15/02/2017 Newsnight


15/02/2017

The latest on the allegations of links between the Trump administration and Russia. Plus the Copeland by-election, high-speed trading, and Islam expert Tariq Ramadan.


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Transcript


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Is reality catching up with the reality TV President?

:00:00.:00:10.

I think it's very, very unfair what's happened to General Flynn,

:00:11.:00:15.

the way he was treated and the documents and papers

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that were illegally - I stress that, illegally -

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We'll ask if the White House can defeat the combined

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forces of the Democrats, the FBI and the "fake media".

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Did you think this was a stock exchange?

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No - this secret data centre in New Jersey

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And the closer traders can get to the mainframe,

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It's not only being in the building as close

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It's where you are in the building, relative to where the exchange is.

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A foot of cable equates to a nanosecond, a billionth of a second.

:00:55.:00:57.

People are getting into pissing matches over

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We look at how the playing field could be levelled.

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In most known universes, it could be either "conspiracy

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theories and fake news" or valid information allegedly

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leaked to journalists by intelligence services.

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In Donald Trump's universe it can, apparently, be both.

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Not yet a month in office and already one National

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Security Adviser down, the American President today took

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to blame pretty much everybody except Russians and his campaign

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team for the reported Russian infiltration of his campaign team.

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More on that momentarily, but first a rather more conventional

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sortie for a newly-minted President, the Middle East peace process.

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Earlier tonight, at a press conference with the visiting Israeli

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Prime Minister Benjamin Netanyahu, President Trump shared his vision.

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So, I'm looking at two-state and one-state, and I like the one

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I'm very happy with the one that both parties like.

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The BBC's Middle East editor Jeremy Bowen is here.

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He is certainly covering his bases. Did that mark a profound shift in US

:02:40.:02:47.

policy? It is hard to know, with President Trump. He is rewriting the

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rules or making them up as he goes along. If he says it this week, he

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might say something else next week. Certainly, the idea that a US

:02:59.:03:01.

President is backing away from the idea of the two-state solution is a

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change in a fundamental of American foreign policy for... Well, the last

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four presidents, since 1990, something like that, the two-state

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solution has been what they have been pushing for. Do you think

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Netanyahu would have been surprised by what came out of Donald Trump's

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mouth at the podium? Or would he have had early warning? All of these

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are contingent on more conventional politics, these questions. In these

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things, there's clearly a lot of preparation that goes into them. I

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think Prime Minister Netanyahu and the Israeli right have been hoping

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for rather more from President Trump. Judging by the things he said

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as a candidate, they were more or less going to get a blank cheque

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when it came to the Palestinians, to do what they wanted, build

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settlements where they wanted, in the numbers that they wanted. The US

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Embassy was going to move from Tel Aviv to Jerusalem, therefore

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recognising Jerusalem as the Israeli capital, something the rest of the

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world has not done, most of the rest of the world. But as President

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Trump, he has reined back on this. In the first couple of days after

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the inauguration, Mr Netanyahu approved 6500 new settlements for

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Jews, new homes for Jews, in the settlement, I should say, and in a

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news conference President Trump is saying, hang on, I want you to hold

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hard on settlements, there has to be a deal with concessions. Netanyahu

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was a bit taken aback, I thought, and said, well, concessions from

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both sides. The reported constant contact

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between key Trump aides and Russian officials during the election

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campaign is a burgeoning scandal with the potential to shake most

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politicians to their core. But Donald Trump is not

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most politicians. John Sweeney has been wondering

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whether the Teflon candidate might I think it is very, very unfair what

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has happened to General Flynn, the way he was treated and the documents

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and papers that were illegally - I stress that, illegally leaked. Very,

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very unfair. President Trump today mourned the loss of his National

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Security Adviser of 24 days. The man who, according to reports, he sacked

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in a flash. When he ran for office, they called him the Teflon Don.

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Don't worry about it, Little Marco, I will.

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I'm running against the crooked media.

