29th Annual Milken Institute Global Conference Special: Day Three

Summary

Bloomberg Businessweek: 29th Annual Milken Institute Global Conference Special – Day Three

Original Air Date: May 6, 2026
Hosts: Carol Massar, Joe Matthew
Theme: Reporting and analysis from the final day of the Milken Institute Global Conference, focusing on money, power, technology, geopolitics, sports as an economic driver, healthcare innovation and fraud, and the business of NASCAR.

Episode Overview

This episode captures Day Three of the Milken Institute Global Conference, featuring live interviews with leaders in global politics, sports, and healthcare. The discussions are timely and wide-ranging: Middle East security, anti-Semitism in the U.S., gender investment in sports, innovations and challenges in healthcare affordability, and NASCAR’s strategy for growth and adaptation in a media-splintered world. The hosts deliver fast-paced, candid conversations, sharing both the tension behind today’s headlines and the personal stories fueling major industry change.

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1. Middle East Geopolitics & U.S. Policy

Guest: Ted Deutsch – CEO, American Jewish Committee; former U.S. Congressman
(Segment starts at 02:15)

Key Points:

• Iran’s Role as a Regional Threat:
  Deutsch asserts bipartisan U.S. consensus that “Iran [is] the greatest impediment to peace in the region... They violate the human rights of their own people. They export terror in addition to the nuclear program and in addition to the ballistic missiles.” (03:10)
• On the Memo Regarding Strait of Hormuz:
  The much-anticipated memorandum (a “one-pager”) outlining potential reopening is met with skepticism, emphasizing that any real progress requires a comprehensive approach covering nuclear, ballistic missile, and terrorism concerns.
• Shared Regional Goals, but Divergent Priorities:
  Deutsch highlights overlapping priorities but nuanced differences among U.S., Israeli, and Gulf partners regarding security and peace.
  “There are very clear shared goals... The country that's received the largest number of missiles and drone attacks is the United Arab Emirates... They have a great interest in making sure... Iran can’t have nuclear weapons and that we don’t reward them and lift sanctions…” (04:47)
• Can Israel Block the Deal?
  Deutsch insists that, ultimately, U.S. presidential decisions lead the way:
  “The United States is making decisions in consultation with allies… Israel is an ally. But ultimately the United States is making decisions...” (07:01)

Notable Quotes:

• “We can’t allow... a situation where we wake up one morning and suddenly Iran has nuclear weapons. Then we’re in the same kind of position that we’re in with North Korea.” – Ted Deutsch (08:41)

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2. Rising Anti-Semitism in the U.S.

Guest: Ted Deutsch
(Segment starts at 08:59)

Key Points:

• Staggering Survey Statistics:
  “86% of Jewish Americans feel anti-Semitism has increased... nearly half of all young American Jews say they have been personal targets of anti-Semitism just in the last year.” (08:59)
• Role of Social Media:
  Deutsch links the rise of anti-Semitism and violence to toxic information flows, arguing,
  “Social media companies cannot become algorithmic hate machines, and that’s what’s happening.” (11:19)
• Broader Crisis of Intolerance:
  Anti-Semitism is seen as a barometer for larger issues of polarization and hate.
  “It always suggests that there’s something... a deeper problem. At a time of rising polarization, when political violence, sadly, is accepted, this is what we have to confront together.” (10:43)

Memorable Moment:

• When asked how to fix broad social intolerance, Deutsch urges personal and corporate responsibility to curb hate and misinformation, stressing the societal and business risks for platforms (11:19).

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3. The Economic & Social Impact of Sports

Guests: Breezy Johnson – U.S. Olympic Gold Medalist (Alpine Skiing)
Trisha Worthington – Chief Revenue & Philanthropic Officer, U.S. Ski and Snowboard
(Segment starts at 15:24)

Key Points:

• Funding Elite Athletes:
  U.S. Ski and Snowboard relies on private giving and corporate sponsorship—funds that directly support athletes’ training, travel, and competition (16:23).
• Athlete Perspective:
  Breezy Johnson breaks down income streams: helmet/title sponsors, NIL and Instagram deals, equipment sponsors, and appearance fees, mentioning how Olympic gold has raised opportunities but that most deals lag actual performance and are evolving rapidly amidst growing NCAA involvement (18:10).
• Diversity & Inclusion in Sports:
  Worthington and Johnson discuss the challenge of sports accessibility and the importance of broadening exposure through sponsorship, outreach, and storytelling:
  “There is a sport for everyone... Yes, there are different kinds of genetic advantages... but I think that everybody sort of has something for one of them... just trying a lot of different sports is what I would recommend.” – Breezy Johnson (22:04)
• The Surge of Women’s Sports:
  Social media has amplified women’s stories, shifting marketing and investment:
  “People are now seeing that investing in women’s sports through marketing... is an undervalued asset right now.” – Breezy Johnson (21:11)

Notable Quotes:

• “Winning an Olympic gold medal, I don’t think I really even could comprehend the value of it to the American public.” – Breezy Johnson (17:26)
• “Our women are killing it right now… It is attracting corporate partners to the team.” – Trisha Worthington (20:29)

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4. Healthcare Affordability & Fraud

