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Quest Means Business
Wall Street Sells Off Despite Trump's Deadline Extension; E.U. Energy Commissioner: Can't Go Back To Using Russian Gas; House Republicans Reject Senate-Passed DHS Bill; Report: Tiger Woods Involved In Rollover Crash; Pernod Ricard And Brown-Forman In Merger Talks; President Trump Speaking To Reporters; Bessent: Putting Trump's Signature On United States Currency Is A "Powerful Way To Recognize His Achievements". Aired 4-5p ET
Aired March 27, 2026 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:22]
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": The closing bell is ringing on Wall Street. Ding! Ding! Ding! And the markets had a
horrible day. It has been down across the board as you can see. I've got the number for you when we see -- hit the gavel. So, a one and a two and a
one, two, three, four.
I don't think you should be celebrating too much, sir, because at 45,166, the Dow Jones looks like it has closed in a correction territory.
The number was 169 and we are 166. It might tick over a little bit. Let's just look at the triple stack one more time just to see, sorry, the Dow to
see if it is going go there or there. We will have the whole lot for you. That's a delayed number. But yes, we are in a correction for the Dow it
would appear at 45,169.
The headlines that -- there we go. Yep. Oh so close! So close. We are going to analyze the reasons why and all this question about President Trump's
deadline for an extension for Iran as it fails for now.
The E.U.'s Energy Minister on tonight's program. Europe will never resort to buying Russian oil. It is illegal as the bloc faces a looming energy
crisis and Donald Trump will be the first sitting President to have his signature printed on U.S. currency. We have it. We have some -- it hasn't
got his signature on, but we will talk about that over the course of the program.
It is a Friday live from New York, March the 27th. I am Richard Quest and I mean business.
Good evening.
Wall street selloff gathered speed as we went to the weekend. All the major indices finished at or near the session lows, and in the case of the Dow,
it is -- joining the NASDAQ as a correction.
The S&P still has some way to go before that enters a correction which is 10 percent from its recent high. Investors are closing high. Investors are
concerned, obviously, about the war in Iran and the escalation, the U.S. Secretary of State, Marco Rubio, the man the President says is leading the
talks, said America can achieve its aims without putting boots on the ground.
(BEGIN VIDEO CLIP)
MARCO RUBIO, U.S. SECRETARY OF STATE: This is not going to be a prolonged conflict. The objectives I've outlined to you again, I repeat them because
I see these reports like the E.U. is not clear on what objectives are there. We've been as clear as you can possibly be from the very first night
of what the objectives of this mission are.
We are going to destroy their factories that make missiles and rockets and drones. We are going to destroy their Navy. We are going to destroy their
Air Force, and we are going to significantly destroy their missile launchers, so they can never hide behind these things to get a nuclear
weapon.
We can achieve. We are achieving all of those objectives. We are ahead of schedule on most of them, and we can achieve them without any ground
troops, without any.
(END VIDEO CLIP)
QUEST: The latest turmoil comes despite the President's reassurances. Remember, stocks erased steep losses on March the 9th after he said the war
in Iran is pretty much complete. That's what he said, and the next day, they went up.
And stocks got off to a roaring start on Monday, when he delayed his plan for Iran to reopen the Straits of Hormuz, it went up one percent.
After yesterday's selling, this Truth Social post led to a brief spike in futures, but it gave way to todays's selloff.
Sam Stovall is the chief investment strategist at CFR.
Sam, it is always good to see you. We will deal with the way in which the President seems to draw the market. But first of all, the raw fact is that
despite all the best, the falls are continuing and they are pretty constant.
SAM STOVALL, CHIEF INVESTMENT STRATEGIST, CFR: And yes, they are, Richard, you know, what we find is that all sizes, all styles and nine of 11 sectors
are in negative territory, as well as more than 70 percent of the sub- industries in the broad market.
So, it is unlike what we saw last year with the Liberation Day selloff, because this is now a two-variable event rather than last year's tariffs
were really the decision of the President alone.
QUEST: The fact that it has gone to correction levels, 10 percent, we can get very excited by it. But is it significant per se?
STOVALL: Not really. There have been 25 corrections since World War II.
[16:05:07]
The amazing thing is that they take about four months on average just to get back to break even.
So by the time investors have worked themselves up into a frenzy and have started to sell their equity holdings, the market is probably already on
its way back to break even.
QUEST: Okay, so now we talk. Let's look at this ability of the President. We have just given several examples of a really bad day in the market. The
President makes a statement, the market rallies. This is one of the few times when that rally hasn't held or that spike hasn't held.
Has the market got tired of that drawing it up and can now see through it?
STOVALL: Well, I think the market realizes that the President alone is not going to open up the Straits of Hormuz. That there has to be an agreement
with the ruling party in Iran to ensure safe passage of the oil that represents 20 percent of the world's use on a daily basis, so we want to
make sure.
