Meta’s Mega Loss, & Credit Suisse’s Major Overhaul 10/27/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 27 October 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Facebook parent Meta reported disappointing quarterly results, prompting a plunge in its stock price. In spite of Wall Street’s doubters, CEO Mark Zuckerberg defended his investments in the metaverse to investors on the company conference call. As midterms creep closer, Ways and Means Committee Republican Leader Rep. Kevin Brady (R-TX) explains his party’s plans for the country, should they win the House. Plus, Credit Suisse is undergoing a big overhaul…to get smaller. The Swiss bank is building back from a client collapse; CNBC’s Geoff Cutmore reports the story, complete with money launderers, corporate spies, and an interview with Credit Suisse CEO. In this episode: Kevin Brady, @RepKevinBrady Geoff Cutmore, @GeoffCutmore Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

Click on a timestamp to play from that location

0:00.0	Bring in show music please.
0:03.0	Hi, I'm C NBC producer Katie Kramer today on Squawk Pod.
0:08.0	Meta, Mrs. Big dreams in the virtual world, big risks in the real one.
0:14.0	Facebook has been able to go out and buy something that they couldn't build themselves.
0:18.0	They bought Instagram.
0:19.0	They can't buy anything. Nobody will let them buy anything, so they have to build it themselves.
0:22.0	Zuckerberg defends his apps,
0:24.4	but many of his shareholders just don't get it.
0:26.9	You need to explain reels to me too.
0:28.8	You don't use reels.
0:29.9	You don't use Instagram or Tikit.
0:30.9	I don't use Facebook, Facebook and I love my space.
0:35.0	And Congressman Kevin Brady, Texas Republican, lays out the GOP plan for a midterm shift in power.
0:41.0	You're going to see a focus on less government spending taxes and regulation that fuel inflation
0:47.4	and more workers, more energy, more innovation that can help drive inflation down.
0:53.1	Credit Suisse turning the page from scandal,
0:55.6	wire fraud, money laundering, the mafia,
0:58.2	CNBC's Jeff Cutmore in Europe with the bank's overhaul.
1:01.5	This is the kind of work that you want to do
1:04.7	when times are good and the sun is shining,
1:06.9	but we know that the macro environment is deteriorating.
1:11.4	Plus, Elon Musk says he's ready for Twitter. Let that sink in. But any
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.