Guest: Dr. Mehmet Oz
(Segment starts at 23:29)

Key Points:

• U.S. Healthcare Affordability Crisis:
  Dr. Oz points out that,
  “One in three Americans, after they see their doctor, get a prescription, go to the pharmacy, cannot fill it.” (24:32)
  He notes U.S. drug prices are often triple those in Europe, even for American-made medications.
• TrumpRX.gov and Drug Pricing Transparency:
  The administration seeks to lower drug costs and increase transparency via the referenced platform, negotiating ‘most favored nation’ pricing (25:05).
• Cracking Down on Hospice Fraud:
  Dr. Oz exposes systemic hospice fraud, particularly in Los Angeles, where a suspicious volume of hospices led to government action and shut-downs:
  “One in three hospices in the entire country are here in Los Angeles… We’ve shut down over 400 of these hospices in this country.” (25:49)
• Medicare Sustainability via Anti-Fraud Measures:
  Reforms are pitched as doubling the Medicare Trust Fund’s life expectancy by eliminating fraudulent outflows (28:24).

Memorable Quotes:

• “The reality of health care affordability is unlike other problems... when you can’t afford health care… that destroys the basic covenant you have with America.” – Mehmet Oz (24:10)
• “If you shut hospice down so they don’t defraud billions of dollars out of the system... it doubles the life expectancy of the Medicare trust fund.” – Mehmet Oz (28:24)

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5. NASCAR’s Growth, Media, and Global Expansion

Guests: Ben Kennedy – Executive VP, Chief Venue & Racing Innovation Officer, NASCAR
Jeff Gordon – Vice Chairman, Hendrick Motorsports; NASCAR Hall of Famer
(Segment starts at 33:04)

Key Points:

• Post-COVID Rebound & New Initiatives:
  NASCAR is actively deploying innovations like the NextGen car, schedule tweaks, and new media partnerships to rejuvenate the sport and attract younger audiences (34:06–34:54).
• New Media Deals & Streaming:
  Major deals with TNT/Warner Bros Discovery and Amazon Prime (covering five races, with flexible timing and extra data) mark a digital transition:
  “You’re not beholden to any broadcast windows or TV windows… on race day you’re literally one click away from watching the Cup Series race.” – Ben Kennedy (38:28)
• The NASCAR/F1 Relationship:
  Gordon frames F1’s rising U.S. significance as a net positive:
  “If motorsports is growing, I think everybody’s growing along with it.” (35:19)
• Global Expansion Strategy:
  NASCAR is working to add non-U.S. OEMs and expand internationally, citing recent Mexico City and Le Mans moves, a willingness to run international races, and ongoing OEM talks, including European and Asian brands (36:05–37:26).
• Michael Jordan’s Impact:
  His deep engagement as a team owner is seen as a catalyst for growth:
  “As an owner, it’s great to have Michael so engaged… I think it’s only going to help the whole sport grow.” – Jeff Gordon (39:30)

Notable Quotes:

• “We had a bit of a paradigm change. A lot of the initiatives… next gen car, schedule innovations, and then our new media rights agreement... opportunity to get to some of those younger audiences.” – Ben Kennedy (34:06)
• “He (Michael Jordan) is truly passionate about the sport. He is a fan... It’s neat to see that come out of him.” – Ben Kennedy (39:49)

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Notable Moments & Quotes (Chronological Timestamps)

• Ted Deutsch, on anti-Semitism and algorithmic hate machines:
  “Social media companies cannot become algorithmic hate machines, and that’s what’s happening.” (11:19)
• Breezy Johnson, on the unique challenge of Olympic competition:
  “For everything to come together at the right time, once every four years is definitely a challenge.” (17:58)
• Dr. Mehmet Oz, blunt on drug cost disparity:
  “We pay three times more… for drugs made even in this country bottled here than Europeans were paying for those exact same products.” (24:32)
• Jeff Gordon, on global expansion:
  “If we can bring in some OEMs that look at it outside of just North America, I think that could be a great start.” (36:05)

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Timestamps for Major Segments

• Middle East & Anti-Semitism: 02:15–12:05
• Sports & Economic Impact (Skiing): 15:24–22:57
• Healthcare Affordability & Fraud: 23:29–29:26
• NASCAR Growth & Internationalization: 33:04–40:02

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Conclusion

The episode spotlights the unique role of global leaders assembling at Milken, blending candid policy and business analysis with personal stories from the worlds of politics, sports, and healthcare. From urgent concerns over Middle East stability and domestic intolerance, through the new economics of Olympic dreams and NASCAR’s push for a digital and global future, the conversations showcase the high-stakes decisions and cultural shifts shaping the current business landscape.

Essential Listening For:

• Policy-watchers interested in real-time diplomatic challenges
• Sports business insiders following sponsorship & DEI trends
• Healthcare and life sciences professionals monitoring cost and fraud
• Media and motorsports lovers looking for the next big audience plays

Transcript

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[Joe Matthew]

It's Escape from L A the final day at Milken Day three Fly Out Day, as we like to call it in Washington, D.C. president saying that we've got a memo of understanding when it comes to the Strait of Hormuz that will gradually be reopened under this very sketchy framework. It's literally a one pager here, Carol, but the market's not waiting around to find out.

