The Visa, Pornhub, Bill Ackman Story 8/1/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 1 August 2022

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

A district judge has denied Visa’s motion to be removed from a lawsuit against MindGeek, Pornhub’s owner. The judge upheld the legitimacy of the plaintiff’s allegation that Visa “knowingly” provided the tool for the site to monetize child pornography. Micheal Bowe, the lead attorney for the plaintiff, discusses suit against MindGeek, the fallout for Visa, and the precedent this case could set for all credit card companies. The Ford Foundation is marking five years since investing $1 billion from its endowment into significant social issues. President of the foundation Darren Walker discusses the ESG thesis and shares an update on the fund’s return rate: 28% to date. Plus a lucky Illinoisan is now a billion dollars richer after winning the third largest Mega Millions jackpot in U.S. history. In this episode: Darren Walker, @darrenwalker Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @Andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in Show Music, please.
0:02.0	Hi, I'm C NBC producer Katie Kramer, today on Squawk Pod.
0:08.0	A shocking lawsuit that could rock Wall Street.
0:11.0	It potentially could hold Visa and Mastercard and Financial Services companies
0:15.5	accountable for wrongdoings profiting from child abuse the case against
0:21.0	Porn Hub and the Payment Services Giant Visa.
0:24.0	Who knew what was going on? Who's liable? A victim's attorney speaks out.
0:28.0	Visa knew, knew that Mind Geek's sites were teeming with monetized child porn and knowingly provided the tools to complete the crime.
0:37.0	And one large philanthropy's billion dollar bet on ESG. Ford Foundation President Darren Walker.
0:43.4	Every firm on Wall Street is creating E. S.G. funds,
0:47.8	not because they're being proud-beaten by activists,
0:50.8	but because customers are saying we want to buy these products.
0:55.0	We've got all that today, plus House Speaker Nancy Pelosi's controversial trip to Asia,
1:00.0	and it's a whole new month, but some companies are still getting their earnings reports together.
1:05.0	Hey, we can't blame them.
1:06.0	I mean, how long does it take you to do your taxes?
1:08.0	Do you get extensions?
1:10.0	Of course.
1:11.0	I don't. So do I.
1:12.0	It's Monday, and it is August 1st and no we didn't win mega millions.
1:16.7	Squackpot begins right now.
1:18.7	Stand under by and three, two, one, two, Andrew.
	...

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