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That is what I'm running against. He won and carried on regardless. Time

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to chuck dirt at the CIA. The intelligence agencies allowed any

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information that turned out to be so false and fake out, that they did

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that, I think it is a disgrace. I say that, and I say that, and that

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is something that Nazi Germany would have done. But the Teflon Don is no

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more. The grime is sticking to President Trump as never before. At

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the heart of the Flynn fiasco are fears that team Trump had a Russian

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connection with Kremlin spies. This morning, the New York Times reported

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that US intelligence sources told it that three of his closest election

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aides have repeated contact with Russian intelligence officials. All

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three deny it. Trump took to Twitter to fight back.

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The best evidence for the Russia connection might not be all

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nonsense, it was from the man himself in the campaign. Russia, if

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you are listening, I hope you are able to find the 30,000 e-mails that

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are missing. I think you will probably be rewarded mightily by our

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press. Today, the former reality TV star was clear who was to blame.

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America's greatest newspapers and its own spies. So, what is going on?

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This building behind me is the case for the defence. It is the new

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American Embassy in London. As you can see, like the Trump presidency,

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it is a work in progress. Trump has teething problems. But give him time

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and he will work perfectly well. The counter argument goes like this. OK,

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maybe the building will work, but, for the moment, it has a bloody

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great hole in it and it is leaking! Trump this morning praised American

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Security journalist Eli Lake. So, who better to ask than the

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President's current favourite reporter? We trust the government to

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eavesdrop in order to stop terrorism, stop crying, stop foreign

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infiltration and so forth. If you want to say Mike Flynn is indeed a

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spy, a patsy or agent for the Russians, which nobody is saying,

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and I would find hard to believe, having covered the man, that is

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interesting. But do that in a court. Let him defend himself. Don't do it

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anonymously like this, when you have the allegation hanging over him.

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There was a time when this sort of thing was done and it was called

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McCarthyism. Perhaps the US the state is at fault and the media are

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not giving President Trump a break either. I do think there is not the

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same rigour going on in newsrooms. The number of rubbish stories we are

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seeing, with reporters rushing to publish, with thinly sourced or

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anonymously sourced stories, it is not doing any favours to the

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impression that they are out to get Donald Trump. But where are the

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media getting the leaks from in the first place? What we are seeing is

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we have an establishment faction, like Sean Spicer, and then the

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populist faction that sees people in Congress, the leadership in

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Congress, Paul Ryan, Mitch McConnell, as sell-outs who have

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failed their wing of the Republican party. The number of leaks we are

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seeing is people jockeying for power. It could be an explanation

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for what happened to Flynn. With his back against the wall, Trump will

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need to rely upon Republicans in Congress to push through his agenda.

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Tonight, his pick for labour secretary dropped out because of a

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lack of that support from his own party. In politics, as in life, in

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London, Washington, DC, wherever, the more Knowl View throw around,

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sooner or later some of it will stick to you. -- the more mud you

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throw around. Let's talk now to Democrat

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Congresswoman Jackie Speier, who sits on the Intelligence

:10:15.:10:16.

Committee in the House It is hard to know where to start.

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Let's begin with that word illegal, employed by the President to

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describe the passage of information from who knows where into the hands

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of American newspapers, with regards to General Flynn. Do you recognise

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his description of criminality, illegality? Let's go further back,

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to when Sally Yates, then the Acting Attorney General, communicated with

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the President through his special counsel that there was concern is

:10:54.:11:00.

that Michael Flynn was compromised because there were intercepted

:11:01.:11:04.

communications from the Russian ambassador and inadvertently

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received information from Michael Flynn. It is very serious business.

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The role of Russia in impacting and meddling in the election in the

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United States is real. The President, for the longest time,

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denied that Russia was responsible. Now he seems to want to dismiss it.

