, to match its size and complexity. wells fargo will not only have to reimburse harmed consumers but make improvements to its risk management and compliance. this isn't the first time wells fargo was fined for a massive scans l. 2016 wells fargo was hit with a $185 million fine for opening up
to 2 million bank and credit card accounts without customers' consent. and the bank agreed to pay $110 million to settle a class action lawsuit. that was vending machine change compared to this. back to this settlement. what do they do with the proceeds when it goes into a civil penalty fund set up under dodd-frank used to compensate harmed customers and pay for financial literacy programs? the office of currency says it goes to the treasury. that is money rarely used as restitution to consumers. i'll be back with a market check after this.
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that's it for me. now "deadline white house." >> aloha, everyone. it is 4:00 in new york city. i am john heilman in for nicolle wallace. my personal favorite holiday of the year, 4-20. happy 4-20, en. the president is in triage mode as the simmering legal battles eru erupt into an all-out war. the mueller front, the stormy front, the cohen front, and the comey front. all coming at the end of a week packed with developments on each of these fronts. president arguably worse off on all of them. remains unclear which of these fronts pose the grave est danger to donald trump's