New Set of Epstein Files Released; Trump’s $100K H-1B Visa Application Fee Upheld by Judge

On today's podcast:
1) The US Justice Department released another tranche of files related to Jeffrey Epstein, including some that add fresh pressure on President Trump over his past relationship with the late, disgraced financier. The trove includes thousands of additional pages of material related to investigations of Epstein, including a 2020 email from a prosecutor that contains new detail about Trump’s trips on Epstein’s private jet in the 1990s, which the president has said never took place. There are also fresh details on Epstein’s relationships with financial firms and figures.
2) The US Supreme Court has refused to let President Trump start deploying National Guard troops in Chicago, dealing a setback to his drive to use the military in liberal cities across the country. Rejecting a Trump request in a 6-3 decision, the court on Tuesday left in force a judge’s ruling that has blocked the deployment since Oct. 9. The president wanted to use hundreds of troops to aid immigration enforcement in the third-largest US city. The court said the legal provision Trump sought to invoke probably doesn’t permit deployment of the National Guard in situations where the president wouldn’t have authority to send in active-duty military. The court said that under federal law, the president can deploy the armed forces to help execute the laws only in “exceptional” circumstances.
3) A federal judge says the Trump administration can move ahead with a $100,000 fee on new H-1B visa applications, providing a setback for US technology companies that rely on hiring skilled foreign workers. US District Judge Beryl Howell said in a ruling Tuesday that President Trump’s move to radically increase the cost of the popular visa is lawful. The decision provides a boost to the administration’s campaign to restrict immigration and push demand for US workers. The U.S. Chamber of Commerce, which sued to block the proposal, can appeal. Howell rejected the Chamber’s argument that the president doesn’t have the power to impose the fee, finding that his proclamation was issued under “an express statutory grant of authority to the President.”

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.

Speaker 2 (00:09):
Good morning.

Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.

Speaker 4 (00:15):
Karen, we begin with the latest on the slow rollout
of the Jeffrey Epstein files. The Justice Departments released a
second batch of documents from its investigation into the late
sex offender. Many of them contained references to President Trump,
including a twenty twenty email from a prosecutor that detailed
trips on Epstein's private plane in the nineteen nineties. President
Trump has said those trips never took place. Bloomberg's Ben

(00:37):
Bain reports the way the files are being released is
frustrating all sides.

Speaker 5 (00:41):
Part of this is we really don't know about the
order with which things are being released. What the Department
of Justice has said is that you know, they've tasked
I believe it was two hundred people to be going
through filings.

Speaker 2 (00:54):
One of the things in the law that was.

Speaker 5 (00:56):
Passed last month and signed by President Trump was at
there are accommodations allowed for protections for survivors, and also
some other accommodations for ongoing investigations or things like that
if there are any. So we are seeing really heavy redactions.

Speaker 4 (01:10):
Here in Bloomberg's Ben Bain reports, some lawmakers aren't Capitol
Hill are accusing dj of violating the law by not
releasing all its files by a December nineteenth deadline. The
ongoing review means there could be even more releases as
we head into the holidays mony than.

Speaker 3 (01:25):
President Trump has been handed a rare defeat at the
Supreme Court in a six to three decision that Justice
has refused to allow the president to deploy the National
Guard in Chicago to assist with immigration enforcement. Laurie Levinson
is a former federal prosecutor and a professor at Loyola
Law School.

Speaker 6 (01:42):
It is a big decision from the Supreme Court that
said that President Trump did not have the authority under
the law heing vote to call up the National Guard
in Chicago.

Speaker 3 (01:53):
And that's Loyola Law professor Laurie Levinson. The High Court
deliberated over the case for more than two months, usual
amount of time for a request where the Trump administration
claimed the city was facing an imminent threat.

Speaker 4 (02:05):
Well, Karen, Another piece of the president's immigration policies got
an a legal boost. A federal judge says the Trump
administration can move ahead with a one hundred thousand dollars
fee for new H one B VISA applications. Analysts say
the ruling is a setback for US tech companies that
rely on hiring skilled foreign workers, but the judge says
President Trump has the power to impose the fee under

(02:27):
an express statutory grant of authority. The US Chamber of
Commerce says the six figure fee will make H one
B visa's cost prohibitive.

