$80B for the IRS, $7B for Elon, & Cuts for Wall Street Bankers A 8/10/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 10 August 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Elon Musk sold nearly $7 billion worth of Tesla shares, just in case the courts mandate he follow through with his deal to buy Twitter. As a part of the Inflation Reduction Act the IRS will receive an $80 billion investment, but Sen. Tim Scott (R- SC) says it won’t help inflation, and it will unfairly impact the average American. The author of “America: A Redemption Story” shares his personal American story and details why he voted against the bill in the Senate. And layoffs could be coming to a Wall Street bloated with pandemic hires. Lydia Moynihan from the New York Post and CNBC’s Hugh Son break down the job (and bonus) cuts ahead for bankers as firms look to reduce costs. Plus, a loss for well-paid golfers, and Sweetgreen’s future is looking a little less sweet, and a little less green. In this episode: Andrew Ross Sorkin: @andrewrsorkin Melissa Lee: @MelissaLeeCNBC Katie Kramer: @Kramer_Katie Sen. Tim Scott: @SenatorTimScott Hugh Son @Hugh_Son Lydia Moynihan: @LJMoynihan

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C NBC producer Katie Kramer and this is Squawk Pod.
0:08.0	Today, Inflation Nation, but not for long,
0:12.0	decrypting the big data release.
0:13.8	For now, maybe the Fed can sort of take its foot off the gas.
0:17.6	And on the other side of inflation,
0:19.6	the giant reconciliation package that split the Senate might also split the House.
0:24.0	We talked to one lawmaker who voted against it, Senator Tim Scott.
0:27.6	The inflation part of the bill was caused by more spending and now they're going to spend more.
0:32.0	That's ridiculous.
0:33.0	A $44,000 bonus? Cry me a river.
0:37.0	Wall Street firms tightening their belts, the bonuses, and workers that won't make the cut.
0:42.0	See NBC's Hugh Sun.
0:43.5	They're going to have to come up with lists of people
0:45.5	that they can do without.
0:47.0	And the New York Post's Lydia Moynihan.
0:49.5	The Bonus this year, keeping your job.
0:51.5	Those stories and so much more a legal win for the
0:55.1	PGA, Elon Musk, and talk about inflation. I think I'd like paid a $30 for a
1:00.3	salad once. It's Wednesday, August 10th, 2022. Squack Pod begins right now.
1:06.0	Stand by and three, two, one, fuel.
1:10.0	Good morning and welcome to Squack pox here on C and B. We're live at the Nasac market site in Times Square.
	...

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