The MeidasTouch Podcast
The MeidasTouch Podcast

Secrets of Trump’s $500 Million Spirit Scam Finally Exposed!!

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MeidasTouch host Ben Meiselas draws on his expense teaching antitrust law as a professor at a top law school to rebut Trump’s attempt to shift blame to Biden for the Spirit Airline Bankruptcy. Remem...

Transcript

EN

So, I teach anti-trust law at one of the top law schools in the country, so I...

is completely bogus and you know, I mean it should be obvious, right? But the Trump regime is blaming the Biden administration for the spirit airlines bankruptcy because the Trump regime

blames Biden for everything. But one of the things that they're pushing this right wing talking point that you see on state regime media, which calls itself Fox and all these mag influencers, they say that the Biden administration filed an anti-trust lawsuit to block the merger between JetBlue and spirit airlines in 2022, and if the merger would have went through, then this bankruptcy of spirit airlines would not have taken place in 2026 under the Trump regime.

What I believe would have happened if that merger went through, it would have resulted in both JetBlue and spirit airlines.

This merged entity going bankrupt right now under the Trump regime, and I believe that JetBlue is potentially in some very grave financial danger as well. I'm just sharing with you, my opinion, and there's a real risk of bankruptcy there, so a merged entity of JetBlue and spirit airlines could have resulted in the combined entity going bankrupt. Now that the price of JetFuel has skyrocketed so much as a result of Donald Trump's catastrophic war in Iran. I think at the most basic level, let me just read for you what Caroline Sunshine wrote, and she's a fox, pendant, she's a big trumper, but I think she's been very disenchanted by this unlawful and catastrophic war in Iran.

And here's what she posted. This is a big Trump supporter. I think she's moved away from that a little bit. She goes spirit airlines only needed $500 million to survive.

We've already spent $25 billion on the Iran War, which one directly improves American lives more.

A low-cost carrier staying in the market, or another war in the Middle East, and now the bankruptcy of spirit airlines under the Trump regime. Now we'll cost at least $7,500 people there jobs, spirit airlines employed about $17,000 people, but they reduced it to $7,500. And what I fear is that this is a sign of other low-cost carriers that may be going bankrupt soon. I'm just sharing with you, my opinion. I'm not trying to cause a lot more panic here. It just seems that whether you're talking about frontier or even jet blue or other low-cost carriers,

oftentimes when you see something like this where you have one of the weakest links go bankrupt first, in this case spirit airlines.

It's a sign of what's to come. Hold that thought for a second because we'll get back to that in a moment. Let's start now with the anti-trust lawsuit that was filed by the Biden administration against this potential merger in 2022 with spirit airlines and jet blue or spirit airlines would have fallen into jet blue. So the justice department in enforcing anti-trust law, they don't just get to decree, we think that this merger will harm competition. There's something called the rule of reason that's applied in anti-trust law where you look at the pro-competitive impacts of a merger.

You look at the anti-competitive impacts of the merger and you kind of weigh them and you see,

are there any other ways to do this that would promote competition? Is there anything else that could be done that short of a merger like this?

And it's a balancing test that courts apply. But when you bring an anti-trust case, the justice department doesn't just say, "Haha, we block it on our own, they go to a federal court and a federal judge has to hear the arguments and the judge makes the decision." So in this specific case, a federal judge named William G. Young, who was appointed by President Ronald Reagan in 1985, heard the Department of Justice case where the DOJ said this merger between JetBlue and spirit airlines was a violation of anti-trust law. There was a 17-day bench trial in late 2023 in Massachusetts.

Then on January 16, 2024, this Reagan, Ronald Reagan, Republican appointed Judge, issued a detailed 113-page ruling,

Blocking the merger and finding the following facts.

a deal between JetBlue and spirit airlines would have removed a key structure in reducing prices.

It would harm cost-conscious consumers who relied on spirits low, often unbundled fares.

