30 Burst results for "Andrew Ross Sorkin"
Fresh update on "andrew ross sorkin" discussed on The Michael Berry Show
"His bill but this morning. Cnbc cnbc's rick santelli and guest andrew. Ross sorkin sorkin engaged in a little discussion over some of the restrictions placed on restaurants in the private sector. During all of this. it is santelli. Who says you can't tell me that we need to keep closing everything down and cnbc's andrew ross sorkin is Adding onto that just highlight something. The the background of this whole discussion comes with what we're seeing in terms of covid cases and we're seeing maybe stimulus but we're seeing calls for for not necessarily closing things down but certainly there are some calls to closing except for the politicians themselves but for their constituents. They're talking about you. Know they need to be much more. Careful we're hearing right. Yes no believe me. I believe in careful. When i point out governors cheating it's not for the apocrypha which exists. It's the fact that i think. Many of these governors are intelligent people and they love their families which they've taken out into restaurants therefore there is actually in should be an ongoing debate as to why a parking lot for a big box store like by. My house is jammed. Pack now one parking spot open. Why are those people any safer than a restaurant with plexiglass. I just don't get it. And i think there's a million of these questions that could be asked and i think it's really sad that when we look at the service sector and all the discussions we've had about job losses that particular dynamic isn't studied more isn't worked more. I don't think people realize how much we have destroyed individuals and their livelihood. And this this you don't turn this back on easily. People have lost their savings. How can you tell how can it be that. On saturday and sunday grown men can all touch the same football back and forth lay on top of each other sweat on each other breathe on each other. And that's okay see. I don't want to shutdown football. I don't want to shut shutdown anybody. My problem with the hypocrisy of the democrat mayors and governors isn't that i demand that they be stuck at home as well because of their orders. It's just the opposite. Let people make decisions. Smoking causes lung cancer. We know that we don't make it illegal. Car wrecks can kill you. We let you make that decision for yourself. Now go support small business. You don't need anything by a gift car..
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.
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
"andrew ross sorkin" Discussed on Pivot
"Okay Andrew. This is usually Scott saying but you are in the hot seat What is your prediction? What? What is your? What is your prediction? Just one? Is Your my prediction. Is that Bernie Sanders will find way into Abidin Administration if he wins. House Oh, please illuminate us more. You know I, this is completely wacky prediction and by the way I was wrong with the other prediction the other day just like get out your Salt Shaker the biggest one you've got right I. He is. He's I. Think he's GonNa end up campaigning for Biden. At this point, his career does he have more power as a senator or in the administration? Could he do you know? Could he could he pushed them into a place that he wants to be maybe could he create more excitement about maybe? I frankly I'm throwing pick pick a place, pick a place you got to pick a public an actual role. Yeah. Yeah. An actual not just wandering around yelling at people that's what I was really thinking the role might be Larry. David should have a role in the Biden administer but what What pick a role I want to press you special adviser. Special that seems to things. Yeah. I think he's GonNa be mad at you know what? I mean not real power. That's that's something you give to somebody. Just WanNa put off to the side special adviser to the President Unless you're Peter Navarro get to wander in and scream and sees every now. Yeah, but that's that's that's crazy. The way he runs those offices I don't know these predictions because I'm I was trying to come up with a wild prediction I thought that was good. To put him in a spot just see a senior adviser. You don't think like a cabinet position. I mean, you know because all the Cabinet positions have been so Like I said education and you know who I think of now, and then I think that that's like a role. That's not. I'm going to press you just a little bit on WHO's education secretary if Bryden wins. Question trump people who knows they'll bring in the next gang of people that bring in but Let me go through them. I this one I haven't given thought to the guy who works for works with the rain pal jobs are Donka Arne Duncan smart. He gets it. ADDS my idea I. Just guessed it. said it did he do that on the energy that under Obama though he may have? Yeah I just I, just he's going to go back to a lot of people he's comfortable with What about the EPA link? It's not bad. Commerce. Does anybody really want be commerce because commerce is always one of those jobs that feels like you know like under study to the treasury secretary like you wanted to be the treasury secretary and then you've got that or you got national economic advisor, it's like a constellation. You do a lot like a concert. Yeah. Like a consolation prize even though actually in this day and age Wilbur Ross you I don't know if he's power but you'd think with all of the things you going. With Wow oh. I can't even go on come on. Yeah kebob Beasley Sleeping. Speaking of sleepy, Joe. Sleepy. Wilbur. I Say Elizabeth Warren for that one. How about that? Had you like more? Than Treasury Secretary. They I think they'd have a hard type put Elizabeth. Warren I'd love to see that just for just to watch Jamie diamonds head blow off that. We implants they do it who who? That's a tough one. You know in. Olden Times Sheryl Sandberg would no writer she's on the outs with them. Wall Street person that you think Jamie Dimon. Possible. Okay. No, that AOC's had blocks off right at one. So or Bernie Sanders that is a Oh my God i. Known Oh that's a Nice He's a lovely man slow Varley people not. He's not sleepy at all as an interesting question. That's a good question Last, let me give you two more housing. Would you want housing right now? That's a great question. Oh. This is so hard. I know state start thinking about it could be a an arrest. Last One I'm going to more department of State Department, of state well. Why you have your Komo gives us a nice. Season Right, Azi. She. was going to be these crazy hearings where you're going to be a hearing about this sort of like Hillary Clinton. Benghazi nonsense. Whatever you think that they're going to be Tom Peyot. latches. They didn't want to suffer through that with the vice president's or off. She likes her else. She'll be national security ability to spend that. You know what I mean like like Attorney General's new again. Yeah attorney he's comfortable with like. To be in there. I say Sally Yates Delegates she looked good. She's she's been there. She's done that you should be running it. She's she's got what about some. Is Are we giving a role to your? Is Your rival colleague appear who Sarah. prepere are could also be attorney general. Yeah. I. Liked that paper premera ideal. He's a funny guy he's great and he would be great. He's been. He's got a whole twitter. History now because he's really goes crazy on twitter it'll be interesting I think they'll be a lot of Republicans. If he wins I, think they'll be a lot more Republicans in the administration because they're gonNA WANNA be like new Gerald, Ford kind of thing like let's all hold hands and stop yelling at each other and let's ignore the Cunanan late either way though we have this conversation as if we're talking about it is as if These crazy. Are you these betting markets? Are you because the bedding are much tighter and I? They are what?.
