President Donald Trump fired Kristi Noem from her role as head of the Department of Homeland Security on Thursday. One of the reasons for Noem’s removal involved her oversight of a $240 million DHS ad campaign, starring herself. 

On today’s Big Take podcast, Bloomberg investigative reporters Irene Casado Sanchez and Eric Fan join host Sarah Holder to reveal the inside story of that ad blitz — and the ties between people in Trump’s orbit and the companies that were given millions to spend on it. 

Read more: Noem Ad Blitz Benefits Media Firms Linked to Trump Campaigns

President Donald Trump fired Kristi Noem from her role as head of the Department of Homeland Security on Thursday. One of the reasons for Noem&rsquo;s removal involved her oversight of a $240 million DHS ad campaign, starring herself.&nbsp;
On today&rsquo;s Big Take podcast, Bloomberg investigative reporters Irene Casado Sanchez and Eric Fan join host Sarah Holder to reveal the inside story of that ad blitz &mdash; and the ties between people in Trump&rsquo;s orbit and the companies that were given millions to spend on it.&nbsp;
Read more:&nbsp;<a href="https://www.bloomberg.com/news/features/2026-03-06/noem-dhs-ad-blitz-benefits-firms-linked-to-trump-campaigns?srnd=homepage-americas">Noem Ad Blitz Benefits Media Firms Linked to Trump Campaigns</a>

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

The $240 Million Ad Campaign That Helped Get Kristi Noem Fired

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/02847daa-e256-4b02-9ad9-b40600111b7d/transcript

After oil soared to nearly $120 per barrel on Sunday, President Donald Trump began to signal that the US had already achieved victory in Iran and could wind down the conflict soon. There was an immediate drop in oil prices — and the entire global economy seemed to sigh in relief.

On today’s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion’s Javier Blas discuss why the global economy is so sensitive to oil price spikes and how oil prices are ratcheting up both domestic and international pressure on Trump.

Read more: 

Higher Gas Prices Hit Americans Already Hurting From Inflation

This Isn’t an Energy Crisis — at Least Not Yet

Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Stacey Vanek Smith; Edited by Naomi Shavin.

Fact-checking by Eleanor Harrison-Dengate, Aaron Edwards and Jeff Grocott; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

After oil soared to nearly $120 per barrel on Sunday, President Donald Trump began to signal that the US had already achieved victory in Iran and could wind down the conflict soon. There was an immediate drop in oil prices &mdash; and the entire global economy seemed to sigh in relief.
On today&rsquo;s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion&rsquo;s Javier Blas discuss why the global economy is so sensitive to oil price spikes and how oil prices are ratcheting up both domestic and international pressure on Trump.
Read more:&nbsp;
<a href="https://www.bloomberg.com/news/newsletters/2026-03-09/iran-war-hits-american-drivers-with-gas-price-pain?srnd=undefined">Higher Gas Prices Hit Americans Already Hurting From Inflation</a>
<a href="https://www.bloomberg.com/opinion/articles/2026-03-06/iran-war-oil-price-spikes-aren-t-an-energy-crisis-yet?srnd=undefined">This Isn&rsquo;t an Energy Crisis &mdash; at Least Not Yet</a>
Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Stacey Vanek Smith;&nbsp;Edited by Naomi Shavin.
Fact-checking by Eleanor Harrison-Dengate, Aaron Edwards and Jeff Grocott;&nbsp;Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

 What a $100-Per-Barrel Oil Spike Does to the Global Economy

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6844c743-59ad-4a24-8bac-b409015defff/transcript

A major factor that could limit hostilities in Iran and the Middle East is munitions — what weapons each side is using, and how quickly they might run out.

On today’s Big Take podcast, Sarah Holder talks to Bloomberg global defense editor Gerry Doyle and Bloomberg Economics defense lead Becca Wasser about how long the US and Iran can carry on missile and drone strikes, what happens next in the region and what opportunity cost the US could pay for picking this battle now.

Read more:
Iran’s Missile Math: $20,000 Drones Take on $4 Million Patriots
Ukraine Offers Help Downing Iran Drones in Exchange for Patriot Missiles

Hosted by Sarah Holder; Produced by Julia Press; Reported by Gerry Doyle and Becca Wasser (Bloomberg Economics); Edited by Jeffrey Grocott.

Fact-checking by David Fox and Rachael Lewis-Krisky; Engineering by Katie McMurran.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.

A major factor that could limit hostilities in Iran and the Middle East is munitions &mdash; what weapons each side is using, and how quickly they might run out.
On today&rsquo;s Big Take podcast, Sarah Holder talks to Bloomberg global defense editor Gerry Doyle and Bloomberg Economics defense lead Becca Wasser about how long the US and Iran can carry on missile and drone strikes, what happens next in the region and what opportunity cost the US could pay for picking this battle now.
Read more:
<ul>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-03-02/iran-strikes-missile-math-20-000-iranian-drones-take-on-4-million-patriots">Iran&rsquo;s Missile Math: $20,000 Drones Take on $4 Million Patriots</a></li>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-03-05/ukraine-offers-help-downing-iran-drones-in-exchange-for-patriots">Ukraine Offers Help Downing Iran Drones in Exchange for Patriot Missiles</a></li>
</ul>
Hosted by Sarah Holder; Produced by Julia Press; Reported by Gerry Doyle and Becca Wasser (Bloomberg Economics); Edited by Jeffrey Grocott.
Fact-checking by David Fox and Rachael Lewis-Krisky; Engineering by Katie McMurran.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.

Iran War Could Hinge on Who Runs Low on Munitions First

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6cf086f9-2669-4568-9de8-b4080163d4c1/transcript

In Episode 5 of The Sixth Bureau, a series from The Big Take,a spy from China’s Ministry of State Security travels to an overseas meeting with a valuable source. He has no idea he is walking into a trap that the FBI has been setting up for months. 

The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness — and a cunning FBI sting — led to a stunning reversal: Xu Yanjun became the first Chinese intelligence officer ever convicted on American soil.

The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episodes 1 - 4 here.

In Episode 5 of&nbsp;The Sixth Bureau, a series from The Big Take, a spy from China&rsquo;s Ministry of State Security travels to an overseas meeting with a valuable source. He has no idea he is walking into a trap that the FBI has been setting up for months. The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness &mdash; and a cunning FBI sting &mdash; led to a stunning reversal: Xu Yanjun became the first Chinese intelligence officer ever convicted on American soil. The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episodes 1 - 4 <a href="https://www.bloomberg.com/features/the-sixth-bureau/">here</a>.

The Sixth Bureau Episode 5: One Way In, One Way Out 

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a58414a8-ff6e-4d30-a4fd-b40600064822/transcript

The $240 Million Ad Campaign That Helped Get Kristi Noem Fired

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