Jun 12, 2017

Secret Service says it doesn't have Trump tapes

Andrew Harnik / AP

The Secret Service does not possess any tapes or transcripts of tapes recorded by President Trump, according to the agency's response to a Freedom of Information Act (FOIA) request from the Wall St Journal.

Why they asked the Secret Service: They maintained prior recording systems in the White House, perhaps most infamously the Oval Office equipment used by Richard Nixon.

Worth considering: Assuming the tapes exist, they'd likely fall under the Presidential Records Act. But the National Archives told the WSJ that presidential records of any current administration can't be obtained by a FOIA request while a president is still in office.

What's next: Trump has said he'll make an announcement soon about whether he taped conversations with James Comey, and Sean Spicer echoed that pledge in Monday's briefing.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.