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Shamita Basu
Good morning. It's Monday, May 5th. I'm Shamita Basu. This is Apple News today. On today's show, at 94 years old, Warren Buffett is stepping down. The Trump administration's plan to convince more Americans to have babies and a little history behind tonight's Met Gala theme. But first, the trial of Sean Combs. The music mogul known as Diddy, starts today. He faces federal charges including sex trafficking and racketeering. Prosecutors say he ran a criminal enterprise that included kidnapping, drugging and threatening women into sexual activity. Combs denies all the accusations against him. And last week he turned down one last chance at a plea bargain. If convicted, he could spend the rest of his life in prison. Recently, the New Yorker profiled one of the lawyers on his defense team, a man named Brian Steele. He first got on Combs radar after defending the rapper Young Thug in a racketeering case last fall. Steele helped Young Thug secure a plea deal for probation and community service, far better than the alternative, which could have been decades in prison.
Charles Bethea
He told me that he likes to take on the most challenging cases possible.
Shamita Basu
Charles Bethea spent around four months reporting on Steel's career and courtroom style for the New Yorker.
Charles Bethea
He also doesn't seem interested in the money and the sort of toys that come with the millions of dollars he's paid to do this work. His work ethic is legendary. I mean, I talked to dozens of attorneys, including rivals, who ultimately admitted that he works harder than anyone they've ever encountered in the practice of law.
Shamita Basu
And Bethea told us Steele seems to have almost the opposite values of Combs, or at least the public's perception of Combs, who branded himself as a bad boy.
Charles Bethea
Steele, meanwhile, he's something of a Boy Scout. He won't curse even when reading from court transcripts. He's remarkably kind and generous in the course of his daily life. I witnessed him stopping to pick up trash while jogging, offering food to homeless people outside the grocery store. I kept trying to find skeletons in his closet during my reporting, but I didn't find anything more scandalous than a parking ticket.
Shamita Basu
Bethe says that reputation might help Combs in the courtroom.
Charles Bethea
Steele's polite, principled, even formal approach to defense may help a jury see Combs in a better light than a more sort of classic, slick, pugnacious defense attorney would. He might also cross examine some of Combs accusers with his kind of gentle and sympathetic touch with I witnessed during another recent trial of his.
Shamita Basu
The list of witnesses has not yet been made public, but according to cnn, former sexual partners, A business associate and a male sex worker are among those expected to appear. So is Combs's ex girlfriend, the singer Cassie Ventura. A video of Combs brutally attacking her in a hotel back in 2016 was made public by CNN last year. The New Yorker also mentions other lawyers on Combs legal team, including Mark Agnifolo. In the past he's represented Keith Ranieri, the founder of the nexivm sex cult, and Martin Shkreli, the so called pharma bro. He is also, along with his wife Karen Friedman Agnifolo, currently representing Luigi Mangione, who's charged in the murder of the United Healthcare CEO. Jury selection starts today and opening arguments are next week. Now to billionaire investor Warren Buffett, who is stepping down from his role as CEO of BERKSHIRE HATHAWAY After 60 years with the company. In a surprise announcement at the company's annual meeting over the weekend, Buffett said he's recommending that his vice chairman, Greg Abel takes take the mantle Next starting in 2026.
Warren Buffett
The time has arrived where Greg should become the chief executive officer of the company at year end.
Shamita Basu
This isn't the first time Buffett has named Abel his preferred successor. That's something that'll ultimately need approval from the company's board. But Buffett told the crowd even Abel didn't know this retirement announcement was coming and this isn't a total walk away. Buffett said he plans to stick around at Berkshire Hathaway, though he says he won't be the final word on business matters and that he remains loyal to the company.
Warren Buffett
I have no intention zero of selling one share a Berkshire Hathaway or it'll get given away. Congratulations.