"andrew ross sorkin" Discussed on Pivot
"Patriarchy. But I accept as a white woman. My Lot in life is way better than any black American rate I don't have the fears that they have. I don't have this, I haven't had to live that experience, but white women need to understand is the same power systems that keep people of color from reaching their potential or the empower. That keep you from reaching your potential and when you make the Patriarchy a refuge which white women have historically done, right? It's not awesome for us, but it's better than being on the outs where appropriate, and so you have to like band together in a way that you haven't before with people of Color will one. One of the complaints is that you know in been since the feminist revolution of this sort of. Not seeing that not seeing those connections as well as it should. So here we are in a presidential race where it's highly likely a woman of color is going to be selected by the way when people talk about it. What's really interesting talks about the various candidates whether it's Kamala Harris or Stacey Abrams or Susan Rice or Barber? All around the country. My feeling was like look how many amazing choices there are like it's not like of them are completely qualified what has happened here and what he will make a makeup this selection. Is it an, who do you think is GonNa be? Just talk about the bigger landscape of this having work Hiller, Glenn. But. What, what is happening right now, with this question, I'm super optimistic about this. Right because to your point. There are so many amazing women that are actually qualified to be president. I'd states, and you know if you go back to the two, thousand, eight Race Hillary Clinton had to work really hard to convince voters chose this that she was able to be commander in chief. She eventually got their abortion and become the nominee, right. But we all accept that a woman can be president and there are women who's their their ability to step into that job is not being questioned, and there's like a super diverse group and that's incredible. Right that bode super. Well for the future I'M GONNA. Say who I think is gonNA. Get it. 'cause I'm not GONNA COP. Out. Para. Make 'cause I. Wish you off I know. I've always thought it was gonna be Kamala, Harris saw consistent and I think it's Maya. that. I may be liberal prisoner own experience in my experience working for women is wow. They go through hellfire particularly when they run against Donald Trump and so I think a woman who knows Atlanta pint and take a punch. She went through a pretty tough race You know she didn't win obviously, but she held her own and she's really great You know she is she's good at defending herself and she's good at taking a taking trump on and taking pence on the reason why Biden might not do it. I know he wants to. That relationship he had with President Obama right where they were like true partners. Real you know his like informal adviser and he knows Susan Rice better So they're close unite worked with them both in the White, house and I could see him going with Susan. For that reason, I love Susan Rice God, you must love her I've you know I'm sure she spent on here and she's just like so awesome but. She hasn't had elected experience that. Voters to be uneasy about that. They might. So that's why I have thought. Carmela is a better choice and I think that. In this environment to not to pick a white woman I. Just I feel like that's a mistake even if. You know black voters. Tell you. We've over white people. All the time goes on. That was the only choice we had. But for black voters to hear every day, the press will remind mom Joe Biden. It's taking you for granted because he didn't put a block on the ticket that is really dangerous stuff boy. You've ACCOUNTA-. Camera would make a great president. The reason I ask is because in an honest moment at a cocktail party at basically any cocktail party around this country I think right now, people think about this vice president potentially differently. Obviously, we want Joe Biden to be alive kicking and healthy throughout the next four years and for many years longer than that. But people often say you know this person's GonNa be a heartbeat away. Yeah. That's you know never mortar than with this pack, and I know that that's like certainly Joe. Biden's mind. Right. The same thing as with McCain and I think Harris meets, you know clearly meets that bar in, that's most important decision of vice. President, again, it makes is like, can they Guinness Person, take over on day on day one and she's A bank in a I think I know Joe, Biden values electoral experience rights has a lot electro experience or something special about representing people not just like worrying about the political outcomes of the decision you make. But understanding this is going to affect people and yes, politics may say excellent I gotta think about Verson I am representing here and she's done that for millions and millions of Californians and you know. She I just think that if you when you add it all up, but that is why she makes the most sense as difficult as it will be for her I. Don't think a lot of people are like Oh. This person whoever this woman is, she's definitely going to be the nominee in two, thousand, twenty, four. This person's Info. This woman is in for a rough road and everything she does. From the moment, she's named will be viewed through the prism of. Her ambition. And like Oh, she's positioning herself to be you know to out stage Joe where she position yourself to be president right away, and she's going to bear that for four plus years and back minutes Brutundi is not awesome. So there's Other candidates, Cintas an opportunity for a lot of Democrats champion, totally the opportunities. That's like tailor-made in my experience for somebody to come in from the outside and knock off this person that's been in the spotlight and under scrutiny for a long time. Two more questions than maybe Andrew has the final one, but one is, what would you would advice? Would you have for that running mate then that presumably woman of color. Who is going to be selected is what would be your advice I'd say, not be quiet, but you know I.
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.
"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.
