Transcript: Nightly Business Report – May 13, 2019

ANNOUNCER:  This is NIGHTLY BUSINESS REPORT with Sue Herera and Bill  Griffeth.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Stocks plunge.  China  strikes back with retaliatory tariffs, wiping out about $1 trillion in  market value worldwide.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Caught in the middle.  A small  New Jersey manufacturer is pulling back on growth plans as it tallies the  cost of tariffs on its business.  

Price fixing accusations.  A sweeping lawsuit claims generic drug companies  conspired to inflate prices and their stocks fall sharply.  
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Monday,  May the 13th.  

HERERA:  Good evening, everyone.  And welcome.  
What a way to start the week, stocks fell sharply at the open and stayed  there, as tensions flared when China slapped new tariffs on U.S. goods.   The fear is that a heightened and prolonged trade fight between the world`s  two largest economies could hurt global growth and could have a very broad  impact.  

So, let`s get right to the closing numbers.  The Dow Jones Industrial  Average dropped 617 points to 25,327.  The Nasdaq was lower by 265 points.   And the S&P 500 fell 69.  
Kayla Tausche starts us off tonight with the latest developments on the  U.S./China trade war.  


KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Both the U.S. and  China are arming themselves with new weapons as the trade war drags on.   China says it will slap new tariffs on $60 billion in U.S. goods from light  bulbs to peanuts to beef.  As the U.S. targets the remaining $300 billion  in goods China sends to the U.S. each year that has so far been spared.  

President Trump says he hasn`t decided yet whether to launch those tariffs.  

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  We have another $325 billion  that we can do if we decide to do it.  

TAUSCHE:  As tensions heat up, there`s room for some goodwill.  China`s new  tariffs don`t take effect for three weeks.  President Trump is now pointing  to the G-20 meeting at the end of June in Japan where he`ll meet China`s  President Xi.  

TRUMP:  Maybe something will happen, we`re going to be meeting, as you  know, at the G-20 in Japan.  That will be I think probably a very fruitful  meeting.  

TAUSCHE:  The next several weeks will be critical, with the treasury  secretary saying he plans to keep talks open.  

REPORTER:  When will you go to Beijing? 

STEVEN MNUCHIN, TREASURY SECRETARY:  We`re working on dates, nothing  confirmed yet.  

TAUSCHE:  China may be sharpening other tools too.  State paper “The Global  Times” says it could stop purchasing farm and energy products, cut back on  orders of Boeing (NYSE:BA) planes and possibly dump treasuries. 

Mnuchin  dismissed that idea.  

REPORTER:  Will China continue to buy our debt?  

MNUCHIN:  I assume so.  It`s a great investment.  

TAUSCHE:  Despite the volatile market reaction to the tit for tat,  President Trump says he loves the position the U.S. and its economy are in.   And negotiators continue to say he`ll walk away if any deal doesn`t produce  permanent change.  

For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.

GRIFFETH:  And as Sue mentioned, the trade tensions resulted in some very  strong selling on Wall Street today.  Bob Pisani takes a look at the  market`s ugly mood.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Trade tensions flared  up today, putting serious pressure on stocks.  The Dow is plummeting more  than 700 points at its low, but closing well off of that.  Stocks were down  overnight, but they turned even lower prior to the open when China  announced it will raise tariffs on $60 billion of U.S. imports beginning  June 1st.  But these new higher tariffs will largely hit farmers and affect  thousands of products.  Apple (NASDAQ:AAPL), Boeing (NYSE:BA), Caterpillar  (NYSE:CAT), led the Dow lower here, all three are down about 20 percent or  more from their recent highs.  

Stocks did come off their lows late in the day on a few comments from both  U.S. treasury secretary Steve Mnuchin and President Donald Trump saying  trade talks were still on going, that`s not much of the market to go on.   Why is this?  

Because the trade wars have suddenly become very real.  We not only have  higher tariffs on existing goods, we have a very specific China response  targeting U.S. agriculture products, with possible other measures to come.  

