17 Burst results for "Western Alliance Bank Bridge Bank"

"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

09:20 min | 6 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Show silicon valley rolls out contact tracing and the end of Memorial Day weekend traffic the first an economic cold war so week both Congress and the Nasdaq made it harder for Chinese companies to list their stocks in the US due to growing concerns over accounting practices and shareholder rights. The big picture here is that this is part of broader economic tensions between the two countries over trade and Homeland Security and more recently the corona virus. But it's also quite specific to what information Chinese companies do and often don't share with US regulators for example. Take the case of luck and coffee. It's kind of become the poster child for this is kind of China's homegrown version of starbucks and went public on the Nasdaq last year. At a whopping three billion dollar valuation later traded up to thirteen billion dollars but then early this year a hedge fund publicly accused luck and of cooking the books and the company eventually cop to it firing both CEO and see. Oh but what it didn't do was provide Nasdaq with the information. Nasdaq wanted so this week. Nasdaq sent a so called. Delisting notice which means that stock would no longer be able to trade here but that wasn't it. Nasdaq also amended. Its overall rules requiring greater transparency into accounting practices before letting any company list regardless of location and also putting new limits on insider control then yesterday the US Senate got into the Act. Passing a bipartisan bill. That would require Chinese companies Chinese company specifically to establish that they are not owned or controlled by their government. Here's Louisiana senator. John Kennedy speaking ahead of the vote which passed by unanimous consent. And I do not want to get into a new Cold War all now want and I think all the rest of us want is for China to play by the rules. The bottom line it is going to be harder for Chinese companies to list their stock in America and some the currently do might soon lose that right. In twenty seconds we go deeper with Alexandra Stevenson The New York Times. The first this bridge bank knows the INS and outs of business. Ups and downs and remains dedicated to providing financial solutions to sponsor back emerging technology and growth companies for nearly two decades through its national network of banking teams in offices in tech hubs across the country including San Francisco. Seattle DENVER. Chicago and Boston Visit Bridge. Bank DOT COM to learn more bridge. Bank is a division of Western Alliance Bank Bridge Bank. Be Safe Venture wisely. We're joined now by Alexandra. Stevenson a Hong Kong based business correspondent with the New York Times. So I was under. Let's start here. Can use walk us through a little bit of the luck in coffee? Saga is it simply a COO. Who decided to cook the books to make the numbers look better for Wall Street question and one that I can answer a little about the company and background. They had this sort of audacious goal year ago that they told Wall Street about they sold it successfully that they were GonNa take on starbucks in China. The time they were unprofitable in burning through cash. Barely two years old by a lot of Big Wall Street. Investors were interested in bought the pitch and up until January. This year. I mean the company was audited twelve billion dollars and then in April. Things kind of imploded. When the company disclosed they have this accounting fraud that a good part of their revenues from last year made up there. Susa be prevailing consensus here in the US and financial markets in the US that the accounting practices of many many Chinese companies aren't at least to US standards and that what we saw at luck in it is easier for that to happen at say luck and then it would have been at starbucks because the accounting is that a fair charge from your perspective. I think the issue is really transparency. And that's where all these concerns stemmed from Chinese companies hide behind regulators. And whenever there's a request from the Securities and Exchange Commission in the US or from accounting officials. When there's a request for information for documents from a company often the response from regulators. China is that's national security and no we're not going to give you access to documents into a creates the sense that there's something hot the. Us China Economic Security Review Commission did a report last year where they looked at one hundred fifty. Six companies are listed. Chinese companies are. Listen you ask with like a collective market value of more than a trillion dollars and the report and the commission found a significant number of these companies had actually denied access of information requested by the Accounting Oversight Board in the US. Are there any teeth in that? We'll get into a congress just done but historically okay so the SEC asked for this information company says no because of national security concerns. Does anything happen after that or is it just does the SEC. Just throw up its hands and say okay the SEC throws up his hands and says Oh okay and we heard earlier this year. Jay Clayton basically chairman of the SEC. Say This is an issue. There's not much we can do and for years the SEC. Previous chairs of complained about this issue becomes diplomatic one and at the end of the day. There's very little that Regulators can do all the paperwork and everything is in another country. They can't physically access. Now you are seeing some tightening. You have the Nasdaq amending. Its rules to basically target Chinese companies without explicitly saying they are targeting Chinese companies and then have the Senate pass this bill yesterday big picture. Why do Chinese companies care about listing on your exchange or the Nasdaq when they can listen? Shanghai listen Hong Kong. Why does it even matter to them? The second question in fact over the past year. Hong Kong has loosened some of its tighter restrictions on listings on its exchange and China's pushing for more Chinese companies that are listed in the. Us have a second racing in Hong Kong so we may actually see more of a move towards coming through. Radio is in the. Us during second listing in Hong Kong by generally the most money is on Wall Street and so at the end of the day most companies in China's still want to be able to tap and access that the pool of capital which Shanghai you're not GonNa have quite and Hong Kong you know it's remains to be seen. I guess in the future but really the goal for a lot of companies still Nasdaq or New York stock. Exchange this issue and again Congress and Nasdaq. Is this all kind of bespoke issue? Which is from your perspective. Obviously specifically tied to accounting and state control is it in part part of this kind of larger kind of us. China tensions which we have seen in terms of national security which we've seen in terms of trade. We're certainly seeing in terms of corona virus in other words. Is this kind of isolate on the wall. Street side of things. I would say this decoupling but on the Wall Street side right. You've seen China Hawks in Washington for some time now arguing that there are issues with the relationship between the US and China and this is just an extension of that and sat group is trying to cut off. American capital Cutoff Chinese companies from capital in. So this is just kind of part of that decoupling in moves towards the coupling that we're seeing but it's in capital markets. We saw earlier this year. Discussion about whether pension funds should be invested at all in Chinese companies given these issues of transparency and. I think we're only going to see more of this as we get closer to the November election Alexander. Final quick question. Have you ever been into coffee or gotten coffee from London? Yes I Better Cup of Coffee Luck starbucks starbucks about something very much. I'll just say that coffee is Pretty Awful House New York Times. Thank you very much for joining us. Take my final two right. After this with offices in tech hubs throughout the country including Francisco Denver Chicago and Boston Bridge Bank supports the innovation ecosystem wherever it thrives in helps breakthrough ideas actually breakthrough and through its teams focused on technology and life sciences companies and the Equity Investors. Who Fuel Them Bridge Bank delivers responsive? High touch client experience bridge. Bank is a division of WESTERN ALLIANCE BANK BRIDGE BANK. Be Safe Venture wisely now with over my final two and I up are apple and Google which yesterday began rolling out the initial versions of their corona virus. Contact tracing technologies three things to know. I this is often. If you don't want to participate you don't have to which is a not to civil liberties while also self-defeating from a public health perspective to it's been rolled out in multiple. Us states including North Dakota and Bama and twenty two countries and three it basically works by keeping track of WHO? You've been around. If I were standing next to each other there would be little pins and the phone. Basically keep track of that and then if one of tests positive later for Corona virus we would be notified that we have been in contact with someone who had covert although we wouldn't be told the specific person the bottom line here contact tracing is needed for us to return to life as normal or even to the new normal so this is a step in the right direction. Finally we are coming up on Memorial Day weekend and for the first time in memory triple eight does not plan to release data about the number of people taking planes trains or automobiles. Last year was actually the second busiest Memorial Day weekend in history with a record forty three million Americans hitting the road but AAA expects quarantines and lockdowns will bring this weekend's number well short of the thirty one million people who traveled in two thousand and nine at the height of the great recession. So put away your keys and fire up that grill alone. And we're done. Thanks for listening to my producers. Tim Chauffeur's NAM shaven have a great national strawberries and cream day. And we'll be back on Tuesday with another pro rata podcast..

