November 13th • 3h 17m
Shownotes
Every new episode of No Agenda is accompanied by a comprehensive list of shownotes curated by Adam while preparing for the show. Clips played by the hosts during the show can also be found here.
Drone again
DoW friend - Drone sales jobs
Big Tech AI and The Socials
North Sea Nexus
North Sea Nexus GG&G Richard Poe
North Sea Nexus influencing Europe and the Americas from the most recent Gold Goats 'n Guns episode #237 with Richard Poe, who authored the book "How the British Invented Communism (and Blamed it on the Jews)": https://a.co/d/aSf29v8
1 - set up the concept of the British inventing NGOs (0:26)
2 - describe how this fits in to the French Revolution (1:16)
3 - sets up the background of "secret societies" (could probably have combined with #4) (0:23)
4 - enumerates some "secret societies" masterminded by the British leading to political movements across Europe/US in the 1800s (1:00)
Michael
Telegraph Ownership and timing
The Telegraph Media Group, which publishes The Daily Telegraph and The Sunday Telegraph, is currently owned by Press Holdings, a company controlled by the Barclay family (notably Sir Frederick Barclay and his relatives, following the 2021 death of his brother Sir David). The newspapers have been known for their conservative editorial stance, often aligning with right-wing politics and influencing UK public discourse, particularly during elections and on issues like Brexit.
However, the ownership has been in a state of uncertainty since June 2023, when Lloyds Bank placed the parent company into receivership over unpaid debts exceeding £1 billion. The Barclays later settled those debts to regain control, but subsequent sale attempts have prolonged the limbo. A proposed acquisition by Abu Dhabi-backed RedBird IMI was blocked by the UK government in 2024 due to concerns over foreign state influence on British media.
In May 2025, RedBird Capital Partners—an American private equity firm founded and led by Gerry Cardinale—announced a £500 million ($670-675 million) deal to acquire full control, with International Media Investments (IMI) of Abu Dhabi taking a minority stake. As of November 2025, this acquisition remains pending, awaiting regulatory approval from UK authorities amid ongoing scrutiny. Recent developments include RedBird securing funding from Apollo Global Management and formal requests for government clearance, but the deal faces pushback over alleged links to Chinese political figures and persistent Gulf state involvement via IMI. The Telegraph's own staff and editorial content have openly opposed the takeover, citing risks to journalistic independence.
Apollo Global Management
Apollo Global Management, Inc. (NYSE: APO) is a publicly traded alternative asset management firm. It is run by co-founder Marc Rowan, who serves as Chief Executive Officer (CEO) and Chair of the Board of Directors. He has held the CEO role since 2021 and is also a member of the board's executive committees. Other key executives include James Zelter (Co-President), Scott Kleinman (Co-President), Martin Kelly (CFO), and John Suydam (Chief Legal Officer).
As a public company, ultimate control lies with its shareholders through voting rights and the board. The largest institutional shareholders are The Vanguard Group (approximately 8.3% of shares) and BlackRock (approximately 5.9%). Among individual insiders, co-founder Leon Black holds the largest stake (around 6.5% or ~38 million shares), followed closely by co-founders Marc Rowan (~34 million shares) and Joshua Harris (~34 million shares). Note that Black stepped down from executive roles in 2021, and Harris departed in 2021 to focus on other ventures, leaving Rowan as the primary controlling figure in management.
Marc Rowan
Marc Jeffrey Rowan, born on August 19, 1962, is an American billionaire businessman and investor.
He is best known as the co-founder and CEO of Apollo Global Management, a major alternative asset management firm with over $785 billion in assets under management. As of November 2024, his net worth is estimated at $8.8 billion.
### Early Life
Rowan was born into a Jewish family and raised on Long Island, New York. His family later relocated to Hollywood, Florida, where he attended high school, though he frequently traveled back to New York. His father worked in auto-leasing, and his mother, Barbara, was a teacher and trained concert pianist. He has one sister, Andrea. His grandfather, Emanuel Stein, was an economics professor at New York University, and several relatives were public interest lawyers. The family faced financial challenges after his father's death during Rowan's college years.
### Education
Rowan attended the University of Pennsylvania, where the institution allowed him to defer tuition payments due to his family's financial difficulties. He graduated summa cum laude from the Wharton School of Business with a Bachelor of Science and an MBA in Finance in 1984 and 1985, respectively, ranking first in his class as valedictorian.
