35 Burst results for "Ross Sorkin"

"ross sorkin" Discussed on Markets Daily Crypto Roundup

Markets Daily Crypto Roundup

03:41 min | 3 d ago

"ross sorkin" Discussed on Markets Daily Crypto Roundup

"It's yours? No. My mother said she found it in your closet. I don't know when a guy goes to what? Look, daddy's where did you get it? Answer me. Who taught you how to do this stuff? You all right? I learned it by watching you. Parents who use drugs have children who use drugs. Imagine what the right wing is learning by watching Sorkin. Following a recent U.S. Supreme Court decision, abortion is now illegal or soon to be in more than a dozen states. Lawmakers in some conservative states have floated measures to penalize those who help residents get out of state abortions, including by paying for the procedure or travel expenses. If such laws passed, why shouldn't those states demand the creation of a special merchant code for abortion clinics, which now presumably fall under the code 8 O 9 9 health practitioners, medical services, not elsewhere classified. After all, it would help the state's flag what would now qualify as suspicious activity when, for example, a local residence card is charged at an out of state family planning center. From the perspective of the anti abortion movement, also known as the pro life movement, such a code would quote test the resolve of business leaders in their commitment to American lives. Don't give them ideas, Mark, I hear some of my blue state brethren saying, but I'm not. Andrew Ross Sorkin is giving them ideas by rationing up the trend of commandeering financial infrastructure to achieve political goals outside of any democratic legislative process. And what's next? Will the right wing insist on a merchant code for transgender care clinics, which in their mind is practicing child abuse? Well, the left counter with the need for a new code for books expressing hate speech, the better to detect the extremists who purchase them. None of this would be good for the country or for its banking system, but it would be great for crypto. Bitcoin has no merchant category codes, a transaction is a transaction. As long as you control the private keys to a wallet, the network will follow your instructions to process the payment, no matter if the recipient is a narco terrorist or a nun. Of course, the Bitcoin network in its raw form isn't private. Those who want to cover their tracks on the open ledger have to take extra precautions or use privacy coins like monero, which boast stronger cryptographic protections but are harder to buy and sell for cash than Bitcoin. Cryptocurrencies remain a clunky, but serviceable solution for the desperate. So don't count on a spat of gun shops suddenly accepting crypto. Don't expect slumping coin prices to roar back as a result of Sorkin's achievement. I won't bother looking up with the Bitcoin price did in the days since the merchant organization came to the pressure, trying to draw a straight line between the two would be dumb. But directionally, Sorkin is highlighted cryptocurrencies fundamental value proposition. It's cash like neutrality. And for that, crypto holders, on their gratitude. Hey, listeners, thank you for listening. On behalf of markets daily, you're invited to coin desks new event. The investing in digital enterprises in the asset summit or ideas for short. This event facilitates capital flow and market growth by connecting the digital economy with traditional finance. Join us on October 18th and 19th for a 360° investment experience where you can source, invest and secure your next big deal in digital assets in one place. Use code markets 20 that's all one word and with the number 20 for 20% off a general pass. Register today at coindesk dot com slash ideas.

Sorkin U.S. Supreme Court Andrew Ross Sorkin Bitcoin Mark
"ross sorkin" Discussed on Markets Daily Crypto Roundup

Markets Daily Crypto Roundup

04:04 min | 3 d ago

"ross sorkin" Discussed on Markets Daily Crypto Roundup

"Censorship resistant cryptocurrency should be lining up to shake Andrew Ross Sorkin's hand. The New York Times columnist took a victory lap this weekend when the international standards organization or ISO created a new merchant category code for credit or debit card purchases at gun stores to make those transactions stand out. Until now, such stores have been included in the broader category of sporting goods stores, code 5 9 four one should you be wondering. For years, Sorkin has been advocating for the creation of such a code to help financial institutions flag suspicious activity in the hopes of preventing mass shootings and criticizing Visa and Mastercard for resisting such calls. His campaign followed a times investigative series on the unwitting role the banking industry played in financing such massacres. Amalgamated bank the union owned New York lender applied for the code's creation earlier this year, was rejected, then tried again. In the wake of the May school shooting in Texas, the second application succeeded. On the eve of the code's creation, Sorkin declared that it would quote test the resolve of business leaders and their commitment to American lives. Never mind that gun buyers trying to fly under the radar now have an incentive to pay with cash or perhaps cryptocurrency where it's accepted, or to make the purchase at Bass Pro Shops rather than specialist firearms retailers. But never mind that. As Sorkin acknowledges, it's an open question whether the code will be used. That's up to the acquiring banks that plug merchants into the card networks. Shrewd acquirers, subject to audits by Visa and Mastercard, might advise gunshot clients to start selling tents to justify a different code. But let's forget that also. Depending if the code is used and how a suspicious activity is defined, law abiding gun buyers could end up the subjects of suspicious activity reports, filed by bankers airing on the side of caution. Those suspicious activity reports, including subject sensitive personal information, will sit in a government database for an indefinite period of time. The code is also likely to become a high risk merchant category, meaning gun sellers would end up paying steeper fees for access to card networks to compensate banks for the additional monitoring burden, payments industry veterans have said. Quoting from James wester on Twitter, another issue and anybody with more up to date acquire a risk compliance info weigh in is that big box retailers who sell shoes and fishing equipment along with guns and ammo will still be under sporting goods, and even then, if a person buys a 22 or a bumper sticker from a designated gun store, that info is not sent along from the merchant to acquire, and Visa or Mastercard to the issuing bank. I don't get how any patterns will emerge. It's just aimed at increasing gun store acquiring fees. Back to the article. Never mind that clamping down on how mass shootings occur is at best a short term fix, and not the same thing as addressing the reasons why they occur. But if nothing else, Sorkin has succeeded in further politicizing the payment system and further deputizing financial institutions as unpaid informants for law enforcement. And that, all else being equal is bullish over the very long term for Bitcoin and perhaps even a few of its competitors. Hey folks, this is Adrian blust, associate producer on coindesk podcasts. If you like markets daily, it'd be great to hear from you. Give us a shop by leaving us a comment or review on your favorite podcast player. And check out our other podcasts on the coin desk podcast network. Like the breakdown within LW for a more macro perspective on the crypto market or the hash for a round table discussion on current hot topics in the crypto world. Also, remember, you can always reach us at podcasts at coin desk dot com. If you have any questions, feedback or topics you'd like to share with us. Just send us an email. Thanks again for listening and let's get back to the show. To be clear, I am not claiming that Sorkin's victory will have any direct or immediate effect on the price of any coin. You will find no trading signals in this article. I am talking rather of second and third order effects. Those cheering the ISO's decision and Sorkin's crusade should rewatch a classic public service announcement

