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They are at time.com/newsletters and are separate from a paid subscription. ## Video: From the Manafort Trial to Megacompanies: Let’s Break Down Everything You Need to Know This Week [Watch (HLS stream): From the Manafort Trial to Megacompanies: Let’s Break Down Everything You Need to Know This Week](https://cdn.jwplayer.com/manifests/Z83N6oAY.m3u8) (12:20)  _Published 2018-08-08. The Manafort trial, what to know about airline fees, Tiger Woods’ miraculous comeback, and the rise of trillion dollar megacompanies._ --- Jul 28, 2023 12:22 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Making Sense of the Manafort Trial ](/video/dI1irvDn/) ### Making Sense of the Manafort Trial [Former Trump Campaign Head Paul Manafort Is Going to Jail While Awaiting Trial](/video/9sKAFFxU/) ### Former Trump Campaign Head Paul Manafort Is Going to Jail While Awaiting Trial [From Big Trials to the NBA Finals: Let’s Break Down Everything You Need to Know This Week](/video/dvosfkyU/) ### From Big Trials to the NBA Finals: Let’s Break Down Everything You Need to Know This Week --- ## Transcript [ MUSIC ] Welcome to The Breakdown. I'm your host, Neha Joy, and we're here with the top stories of the week from Time, Money, Sports Illustrated, and Fortune. This week, we're making sense of the Manafort trial, we'll let you know about airline fees, a look at Tiger Woods miraculous comeback, and the rise of trillion dollar megacompanies. So let's dive in. The first trial from Special Counsel Robert Mueller's Russia investigation kicked off with dozens of charges against Donald Trump's former Presidential Campaign Chair Paul Manafort. Prior to joining Trump's campaign, Manafort was a regular in Republican circles and served as an advisor to the campaigns of Ronald Reagan, George H. W. Bush, and Bob Dole. He also operated as a consultant for a Russian- backed politician in Ukraine. At present, none of the charges against Manafort are connected with Trump or Russian government interference in the 2016 election, the main focus of Mueller's investigation. But Manafort's been a central figure in that probe for several reasons. He spent years working for pro- Russian politicians in Ukraine and was in debt to a Russian Oligarch with ties to Putin. Manafort also attended Donald Trump, Jr. 's infamous Trump Tower meeting with a Russian lawyer in June 2016. Investigations into Manafort's Russian connections are what let Robert Mueller's team to file charges. And Manafort's trial is under way in Virginia, and this case is all about money. He's facing 18 counts alleging bank and tax fraud. This Virginia trial is separate from another trial Manafort will face in September in Washington, DC, that will focus more on Manafort's alleged lobbyist work for Ukraine rather than his finances. So what exactly is this case about? Manafort's Virginia trial delves into allegations of bank fraud and tax evasion. Mueller says Manafort set up a web of offshore shell companies to evade taxes, and then spent $ 30 million of that cash in the US between 2008 and 2014. Prosecutors have argued that Manafort spending on homes and other luxury items exceeds the income he declared on tax returns. His purchases include 1. 3 million at an antique rug store in Virginia and about $ 849, 000 at a men's clothing store in New York. As well as payments on several Range Rovers and a Mercedes- Benz Also argues Manafort defrauded several US banks to get more than $ 20 million in loans. Manafort has pleaded not guilty on all counts. Mueller's prepared a list of 35 witnesses against Manafort, and star witness Rick Gates, Manafort's right hand man, has testified that he spent years of disguising millions of dollars in foreign income as loans to lower Manafort's tax bill. Manafort's lawyers have argued that Gates broke finance laws without Manafort's knowledge. They point out that Gates already admitted to embezzling hundreds of thousands of dollars from Manafort's firm. Gates pleaded guilty in February to lying to investigators and struck a plea deal to fully cooperate with the special counsel. The pressure Mueller was able to bring to flip Gates has many wondering what other former Trump advisors might say in court. A guilty verdict could strengthen Mueller's Russia investigation, while an acquittal could give weight to Trump's claim that it is a witch hunt. [ SOUND ] [ MUSIC ] Fees, fees, and more fees. The airline industry is full of them and there seems to be a new one everytime you're ready to book a flight. Flight research app Hopper reports that these fees make up roughly 10 % of total airline revenue. Specifically known as ancillary fees. These extras could include paying for things like checked bags, seat selection, or in- flight food options. Airlines are increasingly unbundling their flights, allowing for carriers to offer lower base prices for folks to get on the plane And then pay for almost everything else from blankets to entertainment. But this wasn't always the case. US Airlines experienced years of steep losses. And creditors were subsidizing tickets for travelers. Then entered expanded competition from low fare carriers that offer these unbundled services. In 2008, American Airlines introduced a fee for the first checked bag, and the rest is history. In 2017, U. S Airlines were on track to earn over $ 4 billion in baggage fees, and $ 3 billion in reservation changes. Globally, the top ten airlines four fees generated $ 29. 7 billion from those pesky at a cost that year. The Trump administration rejected a rule that would have required airlines to alert passengers to baggage fees earlier on in the booking process. But there's still more you can do to keep your flight costs closer to what you thought you were paying for. Avoid change or cancellation fees at all costs. Southwest is the only US airline that charges no fee to change or cancel a flight. The rest will cost you, with varying fees by each carrier. There is, however, a Department of Transportation rule that gives customers a 24 hour grace period to change their minds without a penalty. Airlines have attached hefty fees for various economy seating options, too. A window or aisle seat near the front of the plane would cost you over $ 100. Even the simple act of choosing a seat on a Spirit flight comes at a cost Up to 50 dollars per seat. American and Delta made most of their in- flight enternteaiment options free, but you're still gonna have to But most baggage fees for domestics flights