QUEST: So what is the market fundamentally telling us? I mean, let's strip away the uncertainty that Powell talks about and how long it is going to
last.
What message do you take from what we are seeing?
STOVALL: That incrementally, the market is worried about a global recession. Bull markets don't die of old age, they die from fright and what
they are most afraid of is recession and so, with the prolonged increase in the price of oil, that is expected to strip GDP growth, and once the
economy does slip into contraction mode, that is a recession.
QUEST: You mentioned this, of course, if one looks back at previous recessions, there has always been a period of dislocation, quite dramatic
dislocation in the markets beforehand.
And, you know, in my reading of it is it gets to the point where it becomes so volatile and so disruptive that the recession becomes almost self-
fulfilling.
STOVALL: Well, you're absolutely right. The volatility during bull market days, we only see one percent moves about 15 percent of the time, yet
during bear market days, we see volatility of one percent or more about 45 percent of the time.
So, it is a self-fulfilling prophecy, and let's face it, fear is a greater motivator than greed in my opinion, because adrenaline enhances memory
retention. And I think that's why the old saying, if it bleeds, it leads.
QUEST: That's certainly true. I was reading in this morning's "F.T." that there has been several bond auctions that have got away, but have not got
away as smoothly as they might have done earlier in the week.
At the short end, sure, but that the liquidity was thin and pricing was more and the leads, the banks, the deal, the primary dealers were left with
having to pick up quite a lot. What is that telling us about fixed income and worries on higher rates?
STOVALL: Well, what that is telling us is that the bond market is worried that the Fed will not be cutting interest rates anymore in 2026, and that
the next move could actually be a hike, that the longer oil prices remain elevated, that will also be pushing up inflation as it pushes down economic
growth.
And, basically, we need to see lower prices to entice bond buyers.
QUEST: I am grateful to have you with us, sir. Thank you very much indeed. Plenty much for us to talk about into the days and weeks ahead.
Thank you.
It is all about oil, as they say, and the E.U.'s Energy Commissioner says Europe will never return to Russian oil and gas. Not now, not ever. He was
quite clear about it. Dan Jorgensen, when I talked to him about the spike in prices caused by the war.
Natural gas is now up nearly 80 percent since the conflict began. The continent is bracing for ripple effects throughout the economy, bearing in
mind, of course, much of that spike not only came because of the Middle East oil being cut off, but then you have the Qatari, the Gulf plant being
attacked and being badly damaged and out of commission.
And so the E.U. Commissioner says the conflict shows the need to move towards renewables. He had a clear message for those who want to import
energy from Russia as a substitute.
[16:10:07]
(BEGIN VIDEOTAPE)
DAN JORGENSEN, E.U. ENERGY COMMISSIONER: Well, I will say absolutely not. When we buy Russian gas, we help indirectly finance Putin's terrible war in
Ukraine, so for that reason alone. But apart from that, it is also very clear that we've been in that situation before and it was not good for
Europe. We were dependent on an enemy and Putin weaponized that energy against us.
He blackmailed member states of the European Union, and we can never go back to that situation.
QUEST: Where do you expect that Europe will be able to make up the shortfall? Because the initial shift from Russia took it to Qatar,
particularly for LNG, now, that's gone. Asia is demanding LNG. The U.S. can't really provide much more, so there is going to be a shortage in
Europe, do you think?
JORGENSEN: Well, actually not. This is not a security of supply issue for us. We have many sources of LNG and we have diversified our suppliers, but,
you are right in pointing, too, that this is a real crisis for us, but it is more a crisis that has to do with prices that is serious enough in
itself, but it does have some repercussions with regards to which tools we can use to solve these problems and they are very different whether or not
we are speaking about a price crisis or a security of supply crisis.
QUEST: Right, well, let's talk about, even though it is not strictly speaking, your bailiwick, the affordability crisis.
Last week, I was in Brussels talking to commissioners, and at the moment, it seems like there is a great deal of we might do something and we are
thinking what we might do, but there is no hard plans on the table for price support or more affordability support.
STOVALL: Well, I would have to disagree with you on that. We have been very clear in putting forward a number of different measures. Now, it is not
something that we dictate from Brussels that member states have to do, but it is something that they can do.
For instance, giving state aid support so that vulnerable groups in our societies can pay their energy bills or supporting different parts of our
industry that are hit the hardest.
Also, we give very clear recommendations to member states that now would be a very good time to lower your taxes on electricity. And finally, and this
is a more long term thing, we need to stay on course with our green transition, because moving away from fossils and having more renewables and
becoming more energy efficient, that is clearly the only answer that will help us also long term.
QUEST: Do you foresee the Commission, well, the Union and the Commission having to provide more financial aid to member states so that they can
trickle down the aid to their businesses and their citizens?