Sorkin Amalgamated bank ISO Mastercard Andrew Ross Sorkin James wester Bass Pro Shops The New York Times Visa Texas Adrian blust New York coindesk Twitter
"ross sorkin" Discussed on Squawk Pod

Squawk Pod

05:01 min | Last month

"ross sorkin" Discussed on Squawk Pod

"With Andrew Ross Sorkin Becky is off the day. Andrew some interesting news out of people that follow gasoline demand. Do you know that gasoline demand is now below where it was in 2020? So the prices have finally, they've come down, but they're high enough to where people are actually driving less than when they have the demand problem. The demand is now down to the point where they should continue to fall, but they're falling, I'm not sure they're falling for the right reasons or falling because it's too expensive for people to drive very far. And I know that you have tried to talk you out of drive in 50, 60, 70 miles to save a nickel a gallon that just have you done the math. It doesn't really, that doesn't really add up when you do that. Where do you go? You've been out in western eastern Pennsylvania to try to find how far do you actually go to get to get the cheapest gas? Yeah. Across the bridge to your home state of New Jersey. I find the cheapest gas. You go past that and I got to pay the I got to pay the toll on the George Washington bridge and then exactly. Whatever savings I had. That makes no sense. That's your favorite when you go south from there, you love that little stretch of road there, don't you with all the toxic toxic waste dumps and the factories and all that? When I have to do this. Yeah. You know what? I know about that part. Where you go again, endearing yourself. It's the garden state. Endearing myself to the great to the great. It's a funny smelling garden. It's a funny smelling garden, isn't it? It depends where there's a beautiful part. You know, there's some very beautiful parts. I love garden state. I love New Jersey. I do. Go ahead. You know, you can just kind of get on the beach to the Jersey Shore. Hang out on the Jersey. Sure.

Andrew Ross Sorkin Becky Andrew George Washington bridge Pennsylvania New Jersey Jersey Shore Jersey
"ross sorkin" Discussed on Squawk Pod

Squawk Pod

04:30 min | 4 months ago

"ross sorkin" Discussed on Squawk Pod

"We sent a letter again this morning, it's not too late for the spirit board to do the right thing for their shareholders. I tell you their shareholders expect them to do it. And is winter coming for crypto. Forecast founder and editor in chief Angie Lau. I think we're in a crypto contraction to be sure. Crypto correction. Those stories plus gas prices are driving a hole in consumer pockets. Elon Musk is trying to level out his staff and it's another chapter in the Starbucks union story. I think there's 600 people maybe within Starbucks who have either voted to do this or even just raised their hand to say they want to do this and they employ 200 some thousand people. It's Monday, June 6th, 2022, and squawk pad begins right now. That Becky buy in three, two, one, feel good. Good morning, everybody. Welcome to squawk box here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky quick along with Joe kernan and Andrew Ross Sorkin and guys, welcome back. Thank you. Good to see you too. Thank you. Monday and back. It's a shocker, Andrew, right? Now he is back. Monday and back, but it's just a one, two. No, I'm good. I'm good. Drew, Mondays already over practically. Right here. That's the tough part of Monday. And it was light outside. Yes, it's beautiful. Outside. As we approach June is a June 21st. The longest day of the year, 21st, I think. It's June 21st is coming. Weather's turned around and most places. Beautiful. Yesterday, yesterday was, was it nice in New York? Because New Jersey fulfilled the promise of the nicest state in the country..

Angie Lau Starbucks Elon Musk Becky Joe kernan Andrew Ross Sorkin CNBC Times Square Andrew Drew New Jersey New York
"ross sorkin" Discussed on Squawk Pod

Squawk Pod

02:44 min | 9 months ago

"ross sorkin" Discussed on Squawk Pod

"Companies, Paul, thank you for your list this morning. It's great to see both of you. Hope to see you all in person. Very, very soon. Squawk pad will be right back. Get in early. Join the CNBC investing club of Jim Cramer, be among the first. Get tips straight from Kramer, the only club with exclusive trading leads for early access symmetry email at CNBC dot com slash investing club. Standby Joe, up on them cube. As we hurdle through January, somehow, I don't know what happened. Don't blink. And we reflect on so many things that the I haven't been able to do any reflecting with you guys, because I think this is my first appearance of the new year. So it's just a time where we think about the future. We think about the past. And God, after the last couple of years, I wouldn't even venture a guess what we're looking at. But which dumpster fire this year? Here we are. It's nice to see on Twitter. Some people, they like us. They really like us. It's nice. And it takes the edge off some of them. Some of the other stuff. But it's good we're all here together. One big happy squawk squawk family. There's just no way that you can escape the world and what goes on in it. And I know this is probably sounds ridiculous, but I'm looking forward to what plays out in both the financial world and everything else that we talk about. So I guess that's my summary for getting back in starting the new year. It's a little late, isn't it? On Larry David, I think that's the second after the second you can't really say happy new year. But I haven't seen you guys so I don't know. But it is good to all be together. Have you ever been here together? If you want to share your big ideas, 2022 resolutions, or just still good, new year's wishes, find us on Twitter at squawk, CNBC. Thanks for listening to this podcast. As you know, squawk box is hosted by Joe kernan, Becky quick and Andrew Ross Sorkin, tune in weekday mornings on CNBC at 6 eastern. Follow squawk pod wherever you listen to podcasts, and we'll be back here tomorrow. We are clear thanks guys. Get in early. Join the CNBC investing club of Jim Cramer, be among the first. Get tips straight from Kramer, the only club with exclusive trading leads for early access symmetry email at CNBC dot com slash investing club..