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What we are mostly concerned with is what is the relationship, why is

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there such a bromance between our President and Vladimir Putin? In the

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last few days, Russia has tested missiles against the treaty dating

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back to Ronald Reagan. There was a destroyer that was buzzed by Russian

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aeroplanes and also a destroyer on our coast, a spy ship, that was

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within 30 miles of Connecticut and Delaware. Forgive me, none of which

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addresses the question of off there is a danger, think, that people see

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him as being right about everything or wrong about everything. It's

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impossible he is 100% right or 100% wrong. Surely, regardless of where

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the information has come from, for it to make its way from the

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intelligence services to the media is, at best, a dereliction of duty,

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and, worst, a form of criminality bordering on treason? Well, I guess

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I would disagree with you. The media has to be independent. The extent to

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which the President is now is trying to exclude mainstream media and only

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provide for opportunities for bloggers that are supportive of him

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or local TV stations that are not part of the mainstream media, would

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suggest to me that he is trying to silence the media. I go back to the

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Sally Yates situation, because it was detected by the CIA and that

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information was shared with the President about their concern that

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Michael Flynn had been compromised because of the conversations he had

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had with the Russian ambassador. Then more information has come out

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that there were other people. I haven't seen any of those

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transcripts. Whether I will be able to see them as a member of the

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intelligence committee is something that we are looking into right now.

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But I would say that, if there was collusion by the Trump campaign and

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his associates, with the Russian government, that is treason. That is

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a crime. Then we move onto a different. The transcripts

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notwithstanding, what else is the role of the intelligence committee

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now? I don't know how long you have been on it, but have you ever

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encountered a phenomenon like this before? No, I have only been on the

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committee for two years, but I would suggest to you that this is as big

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as Watergate, if not bigger. I think we have an ultimate response ability

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to the American people to make sure that we have reviewed all of the

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information the CIA has provided, that we have double checked it, that

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we have looked into whether or not, beyond what we know today, there

:14:31.:14:33.

were other relationships that existed between the Trump campaign

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and Russian officials. We also need to have the tax return of President

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Trump released. It has always been historically the way that

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presidential candidates have addressed this issue. He has first

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said it was because of an audit, now he says he is not going to release

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it at all. We have to find out if there are links between President

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Trump and Russian oligarchs, if they have received financing, if there

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are relationships that exist. That then puts in question any decision

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that is made, relative to Russia, by the President. Many thanks indeed

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for your time. One perspective on the unfolding

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drama that is often hard for Western watchers to appreciate is that

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of the Putin camp itself. Its members could never be accused

:15:20.:15:22.

of beating a path to the doors Avigdor Eskin isn't exactly in it

:15:23.:15:25.

but the Russian-Israeli businessman and political activist is a staunch

:15:26.:15:32.

supporter of the Russian President and frequently lectures

:15:33.:15:36.

in the country on political science. He's made a reputation by holding

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some controversial views. I spoke to him earlier

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at his home in Jerusalem, how the Russian media had reacted

:15:49.:15:50.

to General Flynn's resignation. People could not understand this

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whole scandal around General Flynn, because many of us remember him

:15:55.:16:00.

coming to Moscow one year ago. My colleagues, everybody noticed

:16:01.:16:06.

that he was kind of redneck American with the type of ideology close

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to late Senator Jesse Helms who promoted the American interest

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line, America first line, and when someone suspected him

:16:22.:16:26.

of being somehow leaning towards Moscow, it just sounded

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as a joke, as a kind of McCarthyism, which was probably too much

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for Senator McCarthy. Flynn is an author of a book

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where he describes the fight against world terrorism,

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and criticising Russia for many of the things that Russia

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presents in this circle of interest and after it, he somehow presents

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Washington as being pro-Russia. I mean, it's unbelievable,

:16:55.:16:57.

it's something unheard-of and nobody Is it really mysterious

:16:58.:17:01.

to Russians to understand how a National Security Advisor

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being economical with the truth to a vice president becomes

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a dismissible offence? There are some misunderstandings

:17:16.:17:23.

between different people, What we are saying is

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that Flynn was nothing If he does not force his way now,

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to the greater satisfaction of his friends and allies around

:17:29.:17:33.

the world, and in the United States, He needs to stick to one

:17:34.:17:36.

promise on every issue, OK, I will park that question of how

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it can be uncontroversial to have a National Security Advisor

:17:40.:17:47.

being misleading I will ask you instead why

:17:48.:17:49.

Donald Trump was the preferred candidate of the Kremlin

:17:50.:17:54.

during the American election? We know nothing about it,

:17:55.:17:56.

