Pelosi Leaves Leadership Role, FTX Crypto Fails: 5 Things Podcast

In today’s episode of the 5 Things Podcast: Nancy Pelosi will step down from leadership role

USA TODAY Washington bureau chief Susan Page explains what’s next. In addition, Money editor Riley Gutierrez McDiarmid looks at celebrities and others who are under fire for working with the FTX crypto currency exchange.

podcast:True crime, in-depth interviews and more USA TODAY podcasts right here.

Hit play on the player above to listen to the podcast and follow along with the transcript below. This transcript was automatically generated, and then edited for clarity in its current form. There may be some differences between audio and text.

Taylor Wilson:

Good Morning. I’m Taylor Wilson and these are 5 things you need to know Friday, 18 November 2022. Today, House Speaker Nancy Pelosi will step down from her leadership role in Congress, as Britain works to fight the recession, and mass resignations continue. Twitter is apprehensive that this platform may not last long.

House Speaker Nancy Pelosi announced yesterday that she would be stepping down from her leadership role, ending 20 years of rule by House Democrats.

Nancy Pelosi:

For me, the time has come for a new generation to lead the Democratic Caucus I respect so much, and I am grateful that so many people are ready and willing to take on this awesome responsibility.

Taylor Wilson:

Producer PJ Elliott spoke with USA TODAY’s Washington bureau chief Susan Page to talk about what else the speaker’s legacy has left behind.

Susan Page:

I think you have to say that Nancy Pelosi is the most consequential speaker in modern times, the most consequential since Sam Rayburn, and she built a building on Capitol Hill and named it after Sam Rayburn. And her legacy includes spearheading the unpopular bank bailout that helped save the economy during the 2008 financial meltdown, she was instrumental in the passage of the Affordable Care Act, and she is arguably the face of Democratic resistance to Donald Trump. It has become

PJ Elliott:

Susan, do you think he has any regrets during his time as leader of the party?

Susan Page:

I’ve spent a lot of time interviewing Nancy Pelosi and I’ve never heard her express regret for anything. I guess it doesn’t mean he has no remorse, but it means he has no remorse. She was asked if she could have done anything differently to rectify this toxic partisanship that we have in our country today, and she said that all she could do was elect more Democrats. This would be his solution. So this is an indication of how fiercely biased she can be.

PJ Elliott:

Susan, that’s a great story. I now want to look ahead and see what the future holds for the party. Hakeem Jeffries is believed to have been tapped to replace Pelosi as minority leader. What do we know about his leadership style and how might it affect Democratic-led legislative efforts?

Susan Page:

Hakeem Jeffries has been close to Pelosi, having worked with her in leadership. He is a respected figure, he has a low-key style. And like Nancy Pelosi, he’ll be a groundbreaker if he gets the job. He will be the first black person to lead one of the major parties in either house of Congress.

Taylor Wilson:

You can read Suzanne’s full story with a link in the description for today’s show.

Britain is facing a continuous recession. Budget forecasters said the country would see a record drop in living standards this year and Finance Minister Jeremy Hunt announced new plans yesterday that included tax hikes and spending cuts. He says that this step will save the country $ 55 billion annually.

Jeremy Hunt:

We are not alone in facing these problems, but today we are responding to an international crisis with British values.

Taylor Wilson:

About half of Hunt’s measures involve tax increases. He is lowering the cap on the top income tax rate and cutting tax-free allowances for income from dividends. He is also imposing a new tax on the profits of oil and gas companies. However, analysts say some of these changes may not come until after the 2024 elections. Britain’s economy was already in tatters with high inflation and a slowing global economy, even as former prime minister Liz Truss’ policies sent markets into a tailspin. Reuters writes that it is the only G7 economy, which includes countries such as the US and Germany, that has not returned to its pre-COVID size, and inflation there was at a 41-year high last month. Britain’s Office for Budget Responsibility says the country is already in recession and predicts the economy will shrink by 1.4% next year.