CNBC Jim Cramer Kramer Paul Joe Twitter Larry David Joe kernan Becky quick Andrew Ross Sorkin
"ross sorkin" Discussed on Squawk Pod

Squawk Pod

02:30 min | 10 months ago

"ross sorkin" Discussed on Squawk Pod

"December 2nd, 2021. Squawk pod begins right now. Three, two, one, two three. Good morning, everybody. Welcome to squawk box right here on CNBC. I'm Becky quick along with Joe kernan and Andrew Ross Sorkin. And we're going to start with the markets this morning after yesterday's big sell off. It was something to watch because the Dow had been up by about 500 points, but towards the end of the session, it dropped rapidly. It dropped by 461 points to the close. The S&P was down by 1.2% and the NASDAQ fell.

Joe kernan Andrew Ross Sorkin CNBC Becky S
"ross sorkin" Discussed on Squawk Pod

Squawk Pod

03:47 min | 1 year ago

"ross sorkin" Discussed on Squawk Pod

"This is squawk pod from cnbc. With joe kernan becky quick andrew. Ross sorkin here's becky some breaking news from pfizer. This morning the company is expanding its agreement with the us government it will be providing an additional five hundred million doses of its covert vaccine four donation to low and lower middle income countries. Visors going to be donating the doses at a not for profit price. Let's get over to make terrell. She has a special guest with us. This morning beg becky. Thanks and special. Guests is our the ceo of pfizer albert. Thanks for being with us this morning. Let's start with the news of the day. These five hundred million doses add to a previous agreement for the same number. They started shipping last month and will continue over the next year. we understand. Tell us about your expectation for what these agreements will do. For the course of the pandemic i think it will enable way more equitable access or exceeds. Let me stop the the mega more than a year. Going to begin with the beginning of the over the it. It was always in our mind that we need to have a vaccine but will be available and the first thing that will get to develop the vaccine because molly consider even but the months ago. Nobody felt that this could be done. The second western manufacturing not so that everybody will have an through getting up on manufacturing The with very admired speed right now. At the end of the monthly were manufacturer to build those five hundred of which will be gone to the low and between conference by the end of the quarter billion dot. One biggest poets would go below in middle income conflicts and the ten. What's the price..

becky joe kernan Ross sorkin pfizer albert cnbc pfizer us government terrell andrew molly
"ross sorkin" Discussed on Squawk Pod

Squawk Pod

04:35 min | 1 year ago

"ross sorkin" Discussed on Squawk Pod

"Their booker's two. We never have them here very hard to get him just to come out walked jamie. We're here for you. Dude it's wednesday. September twenty second 2021 spurs to a like it but it's i don't know it's ominous plano. What's coming squawk pod begins right now becky by and three two one. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan and andrew. Ross sorkin news just out from fives with this morning. The company expanding its agreement with the united states government by providing an additional.

booker becky jamie plano Ross sorkin Kernan cnbc joe andrew united states government
"ross sorkin" Discussed on Squawk Pod

Squawk Pod

05:46 min | 1 year ago

"ross sorkin" Discussed on Squawk Pod

"Is squawk pod from cnbc today. We're focused on reopening reconnection. And frankly fear andrew ross sorkin melissa lee and scott wapner got into the worries about the delta variant and the pandemics seemingly endless time line. Here's melissa base. Because the latest company to delay its plan to return. Us employees to their offices in initially planned to bring back workers in october with strict vaccination and mass requirements. But now it is pushing back that plan until january of next year amazon announced a similar plan for corporate employees last week. They're more and more our own company. Nbc universal also postponed Back to the office plans to october. So what a huge impact on so many parts of the cities that we don't even think about whether it's the transportation catering companies there's all sorts of catering companies that that typically you know Cater like Caffeine corp cafeterias and things like that that business goes away. I mean there's lots of people who get impacted by this even beyond just whether people are going into the office or not. I was talking to my real estate broker who operates in new york city and he was saying that the rental market was picking up so rapidly that there are bidding words for for rents but with the postponement with back to work. You gotta wonder if that's also going to slow down so there's a whole other there's a whole ecosystem surrounding the office and what it means to go back to the office. We shutdown opportunities remember. There was a run if you will on properties outside of big cities. I was thinking of now like right. Now the hamptons where people renting for the there was a whole group of people just renting for. Yeah now. they're probably going to extend that or buying right. And that prices will remain. Although yesterday said that housing prices were moderating touch right in some of those communities. But i don't know it could reverse just as easily are thinking it gets extended and places like that right to your point that people are already out there and you're planning on coming back because you had to be in the office. Why wouldn't you extend your your rent or your lease if you could. If some we're going to be different. I think this year schools a lot of this country right people were renting or moving to other places are remote to remote and they thought they could. They could make it work. I think i hope for the sake of kids. Yes i hope we're wrong. I hope they were very wrong. People able to at least get their kids back school. Therefore they're back to maybe where they least originally whipped. We'll see that's the most important point that you make though about school. We can only hope today. The fda authorized covert booster shots a third vaccine.

scott wapner melissa base Caffeine corp andrew ross sorkin melissa lee cnbc Nbc amazon hamptons new york city Us fda
Little Island Park Is Open to the Public in New York City