The pro-competitive benefits did not outweigh the harms. And the judge said spirit is a small airline, but there are those who love it to those who dedicated customers of spirit. This one's for you. This came from a Reagan appointed judge. Now, the reason that spirit airlines went bankrupt in 2026 was not because this merger didn't go through which a Reagan appointed judge, a Republican appointed judge agreed that this merger shouldn't happen. As I noted, imagine if you merge

these two entities, Trump launches the catastrophic war. JetBlue is now saddled with its own problems, plus the problems of spirit. This new entity would have been bankrupt. It would have been extra catastrophic if it was not blocked. But don't trust me or just what is spirit airlines saying about it all? Well, in their bankruptcy message, that all flights have been canceled and spirit airlines

has been, you know, as winding down its operations, here's what spirit airlines wrote yesterday.

Spirit aviation holdings, a parent company of spirit airlines. Today, regretfully announced the company has started its early wind down of operations. All spirit flights have been canceled. The wind down follows the company's extensive and comprehensive efforts to restructure the business and pursue transactions to strength and spirits financial positions and create a sustainable path forward. Unfortunately, despite the company's efforts, the recent material increase in oil

prices and other pressures on the business have significantly impacted spirits financial outlook. With no additional funding available to the company, spirit had no choice but to begin this wind down. They didn't say, well, because we didn't merge with JetBlue in 2024. No,

they're talking about the increase in jet fuel prices right now because that's what did it.

The prices went up dramatically and in a way that became unsustainable. And without a bailout, they could not continue to exist. So now you have the transportation secretary, Sean Duffy, right the following. Thank you, Democrat. Joe Biden and Pete Buttigieg pragged about blocking the JetBlue spirit merger. The very deal that could have saved spirit airlines. The result, less competition, customer scrambling, employees, losing jobs, you can't make this up.

You know, it's all a game to these mega Republicans. For how long do you think you just blame Joe Biden for everything? Y'all are in charge right now. Donald Trump is out there claiming he's brought in $21 trillion or $18 trillion from all of these foreign countries and that tariffs are making the country so rich that there's a manufacturing boom. Donald Trump says we're in a golden age and everything is great and our deficit's being reduced. Now we all know that to be false.

But if you're out there saying things are great, we're in the golden age. Everything is amazing. Then why isn't that trickling down to all of these industries? Why is it that jet fuel prices are so high? It's because Donald Trump's catastrophic war in Iran. That's the reason and basis for all of this. And so you have Duffy. He not only posts that message. He holds press conferences throughout the

day yesterday blaming Biden and he goes, I think it's important to talk about why we are here today.

Joe Biden and Pete Buttigieg. It's not what spirit airlines is saying. You would have merged

them both would have probably been bankrupt right away. But here's what Sean Duffy said at this

press conference here play this clip. I'll take your questions in a second. But I think it's important to talk about why are we here today. There was a proposed merger between JetBlue and Spirit and Joe Biden and Pete Buttigieg along with the Biden DOJ decided that they did not want that merger to take place. And now Wall Street Journal is reporting that the Trump regime was not able to execute a bailout and to help spirit airlines despite Donald Trump saying he was working on it.

Here's what the Wall Street Journal reported. Our new reporting on what led to the fall of a

Trump spirit airlines $500 million rescue plan just prior to the airline being forced to close.

A lobbying campaign by CEOs and other representatives of major airlines again...

and a battle with creditors. And the CEO of spirit conceding in a call to Secretary

Ludnick, they couldn't pull off the bailout. Now Donald Trump is accepting or has accepted

a $1.5 billion plane from Qatar. That money alone could have bailed out spirit. But no