US China starbucks Securities and Exchange Commis US Senate Western Alliance Bank Bridge B Hong Kong Congress The New York Times Alexandra Stevenson Homeland Security Chicago Corona Boston Visit Bridge Bridge Bank CEO John Kennedy San Francisco
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

10:54 min | 6 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Politics sponsored by Bridge Bank be safe venture wisely. I'm Deborah Mac. Today show restaurants. Ask for more time and what. Disney just lost to tick tock the first reopening America's healthcare system. So okay. I get that title. Might be a little bit confusing given that we have spent the past two months talking about hospitals being surge capacity and parking lots becoming makeshift testing facilities but overall American healthcare service rates have fallen through the floor. Or maybe even through the foundation remember. Lots of hospitals stopped all elective procedures in order to preserve bedspace for covert nineteen patients which led to massive drops and things like joint replacement surgeries and lots of other medical facilities like clinics and specialty practices have either closed or severely limited their offerings including in such areas as pediatrics ophthalmology and dermatology and none of that even includes all the paused clinical trials for non. Cova drugs many of which require regular patient visits and monitoring why it matters for patients of course is that they haven't gotten treatment which could lead to increased troubles and costs down the road why it matters for healthcare as a whole is that elective procedures are. Greece's it's wheels which is why we had this bizarre dichotomy of overworked frontline workers on one hand and scores of laid off healthcare workers on the other more specifically the most recent monthly jobs report showed a one point four million losses in the healthcare sector including around two hundred and fifty thousand physicians. The bottom line things are beginning to open up including medical and dental facilities. But there are questions as to how fast that can happen. And what might have been lost for good in twenty seconds will go deeper with healthcare reporter? Bob Herman but I. This Bridge Bank knows the INS and outs of business. Ups and downs and remains dedicated to providing financial solutions to sponsor backed emerging technology and growth companies for nearly two decades through its national network of banking teams and offices in tech hubs across the country including San Francisco Seattle Denver Chicago and Boston Visit Bridge Bank Dot Com to learn more bridge. Bank is a division of Western Alliance Bank Bridge Bank. Be Safe Venture wisely. We're joined now by axios healthcare reporter Bob Herman so Bob let's start here with this decrease in elective procedures of how universal it's been so for example if I'm someone who's been trying to get a knee replacement surgery over the last couple months. Have I been able to? Is it a question of where I live or question of money? So if you're trying to get an Easter since the pandemic started it's very likely it got pound hostels basically all but stopped them. And what's so interesting about healthcare? Is we always figured? It was recession proof but it turns out that it probably is little recession proof but is not pandemic proof because hospitals head to basically stop all these things to prepare for the corona virus and as you mentioned the knee replacements is the most extreme example. But it's really across the board. You look at pretty much. Every service line cardiology spine ophthalmology. There's no service that has been spared here. The original argument for wildlife procedures. Were stopped was capacity right. You know you don't WanNa take a bed for somebody who is convalescing from a knee replacement when you might need that bed for Corona Virus Patient. That said as things begin to open up. Is there an expectation that all of these kind of backed up procedures? These people are just going to flock back in or is there serious concern? The folks will still stay away because these often are facilities that either already have corona virus patients or just general concerns about the lack of social distance that occurs when there's a surgery or when there is a face to face physician meeting for hospitals. At least they are kind of hoping and praying that the demand surges back because a lot of these procedures that have stopped or their big moneymakers like orthopedic procedures or spine or hearts so while they're hoping that there's this surge now that's the current events at least from hospitalization point appears to have crested at least in some states is actually less clear from people. I spoke with. There's still a fear among patients especially if it's something that they don't need immediately if there's some kind of carpal tunnel surgery that they've been meaning to get to but still don't really WanNa do they still might hold off until there's some kind of clear evidence that this is truly under control so while there's a hope that this will come back for hospitals. It's far from guaranteed and it certainly seems like at least some of the demand certainly won't come back this year. You talked about the hospital capacity. You had a great piece over the weekend about ten following hospitalization rates including some of the hardest hit states hospitalization rates from Cova. I'm wondering though there's obviously a pretty persistent fear that estate start to open up peaches and parks in retail and possibly even restaurants that you could start to get at least select outbreaks in various places given that are hospitals comfortable. Basically reducing that surge capacity given the concern. They might need it again. They're kind of a catch twenty two right because they WANNA be prepared if there is another surge of Toronto Virus Cases. That was the whole point of this but at the same time. They're just not getting revenue right now especially the smaller hospitals Hostels at treats traditionally poorer patients. They are on the bleeding edge right now. So they're at this catchweight. Were they want to be able to be prepared but they need money to come in the doors? They want to keep their staff around so I spoke with a CEO of a hospital Vermont. Vermont hasn't been terribly hard hit. They've been very aggressive with social distancing up there and he told me like we're prepared but we really kind of need to start scheduling some of these electric disease again because they're not getting as much funding from the federal government has other hospitals so they kinda need some of these patients to come back if they want to at least not start laying off or furloughing staff. Let's leave the hospitals aside for second or step away from them and talking about the specialist clinics a lot of people who go to the doctor even for outpatient procedures. Don't go to a hospital per se they go to a smaller sort of facility. Is the expectation that does including small. Urgent cares is the expectation that those will start to open up more and more and is there reason to believe people will be more comfortable going to those. It's interesting so outpatient care. It's probably even more at risk. And the volumes that have gone down are even more severe. If you look at family doctors pediatricians from what I'm hearing. Some of those volumes have declined almost by ninety percents year over year. They're essentially just treading water with no revenue coming in and it's still the same dynamic right like if you are sick do go in. Maybe do you go in for your cardiac checkup in an office? Maybe but maybe you just via telehealth telehealth granted you. Don't get the money off of procedures like you know K. G. at least the appointment revenue. Correct correct you do and with telehealth. It's not always being paid at the same level as an in person visit some insurers are trying to level it out again any kind of telehealth revenue is not going to be made up from what they would have gotten from an in person visit but one other piece of this which is dental and we don't think necessarily have dental all the time we have healthcare but when you look at the jobs numbers from April I think there was like half a million of the job losses were in the dental sector. Are Dentists offices going to reopen and from your perspective today suffer potentially suffer from the