34 Burst results for "Andrew Ross Sorkin"

Did Bill Gates Seriously Short TSLA Stock

Tesla Daily: Tesla News & Analysis

05:37 min | 10 months ago

Did Bill Gates Seriously Short TSLA Stock

"Robbed our here and today we're going to be talking about bill gates response to on musk's claims the oregon podcast a couple of weeks. Back that get heard. That bill gates had been shorting stock. We've also got some news on the broader electric vehicle automotive market an interesting response from yvonne on an article from the washington post. And of course. We've gotta talk about tesla stock. It's about wild couple of days. We had the interview yesterday with alex rotter so we didn't get a chance to talk about it. But of course yesterday. Tuesday february twenty. Third tesla dropped to a low of six hundred nineteen dollars per share. That was down more than thirteen percent from the prior. Close then of course. We saw us swift recovery in the market. And from tesla tesla finishing down just two percent yesterday on the biggest volume day that we've seen in over a month and a half with sixty six million shares trading hands yesterday. So i talked about on monday and we briefly talked about yesterday in the interview as well. A lot of this is tied to expectation on interest rates. So yesterday fed chairman. Jerome powell made comments to congress. Indicating the current monetary policy is expected to continue for some time as economic uncertainty remains so not to get too deep into that. We've talked about that. Of course in the past but as far as tussles yesterday certainly was not isolated to tesla. Those sort of concerns were broadly extended to high growth. Stocks tussle obviously falls in that category. And i think the volatility there serves as a nice quarterly reminder that you have to be very very careful with stop losses on a volatile stock like tussle as for today tesla continue to rebound finishing up six point two percent to seven hundred and forty dollars two cents. That compared to the nasdaq up one percent. All right so i up today. I want to continue a conversation that we began a couple of weeks back after yvonne. Musk went on joe. Rogan's podcast for the third time and said that he had heard from people he believes would know that bill gates had shorted tesla. Yvonne brought that up in response to a question from joe rogan on the tesla semi citing that bill gates in a blog. Post a few months back had said that eighteen wheel electric semi is probably would never work so allen's claim here understand. We drawing a lot of attention not the first time something like this has happened between musk and gates last year. He did by his first electric vehicle. The porsche ticon. Which at the time. Maybe it wasn't so clear why he didn't by ordering vehicle up until that point. Well now we might have a better answer for that. But he talked about the decision in an interview with marquez brownlee and it seemed to be a relatively tepid endorsement of electric vehicles gatesville right up ranging anxiety as a problem and elon. Musk responded to that interview. Not necessarily gives purchase of tycoon but those comments in general by saying that quote my conversations with gates have been underwhelming to be honest and so that catches us up to today and then we have launched claiming that he heard gates which tesla now in the last week. We've had both cnbc and bloomberg asked gates directly about that claim. I think gates tone is important these responses so i will play the actual clip. The i wanna hear from andrew. Ross sorkin cnbc asking gates so so you're not sure tesla's stock were clear. Yeah i'm not. I don't talk about my investment. But i think he should be very proud of what he's done. Okay so technically there. He did say yeah. I'm not but it sounded like he was more starting a sentence of saying yeah. I'm not going to talk about my investments not yet. I'm not sure tesla because he interrupts himself and says i don't want to talk about my investments so to me. That's a no comment. Rather than a denial. What's interesting here is his reason saying he doesn't wanna talk about his investments but in the exact same interview. He talks about his investments multiple times. He says quote when i invested in impossible foods or beyond me or quantum scape. I was doing that just to help their own climate. Now it looks like those three will be very successful companies. And so i'll have more money to put into the tough areas a climate like cement and steel and quote. Okay so he says he doesn't want to talk about his investments but then he in response to another question talks about his investments in impossible foods beyond me quantum scape and then how does investments are doing and that i'll have more money to then go on an invest in other stuff. I mean how much more could you talk about your investments. And he uses the first person tense. You're saying i invested. He's asked about bitcoin and he says quote. I don't own bitcoin. I'm not short bitcoin. So i've taken a neutral view and quote so for bitcoin. Perfectly fine to say i'm not short bitcoin. Same question for tesla. oh. I don't want to talk about my investments that we just spent a bunch of time talking about. If you're not going to answer the question at least come up with a better non answer. That doesn't immediately contradict yourself. He has to have known that he'll be asked about that and yet seems completely content guard answer so that was last week if there was any doubt left after that because he did start off. By saying yeah. I'm not before interrupting himself as we said. Here's gates on bloomberg yesterday so we had five days to think about this answering the same question from emily. Chang yuan has in the past claimed you shorted tesla and i wonder if there's any truth to that Well you know i think. Test us on amazed seen company I wish you know own. Been more on the long side. But i it's it's great And you know i have. Lots of relatives won't tassels Helped by for them. So you know nothing. But positive thoughts about tesla role. Okay so if the answer to the cnbc question was a bit of a flood. There was a clear opportunity to just say. Hey i'm not sure. Tesla was jor tesla and again gates passes and he sure doesn't look comfortable to me answering the question. Belief is that it looks pretty clear. That bill gates was short. Tesla who knows if he's still is it'd be surprised but come on. How are you going to be all about climate change and then short the one company that's doing more than any other company on earth to combat it. If you don't think it's a good investment you think it's overvalued you can just not invest in it. No one has any problem with that but too short it push the stock price down. Make it more difficult for tesla to raise capital. That's something else entirely.

Tesla Bill Gates Gates Alex Rotter Tesla Tesla Jerome Powell Musk Yvonne Ticon Marquez Brownlee Ross Sorkin The Washington Post Joe Rogan Rogan
GameStop Film in Development at HBO

Kinda Funny Games Daily

01:04 min | 10 months ago

GameStop Film in Development at HBO

"Game stop is in development at hbo this show ottesen at variety a scripted game. Stop film is in development at hbo. The project hails from executive producers andrew. Ross sorkin of tbt at productions len amato of crashed and salvage and jason blum blum house television. The film is described as exploring populist uprising of social media day traders beat street at their own game turning the stock market upside down and shaking the financial world to its core. This is the latest onscreen project setup to detail. The ongoing stock market sag saga around game. Stop a feature. Documentary was announced just yesterday while earlier this week. A feature film adaptation from writer mark bull was announced with noah sentinel set to star in a major role. Mgm also recently picked up the rights to author ben metrics proposal quell the antisocial network which also dives into the wall street fiasco grant publishing plans to publish a publish. The book in the fall

HBO Ross Sorkin Len Amato Jason Blum Blum Andrew Mark Bull Noah Sentinel Ben Metrics MGM
Robinhood CEO speaks out after GameStop stock chaos

Squawk Pod

07:36 min | 10 months ago

Robinhood CEO speaks out after GameStop stock chaos

"Robin hoods roller coaster ride and a new interview from the company's ceo. Trying to slow things down. The popular free brokerage app has experienced unprecedented high volume of trading as well read it reading retail traders pile into a few highly. Shorted stocks in a move organized. In part on the irreverent wall street bet sub reddit. The volume was so overwhelming and companies. You've been hearing about maybe again after a few years game stop. Amc blackberry and nokia but robin hood suspended trading in those stocks on thursday. Wow the reaction to this move was swift and surprising both congresswoman out of cossio. Cortez and senator. Ted cruz found themselves on the same side of an issue. Both tweeting that robin hoods moves were unacceptable and at the expense of the little guy investor over the hedge funds feeling the squeeze when stocks they shorted suddenly shot up a thousand percent in the legend. Robin hood stole from the rich to give to the poor so this was a confusing metaphor yesterday for everybody. Robin hood said it was a risk management decision to protect investors the markets and the firm. The company has to deposit money to a clearinghouse based on the volume of trades. And they feared they'd be unable to meet the anticipating deposit requirements now. The company's ceo joined our andrew. Ross sorkin of squawk box just earlier this week on the power of retail investors. It is a huge time for retail investors. Check your feed for that conversation and then take a listen to this one done just two days later. When the company was dealing with the anger of the robin hoodies they're typically younger users and trying to raise money through credit lines to ensure it had enough capital to resume trading on these volatile stocks. Here's andrew flat. Ten of is with us right now and we appreciate you joining us on a day where there are so many questions there are frankly as you know a lot of angry customers out there and a lot of questions about what took place in the decisions that you made to limit so many your customers ability to buy stocks like game. Stop questions about whether you have a liquidity problem. Whether you're trying to protect them from themselves whether citadel did this explain what happened today. Thank you for having me on the show again andrew. So what happened. Today was as you pointed out. We had to make a very difficult decision. It's been a it's been a challenging day. We made the decision in the morning to limit the buying of about thirteen securities on our platform so to be clear customers could still sell those securities if they had positions in them and they could also trade in the thousands of other security is on our platform so it was a difficult decision. And that's what we had to do as part of normal operations but explain. Why did you do this. What did the call you and tell you you had to do this. Was there a problem inside. The company in terms of liquidity in terms of the demand deposits. The you had to put it in front to the exchanges. What led to this sure and let me let me explain exactly how this works. First of all i want to address some of the misinformation. That's been out there. There's a lot of a. We absolutely did not do this. At the direction of a market maker or hedge fund or anyone we row to or other market participants. The reason we did it was because Robin a brokerage firm. We have lots of financial requirements including sec net capital requirements and clearinghouse deposits. So that's money that we have to deposit burying clearing-houses so some of these requirements fluctuate bid based on volatility in the markets and they can be substantial in the current environment where there's a lot of volatility and a lot of concentrated activity in In these names that have been going viral on social media so we're really in unprecedented times and in order to protect the firm in protect our customers. We had to limit by in these in these stocks in to be absolutely. It's ahead but it sounds to me though that you're suggesting that there was a liquidity problem inside the firm and my question about that then raises all sorts of new questions about whether there's a systemic issue underneath the system and underneath the company unto itself. No there was no liquidity problem and to be clear this was done preemptively so we did this. Proactively in thousands of whether securities remain tradable on the platform customers that held these positions. Were able to seldom in. We're doing what we can to allow a buying 'em to remove these restrictions in the morning but also You might have seen robin hood has been the number one app in the in the store overall so we have seen unprecedented interest due to the fact that finance has been culturally irrelevant in a way that hasn't been before and these stocks are going viral on social media. And i think it's really interesting to juxtapose against some of the other questions that we've been having a before this of course robin For everyday investors from the very beginning with stood for investors opening up access and giving them the ability to trade commission. Free in whatever they want a in. We've gotten a lot of criticism that you know. Maybe there should be more restrictions so it pains us to have had to these restrictions and we're gonna do what we can to enable trading test. How concerned should customers be though about the robustness of the system. If in fact what ultimately had to happen was you had to shut down. Access to buying these securities because of the deposit required. Well to be clear. This was the system working. We have the ability to restrict buying in symbols for a unprecedented market conditions. Such as this in to be clear we didn't shut down the system. We shut down by four of these thirteen stocks for the thirteen securities but customers that position could still sell and customers still could buy and sell the thousands of other securities on the robin hood platform. But when you look at the precipitous fall for example of game stop. Do you think that robinhood bears any responsibility for that. I can't comment on price. Action of of securities and probably would be inappropriate for me to do that in also. I should know rodman wasn't the only firm to restrain buying other. Brokerages have been restricting the buying and trading of these types of securities all week. And even today. Of course we get the lion's share of the attention since we've been the cognitive referring for retail investing in america but other other people are dealing with these challenges as well

Robin Hood Robin Hoods Cossio Ted Cruz Ross Sorkin Andrew Flat Thirteen Securities Andrew Cortez AMC Reddit Nokia SEC Robin Rodman America
GameStop Stock Soars as Reddit Investors Take On Wall Street Bets

Squawk Pod

07:17 min | 11 months ago

GameStop Stock Soars as Reddit Investors Take On Wall Street Bets

"Stop the video game retailer. Stock has rallied over six hundred eighty percent this month and in the last couple of days the stocks volatility has pretty much everyone talking. So what's going on. First of all game stop is for the average mall going consumer dying brand a relic of simpler times when we used to have to physically go to the store and wait in line for the newest call of duty or for the latest harry potter book. So it's no surprise. That game stop has been a target for wall street shortsellers its demise has been foregone conclusion. So short and game stop. That is betting that game stop would continue to. Depreciate could have been a good bet except short-selling is risky and your losses if you lose that bad or basically limitless since there's no cap on how valuable the company has bet against could become so even riskier if stock you've shorted starts going up. You can essentially cut your losses without getting too in the weeds market mechanics here. When a lot of short seller's designed to cut their losses on a shorted stock. That's now suddenly going up it triggers. What's called a short squeeze. Demand goes up. Supply goes down. Price goes up more shortsellers. Try to cut their losses. It's a vicious cycle and one that can result in massive losses for their shortsellers and giant prophets for those who've invested in the stock on the way up which is when a popular reddit. Forum called wall street bets figured out that game stop was the most shorted stock in the us markets. It wasn't hard to convince reddit users in the forum to buy up enough stock in game. Stop to trigger that short squeeze making retail investors of bundle and sticking it to the wall street big guys in the process. This was all encouraged in many ways by high profile investors with a hefty social media presence. Jamaa only petia tweeted that he'd bet on the stock increasing himself cameron winkle voss of the winkle vi- suggested he might go along on the stock and must only tweeted that he was aware of the situation just aware of the situation in game. Stop took off again. In after hours. Trading and to wall street bets credit. The plan worked amid game. Stops rally shortsellers on wall. Street have accumulated over five billion dollars in losses year to date and that includes nine hundred million loss on monday and one point six billion lost on friday. As you're about to hear hedge fund. Melvin capital took an enormous loss on the bet so much so that rumors of bankruptcy were swirling on that wall street. Bet sub reddit. But the founder of melvin told our own andrew ross sorkin. The rumors aren't true. Here's andrew now some breaking news this morning on this game stop story. We've been reporting all morning. Having talked to gay. Plock into runs. Melvin capital gay. Plotkin saying that. Melvin capital has been out closed out its position in the stock force. That company was Firm i should say with short looks like lost a ton of money but short that company up through Before the end of the close yesterday but Gabe saying that They got out yesterday afternoon. Of course the question is what happens now. Game stop a game. Stop shares Melvin capital had to take in an additional close to three billion dollars in new capital citadel. Coming to the rescue along with point seventy two. This is a remarkable saga With game stop so many of these investors no really no longer really investing on the fundamentals of what's happening against up but more just continue to push up the stock and we've seen so many folks like you on musk. Go take to twitter about it. Chihua- polly fanning the flames. So there's a lot of fan fan. Flame fanning taking place right now big questions about regulators where they are what they should be doing a lot of criticism and critique online as saying that if you think manipulation what do you think wall street is doing everyday to us the retail investors so. There's a sort of a pop psychology dynamic at play. And i think we're all we're all learning and try and understand what it means but also what it means in the future for the ability of retail investors to get together on places like read it and other places Form an army of sorts and try to push up The stocks in in certain cases like this. So i'm at a loss for words. Joe i really am where are the regulators and is this just the beginning situation. We all do have a lot to say on this but you you obviously have a lot to san. That's interesting but obviously the plane with the calls. And you're you're seeing calls that are one hundred dollars out of the money going for nineteen dollars and things that you've got markups going from two billion to twenty five billion. Obviously everything you're saying we understand. This is this is a game obviously and these guys. When i put five dollars on a ncaa game that. I don't care that much about that's the same as jemaah putting a couple of hundred grand on some calls or lan or any of the guys were talking about this. I think it's kind of responsible. The kind of laughing about it laughing all the way to the bank. But you know there are market makers that have to take. How'd you like to be short some of these calls. Can you imagine being short some of these calls. Especially if you're not covering i mean you can lose. You can lose ten times your money. Unlike a regular investment where only lose one hundred percent. I mean this this this makes this makes bitcoin look like t-bills if you think there's speculation and crypto when you when you look at something like and now they're looking for the next mark right they'll find another game stop once they're done with game stop but in the meantime there's gonna be blood all over understand why i understand why elon musk is doing it. He hates the shorts. They've you know he's right. Thinks it's a game where he's playing a game to understand he's playing the game too. I don't understand why tomatoes doing this. I don't understand why the winkle loss guys doing this. I mean this is i. It's nothing about me. Said too much money it and if you if you think people look unkindly at the wealthy at this point like wait till you see what happens with with the retail investor who gets sucked into thing and gets caught in the trap with who can't afford to lose the money like these guys are doing. I'll tell you the thing there. There really is a merry band of retail investors. Out there both already but increasingly and this is what i think even more concerning i spent a lotta time night reporting this out but also spending time on the in some of these rooms there are places people are going out into encrypted rooms onto telegram onto signal where they where they effectively are planning their next raid. Where they're trying to look to say. Okay where can we do. You know who can we take down next. In this case it was capital that they were seeking to take down. That's why i think the news today that they're out maybe potentially a turning point. I don't know. I don't. I don't know what turns this stock back into some kind of a normal

