39 announced 'understandings' on Iran deal
Richardson counted at least 39 announced 'understandings' related to the Iran situation, suggesting the announcements are timed to move markets.
Snapshot · The Prof G Pod with Scott Galloway
America at 250 — with Heather Cox Richardson
Explore episode
Jun 18, 2026
Where this was said
The Iran 'Deal': A Memo of Understanding Is Not a Deal
At 15:40 · chapter starts 12:10
Galloway introduces the Iran situation by unpacking the term 'memorandum of understanding' from his M&A experience: it's an agreement to pursue an agreement, and only 30–50% result in a final deal. Calling it a 'deal' is disingenuous. Richardson agrees, noting that neither side has released the actual terms, and that JD Vance's attempt to dismiss criticism as Iranian disinformation only deepened suspicions. From the outset, she says, Trump designed the Iran conflict to resemble his Venezuela approach, but it didn't go as planned [1] — Scott Galloway "We have essentially paid a ton of money and credibility in terms of US brand equity such that we could get a worse deal than we had with th…" 14:55 . Iran discovered it can use the Strait of Hormuz as genuine leverage, and the US — having gutted its diplomatic corps — lacks the skilled negotiators to extract itself cleanly. Richardson says she could not see a path out that looked anything like the pre-conflict status quo. Galloway's memorable formulation: the US has paid enormous money and credibility only to potentially end up with a worse deal than the JCPOA it abandoned — the most expensive boomerang in history. Richardson adds a financial dimension: the 39 announced 'understandings' seem designed partly to move markets, and somebody other than the American taxpayer is profiting.
The U.S. Looks Weaker Than Iran
Iran figured out it can use the Strait of Hormuz as real leverage, and there is not much the U.S. can do about it. The conflict left America looking weaker than a mediocre regional power — and the gutting of the diplomatic corps means there are not enough skilled negotiators left to fix it.
30–50% of MOUs result in a final deal
Scott Galloway estimated that only 30–50% of memos of understanding in M&A contexts actually result in a completed deal, undermining Trump's framing of the Iran MOU as a 'deal.'
Fealty Over Competence: The Real Cost of Gutting Government
Americans have taken for granted that smart, credentialed people quietly run the TSA, the IRS, the CDC, and the diplomatic corps. Replacing them with loyalists isn't an ideological choice — it's a catastrophic operational one. The chickens are coming home to roost.
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