Inflation Consternation, Pipeline Problems, & The CryptoPunks Millions

Squawk Pod

CNBC

News, Investing, Business, Business News

4 • 494 Ratings

🗓️ 12 May 2021

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the wake of the Colonial Pipeline ransomware attack, Senate Intelligence Committee Chair Mark Warner (D-VA) plans to introduce bipartisan legislation that requires mandatory cyber incident reporting. Sen. Warner discusses the need for a coordinated cyber response team to protect American companies from malicious foreign actors employing cyber warfare. A set of NFTs sold for $17 million at a Christie’s auction this week; CNBC’s Robert Frank shares details of the CryptoPunks sale and explains how tech stock performances have affected the Elon Musk and Jeff Bezos fortunes. Plus, Wall Street is reeling from inflation concerns and a market sell-off.

Transcript

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0:00.0	This is Squawk Pod. I'm C. NBC producer Katie Kramer today on our podcast.
0:07.0	The biggest fuel pipeline in the country still shut down. The implications of the colonial pipeline
0:12.3	ransomware attack with Senator Mark Warner.
0:14.5	Fiber is always kind of a boring item until it hits home.
0:17.7	This is a symmetric type of battle. This is something where a second tier hour can take on the largest economy in the world.
0:26.0	The NFT market don't punk out.
0:28.7	There could be $17 million on the line.
0:31.3	You got your eye on one of the punks? Andrew, which one caught your fancy? Just you, just you. Just you. Just you.
0:38.0	Those stories, plus a dip into the red on Wall Street and Joe Kernan is heading back in time.
0:44.4	I don't know I'm having like this horrible deja vu from what happened in the 70s and
0:47.8	there's no Reagan on the horizon.
0:50.4	Let's see how things pan out.
0:52.0	It's Wednesday, May 12, 2021.
0:55.0	Squawk Pod begins right now.
0:58.0	Good morning everybody.
1:00.0	Welcome to Squawk Box here on C.
1:02.0	I'm Becky Quick quick along with Joe
1:04.2	Hermann and Andrew Ross Sorkin and boy what a wild ride yesterday for the
1:08.6	markets if you weren't paying attention you missed out. Let's take a
1:11.8	look at what happened with yesterday's volatile
1:13.6	session. This was one of the wildest days for the year for stocks. Big tech
1:17.6	you know we were here yesterday morning and we were looking at stocks those
	...

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