[Carol Massar]

No, indeed. And I think we have a great guest also to talk about kind of the region and I think about Israel and their role in all of this.

[Joe Matthew]

Yes, absolutely. The former Republican Congressman, Democratic Congressman from the state of Florida, Ted Deutsch, I didn't mean to do that to you. Is now CEO of the American Jewish Committee and it's wonderful to see you

[Ted Deutsch]

here at Milky to be here.

[Joe Matthew]

Thanks for being with us on Bloomberg TV and radio. You're engaged in a really important fight against anti Semitism right now, which I'm looking forward to asking you about. But this news today, I'm just wondering how you're interpreting this and whether you think we're getting way over our skis on hopes for peace.

[Ted Deutsch]

Well, most importantly, I chaired the Middle east subcommittee for a while when I was in Congress. And when it comes to Iran, there has always been bipartisan recognition that Iran is the greatest impediment to peace in the region. They violate the human rights of their own people. They export terror in addition to the nuclear program and in addition to the ballistic missiles. So when we look at where this is going, we have to think about all of this together. It has to be comprehensive. So right there is now this, this memo. The question is, where does the memo go? Where is it taking us? And it has to include, it has to include every piece of this, yes, nuclear, top of the list. Iran can't be a lot of nuclear weapons. This is something that president after president, administrations of both parties have always made clear. But it also has to deal with ballistic missiles and it has to deal with terror proxies and it has to deal with, with the evil that this regime has represented for so long.

[Carol Massar]

To be fair, I think folks will say it's existential for Iran, it's existential for Israel. What's going on? What, where do you see Israel in this? Could they ultimately block this one pager if certain things aren't happen? Israel's been a little quiet as of late, but I just do wonder how much power they have in blocking any kind of peace accord happening.

[Ted Deutsch]

I think, look, that the United States and Israel are close allies and there's cooperation and, and it's Israel, obviously an important part of, an important part of this analysis. As an ally of the United States, so too are our other allies in the region.

[Carol Massar]

But I don't think everybody has the same, the US's goals and Israel's goals. I don't think they're the same.

[Ted Deutsch]

Oh, I think, I think there are, there are, it's, there are very clear shared goals. If you look at what's transpired, again, we have to zoom out a little bit in the region. There is this focus on the us, Israel and Iran. The, the country that's received the largest number of missiles and drone attacks is the United Arab Emirates and for the UAE and for all of the Other countries throughout the region who have been on the receiving end of Iran's aggression, they have a great interest in making sure that whatever this deal looks like means that Iran can't have nuclear weapons and that we don't reward them and lift sanctions on and give them the ability to grow their ballistic missile program and to grow the other weapons that they use to be aggressive and threaten.

[Joe Matthew]

Well, this is a really important part of the story. When the president says that we're going to hand this over at some point pretty soon to neighbors in the region. We also know that uae, that Qatar, that Saudi Arabia are going to have to put pressure on Iran to make good on any deal. Is, is the region prepared for that?

[Ted Deutsch]

Well, I think the region understands because they've experienced what Iranian aggression looks.

[Joe Matthew]

Sure.

[Ted Deutsch]

And, and if there's going to be,

[Joe Matthew]

that would be a new posture for them against.

[Ted Deutsch]

Interesting. We're being here at, at Milken with the folks who are, who have been walking throughout this conference and you were focused on markets. I mean, the, everyone I think can acknowledge that the, the future in the Middle east is an integrated Middle east where you have the Abraham Accords countries, especially the uae, Bahrain, Israel, with the United States on one side and, and then Saudi and everyone else who will decide that being on the side of a more integrated region, more prosperity, a stronger future and with Iran on the other side is the way to go. So that means, yes, there's going to be a role that, that the region is going to play in making sure that this goes forward. But the United States isn't going to withdraw. In fact, this plan, this memorandum has to, it has to be a comprehensive way forward that includes not just talking about these issues, but understanding how each part of this is going to get it done.

[Carol Massar]

Right. Yeah, you can put words to paper, but you got to have the actions in place to make it all happen. So let me go back to Can Israel block a peace deal?

[Ted Deutsch]

Oh, I don't, I don't. And this is the idea that we went to war here was driven by the President. The President of the United States made the decision to go to war with Iran. This time Israel is an ally. But ultimately the United States is making decisions in consultation with allies about, about how this goes forward. And I think that's going to continue. You've seen this and in the ongoing conversations he had, he's had with leaders throughout the region, that's how, how the United States in working with its allies should behave.

[Carol Massar]

So that's a no. I'm just, you Know, I think, you know, because I do think there has been reporting about, you know, what Israel needs to get out of this versus the U.S. there's been a lot of reporting about the president wanting to get out of this war already. He's kind of done with it.

[Ted Deutsch]

Yeah, well, but again, I think we're

[Carol Massar]

not quite sure what the mission was to be fair, in terms of some of the.