Shamita Basu
Berkshire Hathaway's annual meeting is an event that's become so popular in the world of investing that it's been nicknamed Woodstock for capitalists. Every year it attracts thousands of investors and fans who flock to Omaha and millions more who watch from home. Investors, politicians and industry leaders quickly reacted to the news. JP Morgan Chase CEO Jamie Dimon released a statement saying Buffett, quote, represents everything that is good about American capitalism and America itself, and that he's learned so much from the 94 year old Titan of industry. Republican Representative French Hill, who is the chair of the House Committee on Financial Services senior, spoke with cnbc.
French Hill
Warren Buffett's been a hero of mine since I was in college and the Super Investor article he wrote back in 1984 was what got me so interested in value investing and also following his work, he said.
Shamita Basu
He's been attending the Berkshire Hathaway annual meetings since the 90s.
French Hill
And when I got out of government in 1993 and went back to the private sector in investment management, it was Warren Buffett who was, you know, my role model.
Shamita Basu
In his announcement, Buffett also made his most pointed comments yet about President Trump's trade policy, calling punitive tariffs a mistake.
Warren Buffett
There's no question trade can be an act of war, and I think it's led to bad things, just the attitudes it's brought out in the United States. I mean, we should be looking to trade with the rest of the world, and we should do what we do best, and they should do what they do best.
Shamita Basu
But Buffett said he's not particularly concerned about recent market volatility brought on by.
Rachel Cohen
Trump's tariffs, telling shareholders he's lived through far worse.
Warren Buffett
It's really nothing. There's been three times since we acquired Berkshire that Berkshire has gone down 50% in a fairly short period of time. Three different times. Nothing was fundamentally wrong with the company at any time. But this is not a huge move.
Shamita Basu
Buffett's run as CEO is among the most iconic in American financial history. He transformed Berkshire Hathaway from a struggling textile business into a powerhouse with companies that do everything from insurance to manufacturing to retail.
Rachel Cohen
But he's perhaps most celebrated for his.
Shamita Basu
Deep knowledge of the stock market.
Rachel Cohen
He famously bought his first stock at.
Shamita Basu
The age of 11 and studied the markets intensely ever since.
French Hill
He.
Shamita Basu
He became known for buying up large holdings of obscure companies that would far outperform the S and P. Investors of all kinds follow his stock trades and advice to grow their portfolios. Wall Street Journal columnist Jason Zweig described Buffett in an article this weekend as brilliant, with an incredible memory, and estimated that Buffett has probably read more than 100,000 financial statements in his career. And he writes, there will never be another Warren Buffett. It is extremely expensive to have a child in the United States. In the first year alone, it costs, on average, around $20,000. And that doesn't include the cost of childbirth, which can run tens of thousands of dollars. Even with insurance. Childcare is more expensive here than any other developed country.
Charles Bethea
And.
Shamita Basu
And all of these costs are highly dependent on where you live, what you earn, and whether you have insurance. Some experts have warned parenthood will only get more expensive with President Trump's tariffs. The cost of big ticket items like cribs, car seats and strollers, many of which are made in China, are expected to go up at the same time. Some people in Trump's inner circle, like Elon Musk and Vice President J.D. vance have been outspoken about their concern that the birth rate is falling in the United States. Vance has said the government should make it easier for young moms and dads to afford to have kids. In recent weeks, Trump officials have been considering a number of proposals on how to do this.
Kristen Welker
They run the gamut. Some involve spending. Some are more kind of cultural, kind of elevating the idea of people who have many kids as good.
Shamita Basu
Rachel Cohen covers policy at Vox. Some of the ideas being floated involve funding programs that educate women on their menstrual cycles. Another reserving 30% of Fulbright scholarships for applicants who are married or have children.
Kristen Welker
One of the ideas was a National Motherhood Medal that was would be bestowed on women who have six or more kids.
Shamita Basu
Another idea Trump has praised involves paying every mother $5,000 after giving birth.
Kristen Welker
Baby bonuses are pretty common around the world. They are not on its own likely to boost birth rates that much at all, but they could be helpful to new parents in sort of a more stressful, turbulent period of their life.
Shamita Basu
It's not clear which of these ideas, if any, the administration might ultimately pursue, but ProPublica points out Trump's team has already in many ways made it harder for families to expand in the US with other policy decisions. Doge made significant staffing cuts at the agency that promotes health and safety standards for child care programs.