That`s taken a tool at commodity prices.  So, for example, soybean futures,  they plummeted to their lowest levels in more than a decade.  And cotton  prices are also coming under pressure.  We`ve had talk of the U.S.  expanding tariffs to all China imports which would particularly target the  technology field.  One reason Apple`s down 5 percent today.  

But for many, the damage is already done.  Retailers are getting hit  because their input costs are about to rise.  So, names like Macy`s  (NYSE:M), Gap (NYSE:GPS), Nordstrom (NYSE:JWN), Lbrands, they all closed at  new 52-week lows today.  

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

HERERA:  More now on Boeing (NYSE:BA) and the bond market, both of which  Kayla mentioned in her report.  The editor of the Chinese newspaper “The  Global Times” tweeted: China may stop purchasing U.S. agricultural products  and energy, reduce Boeing (NYSE:BA) orders and restrict the U.S. service  trade with China.  Many Chinese scholars are discussing the possibility of  dumping U.S. treasuries and how to do it specifically.  

A Boeing (NYSE:BA) spokesperson says that the company is confident the U.S.  and China will continue trade discussions and come to an agreement that  burn fits both U.S. and Chinese manufacturers and consumers.  Nonetheless,  the stock fell more than 4 1/2 percent.  

GRIFFETH:  And what about that line in the Chinese editor`s tweet about  China selling U.S. treasuries?  Now, China is the biggest buyer of our  debt.  What would happen to interest rates and our economy if it started  selling those treasuries?

Joining us tonight, Bill Adams is senior economist with PNC Financial  Services Group.  
Bill, thanks for joining us tonight.  


GRIFFETH:  It`s considered highly unlikely they would think about selling  too many of their treasuries.  But what do you think — isn`t it  interesting they even brought it up in this street?  What do you think  would happen if they did start thinking about selling in size?  

ADAMS:  I think if we did see a large sale of treasuries by China`s central  bank, we would see treasury bonds fall, yields move higher over a short  period of time.  But I think after that, it`s likely that the Federal  Reserve would intervene in the treasury market and buy treasuries.  That`s  what the whole point of quantitative easing was.  If they saw yields moving  in a direction that was out of line with their goals for the U.S. economy,  I think the fed has the tools to bring interest rates back where they want  them.

HERERA:  Art Cashin, down on the floor of the New York Stock Exchange with  UBS, suggested that perhaps a worst case scenario would be if China just  stayed out of the auction and didn`t buy any more U.S. treasuries.  What do  you make of that scenario?  

ADAMS:  I actually — I think China has already stepped back quite a bit  from financing the U.S. government.  Chinese foreign exchange reserves,  peeked at around $4 trillion U.S. dollars a few years ago.  And now,  they`re down to around $3 trillion U.S. dollars.  

So, China has already changed from being a net buyer to a net seller over a  multiyear time horizon.  And the ten-year government bond yield is only 2.4  percent right now, and the U.S. economy continues to grow.  
GRIFFETH:  But again, we don`t want to panic anybody, there is highly  unlikely the Chinese would sell too many of their treasuries, why is that?   Let`s explain that.

ADAMS:  China owns treasuries, not because they like the U.S. government or  they want to finance it, but because it`s an insurance policy against a  shock to the Chinese financial system.  Treasuries are a risk free asset in  the United States.  And the U.S. dollar is the world`s reserve currency.  
So, having treasuries is a buffer against bad things happening outside of  China and affecting the Chinese financial system.  With this conflict  between the United States and China and down side risk to global growth,  all the more reason China doesn`t want to tear up its insurance policy  today.  

GRIFFETH:  Bill Adams with PNC Financial Services Group, again, thanks for  joining us tonight, Bill.  

ADAMS:  Thanks for having me.  

HERERA:  The tariffs already in place have not been kind to a manufacturer  in New Jersey.  Contessa Brewer took a trip to Piscataway to measure the  impact on the business firsthand.  

CONTESSA BREWER, NIGHTLY BUSINESS REPORT CORRESPONDENT:  A long line of  products facing a long list of tariffs.  Strato designs and manufactures  equipment for the railroad and transportation industry, but the tariffs are  derailing plans for growth.  

Many of the finished parts are made in China and sent to the U.S.  They  were just slapped with a tariff increase now totaling 25 percent.  It will  cost this small company in central New Jersey $14 million over 15 months.  
And buying all American isn`t an option.  