Trump was critical of certain However, being a realistic leader

:17:57.:17:59.

of a first world power sees Russia as a potential ally in fighting

:18:00.:18:08.

terrorism, which is a mutual threat. He wants to find some neutral ground

:18:09.:18:13.

for cooperation with Russia, with all the respect to Moscow,

:18:14.:18:16.

well, Trump is going to disagree It's absolutely clear,

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it's absolutely clear. We've are talking about the

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realistic approach to this world. Many thanks, Avigdor

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Eskin, good night. Even in this era of unprecedented

:18:36.:18:42.

political upheaval, some of the old conventions

:18:43.:18:44.

still hold true. And it's fair to say that busy

:18:45.:18:47.

Prime Ministers don't often turn up on the mid-term by-election stump -

:18:48.:18:55.

unless they think they've got a very real chance of winning

:18:56.:18:58.

the seat from another party. Factor in the pub quiz classic

:18:59.:19:01.

about governing parties not having made a by-election gain since 1960,

:19:02.:19:03.

defections excluded, and you'll understand some

:19:04.:19:05.

of the excitement surrounding Theresa May's visit

:19:06.:19:07.

to Copeland today. Newsnight's Political Editor

:19:08.:19:13.

Nick Watt was there. For more than 80 years, the Tories

:19:14.:19:30.

have really had much electoral success beyond the dreamy landscape

:19:31.:19:36.

of swallows and Amazons countries in the Lake District but now for the

:19:37.:19:41.

first time since 1981, the Conservatives think that they can

:19:42.:19:44.

win over the deprived west coast of Cumbria. Today, Theresa May donned a

:19:45.:19:51.

suitable outfit for this mainly role constituency, as she paid a brief

:19:52.:19:58.

visit to support her candidate in Copeland, it was not an easy ride as

:19:59.:20:03.

both Labour and Tories have a strength and weakness in the

:20:04.:20:06.

by-election -- rural. The Conservatives are on the defensive

:20:07.:20:12.

why labour. Trying to remove electoral surgery

:20:13.:20:20.

and midwifery services to Carlisle, 40 miles away.

:20:21.:20:23.

Labour was today accused of scaremongering, with a warning that

:20:24.:20:27.

babies could die. The Tory candidate was today criticised for failing to

:20:28.:20:32.

mention the NHS in her election leaflets but Trudy Harrison is

:20:33.:20:35.

advocating a rare case for a candidate from a governing party.

:20:36.:20:39.

She would oppose the reforms outlined in the NHS success regime

:20:40.:20:46.

consultation. All of the candidates are opposing the success regime. I

:20:47.:20:50.

think it is a dreadful shame that Labour are using it to score party

:20:51.:20:54.

politics because it is far too important for that. What is

:20:55.:20:58.

important is what we do about it. And whilst others have been

:20:59.:21:02.

designing leaflets, I've been speaking to the health minister.

:21:03.:21:06.

Feelings are running so high on the NHS that one pensioner who voted

:21:07.:21:09.

Conservative at the general election is now switching to Labour. In the

:21:10.:21:16.

Conservative leaflet, the NHS isn't mentioned once. She wants to close

:21:17.:21:22.

the hospital. Maggie Thatcher was the worst Conservative Prime

:21:23.:21:25.

Minister. David Cameron was not any better. This woman is in the same

:21:26.:21:31.

league. Ian Peter is supporting Labour, even though he has strong

:21:32.:21:36.

doubts about Jeremy Corbyn. I do not think public opinion will keep him

:21:37.:21:39.

there much longer. You say that you feel confident he will be on his way

:21:40.:21:44.

out? I don't think he will last much longer. A nurse working in the West

:21:45.:21:48.

Cumberland Hospital, who normally votes Labour, agrees with the party

:21:49.:21:52.

's campaign on the NHS but she may switch her vote. Labour are

:21:53.:21:56.

campaigning heavily on the NHS, why are you pausing about them? I think

:21:57.:22:04.

possibly due to the leadership. Tell me about it? With Jeremy Corbyn? I

:22:05.:22:09.

think that he is a weak figure, really. The doubts about Jeremy

:22:10.:22:12.