[Ted Deutsch]

If you walk, if you walk through the. What we're trying to, what, what we. Everyone is trying to get out of this. There's a shared desire, a shared goal of making sure that Iran can never have nuclear weapons again. That's not just this administration and, and the government in Israel. This is our two, this country, Israel and all of the players in the region. And it goes back throughout American history. Administration, administration, back to 1979. Since regime they can't have nuclear weapons. That's a shared goal. The ballistic missiles that terror proxies. If you look at where we are now since October 7, with Hamas and Hezbollah and the Houthis having now been exposed as these Iranian proxies and confronted, everyone has a shared interest in.

[Carol Massar]

What makes me wonder then, is North Korea next? Because nobody wants them to have nuclear weapons. And I know that's not necessarily your.

[Ted Deutsch]

No, no, that's actually a really important point because that's exactly the point. We can't allow, we, the United States, the world can't allow a situation where we get to the point where we wake up one morning and suddenly Iran has nuclear weapons. Then we're in the same kind of position that we're in with North Korea.

[Joe Matthew]

Well, let's bring it home with some pretty troubling findings that you have brought from the American Jewish Committee. 86% of Jewish Americans feel anti Semitism has increased in the U.S. 63% of the general population, whereas nearly half of all young American Jews say they have been personal targets of anti Semitism just in the last year. What is going on in this country is that being influenced by geopolitics?

[Ted Deutsch]

Well, there are those who want to use geopolitics to somehow, I mean, you look at, at the attack in Michigan that was fortunately thwarted. But the, the idea that something that's happening 6,000 miles away somehow justifies an attack on the Jewish community here is outrageous. So it's not.

[Joe Matthew]

But what's provoking this?

[Ted Deutsch]

Well, what's provoking. Look, you have to take a step back. First of all, and the anti Semitism isn't new. It's been around for thousands of years. And what We've seen over the past two and a half years. What we've seen since October 7th is this explosion of anti Semitism around the world, violent attacks on Jews. It's been just about a year exactly, since, Since Sarah Milgram and Jerome Lushinski were murdered outside of an AJC event in Washington, D.C. by someone who was radicalized online. I think we have to, if we're, if we're going to confront this issue, we have to deal with the, the toxic information flow on social media that, that has taken the conspiracy theories. Anti Semitism is a conspiracy theory. It's a hatred of Jews. And it. And it. It uses whatever is happening at the time to help spread the. The hatred and the venom, and that's what we've seen. It also means, though I just have to say, anti Semitism is never just about the Jewish community.

[Jeff Gordon]

It.

[Ted Deutsch]

It always suggests that there's something. There's a deeper problem. At a time of rising polarization, when political violence, sadly, is accepted, this is what we have to confront together.

[Carol Massar]

Ted that's where I wanted to go. LGBTQ community, the Muslim community. I just feel like there is no tolerance for just, if you're different than me, Men and women have had, you know, like, there's just been. But why. How do we fix this? You, you know, served in Congress, like, how do we fix this? And just got about 45, 60 seconds. Fix the world in a minute.

[Ted Deutsch]

30 seconds. First look, first of all, at that.

[Carol Massar]

Do you know what I'm saying?

[Ted Deutsch]

I do, and I'm going to go back because we all have a responsibility. The social media companies cannot become algorithmic hate machines, and that's what's happening. And then that leads to decisions being made by individuals and by politicians who think that what they see on there is what they somehow ought to emulate. And then that often leads to the violence that we've also seen in the real world. We have to confront this again here at Milken. This is not just social media companies. It's not just about enforcing their community standards. There's business risk for them. They have to do the right thing.

[Carol Massar]

I have to say, people coming up to me like, hey, did you know that post that was just. That's all false? Yeah.

[Ted Deutsch]

Over and over.

[Carol Massar]

Pleasure. Thank you for joining.

[Ted Deutsch]

Thanks so much to see.

[Carol Massar]

Thanks. Of course. CEO of American Jewish Committee, Ted Deutsch, former representative in Congress.

[Joe Matthew]

Stay with us on Balance of Power. We'll have much more coming up after this.

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[Carol Massar]

I want to jump in right to our next two guests because they just are at a panel. The Legacy play How global sport shapes Cities, Economies and culture. And we think about so many things that bring communities together and sports is certainly one. So delighted to have a star here. Breezy Johnson, US Olympic gold medicine world champion, of course, skiing. We all know who she is.

[Joe Matthew]

She's so excited you're here.

[Carol Massar]

Yeah. Just got in here, right?

[Breezy Johnson]

Yeah, just last night.

[Carol Massar]

Just last night. Okay. She's your way. We're not. I don't know about us. Worthington is with us, Chief Revenue and Philanthropic Officer at U.S. ski and Snowboard. Thank you guys for being with us. Where to begin? You come to Milken. Joe and I keep talking about sports. There's a ton of money in sports. A lot of pressure, though, on every sport to make sure that they are generating revenue. Trisha, let me start with you. Tell us what you guys are doing, how easy it is, how hard you're all competing with dollar for dollars, I should say.

[Trisha Worthington]

Absolutely, yeah. We have two main revenue avenues of revenue at US Ski and Snowboard, and that is primarily private giving as well as corporate partnership. And both are really equally supporting these athletes. Everything we raise through those two avenues support their training, their traveling, their coaching, everything they need to get to the level that that Brissy did in Italy.