SUSAN DIEHL, STRATO COO:  The problem is, we can only — the industry is  only supplying about 30 percent of the products necessary for the industry  domestically.  

BREWER:  These parts will equip San Francisco`s public transit system known  as BART.  It will pick up the additional costs of the tariffs, which means  taxpayers and riders are footing the bill.  Strato is hiking prices as much  as 10 percent and passing that along with railroad customers.
DIEHL:  It forces the railroads to do, is pass the cost on to the shippers.   The shippers have to pass the cost on to the consumer, and that`s every one  of us.  

BREWER:  Like thousands of other American businesses, Strato is searching  for ways to cut costs as it absorbs the rest of the tariff impact.  Its  workforce has declined 10 percent.  And employees here are worried because  their bonuses depend on the company`s growth.  And Strato has significantly  slowed its expansion. 

DIEHL:  We`ve invested about $30 million in the last five years in new  product development.  We are pulling that way back at this point in time.   And it`s just — it`s slowing the development for the industry.  
And the economy is going in the right direction.  It`s growing.  The rail  system needs to grow with it.  

BREWER:  Those stuck in the middle of a global trade war are just hoping  something will spark a change.  
In Piscataway New Jersey, Contessa Brewer, NIGHTLY BUSINESS REPORT.  

GRIFFETH:  As you can imagine, the Federal Reserve is watching how this  tariff spat plays out and how it may affect the economy.  And right now,  market expectations for a rate cut are changing.  
Steve Liesman has more.  

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  In the wake of new  tariffs for President Trump on Chinese goods and Chinese retaliation on  U.S. goods, markets are now pricing in a quarter point cut from the Federal  Reserve by October, and maybe as soon as September.  
The probabilities in the Fed fund markets now price a 50 percent chance of  a cut by September, 60 percent by October, 75 by December, and 90 percent  by January 2020.  

But for one Fed official, it`s too soon to make that call.  

NEEL KASHKARI, MINNEAPOLIS FED PRESIDENT:  I`m hopeful that cooler heads  will prevail and this won`t go down a very nasty path.  Obviously, it`s the  worst case scenario, and its ever increasing tariffs for an extended period  of time.  That could change things.  That could have a real effect on U.S.  GDP growth.  But right now, I`m not seeing it.  So, I`m for one, in a wait- and-see mode.  

LIESMAN:  Gauging the economic impacts of tariffs are hard enough.  The  Federal Reserve also has to weigh the probabilities on the outcome of  negotiations, whether or not there`s a deal, how long tariffs could be in  place, how equity markets respond in the impact of lower stock prices, and  the effect of all this on business confidence and capitol spending.  
The J.P. Morgan writes that the trade war could hold global capital  spending growth to zero this year and dampen Chinese GDP by 0.8 percent.   The escalation of the conflict could also amplify an easing bias that is  rate cuts across the globe.  

All of this leads Morgan Stanley (NYSE:MS) to forecast serious easing by  the Federal Reserve of interest rates.  If the trade battle lasts three to  four months, Morgan economists see more Chinese stimulus and 50 basis  points or half a percentage point of cuts from the Fed.  

HERERA:  So, with Fed expectations changing and the market selling off, is  now the time to get defensive?  
Joining us is Jack Ablin, founder, partner and chief investment officer at  Cresset Capital.  
Welcome back, Jack.  Nice to see you.  


HERERA:  There are some expectations that this will be a long fight.  And  others say maybe a little bit on the shorter side.  You say stay put for  now as an individual investor, why is that?  

ABLIN:  Yes, I`m not ready to pull my hair out quite yet, Sue.  
I think there are three stages of down drafts.  There`s a technical one  which we`re currently in.  Then there`s one, what I would call cyclical  which starts impairing the global economy.  And then there`s systemic, one  we had to endure back in the financial crisis.  

The good news here is, we can take systemic downturn off the table.  So,  now, the question is, are we in a technical downdraft, which perhaps  there`s a 10 percent downside risk to or something more cyclical, where now  these tariffs start to impact economic growth globally and that the down  draft could be, you know, a little more severe?  
You know, there`s no evidence yet that this war is going to just continue  on to start impairing economic growth.  