same issues that the pediatrician's offices in those smaller outpatient specialist providers suffer from outside of again emergency dental procedures? Did it seems like it's the same dynamic. It's funny. I just got an alert from my dentist kind of pleading with me to come back sometime in October. I'm not totally sure I want to do that. And if you think about the most elective of elective you probably don't need to get your teeth cleaned at your six month mark when it comes everything else. It's not the most urgent so dentist's office have absolute taking the brunt of this. Because it's just not totally necessary in light of the pandemic and for those offices interesting layoffs as you mentioned and even wonder if and I wrote about this as well. If they're the type of practice that will have to consider selling well in one area that has been very interested in dental is private equity. So you kind of wonder if that trend will accelerate bob just very quickly because we're almost out of time in a separate topic. But since I have you here Madeira. Which is the drug company that got a Cova vaccine into clinic? I yesterday released fairly encouraging albeit not completely complete phase. One clinical trial data. It helped the stock. Market's go nuts your initial reaction when you saw what. Madera now released in some ways. This was kind of expected right. This is a phase one trial. This is the very first trial mostly focused on just testing whether the vaccine is safe and by those measures. It certainly encouraging. Nobody's dying. There's no life threatening adverse events associated with it yet on the other hand. It's a very early interpretation of the data we're talking about really a subset of patients that were looked at. It's kind of insane that the stock market went wild as it did. Considering this kind of expected in there's still so long to go the pivotal phase. Three trial is going to start sometime over the summer. That's where it's GonNa matter most so the stock market reaction is totally wild. Bob Herman who you can follow at Bob Jay on twitter. Thanks for joining us. Thanks for having me Dan. My final two. Right after this with offices in check-ups throughout the country including San Francisco Denver Chicago and Boston Bridge Bank supports the innovation ecosystem wherever it thrives in helps breakthrough ideas actually break through and through. Its teams focused on technology and life sciences companies and the equity investors fuel. Them Bridge Bank delivers a responsive. High Touch Client Experience Bridge Bank. A DIVISION OF WESTERN ALLIANCE BANK BRIDGE BANK BE SAFE venture wisely. Now it's time for my final two and I up as America's beleaguered and largely shuttered restaurant sector a big group of restaurant owners and CEOS yesterday met at the White House and over and over asked for just one thing and extension of the so-called covered period for paycheck protection program loans from eight weeks to twenty four weeks. Their basic argument was that in many cases there be forced to use or lose the loans before all of the restaurants can fully open which helps defeat the purpose to be clear. They weren't asking for more money just for more time. What was remarkable about meeting also was how the restaurant tours? Whether trump house are not kept redirecting the conversation back to this covered period issue even when trump himself tried to pivot to things like meal deductability or payroll tax cuts policies. That one restaurant. Ceo likened to useful additions to a house but only after the actual scaffolding is. I erected. Don't be surprised to see this issue emerged today. When Treasury Secretary Steve Mnuchin testified in front of the Senate Banking Committee and Finally Tick Tock yesterday. Stunned the tech and entertainment world's poaching Kevin Meyer to be its new. Ceo Mired spent the last twenty seven years at Disney including overseeing the launch of its Disney plus streaming unit had been at one time viewed as the likely successor to CEO. Bob Eiger why it matters is that I. This is a very big name. Higher for a social media upstart now has hundreds of millions of users but perhaps more importantly Meyer is a known you ask tech n media commodity at a time when Tick Tock is trying to prove its independence from Beijing. At least when it comes to privacy despite its ownership by Chinese tech giant bite dance where Meyer will also now serve as C. O. And we're done big. Thanks for listening to my producers Tim Chauffeur's Naomi Shaven have a great national devil's Food Cake Day. And we'll be back tomorrow with another pro rata podcast..

Bridge Bank CEO Western Alliance Bank Bridge B Bob Herman Disney San Francisco Kevin Meyer Boston Visit Bridge Bank Dot C Chicago reporter Deborah Mac America Vermont Greece Bob Eiger Cova
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

10:11 min | 6 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Well that's where we take ten minutes smarter on the question of Tech Business Politics Much Bridge. Bank be saved venture wisely. I'm diplomatic today. Show Democrat Slam. Uber's attempts to grab hub and facebook gets a pass on deal for gifty first misery at the mall so last Friday night one hundred eighteen year old retailer J. C. Penney filed for chapter eleven bankruptcy protection. This made it the third major retailer to do so this month following J. Crew Neiman Marcus and came just hours after report that. Us retail sales fell more than sixteen percent between April of last year April of this year with a big part of that loss coming in apparel now to be sure all three of these companies. Were already struggling before the pandemic just look at JC Penney. It launched a turnaround plan nearly a decade ago. Hiring Ron Johnson. The guy who created apple's retail stores but Johnson's tenure was a consensus disaster. And he didn't even last two years. Subsequent fixed didn't work either and the corona virus pandemic seems to have been the final nail in the company solvency coffin. The question now though is how or if retail can even come back particularly retailers. Either rely entirely or enlarge part on physical stores. Remember even a lot of the hottest Internet based direct to consumer brands have opened brick and mortar shops in recent years with consumers seeming more and more interested in the touch and feel experience. But right now we're all being told don't touch don't feel and it would seem that could put the entire shopping mall at risk with them all staring at JC Penney as the ghost of Christmas future. In twenty seconds we will go deeper with Fortune magazine Spill Wada. But first this bridge bank knows the INS and outs of business. Ups and downs and remains dedicated to providing financial solutions to sponsor back emerging technology and growth companies for nearly two decades through its national network banking teams and offices in tech hubs across the country including San Francisco Seattle Denver Chicago and Boston Visit Bridge. Bank DOT COM to learn more bridge. Bank is a division of Western Alliance Bang Bridge Bank be safe venture wisely. We're joined now by fortune senior reporter Phil Baba so Phil. Let's start here with J. C. Penney this is obviously a retailer that has been in trouble and struggling for quite some time. Is it as simple as corona viruses. The thing that pushed it over the edge well it might have been the tiny little push that was over the edge. But they've been headed this way for very long time. They've been up to their eyeballs debts. Sales have been plummeting for the last few years in a great consumer environment so blaming on Kobe. Nineteen is easy. You recently a piece on which retail chains hurting the most in reporting that out. What surprised you the most what what surprised me the most is. There are quite a few mall based retailers. That are doing very well. It's been easy when people say. Oh any store in a mall is GonNa hurt in fact to it really is basically the delineation is does. A company have products that people want that other retailers on offer. Does it have customer service at doesn't have a good friend of ECOMMERCE and store business and on those fronts? Jc Penney was not very good. But then you have somebody who lemon excellent on all three of those and they're driving Neiman. Marcus didn't count with that. I mean granted. It's obviously on the high luxury but neiman. Marcus didn't have that which is