A drop in the pound as a fill more than one percent in early trade tuesday the reason well media reports of the British Government will block a delay to a post break the transition period media reports indicate that johnson will add a revision to the brigs that Withdrawal Agreement bill that would explicitly rule out an extension of the transition period beyond december of 2020 currently the u. K. Is due to leave the e. U. By january 31st 2020 the fear is that the new Prime Minister will steer the country toward a harder braggs it and that means under the legislation britain would have only 11 months during the transition period for a trade deal to be struck with the e. U. And there are concerns that 11 months is not enough time so lets take a deeper dive here bring in hillary for which board member with the British AmericanBusiness Association hilary glad to have you here pleasure ben christie there are concerns about this harder turn towards braggs it but isnt that what Boris Johnson has to do hes been pushing for this for some time the markets may not be excited about it but doesnt this at least give them some clarity to. Absolutely ben and this is what he ran on you cant run on Something Like build the wall or not build a wall you cant run and get it done and not get it done and i dont know if you are christian our audience saw the Boris Johnson vote conservative actually at the parody on love actually movie but what was really important about that was he actually stood on the doorstep with the placards just like the movie laying out what he was going to do he said this hes had his placards hes had his as yes he has to get it done i actually would defer to the j. P. Morgan analyst malcolm barr who said theres about a 25 percent chance that there will still be sort of a no deal hard brecks it. 25 percent is still rather high. And now currently the transition period has the option of being extended for up to 2 years and that both sides in the u. K. And the both agree on this so isnt part of the problem here that there has been a lot of talk about whats going to happen and what will happen but very little has actually materialized here because were talking about bureaucrats chris youre absolutely right and this is happened time and time again and that was the problem with may and now Boris Johnson completely different he has a mandate that you have not seen certainly in the u. K. With an 80 seat majority since 1935 thats when the labor party lost last this march the conservative party hasnt seen this majority since 1907 with Margaret Thatcher the iron lady so a couple of things with regard to the trade deal tying those 2 points together it took the e. U. 7 year is to do a trade deal with canada so when you juxtapose that with 11 months its basically left this is what i would say is a very different youve got Boris Johnson what is Boris Johnson doing he has got dont trump up a sleeve and he also has china he has the rest of the world to deal with and thats what hes vying for i personally think hes playing hardball and the threat of a even 25 percent is going to do very well in terms of making the e. U. Actually do something instead of yes kristie just talking about it as recently as friday president was immediately tweeting out saying lets get the deal done really between the u. K. And the u. S. Right now u. S. Is ready for a deal forget about europe is that hes saying yeah we know that this would actually play really well for trump in terms of all his talk about trade deals if you want to get something done Boris Johnson they seem to be almost kind of birds of a feather in many ways they carry themselves certainly but we know that this is britains factory sector has suffered its worst quarter since the financial crisis rather a lot of that at all primarily driven by automobiles because several car makers held shutdowns in november and they were worried that britain might crash out of the e. U. By the end of october so were seeing some of that but again going back to this idea of getting it done at some point. Britain has to say were going to go forward with briggs it because up until now hasnt been that politicians are saying we know were supposed to but were not really going to be here thats what the entire election was about the global elites watch it and no trace of a was a remain a fundamentally she took over from David Cameron to step down off of the British Public 17400000. 00 of them voted for breaks it he sets down theresa may remain a comes in to do the deal and yes theyve watered what the people voted for what labor was hoping for and the remains were hoping for that was the this election would prove well see a lot of people still want to remain with the e. U. Absolutely not now there is a mandate what i would say is this puts the e. U. Really on notice why because the u. K. Is going to thrive after everything said and done you think about the pound the pound is actually held relatively steady there was none of the doom and gloom that was predicted remember there was predicted to be Something Like you know you know hundreds of thousands of jobs lost from the Financial Center of the financial district they were going to go to dublin they were going to go to frankfurt has not happened so what have we seen the predictions are that the pound is going to hold somewhere between 130 and 140 straight through to june i would think that thats probably pretty accurate 2nd thing youre going to see the e. U. Is on notice you know why they have to treat the other countries in the better because now theyre losing 11000000000. 