Speaker 2 (02:34):
It can still appeal the decision.

Speaker 3 (02:36):
Now, let's get the latest on the war in Ukraine. Nathan.
Ukrainian President Vladimir Zelenski says his country and the US
remains split primarily on territorial issues. In talks on a
peace plan to when the war, Ukraine rejects Russia's demand
to give up land in eastern Donetsk, fearing it would
leave the country vulnerable to a new Russian attack.

Speaker 4 (02:57):
Well, turning to markets, now, Karen, the clause rally continues
around the world On this Christmas Eve, MSCI is All
Country World indexes up for a fifth straight day, taking
its gains this year to twenty one percent. Steve Quirk
is chief brokerage officer at Robinhood Markets.

Speaker 2 (03:16):
Coming into the end of the year.

Speaker 7 (03:17):
I think still we've seen strength in terms of engagement
and people sort of finishing out the year. I think
there was a little bit of a concern, you know,
in the first part of December, when we had a
stretch of down days, if we'd ever get this Santa
Claus rally, but it seems to have materialized.

Speaker 4 (03:34):
Robinhood Market Stephen Quirk says yesterday's gains were fueled by
stronger than expected US growth data and on this Christmas Eve,
the US stock market will close early at one pm
Wall Street Time.

Speaker 3 (03:46):
Nathan, the gold rally continues. It's trading about four five
hundred dollars an ounce for the first time ever. Precious
metals are ending this year with gains not seen in decades,
and Bloomberg Medals reporter Martin Richie says global uncertainty has
helped drive this rally.

Speaker 8 (04:01):
You know, you can never imagine prices at this level even.

Speaker 2 (04:04):
Two years ago, but here we are.

Speaker 8 (04:06):
And I think this December rally that you've seen in
gold and in the precious metals is really a continuation
of the same themes we've seen throughout this year. It's
about the debasement trade, growing sort of mistrust in traditional
assets of sovereign buns and currencies. It's about the weaker dollar,

(04:27):
it's about central banks buying gold because of those things.

Speaker 3 (04:30):
Bloomberg's Martin Richie says gold has gained more than seventy
percent this year and silver has risen by one hundred
and fifty percent, both, along with copper, on track for
their best annual performance since nineteen seventy nine.

Speaker 2 (04:43):
Got some deal news this morning.

Speaker 4 (04:45):
Karen Santafee has agreed to buy California based Dinovacs Technologies
for a price tag of two point two billion dollars.
The French drug makers trying to expand a vaccines business.
It's currently anchored by its flu Shot franchise. The deal
gives Santa fe hepatitis B vaccine as well as an
experimental shingles inoculation.

Speaker 2 (05:05):
Dinavax. Shares in the pre market up nearly thirty eight percent.

Speaker 3 (05:10):
Well BP Nathan has a great tost sell a majority
of Steak and as Castro Luberkin's division to US investment
firm Stone Peak Partners to raise about six billion dollars.
The UK oil giant will divest a sixty five percent
Steak retaining the remaining investment via a joint venture. BP
is shedding assets to reduce debt and turn around years
of lagging performance that put the company in the crosshairs

(05:33):
of activist shareholder Elliott Investment Management.

Speaker 2 (05:37):
Karen.

Speaker 4 (05:37):
Shares of Nike are running higher this morning, the stocks
up two percent. Barons is reporting Apple CEO and Nike
board member Tim Cook has purchased nearly three million dollars
of shares of the sporting goods maker. Nike plunged last
week on disappointing earnings. On the year, it's down about
twenty four percent.

Speaker 7 (05:55):
Well.

Speaker 3 (05:56):
Speaking of Nike, Nathan, one of the company's biggest sponsored
ap athletes, is making a major move. Five time Major
champion brooks Keetka has been has become the first player
to defect from liv Golf. It's a significant blow to
the Saudi funded league that raises questions about whether the
PGA Tour will find a way for him to return

(06:16):
right now. PGA Tour policy requires players who have joined
the rival league to sit out for one year from
their last participation.