### Career
Rowan started his professional career in the mergers and acquisitions department at Drexel Burnham Lambert, working in both New York City and Los Angeles until the firm's collapse in 1990. That same year, he co-founded Apollo Global Management alongside Leon Black and Josh Harris. He took a semi-sabbatical in July 2020 but remained involved in strategic matters. In March 2021, he became CEO, focusing on strategy, culture, and growth in areas like private credit. Under his leadership, Apollo has expanded significantly, and he currently serves as Chair of the Board.
### Philanthropy
Rowan is actively involved in philanthropy, serving as Chair of the Board of UJA-Federation of New York, which supports millions annually through nonprofits in New York, Israel, and globally. He is a founding member and Chair of the Youth Renewal Fund, and Vice Chair of Darca Schools, Israel's largest educational network serving over 30,000 students in underserved communities. At the University of Pennsylvania, he chairs the Wharton School's Board of Advisors and donated $50 million in 2018 to fund initiatives like the Penn Wharton Budget Model, a nonpartisan policy research tool. He has been vocal on campus issues, leading a 2023 donor campaign that contributed to the resignation of Penn's president amid controversies over antisemitism following the October 7, 2023, Hamas attack on Israel. He also advocated for reforms and claimed involvement in the Compact for Academic Excellence in Higher Education.
### Personal Life
Rowan is married to fashion designer Carolyn Pleva, whom he met on a blind date. They live in New York City and have four children. He owns several restaurants in the Hamptons.
### Ties to President Trump
Marc Rowan has several notable connections to Donald Trump. He and his wife donated $1 million to Trump's 2020 presidential campaign through Trump Victory. Rowan has known Trump since the 1990s, when Apollo helped finance Trump's casino ventures. In December 2023, he hosted a fundraiser for Republican Congresswoman Virginia Foxx, Chair of the House Education Committee. Following Trump's 2024 election victory, Rowan was interviewed in November 2024 for the position of U.S. Treasury Secretary, though the role ultimately went to Scott Bessent; the consideration led to a temporary drop in Apollo's stock price due to potential divestment concerns. Additionally, Rowan played a key role in developing the ideas and language for the Trump administration's "Compact for Academic Excellence in Higher Education," a policy framework promoting conservative priorities in universities, such as limits on international students, protections for conservative speech, and standardized testing requirements. While Rowan donates to both Republican and Democratic causes, his recent activities align more closely with conservative education reforms.
Affordability
50 Year Mortgages and Dodd-Frank
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 does not outright ban residential mortgages with terms longer than 30 years. Instead, it establishes minimum standards for mortgage loans under Title 15 of the U.S. Code, specifically § 1639c, which requires lenders to make a reasonable, good-faith determination of a borrower's ability to repay before issuing a loan. To encourage safer lending practices, the Act creates a category called a "qualified mortgage" (QM), which provides lenders with legal protections (a "safe harbor" or presumption against liability) if the borrower later claims the lender didn't properly assess repayment ability.
For a loan to qualify as a QM, it must meet several criteria, including that "the term of the loan does not exceed 30 years," with limited exceptions (such as potential extensions in high-cost areas as determined by regulations from the Consumer Financial Protection Bureau, or CFPB). Loans exceeding 30 years can still be offered by lenders, but they would be classified as non-QM loans. These non-QM loans do not receive the same protections, meaning lenders face higher legal risks if borrowers default and challenge the loan's origination, and they may also carry stricter underwriting requirements or higher costs for borrowers. This effectively discourages (but does not prohibit) longer-term mortgages in the mainstream market, as most lenders prefer the safeguards of QM status.
The CFPB, which implements and enforces these rules, has issued regulations further defining QMs, but the 30-year limit remains a core feature unless specifically adjusted. For example, recent discussions around proposals for 50-year mortgages highlight that such products would not currently qualify as QMs under Dodd-Frank without legislative or regulatory changes.