Several Twitter employees have resigned after Elon Musk gave employees an ultimatum on Thursday night to decide whether they want to stay at the company. Musk told employees this week that they would need to be “extremely hardcore” about what he called a successful Twitter 2.0, which includes long hours and a high-intensity environment. Those who did not respond to a link on an email by 5:00 pm yesterday were set to receive three months’ severance. It appears that many people did not respond to that link and the company’s internal communication channels were also filled with the salute emoji, a clear symbol of leaving the company. Ahead of the deadline, Musk appeared to soften his stance on working from home and is reportedly now trying to persuade some of the company’s employees to stay on the social media app. Hordes of users posted links to their accounts on other social media platforms last night in an apparent plan in case Twitter crashes. As of this morning, it was still up and running.

The story of the FTX crypto collapse has exposed connections and interdependencies, raising questions about a possible vortex of corruption. It walks you through the crypto trading market, political fundraising as well as apparent conflicts of interest, and how an ethically flawed business leader could unravel a billion dollar company so quickly. FTX founder Sam Bankman-Fried and several FTX celebrity endorsers are now facing a class action lawsuit from US crypto investors. And they’re not the only ones now facing the reckoning, as USA TODAY Money Editor Riley Gutierrez McDiarmid is here to discuss. Riley, thanks for being here.

Riley Gutierrez McDiarmid:

Sure. It is always a pleasure to be here with you guys.

Taylor Wilson:

So who is involved in this lawsuit?

Riley Gutierrez McDiarmid:

It’s like any other lawsuit, isn’t it? It’s going to sound very trite and boring at first, but when you hear names like Tom Brady, Gisele Bündchen, Kevin O’Leary, David Ortiz, Steph Curry, Shaquille O’Neal, Larry David, Naomi Osaka, and more. Golden State Warriors NBA basketball team, you’re going to start asking yourself what the hell was going on there. FTX was very aggressive and forceful in marketing its brand. They were the namesake of a stadium in Miami, which now at least has to be renamed, but certainly has to reconcile the commitments it has made; Very involved in philanthropy, donating heavily to both political parties, but especially to the Democratic Party. And the lawsuit alleges that those involved and most harmed by this were FTX’s customers, depositors, people who put their money on deposit and trusted it to be safe.

Taylor Wilson:

Riley, who else has been involved with FTX, whether in the political world or beyond?

Riley Gutierrez McDiarmid:

It would be hard to ignore how many legislative members of both parties, both sections of Congress, were very, very involved in this particular business and had a close friendship with Bankman-Fried. That also extends to some media organisations.

Taylor Wilson:

Riley, thanks so much for being here.

Riley Gutierrez McDiarmid:

Of course, always happy.

Taylor Wilson:

And finally, this Sunday is the start of the World Cup, the moment football fans have been waiting for for more than four years. Hosts Qatar will take on Ecuador on Monday to kick off Group A before three games, which also include the United States’ opening match with Wales. USA TODAY Sports host Mackenzie Salmon recently sat down with soccer broadcasting legend Andres Kantor to look ahead.

Andres Cantor:

I’ll make it very easy for everyone to understand, World Cup 64 Super Bowl has rolled by in a month. How big is it. And I know I’m biased because this is football, football is my life, but I mean to be a part of the World Cup as a broadcaster is incredible. This is one tournament that every player around the world dreams of playing this game, it never gets old. I’m super excited for this one as I was for my first one.

Mackenzie Salmon:

I want to talk with you about the Americans, who are actually back for the first time in 8 years – it’s a matter of time. For many, this time around is going to be the first time for Christian Pulisic to make headlines on the world stage. So what are your hopes? This World Cup for him and for the whole team?

Andres Cantor:

I am not the one to put pressure on the team. I believe they have a very young but experienced team so hopefully if they can beat Wales they can get the first three points – which I think are going to be very important – and then hopefully have a good match against England and knock it out to be able to progress further to the group stage. how far I don’t know. All I know is that even though they may be the youngest team average-wise when the roster is released, I like USA’s chances because of the experience – not just Pulisic, but Matt Turner or Jack Steffen, the goalies. Zimmerman, Younes Moussa, Brendan Aaronson, Tyler Adams, Weston McKennie, Geo Reyna, you name it. I mean they all play in Europe, most of them play in Europe, and they play regularly. So hopefully they will do well in this World Cup.

Taylor Wilson:

To watch our full interview with Andres Kanter, visit USATODAY.com and search Sports Seriously. New episodes air every Friday afternoon.

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