[Joe Matthew]

Well, it's incredible to have you here and wonderful to meet you. You're a hero for a lot of folks who watched you in action. And I'm wondering what kind of a reception you're getting here today because you're a draw and you help. You're an ambassador for this message, Right? What kind of reaction are you hearing from those who are holding the dollars at Milken?

[Breezy Johnson]

Yeah, I mean, it's really such an honor to be here, I think. You know, I would say I'm not one of the most well known athletes right now, but, you know, once the gold starts shining around, then people say Johnson.

[Joe Matthew]

But that starts a conversation in itself, doesn't it?

[Carol Massar]

Exactly.

[Breezy Johnson]

Exactly. Yeah. I think, you know, winning an Olympic gold medal, I don't think I really even could comprehend the value of it to the American public. I think we as athletes, we work our whole lives for it, but I think, you know, there's a lot of pieces that need to come together. Ski racing in particular is very much, you know, it's, I think, more similar to a Formula one operation than, like, what most people would expect from an Olympic operation. And we're trying to do that on a very small budget. So, you know, for everything to come together at the right time, once every four years is definitely a challenge.

[Carol Massar]

Mean and mean can make you extreme. Like, I totally see it play out. Breezy, talk to us about after winning the medal, like, what does that mean in terms of sponsorships? Do all of a sudden, is the phone ringing like crazy? Give us an idea of how that changes things.

[Breezy Johnson]

Yeah, it definitely changes things, although it's slow. Right. So as athletes, I would say most of our income comes from four main revenue sources for Alpine athletes. You have your helmet sponsor, your kind of title sponsor. We're lucky enough to work with Stifel on the US Ski team, and they work with personally. They're a great company and they're super invested in skiing and also expanding our appearance globally, which is super important for sponsorships. Then you have your sort of nil deals, your Instagram deals, things like that. That's. It's a small piece of the pie, and I feel like it's somewhat getting smaller as the market gets larger with NCAA athletes, etc. Then you have your endemic sponsors, your equipment sponsors, things like that. That's sort of holding pretty steady, I would say, but with inflation, I would say somewhat decreasing. And then you have your appearance fees, your, you know, conferences that you speak at, your, you know, keynote speeches that you do. So that obviously has grown a lot. Some of the deals, you know, that I've had are definitely growing. And then obviously you make more from your endemic sponsors through, you know, bonuses and things like that around the Olympics. But I would say, yeah, it's. It's an ever changing landscape for sure. And especially with, you know, NCAA and those pieces, it's definitely evolving.

[Joe Matthew]

So, Tricia, how do you grow a sport that for many people is not accessible and is known at least for having a high barrier of entry? How do you make this accessible to more Americans?

[Trisha Worthington]

Yeah, I think doing a good job on the corporate sponsorship side and having those corporate partners help us raise awareness for, for the athletes, because we are such a small sport. So we work with big brands like, like Stifel that Breezy mentioned. But Also Visa, Toyota, J. Crew, all exposing us to audiences that aren't endemic necessarily to the sport. So that. That. That would be a key part of that.

[Carol Massar]

I feel like the last couple of years, you know, hallelujah. You know, women and sports are getting some recognition. They're getting the broadcast audience. I do feel like there is a shift going on in a big way. Investors. Investors want to invest not just in men's teams, they want to invest in women's teams. Tell me about. Let me start with you. You know, what you are seeing specifically.

[Trisha Worthington]

Yeah, I mean, our women are killing it right now. You know, Breezy, Lindsay, in case anybody

[Carol Massar]

forgot, women are men,

[Trisha Worthington]

the strongest women's moguls team in the world. And so because there's so much hype around women's sports, it is attracting corporate partners to the team. And so, you know, it's definitely helping us grow that area of our support to a much bigger, you know, size than it has been traditionally.

[Carol Massar]

I want to ask you. I just want to ask Breezy the same question, like how. Because you started doing this when you were how old and what you've seen, your trajectory of how kind of the acceptance of women in sports, the success of women in sports.

[Breezy Johnson]

I mean, I would say that in many ways, I think social media has changed the landscape because. Because in the ability for everybody to tell their story, I think people have realized that women have just as compelling of stories as men do. And I think that has exploded online, the ability for women to market themselves. I mean, I think in terms of marketing, you often are talking about a form of investment. Right. And I think people are now seeing that investing in women's sports through marketing is, you know, that is an undervalued asset right now. And so to invest in it is, you know, a much better return. Whereas I think with men's sports, yes, there's great return on it. But also, you know, people already have. It's not undervalued in the same way that women's sports is.

[Joe Matthew]

Really interesting. Just lastly, then, what would be your advice to a young person living in the middle of the country without a lot of disposable income who wants to do what you did?

[Breezy Johnson]

I mean, I think to me, sports, you know, is such a broad category. And I personally, like, I love skiing, and I think that they're, for one, you see stories of skiers from places like Buck Hill, small ski hills, and I think we're working through, you know, organizations like Sharewinter and things like that to try to expand the sport to a broader socioeconomic background. And then as far as, like, sports in general, I do think that there is a sport for everyone. I think that, yes, there are different kind of genetic advantages to different sports, but I think that everybody sort of has something for one of them, whether it's, you know, the eyesight you need for skiing or the fast switch muscles for sprinting. And so I think just trying a lot of different sports is what I would recommend to a lot of people.

