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Plus: Goldman Sachs’ top lawyer Kathryn Ruemmler steps down amid the Epstein files fallout. And Coinbase posts a big loss as Bitcoin’s fall drags down the wider crypto market. Daniel Bach hosts.
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This week, we look at Spotify's stellar quarter. Plus, there's a new AI-only social network called Moltbook. But first, Alphabet, parent of Google, went to the debt markets this week, raising tens of billions of dollars to fund its AI spending.
One of the bonds Alphabet is offering, issued in British pounds, has a maturity date of 100 years from now. This is very unusual in the corporate world. Marketplace’s Stephanie Hughes spoke with Jewel Burks Solomon, managing partner at Collab Capital, about what she makes of Alphabet doing this kind of borrowing.
Newly released Justice Department records tied to Jeffrey Epstein mention several prominent Los Angeles figures, including Casey Wasserman, Barry Josephson and Brett Ratner. The documents contain emails, photos and other records ranging from professional to personal, underscoring the breadth of Epstein’s network before his 2019 death while facing sex trafficking charges. Meanwhile, L.A. County officials have voted to place a half-cent sales tax increase on the June ballot. Supporters say the measure would offset expected federal healthcare cuts, while critics question its oversight and impact on taxpayers. In business, major social media companies including Meta, TikTok, and Snap will be evaluated under a new teen safety rating system, and Los Angeles has approved a new adaptive reuse ordinance allowing office buildings to convert into housing.
A.M. Edition for Feb. 13. The USS Gerald R. Ford aircraft carrier is being sent to the Middle East, as the Pentagon steps up plans for a potential attack on Iran. Plus, the bill comes due for Detroit after Washington’s EV u-turn. And WSJ Brussels Bureau Chief Daniel Michaels raises the curtain on the Munich Security Conference, where recent estrangement between the U.S. and its European allies is likely to be on display. Luke Vargas hosts.
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The U.S. government this weekend is expected to find itself in yet another shutdown. This time, it is only one agency shutting down: the Department of Homeland Security.
Michael Gold, a congressional reporter for The New York Times, explains why Democrats are once again picking a fight over funding with President Trump.
Guest: Michael Gold, a congressional correspondent for The New York Times, based in Washington.
Background reading:
Photo: Elizabeth Frantz for The New York Times
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
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Today’s episode of Up First was edited by Eric Westervelt, Jason Breslow, Kara Platoni, Mohamad ElBardicy, and Alice Woelfle.
It was produced by Ziad Buchh and Nia Dumas.
Our director is Christopher Thomas.
We get engineering support from Neisha Heinis. Our technical director is Carleigh Strange.
Our Executive Producer is Jay Shaylor.
(0:00) Introduction
(01:55) ICE Leaving Minnesota
(05:48) DHS Funding Deadline
(09:31) EPA Vehicle Emissions
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The Trump administration walks back a landmark EPA decision to regulate greenhouse gas emissions and fight climate change. As lawmakers struggle to reach a deal on DHS funding, immigration officials in Minneapolis say the enforcement operation that sparked the debate will end. And, a federal judge says the Pentagon trampled on Sen. Mark Kelly's First Amendment rights for punishing him over the "illegal orders" video.
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K-pop fans in Taiwan have been turning to the God of love in the hope it will boost their luck in getting concert tickets. It got the Unexpected Elements team thinking, are some people just lucky?
First, we look at how music resonates in the brain and why listening to it live can feel more emotional. Also, can we measure how lucky we are? We look at a possible formula, and how you can increase your chances of striking on a lucky event.
We’re then joined by Professor of Marketing Marco Bertini, who explains the wild west of dynamic pricing and gives us some tips and tricks along the way. Plus we hear about Kenya’s ambitious plans to integrate traditional medicine into its health system.
And finally, why we dance when we pee and the Great British art of queuing. That’s all on this week’s Unexpected Elements.
Presenter: Marnie Chesterton, with Phillys Mwatee and Imaan Moin Producers: Margaret Sessa-Hawkins, with Ella Hubber, Lucy Davies, Imy Harper and Tim Dodd
Alabama
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At the end of January, Trump’s Justice Department released what it said was the last tranche of the Epstein files: millions of pages of emails and texts, F.B.I. documents and court records. Much was redacted and millions more pages have been withheld. There is a lot we want to know that remains unclear.
But what has come into clear view is the role Epstein played as a broker of information, connections, wealth and women and girls for a slice of the global elite. This was the infrastructure of Epstein’s power — and it reveals much about the infrastructure of elite networks more generally.
Anand Giridharadas is something of a sociologist of American elites. He’s the author of, among other books, “Winners Take All: The Elite Charade of Changing the World” and the forthcoming “Man in the Mirror: Hope, Struggle and Belonging in an American City.” He also publishes the great newsletter The.Ink.
Back in November, after the release of an earlier batch of Epstein files, Giridharadas wrote a great Times Opinion guest essay, taking a sociologist’s lens to the messages Epstein exchanged with his elite friends. So after the government released this latest, enormous tranche of materials, I wanted to talk to Giridharadas to help make sense of it. What do they reveal — about how Epstein operated in the world, the vulnerabilities he exploited and what that says about how power works in America today?
Note: This conversation was recorded on Tuesday, Feb. 10. On Thursday, Feb. 12, Kathryn Ruemmler announced she would be resigning from her role as chief legal officer and general counsel at Goldman Sachs.
This episode contains strong language.
Mentioned:
“How the Elite Behave When No One Is Watching: Inside the Epstein Emails” by Anand Giridharadas
“How JPMorgan Enabled the Crimes of Jeffrey Epstein” by David Enrich, Matthew Goldstein and Jessica Silver-Greenberg
“Scams, Schemes, Ruthless Cons: The Untold Story of How Jeffrey Epstein Got Rich” by David Enrich, Steve Eder, Jessica Silver-Greenberg and Matthew Goldstein
Book Recommendations:
Random Family by Adrian Nicole LeBlanc
Behind the Beautiful Forevers by Katherine Boo
Unpublished Work by Conchita Sarnoff
Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.
You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.
This episode of “The Ezra Klein Show” was produced by Jack McCordick. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, mixing by Aman Sahota and Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Rollin Hu, Kristin Lin, Emma Kehlbeck, Marina King and Jan Kobal. Original music by Pat McCusker and Aman Sahota. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.
Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.
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