GRIFFETH:  Right.  

ABLIN:  And so, for my perspective, I`d say, we`re still in that technical  phase and probably worth just standing pat for now.  

GRIFFETH:  So, you`d stand pat.  But would you buy with some of the  declines we`ve seen in the last two weeks?  

ABLIN:  Yes, I mean, for those investors who are sitting on the sidelines,  it`s a couple of easier ways to get into the market would be those parts of  the market that are somewhat insulated from the vagaries of these kinds of  tariffs, and that would be U.S. small caps.  They would tend to do better  as these tariffs escalate, because they tend to do most of their business  here domestically.  Certainly, a focus more on services rather than goods  could also be another way to play it.  

Another would be REITs.  REITs are generally considered U.S. based.  Pretty  much just real estate.  Now, they are expensive.  But they have done pretty  well as a defensive play in this kind of environment. 

And then lastly, master limited partnerships, MLPs, again, domestically  focused income oriented, and they are cheap.  But keep in mind, they are  tethered to the global crude market.  And so, if we do see a selloff in  crude, they`ll likely go along with it.  But again, they`re cheap enough  that there`s a push in there and a decent yield.  

HERERA:  Jack, thank you so much.  Jack Ablin with Cresset Capital.  
Still ahead, 44 states, a handful of drug companies and one sweeping  lawsuit.  

GRIFFETH:  Back to Boeing (NYSE:BA).  That company is not only dealing with  China right now, but also the fallout from those two deadly 737 MAX  crashes.  One of the planes that went down belonged to Ethiopian Airlines.  
And tonight in an NBC News exclusive, the CEO of that airline says that  he`s not sure what the future holds for his company and for the airplane  maker.  

TEWOLDE GEBREMARIAM, ETHIOPIAN AIRLINES CEO:  I cannot fully that the  airplane would fly back on Ethiopian Airlines.  It may if we are fully  convinced and if we are able to convince our pilots, if we are ever to  convince our traveling public, because, you know, all our headlines have  grounded the airplane.  But in our case, beyond grounding the airplane, we  have this tragic accident just a couple months ago.  So, it takes a lot of  efforts to convince everybody that the airplane is safe.  But beyond that,  I think we have to convince ourselves, and we want to do that.  

GRIFFETH:  He added that if his airline does fly those jets again, they`ll  be the last to do so.  

HERERA:  Apple (NASDAQ:AAPL) already under pressure from a trade war with  China got more bad news today.  The Supreme Court will allow an antitrust  class action lawsuit to move forward after a group of iPhone owners accused  Apple`s app store of being a monopoly.  The opinion says consumers have the  right to sue the company, it does not accuse Apple (NASDAQ:AAPL) of  violating the law.  The stock fell nearly 6 percent in today`s session.  

GRIFFETH:  And it was a tough day in the marketplace for some drug makers.   Forty-four states have now filed a massive lawsuit accusing a number of  pharmaceutical companies of conspiring to inflate generic drug prices.   Teva was hit the hardest among that group, down almost 15 percent today.   Mylan (NASDAQ:MYL) and Pfizer (NYSE:PFE) were also named in that lawsuit.  
Meg Tirrell has the details.  

MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The generic drug  industry exists to make medicines less expensive.  After patent protection  expires on branded drugs, generic drug makers compete to bring cheaper  copies to market.  At least that`s how it`s supposed to work.  A new  lawsuit for more than 40 states alleges generic drug makers instead  conspired to drive prices up, sometimes as much as 1,000 percent.  
Connecticut Attorney General William Tong detailed the allegations in an  interview with “60 Minutes”.  

WILLIAM TONG, CONNECTICUT ATTORNEY GENERAL:  I think what we`ve come upon  is that the generic drug industry is the largest private sector corporate  cartel in history.  