Rachel Cohen
It also helps states reduce the cost.
Shamita Basu
Of childcare for families.
Kristen Welker
Coincided a few others they are gutting funding for Head Start, which serves nearly 800,000 low income children in preschool. House Republicans want to cut Medicaid, which that would force millions of people off their health insurance, which would make giving birth more expensive. And the Trump administration recently gutted at Health and Human Services federal teams that have been studying maternal health and reproductive medicine for years.
Shamita Basu
So it's not clear how the administration plans to square its ambitions of boosting the birth rate in the United States while making cuts to programs that support that very same goal. Also, Cohen told us it's important to keep in mind the US Is not an outlier when it comes to declining birth rates. This is a global trend and it's impacting even the countries with policies that are much friendlier to families. So there are experts who are saying there's more to this story than just cost.
Rachel Cohen
Before we let you go, a few.
Shamita Basu
Other stories we're following. Over the weekend, President Trump said in.
Rachel Cohen
An interview with NBC News Kristen Welker.
Shamita Basu
That he's not sure if it is.
Rachel Cohen
His job to uphold the Constitution, even.
Shamita Basu
Though that's part of the oath every.
Rachel Cohen
President takes when being sworn in. And Trump said he does not know whether every person in this country is entitled to due process.
Unnamed Reporter
Your secretary of state says everyone who's here, citizens and noncitizens, deserve due process. Do you agree, Mr. President?
Donald Trump
I don't know. I'm not. I'm not a lawyer. I don't know.
Unnamed Reporter
Well, the Fifth Amendment sets.
Donald Trump
I don't know. It seems. It seems, it might say that the.
Rachel Cohen
Supreme Court has long recognized that non citizens have due process rights. Trump went on to say that if the US Were to have a trial for Kilmar Abrego Garcia, the man wrongly sent to a prison in El Salvador, that we would have to have trials for all the people he wants to deport. Later, when asked about the impact of his tariffs, the president encouraged Americans to make do with less.
Donald Trump
I'm just saying they don't need to have $30. They can have three. They don't need to have 250 pencils. They can have five.
Rachel Cohen
In international news, Brazilian police said on Sunday that they thwarted a bomb attack planned at Lady Gaga's free concert in Rio, where more than 2 million people were in attendance. Police said the alleged attackers recruited a number of people, including minors, to carry out a coordinated attack using improv, explosives and Molotov cocktails. Police say the planned attack appears to have been a hate crime targeting the LGBTQ population. Authorities say at least two arrests were made and no one was hurt. In a statement, a spokesperson for Lady Gaga said they were not aware of safety concerns before or during the show and that, quote, all parties were confident in the safety measures in place. And finally tonight is the Met Gala, and this year, celebrities walking the carpet will be honoring black dandyism. National Geographic breaks down this legendary fashion movement, which has been popularized in the modern era by drag superstar RuPaul stylist Law Roach. And Andre Leon Talley, the former creative director of Vogue Nat Geo spoke to an assistant professor of black visual culture at Parsons School of Design who said black dandyism is so much more than just style. He calls it a profoundly political act. Quote, the strategic and often subversive use of style by people of African descent to assert individuality and challenge stereotypes and reimagine black identity. You can find all these stories and.
Shamita Basu
More in the Apple news app. And if you're already listening in the.
Rachel Cohen
News app right now, we've got a.
Shamita Basu
Narrated article coming up next.
Rachel Cohen
Is your new colleague actually an operative from North Korea reporting from Wired? Uncovers the fake workers who are infiltrating American companies. If you're listening in the podcast app, follow Apple News plus narrated to find that story. And I'll be back with the news tomorrow.
Apple News Today: The “Boy Scout” Lawyer Defending Sean Combs – May 5, 2025
Hosted by Shumita Basu
Shumita Basu opens the episode with a brief overview of the day's major headlines, setting the stage for in-depth discussions on high-profile legal battles, significant corporate leadership changes, and controversial government policies.