Speaker 4 (06:23):
And sticking in the sports world, Karen specifically sports entertainment,
there could be a big payday for Logan Paul, the
world wrestling entertainment star and social media influencer, has agreed
to sell his rare Pokemon card. It is a Pikachu
illustrator that he purchased in twenty twenty one for nearly
five point three million dollars. In their estimates that that

(06:44):
card will sell for between seven and twelve million. Logan
Paul talked about the card with Bloomberg's Romain Bosteg.

Speaker 9 (06:52):
Pokemon has delivered higher returns than the stock market in
the past twenty years, by upwards of three thousand percent,
and so will I think this will probably go for
more than I bought it for. It's an auction, but
it is the best card in the world.

Speaker 2 (07:07):
There's nothing like it.

Speaker 4 (07:08):
And Logan Paul accepted a two and a half million
dollar advance to sell the card from Ken Golden.

Speaker 2 (07:12):
He's the CEO and founder of Golden Auctions.

Speaker 4 (07:15):
That card goes on sale market calendar January twelfth.

Speaker 3 (07:22):
Time Now for a look at some of the other
stories making news in New York and around the world.
And for that we're joined by Bloomberg's Michael Barr.

Speaker 10 (07:29):
Michael, Good Morning, Good Morning Care in Pennsylvania's governor says
an explosion at a nursing home just outside Philadelphia killed
at least two people. Tuesday's explosion collapsed a part of
the building and happened just as a utility crew had
been on site at Bristol Health and Rehab Center in
Bristol Township looking for a ghastly Bristol Fire and Rescue

(07:51):
Chief Kevin de Palito said people were trapped when part
of the first four collapsed into the basement.

Speaker 7 (07:57):
They pulled many residents out of the building via windows, doors,
stuck in stairwells, suck in elevator share.

Speaker 10 (08:06):
Fire Chief Dippolito says rescuers are still digging by hand
and using search dogs to locate potential victims. Pope Leo
is criticizing his former home state for its passage of
a new law on assisted dying. Illinois passed a measure
giving terminally ill adults with the broagnosis of six months
or less the option to request a medical prescription to

(08:30):
end their lives. Democratic Illinois Governor JB. Pritzkers signed the
bill into law.

Speaker 2 (08:35):
Pope Leo, I'm very disappointed about that.

Speaker 11 (08:38):
I would invite all people, especially in these Christmas feast
days to reflect upon the nature of human life.

Speaker 10 (08:46):
Pope Leo says the Catholic Church teaches that life is
sacred from conception until natural depth. New York City Mayor
elect Zoron Memdani has announced the city's next fire commissioner.
Lillian Bonsignor, who is coming out of hirement as a
respected EMS chief, will be the second female fire commissioner,
following Laura Cavadac.

Speaker 6 (09:06):
I know the job, I know what the firefighters need,
and I can translate that to this administration.

Speaker 2 (09:13):
Who's willing to listen?

Speaker 10 (09:15):
Audio courtesy of ABC seven. Bansignor is also known as
a leader in the LGBTQ community. A new Department of
Health and Human Services report reveals Medicaid programs made over
two hundred million dollars in improper payments to healthcare providers
between twenty twenty one and twenty twenty two for people
who had already died. Global News twenty four hours a

(09:36):
day and whenever you want it with the Bloomberg News Now,
Michael Barrn, this is Bloomberg Karen.

Speaker 2 (09:41):
Thanks Michael.

Speaker 3 (09:42):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.

Speaker 12 (09:47):
Thanks Karen. Three NFL games on Christmas Day, including the
Vikings in Lions in Minnesota, will once again be without
quarterback JJ McCarthy. This time it's an injured hand. He
has missed twenty four of his thirty three games in
the NFL Pro Bowl rosters announced no Patrick Mahomes, no
Saquon Barkley. Four teams sending six players to the Pro Bowl.

