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Xi Jinping Outlines China's Ambition to Reshape Global Order; Powerball Jackpot Soars to $1.1 Billion on Labor Day; Commemorating the End of WWII. Aired 3:30-4p ET

Aired September 01, 2025 - 15:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:30:00]

BORIS SANCHEZ, CNN HOST: ... result of their importing Russian oil and gas that was last month. This is the first visit for Prime Minister Modi to China in something like seven years. And as you watch him holding hands with Vladimir Putin and smiling as he greets Xi it seems like Modi has aligned himself a bit further from the U.S., right?

GEN. WESLEY CLARK (RET.), FOUNDER, RENEW AMERICAN TOGETHER: That's right. In fact if you were in Modi's position you'd think that the United States had singled him out for punishment because Hungary is a NATO ally. They're buying oil from Russia. Slovakia is a NATO ally. They're buying oil from Russia. Belgium Spain are buying oil and products from Russia. The United States is buying uranium and palladium and platinum from Russia. And there are many Russian banks that are still doing business with the West. So if you were the leader of the largest democracy in the world like India you'd say why is he doing this to me.

And so you would be going to the summit as a way of not only participating in the BRICS which India does participate in but also showing to the United States that that you're not going to be a kowtow to the United States on this.

So we do need to look at this policy and how we're moving forward. Treading water saying we may not continue to worry about Russia and Ukraine and so forth. That's not going to solve the problem. We've got to face up to this. The conflict in Ukraine is a major issue for East- West relations. It's a major issue for the stability and economic prosperity in Europe. And the United States has a vital interest in the right solution. So we've got a belly up to the bar on this, Boris.

SANCHEZ: General Wesley Clark we have to leave the conversation there. Thanks so much for joining us and happy Labor Day.

CLARK: Thank you, you too.

SANCHEZ: There's more than a billion dollars up for grabs in the Powerball jackpot. It's a long shot for all of us. But what happens if you win. You know what you do. We'll fantasize about the possibility in just moments.

[15:35:00]

(COMMERCIAL BREAK)

SANCHEZ: Right now Powerball dreams are winning running wild across the country and here inside the studio as well. Tonight's $1.1 billion jackpot is expected to be the fifth largest in the game's history. Sure the odds of winning, not great. Around one in two hundred and ninety two million. But if somehow by some stroke of luck you match all six numbers you can either take the full jackpot paid over 30 years or walk away with a lump sum of nearly $500 million.

Let's get some perspective from attorney and certified public accountant Kurt Panouses. He specializes in estate planning and taxation for lottery winners. Kurt thanks so much for being with us on Labor Day.

How do you help lottery winners.

KURT PANOUSES, ATTORNEY AND CERTIFIED PUBLIC ACCOUNTANT: Well I think what the winner has to understand is at this level of win it's more than a claim. It's a plan that has to be put together and there has to be some focus on that plan. So I always tell people that happen to have that winning ticket to number one don't sign or mark the ticket right away. Just put the ticket in a safe place. But before you put it in a safe place take copy of the front and the back of the ticket because anyone helping you won't need to see the original ticket. They'll just they can work off a copy of it.

And then, you know, put the ticket in a safe place such like a bank safe deposit box for the most part and then try to keep as quiet as you possibly can until you know it's time to move forward with setting up your team. You want to give your professionals a chance to put a plan together for you.

So again it's a it's a lot of dollars that we're talking about. And you don't get any do overs on this type of level. And you know it's the biggest financial decision someone will ever make. So it's multigenerational wealth. You need to put a plan together and take your time.

SANCHEZ: When you say putting your team together like what does that look like. Do you mean like a masseuse or chef. What are you talking about.

PANOUSES: Well that may be down the road but I think initially what you need is someone with some experience. Again this is a big dollar amount. So you need to bring someone in that has dealt with a large lottery before.

I know I've dealt with over 50 jackpot winning tickets over the course of my career. So, you know, you need to bring someone in with some some success level of experience and let them determine what needs to be done based on what the clients trying to do. I always ask the client to kind of forecast where they would like to be a year from now so that we can bring those attributes into whatever plan we put together today. So that way we're very tax efficient.

Again I want my clients to be anonymous. I want to put the plan together so it's tax efficient and I want to surround the clients with professionals that will be successful in life for the client. So the client will be happy and all their dreams will come true.

SANCHEZ: The big debate of course in part of that planning centers on whether you take the payments over 30 years or in one lump sum. What's your advice.

PANOUSES: So nine out of 10 times you're going to suggest to the client if they actually see the numbers in front of them and the forecasted amount that it's much better to take the lump sum amount.

[15:40:00]

There will be a couple of situations where I might consider taking the annuity but those are few and far between.

But those are few and far between. What the person has to really understand is, is with the annuity, you don't know what the tax levels are going to be in future years. So if you accept the annuity, whatever the tax rate is in 2026, 2027, 2030, whatever it is, you'll pay that rate.