Melvin Capital Reddit Jamaa Petia Cameron Winkle Voss Winkle Vi New Capital Citadel Chihua Polly Fanning Andrew Ross Sorkin Harry Potter Plotkin Melvin Gabe Andrew
Twitter and Facebook Lock Trump’s Accounts After Violence on Capitol Hill

Techmeme Ride Home

01:18 min | 11 months ago

Twitter and Facebook Lock Trump’s Accounts After Violence on Capitol Hill

"At the time of this writing president trump's twitter and facebook accounts are locked quoting the new york times. Twitter said mr trump's account would remain locked for twelve hours and the band could be extended if several of his tweets that rejected the election results and appeared to incite violence. We're not deleted. Mr trump's account will be permanently suspended if he continues violating twitter's policies against violent threats and election misinformation. The company added twitter. Said the risks of keeping mr trump's commentary live on its site had become too high quote our public interest policy which has guided our enforcement action in this area for years ends where we believe. The risk of harm is higher. A spokesman said facebook later followed by barring mr trump from publishing on the social network for twenty four hours after finding that he had violated the country's rules with two posts. A facebook spokesman said instagram. The photo sharing site owned by facebook. Said it would also lock mr trump's account for twenty four hours and quote also president trump's snapchat account is suspended facebook and youtube removed that video that the president posted from the rose garden yesterday. Facebook said it risked adding violence. Youtube said it violated election rules as andrew. Ross sorkin tweeted. So trump has access to the nuclear codes but he can't tweet or post to facebook and

Mr Trump President Trump Twitter Facebook The New York Times Instagram Youtube Rose Garden Ross Sorkin Andrew
"andrew ross sorkin" Discussed on 710 WOR

710 WOR

02:26 min | 1 year ago

"andrew ross sorkin" Discussed on 710 WOR

"Sexton, 7 10 W. O. R. Whenever somebody says it's the science. You want to be very skeptical these days. Whatever Whatever Somebody tells you that you have to agree with them because science you'll notice that Most of the time that people say that not only do they are they not scientists, but They're neither knowledgeable about science were really much of anything else. For that matter. They don't seem particularly well read or Up on things. We have a perfect example of this. Where you have remember Rick Santelli. Guy was great. He was the one who started CNBC guy he started The tea party People forget this. He said that we should have a Boston salty party after the after the financial crash, 2000 and eight the mortgage meltdown all that, he said. We need a Boston tea party in this country. And the tea party actually caught on. He's credited with starting that movement just by saying this on TV. It was just one of those things that went viral and then had real impact. But with Andrew Ross Sorkin Santelli had a little bit of a little bit of Ah, tiff today. Over whether or not there should be different kinds of lockdowns for different places. Why is it fair? Have these arbitrary distinctions. Here's what her. Here's how that went. Tell me that shutting down which is the easiest answer is necessarily the only answer. Rick. I just just isn't as a a public health and public service announcement for the audience. The difference between a big box retailer is this hold on the difference between it. It's the Angels different difference between a big box retailer. Hold on the difference between a big box retailer and a restaurant or, frankly, even a church are so different. It's unbelievable. There's a big box retailer where I disagree your way you could have your thoughts and I didn't want to wear a mask disagree. Science. I'm sorry. It's science. If you wear that mask, it's a different story runs. Your people in the lows aren't any safer than 150. People in restaurant that holds 600. I don't believe it. Sorry. Don't believe that you're living here. There was.

Rick Santelli Andrew Ross Sorkin Santelli Boston Guy Sexton CNBC
Unpacking Palantirs Public Debut: CEO Alex Karp

Squawk Pod

19:51 min | 1 year ago

Unpacking Palantirs Public Debut: CEO Alex Karp

"This is squawk pod I'm CNBC producer Katie Kramer today on our podcast. unpacking Pailin, tear the high profile highly secretive software company has operated quietly for seventeen years and it's finally on the public markets. And -ticipant I I think for maybe the past ten years CEO Elon on why it it took. So long my lawyers will shoot me what I can tell you is we are very very focused on building software a longtime before other people building and how he expects to become profitable with a small, but mighty and mighty controversial of customers. Well, how can you have the Super Valuable Company? They're only a hundred and twenty-five customers to which I respond. Yeah. But one, hundred, twenty, five most. Interesting institutions in the world I would ask people who are watching this to make a list of the institutions they admire in the world, and then roughly figure out if they're using pounder that interview plus the politics behind listing journalist Joanne Lipman fits a company that is very, very closely aligned with the trump administration. There's a huge question here about what happens if trump does not win the presidency it's Thursday October first October twenty twenty the year is still twenty twenty squawk pot begins right now. Good morning and welcome the squawk box right here on CNBC. I'm Andrew Ross Sorkin along with Joe Kernan Becky off today. Today on the PODCAST volunteer goes public analytics company that is usually described as secretive debuted yesterday the direct listening selling new shares on the New York Stock Exchange covered live on CNBC how tears for trading why secretive well here is named after magical orb and Lord of the Rings. But in seventeen year history, it hadn't made much public volunteer received early funding from the venture arm of the CIA and provide software products designed to crunch numbers. One of these programs is called Gotham and it's for government clients. Who Need to organize an understand massive amounts of data. So surveillance predictive policing, possibly rooting out potential terrorism threats, Pailin tear works with US Army Navy Department of Homeland Security and it's working with health and human services to help track the spread of Corona virus case data that we just recorded. We can immediately narrow into emerging hotspot counties, notable backers of talent tear include investor, and Co founder Peter Thiel who has gotten attention for his conservative politics and support of president trump in the two thousand, sixteen campaign. Evening. I'm Peter Thiel I'm not a politician, but neither is donald trump as well as his work technology companies. He was facebook's first big investor other pollen tear backers include wall streeters like Hanlon and Stanley Druckenmiller when talent tear filed paperwork with the SEC to pursue publising listing earlier this year it's called the swan event is finally got a sense of the books turns out pollen tear had never turned a profit and. A, huge chunk of its revenue came from its three biggest clients which are anonymous in the first six months of twenty twenty. It's revenue of nearly half a billion dollars a big jump from the year before this was addressed by pollen tear CEO, Alex Carp investor roadshow, which true to carbs personality, and true to the weirdness of twenty twenty was virtual and started on cross country skis. Welcome to Powell, tears investor day. We're very proud to have you here. Carp is an Orthodox for a CEO. He has amazing curly hair. He uses the modifier super allot super cool and speaking to potential investors. He made the pitch for the importance of Pailin tears purpose. This way of looking at the world war literally savior situation and in many cases Save Your Life Allen to has moved beyond. Just government clients fifty-three percent of its customers are in the private sector big name businesses who use a software program called foundry include Airbus Merck Ferrari and United Airlines but it's work for governments here and others around the world stuck to its reputation allentown faced criticism from privacy groups and for its work with the US Customs and border. Patrol. Tracking immigrants at the border. But Carp in the company not backed off in. That s one filing the leader of this highly valuable tech uniform said, Pailin tears work is different in his view software missions to keep safe may have become controversial but companies built on advertising dollars are commonplace and carp took aim at big tech culture directly writing quote our company was founded in Silicon Valley. But we seem to share fewer and fewer of the technology sectors, values and commitments. Helen tear moved its corporate headquarters to Denver and its shares headed to Wall Street. If you think, we are going to change our internal culture drastically if you think we're going to work with regimes that are not allied with the US enter abusing human rights if you think. that. That the future is going to be a super rosie place where the past ways of supplying software are going to work because enterprises and governments do not need to be reformed you should not invest in pounder. Andrew. Ross Sorkin has interviewed Alex Carpet number of times. This conversation was reported Wednesday yesterday right after the first trade for here on the New York. Stock Exchange. We've had lots of conversations over the years. This has been probably one of the most highly anticipated offerings or listings in a very long time. Almost every year that we would talk in Davos I would invariably ask you are you going to go public? Are you gonNA list and invariably you wouldn't. So let's start with why now? Well, first of all, thank you for having me and I and I really would like to thank all the pound tyrians who stuck with us and built this company and our investors you're stuck with us and you know over the years we've been skeptical about listing and for lots of reasons, we really needed to build our products. With enough protection so that we would be ready to launch them into the public space. And we built we built out PG government and foundry product and and built a way to maintain them so that we wouldn't have to scale the number of people and. You know we've reached a base where where our company's very significant and we believe being in the public space will help us with our clients and help us grow and quite frankly I believe the people apparently who built this company over seventeen years. Deserved a access to liquidity. So we we decided this would be great time for us and so far. It's been a really interesting process and and our clients are embracing it. So it's a really good time for us and I'm very, very grateful. Outlets. The single biggest question that investors ask about this company is seventeen years in while you know may have an operating profit, the company unto itself is still not profitable. So so walk us through what the path to profitability looks like. Well, you know we build these products years before people build them, and that takes money and what you see in the cove it pandemic crisis is we had built this way of going to market with foundry, which would allow us to literally supply an enterprise with a completely new stack of products within six hours and maintain them. And what you saw when we did that is we grew the company forty, nine, percent, forty, nine percent off of a seven, forty, three base and the divergence between expenses and in growth is dramatic. And we're just going to be very very focused on on an invigorating, our software offering. But when you're growing forty-nine percent off of a seven forty base. I think that's a pretty strong indication of what the future could hold and we're super proud of that and I think you're seeing that people are taking a look at our financials and our our company is often been used viewed as complex and. Needing explanation both moral and financial but it turns out our financials are quite simple and you look at this dramatic growth with flat lining expenses and I think that gives investors comfort and it certainly makes me feel as. Co Founder and CEO that we made the right decision to invest heavily over well over a decade in building software, the way other people don't to build it and you see the results do you think the profitability is at twenty twenty, two, proposition twenty, twenty, three proposition can I put you on that? Well, you you can push me but of course, my lawyers will shoot me I can tell you what I can tell you is we are very very focused on building software a time before other people building, supplying it and I think that are year I. First Half of the year growth will be reflective of the future and if I'm right. That will answer all of your interesting questions and we'll be interviewing. You'll be interviewing me again maybe not a Davos but virtually, and we'll see how we do. Confident confident we'll do well. Alex, one of the other questions people ask is how to comp your company meaning what are the comparable should this be considered a technology company as SAS company or should this could be considered a much more traditional consulting company? Can you speak to that? Well I think what the investors are seeing is they're asking the question at this point they used to ask is this is this a company that built software for the government and how do they build it? Of course we always sold this as a license. Then they saw our margins of the first half of the year round eighty percent. So I think the real debate now is. Move significantly away from is this software services because although people think we're very smart, we're not smart enough to get eighty percent margins off of a services company. The question then is, how do you comp it and honestly I think that's something investors will have to figure out. We're not focused on that we're focused on we are going to be the most important software company in the world. And people will figure out what valued over a long period of time and we're very comfortable with investors toying around it could be like this. It could be like that. We are going to deliver the best software. With the morals most efficient way of delivering it investors will decide what's that. What's that were is worth to them and I think you'll find a number of years that will be a consensus. Palette. Here is a truly special software company that is arguably the most important software company in the world. Alex has everybody knows You have contracts with various government agencies, obviously and some of the bluest of the blue chip companies in America today, but it's a concentrated list of about one hundred and twenty-five companies. About Twenty eight percent of the revenue actually comes from three of those clients unto themselves. Two thirds of the revenue comes from the top twenty. How much of a risk does that pose on one side but also when you think about the opportunity on the other, if we're having a conversation like this in in twelve or twenty, four months, how much do you want that list to increase in size or do you just want to keep that group effectively and a effectively raise the margin or cost for those clients? And grow that business. Well, we want to do all the we're going to do all of the above. So interesting about our client list people people ask, well, how can you have the super? Valuable Company they're only one hundred and twenty-five customers to which I respond but one hundred and twenty-five most interesting institutions in the world. These aren't just any institutions. The literally, I would ask people who are watching this to make. A list of the institutions they admire in the world and then roughly figure out if they're using, we don't go out and advertise our product, but I would say the list of our clients is the single most impressive institutions in the world I've ever seen we. So we want to keep these clients. Also investors will of noticing in the one that well over ninety percent of our growth in the first half of the. Year came from our existing clients. What does that mean our existing clients? The most important clients in the world are really happy that's what it means. So of course, we're going to expand those really happy clients who happen to be the coolest people on the planet, and then we've built this product which has gotten very little attention called Apollo Apollo allows us to maintain and deliver software to any number of clients with essentially. Not growing our our force apparent and force at all. So we're planning now that we have Apollo to grow the number of super cool customers all over the world, and we can do it without raising our headcount, and so what you're going to see is we're going to continue building with our clients why they're the most interesting clients in the world and they clearly based on our numbers like us and some of us. We are going to expand our client base. Why? Because now with Apollo, we can deliver the whole stack in six hours. I don't think any other company I've ever seen in the world can do that, and we can do with efficiencies that I don't know any other companies going to do because we can do this with a small number of people sitting in our office that we have maintaining, updating and providing them with new products we built. So they don't have the Frankenstein monster that takes two years to build and has to be maintained with either human hours like in the government contracting case or by purchasing new product or compensating sales people or behind. It people you don't even talking to you can actually buy one stack. So we are going to increase revenue with current customers, get new customers and continue our march. Alex how easier heart is because I know you've talked about trying to keep things in in terms of the platform if you will how he's your heart it for four clients to leave in terms of the churn. Well, as I mentioned, ninety, five percent of our revenue comes from existing customers. So customers, obviously if a customer wants to leave they, can I think the main reason our customers stay besides the fact that the output is very significant as they look at this product, we supply foundry the average customers paying less than six million dollars and they compare it to buying twenty products paying ongoing licensing. Fees. You can't get out of or building something over years, and the last thing they compare it to is we're not delivering a roadmap. Most people are living roadmap of what are you going to get in a year we're delivering a product after six hours so customers can leave. But what you see in the numbers is they by and large don't, and it's not because of my charming personality. Alex well, let me ask you a different question. We've had lots of fascinating geopolitical and philosophical questions about the role of technology and Pailin tear itself as well as the approaches silicon valley has taken. I'm curious in terms of risks how you think about this Amnesty International as you know, criticized, the company recently for its role of working with ice. How much of that does that pose a risk to the larger business? Especially, the corporate business at a time when we have corporations at taking both political positions and also being oftentimes being socially at activist. To Your Business Well, look the fact that we take positions that are sometimes controversial can cost. US clients. But it also gets us. Clients because when we talked to a client and we say look we're going to work with you. We're not gonNA walk away just because the winds change and this is super important especially to our government clients if you're supplying special forces and army and the US, those clients have to know that they will not be left on the battlefield. Because a because Silicon Valley has decided they don't like the warfighter. So of course that costs revenue many of our decisions of cost US revenue we only work in certain countries we've walked away from work because if human rights issues we've said, we disagree with very prominent human rights organizations and we engage in dialogue but also by the way is a reason why I Think people who are watching this may consider investing or not investing. We are not going to stand up here and say we're for everybody we're not going to pretend, and by the way we're going to try avoid jargon. We will actually tell you what we think it's not going to be created by fifty media people it may have to be carried by a couple. Of Lawyers but one of the unique things about power tears, we actually say things and we actually stick to them and that's something not everyone likes but many of our customers do and by the way I think it is a reason why ninety five percent of our revenue comes from customers because when we tell them, we're going to deliver we are going to deliver. Alex. One of the other questions now you all republic company. But as you know, you have three tiers of stock classes of shares that is and to some degree there have been critics who said, this is effectively a private company masquerading as a public company. Can you speak to the decision to structure the shares the way that they are structured and how governance experts and folks should think about that I think it's important for government experts to look and make an deliver opinion but I would also ask them to consider the environment we live in pound tear has been in silicon valley up till recently for seventeen years and in silicon. Valley. Defending the. warfighter providing our troops with technology that allowed them to come home is very controversial. I do not believe a company like ours that makes really consequential decisions for government clients and non-government clients could be run without an F. share structure and I understand there's criticisms investors look and say, well, why should talent you're having F. structure? What is my? What is my what? What can I do if? I don't agree with them. The primary reason why we fought for an structure and we asked investors to buy into it was we need to be able to go to our especially our Intel and defense clients and say, we will not just blow with the wind. And does shares for a company like ours gives us a unique ability to have long-term commitments to the most important clients in the world, both commercial and government, and that's why I believe they're super important, and I also again would encourage people if that's not something you're comfortable with there are many shares to buy. We don't have to buy challenge your shares. You should buy shares knowing that these shares reflect our views. Alex we've often had these conversations in Davos where globalization has ruled the roost but as you know so well, the world seems to be shifting to a globalized world, a splinter net if you will. How do you think long term that will affect the business of here We made this decision, which is actually a secret only because no one believes it's true which is that we didn't solve the problem of fighting terrorism. We solve the problem of doing data protection and fighting terrorism, and the architecture we built both PG and for foundry will allow a super set to work with subsets, which means if the world's splinters and every country has its own jurisdictions, it's GonNa be very hard for normal software companies because they're not built to do that but it's going to be very good for Palette here and finally Alex. Decision five years from now today. How would you measure success? Here, what would be the metrics which measure it? We know they're there obviously financial metrics but I'll tell you Powell cheer has recruited and retained I believe the most interesting most talented most ethical people I've ever met and we work I've interacted with thousands of institutions and in five years when meet I think he'll say to me. Wow, that wasn't just you saying that because it was the right thing to say it's actually true. And the products that will build over that period we'll we'll. We'll be unique and they will tilt the course of history. In favor of things that are good and noble. And will not avoid the complexity that's necessary to do that outlets. Carpool. You lots of luck and we do look forward to having that conversation hopefully in five years. But hopefully sooner than that. Thanks so much Alex.

