A Sky-Bound Merger, Naked Short Selling, & DEI Due Diligence

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 7 February 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Frontier Airlines and Spirit Airlines, the two largest low-cost carriers in the U.S., have agreed to merge in a $6.6 billion deal, CNBC’s Phil LeBeau reports. Frontier will control 51.5% of the new airline. Former SEC chairman Jay Clayton discusses the Department of Justice’s latest probe into roughly a dozen short-selling firms, and considers the value of all market players, positive and negative. Ashley Marchand Orme, JUST Capital director of corporate equity, discusses how well the nation’s largest corporations are disclosing their diversity data a year after they pledged to step up their commitment to DEI. Plus, Peloton shares are soaring on potential takeover talks and Spotify has apologized to its employees for the way in which the Joe Rogan podcast controversy has impacted them. In this episode: Jay Clayton, @SECGov Ashley Marchand Orme, @justcapital_ Phil LeBeau, @Lebeaucarnews Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:05.0	This is Squawk Pod and I'm
0:06.5	CNVC producer Cameron Costa.
0:08.6	Today in our podcast, a year and a half
0:11.5	since companies pledged to disclose and improve their diversity metrics,
0:16.0	we're measuring how far we've come with just capital's head of corporate equity, Ashley Marshaon-Orme.
0:22.0	More than half of the Russell 1,000
0:24.3	actually disclose some form of race and ethnic data
0:28.6	about their workforce.
0:30.2	Now that's up 23 percentage points from the last time we looked at this data.
0:35.0	The DOJ is digging into short sellers,
0:38.0	former SAC Chairman Jay Clayton, on all the markets players.
0:42.0	Short selling is a benefit in many ways to our marketplace.
0:47.0	It puts information into the marketplace that wouldn't otherwise be there.
0:51.0	Not all sentiment in the marketplace can be positive.
0:54.1	Some has to be negative.
0:56.0	Those interviews, plus, is Peloton's run
0:58.4	as an independent company almost over.
1:01.3	And it's a mega merger Monday.
1:04.0	Consolidation in the skies with CNBC's Phil LaBoe.
1:08.0	Frontier and Spirit, the two airlines, low-cost carriers announcing that they have agreed to merge. This is a deal valued at
1:15.1	6.6 billion dollars. It's Monday February 7th, 2022 and Squackpot begins right now.
	...

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