Corbyn highlight Labour's principal weakness in this by-election. His

:22:13.:22:17.

equivocal support for nuclear power in the home of the Sellafield

:22:18.:22:22.

nuclear reprocessing plant. It employs a vast majority of people

:22:23.:22:29.

around here. It's under nuclear, it is going to be very difficult for

:22:30.:22:35.

Labour. But I think it is going to be very close, actually. Labour's

:22:36.:22:39.

campaign literature barely mentions Jeremy Corbyn, who appeared last

:22:40.:22:43.

month to offer less than wholehearted support for plans to

:22:44.:22:49.

build a new, nuclear power station in the community. Eventually he said

:22:50.:22:53.

he supported the more side project. If you win, you are going to win

:22:54.:22:58.

despite Jeremy Corbyn, and you? Jeremy has been, and I've had a

:22:59.:23:05.

pretty good talks with Jeremy... Democracy is that we have a local

:23:06.:23:09.

candidate who is fighting for their local area. That is what we need

:23:10.:23:14.

here, someone who really understands the issues in this constituency and

:23:15.:23:17.

will be a strong voice fighting for this constituency. We need someone

:23:18.:23:23.

who understands the nuclear industry and understands the investment that

:23:24.:23:27.

we need for our infrastructure and most importantly, understands that

:23:28.:23:32.

we need decent health in this constituency to support us when we

:23:33.:23:36.

most need it. If Labour are struggling with the defining issue

:23:37.:23:40.

in Copeland, you could believe that they have a clear advantage on the

:23:41.:23:45.

defining issue in British politics -- Ukip. It was strongly voted here

:23:46.:23:54.

to leave the EU, 62%. The Tories are obviously saying that they want to

:23:55.:24:00.

leave but the Prime Minister was a remain, and half the Cabinet were as

:24:01.:24:04.

well. There are doubts that they will see Brexit through, so they are

:24:05.:24:11.

thinking of voting Ukip. Despite that, the Liberal Democrats believe

:24:12.:24:16.

they can appeal across the board by campaigning against hard Brexit. The

:24:17.:24:20.

Greens have a clear, and some would say brave, message in the home of

:24:21.:24:25.

Sellafield. Noted nuclear power. Tucked away in a removed

:24:26.:24:31.

-- removed corner, voters in Copeland often feel forgotten, but

:24:32.:24:43.

next week they have the power. A Labour win could stabilise Jeremy

:24:44.:24:46.

Corbyn's leadership at a loss would embolden his critics once again. --

:24:47.:24:49.

but a loss. Here is a list of all

:24:50.:24:54.

the candidates standing Back in 2014 the journalist

:24:55.:24:56.

Michael Lewis caused a storm on Wall Street

:24:57.:25:08.

and beyond with with He concluded the markets were rigged

:25:09.:25:10.

against ordinary investors. The book lifted the lid on the world

:25:11.:25:14.

of High Speed financial traders, who use ever more sophisticated

:25:15.:25:20.

technology to generate huge profits. They manage to take a tiny slice

:25:21.:25:22.

of millions of transactions , Two of the stars of the book,

:25:23.:25:25.

who helped Lewis expose how these traders operate,

:25:26.:25:31.

have now started a new Stock Exchange to protect investors

:25:32.:25:34.

from being picked off Our Technology Editor David Grossman

:25:35.:25:36.

has been to see how they hope to change the odds

:25:37.:25:42.

so that the fastest operator Who is going to make money today

:25:43.:25:45.

in New York's financial district? If it's anything like yesterday,

:25:46.:25:56.

and the day before, it will probably be the people with the fastest

:25:57.:25:58.

network, the best connections, I've come to New York to meet some

:25:59.:26:01.

people who think they can rewire the financial system to make it work

:26:02.:26:09.

for ordinary investors and companies that need to raise capital

:26:10.:26:13.

for their businesses to grow. They started their

:26:14.:26:17.

own stock exchange. It's called the Investors

:26:18.:26:20.