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
"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
"andrew ross sorkin" Discussed on Pivot
"Arms I. Yeah I'm not I'm not actually I'm not going to agree with the with the business news argument there. Because I'll tell you what there's this crazy easy community of people who were die hard and other die and they're not diehard they're dying let him finish you know you you can make that argument agreement. I think that if you look at what seems doing for example on air and then on digital I think that there's a core look to be great continents always what having a core audience and I think genuinely genuinely core audience if you go and talk to the CEOS of the fortune five hundred even the guys in the valley and elsewhere that they may not be watching it all live but they're watching the clips. They WANNA be on it. They WanNa talk to the audience of investors. There it's part of this ecosoc can't tell you when I'm doing squawk in the morning how. How many phone calls I get or emails during the show? Live from people on the West Coast. big-name CEO's who say. I can't believe you just said that. What's going on with this and correct that that's that's the different artists it is? It is sort of the business ta I mean when you think about business. News now format everybody it is in the backdrop. It's playing everywhere. It is the question to me is a little bit more like Espn long-term from from a table perspective will people are GonNa have to create like an ESPN plus like service. Do people then pay for that. How much did they pay for that? If you believe carriage fees are GONNA come down long-term turn how does that all work itself out that to me is a real question But I think that there still is this core group that I think loves loves it and we'll pay a lot for instagram with Andy on this one. Okay Right L. Win and Phil. He's right. Innovated Scott a winning fail and this is my own personal. Everyone's is just a winning fail week. We're talking about here. Give me the hitch you when we said. NFL persons marching. I don't food people know the Real Andrew. Ross Oh my God. I don't think they know the failed. Andrew the listen to him. Well okay so the the win. I didn't interview with Marcelo. Chlorine Koray I I real TV interviews done since All the crazy commotion and he said I thought it was a win because because I thought he opened up about the religion with Adam Newman and said that they actually don't talk that much anymore even though I think it's not what Adam Newman would like him to have. Instead of Adam. Newman desperately wants to cell phone. Marcella was at the scene of the crime the whole time so he wanted sort of like girly early and asking Travis Kalanick's you know. Now we are. They were there the hundred percent but I actually thought he was humble about it in terms of saying look we totally screwed this up up. Nine mistake we work at a billion. I'm sorry I interrupted. Would you invest in an eight billion valuation. It's tough it's how they have by the away close to fifteen billion in with with debt. So that's what I said to him. I said how do you get money. How you make a good He thinks that they're going to get there. It's it's GonNa be a rough road Big Loss for me was the squawk show which I love doing makes you go to sleep so early so I didn't get to watch the astor's last night. That's a parasite you're welcome parasite. Have you seen parasite no fail morning. Go Watch roundabout equality watching anyway Andrew. Thank you so much. This was totally. You made a lot of good content. Let me in in a very short of sort of only sort insightful. Ish Robison thank you thank you. You can buy standard okay. Scott his brilliant. I'm sorry you're GONNA have to go now. It's my turn I get to Andrew. Yes going thanks for the thanks okay So my my win is a motion picture or whatever we're calling me. I thought that they pulled off one of the great brand new so I think they've they've turned the corner if you will set the parasite was such a unique opportunity. And the semi fail as continued Shit Show Ask Clown Management of the Democratic National Committee and again emerged Misra guy running the Vision Fund deserves to be fired more than anyone in the world. Right now I I loved that out of thinking about Jeanine Rometty. You know when the chairman sits down and says we're a Ramadan Says we're we're making we're going into different direction as the lead directory sits down. I wonder if she said well. You know what the dog walking APP is on. Its way I mean that guy gets to keep his job. The head of Vision Fund gets anyways that person deserves just to be fired more than anyone in the world with the exception of his name Tom Perez the DNC. And I don't know if you saw I don't know if you saw Jim carvills rant. That guy's a fucking genius. He's he's a political. It's about political power. It's about power and our moral imperative southern Florida you. We know that it's not it's not to bring fuck and burn it. Why is Bernie Sanders on the? This is what Tom Perez. Or whoever actually has a pair who shows up after Tom Perez is justifiably escorted from whenever building the DNC occupies right now. We should have debates. They'd say okay. Are you a Democrat. And do you have any. Why the Hell is Andrew Yang on the debate stage? I like him. He's got great ideas so two guys so to the riders of the Colbert report today run for president event. You have better ideas and are much more qualified than Andrea. I love the guy you know who doesn't want him to be president. Anyone that worked with him. Why is Tom Star? A guy that made a billion and a half dollars pulling out of the ground is all of a sudden decided. He's an ECO warrior by is way onto the stage and then people can flayed him Bloomberg. Gloomy was governor of the seventh largest a state in the union called Manhattan. He absolutely deserves to be in. There is there are only three people to have any business being on that stage right now who everyone and finally is GonNa realize okay update and I flirted with some bad boys or some idiots in the nice guy. There are only three people the matter now only three. That have any chance of our moral imperative. Live of kicking the Weirdo out of the office. I is Bloomberg sack in his mayor. Pete who barely gets on the stage the mayor of a town where he got eighty nine hundred votes and the third and the person with the most momentum is Senator Klobuchar if they want to sponsor of British Labor Party debate more power to you burning go to that. He doesn't even as a Democrat. He's up fucking so people from the Tom Perez and the guy from Softbank fired okay. I want the DNC to figure out their job job is to get trump out of off right the DNC and soft bank's got. I'm going to have to take you down now. Something happened. Had I'M GONNA have to reach in eleven thirty texts tonight about this. Would I do chasing entities. Our it could be eleven. We're spanker it could be eleven thirty three. I don't know what I'm going to send it. But it's very sensitive fences a lot. It's coming it's going to be a car we're GONNA make ask you this. I'm serious don't you. Do you really think this shit show politically correct. Why do we have a democratic socialist onstage? He's got. Why do we self identity Donna Fide Socialists running for the Democratic America? That's why and that's the way it goes. There's a little that's very president's GonNa Donald Trump. I'm worried you're about to get Bernie road on twitter etc.. Just say Oh they're the only people meaner than them at the crypto and the Tesla weirdos burning people are very aggressive. Everybody is on that thing and we're just curious wish doing this week this week. All kinds of things I was supposed to go to California but now I'm not I am I am. I am working on lots of things. I've lots podcasts. I've got all kinds of interesting things And I won't be here in. DC just doing things A man's going back to work for the first time after maternity leave which I think parents parents in this country should have a year off. But they don't. How long did you have office? Three months. Some reinforcing and subtle but nice text messages. asu Thirty two nine nine eight by that phone seriously. And then we're GonNa make a movie called text and it'll be all about this relationship. I think it's been done. It's been done and I don't think we're that interesting. But anyways that makes her compelling view all right I I will say eleven thirty tonight I will send you a loving massage of attacks ax. Okay how about that crashing text. All right thank you so much for everyone As Scott would you please read the credits as we yeah. Rebecca synonymous is our producer. Erika Anderson is our executive producer special. Thanks to drew boroughs and Rebecca Castro off. Make sure you're subscribed to the show on Apple Apple podcasts. Or if you're an android user check us out on spotify or wherever you listen to podcasts to Ross sorkin again for coming on the show Andy we love you. If you like the show. Please recommend to a friend. Thanks for listening to pivot from Vox media. We'll be back late this week for another breakdown of all things tech and.