Alex United States Silicon Valley Davos Twenty Twenty Donald Trump Andrew Ross Sorkin Carp New York Cnbc Powell Joanne Lipman Peter Thiel Gotham Us Army Navy Department Of Hom
Palantir Plans to Go Public

Squawk Pod

02:10 min | 1 year ago

Palantir Plans to Go Public

"Details on one of the most anticipated public debuts of the last few years, data analytics company. Pailin. Tear. Technologies has released its prospectus to debut on the public markets in the filing pound here reveals that plans to list on the New York Stock Exchange under the ticker he l. t. are and will pursue a direct listing rather than a traditional IPO, the same unconventional route taken by slack and twenty nineteen and spotify two, thousand, eighteen the company said it lost about five hundred eighty million dollars last year despite a twenty, five percent increase in revenue from the prior year. Tear was founded in two thousand three by a group of Silicon, valley entrepreneurs, including CEO, Alex, Carp, and Peter Thiel became wealthy as a founder of pay PAL and an early investor in facebook, and just in case you didn't know I did not until today Pailin tear the company was named after a magical or in the Lord of the rings that lets you travel. Vast distances. Here's Andrew Ross Sorkin with more in the filing co Alex Carp said quote our company was founded in Silicon Valley and by the way now, it goes to take on a shot at Silicon Valley but we seem to share fewer and fewer of the technological technology sectors, values and commitments from the start. We've repeatedly turned down opportunities to sell, collect or mind data of technology companies including some of the largest in the world have built their entire businesses on doing just that. Carp recently announced plans to move its headquarters from Palo Alto to Denver in part because of. This value issues talked up how also clear on its stance on China. Says we not work with the Chinese Communist Party and had chosen not to host our platforms in. China. which may limit our growth prospects. Company proposed three classes of stock, a Class B and Class F which will be held voting trust established by its founders including Peter Thiel with just below fifty percent of the total voting power for that stock that's similar to voting structure of other tech giants, clean facebook, and Google. So if you're concerned about the power structure. That is that is something they do share in common with with the rest of the

Alex Carp Peter Thiel Silicon Valley Facebook Andrew Ross Sorkin Founder Silicon Chinese Communist Party China Palo Alto Spotify New York CEO Google L. T. China. Denver
Procter & Gamble: Let's #TalkAboutBias

Squawk Pod

05:03 min | 1 year ago

Procter & Gamble: Let's #TalkAboutBias

"Companies combating bias many American. Corporations are taking a closer look at their impact on employees and customers when it comes to issues of diversity and inclusion one of the most visible examples, the stop hate for profit campaign, encouraging advertisers to boycott facebook amid calls for the social media giant to better moderate racist content. We've discussed this initiative at length here on squawk. SQUAWK pod check out Wednesday's episode for our most recent conversation with one of the campaign's organizers, but one of facebook's and Google's biggest advertisers has remained uninvolved in the boycott. That's proctor and gamble the consumer-goods Giant that owns household brands like Gillette. Bounty tied down vicks crest. The list goes on, but while fellow consumer giants like Pepsico Coca Cola and Unilever have pulled or paused their advertising. Advertising with facebook being Jay has not even though PNG has a history of calling out big tech platforms about this very issue in twenty nineteen, the company spoke out against digital media platforms. SUGGESTING PNG could move its aunt. Dollars to services do a better job at keeping their platforms free of offensive content, and they weren't kidding. In two thousand, seventeen and eighteen proctor and gamble had boycotted. Boycotted Youtube for over a year after its ads showed up next to terrorist content, so why his PSG remained on sidelines in this boycott, the company's strategy has instead been to double down on its own approach to combat racism with ads like the look and the talk about conversations. Black parents have with their children in this country. The talk actually won an emmy a few years ago. You were not pretty slow blood. Beautiful period. Okay. I'll never forget that. This week proctor and gamble released another short video choice encouraging white Americans to speak up and stand up against racial bias as well as the Hashtag. Let's talk about bias fostering conversation about race between strangers. Everyone has bias as might be uncomfortable. Can you imagine that officer having his knee on a white woman's neck like that for ten minutes it all starts with biased. Each video is a powerful watch. Damon Jones chief communications officer at proctor and gamble joined squawk box this morning to discuss the strategy. Here's Andrew, Ross Sorkin Damn Good morning to you. The morning before we get into some before we get into some of the details, just just tell us how this came about and I'm curious about what kind of debate there may or may not have been inside the company about how to approach this. Will for years we've been using our voice and position as a leading advertiser to spark these constructive conversation on race and unbiased. You know back in twenty fourteen. We launched a campaign called like a girl to talk about gender bias and twenty seven be launched a campaign all the talk that really shine the light on the conversations that black mothers were having with their children. Children to prepare them last year, bid on a campaign called the load, and recently with the choice we wanted to catalyze even more conversation, giving all that was happening in the world so we know that a lot of the core evil that we're facing right now. Racism sexism than up over. They all start with biased and we can't tackle these problems until we begin. Begin to talk about them, so the challenge is always. How do you do that in an accurate way? How do you do that in a way? That really brings people voices by invite them into really become part of solution. That's our objective with the talk about bias campaign. You know it's an important message, but we're. We're living in contentious time, and amid what some people. People might describe a cancel culture and I. Don't know if you remember when starbucks many years ago, put together their race together program, which immediately drew criticism despite I think it's well intentioned, and my question to you is how you think about that sort of a mix in terms of how you approach this issue, and what kind of feedback you've gotten us for. Sure well I think what we know because we're all about serving consumers, consumers want to know the values behind the brands they buy everyday and as we consider these types of programs, we do it in a fear and accurate in a respectful manner, and we're very clear on our goals, and we want a society that fosters great public discourse, even when we disagree, so we bring multiple views to the table, and we handle those using a very responsible way were clear on the objectives were clear on the outcomes, and we acknowledged that eight. Not everyone's a disagree, but we want everyone to come to the table, bringing their lived experience, but also bringing perspective that are beyond. Beyond their own, so what we did talk about bias. Perish Rangers together right. People who were different have different lived experiences, White, black gay shrink all these dimensions of diversity, and we said let's talk about these things right and sometimes disagree sometimes you'll get a little hurt, but that's the proper process of learning. We've actually taken that same process within the wall to P. and G. writes. The were walking the talk when it comes to bringing people together and getting through some of those difficult conversations at the end of the day. It's not about a popularity contest, but it's about getting to the culture of respect and understanding that we all want to live in.

Gamble Facebook Gillette Vicks Crest Pepsico Coca Cola Youtube Rangers Damon Jones Google Officer Unilever Chief Communications Officer JAY P. Andrew Ross Sorkin
"andrew ross sorkin" Discussed on Squawk Pod

Squawk Pod

05:10 min | 1 year ago

"andrew ross sorkin" Discussed on Squawk Pod

"This is squawk from CNBC. Today on the POD, we're continuing our ongoing conversation about systemic racial and economic inequality in the US and particularly the role of corporate leaders to actively undo it a narrow the opportunity gap. I caught up with Andrew Ross Sorkin.

Andrew Ross Sorkin CNBC US
Robert Smith, Vista Equity Partners; PPP & Minority-Owned Businesses

Squawk Pod

04:29 min | 1 year ago

Robert Smith, Vista Equity Partners; PPP & Minority-Owned Businesses

"For businesses around the world today isn't a restart it's a rethink that's why they're partnering with. Ibm retailers are keeping their systems up as millions of orders move online. Paul centers are using IBM Watson to manage an influx of customer questions with a I and solutions built on the IBM cloud are helping doctors care for patients remotely today. We're rethinking how business moves forward. Let's put smart work visit. Ibm DOT com slash thing to learn more this squad pod? I'm CNBC producer. Katie Kramer Today on our podcast private equity giant and richest African American billionaire Robert Smith on getting loans to entrepreneurs or capital is be driven. Frankly into this small businesses hands in probably give them a little more flexibility in terms of hobbies and and how to leverage technology for digital future. But I think we should think about what are the most effective ways for us to educate our population to drive forward into you know into the teacher of opportunity plus when reopening is on the Menu Cameron Mitchell restaurants founder and CEO laid off thousands of workers. Now he's opening doors again. I think we're going to survive but it's GonNa be a while before we get the hospital. It's Monday may twenty Fifth Happy Memorial Day squad. Pat Begins Right now Robert. F Smith is the founder Chairman and CEO of Vista Equity which has fifty seven billion dollars in investment capital. Vista is the fifth largest enterprise software company in the world as well and overseas more than sixty portfolio companies that employ more than seventy thousand people around the world. Smith is also the first African American to sign the giving pledge and he was recently awarded the Carnegie Medal of Philanthropy. He's on many lists as the wealthiest black American and lately. He's been working directly with the White House on the roll out of the paycheck protection program and how to get the loans in the hands of the most in need especially minority owned business. Pp was designed to rescue mainstream. According to the small business administration more than four million loans have been approved so far totaling more than five hundred billion dollars. Here's Andrew Ross Sorkin with billionaire businessman and Philanthropist Robert F Smith. You had worked with the White House on this program and so I just ask you to start by giving it a grade. Do you believe the money's getting where it needs to go. You know be first Tron of the P P P I think was challenge to get to the the small businesses small medium businesses a second charter for being a lot more effective But one of the things we discovered. Angela's US not discussed is that there is a frankly banking desert's in a lot of the communities about seventy percent of the African American community. Actually don't have a branch bank and so we've been working with a they treasury you know senator Sector MNUCHIN and Senator Schumer in Pelosi Dachsie work on building capacity and what I saw the capillary banking systems which are the community development financial institutions and a minority depository institutions building out the Pasadena to get these dollars into the hands of these small businesses which are essential to our communities so what are those capillary banks. Look like who you to right. If you are a small business owner this morning listening to you this morning. Where did you go go? Go to get that money then. So there's a bad a little over a thousand of these days. Cdfi's and the India is and these banks typically are in the communities there mainly in what we call targeted communities Unfortunately a lot of the larger banks don't bank those organizations those businesses any longer and is about ninety four percent or so of the African American businesses are so proprietorships and don't have banking relationships. And so what we've been doing is is enabling. Technically enabling got some wonderful teams have been ebeling these businesses they interface with the transit system at the and you can go to number places. There's national bankers dot org goes National Action Network. We've been worked black churches. Our Fair share A number of organizations that we've been working with to enable these banks to be able to processed loans and we just probably about ninety billion dollars or so left in the second of AP and I think it's essential if these small urban businesses African American Latin next businesses get Get their share This stimulus capitals of really frankly Repair some of the economic damage that this covert virus