[Joe Matthew]

Well, you've inspired so many Americans. We thank you for being here. It's wonderful to meet you in person. And thanks for doing everything that you're doing.

[Ted Deutsch]

Thank you.

[Joe Matthew]

Absolutely.

[Carol Massar]

Both of you. Yeah, really wonderful stuff. So appreciate it.

[Joe Matthew]

Lucy Johnson and Trisha Worthington with us here.

[Bloomberg Balance of Power Host]

You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and 5pm Eastern on Apple CarPlay and Android Auto with the Bloomberg business app Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Joe Matthew]

You never know who you're going to meet at Milken is the moral of the story here. And that's why been playing itself out in a lot of different ways, including Right now, Dr. Mehmet Oz just walked in the room, we waved and he came to sit down with us here. Jose will not wave.

[Mehmet Oz]

I got dragged with a hook.

[Joe Matthew]

See how I tried to make that. He had no idea that we were

[Carol Massar]

going to do this.

[Mehmet Oz]

Innocent as you think.

[Joe Matthew]

Well, you know, we could just, we saw each other where we ran at each other and embraced. It's great to see you in Los Angeles. You're, of course, very, very much at home here. And I know that you're here, as you mentioned, to see your daughter on a panel. But there's a conversation at Milken that is right down the middle for you and that's affordability in health care. It's something that we've heard a lot of executives talk about as they try to get their arms around this. And it's a solution that a lot of folks are waiting for. I know it's something that you're talking about right now at the White House. It's this K shaped economy that we're in. This is one of the first areas where you can make a difference and

[Ted Deutsch]

we don't need a difference.

[Mehmet Oz]

The reality of health care affordability is unlike other problems, like you can't afford the eggs, you get upset. You know, the car costs more than you want, you get mad at the dealer usually. But when you can't afford health care, yeah, that Destroys the basic covenant you have with America. You want a piece of the rock. That means you get to be on the playing field. If you're not healthy, well, that's not happening.

[Joe Matthew]

Yeah.

[Mehmet Oz]

And especially if your family's compromised. I'll give you a couple of stats just to blow your mind. For folks who may not realize how difficult is for a lot of Americans. One in three Americans, after they see their doctor, get a prescription, go to the pharmacy, cannot fill it. One in three. Part of the reason for that is we pay three times more. We least we were three times more for drugs made even in this country bottled here than Europeans were paying for those exact same products. So some of the most common drugs we're using in America, like the weight loss drugs, the fertility drugs, you know, basic drugs we use for fundamental recovery of health unaffordable to many Americans.

[Joe Matthew]

So this is why Trump rx, right.

[Mehmet Oz]

Trump rx.gov which, by the way, if you haven't heard of it, please, trumprx.gov before you put buy a medication, at least check the price that's on Trump rx.gov don't think of it like a discount site, although the prices are dramatically lower because they've been negotiated to be most favored nation pricing. But make sure that it's a transparency site for you at least. We demystify what drugs should cost you. And we are continuing to add drugs. We had an Oval Office event last week adding the 17th of the 17 drugs of the biggest of the 17 companies that the president wanted us to add. These are all the largest companies in the world. And so we're making huge progress there. The affordability issues also, however, touch on fraud. And part of the reason I've been spending some time in Los Angeles of late is that one in three hospices in the entire country. Remember hospices where you go to die?

[Carol Massar]

Yes.

[Mehmet Oz]

With dignity. One in three in the entire country are here in Los Angeles, not California.

[Joe Matthew]

Wow.

[Mehmet Oz]

Los Angeles. Look around. People aren't that sick. They're not all dying in Los Angeles. When you see those kinds of variances in utilization, do you start to suspect fraud? And in fact, that's exactly what's happening. We've shut down over 400 of these hospices in this country. Prices shut down. We suspended payments. We're not giving them anything. And so far from the first batch, people aren't complaining.

[Joe Matthew]

Yeah.

[Mehmet Oz]

Which means they sort of know they were getting caught. And when you see this process existing without some type of enforcement or integrity of the system, reinforcing the need to, to be able to run it correctly. It encourages corruption. And so you see more and more doctors selling their souls, literally their licenses to be able to falsely claim people are about to die. You see business folks, that quick story guy made a fortune again using this, this hospice loophole in California. And he was building a massive house with all his money. And the guy who was the carpenter remarked that he was in the hospice business. Then the plumber overheard the conversation, said, hey, me too. So literally, the contractors and the person buying and building the house, everyone's in the business. Because it's become so easy to defraud the government. We're stopping that doctor.

[Carol Massar]

There's fraud, and then there's a lot of great doctors out there and a lot of great care health care providers. And I got to say, I talk with real Americans every day who are saying that the rollback in Obamacare, I mean, their health care costs are going up exponentially. I mean, that is problematic. I thought the whole goal was to reduce the cost of health care.