TIRRELL:  The news drove stocks of generic drug makers down sharply Monday.   The suit is a broader version of one filed in 2016 involving 15 generic  drugs.  It alleges that 20 generic drug manufactures including Teva, Mylan  (NASDAQ:MYL), Novartis` Sandoz, a Pfizer (NYSE:PFE) unit, and others,  quote: embarked on one of the most egregious and damaging price-fixing  conspiracies in the history of the United States.  
The number of drugs, more than 100.  The cost to consumers, the lawsuit  claims, billions of dollars.  

TONG:  It`s devastating.  It affects health insurance premiums and health  insurance plans, it impacts Medicare and Medicaid.  And it is a chain  reaction that drives up the price of American health care to a natural  heist.  

TIRRELL:  The drug companies denied the allegations, and the generic drug  trade group, the association for accessible medicines, further points out  that generic drug prices have declined over the last three years, the  lawsuit mainly focuses on activity from 2013 to 2015.  But it`s clearly  spooked Wall Street.  

DAVID MARIS, WELLS FARGO SECURITIES:  Depending on what it could be, this  could be problematic or really problematic.  

TIRRELL:  The lawsuit seeks damages of penalties and return of profits from  the alleged price fixing.  And the states say the investigation is ongoing.  


HERERA:  Tariffs are another thing that Ford and GM have to worry about in  China.  And that`s where we begin tonight`s “Market Focus”.  

Auto sales in China fell for the 10th straight month in April, falling  nearly 15 percent, from the same month a year ago.  Ford`s China`s car  sales fell 37 percent last year, while GM slipped 10 percent.  Today, GM  fell 3-1/2 percent to $36.58.  Ford was off 3 percent to $10.08.  

The CEO of Bed, Bath and Beyond is stepping down from the company effective  immediately.  This comes as activists investors are pushing for changes at  the retailer after sluggish sales.  The CEO is also resigning from the  board.  Shares of Bed, Bath were down more than 4 percent to $15.08.  

GRIFFETH:  Nielsen is reportedly pulling out all the stops to keep its last  remaining bidder, Advent International, at the bargaining table by lowering  its asking price.  “The New York Post” says the offer could be as much as  $20 billion.  And the ratings company agreed to push back the deadline to  June after Advent needed more time to conduct its due diligence on this.   Nielsen shares fell about 3-1/2 percent today to $23.75.
And following a disappointing debut on Friday, Uber shares continue to  decline today.  Some investors are questioning if the ride-sharing company  may take the same path as rival Lyft whose shares are down by nearly a  third since it became public a few months ago.  Today, Uber shed nearly 11  percent to $37.10.  

HERERA:  It is Infrastructure Week.  Events are being held across the  country with the focus on rebuilding and modernizing portions of America`s  infrastructure.  Tonight, we take a look at the drive to be less reliant on  the electrical grid.  Home builders are leading the charge, using the  latest technology to build large developments that use no energy at all.  
Diana Olick is in Irvine, California.  

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  From the outside,  these look like your basic California condos, 44 units.  But inside,  they`re actually zero.  Net zero, meaning they produce as much energy as  they use.  

STEVEN HILTON, MERITAGE CEO:  The multifamily is more challenging, because  you don`t have as much space for, you know, solar collectors.  It`s a  tighter site.  The land is more constrained, so it`s a lot more complicated  to execute.  

OLICK:  Meritage (NYSE:MTH) is the first large scale production builder to  move into multifamily net zero with this complex in Irvine.  It`s all  electric, using energy efficient lighting, appliances and HVAC and heat  pump water heaters.  It`s built using spray foam insulation, not just in  the attics, but in the walls, making the interior much tighter, so heating  and cooling are more efficient.  

On the roof, high efficiency solar panels.  The development is using new  rules from the state`s public utility commission that allow output from a  community solar system to be distributed to individual homeowners  throughout the complex.  

Even sunny California isn`t sunny every day.  So, when the sun is shining,  the solar system produces more energy than is needed and that energy is  sold back to the utility company and the homeowner gets a credit.  So, on  dark rainy days, they use that credit and the bill comes out to net zero.  
HILTON:  And f you have no utility bills, that`s going to allow you to buy  more house, and people are excited about that.  

OLICK:  High demand for housing like this will in turn reduce the demand on  electricity for the nation`s electric grid and infrastructure.  