Robert F Smith IBM Founder Chairman And Ceo Of Vi White House Ibm Watson Cameron Mitchell Restaurants Andrew Ross Sorkin Founder And Ceo United States African American Community Paul Katie Kramer National Action Network Cnbc Business Owner Cdfi Pasadena
Telecoms Mega-Merger

Squawk Pod

00:57 sec | 1 year ago

Telecoms Mega-Merger

"And T. mobile the long-awaited merger of the number. Three and number four wireless providers is closer to happening nearly two years after I being announced announced a US district judge ruled in favor of the twenty six billion dollar deal rejecting an unusual suit filed in June by attorneys general from thirteen states and DC. In that suit the states argued a combined sprint T.. Mobile would reduce competition in the industry and lead to higher cell phone bills for consumers yesterday on the pod. We brought you Andrew Ross. Sorkin exclusive exclusive discussion with Marcello Flora the former sprint CEO who is now executive chairman of we work and CEO of Softbank a sprint investor. We're going to have a decision. I'm based on the merits of the merger. Nothing has changed. We believe that is the best for. US consumer central repetition. The judge's decision was announced today while Squawk box was on the air. Sending the stock price of both companies straight up. It is now official a federal judge approving

United States CEO Sprint Marcello Flora Andrew Ross Sorkin Executive Chairman Softbank Official
Interview with Alex Karp, CEO and Co-founder of Palantir

Squawk Pod

06:45 min | 2 years ago

Interview with Alex Karp, CEO and Co-founder of Palantir

"This is walk. Thought this next segment is the conversation. Andrew had with Alexander Co Founder and CEO of Pailin. Tear the Tech Company provides software and data services for well a a lot of groups as you'll hear but it's probably best known for its relationship with the US government also quite controversial Given the company's role full working with the government in defense on ice with our allies with corporations there's always been view. It's a very secretive company in two thousand nineteen gene alone. The company signed one and a half billion dollars in. US government contracts one of those contracts in eight hundred million dollar deal with the Army Peletier beat out fortune. Five hundred company Raytheon for that one marking the first time that a venture backed firms received that caliber of recognition from the Pentagon and possibly more than anything else though. It's the company's Partnership With Immigration and Customs Enforcement that's created a stir until valley as well as internally Turnley at Peletier Alex Carp founded the company alongside a few other entrepreneurs including famed venture capitalist. Peter Thiel he co-founded Pay Powell and founders fund and invested in facebook anyway. Alex is he is one of the most unique interesting people in the world of business. He rarely does interviews but luckily for us. He's speaks Andrew. I gotTa tell you it's every time I have an opportunity to speak with him and really we've been able to do it now and you'll hear Davos you're just sort of blown away by the things that he says so here. It is Andrew. Ross sorkin annual interview with outs carp mark. CEO of talent here in the Alpine ski town of Davos Switzerland. Arc's thank you for doing this. Thank you so this was a very big year for you. We have a number of contracts. This is true we did very well so what happened. Well the long version is about five years ago we looked at our product offering and decide to rebuild our core offering for the government start with a commercial product which can be used to commercial and government and revitalize tragic going to market and and we saw the results Last year but dramatically this year and so that ended up with two very very large contracts that are public number of contracts that are not public and commissioner impact. That we're very proud of just so we're clear that's released publicly. One point five billion dollars in new contracts with that's true to you speak about those contracts. Let's well two of them are public. One of them is essentially. Give the DOD glow operating system in software with a on a timeline that otherwise I wouldn't be realistic so transformed the way. Decisions are made inside what amounts through the largest data organization in the world in timeline. That is very very aggressive. Another there is a little more classified and And we're we're just pouncing forward. The Core Mission of our company always was to make the West especially America the strongest longest in the world. The strongest ever been And for the sake of global peace and prosperity and we feel like this year we really showed what that would mean visit today. Do you believe is being driven by the government work versus the corporate. Well in the last couple of years most of our revenue has been commercial. Most of our clients have been government the the government government work inside and outside America's so strong Because of how it compounds that it's gone from being sixty forty commercial government to probably probably fifty fifty the impact of government. Work is the thing we are obviously the most proud of and is the past year. This sort of larger geopolitical Nicole conversation around. What does that into the business? Well you know decoupling. And and and strict regulation is a bonanza for pounder when we looked at what what did what should be done with data fifteen years ago. Most people aren't thinking about it and instead of thinking of this simplistic problem with aggregation of data. We thought about data's how can you aggregate and disaggregated this aggregate disaggregation meaning. How can you have silos while at the same time being able to call up at a granular level of what you're allowed to see in that silo? And what does that mean at a political level as Countries and states both need to have a horizontal view but want to have a more vertical view. They need Assad for platform that can allow a two countries to work together without sharing all all the information or to jurisdictions to work or to companies that for example a global company will have data stores in America data stores in Europe. Where only a subset can be shared in our architecture is is quite frankly built to deal with that and was built fifteen years ago to deal with that and revitalize five years ago so this decouple these these this decoupling world combined with Regulation quite frankly also combined with deep skepticism towards consumer in the valley is very much helping us. WanNa get to the sketches of the valley and just a moment but I wanted to ask you specifically about the protests this year about your work for ice and that ice this contract and what it's meant for your business we as everyone who's followed our company knows we take what amounts to strong but often Controversial positions the position of our company from the beginning was we're GONNA make America and the West Song and safer by integrating world class software into what amounts to legacy I see do systems one of our contracts at ice and there's an we started this contract under Obama and obviously there's a lot of concern legitimate concern about what happens on employer how it happens and what is the enforcement. Look like certainly diminish part of our work Finding people in our country who are undocumented. But it's a legitimate intimate complex issue. My personal position is We acknowledged a complexity people protesting whom I respect also dogs complexity is an issue that that is controversial and complex enough that the small island in Silicon Valley. That would love to decide what you eat. How you eat and monetize all your data should also decide who lives and your country and on what your conditions? There are elections. There are rules. They should be enforced. A transfer of one presidency and other and the the view of Silicon Valley that we get to the decide should not be the way the site of course this led to protests. My House has been protested for many months almost every day. Our officers protested many Palestinians who do not just follow what I say but are critical people. protested against internally. Some people were so upset about it that they left. These are very hard decisions. I I respect the people that that reside they can't be involved in this but we have a position. Are you comfortable with the trump administration's approach on the border.

United States America Andrew Silicon Valley Founder And Ceo Davos Partnership With Immigration A Raytheon Peletier Alex Carp Peter Thiel Davos Switzerland Ross Sorkin Alex Pailin Facebook CEO Alexander Co
Merger Monday, Bloomberg's Bid, Holiday Movie Recs

Squawk Pod

06:45 min | 2 years ago

Merger Monday, Bloomberg's Bid, Holiday Movie Recs

"Good morning everybody. Welcome to Squawk box here on. CNBC we are live from the Nasdaq market site. In Times Square becky quick along with Joe Kernan and Andrew. Ross sorkin first step on this morning's pod a couple of updates on stories we've had our eyes on or IRS's on if you get your squawk through ear buds instead of on a screen. Remember in October when French luxury conglomerate. LVMH made a bid for New York's iconic jeweler tiffany. Well they up the bed the very shiny prize a big deal. This morning of the world's largest luxury goods company has now confirmed his reached a deal to buy tiffany. This has been quite at some time in the making the price tag this time. One hundred thirty five dollars per share in cash sixteen point two billion dollars total the largest ever in the luxury sector the boards both companies approving that deal yesterday afternoon and the transaction expected to close in the middle of next year will mark the end of Tiffany's one hundred eighty two year history as a standalone brand and a little blue box isn't changing but it does reflect the changes to remain independent amid increasing consolidation across retail and adding tiffany's Eddie Murphy to the portfolio will strengthen. LVMH's position forcing watches jewelry. The group acquired Gary and back in two thousand eleven eleven like Lvmh t LVMH T- LVMH. What if I would pay? How much would that cost the figure out to add a t not to do you think they should? I think they should add T. You think it's that important. Is that valuable important as those ugly back and look but what is amazing is that they did get him up. I mean this one hundred thirty five dollar price tag came up from one hundred twenty dollars recall when when this when when they first went after him and the question I think we threw out. There was whether they'd get one hundred thirty five bucks one hundred at forty. They didn't push back if you go back. And Look at tiffany stock even two or three years ago where it was relative to where it is today so I I mean the interesting stuff therefore therefore baby gifts like a little spoon. Yes in general. I don't know it's like super retail. I think Chinese people love in China. It's big and Chinese on these sorts of come here it's really be in the United States. Just me personally. I you know when you go to forty seventh street. I'm sure not. I mean I would rather go down there. forty-two the haggle. Well just don't pay absolute top dollar for for stuff that everybody else has and another deal. We've been following following Charles Schwab effort to buy. Td Ameritrade as of this morning. That's done to Charles. Schwab Corporation is going to be acquiring. Td Ameritrade this is a story. We we first reported last week. Td Ameritrade is now naming Stephen Boyle as the interim president president and CEO suspending their CEO. Search because obviously this will be taken care of with with this deal. Charles Schwab is offering issue is going to be issuing one point eight three seven shares for every td ameritrade share. That's out there We'll continue to keep an eye on says Charles Schwab saying that. Toronto Dominion Bank's going to be holding about thirteen percent of a stake in the combined company. You could see right now. Charles Schwab shares which ran up last week on. This news are right now down by about twenty two cents to forty seven ninety eight so maintaining basically the gains that they had seen last week on this when it was first announced. Td Ameritrade shares at this point indicated by about two point three percent. That's a gain of a dollar thirteen to forty nine twenty six again after they saw gains last week as well. Charles Schwab saying that they see this deal being fifteen to twenty percent of creative give to the adjusted earnings per share in the third year in the third year of this deal Schwab right. It's going to be called Schwab. This sounds sounds like a fun thing though analysts have looked at this and said because they both have very strong trading platforms. That you won't see as much of the accretion in terms at the probably both the Charles Schwab and td Ameritrade plan trading trading platforms operating. Because they don't overlap. There's some things the. TD AMERITRADE has like options for insurance little bit stronger. Charles Schwab has a lot of things like People who will talk to you and guide you through these things because of that the probably see some analysts analysts speculating around forty percent in terms of the accretion that they can kind of combine and put these together with those both platforms need to advertise separately swap box. Random House expected to be where you will see some of the. Oh no no no I got a double double down on both platforms. They say anything. But I close with this point break- fees and I don't know I. I have not seen that to me though the two issues. That will be interesting a break-up fee whether you interesting because you think out trust issue not so much on the consumer side but potentially For for all of the investment advisers out there really I mean I think collectively collectively they have like sixty seventy percent. Would you say this is that works serious antics three so they are two things there. There may be a look. Get that and so you you care about that issue. The other issue would be about deposits that that used to stay at. Td Bank so td Ameritrade used to run all their deposits. It's into Toronto. Dominion Inter Dominion. That was actually a huge fee generator for TV bank. And so once. If you take those out I assume Schwab is going to keep those Deposits in their own bank effectively. What that does to? TD LONG-TERM SO. These are some of the questions that I think at least in baking world. They're they're probably so but I don't know I'm GONNA. We'll look great deal. That's good news for holiday. Travelers gas prices down this quarter of the lumber survey the national average falling four cents cents to two dollars and sixty six cents per gallon drop is likely due to an increase in supply now that several refinery repair projects have been completed. Also a word of warning warning triple as saying Wednesday is the worst day of this holiday week to travel with trips taking as much as four times long four times two hundred percent longer due to congestion I in some weather issues. That could be a little more difficult Wednesday out of on the East Coast here starting in Colorado and coming across do you. ooh The minivan. Yes sir. What about it? Is there a a hybrid model that you can buy make hybrid models. That'll make a cool or no. Let's give it up for just wondering why you haven't truck Tesla. Yeah that's what I was saying. Why why aren't you? Just springing brings for something electric because you need a minivan supplements. There's no electric minivans or there's no My mic one. Now they're not cheap anymore. Ah Minivans by themselves this is unlike so like so many of you. That don't walk the walk when you talk about other stuff. The vacuum cleaner in the minivan is more important than

Charles Schwab Td Ameritrade Lvmh Lvmh T- Lvmh Schwab Corporation Tiffany Td Bank Cnbc Toronto Times Square Ross Sorkin Dominion Bank Joe Kernan IRS China United States New York Inter Dominion
Bill Gates take on Elizabeth Warren's wealth tax

Brett Winterble

03:40 min | 2 years ago

Bill Gates take on Elizabeth Warren's wealth tax

"So what do you say we get a take on a loser with Warren's wealth tax from Bill Gates Bill Gates has paid a lot of money in taxes he was doing a I have a Q. and a with Andrew Ross Sorkin who is a writer for The New York Times you also seem occasionally on CNBC end of Bill Gates was asked about the potentially chilling effects of these wealth taxes that Elizabeth Warren is pushing here is a here is a of Bill Gates talk about this right now well I think de spam of the two parties in terms of where they are in taxation has never been so broad you have in a one party reducing corporate taxes you know still supporting carried interest taxes on capital or way way less than on labor and in on the estate tax they're still talking about Hey that's a bad thing that a dead person should pay part of their wealth and you should reduce these accumulations of wealth and now on the other side you have as you say is six percent wealth tax I am to believe something in the middle you know I I I think you can make the state tax higher you could even take people of south on huge gains for you know say ten years and say okay that there should you should create a taxation event there are I think are you treating capital income the sameness laboring com that goes on very long distance so I'm all for super progressive tax systems you do need a couple these things with more transparency the fact that you can through trust like structures hi lots of you know beneficial ownership and get away with a lot both at the corporate level and at the individual level we can do a lot better their soul I'm impressed that there are few candidates the go even beyond like you and I do think if you tax too much to do risk the in capital formation innovation U. S. is the desirable place to do innovative companies are I do think you risk that now you somebody can say I'm very biased since I've been a prime benefits for you the existing system but you know I do I'd love to somebody to find a middle ground approach because the government's role in health care and better education the government does need more resources than it has today so what would you do alright well if you make the tax on capital same as labor you go back to the estate tax that we used to have doing something like the ten year things into words super large fortune the the fortunes are not as big teddy says a return on capital the big fortunes are the return on creating companies that a T. very strong positions particularly in the technology industry that's where you get the super big numbers and so there you know I've paid over ten billion in taxes I pay more than anyone in taxes but I you know I'm glad do you know if I'd had to pay twenty billion that's fine aw but you know when you say I should pay a hundred billion okay then I'm do a little math about what I have left over sorry I'm just kidding

Warren Six Percent Ten Years Ten Year
China Trade Talks And How The Markets Are Responding