another company. That went bankrupt Neiman. Marcus we all think of it for its eight thousand dollar nine thousand dollar designer gowns but the reality is that a sold a lot of stuff that middle class upper middle class people would buy but they could also find Nordstrom bloomingdale's contract neuman. Marcus was not as special as it used to be. Forty four stores. That's a lot of source to fill with. You say that even when you look inside the mall that there are plenty of retailers that are doing okay because say differentiated product a good blend of online and physical retail that said in the age of Cova given it a lot of malls have been closed and still are closed. Are there a couple of retail? You're looking at is kind of the bellwethers in other words. The ones that we're doing okay. Pre Cova but if they either filed for bankruptcy or get close to that you suddenly say wait a minute. We don't just have struggling retailers like J. crew. Jc Penney going under. We've got a much much deeper. Systemic big problem. Well I wouldn't Nordstrom in there. I mean Nordstrom has been slightly limping. They're never been in mortal danger. They also a fantastic balance sheet but actually companies like Nordstrom Coles who've had their challenges but great balance sheets. They're not gonNA have great balance sheets coming out of this so that actually puts them in danger a bit further down the line. But you know company like Nordstrom which is extremely well-run which has great ecommerce which is Great. I struggled to win back customers. That could be a sign that this isn't just about pushing the weakest over the edge. Some strong people can follow her to wonder with something like Nordstrom which had a good blend of ECOMMERCE but in the physical store. The store itself stores like that. Particularly if you're talking about high enclosed this is a basic thing but a lot of it's about trying the thing on right try on the shirt. Try ON THE DRESS. And see how it fits. Is there any talk yet? On how they're going to pull that off in a covert age where I might not particularly want to put on something that somebody else might have just put on. Well there's going to be a lot of challenges. Would I mean basically the emerging best practice that we're starting to see stores? Reopen is if you try selling and a year stillness store and you don't want to try it on your order by it down and put it away for twenty four to forty eight hours. That'll be the same thing with return. Products Northwest Section in case today just announced that they're going to close fourteen per side of their stores. The big department stores not the Rock ones because they've been trying to do now is focus on better markets to them like Seattle New York L. A. And have a group of stores but also they started opening little stores called local which are half the size of a seven eleven in good neighborhoods. So you can go try things there. You ordered a line item gets shipped to that story. You go there and they try to get a Taylor but now so there are going to do as de emphasize smaller markets and focus on the big ones where they can win big L. A. New York Chicago send a major Boston. Retail sales. Numbers came out Friday showing retail sixteen point four percent drop in overall retail from this April over last April and that was obviously an enormous number. The biggest year to year drop ever but from my perspective is the layman looking at it I thought. Wow that's actually not. Nearly as bad as I thought it would be given the number of stores the number of malls that are literally closed right now. What were your thoughts when you saw that number because I thought it was going to be worse. It's mathematics because groceries. Rob A lot of essentials. Were up home furnishings up this week. We're GONNA see home depot and Lowe's are going to report. Apparently they did very well. But it's really a powerful that sell ninety percents and Powell is what shows the malls the small stores as well as the anchors. And so it really. Is Everybody gravitated towards the essentials like food and thanks for their home and things that were non essential basically collapsed? It's as if for some parts of retail. It might have been flat. Bid Up and others like down eighty percent. It really is entirely different worlds from a retail perspective. What is the longest lasting kind of behavioral consequences of Covet in terms retail? Is it more direct consumer or what in in three years four years from now? Do you expect to see in the retail market? You say it's because of what happened in early. Twenty twenty well. I think we're going to end up seeing a lot. More technology is GONNA be a part of. I need already as part of it but I think it's idea of consumer service at best. Buy Or to start right. Let's go to best buy now to get an employment and Roger hold chip in the story you can have somebody with you and I think some version of that will stick. Because I don't think we're going to have a vaccine anytime soon. Shoppers are going to be nervous unless you really really come to them. So safety and cleanliness are gonNA be paramount now. Does that mean increased employment. Pick a best. Buy Anyone who's ever been in a best buy in wanted to get help knows. It is a hard hard thing to do and you wait a very long time. Does that mean you're going to see some of these? Big Box. Retailers actually have to have more staff than they used to. They will have to bet you. They won't do it so I think part of this is at Downli we're GONNA see smaller stores and you're GonNa have a lot more ecommerce in the store will be two really close the transaction than browsing and get full service so I think a lot of physical retail will disappear because this is well the Wada a senior writer for Fortune magazine and the biggest Def Leppard Fan. I know thank you very much for joining us. Thanks very much final. Two right after this with offices in check-ups throughout the country including San Francisco Denver Chicago and Boston Bridge Bank supports the innovation ecosystem wherever it thrives in helps breakthrough ideas actually break through and through. Its teams focused on technology and life. Sciences companies and the equity investors who fuel them. Bridge Bank delivers a responsive. High Touch Client Experience Bridge Bank. It's a division of Western Alliance Bank Bridge Bank. Be Safe Venture wisely. Now it's time for my final two and I of his increased Democratic Party opposition to the possible merger between Uber and Grub the latest come from Minnesota Senator and possible veep stakes winner. Amy Klobuchar who on Sunday tweeted quote. If Uber takes over GRUB hub. It isn't good for competition and it isn't good for you. When big companies cornered the market it usually means more for them unless less for you especially in a pandemic. That's why I'm challenging. The trump antitrust enforcers to do something about it and so two things of note here I. There is not yet a deal to oppose the two sides remain apart. Price with GRUB rejecting at least one of Uber's offers second even if a deal does get announced cloture doesn't really have any way to fight it beyond public pressure. Even if she could convince Republican. Senator Mike Lee to hold hearings via the Senate Judiciary Committee's anti-trust Subcommittee. It couldn't actually block the deal. It needs doj the FTC. That's why she ended her plea for the trump antitrust enforcers to do something about it the bottom line until there is an actual transaction. This is all more about political posturing than policy-making and we will close one more antitrust note this morning the total lack of opposition political opposition to facebook's agreement to by giving the Animated Image Library that the social network values upwards of four hundred million dollars. Now you certainly could argue. There is no reason for antitrust to care about something as seemingly innocuous and silly as but that's also a lot of folks thought when facebook agreed to buy instagram more to the point big tech companies like facebook and Amazon and Google are all under current antitrust investigation but seem to basically be telling. Dc. We're going to keep making deals until you try to stop us and so far. No one has and we're done. But thanks for listening to my producers Tim Show Naomi. Shaven have a great national cheese souffle day. And we'll be back tomorrow with another pro rata podcast..