"andrew ross sorkin" Discussed on Pivot
"Jobs are great careers for people. It's a intense culture but I think that's good for young people right out of school but the jobs number or the there that now the second largest second largest employer and it's hard to believe that on we are again at record low on him. It's three point. Five percent at ticked up to three point six. The most encouraging thing in the number was at ticked up unemployment ticked up. Despite the fact we they added a Lotta jobs which says the people are being drawn. Back into the workforce right in our labor participation rate is going on which I think is a good thing I think. Work is is I I think April happier. That's right. It's one hundred percent. You're the two things that really drive. Your happiness is how you feel about your work. Feel about your. Let me. Just get back to our previous discussion parasite that that was all about work and not enough work. And how do you find work in the due to work correct. That's right okay. Let's talk about Uber's earning all this week. Scott I knew knew you had some things to say about it okay. Uber is now in full. Yoga babble started sinkhole the Yoga babble index for I do a word cloud and then look ridiculous words. Let me just read you something. I'm from the Uber. Everyone was excited. Growth was up there. Only losing a billion dollars in stock moved ten up ten percent in what has become a total Kabuki Dan. Dan is called a public company earnings. Call which are staged Broadway productions where prepaid the analysts to ask softball questions this. This is verbatim from the call. We're making proactive. Changes to achieve significant cost leverage for both risa needs to refocus operating playbook including approve machine. Learning Al goes further automation and targeting incentive and online marketing spin stronger tracking and focus for off line marketing campaigns the reduction of defect rates and improve self service tools to improve customer. What does that? What does that mean? What does any of that I mean? They're the Rudy Giuliani of the information age. Let's just overwhelm with which ridiculous words this way exway and then lineup some softballs those burnings folks because the analysts are just terrible. I used to live blog of yahoo earnings and I always make fun of the art of and by the way. This is courtesy of my buddy. Richard Kramer is a genius at a rat. Nothing fresh in that analysts are do softball questions things but he did say if you WANNA cut to. It expects the company profitable What do you think about that projection ashamed by this time next year? Expect somebody profitable while it will be profitable based on Made up metrics. They'll come up with their own metrics. They'll say yes yes. We were profitable. If you look at everything but our costs. They'll come right now. They're already reporting something called segment adjusted. Eba which is what I would refer to as frauds planning. It's basically yeah. Let's take out the cost and then invent our own profit number on a gap basis on a gap basis. I will drive a Newburgh for a day which is an a big deal. I've always thought about doing that kind of interesting. I think I'll make a bad. Not the Dr Kossi. He wants to make a bed with me on a gap basis. There's no way to companies prophet. So I'M GONNA ask you one final question this time next year. It's been it's been it's been a the first year as a public company Dr Obviously took over very tough business this time next year. Where will it be so this is this is who we have on the show and that is we should have mark Mahayni News? The Best Internet announced on my bias. My against Uber clouds my thinking here because Mark Mahayni you know there are certain people when they speak immediately question your viewpoint Jeffrey. Sonnenfeld is wanted from me. Mark my hands for me. You're a little bit that way not much but mark Mahayni. He likes us. Companies got along all on it and he he is. He is very good so we should bring him on but speaking speaking speaking of causing predictions. Let's revisit we're not GONNA revisiting. What did I say about Casper? What's the dossier talk about? His dog beds longer after the lockups. We're off you didn't say. Within days seventeen to nineteen they repricing. Twelve is such that they can have a pop. It opened a ten seventy one. Today it's already got it's already crashing. And I we said our prediction would be single digits by March one. It's going to be single digits. Probably at the end of the day. All right. This thing is a little. It's the Blue Apron of two thousand and twenty predict. What do you think? Do you think guber gets to profitability your career. I'm on your side not mark Mahaney's I think it's a troubled business. I think it's I think it's unless prices go up. Prices have to go up and then it's a growth problem so I think if prices prices go up sure why not speaking about work I wanted to do a behind the scenes talking out of school segment called Scott and vox okay. Now this is GonNa make everyone very few minutes. They have a guest coming up. So let's okay okay. So it's clear you and I it's clear. Pivot are now the tallest midget and we are literally the star. NBC must see Thursday. Vox or whatever it is do here right. It's like everyone is calling me and being really nice to me and I'm having dinner tomorrow tomorrow night with the yeah and bank off. Who seems like the nicest man in the World Marty? Moe Who's also that he was like the second nicest man in the world and like what can we do. What can we do? So it's obvious you're the Michael Jordan here and I'm the Scottie. Pippen the like okay. Make sure Scotty happy every once in a while. I'll just check in with Scott. Scotty Pippin God really. Don't Scottie Scottie. Pippen and I know he's he was like the number two. He was one of the most amazing basketball players in the in history except he had he had the misfortune of playing on the Chicago Ability. Michael Jordan was playing. You know kind of Michael Jordan and the doors are so no one remembers Minoan. Remember Scottie Scottie Pippen so last week and by the way where are are we going with this situation bring home all right bringing some land land. It's got angry at me of the Sheryl Sandberg saying you semi tax message at eleven thirty PM and you are very angry are you. We called it deeply on cool and really hurt my feelings because I'm this terrible combination offensive yet. Insensitive which is just the worst place worst type of person in the world. I offend others yet. I find reason so you got me really upset and got me thinking outside of the House. I'm an