Exchange, or IEX. Brad Katsuyama was a trader

:26:21.:26:29.

for the Royal Bank of Canada. He set up the exchange

:26:30.:26:32.

because he became disillusioned with the way stock exchanges

:26:33.:26:36.

allowed other traders What stock exchanges have become

:26:37.:26:38.

are vendors of data and technology, where they now make more money

:26:39.:26:43.

by selling high-speed data and technology,

:26:44.:26:45.

than they actually do from matching The complexity of the market

:26:46.:26:47.

is almost overwhelming. 13 stock exchanges in the US alone,

:26:48.:26:59.

and dozens of other venues, At its heart, each

:27:00.:27:01.

venue is a computer. How quickly traders can connect

:27:02.:27:07.

to each of these computers can Selling these ultra fast

:27:08.:27:10.

connections is a very lucrative They're selling tiers

:27:11.:27:14.

and levels of access. The more money you'll pay them,

:27:15.:27:22.

the better and quicker The tourists come to Wall Street

:27:23.:27:24.

to see the American The institutions they've come to see

:27:25.:27:29.

are, in reality, long gone. To find them, we have to get out

:27:30.:27:34.

of Manhattan and head east. The fact is, wherever

:27:35.:27:46.

the stock exchanges say that they're based -

:27:47.:27:48.

New York, Philadelphia, Chicago - they're all actually housed in four

:27:49.:27:50.

highly secure data centres, Forget the idea of traders

:27:51.:27:56.

waving their arms around, this is what a real stock exchange

:27:57.:28:04.

floor looks like. This is the Equinix NY5 data centre

:28:05.:28:11.

in Secaucus, New Jersey. It houses four of America's 13

:28:12.:28:16.

regulated stock exchanges. To be allowed to have a tour of this

:28:17.:28:21.

place and film I had to agree not The organisations that pay

:28:22.:28:25.

to be in here are buying absolute discretion

:28:26.:28:30.

- absolute secrecy. This is one of the four

:28:31.:28:41.

main financial data Trillions and trillions

:28:42.:28:47.

of dollars a day are traded in the computers, the servers,

:28:48.:28:52.

and the wires in this building. Hundreds of brokers,

:28:53.:28:58.

asset managers and traders rent space here because they want to be

:28:59.:29:01.

as close as possible to the exchange's computer,

:29:02.:29:03.

called the matching engine. This is a graphical

:29:04.:29:10.

representation of orders, both buy orders and sell orders,

:29:11.:29:12.

coming into the market. Before he and Brad founded IEX,

:29:13.:29:17.

he made a very good living installing the ever faster boxes

:29:18.:29:26.

and cables for traders looking It's not only being in the building,

:29:27.:29:28.

as close as possible to exchange, it's where you are in the building

:29:29.:29:33.

relative to where the exchange is. I'll give an idea on that,

:29:34.:29:36.

roughly 11.8 inches, a foot of cable, equates

:29:37.:29:40.

to a nanosecond, one People are getting into pissing

:29:41.:29:42.

matches over the length of their cable in relation

:29:43.:29:46.

to where the matching engine is. Well, imagine a pension fund

:29:47.:29:49.

is looking to buy 1 million shares. The order might start in one

:29:50.:29:55.

exchange, but have to travel around A high-speed trader,

:29:56.:29:58.

who has paid the first exchange for superfast access,

:29:59.:30:04.

detects the order in a few millionths of a second and races

:30:05.:30:07.

around the other exchanges to buy up By the time the pension fund arrives

:30:08.:30:10.

at the other exchanges, it has to buy it from the trader

:30:11.:30:16.

at a slightly higher price. It's a guaranteed profit

:30:17.:30:19.

for the trader and great This is where the New York Stock

:30:20.:30:22.

Exchange really is, its massive, windowless data centre in Mahwah,

:30:23.:30:32.