ANDREW MCALLISTER, CA (NASDAQ:CA) ENERGY COMMISSIONER:  So, it`s not just  about distributed solar.  It`s about our buildings being responsive.  So  utilizing renewable energy when it`s available in our buildings, and not  utilizing grid energy when it`s not very low carbon.  

OLICK:  The condos are slightly more expensive up front.  But the utility  savings pay that back in seven years of ownership, to pay back to the  electrical infrastructure and to the planet is priceless.  
For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Irvine, California.  

GRIFFETH:  And coming up, why global trade tensions are putting the  multibillion dollar art market to the test.  

HERERA:  It is springtime in the art auction market.  But this year, rising  tensions between the U.S. and China could dampen one of the most lucrative  seasons for that industry.  
Robert Frank explains.  

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It is the biggest  test of the year for the global art market.  More than 2,000 pieces  totaling between $1.5 billion and $2 billion set to be auctioned off by  Sotheby`s, Christie`s and Phillips this week.  

The big question: will the trade war, market swings and China slowdown  scare away the big bidders.  Chinese buyers accounted for 29 percent of all  global auction sales.  

Of the top 20 lots sold at Sotheby`s last year, six went to Asian buyers,  so China is critical for the growth of the art market.  But all collectors  will be keeping a close eye on the stock market as well.  

TAD SMITH, SOTHEBY`S CEO:  The biggest risk to the art market is the same  risk to the equity markets.  It`s the same risk to the other things.  It`s  black swans, challenges on macro or political level.  There`s not anything  more focused on art than anything else for an equity or bond holder.  

FRANK:  Many of the top trophies this week came from estate sales.  The  estate of S.I. Newhouse, the former chief of Conde Nast, is selling the  most expensive piece Jeff Koons` rabbit sculpture.  It is considered Koons`  masterpiece.  He only made four.  This is the last in private hands.  
It`s expected to sell for $50 million to $70 million at Christie`s, even  though it remains highly controversial. 

ALEX ROTTER, CHRISTIE`S CHAIRMAN, POST-WAR & CONTEMPORARY ART:  That was  such a shocker when Jeff first exhibited in 1986.  People were thinking  he`s out of his mind.  People called it outer-worldly, alien, awful,  everything.  So, it was a really radical sculpture.  

FRANK:  Christie`s also selling this piece by Robert Rauschenberg titled  Buffalo II.  It comes from the state of Beatrice Mayer, one of the  heiresses to the Sara Lee (NYSE:SLE) fortune.  And it`s expected to sell  from between $50 million and $70 million.  

And Sotheby`s will sell one of Monet`s famous grainstack paintings for over  $55 million.  

And if you`re in the market for a Koons animal sculpture but don`t have $70  million to spare, you can pick up his elephant at Sotheby`s for a mere $2  million to $3 million.  

For NIGHTLY BUSINESS REPORT, I`m Robert Frank at Christie`s in Manhattan.  

GRIFFETH:  And before we go, a final look at the day on Wall Street.  Big  selloff to start the week with the Dow down 617 points, Nasdaq was lower by  269, the S&P 500 down 69 points today.  
HERERA:  What a day.  


HERERA:  That does it for NIGHTLY BUSINESS REPORT tonight.  I`m Sue Herera.   Thanks for joining us.

GRIFFETH:  I`m Bill Griffeth.  Have a great evening.  We`ll see you  tomorrow.  

Nightly Business Report transcripts and video are available on-line post  broadcast at The program is transcribed by ASC Services II  Media, LLC. Updates may be posted at a later date. The views of our guests  and commentators are their own and do not necessarily represent the views  of Nightly Business Report, or CNBC, Inc. Information presented on Nightly  Business Report is not and should not be considered as investment advice.  (c) 2019 CNBC, Inc.

<Copy: Content and programming copyright 2019 CNBC, Inc. Copyright 2019 ASC  Services II Media, LLC. All materials herein are protected by United States  copyright law and may not be reproduced, distributed, transmitted,  displayed, published or broadcast without the prior written permission of  ASC Services II Media, LLC. You may not alter or remove any trademark,  copyright or other notice from copies of the content.>

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply