Squawk Pod – January 5, 2026

Episode Summary: Nicolás Maduro in New York & Versant on the Nasdaq

Main Theme and Purpose

This episode of Squawk Pod centers on two major stories:

1. The dramatic U.S.-led operation that resulted in the capture of Venezuelan President Nicolás Maduro—now facing federal drug charges in New York—and the related political, legal, and economic ramifications, particularly surrounding Venezuela's oil reserves and international relations.
2. The Nasdaq debut of Versant, the newly independent parent company of CNBC, highlighted through an interview with CEO Mark Lazarus regarding the company's strategic direction post-spin-off.

Hosted by Joe Kernan, Becky Quick, and Andrew Ross Sorkin, the episode delivers real-time analysis, notable interviews, and live market context as both historic news events unfold.

Key Discussion Points & Insights

1. U.S. Capture of Nicolás Maduro and Its Implications

The Operation

• Summary: Nicolás Maduro, after losing Venezuela's recent (contested) election and refusing to cede control, was apprehended in a U.S. operation involving explosions and helicopters over Caracas. He was transported to New York to face longstanding narco-terrorism charges.
  • "[It] gave it the feel of something very different from regime change in Venezuela." – Becky Quick [04:54]
• U.S. officials insist it was strictly law enforcement, but the operation had significant regime-change overtones.

Political Reactions and Constitutional Questions

• Division: Initial responses in Washington and beyond have followed party lines:
  • Republicans laud the action as overdue and courageous.
    • "This is something that other administrations didn’t have the courage to do." – Becky Quick paraphrasing Senator Lindsey Graham [07:39]
  • Democrats question constitutionality and Congressional oversight, raising concerns about U.S. involvement in foreign sovereignty and parallels to past interventions.
    • "Democrats...questioned the constitutionality...why Congress wasn't informed about this or had any role in this whatsoever." – Becky Quick [07:39]
• Administration's Justification: The White House claims operational secrecy was essential due to risk, timing, and security.

U.S. Role in Venezuela Post-Operation

• President Trump announced interim U.S. control over Venezuela:
  • “We’re going to rebuild the oil infrastructure.... It will be paid for by the oil companies directly, they will be reimbursed...” – Administration remarks [05:48], Jay Clayton [05:48]
• Debate ensues over how much the U.S. will "own" the aftermath (Colin Powell’s ‘you break it, you buy it’ doctrine):
  • "The expression, 'if you break it, you own it.' This was broken." – Andrew Ross Sorkin [13:39]
  • "Can the United States fix it? That's the governance challenge here, which is more than a military challenge." – Becky Quick [13:58]

Oil, Geopolitics, and International Concerns

• Venezuela's massive oil reserves (17% of global supply) are front and center.
• Broader U.S. strategy includes limiting Russian, Chinese, and Iranian influence in the region.
  • “We're just not going to allow a country with those oil reserves in our own hemisphere become a playground...for US enemies, including...Russia and China, but also Iran.” – Becky Quick [09:41]
• Reports surfaced of Venezuelan oil tankers fleeing port under cloaking efforts to evade the new U.S. blockade.
  • “As many as a dozen or more [ships] have left port and are making a run for it right now with their transponders off and engaging in cloaking efforts to try to...get out of the U.S. blockade.” – Becky Quick [10:10]

Public Response and On-the-Ground Reality

• There is reported relief among many Venezuelans, though some want assurances of sovereignty and transition:
  • "Maduro was not a popular figure in Venezuela.... There’s going to be some relief there. The questions are—what is the U.S. role going to be in...running Venezuela?" – Becky Quick [11:40]
• The vice president of Venezuela's initial resistance shifted towards calls for dialogue, indicating possible flexibility.

Notable Quote

• "Drug trafficking, fentanyl, cocaine, other similarly deadly drugs is a global, sophisticated business where the players have the resources and...the infrastructure equivalent to our best-run companies." – Jay Clayton [01:33, 28:36]

2. Legal Perspective: Interview with Jay Clayton (U.S. Attorney for Southern District of New York)

Origins & Basis for Prosecution

• The case against Maduro dates back to 2011, with narco-terrorism and cocaine importation charges expanded in a 2020 indictment.
• "This case...has been there for that long. Nicolás Maduro was charged in 2020 as part of that conspiracy..." – Jay Clayton [18:26]
• Jay Clayton highlights existing legal precedents (Noriega, Libya, Benghazi, PanAm 103) for bringing foreign leaders to U.S. courts.
  • "There is precedent...my people and I are completely comfortable with this prosecution." – Jay Clayton [21:31]

Legal, Ethical, and Geopolitical Friction Points

• Hosts press Clayton on:
  • The constitutionality of extracting a sovereign leader
  • Immunity and recognition questions (was Maduro a legitimate head of state?)
    • "The Biden administration, the EU...did not recognize Maduro as the duly elected leader of Venezuela." – Jay Clayton [22:34]
  • Consistency—why intervention here versus elsewhere (e.g., Mexico, Honduras)?
    • "I think you have to deal with each of these things idiosyncratically..." – Jay Clayton [25:19]
• Debate over U.S. motivations: law enforcement vs. resource control?
  • "Is this a pretext for our ability to control valuable oil?" – Joe Kernan [24:43]
  • "I'm totally comfortable with this." – Jay Clayton [26:08, 30:09]