JORGENSEN: So we have no immediate plans to use E.U. funding for these purposes, but you have to remember, Richard, that we are already supporting
the transition away from fossil fuels via different types of funding.
So already now, billions are being spent on these issues. So even though obviously we are in the middle of a very current, very immediate crisis,
the answer to this crisis is actually an answer that we were already working on.
We are already moving away from fossils. Now, we just need to speed that up.
QUEST: Finally, on the big policy question, the U.S. has clearly now set itself against the anti-fossil and pro-fossil fuel drill, baby drill,
whether it is in the domestic U.S., up in Alaska, wherever it might be.
The green scam, as the President calls it, how much more difficult is it making for you and for policy makers who are still holding the course of
Paris, of targets, intergovernmental, all of that sort of thing when the U.S. decides, you know something, we are having nothing of it. In fact, we
are going in the opposite direction.
That must make it more difficult.
JORGENSEN: So there is no need to hide the fact that we disagree across the Atlantic here. What I will say is in Europe, it is more clear than ever for
I think almost everybody that even if there was no such thing as climate change, we would still need to do these things.
[16:15:10]
It is simply not sustainable for us to be dependent on fossil fuels coming from other places in the world. One, it is too expensive. We import for
more than 370 billion euros of fossils every year. And two, it makes us vulnerable.
We used to be vulnerable because we were dependent on the gas from Putin. Now, we are vulnerable because we are dependent on the prices set by the
world market and that in the future will not stand.
QUEST: And the only way you're suggesting to alleviate or to protect yourself is since you're not about to start drilling at home necessarily is
a mixture of nuclear, solar, wind and all the other renewables.
JORGENSEN: Nuclear, solar, wind, geothermal, the sources are there. It is not science fiction, it is just science, and we have it, so why don't we
start using more of the homegrown?
It is actually something that is moving right in the right direction pretty fast. Last year, we deployed a record number of 89 gigawatts of new
renewables in Europe -- this is huge, and every year we break these records.
We see now that this is also helping us. So, even though we are in a crisis and I certainly don't neglect the seriousness of this crisis, we are much
better situated to dealing with this crisis than we were in 2022, because we have more renewables that are cheaper and that are homegrown.
(END VIDEOTAPE)
QUEST: That is the E.U. Energy Commissioner.
The chief executive of Air Canada offered his condolences earlier in the week over the collision that killed two of his pilots.
Well, he only spoke in English, which bearing in mind French, Quebec and Montreal, did not go down well, in a moment.
(COMMERCIAL BREAK)
QUEST: More chaos at airports in the U.S. is forecast for this weekend, as the dispute between the House and the Senate over settling the financing is
dragging on.
The Senate last night unanimously agreed to fund most of the Department of Homeland Security, including the TSA, leaving out ICE.
A short time ago at the House, the Speaker rejected that bill because it did not fund immigration enforcement and Border Patrol. The very thing, by
the way, that the Senate deliberately left out.
[16:20:07]
So despite no funding, the Department's Security agent says TSA agents could start receiving pay as early as Monday because the President ordered
that they be paid.
One minor problem, it is not clear where that money will come from.
Pete Muntean is at Baltimore Airport.
Before we do all the machinations of when and how. How bad is it?
PETE MUNTEAN, CNN AVIATION CORRESPONDENT: Bad, Richard, to put it mildly.
This is taking folks about an hour and 50 minutes in line just to get to this point. You can see the checkpoint wait time screen up there. Usually,
they have live numbers up there on that scrolling screen, it says, "We are experiencing longer wait times than normal." That is to put it mildly.
It is starting to feel a bit like "The Truman Show" here to me, Richard, because you see people in line over and over again. I am going to whip you
around, try to not get sick.
The line comes in from outside, down there at Door 8, and then it snakes inside back down the hallway here by this exhibit for Thurgood Marshall.
Left down that hallway, makes a 180-degree turn, goes through a food court, comes back out, and then ends up here.
So you get the idea why people are so frustrated, and this is really about the people and not about politics. Spring break is on for a lot of schools
here in the U.S. I've seen the University of Maryland lacrosse team. I've seen folks trying to get home. I've seen folks trying to get out of town.
So it is a lot of people who are caught in this mess -- Richard.
QUEST: Last night, the Senate voted, unanimously, and I was sort of -- when I was reading my morning newspaper, I thought, right, that's it, it is all
over bar the shouting.
But -- and even if it takes a week, but it is not because the House just won't go along with this, and they will have to be a reconciliation if the
House changes anything.
MUNTEAN: Yes, and always the minutia and maneuvering in Washington is really having the impact on real folks because of the fact that TSA workers
are not getting paid.
The latest numbers from the TSA are from yesterday where they said that 37 percent of TSA workers who are running this, only one checkpoint open here,
by the way, who are running that one checkpoint called out sick yesterday.
That number is likely higher today as spring break officially started for schools in this area and goes into next week.