J. C. Penney J. Crew Neiman Marcus JC Penney Nordstrom Uber facebook Western Alliance Bang Bridge B Ron Johnson San Francisco Seattle Us Western Alliance Bank Bridge B Nordstrom Coles apple Nordstrom bloomingdale Bridge Bank
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

11:00 min | 8 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Where we take ten minutes getting smarter on the Tech Business About sponsored by Bridge Bank people venture wisely. Today's show why the new unemployment number is even worse than it looks and who got left out of the two trillion dollar stimulus bill the first bailing out hospitals so last night the US Senate did pass the two trillion dollar stimulus bill and it includes help for hospitals and related parts of the healthcare system. This is something. Hospitals have been begging for and the key pieces a one hundred billion dollar no-strings-attached fund for hospitals and other healthcare providers so they can continue to receive the support they need for covert nineteen related expenses and lost revenue and quote in short. It helps the helpers the bill also increases payments to hospitals treating Medicare patients with covert nineteen. It requires employers and insurers to pay hospitals and labs for cove in nineteen tests if a contract isn't already in place and it temporarily suspends the so-called called sequestration of Medicare payments which cut provider reimbursement by two percent. It's what the hospital is wanted. And then some particularly rural hospitals that were already struggling and some urban public hospitals that are being overrun with corona virus cases. But they're also some things that didn't make the cut particularly when it comes out of pocket. Patient costs will dig into all of it and twenty seconds with actually healthcare reporter. Bob Herman the first this. The Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks financial solutions designed for the entire innovation ecosystem and include creative credit solutions robust treasury and cash management capabilities and a suite of international banking products bridge. Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by access. Healthcare reporter Bob Herman prior to the corona virus crisis were there a lot of hospitals. Were already running kind of thin when it came to finances. Yeah there definitely were. The hospital system is kind of bifurcated. There hospitals that have not been doing while. The case is very clear in rural hospitals in a lot of public safety net hospitals but then there are other hospitals may the four prophets in especially some of the larger not for profit academic centers. That have been doing quite well. So there's kind of varying across The rural in public sickness ruined the worst. Some of the other ones have been doing quite well with this. What we've seen over the last couple of weeks and the corona virus crisis and particularly which seems to be particularly hitting some of those larger urban hospitals in cities like New York Seattle. Explain why those systems also right now felt they needed a bailout or or was not for them. Was this for that other category that that smaller rural hospital group so last week there was a call where a lot of rural hospitals in public safety hospitals. They spoke with reporters. They're basically saying we need money as soon as us for some rural hospitals in Public Safety Nets. They were close in that meeting. Payroll a running out of supplies face masks gowns and ventilators. It was clear for them that they were on some kind of brink of collapse because they were already kind of living on the edge anyway and we see that New York public hospital systems are that are absolute overwhelms reporters on the ground there basically compared to wars on some of the other hospitals in New York you know the newer presbyterians or the nyu lingo those have plenty of money. They're not in any danger. Going under the bill of money is presumably for those more at risk. But there's a lot we don't know about it presumably aren't the ones who are going to get the money but you say the allocations aren't specific yet. What are the say one or two or three biggest things you still want to know about how what passed last night is going to be actually implemented right. So we know that hostels writ large are going to be at a no strings attached one hundred billion dollar fund. We know that. Hhs can be setting up some kind of process. A hospital can apply to get money from that fund. We have no idea what that looks like. That's going to be very important. I think everyone would want the hassles most at risk to get that money. But I really WanNa know what that process is going to look like. I think it's also we're GONNA need to know how these enhanced Policies are going to play out his well explained what enhancement? What what do you mean? By enhanced payment policies sure. So there are some enhancement. Policies were basically hospitals either get higher rates now or they can basically putting claims and say give us an advance on some of her medicare payments. Because we're so overwhelmed right now so we need to understand if those payments are enough to cover some of their costs and there's also other holidays into bail out that basically allow hostels out of network labs to charge whatever they want to commercial insurers and employers. There's a lot that we know is in there and it seems necessary for hostile there also. Are these things where Renault hospitals could presumably benefit. I just want to add one of the thing. The reason why this is even on the table is because hassles getting overwhelmed with supplies or cost earning higher and they had to cancel a lot of electric procedures joint replacements. Things that aren't necessary to do right away. And they that lost revenue is going to hurt them lights the money that is being allocated more than ten percents than what we normally spend an entire year on hospital care so this is not some kind of small amount of money and there are a lot of hospitals that have been doing quite well so it's still unclear who's going to totally benefit from that bob quickly on the politics of this. Democrats were saying earlier in the week after. Mcconnell came out with his original version of this stimulus package late last week. Democrats said that they needed money for hospitals and that was a big thing that they said they were going to fight for with democratic charges. Accurate from your perspective that Republicans. At least in their initial bill were not dealing with the hospital crisis financially. I think old political parties were allocating money to hospitals Democrats. Were very much more willing to throw more money at this situation. We saw that as results especially with chuck. Schumer Chuck Schumer's very close with the hustle industries. State's men he was the big reason. Why funding up. Which but I think in all the bills that I've seen there had been funding allocated to hustles. That was just a matter of magnitude. Bob Is they're concern about you know when we talk about allocation is there a concern about allocation when it comes to time in other words that if hhs and everyone else if they start saying okay. These hospitals are going to get this amount of money that they're going to give money right now. Too areas that are being hardest. Hit like New York which makes sense except it might mean. There is no money left when an area gets hit in a month from now that we're not even talking about yet writes in. That's why so much matters about how this current pool funding ultimately gets allocated. Who GETS TO APPLY? Is there a structure for for some perserve or allocation board? Those who get hardest at now. That's why I think in others have thought the same thing that there might be another stainless package down the road whether Haas was getting included as part of that. We don't know but it would not be surprising because hospitals have been banging this drum for weeks now saying we need money. We need money. Obviously some part of that is true but if we blow through this one hundred billion dollars in a matter of a month. I'm going to question whether all of a sudden we need to throw more money at that because we know that some hospitals do have the means stood cope with definitely not all a lot to very quickly. But is there anything in here? That is for patient. In other words that would actually lower the cost of coverage of health care for patients. Some other stimulus bills patients if they go and get a test to see if they have co nineteen. They don't have any clamor that that means they don't have to be a copay. Nothing but in in this most recent package there had been a hope to tackle what are called surprised medical bills as when you go to. The hospital may be a doctor. That's out of network. And then he gets tagged for a bill later on. That was not addressed your patient. That's very concerning. Because you might be sick you might be worried and then leising would you about two months from now is getting a bill from the hospital so that was not included. Also subsidies for Cobra. Which is the insurance that you can pay for if you lose your job. So there's concern that people who lose their jobs and get sick. Hardly any coverage there are other options. But they're concerned that they might not be able to keep their employer coverage reasonable and not surprised medical bills. Bob think that was the last time you were