Squawk Pod

01:50 min | 1 year ago

Little Island Park Is Open to the Public in New York City

"Ross. Sorkin is live from the little island. Off the west side of manhattan. This is a new park. That's opening to the public today andrew. How's your commute. It was great. it was easy We are at the little island This is an island. That was created by barry diller donation of two hundred sixty million dollars effectively from himself and devi f- It is one of the great gifts to new york. It opens today literally at six. Am as we speak. This park is opening to the public for the very very first time. It has been more than a decade in the making. You might recall that. There was a massive fight over the pier which was used to be called pier fifty four Turned into this remarkable over two acres. has all sorts of Different component parts one hundred and thirty two almost cement tulips That have lifted up this platform. And it's a jewel box right here in new york city Barry diller point walked away from the project after there was a lot of consternation and battling by folks right here on the west side For all sorts of reasons Andrew cuomo Governor andrew cuomo ended up Renegotiating a delivery came back to the table. Put up the money and here. We are his dream realized. And we're going to spend some time with barry diller media mogul and benefactor of The little island so much to talk about In terms of the creation of really one of the the the newest parks you don't a generation Moments in this city and of course we're gonna talk about the media deal of the week Between warner and discovery and how it's changed the landscape and so much more and that's what we're doing here this morning.

Little Island Barry Diller Devi F Sorkin Andrew Cuomo Ross Manhattan Andrew New York New York City Between Warner
Did Bill Gates Seriously Short TSLA Stock

Tesla Daily: Tesla News & Analysis

05:37 min | 1 year ago

Did Bill Gates Seriously Short TSLA Stock

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

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

Kinda Funny Games Daily

01:04 min | 1 year ago

GameStop Film in Development at HBO

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

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

Squawk Pod

07:36 min | 1 year ago

Robinhood CEO speaks out after GameStop stock chaos

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

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

Squawk Pod

07:17 min | 1 year ago

GameStop Stock Soars as Reddit Investors Take On Wall Street Bets

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

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

Techmeme Ride Home

01:18 min | 1 year ago

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

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

Mr Trump President Trump Twitter Facebook The New York Times Instagram Youtube Rose Garden Ross Sorkin Andrew
"ross sorkin" Discussed on WCBM 680 AM

WCBM 680 AM

01:31 min | 1 year ago

"ross sorkin" Discussed on WCBM 680 AM

"Find other decisions on their own really different things that I'm much smart, different than all the viewers like some people do. That's that's really the two sides on the issue. We know what to do. Trust US and government. No, no, You need to stay at home. Basically, wrap yourself in an ace bandage and wearing old scuba suit, and that's it. And I love how certain goes. It's science. It's science. Explain the science to me, Andrew Ross Sorkin and Trust Anybody with three names. Andrew Ross Sorkin. Go ahead. Explain the science to me. Well, the science says. Dr Fauci once said You don't understand. Do you can you can just belch up some Something somebody else said, But you have no understanding of just because you read something off a teleprompter does not mean you understand it, and they don't have recall. They don't care again. It's somebody who has never missed a very large paycheck. And never will miss a very large paycheck, telling anybody who lives paycheck to paycheck to shut up and obey. No, thanks. Have some very good news, though. It doesn't involve a bunch of morons yelling at each other on CNBC X. We all need good news right now. I'm happy and proud to announce the doctor Ed Lazear. At cosmetic. An advanced dentistry of Baltimore has re opened for business so you no longer have to put off getting that million dollar smile. He's my dentist. So be it..

Andrew Ross Sorkin Ed Lazear CNBC US Dr Fauci Baltimore
"ross sorkin" Discussed on 710 WOR

710 WOR

02:26 min | 1 year ago

"ross sorkin" Discussed on 710 WOR

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

Rick Santelli Andrew Ross Sorkin Santelli Boston Guy Sexton CNBC
"ross sorkin" Discussed on WIBC 93.1FM

WIBC 93.1FM

02:02 min | 1 year ago

"ross sorkin" Discussed on WIBC 93.1FM

"C. I've been seeing headlines here and there about this thing on CNBC. Earlier today, they were talking about employment numbers, and you know the effect on the economy of small restaurants closing, but you know, you had stores like Wal Mart. Lowe's Still allowed to be open Hammer. Can you fill me in on some details here? This a feud that happened today on live TV. So what? It was a panel discussion, but it really came down to two guys. Rick Santelli and Andrew Ross Sorkin and these guys kind of really got into it. So the first person you're going to hear here is Rick Santelli. This was live on CNBC earlier today. I believe in careful when I point out governors cheating, it's not for the hype hypocrisy, 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 in the restaurant's. Therefore there is actually an should be an ongoing debate as to You know why a parking lot for a big box store like by my house is Jim Pack, not 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. When we look at the service sector and all the discussions we've had about job losses that that particular dynamic isn't study more is it worked more? We don't put more people in room and try to figure out ways so that the service sector employees and employers could all come back and they safer way you can't tell me that shutting down, which is the easiest answer is necessarily the only answer. Nice. That's Rick Santelli. He kind of lays it all out. No question. Agree 100%. Well, Andrew Ross Sorkin. He wants to disagree just a little bit. The differences in that big box retailer In a restaurant or, frankly, even a church are so different. It's unbelievable. Oh, yes, about three tests where.