You know, a lot of folks are having to make the choice of putting food on the table or daycare for their kids and weighing, having to come into work.
It is a really tough rub for a lot of folks.
QUEST: Thank you, Pete Muntean, who is at the airport. I am grateful. Thank you, Pete.
The Chief Executive of Air Canada, apologized on Thursday, firstly for the crash that took place. But then for being unable to adequately express
himself in French.
Michael Rousseau has come under extreme criticism because he spoke about Sunday's plane crash at LaGuardia in English only.
(BEGIN VIDEO CLIP)
MICHAEL ROUSSEAU, CEO, AIR CANADA: First, and most importantly, I want to express our deepest sorrow for everyone affected. Our efforts are focused
on the needs of our passengers and crew members, along with their families and loved ones.
(END VIDEO CLIP)
QUEST: Now, this is not just a minor point of sensibilities. French and English are official languages in Canada and the airline. It is not one or
the other, it is both.
The Canadian Prime Minister, Mark Carney, said Rousseau's message lacked judgment and compassion. And remember, Carney never speaks without doing
both languages. Effortlessly, he goes from one to the other.
Quebec's Legislature is calling for Rousseau to resign, and Parliament's language committee wants to meet with him to discuss the matter.
Paula Newton is in Ottawa. There is also further offense, in a sense, because the flight was from Montreal to New York, if I remember correctly.
And to make matters worse, Montreal, which of course is in the French speaking part of Canada, Rousseau has lived there for 15 years and can
barely speak the language.
PAULA NEWTON, CNN INTERNATIONAL HOST AND CORRESPONDENT: In fact, it is even longer than that, and I think there is so much history here to this story,
which is why you have politicians in Quebec and elsewhere calling for the CEO to resign. No matter what he has done as CEO.
And the reason is that Michael Rousseau actually gave a speech just shortly after he took over the head job at Air Canada in 2021, and when he gave it,
again, mostly in English, they asked him, why didn't you say it in French? Well, I don't have time to learn French and I've lived here in Montreal for
14 years, and I've always gotten by in English.
As you just indicated, Richard, that is beside the point. And you, more than anyone, understand this whole pride in a national carrier.
[16:25:10]
Air Canada, British Airways, it is one of those things where it is synonymous with the character and the branding of the country.
Air Canada is also headquartered in Montreal. As you said, French-speaking in Quebec, and one of the pilots, Antoine Forest really, he is French. He
is a French speaker. His family is French.
And again, many people found it too much a sign of disrespect.
QUEST: Right, but I think for those who haven't been to French-speaking Canada, where you think it is sort of a bit like, you know, parts of other
countries I can think of where, you know, well, yes, people do speak it occasionally. There, all the signs are in French first, French really is
the dominant language.
This isn't just a little bit of nicety. Is it your gut feeling that Rousseau survive, you know, can get through this, survives this, or do you
think eventually he is going to have to resign over it?
NEWTON: This will be up to the board, I believe. And you know what? If it doesn't happen in a few weeks, it may happen in a few months.
I have to say, though, Richard, there have been some people in Canada, including a former Cabinet Minister who is from out west but speaks French
perfectly, saying, look, cut the guy some slack here. French is a difficult language to learn.
And Richard, I won't quibble with you saying that Prime Minister Mark Carney is effortless. He certainly goes between English and French, but he
is a man who sits there and struggles in the language, like so many of us do. That is not the point.
Quebecers are so forgiving of this. The point is to make the effort and the CEO, Michael Rosseau, said it himself, he is disappointed that this has
become a distraction in a time of profound grief.
QUEST: Yes. He could have -- they could have put it -- I am guessing he was reading prompter. He could have read prompter.
NEWTON: He was, in English. So why couldn't you do that in French, as you have said.
QUEST: Exactly. That's my point.
NEWTON: As do we all.
QUEST: And believe me, my project when I became 60 was to learn French. And I can still barely order a meal. So I've got a certain sympathy with the
difficulty. I can just see that this is a much bigger subject than -- it is not just about the language per se.
NEWTON: No, it is, and it goes to the very heart of identity, not just in Quebec, where Air Canada is headquartered, but throughout Canada. Because
Canadians, those who are even, you know, have another native tongue, pride themselves of being able to express themselves, however poorly in French.
And that is where the rub is, as we would say.
We will wait to see what happens.
QUEST: I won't ask about your French. Paula, many thanks indeed. Merci beaucoup.
Let's have the statement from Air Canada on this subject. Despite -- this is from Michael Rosseau, "Despite many lessons over several years,
unfortunately, I am still unable to express myself adequately in French. I sincerely apologize for this, but I am continuing my efforts to improve."
It is your money, you takes your choice.
The U.S. Secretary of State Marco Rubio, says the war in Iran will be over in a matter of weeks. He discussed the war with G7 Foreign Ministers, who
are in France for the meeting, in a moment.
