The “DarkSide” of the Pipeline Shutdown; Dogecoin’s Nosedive; Hiring Slowdown

Squawk Pod

CNBC

News, Investing, Business, Business News

4 • 494 Ratings

🗓️ 10 May 2021

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

The United States’ largest fuel pipeline has been shut down since Friday after a cyber attack, and it’s not clear how long the outage will last. CNBC’s Brian Sullivan reports that the outage could lead to spot shortages of gas, diesel, and jet fuel, and CNBC’s Eamon Javers details the “DarkSide” hacking group reportedly responsible for the attack. The disappointing April jobs report sparked debate about why American hiring hasn’t picked up as quickly as economists expected. CNBC’s Steve Liesman and Rahel Solomon discuss whether the U.S. economy might experience a lasting shortage of labor after the jobs miss. Anthony Scaramucci, founder of Skybridge Capital, says unemployment benefits are not to blame; most Americans want to work. Scaramucci also recaps Elon Musk’s appearance on “Saturday Night Live” and the resulting dogecoin nosedive. The Biden administration announced last week that it supports waiving intellectual property protections for Covid-19 vaccines in order to address the global shortage. Dr. Scott Gottlieb, member of the boards of Pfizer and biotech company Illumina and former FDA Commissioner, says the patent won’t solve the immediate problem of global vaccine distribution. Gottlieb also discussed his thoughts on the quickly-changing federal guidance on coronavirus restrictions.

Transcript

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0:00.0	This is Squawk Pod. I'm
0:03.2	C. NBC producer Katie Kramer today on our podcast.
0:06.2	A Kink in the line, a cyber attack on America's energy artery.
0:10.9	See NBC's Brian Sullivan. We have millions of miles of pipeline, but none
0:16.0	carry so much fuel to such an important area.
0:19.8	And our Aiman Javers on the dark side behind it.
0:22.6	They are known to be highly professional.
0:24.4	They claim that they donate a portion of the stolen funds to charities.
0:29.0	So this is criminals selling criminal services to other criminals.
0:33.0	The latest jobs report, a disappointing surprise.
0:36.0	Anthony Scaramucci says the data just needs to catch up to the new economy.
0:40.5	There's a lot of jobs out there, even people working remotely from home that just haven't been picked up.
0:45.0	I don't buy the argument that people are just staying home to take advantage of the unemployment benefit.
0:50.0	Plus the mooch on getting the hell out of doge.
0:52.8	Elon Musk's SNL skit sent the joke token plummeting.
0:56.4	We don't think it will reach escape velocity.
1:00.2	And Dr Scott Gottlieb says the pandemic may seem under control here at home,
1:04.4	but we need to think bigger.
1:05.6	You haven't heard a lot of talk about the lack of global supply of vaccine this weekend
1:09.2	because a lot of people have declared victory moved on, but we have not solved the problem.
1:12.8	It's Monday, May 10th, 2021, Squawk Pod begins right now.
1:17.8	Good morning everybody. Welcome to Squawk Box here on C. M.
	...

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