00 a year coming from the u. K. One of the largest contributors to the budget if they dont treat germany better they dont treat the dutch better than the swedish better there will be gone theyll be next in the beeswax it and it will be the breakup of the e. U. Well its very likely that its coming their way but again if it comes down to trump and johnson getting the deal done i would bet on the woods it would which were member of the British AmericanBusiness Association thanks so much for your insight pleasure ben. Time now for a quick break but hang here because when we return Oil Bankruptcies are of and prices are down what does this work has looked like for 2020 what does that giant saudi aramco i. P. O. Look like moving forward or break. And as we get a break here the numbers at. You know world big. And conspiracy its time to wake up to dig deeper to hit the stories that made stream media refuses to tell. We need to be smarter we need to stop slamming the door in the bath shouting past each other its time for Critical Thinking its time to fight for the middle for the truth the time is now watching closely watching the hawks. During the Great Depression old enough to remember there was a family were working. There wasnt it was bed much worse objective listen today but there was an expectation of the things were going to get better. There was a real sense of hope. There isnt today todays america where shape by the turn principles a concentration of wealth and power. Reduced democracy. Engineer elections manufacture consent and other principles according to. One set of rules for the rich. Thats what. When you put her into the. Will we truly is dedicated to increasing power for 2 of just. One of the most influential intellectuals of our time speaks about the modern civilization of america. Join me every thursday on the alex simon show and ill be speaking to us of the world of politics or business im show business ill see you then. Welcome back it is done boeing has officially stated it will suspend production of its 737 max jetliner in light of 2 deadly crashes that resulted in the deaths of over 340 people as weve reported that 737 max has been grounded by the f. A. A. As well as worldwide well the company is attempting to resolve issues with it well now not much to resolve it appears boeing is giving up on the idea of bringing back the 737 max boeing is the largest manufacturing exporter and one of the nations top private employers and the max its best selling plane boeing says it will reassign workers from the max project and does not expect for a lowes or layoffs the company has also not said how they expected duration of the production shutdown impact suppliers around the world will last. Well meanwhile news of the discontinuation of the macs meant that shares were up for European Aerospace group airbus airbus shares were up 1. 6 percent in early trading while boeing shares were down 2 point one percent. Earlier this year in february swiss pharma giant roche tendered an offer to acquire Spark Therapeutics an all cash transaction sparked therapeutics as a fully integrated commercial company developing gene therapy for genetic diseases. Including linus hemophilia and other neurodegenerative diseases the lead acid is a gene therapy for the treatment of hemophilia a and b. And make spark the only Biotech Company to successfully commercialize a gene therapy for genetic disease in the u. S. Together with russias wallets sparks should be able to accelerate the development of more gene therapies now this acquisition has been fraught by delays by the antitrust commission but finally monday this 4300000000. 00 acquisition has finally been cleared spark has ceased trading on the n. Y. S. E. And will continue to operate as an independent company under roche who popped up nearly 2 percent on the news oxygen manufacturer produce pharmaceuticals paid out nearly 11000000000 dollars to the cycler family during the u. S. Opioid crisis the latest audit of the Pharmaceutical Company found that secular family members who own the company shifted the massive sum of money as legal pressure intensified on the opioid maker arties alex miller held that she joins us over the following the story so alex according to the audit cycle of family members withdrew 8 times more from purdue between 2008 and 2018 compared to the 13 previous years its an incredible number what can you tell us. The information we have is from Alex Partners which is a Consulting Firm theyre saying that this money was moved it was shifted to during one period of time that the one that you just mentioned actually basically the world started the family sort of taking billions out of the company out of purdue and after they were fined 635000000. 00 and they were this fund was for misleading marketing about the very addictive drugs that we all know as oxycontin now and the money that was shifted was shifted to family trusts it was also Holding Companies but 1500000000 of that went offshore so you could see there was a lot of motion going on at the time. That produced fuel that the u. S. Open up a democrat when it is that intensified thats when the family started. Shifting stuff around thats when they started getting worried about wheres our money going to go so the attorney generals believe basically across the country you have attorney generals are talking about this 24 states actually speaking out against the family and a plan by the family to settle 2700. 