And people don't think too much about that. But in 1985, the tax rate was 50 percent. And in 1979, it was 70 percent. So that's the risk that you take with the annuity.

I always suggest, take the lump sum, get your taxes out of the way at 37 percent, put the money to work for you so all your dreams and goals can be achieved. And that's what you put, you bring together as a team of financial people, whether it's bankers or professionals that are in the financial area, that could put a portfolio together for these people so that they can get anywhere from $12 to $15 million, most of which will be tax-free for the rest of their life.

And that net amount after tax, which is only going to be about $300 million, just so you know, it's a billion one, $500 million before tax, about $300 million after tax. But that $300 million can continue to grow over the person's lifetime.

And again, it could be spread out over some family members, so that way, you're not paying a gift tax later on when you go to make a gift to one of your children or to a friend. That gift tax rate is a separate 40 percent on top of the 37 percent. So that's why it's necessary to put a plan together and to get your team together but have a team leader. And that's the attorney typically that puts that team together for that client.

SANCHEZ: Kurt, I wonder what the most common fantasy is that people want to live out. Because we were just discussing this during the commercial break. And my thought is like, I would fake my death.

I would get a passport to some island in the middle of nowhere and never talk to anybody ever again. Nobody would even -- I imagine that if you get all this money and people find out all these cousins that aren't really your cousins are going to show up and start asking you for money. And it just, it gets really complicated, right? So it, what would be the common fantasy? Do a lot of people have that same idea that they're just going to disappear and not tell anybody about their wealth?

PANOUSES: Well, you know, I think people are a little nervous about that situation and who they tell and when they tell them. And so you need to actually sit down with the client and tell them after the claim is over with, OK, this is how we're going to approach it going forward. You know, from my perspective, people always say, hey, if I win, I'm keeping a third, I'm giving a third to family members and friends and a third is going to charity.

But then when they actually get these funds and they get it under management and they see the numbers, some of that changes. You know, for my, again, what I consider doing is just helping the clients through all these choices, because when they say, hey, I want to buy something, I'll ask them to say, hey, let's put together a list and say what we would like to buy and what we would like to actually, you know, you know, down the road, is it really a need or is it a goal?

So I like to take a look at it and put off all big spending opportunities away for at least six months, take a look at it at the end of six months and say, did you really need it or was it something that you wanted?

So putting that needs and wants list together is really important for people. You know, again, they only get one chance at this. You know, we have we have Airbnb's, we have VRBOs. You don't have to go out and buy villas all over the place. You can go rent them and save a lot of money. But you need someone there that's grounded to help you with these decision making opportunities.

SANCHEZ: Our director, Marty, has a question for you. He's fairly confident he's going to win this despite the odds. How long does it take them to get me my money?

PANOUSES: That's going to be state specific. You know, some states require a due diligence study and that could take like six weeks, seven weeks. In my state in Florida here, it's usually only about a week, 10 days.

Again, when you set up all these layers that you need to set up at this level, it's not just a claim where you go in with the ticket and you sign the back of it, you fill out the form and you say, OK, we're all done. No, you want to have a plan together where you have trusts, LLCs, I don't want to call it smoke and mirrors, but basically it is. You're putting these together for the client's protection.

Takes a while to put that stuff together. And you need to have the funds flow through and then clear the bank so that way you can transfer them to the client and then the client can get on with their life. So I always tell people that it's going to be about a month from the day that they actually go to claim it before the money is going to be available to them. So don't quit your job just yet.

SANCHEZ: Yes, I hope Marty hears that. He's in my ear saying I hope that when he wins, he remembers his favorite Cuban cousin, Kurt Panouses, thank you so much for the time. I appreciate you.

SANCHEZ: You're welcome. Thank you very much.

SANCHEZ: Thanks so much.

So tomorrow marks 80 years since the Japanese surrendered ending World War II. Next, we're live in Hawaii with how the day is being commemorated.

[15:45:00]

(COMMERCIAL BREAK)

SANCHEZ: Tomorrow marks 80 years since Japan formally surrendered ending World War II. September 2nd is known as V-J Day or Victory Over Japan Day. These photos from 1945 show the surrender ceremony aboard the USS Missouri.

And that's where we find CNN's Stephanie Elam who joins us now live from Honolulu. Stephanie, you've spoken to some of the veterans who were on that ship. What did they share with you?

STEPHANIE ELAM, CNN CORRESPONDENT: Yes, we've learned so much from them, Boris. I want to show you where we are right now because I'm overlooking Pearl Harbor.

[15:50:00]

This is where the attack, the surprise attack on the U.S. naval base happened in 1941, drawing the United States into World War II. And this ship here is where World War II came to an end. In fact, if you look up behind me where those people are up underneath that awning, that's where the surrender was actually signed outside of Tokyo.