Rick Santelli Andrew Ross Sorkin CNBC Wal Mart Jim Pack Lowe
"ross sorkin" Discussed on NewsRadio WIOD

NewsRadio WIOD

01:51 min | 2 years ago

"ross sorkin" Discussed on NewsRadio WIOD

"Andrew Ross Sorkin, Acclaim financial author and writer for The New York Times has declared that the next black market crash and financial meltdown it's guaranteed and only a miracle could avoid it. Mainstream investors. Are you prepared for the worst of what will happen Will you have enough money to last during retirement, a survey by U. N Associates conclude. That four out of five Americans will fall short of your retirement income needs due to losses in the stock market and risky investments. Many financial experts in major news outlets have declared that Wall Street looks more like a casino or gaming operation, where Wall Street profits of privatized and losses of socialized and passed on to Main Street investors. Dylan Ratigan, MSNBC financial commentator has declared that the American people are being held hostage by a banking system that acts more like a government subsidized casino. Jim Carney, chief CNBC financial correspondent and Bill Adjective, former chairman of the Federal Reserve Bank, had declared in TV interviews that the next stockmarket crisis is inevitable and will come sooner than we think. Carney and Isaac also said. That the next bailout of Wall Street may not be avoided because the 2000 page Dodd Frank Financial Reform Bill has all but guaranteed that the too big to fail policy in Washington, D. C is alive and well, After all, the revolving door between Washington, DC, and Wall Street ensures that the big Wall Street banks will not suffer the consequences of failure. Because they are deemed too big to fail is pull Farrell of MarketWatch, Correct. But he claims that small investors are fools easy marks and pray for the wolves of Wall Street. Hey, make street investors. You must avoid the next financial crisis by following those three irrefutable laws of safe investing. Take no unnecessary investment risk. Take no investment risk. That may not reward you for taking it and never Never never put money in risky investments that you cannot afford to lose a main street. Get it, right. Don't fall prey to the wolves of.

"ross sorkin" Discussed on WSB-AM

WSB-AM

01:41 min | 2 years ago

"ross sorkin" Discussed on WSB-AM

"The next four or five years until the little guys can catch up and then eventually Along. How much? How much are we willing to give up? I think the reason you can't remember Amazon started a guy's garage selling books. And ended up what it is. Are people willing to give up what they like about Amazon for the ideal that says, I want little guys to be in there because the little guy isn't going to be able to get to their overnight not tomorrow, then I will be able to do that. Yeah, I agree that listen, the top of the mountain and business is always always under attack. There was a quote this morning. Inger Ross Sorkin on CNBC said this is a quote from one of their main anchors, he said millions of Americans want to see higher taxes on the wealthy. I'm just always amazed that sentiment. What did they just to punish? I s hard for me to. Yes, Yes, we'll talk about that tomorrow. That's exactly what it is. And it's an interesting thing to look at. When your How do you see taxation as a way to punish people You don't like. Or as a way to fund things that, you know, building bridges and things like that. We're out of time. But the music is playing us out. West Moss, host of money matters every Sunday morning, right here. Ah wsb 9 a.m. Sunday morning. This is ludicrous. And I'm here to tell you that your vote matters. It's time to get involved and make our voices her exercise. Your right first Goto I will vote dot com and make sure your register. See if you can vote early. In many places you can vote ahead of Election Day by mail or in person. Lastly, you can vote in person on Election Day, Tuesday, November 3rd vote for Joe Biden and Camilla Hairs Goto I will vote dot com to learn more. I'm Joe Biden candidate for president.

Inger Ross Sorkin Joe Biden Amazon CNBC West Moss Camilla Hairs president
Unpacking Palantirs Public Debut: CEO Alex Karp

Squawk Pod

19:51 min | 2 years ago

Unpacking Palantirs Public Debut: CEO Alex Karp

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

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

Squawk Pod

02:10 min | 2 years ago

Palantir Plans to Go Public

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

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

Squawk Pod

05:03 min | 2 years ago

Procter & Gamble: Let's #TalkAboutBias

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

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

Squawk Pod

04:18 min | 2 years ago

"ross sorkin" Discussed on Squawk Pod

"Earlier this week, the governors of the tri-state Area New York New Jersey, and Connecticut announced that visitors arriving from states with surging coronavirus numbers will be asked to self quarantine for fourteen days or face fines. Here's Becky. We welcome Governor Phil Murphy from New Jersey. He's. He's been watching his state open up after four long months and and governor. Thanks for being with us this morning. When you get out there, you really start to see people who were back out in restaurants again going out shopping out of beaches and parks and a just wonder as you watch this. If you worry that, we're going to see a rise in cases, and what numbers you're watching how you're measuring this to decide if we're doing this the right way first of all, it's good to be back with you and we do worry. Which is why we've been taking this in very specific. Phases in terms of reopening. Outdoors is a lot less concerning than indoors. That's not to say there aren't concerns outside, but the the concerns pale in comparison to say inside lacking ventilation sedentary close proximity. That's a bad. Those are bad characteristics for this virus. The things we look at most closely in terms of our guides are rate of transmission. If it's under one that means less than one other person is getting infected if they're in contact with someone who has got the virus. The spot positivity rate, meaning what percentage of folks getting tested are actually positive for covid nineteen, and thirdly as new hospitalizations, those are the three here and now data points. We look at a lot of data, but those are the three that matter the most we have seen things. Get a little out of control in states like Texas. Florida Arizona, even California you're starting to see some real pickups in these things and we spoke with Dr Scott. GOTTLIEB I know you're familiar with Scott and I'm well. He said that contact tracing is not being done very effectively in a state like Texas. They don't know why young people are getting it. These states are really doing. Very good contact tracing where to isolate the source of the spread. They think it's congregate settings where young people gathering because young people are the ones who are getting infected at a higher percentage, and so they've. They've identified the bars. And most of the people, apparently most of the people who are presenting sick, the young people preserving sick have identified that they've been in barbies. Lay or a lot of them when I talked to the physicians, but they don't know for sure qepared. Are you in New Jersey in terms of contact tracing? Try and figure out if there's a spike in cases where it's coming from and what? I can't. I can't speak to the specifics of Texas Scott is a great guy and has been a great adviser Jersey Guy by the way. We have we have since day? One remember none of us at any of this at the beginning, so what if you're looking for a source of comfort, folks or silver lining its testing tracing plans? Ties isolate folks who have the virus. We had none of that as a country or state three or four months ago. We now test him the top couple per capita states in the nation. With the great help of Rutgers, our flagship State University. We're adding meaningfully till the already nine hundred contractors we have. We hope to get up over two thousand within the next couple of weeks. I hope and believe that our approach will be effective. Again our numbers have gotten notwithstanding the loss of over thirteen thousand people. It's hard to believe we've lost that many in New Jersey alone. Our numbers have gotten dramatically better, so we've been able to do the contact tracing up until now at least with local and county tracers. We have nine hundred of them on the field so far so good, but we WANNA. Make sure we've got a capacity that looks like our testing capacity. Just in case and I think we all have to be prepared for this. We hope for the best, but prepare for the worst that this is going to flare up. And we need that tracing infrastructure in place. anecdotally again, it's far more concerning inside than outside. At least a New Jersey I can't speak for Texas. That's where our biggest concerns are governor.