extrovert and I felt like there's no tomorrow and I'm I'm very aggressive and very very much pursue conflict. When I'm at home I like harmony can in my home? My son has his finished the fifth grade which I described describing academic terms of she gets real they decide to start giving kids CS and DS and my wife loses her shit and goes after my twelve year old this this is unacceptable. No more electronics playing basketball and the dog leaves the room. It gets so uncomfortable ugly and I want to leave the room. I want to go into the fetal position I do not like. Is this particular plane. Let where are we going here. So he goes into his room he goes newsroom in my role is to go in there and make a plan with them and then when my boys I adjust their back I rubbed their ears do geography questions and quizzes to relax them they go to sleep the next morning they wake up everything's fine. The scar tissue heals over the muscle. That's damaged goes back stronger than when they're nineteen and they get their heartbroken. I after not GonNa Freak outs on the whole. It's a good thing but it is really painful for me and it was really painful for me when you sent that message it show Bankok keeps saying what can I do for you so I have figured it out when you send me mean text messages at eleven thirty upset me. I want bank off to come over crack. My background. My ears and ask the capital of Iceland is Oh my God really. I'M NOT GONNA said even more tax. Good God go Keira. It's wreck you. Oh right Scott. I will not send you text anymore at eleven thirty but it wasn't mean at all but whenever Helix thirty eight. Oh my God i. I'm always he's up on Scott you understood. Promise I didn't tweet it you did I did. I did not did not thanks. Yeah that that'd be good arguments to twitter. I'm GonNa only send you nice things from now on on on on text. How about that story stories during the workday? Let me just tell you there. It is gloves off workday. You'RE GONNA get mean texts all right take A. I'm sorry I made major upset. I guess I suppose anyway. Scott we're GONNA take a quick break when we get back speaking of lovely people. We're going to size your ears. Friend of Pivot Andrew Andrew. Ross Sorkin is here and we're GonNa talk about a bunch of things around the stock market and instagram everything else when we get back if you work in. HR or learning and development getting employees to use new learning tools can make you feel like a nagging adding parent. It's basically a Sisyphean task to convince them to dig into whatever software you're using unless of course you're using linked in learning linked and learning. Earning is just different. It's the only learning tool employees actually use Lincoln. Learning is the preferred learning tool.
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.
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
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
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
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.
"andrew ross sorkin" Discussed on On Point with Tom Ashbrook | Podcasts
"And so the thought was that our ability to produce these weapons systems would be reduced if we didn't couldn't get a hold of the various material or. The components that are made for America's material has China ever before. I think if I can remember correctly, at least once before has used the threat of restriction, rare earth minerals on, on trading partners, that has happened before, so not, not just the threat by in twenty ten in the midst of controversy. You for ownership of some small islands in the sea, China suspended exports of earth materials to Japan and. At the time they didn't issue an explicit threat where they said, you know what we want on the islands or else. We're not going to start up the rivers trait anymore, but it was well understood by many people. And in fact, later, the Chinese government did acknowledge that they had used. Rare materials. In bargaining relationship for for their political goals. Okay. So I still want to try and get to an understanding of how much of an impact it would have in the short run. If China did for lack of a better term, sort of weaponize, its control over processed, rare earth minerals, for example, here is a clip from CNBC. You're going to hear James Lipton. Ski co chair of the mountain pass materials mind in California. He told Andrew Ross Sorkin co anchor of CNBC squawk box that China's recent, hints, that it could stop. Exporting rare earth minerals, is both good for some US businesses and bad for some businesses walkie moment for you. Yeah. I think so. I think it's a, a stroke of luck in the medium in long term. But in the short term, we, you know, we have a lot of challenges and we need to end the challenge for you guys just being that, while you mind here, you're right. You're export. To China, that's from CNBC's squawk box. So James Kennedy help on help us parse that I mean, is it can the US very quickly ramp up its production of processed, rare earth minerals to, to counteract a Chinese export ban? No, the answer is no, the problem is, it's never been a mining resource issue. The United States historically got most of its rare earth materials, and particularly heavy rare earth materials as a byproduct of some other mind, commodity. So the entire history of rare earths Intech metals was based on a byproduct resource that you never was priced very high. It wasn't very profitable. That'll change nineteen eighty when the Nuclear Regulatory Commission and the IRA changed some of the regulations around mining and source material and terminated the production of. Of byproduct, heavy rare earths and, and from that point on the entire value chain, which is the people that take the mined material and purified oxides and turn them into magnets, or Garnett's or other metals and alloys, they just packed up and left. They all ended up in China, so it's not so much the resources we have the resources we dispose of the resources because of a poorly thought out regulation. The issue is the value chain and so opening up. One new mine, or ten new mines is never going to do anything to solve the problem because all that material will be shipped to China to be converted into something useful. Okay. So then what steps would solve the problem? So. The problem is policymakers and so-called experts in this field failed to recognize that China's running a multi level monopoly. And the way this works is they can price rare earth. Mine materials, rare earth oxides rare earth, metals, alloys, you know, magnets..
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.