But I spoke to one man yesterday who was on the ship during the surrender. And he told me a bit about his experiences when he was just 19 years old.

(BEGIN VIDEOTAPE)

DOYLE BOOTHROY, SERVED ON USS MISSOURI DURING WWII: My name is Doyle, D-O-Y-L-E. Boothroy, B-O-O-T-H-R-O-Y. One word.

When is my birthday? March 28, 1926. I arrived in Guam on the USS Louisville, and I walked down the plank, across the dock, and up the plank into the Missouri that afternoon while we left for Iwo Jima.

ELAM: Do you remember hearing the sounds of war around you? Did that have an impact on you?

BOOTHROY: Yes, very definitely. When the 16-inch guns went off three at a time, it moved a 50,000-ton ship over in the water four feet, and the noise was deafening. As a matter of fact, it did ruin my ears.

ELAM: Do you remember word spreading throughout the ship that this was going to happen, that the war was over? BOOTHROY: Our weather office was right behind the bridge, and on behind us was the radio shack. And so, between the bridge and the radio shack, we heard a lot immediately as it happened.

ELAM: Oh, wow. So you knew right away?

BOOTHROY: Yes, we knew right away.

ELAM: Do you remember how you felt in that moment?

BOOTHROY: No.

ELAM: Because you had a job to do.

BOOTHROY: We were all happy that it was ending. The generation under me don't understand what the Second World War was or was all about.

I feel we have a lot of people that want to live in the United States, but they don't really understand the meaning of our country.

(END VIDEOTAPE)

ELAM (on camera): Now, here at the USS Missouri, they were planning to have a big commemoration for the 75th anniversary, but that fell in during the COVID pandemic. In that time, to now the 80th, they lost about half of the remaining survivors who had served here on the U.S. Missouri. There's about eight left, many of them who've been keeping up their fitness because they wanted to be here for this day.

And we've talked about half of them. And we'll have more of those conversations for you tomorrow -- Boris.

SANCHEZ: Extraordinary to hear from them. Stephanie Elam, thank you so much for that.

Stay with CNN. We're back in just a few minutes.

[15:55:00]

(COMMERCIAL BREAK)

SANCHEZ: Following breaking news on the firing of a major CEO. Nestle says that it has dismissed its CEO, Laurent Freixe, after a code of conduct breach. The company says its departure follows an investigation into an undisclosed romantic relationship with a direct subordinate.

Freixe took over as CEO of the company in September of last year after Nestle ousted his predecessor. The company also appointed his new successor today, a member of its executive board.

Meantime, just moments ago, another epic match coming to an end between two of the biggest stars in tennis, former champs, Coco Gauff and Naomi Osaka, slugging it out in the U.S. Open round of 16. This time it was Osaka who came out on top.

CNN's Don Riddell is with us now. Don, a pretty big upset, at least on paper.

DON RIDDELL, CNN ANCHOR, WORLD SPORT: Yes, you know, we were hoping this was going to be an epic match. Boris, it wasn't really. It was pretty one sided. It was all over in just an hour and two minutes, 6- 3, 6-2 in 62 minutes in Osaka's favor.

There's so much history and so much love between these two players. You may remember they ran into each other on this very day back in 2019 when Coco Gauff was just 15, making her tournament debut. Osaka won that time. They were both in tears at the end.

Then, of course, Osaka found herself in the tennis wilderness for a few years. She took a mental health break. Then she started a family. When she came back as a spectator, having just become a mom, she watched Coco playing in this tournament from the stands. And here they run into each other again.

But their games are kind of heading in slightly different directions. Osaka is making a thrilling comeback. Coco Gauff is struggling with her game. She's just hired a new biomechanics coach, literally on the eve of this tournament. So she's been working through a lot of things over the last week and a half.

But she is now out. Osaka goes through. By the way, every time Naomi Osaka has reached the quarterfinal of a slam, she has won it. She's 4- 0 so far, having made it to the last eight. And right now, especially when you look at the way she was playing today, she's emerging as a strong contender for another tournament win here later this week.

SANCHEZ: Yes, just a dominant performance today. Don Riddell, thank you so much.

On this Labor Day holiday, many Americans are spending time at one final summer cookout or at the beach.

In Bulgaria, though, they celebrate in a more ancient fashion a bit of oil wrestling. It dates back centuries in the Balkan region. Contestants bathe in olive oil and wear traditional buffalo leather pants. The matches, as you're seeing on your screen, can be intense.

[16:00:00]

So they last 30 to 40 minutes. Victory is achieved by forcing your opponent on his back. Of course, that can be pretty difficult considering all of that oil.

Thank you so much for joining us this afternoon. We're going to be back alongside Brianna Keilar tomorrow.

You can catch me on Erin Burnett. She has the night off later tonight, starting at 7 p.m. But for now, we're going to send it to "THE ARENA" with Kasie Hunt. Thanks so much for being with us.

END