EU UK Ukraine and NATO
Overview of the European Media Freedom Act (EMFA)
The European Media Freedom Act, officially known as Regulation (EU) 2024/1083, is a landmark EU regulation designed to protect media pluralism and independence across the European Union. It addresses challenges such as digital transformation, undue political or economic pressures on media, and fragmented national regulations by establishing common rules to ensure media—both public and private—can operate freely and effectively in the EU's internal market. The act recognizes media freedom as essential to democracy and a healthy economy, aiming to safeguard journalists, promote transparency, and foster a pluralistic media landscape.
#### Key Objectives
- **Safeguard Media Independence and Pluralism**: Protect editorial decisions from interference and ensure diverse, reliable information sources for citizens.
- **Enhance Transparency**: In areas like media ownership, state advertising, and audience measurement to prevent undue influence.
- **Protect Journalists and Sources**: Including protections against spyware and surveillance.
- **Support Public Service Media**: Ensure their independent functioning and stable operations.
- **Regulate Market Dynamics**: Assess impacts of media concentrations and prevent unjustified content removals by large online platforms.
#### Key Provisions
- **Editorial and Source Protection**: Media outlets must have safeguards for editorial independence, and journalistic sources are protected from intrusive measures like spyware.
- **Public Service Media Independence**: Member states must ensure transparent appointment/dismissal processes for management and provide adequate funding.
- **Transparency Requirements**: Media ownership must be publicly disclosed; state advertising allocations to media and platforms must be transparent and non-discriminatory.
- **Market Assessments**: Member states evaluate major media mergers for their effects on pluralism.
- **European Board for Media Services**: An independent body, operational since February 2025, to promote consistent application of media laws across the EU.
- **Online Platform Rules**: Protects media content from arbitrary removals and allows customization of media offers on devices.
#### Timeline
- **September 2022**: Proposal initiated.
- **December 2023**: Political agreement reached.
- **May 7, 2024**: Entry into force.
- **February 2025**: European Board begins operations.
- **August 8, 2025**: Full application across the EU.
As of the current date (November 13, 2025), the EMFA is fully in effect, with member states required to implement its provisions, though challenges remain in ensuring consistent enforcement.
### How the Money Flows Under the EMFA
The EMFA does not directly provide funding but regulates how money flows to media to prevent capture, discrimination, and undue influence, focusing on transparency and fairness. Here's a breakdown:
#### State Advertising
- Public authorities must allocate state advertising (e.g., government campaigns) in a transparent, proportionate, and non-discriminatory manner to media service providers and online platforms.
- **Disclosure Requirements**: Allocations over certain thresholds must be publicly reported annually, including amounts, recipients, and criteria used, to curb favoritism toward pro-government outlets.
- This aims to prevent "media capture" where state funds are used to influence editorial content.
#### Public Service Media Funding
- Member states must ensure "adequate, sustainable, and predictable" funding for public broadcasters, aligned with their public service remit (e.g., providing impartial information).
- Funding procedures must be transparent, with safeguards against political interference in allocation or management.
- Sources typically include license fees, state budgets, or advertising revenue, but the EMFA mandates stability to maintain independence.
#### Related EU Support and Broader Funding
- While the EMFA is regulatory, the EU provides complementary funding through programs like Creative Europe, including €2 million grants for media innovation and €5 million for journalism partnerships (e.g., local and investigative journalism).
- Additional €0.5 million supports a Media Ownership Monitoring System for transparency.
- Money flows from EU budgets to these initiatives via grants and regranting, but national implementation handles most day-to-day media funding under EMFA rules.
Overall, the EMFA shifts money flows toward accountability, reducing risks of corruption or bias in media financing.
CASH DIES IN 847 DAYS
Europe just legislated the end of financial freedom and nobody noticed.
January 2027: Every euro above €10,000 becomes illegal tender. Every Bitcoin needs government permission. Every transaction becomes a datapoint in Brussels’ surveillance grid.
This is not proposed. This is law.
340 million Europeans will wake up in a cage built from their own bank accounts.
THE KILL SHOT
The EU Anti-Money Laundering package doesn’t just track criminals. It treats every citizen as one. Starting 2027, buying a car in cash becomes a crime. Sending €1,001 in Bitcoin without state approval triggers prosecution. Anonymous wallets vanish overnight.
The Digital Euro arrives 2029. The European Central Bank spent €1.3 billion building what they call freedom. But leaked proposals cap holdings at €3,000 per person. Every purchase tracked. Every pattern analyzed. Every dissent potentially bankable.