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
"andrew ross sorkin" Discussed on On Point with Tom Ashbrook | Podcasts
"It's a montage of moments from testimony on February eleventh, two thousand nine now, Andrew Ross Sorkin. Let me ask you. I mean you've written about this a hearing that it, it just takes me right to this question about there isn't one necessarily one cause to the populous surge. We've been seeing in this country, but certainly the the financial crisis contributed to it. Right. We had Occupy Wall street the tea party all the way up to the the election of President, Donald Trump, but an and now we have this hyper partisanship as well. So, I mean, is it a painful irony that the financial crisis and. And how our government and financial institutions responded to it contributed to this populism which now may have weakened the very institutions that have to deal with the next crisis. All there's no question and and you really do. I look at the crisis as a direct line to where we are today to the election of the president President Trump today. It was a moment, the cleaved, the country, the pain, the suffering, the idea of losing your job, your home, and ultimately your dignity by by default was going to radicalize if you will, the voter base on all sides, and you saw it with Occupy Wall street on one end, you saw it on the other end with the tea party and what it's done to the political dynamic in Washington. If it wasn't broken before it's almost destroyed today because you have people on on such extreme sides of things. And you know, one of the things that does happen after a crisis is is this idea. Of populism and and oftentimes since of inward looking nationalism. I think you're seeing that now in terms of our own relationships with allies in terms of trade, you know, when I wrote the book too big to fail, we talked about that phrase in the context of financial institutions. Today we talked about in the context of cities, municipalities states and countries. And if you think that our whole system is a function of trust, meaning the Chinese need to trust us. The cat Canadians need to trust us in the sense that they're buying our debt because they think we're good for the money. But at some point, this whole whole system can unravel and it unraveled when it unravels it unravels quickly. And so when people talk about the next crisis, those are the things that I really worry about. Well, do we trust ourselves enough? I mean, I'm thinking about two into thousand eight. We essentially it was fractious for sure, but we had a bipartisan coming together that something. Had to happen. I mean, there was the transition, of course between the administration of George W Bush to that of President Obama. There was legislation again, fractious coming out of congress, but yet, you know, it happened. I'm not sure people have faith that kind of coming together could happen in Washington today, you know, you would hope that a crisis would bring people together. It typically does, but given where we are in the moment, it's hard. It's hard to see how how that would happen. If if another rescue effort were were needed, you look even at by the way some of the regulations. I'm not sure they're to me work right now. There's a view. The Dodd Frank has what's called living wills for the banks and that they could be there'd be allowed to fail. It's not so clear to me if one of the major banks in the United States really had a problem that that the country politically would would decide. We're gonna roll the dice and. See whether this theoretical living will actually works because the other side of the cliff could be the abyss. And so I think there's some real questions about all of this and and really how prepared we ultimately are and how prepared we are for different types of crises. You know, we keep talking about the classic sort of run on the Bank, but I think there's much as I, as I said, when you think my, if debts the the match that lights the fire, this idea with the the trade relationships, I think that's, that's, that's that's a real issue. Cybersecurity, if given the size of these banks there now too big to fail squared by the weather, the bigger than they've ever been..
"andrew ross sorkin" Discussed on 710 WOR
"Year nineteen eightynine in japan they had strong fiscal monetary pulses that work their way through the stock market so i can see things getting crazy and particularly at year end after the mid term elections i can see things getting crazy to the upside i was driving to work on tuesday in tune into cnbc tension stood up on air it andrew ross sorkin interviewing paul tudor jones like to know what the brightest trading minds are thinking especially when they have serious skin in the game i'm pretty sure you feel the same way the interview didn't disappoint so steve blumenthal in his on my radar addition talks at length about it and basically tudor jones who's one of the best traders on earth is basically saying that interest rates could go up a little bit each time they raise them and that it may not derail the market now i could see next year or the year after the yield curve inverting i i could certainly see that any other questions or follow up to that okay gordon is gone an interesting article from steve blumenthal about the paul tudor jones interview and sorkin questions paul tudor jones and he says i think rates should be a hundred and fifty basis points higher right now it's where they should be we've got three point eight percent unemployment and negative real rates and we have a five percent on the way to seven percent budget deficit now be be aware that a seven percent budget deficit means you're spending seven percent more each year than you're earning the last time we'd unemployment where we have now was in two thousand and we were running a budget deficit two and a half percent we were talking about bond scarcity at that time and now the exact opposite so we've got fiscal policy and monetary policy and that brew is what has the stock market so jacked up so we've got a lot to do and it's clearly a a big concern folks about what's going to go on with interest rates and that's why if you have not risk tested your portfolio the time to do it is now now fed funds rate is now one point nine five percent according to blumenthal he projects that that will eventually move to three to three and a half percent by some time in twenty nineteen i could see.
"andrew ross sorkin" Discussed on Money Radio 1200AM
"Smoke cigars and i should say i don't what's the three names andrew ross sorkin the guy's name is andy sorkin by the way he's the kind of guy that no my name is anan ambi sorkin it's andrew ross sorkin a new one time a guy's name was like i can't remember victor and i said oh hey vick it's not vic it's victor if you know what i mean but trust the guy like that you know the three names just a little bit odd but i digress but andrew ross sorkin really trying to put in a little dig but here's what i thought was very interesting about dr scott gottlieb's comments saying talking about use patterns and he said we don't know the use patterns we don't know if there's not any health risks but we know that people do not smoke premium cigars for the nicotine and for him to insinuate well we we've got to look at this get the same model nicotine and smoke don't if that were the case you'd see every cigar connoisseur outside a building smoking cigars throughout the course of the day they'd be running off airplanes running into the smoking area lighting up a double corona rhetorical we know that's not the case so i don't know what dr gotlib maybe now he got a little corrupted by mitch zeller as i like to call amidst zealot who oversees the fda's tobacco division but we'll see what happens but i will continue this conversation and other developments in the world.