Ross Sorkin Joe Kernan NBC Becky
"ross sorkin" Discussed on 77WABC Radio

77WABC Radio

01:59 min | 2 years ago

"ross sorkin" Discussed on 77WABC Radio

"Illustrated dreams optimism pessimism as global markets rose in spite of negative economic news unemployment claims rose first quarter GDP was downwardly revised with negative five percent annualized in consumer spending fell in April to a record negative thirteen point six percent now the market's relentless advance continues to frustrate the bears and negative media stars like Andrew Ross Sorkin of CNBC who expresses frustration in an unprecedented outburst at the market's unhinged and failing to perform based on his apocalyptic dire forecasts and predictions Mr Sorkin's temper tantrum reminds me of two things first the market is always right and doesn't care what you think or how you feel second never and I mean never invest money to suppression of events this strategy requires your investment decisions to be exactly correct of course the opposite of exactly correct is precisely wrong nonetheless I can understand their frustration how can the market rise in the face of such catastrophic economic news simply put the market looks forward not backwards bull markets always follow bear markets the two thousand eight two thousand nine bear market decline was met with unprecedented monetary and fiscal stimulus in the market rallied forty percent off the lows before the economic news turned positive thus far the market has followed a similar pattern the market decline in February March was met once again with unprecedented monetary and fiscal stimulus in addition we are played from federal reserve chairman Jerome pal that he'll do what ever it takes the rescue the economy but pessimism always rains early in bull markets as the media over emphasizes bed news instance potential positives in the negatives this is what one of wall street's H. calls the pessimism of disbelief too many investors do it and miss out on the big games that come in a big booming bull market so how do you avoid becoming a.

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

Squawk Pod

04:29 min | 2 years ago

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

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

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

Squawk Pod

00:57 sec | 2 years ago

Telecoms Mega-Merger

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

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

Squawk Pod

06:45 min | 2 years ago

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

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

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

Squawk Pod

06:45 min | 3 years ago

Merger Monday, Bloomberg's Bid, Holiday Movie Recs

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

Charles Schwab Td Ameritrade Lvmh Lvmh T- Lvmh Schwab Corporation Tiffany Td Bank Cnbc Toronto Times Square Ross Sorkin Dominion Bank Joe Kernan IRS China United States New York Inter Dominion
Warren says she'd talk to Bill Gates about what he'd pay under wealth tax: 'I promise it's not $100 billion'

America's Morning News

02:05 min | 3 years ago

Warren says she'd talk to Bill Gates about what he'd pay under wealth tax: 'I promise it's not $100 billion'

"Glad Microsoft founder Bill Gates to the list of those who aren't thrilled about senator Elizabeth Warren's desire to install a wealth tax speaking at a forum in New York with New York times writer ranger Ross Sorkin gates said that there's a limit to what he's willing to pay no I've paid over ten billion in taxes I pay more than anyone in taxes but I I'm glad do you know if I had to pay twenty billion it's fine but you know when you say I should pay a hundred billion okay then I'm starting to do a little math about what I have left over sorry I'm just kidding you really want the incentive system to be there and you can go a long ways without threatened now have you ever talked to was formed about and I'm not for would you would you want to and I'm not sure how open minded she is warranted she'd even be willing to sit down with somebody you know who has large amounts of money okay so let me make a complicated for you you've been a politely say public about your misgivings about our current president if Elizabeth Warren war of the other candidates would you do you know I I'm not going to you know make political declarations but I do think no matter what policy are somebody has in mind a professional approach is even as much as I disagree with some of the policy things that are out there I do think a professional approach to the office whoever I decide would have been more professional approach in the current situation probably will Wade is the thing that always the most other twenty twenty candidate Warren responding on Twitter saying quote I'm always happy to meet with people even if we have different views Bill Gates if we get the chance I'd love to explain exactly how much you would pay under my wealth tax I promise it's not one hundred

Bill Gates Senator Elizabeth Warren New York Ross Sorkin President Trump Twitter Microsoft Founder New York Times Writer Wade
CEO Reed Hastings defends Netflix's compliance with overseas censorship