Donald Trump's taking a personal plane from Qatar for himself. You take a look right here about the potential for bankruptcies of other of these low-cost airlines if you will. JetBlue and Frontier are facing the highest risk of bankruptcy. Some of the top airline industry analysts think more chapter 11's are coming. By 2026-2027, they believe currently JetBlue has a greater than 75% chance of a bankruptcy happening. Frontier 45 to 50% Allegiant 36.7%. A far less American

airlines 2.9 to 15% chance of bankruptcy. Alaska less than 3% of bankruptcy. JetBlue's founder Dave Neillman says the cost of jet fuel could put the airline into bankruptcy this year. According to remarks he made to his current airline pilots this on April 15th, which were leaked by aviation watchdog, John and YC. JetBlue's in a really tough spot to the CEO to his pilots. They really are. I think I told you last week, but when Jamie Baker, who's an analyst for

JP Morgan, came out with his estimates for all airlines, based on 450 fuel, two bucks, and showed JetBlue losing $1.3 billion this year. That would probably put them into bankruptcy. I would assume the cost of jet fuel last week was as high as $4.80 a gallon. That's unsustainable

for all airlines. That's why I said, I think this could be a sign of things to come. James Sirwicky

agrees. If JetBlue's acquisition of Spirit had been approved, there's a good change. JetBlue would now be headed into bankruptcy as well. Now I'll remind you that Donald Trump has bankrupted entity after entity in his career. You don't have to believe me. Why don't you believe Donald Trump's SEC filings regarding his social media company truth social? And this is in their disclosure section that they have to file on all of their 10K forms. It's a requirement that you list your bankruptcies.

If you are the head of a publicly traded company, and here's what the disclosure says.

A number of companies that were associated with Donald J. Trump have filed for bankruptcy. There can be no assurance that TMTG, that's Trump media, will also not become bankrupt. This is from Trump. This is Trump's document. Entities associated with Donald J. Trump have filed for bankruptcy protection in the past. The Trump Taj Mahal, which was built in owned by President Donald J. Trump filed for chapter 11 bankruptcy in 1999. The Trump Plaza, the Trump Castle,

and the Plaza Hotel all owned by Donald Trump at the time filed for chapter 11 bankruptcy in 1992, T-H-C-R, which was founded by Donald Trump in 1995 filed for chapter 11 bankruptcy in 2004. Trump Entertainment resorts the new name given to Trump hotels and casino resorts. After its 2004 bankruptcy declared bankruptcy in 2009, then it goes on to talk about other bankruptcies. By the way, including Trump had a failed airlines as well. Trump had a failed Trump airlines.

Here are companies associated with Trump, where he had licensing agreements that went out of business. Trump's shuttle airlines launched by Trump in 1982, defaulted on its loans in 1992. Trump University sees to exist by 2011 and mid-law suits and investigations. Trump Vodka, what else does it say here? Trump mortgage, it has Trump stakes, go trump.com, Trump University,

lots of all these other Trump. Listen, I'll have a screenshot there if you want to take the screenshot.

You can list them. And by the way, here's what Donald Trump was saying when he was asked before

going to Florida, where he's golfing and watching golf tournaments apparently, did you decide against bailing out spirit airlines? Here's what he said before. He left them before a spirit airlines went bankrupt, played this clip. Did you decide against bailing out spirit airlines? Well, I guess we're looking at it, if we could do it, we'd do it, but only if it's a good deal.

Well, we can't make a good deal. No institutions could be able to do it.

I'd like to save the jobs, but we'll have it announced for some time today.

and then another person asked him about spirit airlines and what's going on with the

lenders, are you able to figure out this bail out? And here's what Trump said before leaving to go to

a Florida to watch golf, here play this clip. But in one of those things, we will do it or we will have something for you to enter tomorrow. If people like the other lenders are barking, we think they'll get pumped down in priorities. Well, they will. And we come first, hey, you know what it is? You want to say first, the America first is, but it's moving with airlines. It's moving with Intel. You know, we made an

Intel deal, you know that, right? It made about $40 billion on that. And someday Fox and Peter's going to talk about it, folks, we helped out Intel and we ended up making $40 billion. So we're looking at spirit different, as different kind of a thing. But we're looking at spirit and we can out

before we will, but we have to come first. We're first. It's America first. And here's what Sean