"andrew ross sorkin" Discussed on WNYC 93.9 FM
"I think that that was quite possibly part of what insulated the leadership at lehman from seeing the situation as it was i mean andrew ross sorkin in in too big to fail just has a kind of a great portrait of that management structure as one that is really challenged in seeing kind of the the writing on the wall which leads to a failure of imagination for example prominent economists like ben bernanke they insisted just before the two thousand eight economic collapse that it couldn't happen i think what's really interesting about that is it almost that insistence that something can't happen isn't happening it's not a political insistence and a lot of ways i mean there's a lot of resistance to some of the realities in the world you know we write about the lead poisoning in in flint michigan and there you had a woman leeann walters who complaining about the quality of her water trying to get it tested you know trying to get attention to it and was just being ignored over and over and over again and eventually she got people's attention who still kind of wanted to throw out that data because it was not convenient and and you know that's really that's really hard and and that can be really no pun intended it can be really toxic to sort of figuring out what what's really going on in our systems facing up to inconvenient data address here's the problem from my perspective i'm almost always right and the people around me are usually wrong now tell me what's wrong with that statement and how you might go about changing that yeah so i mean if you if you have self diagnose yourself with with that i think that's a that's a great first step to recovering from that end in fact we see that kind of attitude in in a lot of failures wetter better they are accidental failures like china or colombia or if we are looking at something like walks waggin diesel gates kendall sort of people believe that they are that they are ride.
"andrew ross sorkin" Discussed on WNYC 93.9 FM
"Kind of brain damage like you get a promotion and you end up with kind of brain damage you kind of lose the access to this empathy but the interesting thing is there are examples of organizations who've really trained people to be able to listen and train people to be able to capture that descent that there organization shares so that requires a certain style of leadership when i was reading that it reminded me of in the seventies there was a huge blackout in new york city and i read about alone con ed worker sitting at a bank of equipment late at night when a cascade failure started to occur and he's looking at he was seeing it but he just could not believe what was happening interact and i think that that was quite possibly part of what insulated the leadership at lehman from seeing the situation as it was i mean andrew ross sorkin in in too big to fail just has a kind of a great portrait of that management structure as one that is really challenged in seeing kind of the the writing on the wall which leads to a failure of imagination for example prominent economists like ben bernanke they insisted just before the two thousand eight economic collapse that.
"andrew ross sorkin" Discussed on Wall Street Business Network AM 760
"At eight giants injury notes linebackers bj gunson g t thomas out for sunday's game in philadelphia same for right tackle bobby heart corner generous jenkins is questionable and the sounds miami guard brian wenders untied under tomlinson are out of the game preseason hockey the islanders beat the rangers and bridgeport two to one and the next open training camp next week team management saying that they expect carmelo anthony will be on hand with the bloomberg said ford's update i'm tom rogers mary results you're listening to masters in business on bloomberg radio my special guest today is matthew rothman he is currently head of global quantitative equity research at credit suisse he is also a senior lecturer in finance at the mit sloan school of management prior to joining credit suisse matthew was director of global quantitative mackerel research at acadian asset management he was also the head of quantitative research at lehman brothers as well as barklays after they took over liman in '09 let's let's talk a little bit about that period of of away nine i've read a couple of your older research notes and i have to ask you the question what actually caused the financial crisis and market crash i think the great place to start is andrew ross sorkin spoke too big to fail if you're really interested in kind of the inner workings of leman during that time am a key nailed it it's a great read i i couldn't put it down my wife kept you know like nudging me like put the book down you've live this like why do you after he this and i was like oh no he's got details in here that like some of us were trying to find out search went into that you could see it and specific st got access to and got people talking that's really quite remarkable i think that there was definitely some level of mismanagement at the top as as he documents and i just lehman brothers but across the board but across the board a misunderstanding of risk and it's very hard to know when the music is going to stop as it were when success will businesses have run their course if you remember nine months back lehman brothers was putting up a record or annex and so how do you know that it's time to get out.
"andrew ross sorkin" Discussed on WTVN
"Only one fifth me flame this uh the good uh starting here with above a go to number twelve number twelve and thirteen here is andrew ross sorkin this is cnbc squawk on the street and the the hostess sarah is it and she speaking with their cohost do you agree that these councils head to become somewhat politicize a lotta people saw them as photo ops but the real work being done behind the scenes whether it was people in the council's or other ceos that this administration is talking about they can still move forward as planned even though they're just mainly council right that's absolutely the distinction here and i think that's the distinction at many of these ceos are making in their own minds which is to say that to some degree the council's i had become a bit of theater while i think they genuinely wanted to discuss and move forward with policy they're still going to be able to do that and i think they still will without the association if you will of these councils themselves it just not going to be done with the cameras see exactly as i told you this a cnbc's andrew ross sorkin they're still got these guys are not going to give up disconnect they're not going to give up this leverage they just wants to show they just want to be able to be seen on tv as as as 'having trump and refusing refusing to be seen with trump because the media is going to credit that as courageous and brave and then they will be loved by their customers and their boards of directors and twitter will favor them in blah blah blah blah blah down next up squawk on the street same show the guest is walter isaacson who is the president of the aspen institute he wrote the biographies steve jobs he's got a new one on michelangelo makes me glad just got the the galleys the other day i think as michelangelo wilfried frost as the phillies host and he says the isaacson we've been discussing how the policy forum the business council's they haven't really achieve that much anyway and lots of republican members of congress have not explicitly criticized the president and so far no members the.