Squawk Pod

08:06 min | 2 years ago

China Trade Talks And How The Markets Are Responding

"The warning everybody welcome to squad appear on CNBC we are live from the Nasdaq market site in Times Square. I'm becky quick along with Joe Kernan Andrew Ross Sorkin China is again I today on the podcast as two key events were getting underway while squawk box was on the air the latest round of trade talks between the US China in Washington and the sold out NBA priests season game between the Brooklyn Nets and the Lakers and Shanghai a tale of two arenas here's Andrew with the news breaking overnight that underscores the challenges American corporations ace when working in China's apple now removing an APP from its APP store that Hong Kong protesters had used to track police movements the APP is called H. k. map live it was rejected by apple earlier this month but then allowed to go on the service last week Apple said they verified with authorities of course Hong Kong authorities you say that the APP had been used to target an ambush police in threaten public safety after apple removed the APPS and protesters said they make quote visit it's Hong on store we talked about this a bit yesterday on the show but this is a new development of them taking it off the service and then the secondary pieces you know when other authorities go to apple in the United States for example and I'm thinking of ways and sheriffs and others have already done so instead to Google stop putting this on the way service apple stopped taking the service there are other APPs by the way in the United States and in Europe where you can see where police and other people are how it's being used I don't know but interesting yeah I just interesting that every step is going to be so much more closely monitored from any corporation and and I think getting forced to choose sides and so is this is just a political issue right here I mean is this China is this the que- The question mark is product to this specific issue. I don't know enough about it in in the situation I don't know if there were police that we're targeted but it certainly seems the situation where you'd like to hear more if we had v8 in Seattle again or something like that would we be mad if apple shutdown an APP that allowed those protesters I got no I'd like to see I'd like to see them do it and I will say the difference with weights are stationed when you're speeding and you're trying to look ways is on made the argument that by knowing where the police are it actually slows people down it actually reduces were never legal reduces speeding rather than you know I don't know if that's true or not WanNa get it over to Kayla Tallahassee who has some details and maybe some news well it's hard to know Andrew because every hour it changed his talks with Chinese principles led by Vice for me Leo who will still take place today despite what I'm told more difficult and tense conversations among lower level negotiators this week but it's the format of the talks how long they will last which is very important in Chinese diplomacy that's being most closely watched right now the south China Morning Post last night reported the China will leave tonight signaling displeasure and frustration to the US White House negotiators were caught unaware of that news spokesman saying there was no change in the schedule and senior administration officials telling me the US still believed there was a big dinner planned Thursday and that the vice premier was going to be departing Friday evening but an hour later a principal from the about the situation was fluid and whether talks extent to Friday was still an open question that may be summoned the Chinese delegation could leave or that the round could indeed and early but that was still an open question media reports today show a couple olive branches that the US may offer to change that one green-lighting license for always suppliers and to rolling out an already agreed currency deal a senior administration official tells me the president still hasn't made up his mind how he will proceed He's going to based on how negotiations today but here's how he responded when asked about a deal publicly yesterday I told that the president she said you know this I'd be like fifty fifty deal because a fifty fifty deal you're like up there we're down here so fifty fifty it doesn't work you gotta have a little balanced this has to be a better deal from our standpoint and I think they fully understand it as Chinese officials have said any deal would need to put the two countries on equal footing it would need to treat them equally it would need to be a win win situation but clearly becky with the president is describing is not that we'll see how toxic oh behind closed doors will bring the latest as we have it Kayla maybe the most important point for the markets right now is just what you said about the fluidity of the situation things changing so quickly which may be why we're now seeing the futures relatively flat compared to what we'd seen earlier in the trading session yet things changing relatively quickly and the Chinese officials not shy about using press outlets to telegraph exactly how they feel an exactly what they plan to do and how they could throw a wrench in these talks and how the markets could respond that's a very clear message that they're trying to send to the White House into the president will see if it lands Kayla thank you for joining us right now for more on all of this is China Beige book in national CEO Leland Miller and Leland these are some of the most complicated things to try and discern even if you have sources close in Washington you don't know what the other side is thinking and the sides could be changing their minds pretty rapidly to how what kind of how do you read the tea leaves how do you play this mind game that's taking place the most important part of the he leaves right now is just figuring out what's white noise and the reality is almost everything you're hearing right now is white noise the fact that the deputies beating didn't accomplish anything no surprise around you know maybe it's that may look there were some really bad news from the Chinese perspective earlier this week whether you're talking about sanctions blacklists these is being pulled away the Chinese have reason to try to show their displeasure with this but all the nitty gritty is GonNa Happen today and tomorrow in the trade room and they have a lot happens if well look you know anything can happen but if they cancelled tomorrow it's not because of what happened in the deputies meeting it's because they don't get what they want today and I have a feeling they're gonNA get a little more substance than they think today one of the seasons there's been no progress so far is that the administration hasn't formally put a December punt on the table and they've been unwilling to talk about a pullback of the September tariffs these are in play right now we've got October the important now markets are looking at this enormous bellwether the White House isn't what do you think just about how the NBA situation playing out. How apple has now pulled this that that the Chinese said the Hong Kong protesters were using trap police there I mean that to me shows a whole new world and trying to deal American companies trying to deal and operate in China on the one hand it shows that look Dick Decoupling or even moving towards directions going to have serious repercussions for Corporate America this is a new card or this guardsmen being played on a daily for the last forty years and for the most part we have not taken notice of it that is exactly it but I think a an issue try that sort of goes on you know that's not what people are paying attention to now I think people are going to put the big picture together and there's going to be a concerted America pushback decoupling go go back to my ah we've been we've been in this marriage sorta with China symbiotic

Apple China Hong Kong United States Cnbc Joe Kernan Andrew Ross Sorkin Times Square Hong NBA Seattle Brooklyn Nets Google Becky Europe Lakers Washington Dick Decoupling America
Introducing Squawk Pod

Squawk Pod

02:52 min | 2 years ago

Introducing Squawk Pod

"I'm becky quick. I'm Andrew Ross Sorkin. I'm Joe Kernan and you're listening. The SQUAWK pod ends great. Thanks now what they're going to get a high. You can't use squawk box the most powerful business show on the planet and now it's a podcast. PR TO CBC control to bring in show musically coming the becky and three this is squawk pod brought to you by the team behind squawk box. I'm CNBC producer. Katie Kramer daily are anchors producers and crew will bring are you the best stories debate and analysis from the biggest names and business and politics joining us right now is Berkshire hathaway chairman and CEO Warren Buffett and J. P. Morgan Chase chairman and CEO Jamie Amy Diamond joining us by the company CEO Ginny Rometty joining us on the IPO Day Uber Dark House for shy. We are joined this morning by Melinda Gates. Mr President are are you with us. I am with you. Jill great to have you on. Thank you doing Joe Becky Andrew as they discussed the moments that matter setting the agenda for the Business Day Joe Kernan have been here forever. I am one of the CO anchors of squawk box which has evolved into. I think the best thing on TV at least in the morning maybe all day long. I'm becky quick and I've been with squawk box for fifteen years. I've been working with Joe that whole time been sitting next to Andrew for almost eight years at this point for me. squawk box is breakfast with most interesting people in the world. These are the people who are coming up with the next ideas in business the next ideas and finance next ideas and how we should be running this country. It's a privilege to get to talk to them every day. It's more entertaining than any other morning show but you actually might get some useful information. Squad cod is everything everything. TV viewers expect more three hour morning. Show plus behind the scenes content from the production team curated in a thirty minute podcast. Hey Andrew it's Katy. Can you hear me how are are you good morning. DC yet my name is MAG. I'm the tech this is Angela Syndrome. I am the production system for Squawk box and we're just about to get our next guest onset. Is it a two way conversation. Power Pauses on podcast workout. Pregnant Policies Work Related Andrew. It'd be much better at this much more tech savvy craziest show in the world now you get it in your ears to get the smartest takes and analysis from our TV show in your podcast feed every day subscribed squawk pot apple podcasts spotify stitcher or your favorite podcast APP follow us on twitter at squawk. CNBC and start listening. We are clear thanks guys. I'm David favor join me crawl into me a and Jim Cramer for the opening bell our of C._N._B._C. squawk on the street the podcast subscribe for free wherever you listen and you can always catch us live weekdays at Nine A._M. Eastern C._N._B._C.

Joe Becky Andrew Katie Kramer Joe Kernan Andrew Ross Sorkin Chairman And Ceo Cnbc JOE CBC Melinda Gates Berkshire Hathaway Jim Cramer Ceo Ginny Rometty Warren Buffett Mr President Katy Twitter Jill DC Angela Syndrome
Lyft shares soar on Nasdaq debut, setting stage for Uber

CNBC's Fast Money

02:03 min | 2 years ago

Lyft shares soar on Nasdaq debut, setting stage for Uber

"Lift serving in his first day of trading making it public debut right here at the NASDAQ. Let's go out to Deirdre Bosa for all the details. Hey, the address. Hey, melissa. That's right. Shares of lift hopping more than eight percent on its debut. That's a good signal for the company and a good signal for the IPO to come. But of course, this story is just getting started remember snap on its first day of trade, though, shares pop nearly fifty percent and a few months later. It was back below that IPO price was also group on another hyped up tech name that was loss making a profitable at search some thirty percents in its debut and just a few weeks later it had lost all of those gains. Now, the point is I don't be a Debbie Downer. But that this story is just getting cited, and they're gutting started. And there was a lot of excitement over these names. But they struggled after they became public companies. And there are still a lot of questions about lift such as it's tough to profitability and its dual class structure if things do go sideways this morning, though, co-founder Logan green telling Andrew Ross Sorkin that it's corporate governance will actually set them up. For long term growth. Collectively, we really need to set the company up for this long-term opportunity and create the type of durable growth that we're going after. Uber on the other hand will go public with a one share one vote structure, we are tipping that IPO as early as April. So so far, Melissa we have one day judge lift on it. It has been a good start that should bode well for at least when it's trying to get its valuation back to you. All righty, your thank you both for joining us from San Francisco, despite the U for you today, the market Rasen vulnerable states who has lift about to lift stocks to new highs will the IPO parade reignite this rally a lot of questions I want to die because you're into when there's so many questions, but it's also worth noting that lift shares open higher by twenty percent finished the day higher by eight percent.

Melissa Deirdre Bosa Debbie Downer The Market Rasen Andrew Ross Sorkin San Francisco Co-Founder Logan Green Eight Percent Twenty Percent Fifty Percent One Day
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:05 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"I'm like, I'm like AT and T with the Baby Bells, you they were it was very break-up -able. It was very. The case was Microsoft, and you just mentioned Microsoft, but you also said it's really good when people bundle the project is they worked together better. But what happened in the Microsoft case over the years was were barred? From bundling the browser into the operating system barred. From bundling search into the operating system and us Google gets to be born on a garage. A we losing that. Now, I think there's probably an element that we are losing that now. And look I the question. But again the question is how do you do? I mean, that's that's where I come down. How do you do it is Amazon too big Amazon actual per business is very small wholefoods. Everyone's worried about whole foods wholefoods, very small small relative to other supermarkets books. They have a huge huge. I mean, that's where they probably have the monopoly, but everything else is actually tiny. But the collective does that change it? And so these these are the issues, I think, we're. All grabbing the one of the ways to address it is the notion that if you have dominance you can't use that to leverage into another field. Right. And that's what's been happening with say Facebook with under percent. But the the question is are you leveraging just the fact that you've made all of this money, and therefore you have a lot of money to go buy other things or you actually leveraging for example, one of the things I worry about with Amazon is Amazon has so much information about the shopper that they are now starting to create their own products to compete with the products that are on their own platform. You know, by the way, WalMart and kosco have done that forever. They've had white label privacy. But this feels like it may be at a different level. I don't know. But these these are the issues that I think we need to focus on and talk about in debate. And one of the things I worry about is that there's not enough conversation about it. But we do for another financial crisis ready for it. So Jamie diamond was called in two thousand and in the middle of financial crisis by his daughter. I believe them was in high school and to daddy. What's a financial crisis? And he said back to her something that happens every seven or eight years. Look, you're looking at your watch if he's right? We're way overdue. Do I think we will have another crisis of some sort? Absolutely. Will it look like what happened two thousand eight in my mind? Absolutely. Not. It could be better. But by the way, it also could be worse. The one thing that I I feel it was the lesson for me in the financial crisis in writing too big to fail is that every financial crisis really function with one thing it's debt it's leverage in the system. You can have all the bad actors you want doing all the bad things, you could imagine. Whether it's credit rating agencies being conflicted or bankers being greedy regulators. Not minding the store unit. But in west there's leverage in the system. It doesn't matter. And so you say to yourself. Okay. Where's the leverage now? Well, there's corporate leverage. That's real. I don't think we have it in the banking system so much, but where's the real debt? Where's the real leverage? When I wrote too big to fail. We used to use that phrase in the context of banks today, we use it in the context of countries. And when you talk about the relationships between countries, the fact that China, for example, owns so much of our debt. That's where all of this gets really interesting interesting. In a bad way. I hate to say until which we do. To me, the long term thing that we need to fix way beyond the corporate system. But the corporate system is is obviously huge piece of it. Because it pays the taxes and creates revenue for the country. Is we need to somehow fixed the larger debt problem in the United States at a country level, but that's a hard one. And thank you for being with us. Thank you. Appreciate it. And on that note that is

Amazon Microsoft AT Google Facebook Jamie diamond United States WalMart kosco China eight years
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:25 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"Being torn apart politically in every other way is a new almost fear that capitalism itself is in the crossfire between left and far. Right. One hundred percents. What can capitalism and capitalist due to totally reform that concept of capitalism to make sure it's vives another one hundred years. We'll look I do think that the idea of capitalism is under fire. But the issue to me is about what capitalism is it's just a word capitalism has become almost religious for certain people on on both sides of this of this out capitalism. I would argue has done wonderful things on a global basis in brought so many people out of poverty. The numbers are staggering. And yet. If somebody in China or Africa has been a great beneficiary of capitalism. It is arguable. Also that there are certain people in developing countries who are not experiencing that in the same way. And so they look at them they go that's not me. I think that we have to redefine some of this a little bit goes back to this prophets. It goes back to this idea of purpose as it goes back to this idea of creating some kind of stability. And less anxiety. But I think that's about politics. I think it's about I think business has a role to play. But I think really requires leadership across the board to get any of these things to happen. Does Elizabeth Warren or oh court as are they onto something? It's a great question. You know, I think that they their ideas within what is saying these days and ideas with within what Elizabeth Warren saying that do make some some sense. I think that for others. They're so extreme that they're not going to be taken seriously. Look antitrust law in the United States has effectively been diminished over the last thirty or forty years, there's less competition. You look at the biggest companies in in in this country. And they're bigger than they've ever been talked about too big to fail to be too weak to manage by the way, a whole other issue. So I think there are real things that that you you could you could do to solve some of this. But I don't think I don't think any one of them individually, I think attacks rate marginal tax rate at seventy or eighty percent for the very wealthy. I think is a hard one. To get past. So I think, but I think there's I think there's lots of different levers, and it would have to be holistic holistic is tough. And you'd talk about any trust with his big tech backlash. Should we have let Facebook buy Instagram takeover? What's up and grow in his own argument that Facebook Google Amazon have nailed spread into so many different industries that they're suppressing competition, and there's got to be more any trust enforcement. Well, so here's here's the great can dream, the great can Andrea is that in this day and age of of technology scale matters. By the way, you even saw Microsoft early on scale matters, you want integrated products as a consumer you enjoy products that all work together. I think that actually matters. And then in the age of AI and machine learning data is the new oil. Right. So the people who are going to have the most success with AI and innovation on that front. Need lots of data running through to be able to test out their systems. So there's an argument that you want three or four major players in the sort of Pepsi coke like battle. But there's also an argument to be made that the kid in their garage who built some of the last great innovations and technologies doesn't stand a chance anymore because they won't have the same type of access to that pipeline of data that oil anymore. And so I I'm very mixed about sort of where where that lands, and what kinds of controls you'd wanna put on these companies. You know, if you said to me. How did he break up Google tomorrow? Not it's not it's not like you can just. Write it down on a piece of paper and say this goes over here in this goes over here. And this goes over here in this over here. So it's it's unlike apple I'm sorry..