America's Morning News

02:16 min | 3 years ago

CEO Reed Hastings defends Netflix's compliance with overseas censorship

"The CEO of Netflix is defending the company's decision to call Hassan mirages episode of his show patriot act at the request of Saudi Arabia now that episode was critical of the kingdom specifically it dealt with the slaying of journalist Jamal Khashoggi CEO reed Hastings told angel Ross Sorkin at The New York Times deal book event the streaming service isn't in the business of journalism or not news business we're not trying to do tricks to power were trying to entertain we can pick fights with governments about news the topics or we can say because the Saudi government allows us to have shows like sex education that show a ferry liberal lifestyle and do you know what very provocative an important topics in so we can accomplish a lot more by being entertainment and influencing you know a global conversation about how people live than trying to be another news channel okay let me read you something this is actually from an op ed in The New York Times by making the episode unavailable in Saudi Arabia Netflix has become complicit in pervasive censorship that artists entertainers journalism regular citizens have long had to deal with in the Middle East we think about I think the New York on the road I mean you know you guys are a truth to power brands that's what you stand for so would be terrible for you if there weren't entertain the brand and so we don't feel bad about that at all what we want to do is create room for all of our entertainment to be able to be seen around the world but let me ask a question you have taken political positions in United States something give what taken place in Georgia for example which is trying to with with with with pulling out of Georgia yeah I mean I think date no one likes foreign interference and so in the U. S. where are U. S. companies so we can be a participant and that that's a lot different than as being a participant and say the French election or the British election or that kind of thing but but but do you I guess the question is there do you feel a responsibility if if Saudi came to said look you gotta take up half the shows what what name what happens if they can listen said you can't have day content we wouldn't do that at the time Netflix said in a statement to NPR we strongly support artistic freedom and removed this episode only in Saudi Arabia and to comply with the

CEO Netflix Hassan Saudi Arabia Saudi Government The New York Times Middle East New York United States Georgia NPR Jamal Khashoggi Reed Hastings Angel Ross Sorkin U. S.
Bill Gates take on Elizabeth Warren's wealth tax

Brett Winterble

03:40 min | 3 years ago

Bill Gates take on Elizabeth Warren's wealth tax

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

Warren Six Percent Ten Years Ten Year
Billionaire Bull Teslas Plan for China Davos in the Desert

Squawk Pod

08:00 min | 3 years ago

Billionaire Bull Teslas Plan for China Davos in the Desert

"This squad the daily podcast brought to you by the team behind squawk box control to CNBC's essential morning show every day get the best stories debate and analysis from the biggest names in business and politics today legendary investor Ron Baron believes strategy that goes beyond tomorrow is key to a positive outlook today the next fifty years there's going to be similar to the last fifty years that'd be twenty five times your money invest now tesla new Chairman Robyn Denholm took aligns job but she's still one of his biggest fan the way he runs the company is is phenomenal in Davos in the desert Saudi Arabia's anyone investment conference kicks off next week who's going WHO's not and why it matters commissions and happens companies. They don't have permanent enemies you know they don't have permanent friends they just have permanent interest I'm CNBC producer Cameron Kosta it's Friday October twenty fifth todd begins right now under by three two one two Andrew Good morning and welcome to spot right here on CNBC we love Nasdaq market site in Times Square meant Ross sorkin along with Joe Kernan becky quick with she is live in the barren investment conference with the legendary Ron Baron we're going to get to them in just Ron mine is a buy and hold investor who's long term strategy has made him a legend on Wall Street every year CNBC goes to his investors conference this year and many of years Kikoko's and so does Katie your usual podcast host they cut off this morning off camera we're at Lincoln Center in New York City today and this is where the baron investment conference is taking place it's an annual conference that we've been coming to since two thousand and eight so we've been longtime longtime participants in just coming along for the ride and seeing what Ron has to offer mazing thing is ron brings lots of big entertainment where it Lynn Lincoln Center so in the past he's brought guests like Barbra streisand or Bruce springsteen or McCartney which he said was his favorite but the big deal and the reason somebody shareholders who come here the Barron shareholders come is because he brings up his managers they give their take on the world and then they bring up the CEO's a lot of the the biggest companies that Burns invested in and and so it's really kind of a mix of entertainment and and and really of view of what's happening in the economy and what's happening in business so so Ron's whole perspective is by hold stocks for a long time this am businesses invest in people you know some of the people that we've met her over the years have been people like Elon Musk who's the head of Tesla and creator of Tesla we've met Kevin plank who was the founder and CEO of under armor he finds people who he thinks are at dynamic who have big ideas and then he watches the companies and watches the markets now he said buy and hold for a long time that doesn't mean buy and hold forever like Buffet Likes To do Warren Buffet likes to do under Armour Kevin Plank was a big investor in that company but there was a time if you eight years ago where he said Okay it's time to sell what's your big takeaway on Ron's message for investors right now particularly with the way the markets are you know if you look around it's a pretty turbulent time his take is that this is an incredible time to get into the markets he thinks people are far too pessimistic are host Barron Investment Conference Ron Barren Barren capitals chairman Ed. CEO Let's talk a little bit about your theme this year it's called what's next why what's next and what is next so what's next is that so we're looking for faster growth in the future then in the past and but what's next is the growth the economy goes for the stock market what do you mean economy and and what I think is that when you think about the turmoil that's taking place in the stock market now and everyone is afraid that's you know and people have higher amounts of cash and they've ever had before in Europe they have negative interest rates people so concerned is eighteen central banks can in Rio do there The interesting United States are have been going down the way I think about it though is that the stock market today is pretty much the same values nations that it was in one thousand nine hundred eighty nine and sixteen point six times earnings or sixteen point five times earnings then then was amidst turmoil you had the city's on fire the national guard the streets are trying to keep law and order yet the Vietnam War protests women's rights protesting so so everything was it's a mess but but really sticks and the assassination of President Kennedy swapping my office about I have a lot of younger people mouse and they said tell me about this assignations sixties and people said well John Kennedy said anyone else and they said I don't know it was Martin Luther King in one thousand nine six eight and Robert Kennedy Nineteen Sixty eight they tried to get George awesome so so there was turmoil and it was a concern that that the country was going to survive but the stock market then was thousands on Al Jones is now twenty six or twenty seven thousand twenty six times the economy then was eight hundred and fifty billion is now twenty one point three trillion twenty five times so all you had to do this believe that this country was going to survive and invest then and you would have made twenty five hundred money and so I think that what's going to happen in the next fifty years of course I'll be one hundred twenty six by then and you can reach me at Barron Funds Dot Com they will know where uh-huh and but but I'm thinking about the next the next fifty years it's going to be similar to the last fifty years that'd be twenty five times or money if you invest now and and and even better is that interest rates today or one and a half percent one point six percent for ten years they're normally four and a half percent for ten years you have platform investments now so it used to be when I was young and you wanted to make money you'd build a factory for a million dollars or hotel and then maybe eight hundred thousand one hundred fifty thousand after you take the risk of putting up a million and so but now you've you've come into capital late business you have technology I therefore other people giving you money writing off have platform built you could be a licensor people could be using your business in the cloud and then all of a sudden you start getting revenues and that revenue you just seventy eighty ninety percent margin that's worth more than a earnings per share company without having put up the capital people finding some of these two so you can do it exactly so it's capital low interest rates the technology technology is making businesses grow faster because and and also it's it's making your costs be lower and then knowledge knowledge is growing the fastest pace than it's ever grown and it used to be one hundred years ago that knowledge doubled every hundred years and then after World War Two it was twenty five years and now it's every eighteen months and with the Internet of things going knowledge is going to double according to IBM every eight hours or twelve hours knowledge humankind but when when you look at our growth that we've seen to this point a lot of people say our economy is just stuck in a slower growth economy we're never going to be able to grow faster pace we've seen it pick up a little bit over the last several you ears but why isn't reflected in the numbers why isn't the economic growth stronger because you're right information technology all of these different ways of increasing our productivity are it's not reflected in government numbers right now people are afraid well you're in one of these the economy doesn't go like this it goes like this and and so the result to that whenever goes down people say this is it this is the end I better get out and so all these people watch remote show in the morning and everyone talks about well the stock market invested