Trial Commencement and Charges
The centerpiece of today's episode revolves around the trial of Sean Combs, also known as Diddy. Basu outlines the severe federal charges Combs faces, including sex trafficking and racketeering. Prosecutors allege that Combs orchestrated a criminal enterprise involving the kidnapping, drugging, and coercion of women into sexual activities. Combs maintains his innocence and has recently declined a plea bargain, risking life imprisonment if convicted.
"Diddy denies all the accusations against him," Basu states early in the discussion ([00:05]).
Introduction to Brian Steele
A significant focus is on Brian Steele, one of Combs' defense attorneys profiled by The New Yorker. Steele gained attention after successfully defending rapper Young Thug in a similar racketeering case, securing a favorable plea deal involving probation and community service instead of lengthy prison time.
Charles Bethea’s Insights on Steele
Charles Bethea, a reporter for The New Yorker, provides an in-depth look at Steele's career and courtroom demeanor, highlighting Steele's preference for challenging cases and his unorthodox approach to legal defense.
"He likes to take on the most challenging cases possible," Bethea remarks ([01:20]).
Bethea emphasizes Steele's dedication and ethical standards, portraying him as the antithesis of Combs' public "bad boy" image. Steele is described as a "Boy Scout," known for his kindness and integrity both inside and outside the courtroom.
"Steele, he's something of a Boy Scout. He won't curse even when reading from court transcripts," Bethea observes ([02:01]).
Steele's reputation is seen as a strategic advantage for Combs, potentially influencing the jury to view Combs more favorably through Steele's principled and gentle defense style.
"Steele's polite, principled, even formal approach to defense may help a jury see Combs in a better light," Bethea explains ([02:29]).
Legal Team Composition
Basu details the broader legal team supporting Combs, including Mark Agnifolo, renowned for representing high-profile clients like Martin Shkreli and Luigi Mangione. The trial is set to commence with jury selection starting immediately, followed by opening arguments the next week.
Announcement of Retirement
Shamita Basu transitions to the monumental news of Warren Buffett, the 94-year-old billionaire investor, stepping down as CEO of Berkshire Hathaway after six decades. In a surprising move during the company's annual meeting, Buffett announced his retirement and nominated Greg Abel, his vice chairman, as his successor starting in 2026.
"The time has arrived where Greg should become the chief executive officer of the company at year end," Buffett declares ([04:14]).
Succession Planning and Buffett’s Continued Involvement
While reaffirming his continued presence at Berkshire Hathaway, Buffett emphasizes that he will no longer have the final say in business matters, ensuring a smooth transition to Abel. He expresses unwavering loyalty to the company.
"I have no intention zero of selling one share a Berkshire Hathaway or it'll get given away," Buffett assures ([04:48]).
Industry and Political Reactions
The announcement has elicited strong reactions from prominent figures. JP Morgan Chase CEO Jamie Dimon lauds Buffett as embodying the virtues of American capitalism.
"He represents everything that is good about American capitalism and America itself," Dimon praises ([05:06]).
Republican Representative French Hill shares a personal connection, citing Buffett as his investment role model since college and his inspiration in value investing ([05:39]).
Buffett’s Critique of Trump’s Trade Policies
In a candid moment, Buffett critiques President Trump's trade policies, labeling punitive tariffs as detrimental and likening trade to an act of war that fosters negative attitudes.
"There's no question trade can be an act of war, and I think it's led to bad things, just the attitudes it's brought out in the United States," Buffett comments ([06:14]).
Despite recent market volatility attributed to Trump's tariffs, Buffett remains unfazed, comparing current fluctuations to past downturns Berkshire Hathaway has weathered without fundamental issues.
"It's really nothing. There's been three times since we acquired Berkshire that Berkshire has gone down 50% in a fairly short period of time," Buffett remarks ([06:42]).
Buffett’s Legacy and Expertise
Highlighting Buffett's unparalleled impact on American finance, Basu recounts his transformation of Berkshire Hathaway and his profound stock market acumen. Colleague Jason Zweig lauds Buffett's brilliance and extensive knowledge, asserting that another figure of his caliber is unlikely to emerge.