Elizabeth Warren AI Google Facebook apple China Microsoft United States Andrea Pepsi Instagram Amazon Africa one hundred years eighty percent forty years
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:05 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"They clearly have now come out publicly and said that they're missing their earnings estimates in part because of sales problems in China. An apple product is is a very it's it's as American as apple pie. I mean, that's it's become an iconic American peace, and it's unclear if you are Chinese today, whether you whether that's a good thing in the same way, by the way in the United States. I'm not so sure people would be running around buying alway while away phones here. So there's there's sort of distinction. So there's that as as a real issue and then on top of that apple I think has another conundrum which had faces which is just the great topic. Would you know so much about which is innovation and what how do you innovate and how many how many great ideas does anyone company or individual really have? You know, we're now at a point where instead of upgrading your phone every two years it's going to push to three maybe it'll ultimately push to four they've made a lot of money. Every time you upgrade. What do you do about? That is there the next I pad or the next I wa-, you know, what's the next thing is this car ever, you know, all these things, and we haven't seen that sort of step change innovation out of that company. So the combination of all of those those issues which an excellent innovation you would want from. I think all of this probably related to health and been biotech. Ultimately, I think what they're doing with the watch. I I haven't apple watch. I wear it with the EKG. I think is interesting. I actually think by the way that may actually turn out to be a big piece of all this. Now, what do I want? What do I I want Syria to understand me, voice recognition? That would be an amazing. A really what I can't figure out. Why I can't say to the phone. Hey, get in touch with Walter. We want to set up lunch. And then it just figures it out. It has your counters, Mike. It should just be able to do that. It seems to me preposterous that we are in this day and age and of great technology, and and that's still. Requires a lot of handiwork and remember the old days covering voice recognition twenty thirty years ago. And they said it just around the corner doesn't fully what let me ask you about the disparity in compensation of CEO's versus workers that seems to have grown and grown and grown. Why is that in his that part of the problem? I country facing too. I think it's it's a problem in so far as it creates a schism in this country creates a psychological schism among the haves and the have nots in this idea that there's greater sense of inequality than ever before. So that part is real you'd ask why part of it is that I would argue when you when most companies hire an employee it is a market based idea. Right. I'm going to hire you I'm thinking to myself, what is the least amount of money. I can pay you to come do this job and be happy in stay here. But I probably don't wanna pay you much more than that. If I could avoid it, right? I'm not sure that that's actually the approach the boards take when they are hiring CO or trying to keep a CEO. It is based on a remarkable sort of netherworld of consultants and invited and other people who keep comping or creating comparables of how much one person's getting paid and comparing them to the other person. Well, if this person's getting paid this, then this other person should get paid this should they? I mean, these these are these are real questions, and I I hate to say it, but I think there's an old boys club. Hopefully, some more girls and women will be be part of that club. By the way. I think in terms of pay there's still a remarkable pay disparity because one of the other problems is yes when employer tries to hire hire person. And they say I want to pay them basically as much as the market will bear. But probably not much more. If women start a lower rate than men how this was to bring those wages up. How this just the level things out our country seems to be be..

apple Mike CEO United States China Syria Walter twenty thirty years two years
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:21 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"But I think that Nancy Pelosi is not going to give him money full wall. So he's going to have to decide. And you know, influences people of that he will not accept anything any any signing a Bill into law that does not include a a war, and I don't think that will work. I think if the end of the day, he should backtrack say all I ever wanted was border security. That's what they're giving me. A maybe imply that there could be one money in there or that the war could come in and make a graceful exit that okay hope will happen. I have to give one word to to me a love just one. Do you think that you know, they can be also old of this some kind of bipartisan immigration reform put back on his desk. I hope so I really do. I think there can be. I think I think that we he could actually get the five point seven billion. We've already lost three billion just in the shutdown. There's half the wall there. Oh, I think that there's something that should you know, we can't come out of this out of that. Like, I said there are some great things. I'm daughter of parents who immigrated to this country gritting immigration reform is is long out. Do I think that there's something that both of them can get out of this and mainly the American people will win on that note. But if they continue to do that, then no one will win if the American people to win that would be a good thing Mia love of res-. Thank you so much for joining us. And now we turn from Washington to Wall Street continuing our conversation with the best selling also a New York Times financial columnist. Andrew soak it in part, one of his discussion with two Isaacson among other things. So can talked about how mass shootings could be prevented by monitoring credit cards. Now, he's looking at the state of the final. Food chain beginning with the backlash against globalization. Will we wrong to think that free trade would benefit everybody? I think we were. I don't think that globalization. In the whole is a bad idea. I think that we misunderstood its benefits and misunderstood than the allocation of how those benefits would get allocated, and therefore then you have to rethink a little bit of the system, and then that goes to taxes and goes to where people are domiciled. I mean, there's lots of ways to get at this to quote fix. It. The scary part is I don't think there's a fix a true fix that. Gets you back to this nineteen fifty sixties American dream leave it to beaver idea anytime soon, but Trump thinks that tariffs and stripped of trade deals, we'll do it. Do you think that some truth to that? Look, I actually don't disagree that we have had an unfair trade practice with China, especially when it comes to IP and other things for very long time. And there's there is some interest in trying to fix the question. Of course is how do you fix it? What's the? Approach more than just let's fix it. And and it doesn't matter how we do it. So I think there are real issues that you would like to to solve to some degree. But but the other piece of this is it's not that, you know, Nike or apple is going to somehow leave China immediately and some bring all their manufacturing back to the United States. Brooks sneakers is now looking Vietnam they're going to go still go to the lowest cost provider is just may not be China. And so when you when you don't think about the world in a multilateral wave. We only think about it in a bilateral way. I think you miss the other pieces of the puzzle. So it's not so clear to me that somehow we're going to bring all of these jobs back here. And I do think that the transition cost and expense of this battle is real what's happening with apple in China. And do you think it's a symptom of something larger either for apple over the tech industry globally? Well, I think apple Tim, cook made a bet a real bet on China and a real bet on the relationship between the US and China on a long-term basis when they really effectively built their entire supply chain in China and not only their supply chain there, but an expectation that they were going to be able to sell their product there..

China apple Nancy Pelosi Bill Isaacson New York Times Mia Washington United States Andrew Tim Trump Brooks Vietnam
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:26 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"I just want to ask you because you walked with him again, Republican you walked away from the president over the access Hollywood tape and. He then said this about you when you lost in these in these midterms, listen. Mia love gave me no love and she lost to bad. Sorry about that. What did you learn from your president through that through that comment? Well, like, I said it's to me. I didn't know why he said it. But the only thing I can think of is the fact that you know, these things are transactional to me. We were doing our job. I had a prisoner that was from my state in my district that was stuck in Venezuelan is if he can see all of the issues that are happening if you're in Venezuela right now, I don't think that he would be alive. So you know, I felt like the the president was in that form was saying that he was doing it. And he was expecting something return. I said, thank you. I did whatever I could. But on the main aspect of this. I just want to say that. I don't follow a person with a letter behind their name. I follow a set of principles. I follow a platform. And I think that one of the things that we're we need to do if the Republican party is going. To continue to survive, we need to make sure that we're holding everyone accountable to that including the president. And I can also say that I've been a Republican a lot longer than the president has. So I just want him to know that that's not my job is not to just walk into lockstep. The American people deserve Washington that works for them. Not Washington that works for the White House. And if we can return back to those principles and get back to government for people than I think that this country will see some major differences in this country, and one more thing I want to say is we've consolidated way too much power in the White House. And this is why we're dealing with all of this. They should not be negotiating with the president people should get together in the house. And in the Senate the leader should get together kit. Kid draft their own deal. And then let the president either either sign it or veto it if he wants something different people shouldn't be holding votes. Back in the Senate or in the house waiting for the president waiting for the president's okay to sign it. They should just send it to him and stop giving him so much power. Because that's not the way the government was set up. You know, I do want to just play this snippet that many people have seen, but it's about the issues, and that is when Nazi flows choke Shula were in the White House around this shutdown. But particularly in light of what you're saying about the need for bipartisan compromise, particularly on immigration. That's just play this sound bite. I think American people recognize that we must keep government open that a shutdown is not worth anything. And that you should not have shut down. You have them. Trump the White House. I also know that you know, Nancy's in a situation where it's not easy for her to talk right now. And I understand that. And I fully understand that we're gonna have a good discussion. And we're gonna see what happens know, we have to have borders. Please don't characterize. That I bring this week as leader of the House Democrats who just want a big victory. So I mean, she's laying her 'cause on the table that she's saying, look, I just one don't characterize me as being in halt to anything else. But but Barbara, I mean you follow this as well. Do you think that it is going to be possible to come to some kind of resolution on what everybody wants and that is a proper immigration reform Bill. Do you think that that this might lead to that with the strength of the house right now United houses, you saw Nancy Pelosi commanded and with an assessing I guess for the Republicans to see that that president didn't win in this round. I do think that there is a potential resolution out there. And I totally agree that the that the negotiation on these bills should be between the two houses with with the president making his his to somebody was known, which is always what is what happens and proper..

president White House Nancy Pelosi Senate Republican party Venezuela Washington Mia Hollywood Shula Barbara
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:04 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"The other mistake that he made was to sit down with Chuck Schumer and say while I will own the I will own this shutdown. If you do not give me border security, all of a sudden myself and all of my other colleagues were like, whoa. Wait a minute. What's going on here? Nobody wants to own a shutdown. So that would that was the other mistake. He made the last mistake that he made was to betray a lot of the GOP members that stood strong. Wrong and talked about the importance of border security didn't vote for him Bill that didn't have anything that included the border wall border security, and he still opened up government and allowed that to without any concessions. And he also I would say betrayed the eight hundred thousand people that went without a paycheck for absolutely nothing. Now, Nancy Pelosi on the other hand speaker Pelosi has a couple of things that she asked to look out for also she has to make sure that you keeps the promises she made. She told the American people open up government first, and then I will negotiate border security. So that is something that she has to look at the other thing the other mistake, I think that she made which is a grave mistake is not getting immigration reform out of this. Now, people are looking to her in terms of TPS temporary protective status people who are working who have families here. There are actually due to leave the country. The president is saying you've got to go. So there are people that are waiting for her to help them. I mean, they're they're they're here, they're helping they're contributing and there are people that are waiting for pathway to citizenship. There are people that are on that are DACA recipients that life is unpredictable for them. So she's got some work to do. She is the speaker of the house, and you cannot just be a speaker of the house and completely resist and do nothing you've got to be able to. So that you can get something done. I think that there. There's some issues there that that she's going to have to come to grips while I'm gonna come back to you on that in a moment. I want to us Barbara though, again from knowing him and all the stuff, you just told us, you know, the president goals themselves the deal maker of the century. You know, this is this is one of the things that people looked at when they elected him and people have have looked at throughout the world in the two years of his presidency. Kenny make a deal with China. Can you make a better deal with Iran? Can you make a deal with North Korea? I mean, it's not that hopeful if he cannot make a deal with the speaker of the house and. Well, some people have said foles, okay with as Mia loves said, you know, not a penny or not a commitment for what he wanted. Most. What happened to the dealmaker? Well, I think that he first of all I don't think he admits that he caves, and I think that he is trying to promote this idea that he is the person who came to the `losely occasion and got those the shutdown finish. And you know, that he understands that there will be a jail, and he will make it, and he is rattling sawed very mightily right now talking about shutting down again, which he's not going to do and everyone knows nuts. And then he's talking about doing the emergency of declaration and taking funds away from the military. So he's keeping that persona going which I think is full Sean this plot. But he's not really quite willing to admit that he's not the negotiate it. Well, he'll never admit it. And to be honest with you, there's no history of that. There's no documentation that says tunnel. Trump is a great deal making. He's made good deals. He's made bad deals. He's caved more than I can tell you and Tony Schwartz created the name off of the deal. And made that created that persona that Trump ran with. But it's not really true. He's not a great deal maker. He's a good deal makers of them. Many other people on Pelosi is a better deal. Make and by the way, I'm not worried about her committee to reforming the immigration. I think that that has been on the table even with Trump's latest offer she can fold that in. So Philo seem knows what she's doing and Trump dozens in this state. It's it's really fascinating..