(COMMERCIAL BREAK)
[16:31:25]
QUEST: Hello, I'm Richard Quest. You and I have a lot more QUEST MEANS BUSINESS, even though it's a Friday.
The French spirits company Pernod Ricard is discussing a merger with Jack Daniel's. That's an interesting one. I put those two together. Who knows
what you'll end up with.
And President Trump is putting his signature on U.S. currency, trying to see what I've got. Do you know, I had to find some to do the story.
Because, of course, when did you last use currency these days?
But there you go. There is a dollar bill. Well, it's not going to be the dollar bill to start with. It's a hundred-dollar bill. And I don't have one
of those.
But anyway, we'll tell you about that all and more, but only after the headline. So, put it back, because this is CNN, and here the news will
always come first.
A congressional deal to fund U.S. airport security has fallen apart. It looks like TSA agents might get paid anyway. Hours ago, Republicans in the
U.S. House, the lower chamber, rejected the funding deal that the upper chamber, the Senate unanimously backed.
Donald Trump has ordered, in any event, that TSA workers should be paid, which could start on Monday, except it's not clear where the money will
come from.
Iran's foreign minister is condemning new Israeli strikes on several Iranian nuclear facilities, and in doing so, threatening a heavy price, he
says.
Israel's defense minister vowed to escalate and expand Israel's attacks on Iran, calling it a response to the Iranian missile fire that targeted
civilians in Israel.
We are learning that Tiger Woods has been involved in a car accident, a rollover, as it's been described. We have received this photo from CNN
affiliate, WPTV, shows a Range Rover on its side on Jupiter Island in Florida.
We are in touch or reaching out with the sheriff's office and Tiger Woods agents in office for further comment.
Isabel Rosales is with me to give me what we know. What more do we know? It's only happened in the last hour or so. What more do we know?
ISABEL ROSALES, CNN NATIONAL CORRESPONDENT: Right. This just happened past 2:00 p.m. in Jupiter Island. That's in Martin County. Well, we are going to
get more details as to the -- how serious of a crash this is. We saw that picture that you showed to your audience there at the very start. Deputies
are working to gather more details, and the sheriff is expected to hold a press conference and hopefully have more details here in the next half an
hour or so.
Now, this is a 50-year-old Tiger Woods that has currently been on a golf combat trail. There is been speculation that he would participate in his
27th Masters just next month, and this comes after a year of dealing with a rupture at Achilles heel, then, undergoing his seventh back surgery late
last year.
Now, when you talk about Tiger Woods and when you talk about car crashes, fans know that there is a long history here of high-profile car crashes
throughout the years. These are moments that have shaken his career and raised questions, Richard, about what's going on behind closed doors.
The most serious crash, if I'll remind the audience here, happened in 2021 February, where this was a severe career threatening injuries to his legs.
This was another single car rollover crash where he was extricated by first responders from his car in Los Angeles County.
I'll remind our audience that he underwent emergency surgery for that. This threatened his career and even his ability to walk. And since then, Woods
has played in 11 tournaments here in the last five seasons, but finishing only in four of those tournaments.
[16:35:07]
And then, back in 2017, this was a moment that garnered a lot of headlines and a lot of limelight on his life, where Woods was found in 2017 asleep at
the wheel, arrested on suspicion of DUI in Jupiter, Florida.
You will remember that the first responders had to shake him awake. His speech was slurred. We saw body camera footage of that. Woods said at the
time in a statement and that he had an unexpected reaction to prescribed medication and that alcohol was not involved.
Now, to be clear, with this incident, we are not sure what caused this or how serious --
(CROSSTALK)
QUEST: No. But, can I -- can I just jump in here?
ROSALES: Yes.
QUEST: We -- completely unscientific. We sort of google map the sort of the street involved. It looks like an ordinary suburban street. It doesn't look
like it was a mega highway. Well, you can see there, if you look at it there, it is a sort of a street. It doesn't look like it's a mega highway.
It doesn't look like it's particularly fast flowing or anything like that.
This is going to be an interesting one, isn't it?
ROSALES: Well, there is going to be a lot of people paying attention to this, because there is this long history with him.
QUEST: Yes.
ROSALES: And these crashes, and it appears there's only one car that maybe was impacted here. And as you said, this is not a highway or an area where
you would think there is, you know, an added level of risk here. This is a residential area. But, again, very limited details at this time, hopefully,
the sheriff will shed some light into that.
QUEST: We look forward to you reporting as and when the sheriff speaks. Thank you.
ROSALES: Thank you.
QUEST: QUEST MEANS BUSINESS tonight, two of the biggest global spirit company cheers, potentially joining forces. We'll talk about what it means
for the market, which has been on the downturn, after the break.
(COMMERCIAL BREAK)
QUEST: Pernod Ricard, which is the world's second largest spirits makers confirmed merger talks with the maker of Jack Daniel's whiskey. Shares of
both companies rose after the announcement. Pernod Ricard gaining eight percent in Paris. Brown-Forman was up 5-1/2 percent in New York.
Both companies have recently announced restructuring plans. A merger might help them navigate tariffs and changes in consumer behavior. Strong spirit
sales are down for all sorts of reasons. Anna Cooban is with me. What's driving this merger, or potential merger?
[16:40:04]
ANNA COOBAN, CNN BUSINESS AND ECONOMICS REPORTER: Well, Richard, as you mentioned that, this industry really -- is not -- it's not been pretty as
of late. You have got changing habits, people are not drinking as much, and when they are drinking, they are drinking cheaper brands, not these premium
brands that are owned by these companies.
And then, there is been a falling demand in China, which is a big market, particularly for brandy. There is been tariffs added on to imports in
various geographies. So, it's been a real perfect storm of a lot of factors that have really weighed down this industry.
And what's this potential merger is being described as. It's not so much a merger, but really a marriage of these dynasties. Because both these
companies, Richard, have been owned by families or heavily influenced by them for generations. So, they are trying to potentially come together to
be stronger in this moment.
QUEST: Yes, but, as you know, I've been waiting to use this analogy for years, but this sounds like that old adage, two drunk men holding each
other up. In other words, doesn't -- how do they benefit from this, rather than just supporting themselves through their misery?
COOBAN: Well, I think Pernod Ricard would disagree with that characterization. They have come out to say that they see this merger
potentially being a merger of equals, anchored by two iconic families, not to drunk men holding each other up.
But I think one of the best -- some of the benefits that could come from this, or, of course, this scale, they can get an equal distribution across
geographies, the Americas, Europe, and Asia, but also savings. And Jeffries, which is an investment firm, came out today to say that it
imagines it could save up to $450 million, nothing to be sniffed at.
But Jeffries is also praising this potential deal, saying this could be something really good for saving these companies.
QUEST: But, you know, I was talking to somebody who owns a liquor store here in the U.S. We were just chatting, not today, was a couple of weeks
ago, about booze sales, and she was telling me that they are down. And when I asked why, she has gave all the reasons you did. People -- health
reasons, people are going for other things.
But she also said, in places like New York and where it's become legal, cannabis --
(CROSSTALK)
COOBAN: Yes.
QUEST: The smoking of cannabis or cannabinoid products is having an effect, because a younger generation prefer -- prefers to do that to -- rather than
sort of booze up.
COOBAN: Yes. I mean, this is one of the -- one of the fact that's been discussed about is that cannabis, the rise of being able to buy an illegal
way. Many geographies, this is something --
(CROSSTALK)
QUEST: I need to stop you. I need to stop you, Anna. Going to President Trump immediately to listen.
(BEGIN VIDEO CLIP)
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: The better part of this year trying to get these criminals out, and the Democrats want to have them come
in. And we can't let that happen. We just can't let that happen.
We have taken out hundreds of thousands, even millions of people out of this country that shouldn't be -- I'm not talking about people that came in
illegal and they are working and everything. I'm talking about murderers. 11,888 murderers. And we can't let it happen. We can't.
And that's what the Democrats want. They want people to come into this country. They don't care who they are. If they murder people, they are fine
with that. They don't care who they are. They want borders to be open. We have borders that are stone cold closed. 10 months now in a row, nobody
came into the country. They want to do just the opposite. And this would have ruined the country.
If I wasn't elected, we wouldn't have a country right now. So, you can't do it. So, I understand John Thune and I understand Mike Johnson. They want to
-- they want to be sure that people aren't coming into our country like they have for the last four years.
I don't want to say they've ruined it. They made my job a lot harder. And now, we have it good. We have crime down. We have everything down. But
these are people, some of the worst people.
Look at Chicago. Two days ago, they shot this thug, this horrible human being came in through the Biden open border. They killed this beautiful
young girl who was a friend of -- whose father was a good friend of Dan Scavino. And it's just happening every single day.
These are the worst gang members, the worst killers, the worst they allowed the worst people. And you know why? Because the country sent them out. When
they saw open borders, every country throughout the world, they sent them into a country, and we don't want that. And that's what it's all about.
Thank you.
UNIDENTIFIED MALE: What was Iran, sir? Iran! What's the latest with Iran, sir?
TRUMP: On Iran, they are being decimated. They are talking. We are talking now. They want to make a deal. Very simply, our military is the greatest in
the world, by far. Iran is being decimated. Thank you.
UNIDENTIFIED MALE: Sir, how about the (INAUDIBLE)?
(END VIDEO CLIP)
QUEST: The first part, of course, was all about the immigration.
Oh. First part was all about immigration, and it relates to the decision to hold the bill hostage for -- to open up or to pay the TSA -- to fund the
TSA, and to fund DHS.
[16:45:14]
But that will pull that to one side.
And nothing new on Iran. He just said they are being decimated, we are -- we are talking, but no further details, despite best efforts to get them.
Come summertime, that man who you have just been seeing, the president of the United States, all of these, these are dollar bills. You will be
delighted to know that I did sort of find a few more. That is a dollar. That is a 10. That is a 20. And I haven't got any more. But there could be
one big change. The person who signs just here, treasurer of the United States, it won't be the treasurer, it will be the man you have just heard
from. In a moment.
(COMMERCIAL BREAK)
QUEST: The Conservative Political Action Conference known as CPAC took place in Texas this week, with one topic dominating discussion. The U.S.
and Israeli war with Iran.
Donie O'Sullivan saw firsthand how polarizing the conflict has been become for President Trump's core base supporters.
(BEGIN VIDEOTAPE)
DONIE O'SULLIVAN, CNN CORRESPONDENT: When it comes to Iran, how do you feel about that?
ALEX STONE, ATTENDEE, CPAC: Not happy. I'm not happy at all. I mean, President Trump ran on no new wars.
O'SULLIVAN: What do you think of the war with Iran at the moment?
BRENDA PASSIALES, ATTENDEE, CPAC: Unfortunately, I think it's necessary.
O'SULLIVAN: You do?
PASSIALES: Yes, and he is the only president that had the backbone to take it on.
O'SULLIVAN: Here at CPAC in Dallas, opinion is divided about the war in Iran.
COLE KORNELL, ATTENDEE, CPAC: Right now, I'm optimistic about it. And my -- Republican that wants a forever war? Do I want a bunch of boots on the
ground? Do I want Iraq 2.0? No, I don't. But through what, you know, he has accomplished in the past, what he did with Maduro, I'm very confident that
this will be a success as well. And as long as it's a temporary thing.
I mean, if this is something that's still going on months from now, then, the Republicans can kiss the Midterms goodbye.
O'SULLIVAN: Are you concerned that it's going to drag out long-term war?
PASSIALES: Of course. Of course, and -- but I don't think that's going to happen. I don't think, Trump will allow that to happen. He is a president
of peace. He was in for four years, and there was no war.
STONE: I feel like we have been opted into a war that shouldn't be ours. It should be Israel's.
[16:50:02]
Obviously, I don't think that Iran should have a nuclear weapon. But for 20 plus years, they have been saying -- Iran is on the verge of a nuclear
weapon. OK, where is the nuclear weapon?
O'SULLIVAN: Or what do you say to -- people who say, well, this is Israel's war. It shouldn't be America's war.
DOC COLLINS, ATTENDEE, CPAC: That's not -- so, Israel is God's people, and those that bless Israel will be blessed. Those that curse Israel, they
better watch out.
O'SULLIVAN: Do you believe that Israel forced the U.S. into this war?
PASSIALES: Absolutely not. Donald Trump does what Donald Trump wants to do. Period. End of story.
KORNELL: I don't think Trump is really controlled by anybody, as much as everyone would like to control him. But I do question some of the things
when it comes to are we just going to bend over everything for Israel.
O'SULLIVAN: Do you feel disappointed in the president?
STONE: Sure. Yes --
(CROSSTALK)
O'SULLIVAN: Do you still support him?
STONE: I want him to succeed. I think it's to be determined on, you know, if I can remain to support him.
O'SULLIVAN: Are you concerned that this war drags on?
STONE: Absolutely. Absolutely. I -- you know, we hear the phrase, America first. Let's put America first. And I'm concerned that this isn't putting
America first.
O'SULLIVAN (voice over): America first, sentiments are strong here, and while not all Iranian Americans agree with the war --
O'SULLIVAN: Are you from Iran?
UNIDENTIFIED MALE: Yes, I've been here for 50 years.
O'SULLIVAN (voice over): Many of those who came to this year's CPAC --
O'SULLIVAN: Hello. Are you also Iranian?
SINA KHODAEIFAR, ATTENDEE: I miss my country. I'm 15 years here.
O'SULLIVAN (voice over): Have come here to plead with the president to stay in the fight.
O'SULLIVAN: There is pressure here in the United States on Trump, on the administration, to end the war quick.
MATIN SAMIMIAT, ATTENDEE, CPAC: I get the concern because people have trauma from Iraq and Afghanistan wars. But think about a future alliance
between a best friendly Iran and United States. How much your prices of oil will go down.
REZA FARNOOD: Iran is not Iraq, and it's not Afghanistan. We don't want money. We don't want anything. We want our country back.
O'SULLIVAN: If Trump is watching this, what is your message to the president?
FARNOOD: Mr. President, thank you. And we know you playing right. People of Iran, thank you for your help and support.
SULLIVAN: Donie O'Sullivan, CNN, Dallas.
(END VIDEOTAPE)
QUEST: President Trump has renamed the Kennedy Center. He has added his visage, the Department of Justice. Now, he is putting his signature on U.S.
currency. It is a first for a sitting president. The treasury department says the new notes are in honor of America's 250th anniversary.
Unfortunately, I'm just going to try and open this and see if it -- will work. Bear with me one second. I seem to -- there we go. Now, we are
cooking with gas. Just shows you what happens when you know, you are not --
The new $100 bill will be the one printed first. There is no mock up yet, but let me give you the gist of it. Let's take a look.
Here, you have Janet Yellen as Treasury Secretary, and you also have the signature of the treasurer of the United States. Now, in this case, it's
Lynn Malerba from 2022 to 2024.
To give you an idea, according to the Fed itself, this bill was likely to stay in circulation. You ready for this. This bill was standardization for
roughly 24 years. That's a very long time.
So, now, what's going to happen? Well, the name of the treasurer is going to go, and instead, Donald Trump's signature will go somewhere around here.
We have reached out to the White House and Treasury for more details. They haven't given us any.
Luke Nichter is the presidential historian at Chapman University.
Sir. It's very interesting this, because -- I mean, we can make a fuss about the fact that no -- not since any recent sitting president, et cetera
-- et cetera, but it has to be seen in context of all the other things that the president shoves his name on.
LUKE NICHTER, PRESIDENTIAL HISTORIAN, CHAPMAN UNIVERSITY: Well, you are exactly right. And it's good to be with you.
You know, it's -- what you are describing. Is obviously very unusual, but it's not unprecedented. If you want rewind the clock back to 1926 for the
nation's sesquicentennial. Then-President Calvin Coolidge appeared with George Washington on a special half-dollar coin. So, I would say very
unusual, but not completely unprecedented.
QUEST: All right. Let's look at what Scott Bessent has said as he's -- he got Scott Bessent. I'll read out. He says, "There is no more powerful way
to recognize the historic achievements of our great country and President Trump than U.S. dollar bills bearing his name."
[16:55:05]
I don't want to get asked you to make a political comment or one way or other. But what do you make of that rationale?
NICHTER: Well, I think what I make of it is, I think most Americans don't think of their currency as being political or partisan. It's money. And I
think, and this point, the administration is not disguising an overt political or partisan purpose. And I imagine, as in much of the Trump
administration, if you are a supporter, you will cheer this on, and if you are not, this will bother you.
QUEST: We found out some numbers about the how long currency lasts, the $100 bill, which we couldn't afford to get out the bank, that lasts about
24 years, according to the Fed. You get, by the time you get to the old 20, you know, you're a dozen or so. Down at the $1 bill. It's just a couple of
years.
Now, the reality is, if the president has his name on all the currency I'm just going through now. Paul O'Neill is still around. I've got one from
Janet Yellen. I've got Steve Mnuchin. I've got all -- a variety of names.
This thing hangs around for a long time.
NICHTER: It does, I mean, you know, but honestly, I think I don't know the last time I used cash, you know, to buy anything. So, you know, my first
reaction to the news was, I wonder how many, how widespread it will be, the use of the president's signature or image, and whether it's possible that
this won't be as lasting as it seems.
You know, and I think also, the other big question is, you know, so -- in so many ways, the Trump administration has been precedent setting, and I
think time will tell whether or not his successors continue this precedent.
Maybe, in the future, we'll see more of this.
QUEST: Interesting. That's a very interesting. Is a new precedent being started.
Thank you for joining us, sir. Thank you very much. I'll send you a dollar bill when we find one.
(CROSSTALK)
NICHTER: Thank you.
QUEST: Thank you.
We will take a "PROFITABLE MOMENT" after the break.
(COMMERCIAL BREAK)
QUEST: Tonight's "PROFITABLE MOMENT". I think the issue with putting the president's signature on the currency that many people will feel is that it
hasn't been telegraphed. It hasn't been consulted. Like so many of the acts of Donald Trump, particularly, of course, the demolition of the East Wing
of the White House or the Kennedy Center. It's just been imposed overnight, without discussion, debate, consultation.
And when you are talking about changing something that basically has been around more than 150 years, and no president has been on the currency.
Overnight, just to declare it does seem to annoy a lot of people, and there is perhaps, reason for that.
[17:00:06]
But that what's interesting, of course, is that's not going to stop it. And within short order, we are going to have the dollar bill in one shape or
another, with President Trump's signature.
What I find fascinating is what our guest just said, will other presidents decide -- this is a nice idea. Maybe I should do it too. Or treasurer.
And that's QUEST MEANS BUSINESS for this Friday night. What a week it's been.
I'm Richard Quest in New York.
Whatever you up to in the hours ahead, I hope it is profitable.
I will be back with you on Monday. Have a lovely weekend.
END