New Jersey. Traders can locate their computers

:30:33.:30:38.

inside - of course, for a price. It's estimated that if you want it

:30:39.:30:43.

to connect to all the exchanges in the US, using the highest speed

:30:44.:30:46.

services available, it would cost They want one team to win

:30:47.:30:50.

more than the other. Because if the team that was buying

:30:51.:30:59.

these advantages was losing, So, the price that is being paid

:31:00.:31:01.

for these advantages helps give you some sense of the magnitude

:31:02.:31:07.

of the cost. It ends up adding up

:31:08.:31:09.

to billions of dollars. This is their matching engine,

:31:10.:31:14.

housed in the CenturyLink NJ2 Not only can you not pay

:31:15.:31:19.

to get faster access, IEX routes all orders through this

:31:20.:31:24.

boring looking box. It contains miles and miles

:31:25.:31:29.

of fibre-optic cable, coiled up. It's a speed bump to slow down

:31:30.:31:32.

the high-speed traders. What we've done is delayed

:31:33.:31:40.

the access by 350 microseconds. To give you an idea

:31:41.:31:50.

what that means, it's 350 millionths of a second,

:31:51.:31:53.

one thousandth a blink of an eye. Whoever measures this stuff,

:31:54.:31:55.

it's approximately that. That allows us to interpret what's

:31:56.:31:57.

going on in the market and ensure the experience on IEX

:31:58.:32:00.

is as fair as possible. Well, say a pension fund put

:32:01.:32:02.

in its order to IEX, it goes through a 350 microsecond

:32:03.:32:06.

speed bump on its way in. But this doesn't matter because,

:32:07.:32:10.

as yet, no-one knows it's The news of the order also goes

:32:11.:32:12.

through the speed bump It's only now that high-speed trader

:32:13.:32:18.

can see the order as it's spread IEX has already had time to check

:32:19.:32:23.

the other exchanges to see The speed merchants have

:32:24.:32:30.

lost their advantage. We're not going to let a buyer pay

:32:31.:32:37.

a price that we know So, in many ways, we prevent

:32:38.:32:40.

trades from happening. We are lowering our revenue,

:32:41.:32:43.

but protecting them. We are lowering our market share,

:32:44.:32:46.

but we are preserving the experience and the quality of the experience

:32:47.:32:49.

of a buyer on our market by not letting them get

:32:50.:32:52.

picked off consistently. This is Nasdaq's data

:32:53.:32:57.

centre at Carteret. Other stock markets have waged

:32:58.:33:01.

a concerted, but unsuccessful battle against IEX's

:33:02.:33:05.

approval by regulators. They argue that the 350 microsecond

:33:06.:33:09.

speed bump meant the new exchange would prevent fair access

:33:10.:33:12.

to the market. Now, we did ask Nasdaq

:33:13.:33:16.

for an interview, but they declined, Which is a shame, because there

:33:17.:33:18.

are plenty of questions No-one can say they're not

:33:19.:33:23.

cleaning up Wall Street. But a few pine needles

:33:24.:33:30.

is the least of their problems. Faith in our financial system has

:33:31.:33:33.

not recovered since the crash. Slowing everything down,

:33:34.:33:38.

and freezing out the high-speed It could also help the whole system

:33:39.:33:40.

become more stable and less prone to Last night you heard Graeme Wood

:33:41.:33:46.

give his view that Isis was part We promised you an alternative

:33:47.:34:02.

view and here it is, from the academic and philosopher

:34:03.:34:05.

Tariq Ramadan. Let's go back to where we started,

:34:06.:36:18.

with President Trump. Is what we have seen so far just

:36:19.:36:31.

teething problems for an insurgent President, or fundamental problems

:36:32.:36:32.

of competence and integrity? Let's talk to Dana Milbank

:36:33.:36:36.

from the Washington Post and Asra Nomani, who has written

:36:37.:36:39.

for Breitbart and the Hill. I'll start with you, I will mash up

:36:40.:36:52.

a famous quote about the news being something that somebody somewhere

:36:53.:36:55.

doesn't want the people to see, everything else is PR. When Donald

:36:56.:36:59.

Trump talks about fake news, the crew could media, he is talking

:37:00.:37:03.

about everything that isn't it? -- the crooked media. A correction, I

:37:04.:37:11.

haven't worked for Breitbart. I now write freelance for a number of

:37:12.:37:15.

publications. I have to make that correction only because what I

:37:16.:37:21.

fundamentally see happening in our press in the United States, in our

:37:22.:37:26.

discourse about so much related to the Trump administration is the

:37:27.:37:29.

vilification of both the Trump administration and anybody who might

:37:30.:37:34.

say there is any rational discourse to be had about the administration

:37:35.:37:37.

and its policies. That is what really concerns me as a journalist.