Nancy Pelosi Trump Chuck Schumer president Bill GOP Sean North Korea Kenny Iran China foles Barbara Philo Mia Tony Schwartz two years
"andrew ross sorkin" Discussed on Amanpour

Amanpour

03:48 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"Now amid the Venezuela showdown at home the showdown between the president and congress ended in the government reopening without any money for President Trump's border wall. A move many of hailed as a success for the house speaker Nancy Pelosi early in her new leadership. Now, she held the president's state of the union address as her Trump card so to speak. It was supposed to be delivered tonight. Instead Pelosi is now invited him to address the nation next Tuesday to break down this tussle at the top in Washington, I'm joined by the form of vice president of the Trump organization bobber res- and the former Republican congresswoman Mia love, welcome to both of you. Thank you for joining us. I think everybody took a look at what was going on in Washington. Unbelievable that it took more than thirty five days for this to be resolved. And that it was in the woods of some observers. A five point five foot two liberal congresswoman from California who simply outplayed the president. The United States Barbara res-. What did you think when you saw this power power game happening and unfolding in Washington? You know, President Trump very very well. I thought in probably was very angry at what happened. But I felt that he totally underestimated Pelosi, and he totally did not know how the how the system works. He did not know. I don't think he's even convinced as of yet that the power of the congress is equal to the power of the president. And because of that, I think he thought he could ride over Pelosi and the congressman I thought I think he thought he could why because she was a woman. So we made those mistakes and they came back. I want to be before I asked congressman me a love you say because she was Willard. But I mean, I'm talking to you you promoted to the top top ranks of his organization, you became vice president of the organization he has been quoted as saying, and you you quote him is saying that one good woman is better than ten men. You know, what happened in the interim? How did he underestimate this strong woman? What we're because he basically believes that one good many good women as good as men, but overall men and women, and that was the premise of it men better than women one good woman is better than ten Goodman. And in his mind. He is superior. It's all women, and well, he's superior to everyone. But that sense the fact that he promoted me gave me a job everything. I always knew my place when it came to him I fought with him and spoke backed him and everything which is not what they do now. But certainly he always thought I'm smarter than Barbara. And I think that he did have a lot of strong women and for photo have strong one because he did not feel there was a competition that it was basically known that he was superior to them to by nature of his gender. And so we had more week people on the male side, his women were very strong and feisty and they stood up to everyone, but not him. It's really fascinating congresswoman Mia love. I know that Nancy Pelosi is not a member of your party. She's now the house speaker. But how did you how how did you take this sort of showdown? Well, I can tell you that the both sides actually made some pretty big mistakes, and I can tell you the president from the very beginning when it comes to the campaign trail saying that he was going to build a wall and Mexico was going to pay for it. I mean that was certainly not the approach that he should have taken. He should have just gone in and talked about the importance of border security and started making his case for border security from that point on you can see there are a lot of Democrats that are supportive of border security determining what kind how that's done is completely different..

vice president President Trump Nancy Pelosi Goodman Washington President Mia love Trump congress Barbara res congressman Venezuela California United States Mexico thirty five days five foot
"andrew ross sorkin" Discussed on Amanpour

Amanpour

05:34 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"Model second we have to have that on the station on government. The transitional government is they wonder is going to vote those elections once we have a new independent powers in Venezuela. And then we have to convey, those three elections for your ally. Mahyco Mexico half the bus Brazil etcetera. Okay. So let me ask you this. Then a lot of this is going to depend on. I assume corporation from Maduro and the government right now, you have one country two presidents, and he's claiming that he's still president. And that it will be on your head. And on the US has had if there is any violence or any any any trouble in the country? What is the state of discussion between Hong Widodo and president Maduro or between Hong Widodo and the leader of the Venezuelan armed forces. So I inventory, LA, we'll have two presidents. We have one president Maduro who is claiming to we appreciate it. Regarding the armed forces at this point. Malu only has that support. That's the only support that Maruto has his point we approve at the national assembly. Allo a new law last week before. To convey, all the civilians. They military officers to throw away from the ship and hand. Give the their hands to their democracy and the respect of human rights. So that law these air to guarantee immunity to apply guarantees for those really thirty officers that work with us in order to restore democracy at this point be some their responsibility of of what's going on in Venezuela. I heard what Maduro sent last last day. Just I think blaming the US for any y'all ain't seen can happen even while, but they only responsibility of viola. Villains inventory is gonna be from a little. Okay. So Senator Menendez said that he founded interesting, and very indicative that Madero has not ordered the arrest of one quavo, as you know, better than I do many opposition leaders have been arrested, but why dove remains free there are he's calling quite oh for more street. Protests tomorrow again. Are you concerned that the head of the armed forces who say they will they will die to to protect that country. Are you concerned that there might be a military crackdown? They are minority. You know, they heireann trophy show. Of course, they are supporting me at this point because they are involved in this crime economy that we have in Venezuela, but the medium on the lower ranks of the armed force with a democracy. And we are sure that in the next weeks days. There is going to be breakdown in the channel of. Inside the chain of their mommy thought he of went to half Hutus. They have to choose between the constitution democracy. They will being of the Venezuelan people as you know, they will knows we are facing the worst humanitarian prices in Venezuela. More than three point five million Venezuelans have left the country. This is Ray the noise behind you is very very loud as a taxi driver protest in Madrid. But we listening to you very very closely. But I want you to ask me very very quickly. If my Douro stays, what is your plan b if he does not give up power and do you favor a US military intervention? Plumbly is keep fighting keep fighting because we have a responsibility with Venezuelans. We saw citizens of these. This country. Have this responsibility are where we're going to keep fighting on regarding the military intervention. Do said in the interview that the US already said that all options are under the table when you're talking about national security for every country, even my country Venezuela, of course, all options always are on their day one. But if that happens if these are extreme situation happens, the only one responsible for that will be Mr. Madura. I see you keeping all options on the table to Francisco Sukree. Thank you very much. Indeed for joining us. You know, what's not smart job boards that overwhelm you with tons of the wrong resumes. Moccoli there's a smarter way to hire at ZipRecruiter. Ziprecruiter's powerful matching technology finds the right people for you. And actively invites them to apply. It's no wonder.

Venezuela US president Hong Widodo Maduro Ray Mexico Ziprecruiter Brazil Senator Menendez Maruto Madero Mr. Madura Francisco Sukree Madrid Plumbly
"andrew ross sorkin" Discussed on Amanpour

Amanpour

05:39 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"The US economically. If we could have American oil companies really invest in and produce the oil capabilities in Venezuela. Also, be good. For the people of Venezuela. So he said it would be a win win situation. So that might be, but do you have you heard from the administration? Whether there is a plan B if things don't turn out the way, you hope if Madero holds onto power if if he appoints somebody else who's equally unpalatable or in the worst case scenario if there is a violent crackdown. What is the plan b as far as you know? Well, I'm not sure what what is the plan b on the economic side. I believe the administration believes that both the production in the United States of oil and global oil supplies would not be affected by a the situation in Venezuela. As it relates to if Maduro steps down and appoints someone who is not only unpalatable, but illegal, you know, at the end of the day. If you follow the constitution, the Venezuelan constitution, the only democratically elected person at this point in Venezuela is one why Bill as the president of the national assembly and those members of the national assembly and so outside of that they'd be violating their own constitution. All right Senator Bob Menendez. Thank you so much for joining us from Capitol Hill. Thank you. Thank you very much. Indeed. And of course, full. Closure. Senator Menendez daughter Alicia Menendez is a contributor to this program. Now, we get the Venezuelan side of the story, and I'm joined by Francisco, sue crepe. He's a member of the Venezuelan national assembly and a supporter of the assembly president Guido in fact, tomorrow, Mr. Sukree is off to Brussels to get the e to formally recognize why do as interim Venezuelan president Francisco shoot. Great welcome from Madrid. You you heard brink you for these interview the possibility? Yeah. No, it's okay. I interrupted you. But you heard Senator Bob Menendez a very powerful member of the United States Senate fully backing your president, certainly the president of the national assembly one dope. We were talking about you trying to get more recognition for him. What are you going to be doing in Brussels tomorrow? Yes. At this point overly more than twenty five hundred recognize the price of spoiler day. Inter impression we hope that the European Union lease wind to the same way, the Germany Spain France, many countries of the European Union has say that one way is the he's the pressure. We have to remember the reading of his price. This crisis different was the election that we have less year the proceeding election, we had a frog will end presidential election on out of that. Mr. mother would wants to be in being by where for six more years when we had this. Election the European Union all the Latin American countries, they US kind of all the all of the democratic world say that that election was fraudulent election. So at this point, we are conducting are very very fierce a struggle for recovering democracy. They constitutional law. They constitutional rule even soya. Let me ask you this. Because the constitutional point that you're following by taking this move says that now the interim president one Guido has to call new elections within thirty days of making that move is that even possible will you be able to actually abide by that part of the constitutional provision? No, no, not at this point is not possibly, but as well the article three three three of the of a national constitutional. Venezuela really says that we have to every citizen Venezuela with authority or not has the responsibility of. Work to restore the constitutional rule at this point. We don't have. Institutions in Venezuela that can go ahead without relations. I we have to. Choose a new electoral Kanzi, they won that we have right now, he some electoral council that these are full of politic. Our members of the Maduro spotty. So we have first to call elections to have very independent of a solution says independent body that com conduct those elections. We have to bring back the constitutional rule in order to apply the article two three three that says that in thirty days we have to convene at this point. We can't do that. Because we don't have institutions to do that. So that's why from the national assembly. We have clear rolled for the next day's first. We have to end to bring an end to the also the patient of Mr..

Venezuela Senator Bob Menendez president United States Senator Menendez European Union Alicia Menendez Brussels interim president Guido Mr. mother Maduro Francisco Madero Madrid
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:45 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"I don't think that the Colombians or any of Venezuela's neighbors will want to seek its military engagement in Venezuela. They have been doing a tremendous service in dealing with the mandatory in crisis and the flows of Venezuelans fleeing Venezuela, I think that as we ratchet up the sanctions, you know, sales to the United States from Venezuela. Got about twenty million dollars a day. Those money should be used to actually help the -tarian relief that is necessary to help the Venezuelan people as they seek to restore democracy in their country. Why is it? Then you you brought it up the President Trump wants to you know, tale back or are the scale bike military interventions overseas. What do you think it's it is why he has decided to get so active in this regard? I know it's in the hemisphere, but immediately recognizing as we know almost sort of planning, you know, with with. With one Guido and with who was president of the national assembly and immediately sort of recognizing and getting other countries to do. So as well why is that in in President Trump's interest? Well, obviously, I'm sure that is heard the voices of many, including many Venezuelan Americans who reside, for example in Florida and who have experienced firsthand the flight and the necessity to become refugees in the United States about what's happening on their job is I think that there is a hemispheric recognition that charges is driving one of the nations in the western hemisphere that you'd have among the greatest wealth into a humanitarian catastrophe, and I think as someone who worries about refugee flows as we have seen. I think the last thing he wants to see is another set of refugee flows this time from Venezuela. I know you mentioned Alvez's is success. My do rope banana, let me ask you this the United States, of course, ever since the late eighteen hundreds with the invasion of Mexico. It has a record ten on long of. Of intervention in Latin America, and of course, all the people who oppose this recognition in Venezuela. Keep pointing to that. And what do you say to people like Russia, or the others all people in the in the hemisphere itself who say, you know, what business to the United States have getting involved in here. Look at their record on our continent. Well, first of all I never rely on the Russians to talk about our national interests or observance of international law or human rights and democracy. Their their their record is dismal. They keep violating international law. So they're certainly not the my litmus test as it relates to other countries in the hemisphere. I would say that the democratic charter of the OAS, which all countries of the hemisphere have signed onto should be the guiding principle, and it is that democratic charter of the that we are largely following in terms of the actions that we are taking and so what I do Joyce in someone who has spent a lot of time in western hemisphere. Foreign policy is that we now see a series of nations western hemisphere nations, Latin American nations leading as well in calling for module to step down and recognizing. Why gone one guy Bill as the actual provisional president of Venezuela? That's something that we would not have. Seen many years ago. It's a turn for the better in terms of promotion of democracy and human rights in the hemisphere. Now, you mentioned all the oil on how much the Venezuelan sell to the United States with these sanctions. Do you think they will keep selling, and do you also believe isn't the generals or a general who's in charge of the stage oil company? Well, certainly, I believe that they will need an outlet refineries in the United States are doing a lot of this work. So I think that they will continue to sail, and they will have a need to do. So they will need time to try to divert their sales and to find other markets and refineries to be able to do that. So that's that cannot be turned on a dime. Now, one of the reasons that the generals should start rethinking the reality is because their pathway to the type of money they've received through Mobuto is less likely to be realized now, and I think that may affect their thinking as well. So just to go back to the to the oil question and John Bolton he was on FOX business recently, any basically specifically cited the oil and the economic benefit that it could bring to the United States base accept it will make a big difference to.

Venezuela United States Russia president Trump Latin America Alvez Guido Florida Mobuto Mexico OAS John Bolton Bill FOX business Joyce
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:17 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"And the reality is the generals may be living very well because they're part of the kleptocratic government that Madeira runs, but at the corrupt government that he runs, but the average soldier they're suffering like the Venezuelan people are, and I think in that respect I think it is highly unlikely. Will turn their guns against their brothers and sisters. Well, let's just play a quick clip. One of our reporters talk to accompany of those lower ranked soldiers who defected to neighboring Colombia. Here's here's what they said. Solano it's been way down. So we're making you request to the US. He says to support us in logistical terms with communication with weapons. So we can realize Venezuelan freedom. They recommend saying only US appeal. Bruce, I from Brazil, Colombia Karoo who brother countries that are a games this dictatorship. They show me the WhatsApp groups plotting rebellion. They hope reach thousands of soldiers, but they also rejected any possible military intervention by US forces themselves knock it we don't want to foreign governments invading our country. He says if we need an incursion it has to be by Venezuelan soldiers who really want to free Venezuela. Unifying those military groups working towards freedom to creates a really big one that can be decisive. Senator I know you speak fluent Spanish, obviously, you could hear them in their own language, and you could hear the translation they were very very clear. No US intervention. But yes, please US military support and help and logistics. Do you think well, where do you stand on this? Because said also, you know, John Bolton national security advisor sparked a whole load of questions with that yellow no Platt, Pat and five thousand troops to Colombia. What what do, you know about what's going on in that regard? Why don't know anything specifically in that regard as it relates to any potential military movement? It would be a huge mistake. And I oppose military any form of military intervention in Venezuela. It would undermine the very effort of the democratic movement in Venezuela and the credibility of that democratic movement and the freedom of Venezuela will come through the hands of Venezuelans not through the intervention of the United States or any other nation. But I think it's critically important that the twenty or so countries, including many from the western hemisphere who have traditionally shied away from speaking about about human rights and democracy violations in their neighboring country have risen their voice in. This regard and emphatically powerful message in joined not only by their words, but hopefully fi their actions in terms of economic consequences. I think the Venezuelan people. Can restore democracy in their nation. So let's just to stay on this miniature intervention for moment. You know, President Trump himself at the very beginning of his administration raise sort of questions with various tweets about this and in response to questions about the famous Bolton notepad, again, the administration said all options are on the table. Are you concerned that there is some move afoot? Amongst that say people in the White House to potentially introduce use military force to Venezuela. Well, you know, it's interesting because that would be counter to everything else. The president's inclinations. Are he overdrawing troops from Syria at a time that that's a challenge supposedly he is prepared to announce retrial drawl troops from Afghanistan to some degree. So his predilection seems to be to move American involvement abroad away and back at home. This would be totally countered to that. Now. Whether it is a Blofeld, oh, I don't think you ever bluff with our military or whether it is just to keep all the options. Open to suggest all the options are open. But in reality, I cannot envision the United States, and I strongly would oppose the United States seeking to intervene another Tirlian Venezuela. But you could imagine US troops going to friendly countries like Colombia next door to support. Could you could that be what's afoot, potentially?.