on the show. We didn't episode on that for folks who WanNa look that was December eleventh of last year. Bob Permanent Axios. Thank you so much for joining us. Thanks Dan my final two right after this. The Equity Fund Resource Group at Bridge. Bank is a central hub for the venture capital and private equity communities leveraging nearly two decades of expertise delivering solutions to emerging technology and Growth Companies Bridge Bank now offers services for funds. Spic's and general partners including creative credit solutions robust treasury management capabilities a suite of International Banking Services Bridge Bank. A division of Western Alliance Bank be bold venture wisely. Now it's ever my final two and I up. It's Today's news that nearly three point three million Americans filing for unemployment benefits last week up from just one hundred and fifty thousand the week before. It's the biggest ever spike in. Us history and is actually worse than it sounds. How so for starters? The numbers don't include independent contractors like GIG ECONOMY WORKERS SECOND. It doesn't include anyone who was furloughed instead of laid off a distinction. Lets people keep their healthcare insurance but they don't continue to get paid and finally there are all sorts of reports that certain state unemployment offices were unable to process all of their claims in time for the weekly deadline because of the massive volume increases so expect more bad news next report and maybe worse news and finally speaking of getting left out the two trillion dollar stimulus package passed last night by the Senate is designed to act as a sort of safety net for American citizens from residents and businesses but not all people for businesses will necessarily qualify on the personal side. Everything is tied the two thousand eighteen taxes. And the more you make the less you get so if you earn significantly less today than you didn't two thousand eighteen you don't get the added benefit and if you happen to not work at all in two thousand eighteen. Maybe because you are a fulltime student then you're also out of luck and as something that makes it even more complicated. This is all being tied to direct deposit. So if you didn't file your taxes with direct deposit in two thousand eighteen it could be weeks maybe months before you actually get your check on the business side two categories to feel forgotten this morning. I anything associated with cannabis. They're still illegal on a federal level and this is a federal program second many smaller private equity owned companies specifically the bills. Small business loans are for any company with fewer than five hundred employees but the small business administration looks at ownership. That means if you're a private equity owned company with one hundred employees you wouldn't qualify if you're private equity owner has nine other companies with one hundred employs each. You're all considered affiliated even though you're really not expect lobbyists push hard for an exemption but it's notable that there was no exemption in the bill and we're done big thanks for listening to my producers. Tim Chauffeur's Naomi Shaven have a great national Nougat Day. And we'll be back Monday with another pro rata podcast..

New York bob Bob Herman Bridge Bank Western Alliance Bank Bridge B Us reporter Senate Chuck Schumer Hhs Equity Fund Resources Group Medicare International Banking Services Public Safety Nets Equity Fund Resource Group Growth Companies Bridge Bank
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

09:30 min | 8 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"So we take just ten minutes to get smarter on the Clean Tech Business and politics sponsored by Bridge Bank bold venture wisely. I'M DENVER MAC today. Show tech versus the virus and Uncle Sam of last resort but first a manufactured crisis politicians love to talk about the importance American manufacturing but almost always in the context of jobs today though. Us manufacturers have become vital because of what they make more than. Who's making it specifically? Companies are being asked to build tens of thousands of ventilators and neither stitch together a repurpose billions of face masks to ward off some of the ugliest corona virus scenarios. And just for context in New York State. They believe they need thirty thousand ventilators but as of yesterday had just seven thousand. If worse does come to worse. Doctors there will either need to try to keep multiple patients alive on the same ventilator or more likely before to make some very gruesome decisions. This is the reason why you've heard about auto makers and companies like honeywell rushing to build ventilators and alcohol companies rushing to make hand sanitizer and the FDA has indeed eased some restrictions to help grease the wheels particularly on ninety five facemasks. One thing. That hasn't happened yet. Though is president trump fully implementing the defense production act which would direct certain private companies to begin or ramp up production. He says it's because manufacturers and other companies are already doing their parts voluntarily although again New York Governor Andrew Cuomo keeps publicly pleading with trump on the ventilator shortage in short. Lots has been done already. But we're still playing catch up. In twenty seconds we'll go deeper with axios. Reporter Joann Muller but first this the Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks financial solutions designed for the entire innovation ecosystem and include creative credit solutions robust treasury and cash management capabilities and a suite of international banking products. Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by accidents. Joann Muller can we start here with what the president can or can't do and specifically the Defense Production Act? Is He right from your perspective that he doesn't need to fully implemented because private industry is already doing what the Defense Production Act was designed for? Well he's correct in that companies are under pressure from him he calls it leverage. They are coming forward to come up with solutions. They're trying to find partners how they can help. But the Defense Production Act has two parts. One is prioritizing who gets the material products and then also compelling companies to produce it. He is focused on that. He doesn't have to compel anyone to do it because they're volunteering. You know I've talked to companies and they are saying it's Kinda chaotic and there is no central clearing house for abyss and a little organization would be nice. When governor Cuomo of New York talks he talks about the need for ventilators. He obviously wants the defense production. Act to be fully implemented but he also talks about wanting to be able to tap this federal stockpile of ventilators. And it's estimated. There could be like twenty thousand of them if there's a federal stockpile of ventilators. Why aren't they being sent to a place where somebody needs ventilators? That's an excellent question and I don't think the administration has given a good answer yet yesterday. They did say that they're going to send four thousand of that twenty thousand ventilators to New York City which is good but not nearly enough for what New York needs. Cuomo says they need thirty thousand in the next couple of weeks to handle the surge that they anticipate what I also find. Interesting IS CUOMO is saying. Send all twenty thousand to me. I will use them to treat our own patients and then when our peak passes and other cities are starting to peak. I will personally have them delivered to those cities. These are machines that can be reused however it's a very sophisticated machine. The challenge is the disposable parts that go into individual patients. And you know we need more of those arts. Can you talk a bit on? The manufacturing side companies that don't normally make ventilators or at least one of the leading ones that now are changing some of their production lines to be able to make ventilators. Well what we're seeing mostly right now is auto companies you know. There's a great history of the auto industry stepping up during World War Two to make tanks and bombs and airplanes so they specialize in mass production. So the natural industry go to so. Ford as already announced something. Gm has announced something. Tesla CEO Elon. Musk says he's going to do something we haven't seen anything yet which has changed for him. Because if I said this is being overblown than Oh if we need to we will and now he seems to realize the need. I think so. He did manage to buy twelve hundred ventilators in China and had airlifted right to L. A. X. Where they're being put to use now so. California's very grateful for that aspect. There is report today that he's trying to set up some sort of what we don't know for sure that it's Tesla but we assume it is because the location of this facility would be Reno Nevada which is where Tesla has its giant gigafactory so they certainly have batteries which would be very useful in these machines. You know when you think of World War Two. That was kind of a a slow build sort of thing and obviously went on for years. Here we're talking about needing things immediately and certainly within the next couple of weeks. How difficult is it say for a Ford General Motors? Which has plans that have been making cars and trucks to basically retrofit them in change to make ventilators? Can