:37:38.:37:43.

What do you mean by vilification? I think we have lost our other guest,

:37:44.:37:47.

this could be the beginning of a beautiful friendship! What do you

:37:48.:37:53.

mean by vilification? I will give you a few examples. 40 years ago, as

:37:54.:38:01.

you know, you are an old school journalist, Carl Bernstein at the

:38:02.:38:04.

Washington Post treaded new ground of investigative journalism. Just to

:38:05.:38:07.

show how far we have fallen, this last week, Carl Bernstein's son, now

:38:08.:38:13.

a reporter at the New York Times, was busted for calling Melania Trump

:38:14.:38:22.

a hooker. He owned up to it and apologised. I'm going to insist you

:38:23.:38:29.

tell me how Donald Trump was vilified, he wasn't busted, he came

:38:30.:38:35.

forward after an anonymous journalist was identified and, in

:38:36.:38:38.

something that people may say was dramatic of honest media, said that

:38:39.:38:43.

me and I apologise profusely. Could you give me some examples of Donald

:38:44.:38:49.

Trump being vilified? That example is the Trump family being vilified

:38:50.:38:53.

through the wife. That was a private conversation that wasn't reported.

:38:54.:38:57.

I'm interested in how journalism has vilified the President. You know as

:38:58.:39:03.

well as I do that we have a sacred duty as journalists not to have

:39:04.:39:06.

malice and not to have this type of rabid hatred that I see expressed.

:39:07.:39:15.

In terms of published journalism? The Washington Post a couple of

:39:16.:39:18.

weeks ago wrote a piece, a future peace, in which they said Donald

:39:19.:39:28.

Trump was an ignoramus. An ignoramus? OK. This is not the kind

:39:29.:39:32.

of language we expect from the media. What we have today, a

:39:33.:39:36.

columnist for the New York Times, putting forward a hashtag of

:39:37.:39:49.

Flynngazi, trying to conflated with Benghazi, arguing for new hearings.

:39:50.:39:55.

The media has, unfortunately, with social media, very important, from

:39:56.:39:59.

Facebook to Twitter, to traditional legacy media, they have engaged and

:40:00.:40:03.

participated in this thing that I consider an intifada happening in

:40:04.:40:14.

America. He has complained about reports regarding his executive

:40:15.:40:18.

order being turned over by two courts, he has complained about

:40:19.:40:21.

reports that have led his national security are pointy to resign, he is

:40:22.:40:28.

no doubt poised to complain about reports on why he can get his labour

:40:29.:40:33.

secretary pick through a Congress who controls. Being called an

:40:34.:40:38.

ignoramus is unpleasant, it pales into insignificance when you about

:40:39.:40:41.

what he levelled at Barack Obama and Hillary Clinton. Ignoramus is just

:40:42.:40:51.

name-calling, where is the dishonesty? What I find interesting

:40:52.:40:55.

even in your response, everything high present as substandard

:40:56.:40:59.

behaviour by the media, you discount as a irrelevance. But it is not

:41:00.:41:09.

published vilification. What it reflects is a bias that is turning a

:41:10.:41:14.

lot of people off. You can deflect from it at every turn, every example

:41:15.:41:19.

I present, but what I am telling you is that there is a constituency in

:41:20.:41:23.

America that is very turned off to it and they are going to go into

:41:24.:41:25.

hiding, like they did with the election. But they will come back

:41:26.:41:30.

for the votes in 2018, 20 20. It would prove gait behoove is to

:41:31.:41:40.

ignore those that are turned off by the buyers. -- the bias.

:41:41.:41:48.

We leave you with news that Harrison Ford is facing

:41:49.:41:51.

the possibility of losing his pilot's license after almost

:41:52.:41:53.

landing his single engine plane on top of a Boeing 737 at John Wayne

:41:54.:41:57.

And it's now come to light that this isn't his first offence.

:41:58.:42:22.

Hello. Most places becoming dry for the rest of the

:42:23.:42:23.

The latest on the allegations of links between the Trump administration and Russia.

Plus the Copeland by-election, high-speed trading, and Islam expert Tariq Ramadan.

James O'Brien presents.


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