Bank CEOs Are Coming Out Fighting for Fed Independence
Goldman Sachs Chief Executive David Solomon, Bank of America head Brian Moynihan and Citigroup's Jane Fraser said on Wednesday the central bank's ability to operate without White House or political interference is critical to the U.S. economy and financial markets. They followed JPMorgan Chase CEO Jamie Dimon, who said the same thing on Tuesday.
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Live sports is the most dependable magnet for viewers and costs for its rights are expected to increase 8% a year over the next decade. With television viewership declining in general, it's clear where savings will have to come from. Wieser said he does not know whether Colbert's show is profitable or not for CBS and parent company Paramount Global, but he knows the direction in which it is headed. 'The economics of television are weak,' he said. In a statement announcing the cancellation, George Cheeks, Paramount Global's president and chief executive officer, said that 'This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount.' Cheeks' problem is that not everyone believes him. Colbert is a relentless critic of Trump, and earlier this week pointedly criticized Paramount's decision to settle Trump's lawsuit against CBS over a '60 Minutes' interview with Kamala Harris. He called Paramount's $16 million payment to Trump a 'big fat bribe,' since the company is seeking the administration's approval of its merger with Skydance Media. On Friday, the Writers Guild of America called for an investigation by New York's attorney general into whether Colbert's cancellation is itself a bribe, 'sacrificing free speech to curry favor with the Trump administration as the company looks for merger approval.' CBS' decision made this a pivotal week for the future of television and radio programming. Congress stripped federal funding for PBS and NPR, threatening the future of shows on those outlets. Journey Gunderson, executive director of the National Comedy Center, called the decision to end Colbert's show the end of an era. 'Late-night television has historically been one of comedy's most audience-accessible platforms — a place where commentary meets community, night after night,' Gunderson said. 'This isn't just the end of a show. It's the quiet removal of one of the few remaining platforms for daily comedic commentary. Trump celebrates Colbert's demise Trump, who has called in the past for CBS to terminate Colbert's contract, celebrated the show's upcoming demise. 'I absolutely love that Colbert got fired,' the president wrote on Truth Social. 'His talent was even less than his ratings.' Some experts questioned whether CBS could have explored other ways to save money on Colbert. NBC, for example, has cut costs by eliminating the band on Seth Meyers' late-night show and curtailing Jimmy Fallon's 'Tonight' show to four nights a week. Could CBS have saved more money by cutting off the show immediately, instead of letting it run until next May, which sets up an awkward 'lame duck' period? 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Follow him at and David Bauder, The Associated Press