Rising Costs of Parenthood in the U.S.
Shifting focus, Basu delves into the escalating expenses associated with raising children in the United States. She cites that the first-year cost averages around $20,000, excluding additional childbirth expenses, with childcare being notably more expensive compared to other developed nations.
"It is extremely expensive to have a child in the United States," Basu explains ([07:26]).
Government Proposals to Encourage Parenthood
In response to declining birth rates, the Trump administration is contemplating various proposals aimed at making parenthood more affordable and appealing. High-profile figures like Elon Musk and Vice President J.D. Vance have voiced concerns over the decreasing birth rate, advocating for government interventions to support young families.
Proposed Initiatives and Their Critics
Potential strategies include:
Financial Incentives: Proposals such as paying mothers $5,000 post-birth and establishing a National Motherhood Medal for women with six or more children.
"One of the ideas was a National Motherhood Medal that would be bestowed on women who have six or more kids," Welker reports ([09:15]).
Educational Programs: Funding initiatives to educate women about their menstrual cycles.
Scholarship Adjustments: Reserving a portion of Fulbright scholarships for married applicants or those with children.
These measures, while aiming to alleviate financial burdens, face skepticism regarding their efficacy in significantly reversing the decline in birth rates.
"Baby bonuses are pretty common around the world. They are not on its own likely to boost birth rates that much," Welker notes ([09:42]).
Contradictory Policy Moves
Despite these efforts, the administration has simultaneously implemented policies that potentially hinder family expansion. Significant cuts have been made to child care program funding, Head Start, and Medicaid, which could inadvertently increase the costs and challenges of raising children.
"Dog made significant staffing cuts at the agency that promotes health and safety standards for child care programs," Basu highlights ([10:19]).
Rachel Cohen of Vox underscores the incongruity of promoting pro-natalist policies while reducing support structures essential for family growth.
Global Context and Broader Implications
Cohen also contextualizes the issue, pointing out that declining birth rates are a global phenomenon affecting even nations with robust family support policies, suggesting that economic factors alone do not account for the trend.
"There are experts who are saying there's more to this story than just cost," Cohen adds ([10:51]).
Donald Trump’s Remarks on Due Process
In a controversial segment, President Trump expresses uncertainty about the constitutional right to due process for all individuals in the U.S., including non-citizens. This statement follows legal confrontations regarding deportations and the treatment of immigrants.
"I don't know if every person in this country is entitled to due process," Trump states ([11:29]).
Security Breach at Lady Gaga’s Rio Concert
Brazilian authorities thwart a planned bomb attack targeting Lady Gaga's free concert in Rio, intended as a hate crime against the LGBTQ community. The incident was prevented without any casualties, with the police making multiple arrests.
"A video of Combs brutally attacking her in a hotel back in 2016 was made public by CNN last year," Basu recounts ([11:38]).
Met Gala Celebrates Black Dandyism
The Met Gala's theme this year honors black dandyism, a fashion movement with deep political and cultural significance. National Geographic explores this movement’s role in empowering African descent individuals to assert their identity and challenge societal stereotypes.
"Black dandyism is so much more than just style. It is a profoundly political act," an assistant professor explains ([13:35]).
Basu concludes the episode by directing listeners to the Apple News app for more stories and promotes the "narrated article" segment available on the podcast app, which delves into espionage concerns within American companies.
Notable Quotes:
Charles Bethea on Steele's Integrity
"Steele, he's something of a Boy Scout. He won't curse even when reading from court transcripts." ([02:01])
Warren Buffett on Trade Policies
"There's no question trade can be an act of war, and I think it's led to bad things, just the attitudes it's brought out in the United States." ([06:14])
Rachel Cohen on Global Birth Rate Trends
"There are experts who are saying there's more to this story than just cost." ([10:51])
Conclusion
This episode of Apple News Today offers an intricate exploration of high-stakes legal defense, monumental leadership transitions in the business world, and the complexities of government policy-making. Through detailed reporting and expert insights, host Shumita Basu ensures listeners are well-informed on the multifaceted issues shaping current events.