"andrew ross sorkin" Discussed on WBT Charlotte News Talk
"Violence in charlottesville virginia have rocked his administration a leading to rising speculation that some top officials may be looking for a way out what you talk about a speculative story trump's crisis spurs talk of white house departures who's talking about it the media is talking about a parade of business executives broke ties with trump on wednesday no they didn't folks they're they're dead just made a public show of it but as i say they're still going to be in fact we've got audio let me find it real quick is not i'm just not the only ones did we find this uh today judge the starting here with above afoot go to number twelve number twelve and thirteen here is andrew ross sorkin mrs cnbc's walk on the street and the of the hostess sarah is it and she speaking with their cohost do you agree that these councils head to become somewhat politicize a lotta people saw them as photo ops but the real work being done behind the scenes whether it was people in the council's or other ceos that this administration is talking about they can still move forward as planned even though they're just mainly council right that's absolutely the distinction here and i think that's the distinction at many of these ceos are making in their own minds which is to say that to some degree the council's i had become i'm a bit of theater while i think they genuinely wanted to discuss and move forward with policy they're still going to be able to do that and i think they still will without the association if you will of these councils themselves in just not going to be dawning with the cameras exactly as i told you this is cnbc's andrew ross sorkin they are still good these guys are not going to give up disconnect they're not going to give up this leverage they just wants to show they just want to be able to be seen on tv as as as 'having trump in refusing refusing to be seen with trump because the media is going to credit them is courageous and brave and then they will be loved by their customers and their boards of directors and twitter will favor them in blah blah blah blah blah down next up squawk on the street same show.
"andrew ross sorkin" Discussed on WGIR-AM
"A leading to rising speculation that some top officials may be looking for a way out what you talk about a speculative story trump's crisis spurs talk of white house departures who's talking about it the media is talking about it a parade of business executives broke ties with trump on wednesday no they didn't folks they're they're they're just made a public show of it but as i say they're still going to be in fact we've got audio on let me find it real quick has not come just not the only ones that reform this uh did a good starting here with a bubba burger go to number twelve number twelve and thirteen here is andrew ross sorkin mississippi embassy squawk on the street and the hostess sarah is it and she speaking with their cohost do you agree that these councils head to become somewhat politicize a lotta people saw them is photos wbz but the real work being done behind scenes whether it was people in the council's or other ceos that this administration is talking about they can still move forward as planned even though they are dismantled the council right that's absolutely the distinction here and i think that's the distinction at many of these ceos are making in their own minds which is to say that to some degree the council those i had become a bit of feeder while i think they genuinely wanted to discuss and move forward with policy they're still going to be able to do that and i think they still will without the association if you will of these councils themselves it just not going to be done with the cameras see exactly as i told you this is a cnbc's andrew ross sorkin they're still got these guys are not going to give up disconnect they're not going to give up this leverage they just wants to show they just want to be able to be seen on tv as as as 'having trump and refusing refusing to be seen with trump because the media is going to credit them is courageous and brave and then they will be loved by their customers and their boards of directors and twitter will favor them in the blah blah blah blah blah now next up squawk on the street same show.
"andrew ross sorkin" Discussed on KTLK 1130 AM
"To the good the starting here with above a go to number twelve number twelve inferred team here is andrew ross sorkin this is cnbc's squawk on the street and the hostess sarah is it and she speaking with their cohost do you agree that these councils head to become somewhat politicize a lotta people saw them is photos lives but the real work being done behind the scenes whether it was people in the council's or other ceos that this administration is talking about they can still move forward as planned even though they're disbanding the council right that's absolutely the distinction here and i think that's the distinction that many of these ceos are making in their own minds which is to say that to some degree of the council i had become a bit of feeder while i think they genuinely wanted to discuss and move forward with policy they're still going to be able to do that and i think they still will without the association if you will of these councils themselves it just not going to be done with the cameras exactly as i told you this is a cnbc andrew ross sorkin they're still got these guys are not going to give up disconnect they're not going to give up this leverage they just wants to show they just want to be able to be seen on tv as as as 'having trump in refusing refusing to be seen with trump because the media is going to credit that is courageous in brave and then they will be loved by their customers and their boards of directors and twitter will favor them in blah blah blah blah blah down next up walk on the street same show the guest is water isaacs who is the president of the aspen institute he wrote the biographies steve jobs he's got a new went on a michelangelo from england just got the the galleries the other day i think as michelangelo wilfried frost as the fill in host and he says to isaac said we been discussing how the policy forum the business council's they haven't really achieve that much anyway and lots of republican members of congress have not explicitly criticized the president and so far no members the administration of resign so in a week's time when focus comes back on to other issues weather's geopolitical or domestic could we all think that this was actually a storm in a teacup and really not that big a deal at.
"andrew ross sorkin" Discussed on WLAC
"A leading to rising speculation that some top officials may be looking for a way out what you talk about a speculative story trump's crisis spurs talk of white house departures who's talking about it the media is talking about a parade of business executives broke ties with trump on wednesday no they didn't folks they're they're they're just made a public show of it but as i say they're still going to be in fact we've got audio on let me find it real quick is not i'm just not the only one fit me flint this uh to the kids the starting here with a bubba burger go to number twelve number twelve and thirteen him here is andrew ross sorkin this is cnbc squawk on the street and the hostess sarah is it and she speaking with their cohost do you agree that these councils head to become somewhat politicize a lotta people saw them is four wbz but the real work being done behind the scenes whether it was people in the council's or other ceos that this administration is talking about they can still move forward as planned even though they're disbanding the council right that's absolutely the distinction here and i think that's the distinction that many of these ceos are making in their own minds which is to say that to some degree the count seoul's i had become a bit of theater while i think they genuinely wanted to discuss and move forward with policy they're still going to be able to do that and i think they still will without the association if you will of these councils themselves it just not going to be done with the cameras exactly as i told you this is a cnbc andrew ross sorkin they're still got these guys are not going to give up disconnect they're not going to give up this leverage they just wants to show they just want to be able to be seen on tv as as as 'having trump and refusing refusing to be seen with trump because the media is going to credit of his career jason brave and then they will be loved by their customers and their boards of directors and twitter will favor them in blah blah blah blah blah now next up squawk on the street same show.