00 a lawsuit against purdue now the attorney generals believe that more needs to be done to hold the family accountable for what happened here the Opioid Crisis believe this or not its blamed for 400000 deaths in the United States that is absolutely massive so thats just a from the year 2000 to now so Massachusetts Attorney general this is a pretty important here morally healy she was the 1st attorney general to sue or to sue the Sackler Family the family members and this is what she had to say so todays report confirms what we revealed in our lawsuit the sackler pocketed billions of dollars from purdue while thousands of people died from the addictive drugs this is the very definition of ill gotten gains now that we knew this information we have since october with this has been out but what this report does it tells us when the money was actually moved and this gives you a good idea that the money start to get shifting with the lawsuits started popping up after this fine and obviously somebody got scared that their money might be taken away so a lot of claims and a lot of raise directed at the family but what are we hearing from the sac i family side. Well the Sackler Family there theyre trying to address these 2700. 00 lawsuits against them it looks like theyve agreed to pay out at least 3000000000. 00 also theyve stepped on down from the boards with their daughter the board of directors of the company anymore although they do own it. So get this this is the lawsuits are happening in nearly every state and even though theyre giving up control of the of the company and it might rise up to about 12000000000 once everything is said and done the cyclers are basically step. Back because there is a big butt included here Purdue Pharma says the family could back out of the deal if the lawsuits against the progress so its basically a threat if youre going to keep suing us we might not give you any money in the end so one important thing here 2013 if you look at the Sackler Family on the forbes list they were among the 20 richest families of the United States of america im sure theyre up there still and this is a whole thing that i think these attorney generals are really digging into what is this a question of 400000 people dead a Family Moving billions of dollars you know its one of those situations that the legal system really has to take a deep look at because something doesnt seem right you know well certainly the idea that you going to cap liability at 2700 people when there are as you said 400000 deaths doesnt seem very likely to correspondent allison hell of it thank you very much. Thank you. Bankruptcy filings by u. S. Energy producers through mid august this year have nearly matched the toll for the whole of 20 teams as Oil Prices Remain under pressure this slowing oil industry sits heavily on the u. S. Economy as the boom in the shale added about 10 percent of growth to u. S. Economy in the last 5 years now the shale sector has just started generating cash flow but many small to midsize shale farms are already pulling back on production targets amid weak price production and now banks have also begun trimming back credit lines for american shale producers further undercutting the industry thats been struggling to regain Investor Confidence for the 1st time since 2016 producer surveys expect to see declines at least 15 producers have already filed for bankruptcy this year and market values across the industry have plunged an average of 21 percent many producers are now struggling under huge debt loads accumulated earlier but other issues have also played industry as well many have turned to lower quality sites and others have begin drilling wells too close together resulting in a loss of overall Performance Industry surveys show that a handful of Large Companies are on the edge of bankruptcy as there is about 15000000000. 00 of outstanding debt at risk and investors remain dubious that further opec cuts can boost prices with more on the state of the welcome David Mckelvey nice c. E. O. Of mcilvaine a Financial Group now david when we talk about oil generally talk more broadly about the whole sector but lets be very specific here who is feeling the most pain along the supply chain and why is it the drillers the exploration refineries production pipelines or the offshore guys whos the most lever and whos the most exposed here. You Service Companies are dealing with the toughest times right now i think theyve got the most acute pain youve got over capacity and theres just not the jobs that they are used to doing so they still have to service debt and thats a tough thing to do. Taking a lot of dad in your business slows down thats why theyre in the crocs theyre in the midst of some tough times so a lot of these majors are trying to insulate themselves from a downturn theyve expanded their wealth to refinery networks in order to control costs and sustain periods of low prices but its kind of a catch 22. 00 is it not that in expanding theyve also kind of over leveraged and now carry huge amounts of debt so how can their vertical integration help them and can they whether 2020. Yeah were not very concerned with the majors and obviously you have in absolute terms large amounts of debt but if you look at their capitalization to debt ratios theyre actually right in line with other non oil Type Companies so i think again youve got to go down the food chain to see where the real weakness is and where the likelihood of greater consolidation would be and also where you might see further bankruptcy so the pressure is not on the majors and you can see this across the share prices if youre looking at a a c. Drill or a neighbors or a trans ocean these are places where the pressure has been more acute so back to the earlier question yes its the Service Companies its also your offshore guys it is also some of your drillers as well one of the e. M. P. Guys a lot of these oil plays havent really materialized the way that we expected in the projections a lot of them have claimed that the drilling sites have not resulted in what they expected to do again and a lo