have remained study for several years now at $ 25. Your best bet is to plan ahead to make sure these fees don't dampen your trip before it even begins. [ MUSIC ] It's been quite the year for Tiger Woods. For a career built on unprecedented stretches of success, the last nine months have truly been remarkable for the athlete and golf. Often considered one of the greatest athletes of all time. There's no story quite like his. Woods first made headlines appearing on ABC's That's Incredible as a five year old golf prodigy. And when it was time to turn pro it took him less than a year to clinch his spot as the number one golfer in the world in 1997. He's amassed 79 wins on the PGA PG Tour over the course of his career, but personal turmoil and mounting injuries have taken a toll on the legend. Since the 2008 US Open, he's overcome a broken leg, knee operations, a marital break- up, sex addiction treatment, four Four back surgeries and on and off comeback efforts that have been cut short due to back pain before a last ditch fusion procedure in April of 2017. Critics thought he was done. This is Tiger's fourth back surgery in four years, so basically don't look for Tiger to play any time soon. The next press release, Tiger Woods should release, should be I'm retiring. Even Woods himself was unsure of what his future on the course would be. Saying this at the 217th President's Cup. I don't know what my golfing body is gonna be like because I haven't his a golf shot yet. And so that's gonna take time to figure that out and figure what my capabilities are going forward. But the risk paid off. With a newly fused back, Woods' swing motion resembles movements from his heyday. I don't know of anyone who's had a lower back fusion that can swing the club as fast as I can swing it. That's incredible. I went from a person that spent Who really had a hard time getting up, walking around, sitting down, anything, to now swinging the club. You saw that, on the TrackMan, was 129th? That is a miracle, isn't it? Woods has played 14 events so far, and his performance has been impressive. It's even more remarkable considering the amount of strain his body has experienced to date. And from his successes at the Honda Classic and the Valspar tournament, where he tied for second place just one shot behind winner Paul Casey. We see a Tiger Woods capable of winning PGA tournaments again. Now three years later Tiger is returning to the PGA Championship for its 100th anniversary. Vegas puts his odds at winning at 20 to one but that hasn't kept fans from rooting for the legend to win his first major in almost ten years. PGA is excited too. Tiger is expected to tee up against a new crop of golf all stars including Rory McIlroy and defending champ Dustin Johnson. Things go well in St. Louis and for the rest of the season there's a good chance Captain Jim Furick uses the captain's pick to get him on the Ryder Cup team. The golfing world, even competitors are hoping he can full a comeback worthy of his legacy. The greens just not the same without you Tiger. [ MUSIC ] Last week Apple became the first US company to enter Wall Street's $ 1 trillion stock club. Its corporate success has been a remarkable journey for the company. 21 years ago was on the cusp of bankruptcy before restructuring under the leadership of Steve Jobs. It went on to produce a string of products from the iMac to iPhones and not only revolutionize tech But transformed everyday life. While the software giant may be one of the first US corporations to hit a trillion dollar valuation its milestone highlights the rise of superstar companies that have come to dominate the US economy. Corporate giants like Amazon, Apple, Alphabet, Berkshire Hathaway and Microsoft are right behind Apple in the race to reach $ 1 trillion in market capitalization. So how is this figure calculated? The company's market cap is determined by multiplying the number of shares outstanding by its stock's share price. Based on that number, it's determined what share price is required for a stock to be worth $ 1 trillion. But the effects of corporate profits go well beyond the stock market and investors. Greater corporate wealth means greater power. Here to discuss this trillion dollar milestone and the broader impact of the US Mega Company is Fortune Senior Editor, Andrew Nusca. All right Andrew, thanks so much for joining us here at the Break Down. Apple's hit it's trillion dollar valuation and we have companies like Amazon and Microsoft that are not far behind. So what exactly does that mean? Well we have to remember that this is market value, is that figure, so this isn't just how they're performing. How they're going to perform in the future. And we have to remember that that's different from real money. Think about a company like Amazon, right? We all think about Amazon as the big retailer. But the number one retailer by far is Walmart. Makes billions of dollars more than Amazon. But Amazon is worth billions of dollars more than Walmart. Now, these companies have reached historic profits, but we're still seeing rising income inequality in the U. S. So what really gives here? Well, it's a complicated problem, probably too long for us to explain on this show, right? But one thing Thing we do know is that the CEOs are aware of it, right. You can't sit atop a trillion dollar company without being aware of it. Some are out front. Apple CEO Time Coke is very aware of this. He knows that CEOs need to serve their communities. They need to serve their customers, certainly their employees. And frankly, we can't forget they have a fiduciary responsibility to serve their shareholders above all else. And these corporations have a large impact across all sectors, including the economy. So can the government rein them in if necessary? Well they can nudge them, right? But we have to remember that these companies, the Apples, Microsofts, Googles, and so forth? They're multinational. They're not just based in the United States. They're based all over the world and so the government can nudge them. It can change it's policy, right? We saw the U. S. tax policy change in cash repatriate so they can make some moves but this is a complicated problem and it's not easy to solve. All right, very insightful stuff. Andrew, thanks so much for joining us. Thank you. And that's The Breakdown for this week. Until next Wednesday, I'm Maha Joy and thanks for joining our roundup of this weeks biggest stories. 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