they do it with their existing equipment or do they need to basically set up? A new facility is what honeywell is doing in Rhode Island exactly. That's the problem. It right is in the auto companies have not been very specific on how quickly they can get up to speed on some of this. But you know you start with tooling so you have a mold. In order to make the peace that will then create the part that goes into a ventilator. So it's a long process. What we do know is that the automakers are very good at using their own leverage to free up supply chains. I think this is gonNA come from mostly is helping existing manufacturers of ventilators crank up their own production joins some of the companies and you've mentioned are companies that have cut worker hours. Even maybe done some furloughs because there's just not consumer demand for consumer products right now is making ventilators and things like that. Is that an opportunity to also bring these workers back online absolutely Dan. So for instance in Indiana General Motors is looking to set up some production in one of their own factories that it was staffed by U. A. W. Members who are now idle. They have told me they're likely to seek volunteers. Paid volunteers of course who are willing to come into the plant to make the ventilator so understand that the one reason that the automakers shut down fairly quickly was because the UAW workers were afraid to work. Under these circumstances we've already had two. Uaw members died in factories from this disease. And so they're justifiably afraid. Actress Joy Muller who writes the axios navigate newsletter which you can get it signed up actually dot com. Thanks for joining all right. Thank you my final two right after this. The Equity Fund Resource Group. Ed Bridge Bank is a central hub for the venture capital and private equity communities leveraging nearly two decades of expertise delivering solutions to emerging technology and Growth Companies Bridge Bank now offers services for funds. Spic's and general partners including creative credit solutions robust treasury management capabilities and a suite of International Banking Services Bridge Bank. A division of Western Alliance Bank be bold venture wisely. Now it's time for my final. Two and first up is yet another reason why America is so behind many other countries when it comes to tracking and stopping the spread of Corona. Virus is actually is in afraid reports. Today we just won't adopt the same technologies for both practical and cultural reasons. For example in Taiwan local authorities have enforced quarantines by using a mobile phone based virtual fence. That relies on Geo location in Hong Kong these electric bracelets for similar purpose in Singapore residents there were required to download a contact tracing APP and in Israel. Emergency measures were just approved monitor cell phones of those infected or suspected of being infected. All of those measures do help slow the viruses spread but they run counter to American civil liberties. Moreover our lack of widespread testing including growing worries about shortages of reagents needed for new tests would make much of such monitoring. Irrelevant the bottom line. Tracing Tech can help just not here and finally as I tape this Wednesday morning. We still don't know exactly. What is in the multi trillion dollar? Bipartisan stimulus plan agreed upon late last night by the White House and Senate leaders. One thing to watch is if any of the money to industry and big business comes with equity or if US tax payers will only get eventual upside from debt interest payments. Here's Boeing CEO. Dave Calhoun when asked yesterday on Fox business about tying equity to government bailout of his company. They just and we've got plenty. Apparently beggars can't be choosers. For what it's worth axios asked Boeing to share even one of those plenty of other options but the company didn't and were done vic. Thanks for listening to my producers. Tim Chauffeur's Naomi Shaven have a great National Little Red Wagon Day. And we'll be back tomorrow with another pro rata podcast..

Governor Andrew Cuomo Bridge Bank Tesla honeywell Us New York Western Alliance Bank Bridge B CEO Joann Muller New York City Growth Companies Bridge Bank International Banking Services New York State UAW president Boeing DENVER
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

08:14 min | 8 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks financial solutions are designed for the entire innovation ecosystem and include creative credit solutions robust treasury and cash management capabilities and a suite of international banking products. Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by access. Healthcare reporter. Caitlyn OWENS SO KAYLA. Start here with this idea of a peak. Are there any folks within the healthcare community who think we're either at peak in of new infections or very close to one absolutely not then? And you know the thing that keep in mind. Few is being higher. Outbreak is defined by community so well it appears that New York City is much further along than they were. Landau is the country's a whole. We're just getting started on this outbreak. And you know hopefully we can take steps to keep it from getting as bad as it could be but I mean like I think that we just need to acknowledge that we're kind of in the beginning throws of this and that some places will likely be worse than others especially places where community. It's happened undetected for awhile yesterday morning. Our colleague Jonathan Swan early in the morning reported that president trump was under some pressure from some folks in his inner circle to start reopening parts of the economy sooner rather than later he obviously during his press conference yesterday started talking. You know somebody asked weeks or months and he said well certainly not months and we keep hearing this fifteen day number. Which at this point is really a seven-day number candidates countdown plan when you first heard even the idea. The president trump could try to quote reopen the economy. Basically in a week from now your initial reaction was what? I felt nauseous I mean just the public health people. I'm talking to think this isn't atrocious. Idea because as I was just saying the only way without knowing exactly where this virus is within the United States to keep it from spreading kind of horrifically is to keep people at home and the number of cases is going to keep going up in the next week. We haven't been able to see the effective keeping people home yet. It's going to take longer especially because most of the country is still out and about at this point to some extent. They're not under shelter in place order basically. There's no way that if we reopen the economy and people back to work in a week that we're ready for that the virus will continue to spread and people will continue to get sick. They'll continue seed hospital care and our healthcare system could completely collapsed. I want us what something that I found interesting. The press conference yesterday When Dr Burks burks was speaking and she was talking about mortality rates and she was talking about how as we all know is generally folks over seventy who are most susceptible to dying from the krona virus but then she was talking particularly about numbers in Europe about how there are such this large number of people between forty and seventy you know in their forties in their fifties who can get really sick and die from this. Do you think there is a misconception? Out there right now. If you're not collecting social security check this is basically just going to be like a bad flu. I think he had. I think there's a growing recognition especially I mean I'm a twenty something among my own age group that we are definitely not immune to this and you know so. Obviously the older you are or the worst healthier in your higher risk. That does not mean that if you're younger and in good health that you have no risk at all and I think that part of the reason why older people are at even greater risk. I mean. It's Kinda compounded right like this is a really morbid thing to talk about but in Italy again. Older people are more likely to go the hospital. You're seeing a run on. The hospitals and the hospitals are overwhelmed so can't offer them the kind of care they need and not only that but in that situation. Italian doctors are having to make life or death decisions about who they're going to treat men who gets ventilator so you get the supplies and there's triage situations it's I mean it's common medical ethics killing your healthcare reporter but you really a healthcare policy reporting you live and work in Washington. Dc. If we get to a point in a week or two weeks or three weeks where. President trump is telling Americans and American businesses. Get back to work but most people for good reason believe there is still risk doing so if local officials state officials are telling people to stay home. Can you give me a sense? Does that become a massive tug of war or do people basically do generally ignore the president factors at work here. If that happened today right now the reality is that it is blue state. The virus is spreading with blue states. That we know of so confirmed cases. It's Washington New York and California which have democratic governors in those days. I think that none of those governors would be super inclined not say or three weeks