Rule of Law & American Process

• Clayton emphasizes due process and the presumption of innocence:
  • "Every person charged in the United States is entitled to the presumption of innocence and has their day in court." – Jay Clayton [19:27]
• Transparent judicial process compared favorably to regimes without open discourse (Russia, China).
  • "We respect the rule of law. We respect process. We absolutely respect people's rights." – Jay Clayton [26:51]
  • "We are the leading country of the Western hemisphere...it's important that we are able to flex our muscles to some extent here." – Andrew Ross Sorkin [28:02]

U.S. Crime Strategy and Local Law Enforcement

• Clayton discusses broader federal efforts to combat drug and gun violence—“what the American people want.”
  • "The people of New York want career criminals who use guns in crimes. They want continuous custody when those people are arrested." – Jay Clayton [33:03]
• Pulls parallels between his work in New York and the battle against transnational criminals like Maduro.

3. Versant’s Nasdaq Debut and Future (Interview with Mark Lazarus)

Company Spin-off

• Versant officially launches on the Nasdaq as an independent media company, having spun off from Comcast/NBCU.
• “Everything we do is going to matter and every little piece is…there’s going to be a much more of a magnifying glass on what we do.” – Mark Lazarus [02:05, 39:52]

Strategic Vision

• Vertical Integration:
  • Focus is on deepening and expanding verticals such as news, sports, and niche content (e.g., Golf Channel and Golf Pass partnerships with Rory McIlroy).
    • "Vertical scale is going to be a way for us to differentiate and to diversify our business to be not so beholden to pay TV." – Mark Lazarus [38:16]
  • Plans include significant investments in digital properties (especially for CNBC and MSNBC) and direct-to-consumer offerings.
• Acquisition Philosophy:
  • Open to inorganic growth if assets fit vertical model, but priority is organic investment in existing strengths.
    • "If there were pieces...that fit into our desire to build around a linear service and grow them vertically...that might be interesting, but that's not our priority right now." – Mark Lazarus [42:36]
• Comparative Value:
  • Lazarus believes Versant is well-positioned financially and undervalued compared to others:
    • "We like our balance sheet. We're being launched with a fortified balance sheet that's going to really allow us to...be aggressive..." – Mark Lazarus [44:02]
    • "We think we compare favorably to...the pure plays and we think that our growth strategy will be a winner." – Mark Lazarus [44:02]

Notable Quotes & Memorable Moments

• Andrew Ross Sorkin (re: Venezuela intervention):
  "You can't turn Venezuela into the operating hub for Iran, for Russia, for Hezbollah, for China, for Cuban intelligence agents... That cannot continue." [09:58]

• Becky Quick (on U.S. obligations post-intervention):
  "Colin Powell's warning was if you break it, you bought it... The question is, does the United States want to own it or not? Clearly now the United States owns it politically and can the United States fix it? That's the governance challenge here, which is more than a military challenge." [13:58]

• Jay Clayton (on rule of law):
  "These are allegations. Every person charged in the United States is entitled to the presumption of innocence and has their day in court." [19:27]

• Mark Lazarus (on Versant’s approach):
  "You're going to be able to look at where are the best ideas in this portfolio—not in a much larger portfolio. But as importantly, everything we do is going to matter..." [39:52]

Timestamps for Important Segments

| Time | Segment/Topic | |---------|----------------------------------------------------------------------| | 01:03 | Episode introduction with breaking Venezuela news | | 04:54 | Becky Quick reports on operation to capture Maduro | | 06:02 | U.S. focus on Venezuela’s oil reserves and implications | | 07:39 | Washington political response, questions of constitutionality | | 09:30 | Chinese/Russian/Iranian interests in Venezuela | | 10:55 | U.S. legal precedent (Noriega, Panama) and public response | | 13:02 | Democratic Party reactions and the “broken” state of Venezuela | | 15:18 | Jay Clayton introduction: background on the Maduro prosecution | | 17:05 | In-depth Jay Clayton interview: legal, constitutional questions | | 21:31 | Legal precedents and U.S. prosecution powers discussed | | 26:08 | Discussion of possible U.S. motivation—oil vs. law enforcement | | 28:36 | Clayton on global nature of drug trafficking and cartel power | | 33:03 | On New York law enforcement, community safety, and federal powers | | 36:15 | Transition to Versant’s Nasdaq launch and Mark Lazarus interview | | 37:40 | Mark Lazarus on Versant’s strategic priorities post-spin-off | | 39:52 | Investing in digital, vertical scale, and acquisition strategy | | 44:02 | Competitive positioning vs. industry peers | | 45:34 | Episode close |

Conclusion: Flow and Takeaways

This episode captures one of the most dramatic intersections of U.S. foreign policy, law enforcement, and business in recent memory:

• The capture and prosecution of Nicolás Maduro is fraught with constitutional, political, and international consequences, and Squawk Box’s anchors interrogate these at every level.
• The situation highlights America’s challenge in balancing global policing efforts, domestic rule of law, and ethical governance.
• Simultaneously, a seismic shift in the media business occurs as Versant spins off and redefines its digital and content strategy, signaling both change and opportunity in a turbulent industry.

For listeners or readers, this episode provides in-depth, multidimensional coverage of two major stories as they unfold—blending sharp political analysis, legal reasoning, real-time business context, and candid executive insight.