[Mehmet Oz]

Well, I'm going to push back for a second. So we had 23 million people on Obamacare last year. Historically, it was about 12 million people. So it's almost doubled. But most of the people that were asking about these issues aren't quite as upset as you claim because the average person went from being 82% subsidized. Right. That's what they are now. And how much they lose. They used to be 87% subsidized. So what happened in Obamacare is a massive push to enroll people. But if you don't ask people to even put $1 up for Obamacare, you end up with a lot of fraudulent enrolled people. So I'll give you some numbers. Of the 23 million people, almost half never filed a claim. So let me ask you, if you have health insurance, you once in a while use it. If you never file a claim, you should be asking yourself, well, what happened? Why do I even have this insurance? And it turns out many people didn't even know they had coverage. Look at the numbers right now. We went from 23 million to 22 million.

[Carol Massar]

I guess, yeah, we didn't lose a lot of people. I would beg to differ. And I would also say I'm a little concerned about administration policies and how we're going to retire in America in terms of, you know, Medicare and so on and so forth. Like, I do worry about that it's

[Mehmet Oz]

going to be healthier than it's ever been because of program integrity. If you shut hospice down so they don't defraud billions of dollars out of the system. I'll give you a number that's going to make this make us very clear. It doubles the life expectancy of the Medicare trust fund. Doubles it. So anyone out there working their tail off who thinks Medicare is going to be there for me when I retire, if you know it's going to last twice as long, you feel good about it and we're not doing anything. We're not touching Medicare in any way. The president has been very clear. He loves and shares his Medicare. It will remain exactly as you know it, but it's going to last longer. Taking the fraud out. And I think I'm going to shock you with this. The president saved Medicaid with some of these actions because we were looking at 5.4 trillion more dollars to be poured into basic legalized money laundering that would have bankrupted the system. So what we have done is put these programs on firm footing that they will continue to survive for the rest of our lifetimes.

[Carol Massar]

I hope. I hope so.

[Joe Matthew]

Would you come talk to us in Washington when we're back in town? I want to keep this going.

[Breezy Johnson]

Of course.

[Joe Matthew]

It's a real pleasure. I hope the panel goes well with your daughter. Thank you for stopping by. Don't be late.

[Carol Massar]

Thanks for coming in on our hook.

[Joe Matthew]

We hooked them again. Stay with us on Balance of Power. We'll have much more coming up after this.

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[Carol Massar]

Carol Massar Joe Matthew live here at Milken and it is a race to the finish. Don't tell anybody.

[Joe Matthew]

That was really good.

[Carol Massar]

We might have saved the best for last.

[Joe Matthew]

Let's say we saved the stars for the Breezy Johnson and I know, I

[Carol Massar]

know Ben Kennedy is with us. He's exactly. Executive vice president, chief venue and racing innovation officer over at nascar. Jeff Gordon. You know who he is. He's. No introduction, no needs, no introduction. Vice chairman of Hendrick Motorsports hall of Famer. Oh, my gosh. Oh, my gosh.

[Ben Kennedy]

Thanks for joining me.

[Carol Massar]

Good to have you here. I'm not sure where to start. First of all, when you guys come to Milken, what is it that you want to. What do you want to talk to? What do you want to do here, you know?

[Jeff Gordon]

Well, we're excited. This is our first time.

[Carol Massar]

Oh, yeah. We've never been to it before Timers this year.

[Ted Deutsch]

So.

[Carol Massar]

So how are you, like, so far?

[Jeff Gordon]

I mean, it's blowing our minds, you know, just the who's who of everybody and in, you know, business and business leaders. So, yeah, it's great to be here, be on a panel.

[Carol Massar]

Well, speaking of business, NASCAR is a huge business. Tell us about how things are going and I'm just curious about how you think about the next phase of revenue growth for it.

[Ben Kennedy]

It's great. We're, you know, in our, our season. So we're 78 years old this year. Blew out our candles on that a few months ago. Eleven races into the season. Eleven races into the season, six different winners. Jeff was in victory lane this past weekend with Chase Elliott. So we have a good start to the season and, you know, it's been a fun four or five years for us really. Ever since COVID we had a bit of a paradigm change, you know, as far as leadership goes, a lot of the initiatives that we've been pushing, whether it's the next gen car, a lot of schedule innovations. And then we had our new media rights agreement that kicked off last year year. So brought in new partners like TNT with Warner Brothers Discovery. Amazon prime is covering five races during the summer. And it's been great from a distribution perspective and giving us an opportunity to get to some of those younger audience.

[Joe Matthew]

As one of the greatest drivers of all time, you helped to mainstream NASCAR. You made NASCAR a household event. We're seeing F1 experience a moment now, and I'm wondering if you see that as competition or if this is the rising tide that lifts all boats.

[Jeff Gordon]

I mean, obviously their presence in the US has grown. So I've always looked at them as totally different.

[Joe Matthew]

It is totally different. But does it actually help you to just have more race bands in this country?

[Jeff Gordon]

I think if motorsports is growing, I think everybody's growing along with it. So yeah, absolutely. And you know, I think that's what we're Focused on right is. Is we've got some great characters and storytelling and rivalries. Chase Elliott, you know, one of the most popular. Popular winning this past weekend, a new star in Carson Hosavar. So we understand that. We're always trying to link our TV partners to our fans as well as our partners within the business, on our race teams, to our drivers and to the storytelling. And I think we've got some great momentum right now, especially collaborating with nascar.