Duffy said on spirit airlines at that press conference where he was blaming Biden. And as we said on the Midest Touch Network, this administration refuses to take responsibility for any of their actions. Spirit specifically cited why they couldn't stay in business skyrocketing, fuel cost due to Trump's war, and the Trump administration is still trying to blame Biden for everything. You can maybe get away with it February 2025, but it's May 2026. Trump was the

all-make-everything cheaper on day one guy than no new war's guy. You have to own your own actions. So here's

the other thing. You know, guys, we'll just show the other clip that Duffy said as well here, play this clip. This is spirit's not the only one who's having financial issues right now. There could be more. I would just point this out. Once the merger was denied in 2024, spirit filed for bankruptcy immediately after the denial. And then last August, spirit again filed for bankruptcy. So spirit was in direst rates long before the war was run. Multiple times had filed for

bankruptcy. Their model wasn't working. They couldn't get the fiscal health. So this, this was not the impetus. The war was not the impetus for spirit. Now you've heard that other airlines have talked about requesting a $2.5 billion bailout. I am in continual contact and my team is in contact with all the CEOs of the airlines. I would say that at this point, I don't think it's necessary that you have access to cash. If they want to come to the US government, we would be a lender of last

resort. If they can find dollars in the private markets, I think that's better for them. If there was a need across the low cost carriers who I need this request. Again, there was not $2.5 billion that's set around in Congress that the executive branch can fund a bailout for those airlines. That would have to be a conversation that does happen with Congress and they would have to be a real need. And so sometimes what can happen is when there's a conversation about spirit airlines

and a potential bailout, if you will, what other airlines see is an opportunity. Is this an opportunity for us to get money as well to help our airline out? Not necessarily based on need, but based on

opportunity. I think that's what was happening when the the low cost carriers put out a request

for $2.5 billion. And then as a reminder, Trump has all of his sick offence, you know, like his national economic advisor Kevin Hassett was the guy who said, buy all the dot com stocks back in 2000 before the dot com bust. This guy's been wrong about everything his whole life. Like

he's literally says thing do the opposite. And here's what he said recently about the golden age

is here. It's visible here. Play this clip. But you know that we've had two already seasons in a row where basically everything's surprising on the upside. That's happening because the gold mage that President Trump promised is starting to be very visible in the profit data. But also more importantly in the wage data. If you're a person who has a job where you're making tips or you're making overtime or you're a retiree who thought that Social Security wasn't

what you expected. You need to make some more money. All of you got huge tax breaks in the

four to seven thousand dollar range because of the big beautiful bill. And so I take that with strong domestic economy that the question is is there something about the foreign relations that could upset that in first the US economy is the engine of global growth. And then here was Donald

Trump at those latest speech that he gave in Florida saying that $18 trillion...

So $18 trillion pouring in, but you can give 500 million to spirit airlines. Their liars,

their con artists, their frauds. And just like Trump's bankrupted everything is life. He's bankrupting

this again here. Let's play it. More than $18 trillion now pouring into our country.

And for more over the globe, think of that. Think of that. Less than a trillion in four years and

11 months of 12 month hasn't come out yet. That's long enough. But in 11 months, $18 trillion. So that's

18 times more. But think of it. It's really almost 100 times more if you really multiply it out properly.

A short time ago. And I'll just share with you the human toll of this bankruptcy to see you can hear the last flight by one of the spirit airlines pilots beginning very emotional. May me emotional listening to this here. Let's watch it. Great conversations occasionally. A lot of crazy stuff has

happened, but it's funny as we sit here. I'll speak for myself. I don't remember any of the bad times.

Just a good place. So spirit, believe it or not, start it flying in 1983. So it was called charter here at the time. In 1992, it changed its name to spirit. So we've been in the air since 1983. What is that? 40 over the year. And unfortunately, that's open. So thank you for your support over the years. And onward enough, board, right? Go. Go play you off.

There you have it folks. Let me know what you think about all of this.

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