(10:08):
The Broncos, Ravens, forty nine, Ers and Seahawks. The Cowboys, Eagles, Lions,
and Chargers with buying selections. That's a Bloomberg Sports update.

Speaker 3 (10:18):
Stay with us more from Bloomberg Daybreak coming up after this.

Speaker 1 (10:26):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.

Speaker 2 (10:36):
Good Morning of Nathan Hager.

Speaker 4 (10:37):
The controversy over the Jeffrey Epstein files could linger over
Washington into the new year. The Justice Departments released its
latest batch of documents days after the deadline, said in
a lot passed last month that slow rollout seems to
be frustrating all sides. Joining us for more is Bloomberg's
DC Breaking News Editor Alexander Pearson. Alex, great to have

(10:58):
you with us this morning. I wonder if you're expecting
more news to break on the Ebstein files into the
new year and what we've learned, if anything new, from
the thousands of documents that have come out thus far.

Speaker 2 (11:09):
Good morning, Good morning, Nathan.

Speaker 11 (11:12):
Yes, So yesterday we had the second batch of files.
There were tens of thousands that were released as part
of that batch, and most notably about them was the
fact that President Trump was mentioned a lot more in
the second batch than he was in the first batch
that was released last week. Naturally, a lot of those mentions,
you know, were awkward for the president. There was one

(11:34):
record that showed he'd actually taken flights on Jeffrey Epstein's
private jet in the mid nineties. That's something that President
Trump has previously denied ever having done. And there were
some other documents that also, you know, did not shed
a good light on him in terms of, you know,
what we could expect from here.

Speaker 2 (11:53):
That dupontent.

Speaker 11 (11:53):
Justice has said that there are more files that have
not yet been released that they're still reviewing, So this,
you know, is probably not going to go and way
away anytime. Soon, especially with a lot of people demanding
that those files be released as soon as possible.

Speaker 4 (12:05):
And we've heard the frustration aired by the President about
some of the photos being released as well, saying that
it's tarnishing reputations to be pictured next to Jeffrey Epstein
and all that coming out as well. How is this
affecting the president politically? What could it mean for his
base that these that these documents continue to roll out.

Speaker 11 (12:26):
Yeah, it's it's certainly very awkward for the President concerning
is base, given that you know, for a long long
time they've been demanding that these files be released and
had actually been you know, voicing that despite his attempts
earlier in the year to try and you know, or
to not order the release of those files, eventually, Congress

(12:47):
you know, pressured him into doing so by passing this
law that required the Department of Justice to release the files.
But certainly, the fact that the that the Justice Department
hasn't released all of the files by the deadline that
was set, that we're still seeing new batches coming out
is very awkward, given actually that a lot of you know,
people in the in the mega base would like to
see every file come out full transparency, and it you know,

(13:10):
the President and his and the White House seems to
be sort of dragging their feet a little bit on
doing that.

Speaker 4 (13:16):
While we continue to watch the Jeffrey Epstein matter unfold,
we've seen a pretty rare moment at the Supreme Court,
a setback for President Trump when it comes to one
of his National Guard deployments.

Speaker 11 (13:29):
That's right, yesterday, the Supreme Court blocked the Trump administration's
attempted deployment of the National Guard to Chicago, which is
quite notable given that it's sort of the first really
major legal setback for him. Other courts had blocked other
deployments for the National Guard to other cities, but this
comes from you know, the highest court in the land.

(13:51):
And yeah, they basically said that he, you know, his
administration were invoking a statute that did not allow for
that deployment. And so this latest decision really, you know,
does cast a bit of doubt over whether President Trump
will be able to continue trying to deploy the National
Guard in other cities, or whether he might try to

(14:11):
pursue other legal avenues to doing so.

Speaker 3 (14:15):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.

Speaker 4 (14:22):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.

Speaker 3 (14:28):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.

Speaker 4 (14:43):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android auto interfaces.

Speaker 3 (14:49):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day. I'm Karen Moscow.

Speaker 2 (15:02):
And I'm Nathan Hager.

Speaker 4 (15:03):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg dabray