US Venezuela Colombia Bruce Colombia Karoo Trump president Solano Senator John Bolton White House Brazil advisor Platt Afghanistan Syria Pat
"andrew ross sorkin" Discussed on Amanpour

Amanpour

04:15 min | 3 years ago

"andrew ross sorkin" Discussed on Amanpour

"Welcome to the program everyone. I'm Christiane Amanpour in London. Venezuela is firing back after the United States imposed tough. Sanctions eighteen billion dollars worth on the state oil company making the announcement national security advisor, John Bolton's, talk of an even bigger threat because his yellow notepad. There have the words five thousand troops to Colombia scrawled and exposed for all to see in an address president Maduro lashed out at President Trump. From Sam through I make Donald Trump responsible for any violence that might happen in Venezuela's. You will be the one responsible, Mr. President, Donald Trump responsible for this policy of regime, change in Venezuela, and the blood that could flow and Venezuela. We'll be the blood that will be on your hands. Well, Russia's foreign minister Sergei Lavrov box Maduro, he calls the US sanctions illegal while the US backed interim president one Guido praise them for protecting Venezuelan assets is what he said. We're very long time Maderas regime stole this money. An estimated four billion dollars, which is four times Venezuela's GDP in losses. This would protect assets. So that they can be used towards Venezuelans and to attend to the humanitarian emergency that is at the center of our policies. There is a massive humanitarian crisis in Venezuela right now. So the United Nations says more than forty Venezuelans have been killed in the recent unrest and eight hundred fifty have been arrested. But what happens if there is a violent crackdown? Joining me now is Senator Bob Menendez is the democratic Senator from New Jersey the ranking member of the Senate Foreign Relations committee, Senator Menendez, welcome to the program. Thank you Christiane. So let's start first with this. The sanctions you heard what president Maduro said, and it is par for the course, the Venezuelans from Charvet's and even beyond who've always uses their calling card the threat that the United States is engineering a coup an economy, blaming the US, what do you make of the effect of these sanctions? What will they do? I think they're the sanctions which I support I wrote the first sanctions against the Madero regime back in two thousand fourteen and we've seen a growing bipartisan support for using diplomatic and economic and political efforts to try to bring democracy back to them as well. I think the world largely recognizes meduse not a legitimate president. And so the sanctions at the end of the day create a real challenge to the Madero regime, particularly the ones that would just announce against the state oil oil company. So I think they're they're very significant. And listen as it relates to Medeiros comments about the I heard the clip that you ran about the blood is going to be on the hands of the United States, the blood that has already been a shed by Venezuelans peacefully trying to create change in their country has all been at Medeiros hands and those of his leadership style. I think that's that's a hollow statement to make. So let's switch now to this talk. I mean, I asked a leading into you. What happens if what happens if the army turns against the people want to you know, now, what sort of intelligence, do you have do you have any confidence of where the army stands? I think it's very telling that Maduro has not had his army and security forces arrest Wong. Why though the interim president of Venezuela under their constitution? Which by the way is a constitution created under former of and Israeli President Chavez, so it's their own constitution that they've invoked to claim the right to be an interim president as a result of false election. So I think the fact that he has not called upon security forces to arrest y dole which has done to others in the past is very telling he doesn't want to risk it..

Venezuela Maduro president interim president United States Mr. President President Chavez Donald Trump Christiane Amanpour Senator Bob Menendez United Nations army Maderas advisor London Medeiros Senator Sergei Lavrov
"andrew ross sorkin" Discussed on The Majority Report with Sam Seder

The Majority Report with Sam Seder

05:06 min | 3 years ago

"andrew ross sorkin" Discussed on The Majority Report with Sam Seder

"It becomes like a stand in for everything has actually been used to de-legitimize some really good leaders. Yeah. I just don't think that it's the primary motivating factor or even the secondary motivating factor or even maybe the tertiary motivating factor for a guy like that. I think that comes in. But let's general f you it's also like, I'm sure they hate Goldman in the same way. He hates immigr-. Like, we said hates everybody else. It's it's a generic stand-in, and unless you get super specific for even going back to the nineties like that's how Bill is going gun to power. They had big wide ranging corruption scandals. He's like, I'm a self made billionaire, and I'll fix it. That's the map that's been followed by all these anti-establishment than anti-corruption. Right. Yes. Italy anti-establishment always victorious whereas anti-corruption, you're right. You know, when you it can be used to deflect and kind of prop up strongman, I think balls neuro. An incredible exam. They're all incredibly corrupt themselves like and then capitalism itself, more broadly. But rut problem with anti-establishment to is just who's defined as the established. Right. I mean, Donald Trump was established exactly. State folks. What is a fascinating moment, which is with with everything that's going on with both the shutdown, and there just seems to be a mega narrative that is that we're we're joying this week essentially here is Wilbur Ross. This is this is one of the most stunning pieces of of now, I've heard some reports that say that Wilbur Ross is just completely out of it that sleep at meetings that he's just completely out of it. But he seems to be not completely out of it here, but just completely out of touch and here he is being interviewed by Andrew Ross Sorkin. So this is really the functional equivalent of like, this is his name. Well, we'll Andrew Ross Sorkin. The home game. Yeah. This is a home. This is like beyond street reporters in the history of life on earth. Right. I mean, I don't wanna say like this would be like my sister, Julie interviewing me, she already more episode. She would be more adversarial. And so here he is on. This is a guy if you'll remember Andrew Ross Sorkin when occupy I started he was the one who who who bragged about fielding calls from financial leaders asking whether they should be afraid of what was going on in Chicago park. And here he is interviewing Wilbur Ross and Wilbur Ross is just like, wait a second. Just you be quiet for second. I'm I'm digging a hole here, and I don't wanna be interrupted mister secretary. I wanted to come back for just a moment to the US government shutdown while here in Davos, I interviewed Alex carp? He's the COO of Pailin tear a major government contractor in the United States working on behalf of the Pentagon and the defense department. He said that the government shutdown. He believed was terribly damaging to the brand of our country. Do you believe for second just contemplate what it takes to ask this question in this manner? The framing is completely from that perspective. Suddenly like, he cares is sociopathic. I've just spoken to a contract to thinks that our brand is being hurt. But we should note Pailin tears, Peter Teal's, right, right? And it's super bad for the brand. Okay. Believed was terribly damaging to the brand of our country. Do you believe that? I think that's a great deal of hyperbole. We've had shutdowns before I'll be for not such a long period is we've been best far. Put it in perspective, you're talking about eight hundred thousand workers in. Well, I feel sorry for the individuals that have hardship cases eight hundred thousand workers if they never got their page, which is not the case, they will eventually get it. But if they never got it talking about a third of a percent on our GDP. So it's not like it's a gigantic number overall mister secretary. But there mister secretary of their reports that there are some federal workers who are going to homeless shelters to get food. Well, no, they are. And I don't really quite understand why because as I mentioned before the obligations that they would undertake say Abbar owing from the Bank or credit union are in effect. Federally guaranteed. So the thirty days of pay that some people will be out. There's no real. Real reason why they shouldn't be able to get a loan against it. And we've seen number of ads. Yeah. You could hear him..

Andrew Ross Sorkin Wilbur Ross secretary Goldman Donald Trump Bill Alex carp US Italy government immigr Julie Chicago park government contractor Pailin Pentagon Peter Teal thirty days
"andrew ross sorkin" Discussed on WGN Radio

WGN Radio

02:02 min | 3 years ago

"andrew ross sorkin" Discussed on WGN Radio

"Knee center. Help you feel new again. Yes. Yes. Okay. So related to this number five. Commerce secretary Wilbur Ross stepped in it. CNBC with that Andrew Ross Sorkin handsome young man. Yes. And he said he didn't understand why the federal workers are all going to food pantries to get food for their families when they get just down alone. Great to get food. I don't really quite understand why. Because as I mentioned before the obligations that they would undertake Sayeh borrowing from the Bank or credit union or in effect. Federally guaranteed. Okay. So you're saying go get a loan you if you don't have getting paid. You are guaranteed that you will be paid by the federal government. So they go to the Bank and you get along. Wait in line for food. Does it take you to get a loan done alone? Right. Oh, I haven't even gotten to that part yet holda. I've just saying you can go to the food pantry Wilbert. I never been to if we pantry. First of all, you go to get the food you go home. You eat the food. You go to the Bank you fill out paperwork, and then they do a credit report. And then they do all this other stuff with you. And then they find out you're not getting paychecks it, right? And then they go your kids federal guaranteed. You'll eventually get a paycheck. But we'll get you your loan in six weeks. Meanwhile, the food pantry gave you your apples to date. Then you get to eat. I mean, this is so simple. This has gotten. I cannot believe how completely out of touch is so much. So even the president even the president. Maybe whatever shouldn't have said that. I haven't heard the.

Andrew Ross Sorkin Wilbur Ross president CNBC six weeks
"andrew ross sorkin" Discussed on KTOK

KTOK

03:49 min | 3 years ago

"andrew ross sorkin" Discussed on KTOK

"Sports foundation. He says Andrew Ross Sorkin figured out criminal misuse of firearms is the fault of none other than credit card companies. To say the idea would be laughable if it weren't for the absurd some assumptions that Sorkin makes to achieve this, radical agenda. We weren't the only ones who thought so several news organizations and think tanks quickly jumped jumped in and called in an effort to kill the Bill of rights Sorkin. Here's the deal. You're in a column that says that. If credit card companies would simply not allow their credit cards to be used by guns. That would accomplish a lot in if they're not wanting to do that at least they can track sales because they track a lot of other things, and that way if somebody buys a gun, they could be instantly on the list, if you buy more than one gun, whether you would be triggered at that point. Of course in the I would be flagged. And so he's saying that what we need is for the credit card companies to get involved in this step up and do something. Nothing like totalitarianism if they can't get it through the government. The the gun bash will do it any way they can. The problem for him. The credit card companies go, no visa and MasterCard. Both said that doing such a thing would set a dangerous precedent Wells Fargo, according to the column that Sorkin wrote said his gun. Regulation is the responsibility of the government not corporations, and then even the ACLU, which is Jerry not a real friend to gun ownership. They said the prospect of monitoring is quote enormously intrusive role in American life fascinating. The gun banners and anno- upset before and you really have to take it to heart. They never give up. Absolutely. Case in now the execution of the closet so to speak. Because it used to be they hid the fact that they really wanted to ban guns, and they said, oh, no, no, no one wants to take away your guns. Even though Bhalla kept saying, no one wants to take away your gods, except that we actually do want to take your guns, and we will do that. And we have done that in many places whenever we can get away with it. But no one was to take away your guns, really. You know, we don't believe that anymore. Right. You don't nobody swallows that stupid line? Anymore? Of course, you want to take away our guns. You already have passed laws in some states that say you can no longer own a full capacity magazine. You're required to turn them in even if you bought it thirty years ago, it was the the magazine that came with your pistol your Glock seventeen. New jersey. You can't own it. Anymore? But no one wants to take any of your stuff away. We'll just ban it make sure that if you own it, you become a felon. So. They will resort to anything. When they can't get it done through legislation, which I the will of the people then they say, well, we'll just get get done by edict. We'll get done by regulation where some bureaucrat issue some kind of regulation. Or we'll even try to get credit card companies to do it while we're at it. We're going to try to get as many of these gun fleas zone..

Andrew Ross Sorkin MasterCard ACLU Wells Fargo Bhalla New jersey Jerry thirty years
Pompeo meets king as Saudis expected to say journalist killed accidentally

All Things Considered

04:45 min | 3 years ago

Pompeo meets king as Saudis expected to say journalist killed accidentally

"Is in Saudi Arabia meeting with the Saudi King and crown prince hanging over all the handshakes, and smiles is the disappearance of a Saudi journalist Jamal kashogi who has not been seen since he walked into the Saudi consulate in stumbled Turkey two weeks ago. Turkey says the Saudis killed him NPR's. Michelle Kellerman is traveling with the secretary of state, which means she too is in Saudi Arabia's capital Riyadh. Hi, michelle. Hi there. Mary louise. So I'm going to get to the substance of these talks today in a minute but start with the optics. They are tricky. I I mentioned friendly handshakes. And smiles, meanwhile, the agenda is to discuss an alleged murder plot by the Saudis. Yeah. It was kind of striking because you know, on the face of it looked like this, very typical. Visit by secretary of state going to see the king at his palace. A brief stop at the foreign. Ministry and a lot of time with the crown prince Mohammad bin Salman, who's this young very powerful figure here. We're told that the conversations have been direct and candid, diplo speak for quite tough. But you wouldn't know it by watching these men, greedy niche other in front of the cameras and talking about how important this relationship is talk about the substance. What did they say to each other in these direct and candid talks? Well, they've the US officials have said very little about that. I mean, they say that Trump sent Pompeii oh here to convey, the message that it's really important for the Saudis to conduct a thorough transparent investigation into the disappearance of this Washington Post columnist US officials haven't weighed in about all of these reports in the news at the Saudis are now portraying this as like interrogation gone horribly wrong. We don't know exactly how the Saudis have been spending this with bump AO in private or. Or if he believes them, but we do know that President Trump seems to at least according to his Twitter feed. Trump says he spoke by phone to the ground prints who was with Pompeii or at the time. And he says that the crown prince, and this is a quote on Twitter, totally denied any knowledge of what took place in the consulate. It does seem as the pump AO has been sent to walk this really fine line. President Trump has threatened severe punishment has words to whoever's responsible for Jamal kashogi disappearance, maybe murder, but but there's also a lot more at stake here in the in the wider US Saudi relationship in this country. Mary Louise is is really key to the Mideast strategy of the Trump administration. There are big US arms deals at stake, the US policy on Iran is is vital here. The sanctions are going back into force and the the US needs the Saudis to keep the oil market stable. And then on the other hand the administration is facing a lot of pressure from congress members of congress are outraged over this apparent murder in the consulate in Istanbul and over the Saudi conduct in the war in Yemen. So I think you're totally right there. The administration is trying to walk. This very fine line secretary Pompeo is headed next which means you are headed next to the capital of Turkey. To anchor of what's the agenda there? Well, he's going to be meeting with the foreign minister there, obviously Turkey is also really important ally in a country that wants to get to the bottom of this to valise in Turkey today were searching the Saudi consulate and say they found evidence that the Saudi journalists was killed there. So it's going to be to follow up on those investigations. MPR's Michelle Kellerman. Reporting from Saudi Arabia is not just governments figuring out how to deal with Saudi Arabia's role and the suspected death of Jamal kashogi. Major corporations are sensing themselves from the kingdom top executives have pulled out of an investment conference scheduled to take place in Riyadh next week. They include leaders of J P Morgan and Ford Andrew Ross Sorkin of the New York Times also planned to attend and moderate panels. Not only did he pull out. He is also now reporting on how CEO's made the decision to withdraw from the Saudi conference and he joins us. Now. Welcome. Thank you for. Having me you say this incident is forcing business executives to become reluctant statesman. Why reluctant well, I think that over the past year or two really under the Trump administration CEO's have been forced into these uncomfortable positions of having to speak out on moral issues. This conference in Riyadh known as Davos in. The desert has become a crucible of sorts for so many CEO's over the past week. And all of the being done without really direction from Washington. Treasury Secretary Mnuchin is still going CEO's have been

Saudi Arabia Jamal Kashogi Saudi Consulate United States Donald Trump Riyadh Michelle Kellerman Turkey CEO Murder Mary Louise Prince Mohammad Bin Salman President Trump Twitter NPR Secretary Ford Andrew Ross Sorkin