[Ben Kennedy]

What they're doing.

[Ted Deutsch]

Yes.

[Carol Massar]

Well, I want to ask you guys both, how do you expect expand the global footprint? Jeff, let me kick it off with you. In terms of nascar, how do you see how you go about it?

[Jeff Gordon]

Yeah, I think a lot of it has to do with OEMs. Right. Right now or Chevrolet, Ford and Toyota. You know, Dodge has recently come into the truck series and could expand there. But I think it kind of starts with where are the OEMs and their footprint? And it's always been North America for us, and that's been their focus. But is if we can bring in some OEMs that look at it outside of just North America, I think that could be a great start.

[Carol Massar]

Well, are those talks going on at this point?

[Ben Kennedy]

Yes.

[Carol Massar]

We like headlines.

[Joe Matthew]

Let's make some noise.

[Ben Kennedy]

No, we're excited about it. And to Jeff's point, we have always focused on new oem. So RAM came into their sport this year with the truck series, which has been great. And then Jeff and I have been talking about what. What does the future of NASCAR look like? So, primarily a domestic sport. All of our races this year in the United States, we had a race in Mexico City for the first time in our sports history last year, which was great on so many different levels. Have a lot of interest north of the border, and then we have interest abroad as well. We worked with Jeff and the Hendrick team on a Garage 56 car, so a car that went over to Le Mans a couple of years ago. And I can tell you the fans there went nuts over.

[Carol Massar]

So are the OEMs in Europe or anybody in Asia? Like, are you talking to.

[Ben Kennedy]

Yeah, there's. There's a handful.

[Ted Deutsch]

Zeeker to hear.

[Ben Kennedy]

Yeah, there's a. There's a ton that we're talking to. So domestic and then international as well. And you think a lot of these. These different OEM brands, a lot of them are consolidating. A lot of them are working together now. So whether it is their flagship brand or one of the brands that live within their ecosystem, always having conversations.

[Jeff Gordon]

I just want to add to that, you know, something NASCAR's done and we have a next gen or gen seven car right now we're able to go to stadiums. We were here at the Coliseum in Los Angeles competing. We're going to San Diego to a naval base. So now we're able to go to places even outside of the US and put on a great event, either a street course, a stadium course. And I think that really opens up the door for more global.

[Joe Matthew]

You mentioned Prime. Is that your exclusive streamer? Obviously, when you start looking to the future, the TNT deal is a big one, of course, but you need to have digital rights at some point. People need to find you in different places. Where are you looking for streaming and how big can that be for nascar?

[Ben Kennedy]

Yeah, so we created the Amazon prime deal in a new meteorites package which takes us through 2031. So they have five races in the summer. They're actually going to kick off on Memorial Day weekend for the Coke 600. And it's been great for us so far. The. What I didn't actually realize about it is you're. You're not beholden to any broadcast windows or TV windows.

[Joe Matthew]

Right.

[Ben Kennedy]

So they can come on whenever they want and they'll leave whenever they want. So they've been really intentional about creating pre race shows, post ratios.

[Joe Matthew]

Is that an exclusive arrangement?

[Ben Kennedy]

Putting a lot of data into it for the Cup Series?

[Ted Deutsch]

Yes.

[Ben Kennedy]

Yeah. Yeah. So they, they cover those five races and then the promotion that they're able to bring as well. If you go to the Amazon app or Amazon.com on race day, you're literally one click away from watching Cup Series race. That's great.

[Carol Massar]

Got to ask about Jeff. Michael Jordan. Yeah. Michael competing against Michael Jordan.

[Jeff Gordon]

Except for his winning too much in a typical Michael fashion.

[Carol Massar]

What was, you know, what is it like having him. He's a massive celebrity. I don't even need to say that. You know, presence, you know, his presence at the ownership level for NASCAR just got about 30 seconds motorsports.

[Mehmet Oz]

Right.

[Jeff Gordon]

We've seen him in motorcycles, we've seen him around NASCAR races even before he became an owner. But I've never seen him as engaged as he is right now. Of course they're having a lot of success. Daytona 500 win. But as an owner, it's great to have Michael so engaged from an ownership. And I think it's only going to help the whole sport grow.

[Ted Deutsch]

Fantastic.

[Joe Matthew]

Ben Kennedy.

[Mehmet Oz]

Jeff.

[Ben Kennedy]

No, I was just going to say what I love to see about it is, and Jeff touched on this, is he, he is truly passionate about the sport. He is a fan.

[Ted Deutsch]

That's great.

[Ben Kennedy]

Comes to a lot of races. He grew up going to a lot of NASCAR events, so it's neat to see that come out of him.

[Joe Matthew]

Thank you for helping us animate some of the great stories that are coming out of Milken here. This was, you said it was a

[Carol Massar]

race to the finish.

[Joe Matthew]

Yeah, I think you guys won actually. Jeff Gordon, Ben Kennedy, great to meet you both and thank you for sharing your insights with us here on Bloomberg. Thanks for listening to the Balance of Power podcast. Make sure to subscribe if you haven't already at Apple, Spotify or wherever you get your podcasts. And you can find us live every weekday from Washington D.C. at Noontime [e-mail]

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