Cnbc Ron Baron Tesla Robyn Denholm CEO Saudi Arabia Chairman Cameron Kosta Producer Fifty Years Ten Years Seventy Eighty Ninety Percent One Hundred Years Twenty Five Years Eighteen Months Million Dollars Hundred Years Twelve Hours Twenty Fifth
China Trade Talks And How The Markets Are Responding

Squawk Pod

08:06 min | 3 years ago

China Trade Talks And How The Markets Are Responding

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

Apple China Hong Kong United States Cnbc Joe Kernan Andrew Ross Sorkin Times Square Hong NBA Seattle Brooklyn Nets Google Becky Europe Lakers Washington Dick Decoupling America
"ross sorkin" Discussed on KSFO-AM

KSFO-AM

04:09 min | 3 years ago

"ross sorkin" Discussed on KSFO-AM

"So please go help us out by subscribing is as I said in your times and Ross Sorkin pushing openly. for credit card companies to get into the business of deciding what you can and cannot spend money on even within the boundaries of the law. he says until now many top executives in corporate America with some notable exceptions refused to acknowledge the roles they could play in curbing the epidemic of gun violence they invariably pointed to politicians in Washington as the ones who are responsible for solving the crisis. which presumably if you're looking for a collective solution is correct because guess what let's say the Walmart does everything left once you know will happen tomorrow a right wing version of Walmart will open up and they also Emma. under the prevailing lost. but that's what Ross organ once he says for example L. Kelly the chief executive of visa was network has been repeatedly used to carry out mass murders I don't even know what that means. if that means that they're bad people will use visa then I am sure that is true they're also bad people who've used utilities does that mean that your utilities company has facilitated mass murder by providing electricity to somebody who's a bad person. but Ross Sorkin is winning the say he's the chief executive of visa has got any attempt to even discuss what his company could do to help Mister Kelly likes to say as he did earlier this summer we're in the business of facilitating legal commerce that is what we do our job is not to set or interpret but to follow the law that of course is true but that's not what the left wants the left would like to activate corporations and here's the thing it is easier for a small group of motivated leftist to somehow capture the commanding heights of corporate of corporate CEOs and it is for them to win elections it's difficult to pass legislation it is very easy to bully a corporation is doing what you want by tweeting about a half dozen times. so this is what the left is set on doing. and it's gross and it's nasty and it is going to cause a greater cultural rafts because the things in America because cultural reps are not just government policy it is also creating a culture where everything is political your visa card it should not be political and it should not be up to the head of the set to determine what you can and cannot purchase inside the boundaries of the law. by the way if they do that. then conservatives will start their own visa conservatives will start their own Walmart what you'll end up with is I say is a dual track America in which everybody self segregate politically speaking and that in good for the conversation. it in good for the future of our public. basically the private sector ends up as divided as the public sector does except that you have elections in the public sector and I guess you just spend your money with people you agree with in the private sector. Kelly and other chief executives might want to study Mister macmillan's examples as and Ross organ he has chosen not to sell certain products even though their legal. he says credits will argue that Mr Milt Manila isn't going far enough and it is true he could have gone further for example by endorsing a ban on assault weapons rather than simply calling for a congressional debate another argument is the Walmart should stop selling guns all together but just continuing all gun sales would only undermine the company's role in helping develop more responsible process used throughout the industry my open letter to Ms suggested you continue to sell some guns because it would give him leverage over the system in a way that would be impossible otherwise. he says hopefully the inspiration isn't confined to politicians order Mr macmillan which CEO will be next. well my hope is that CEOs say now my hope is that CEOs it wasn't it is not our job to set policy it is our job to ensure that we follow the law and that you have access to the products that are legal. the fact that all the same people who hate corporations consider corporations to be evil on corporations dissolved so the corporations aren't people remember that from citizens United corporations are people the same people say corporations not only are people they should be the most moral people and they should settle the standards for our society it occurs to me that the left is wildly dishonest when it comes to the standards in that they have no standards at all they simply have desired outcomes and all they want is those outcomes achieved no matter the cost to the general culture society or social fabric already coming up Dave Chapelle comes under attack why well he told some jokes jokes are bad we have found the woke schools.

Ross Sorkin CEO Mister macmillan Walmart Ms Dave Chapelle Kelly Mr Milt Manila assault