from now look to President Trump for guidance. Now they do need to have a productive working relationship with him because the federal government is pretty instrumental in helping states respond to this. But that said I cannot see governor. Cuomo saying okay. Yeah get back to work with. President Trump said to an red state. So this is a different scenario. So and I'll just read you know when we're talking about Republicans. We're not just talking about Republican governors. We're talking about Republican voters. I think they take a lot of cues from president trump. You saw the polling with differences in the attitudes towards the current virus there about even now but you know we could go. They weren't Republicans. Were inclined to take this less seriously. And they get their cues directly from the president. Who for a while was messaging that this is just akin to the flu? The panic over it is a media hoax etc. So you know I think that if the president saying get back to work that could be something that Republicans take to heart and it could be risky. That said I think that timing matters because all the information indicates that in these areas the virus is going to continue to spread the numbers. We're going to climb and you know I think when people in these areas are looking at those numbers and kind of stories of their friends getting sick very sick potentially dying. I think that's GonNa be a strong contrast with the president thing. Get back to work. Kaelin Owens who writes the daily Axios vitals newsletter? You can get it signed up that AXIOS DOT com. Thanks so much for joining me. My final two right after this. The Equity Fund Resource Group at Bridge Bank is a central hub for the venture capital and private equity communities leveraging nearly two decades of expertise delivering to Emerging Technology and Growth Companies Bridge Bank now offers services for funds. Spic's and general partners including creative credit solutions robust treasury management capabilities and a suite of International Banking Services Bridge Bank. A division of Western Alliance Bank be bold venture wisely. Now it's time for my final two and I was something not at all related to the corona virus instead. It's about a different disaster. The two thousand eight Campfire in northern California. The state's deadliest ever wildfire in federal filing yesterday Pacific Gas and electric utility better known as PG any announced that it has pled guilty to eighty four counts of involuntary manslaughter and agreed to pay a three point. Five billion dollar penalty on top of the previous twenty five and a half billion of settlements in a degree to why it matters that it is highly unusual for any corporation. Let alone a major one to face criminal charges instead of just civil ones and for PG and E. This could help it emerged from bankruptcy. Something it wants to do by June so there possibly be included in a new state wildfire fund. That could cover the cost of future. Fires and finally extras has been working with polling from Ipsos sentiments around Corona virus and. Today we've got new data showing that around half of Americans are now worried about their jobs and their ability to pay the bills. That's more than double the number of people who expressed that concern just one week ago reflecting the speed with which this crisis is growing from an economic perspective. There's also been a sharp increase. In the percentage of Americans who say their emotional wellbeing has declined while the share of American self. Quarantining has quadruple again just over a week and finally people say they trust their employers far more than they trust the federal government to look out for their best interests by March sixty eight percent to fifty three percent which I can't tell us a silver lining or a dark cloud and we're done big. Thanks for listening. It's my producers. Tim. Show shaven have a great national cheese steak day. You know if you can find one right now and we'll be back tomorrow with another pro rata podcast..

President Trump president Bridge Bank Western Alliance Bank Bridge B reporter federal government New York City California Washington Equity Fund Resources Group Caitlyn OWENS Outbreak International Banking Services Dr Burks burks Corona United States Europe
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

08:06 min | 8 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks. Financial solutions are designed for the entire innovation ecosystem and include creative credit solutions robust treasury and cash management capabilities and a suite of international banking products. Bridge BANK IS DIVISION OF WESTERN ALLIANCE BANK BRIDGE BANK BE BOLD venture wisely. We're joined now by Paul Cohen. An executive vice president and head of North American markets at the Nasdaq so talked. We just start with kind of this big picture. There's been some discussion some debate mostly on twitter about whether the markets the stock markets should remain open. Or if they should close for a little bit just because there's been so much volatility. Where do you stand on? Obviously you guys have stayed open. What's the argument right now? The best argument for keeping markets open our position is and wish going favor of keeping. The market's open and the reason for that is. The markets have been functioning well today and while people don't like the direction of the market that it's taking we empathize without completely. It's worth noting that the functioning of the market has stood up to the test of time into the volatility seems so exchanges the clearinghouse and brokers have been able to successfully managed he's elevated volumes involuntary date if we should shut down the market our concern is that will lead to greater volatility after the fragility of markets and then eventually hurt investor confidence. And if we look just to the Philippines who announced the market closing a few weeks back for two days when they opened up they were twenty six percent down next day so we have to remember that investors need access to capital during times of stress in the markets can be an important source liquidity and issuers. What if we have a biotech company that wants to raise capital for on d work related to the virus? It's important that we have markets open for those types of yours as well. Talk about the markets functioning. Would there be something that you guys are watching kind of a canary in the coal mine. In other words something that would change your mind if you saw X. Greg questions from the technology perspective were comfortable. We've been able to handle the the thing that I think we're looking at now is being a few weeks into this. Crisis is just the liquidity and capital available in the system to ensure that the plumbing does work. It's supposed to so if we start to see stress within particular segments of the market or a particular participants in the market that would concern us and we would want to look out for that and we will generally. I see that on the side of the equation. Where if a particular participant was to say we can no longer do business. We just don't have the capital or liquidity. Did you not could send a shock through the system that we would want to assess and understand as we think about the functioning of the markets. Nasdaq works electrical. You guys don't have floor. Traders like New York Stock Exchange had until today outside of the fact that I assume you're working from home or at least a lots and lots of your executives and employees are working from home. He talked to me a little bit about kind of how you guys have adapted what have been the biggest changes you've had to get used to over the last week or two operationally for me. Personally I am starting to miss my commute a little bit now for for us as a team. But we've got to understand over the last three to four weeks is we've grown our understanding of how to work remotely and so in the middle of February. We instituted our business. Continuity plan that started with enhanced visitor policies restricted travel in the beginning of March. We went to split team framework in which working from home was an option and then more recently over the last couple of weeks as well. We've implemented social and physical distancing where we have now folks working out a backup locations so just making sure that the information flow was robust. Making sure that we know how to act with one another as we're in different locations was important because we want to continue to operate the markets. We don't anticipate any concerns and to be quite frank it's in our DNA to work remotely because we do have a lot of locations across. It's actually we do know how to do that. We know how to take advantage of their technology. Afforded us to work remotely. But it's just a question of over kind we just have to change some of the processes that so that we can do what we do. Well you made a comment about. Yeah what if a biotech company wants to go to the markets to raise money either secondary offering or possibly as an IPO right now given the volatility we see. Do you foresee at least in the next week or two or maybe three weeks that you could actually see new issues. Equity issues come to market seems pockets of activity in biotech and health and specs and we had an IPO just a few weeks ago although a few weeks ago was kind of a lifetime ago at this point right. So you're right. I think the market conditions have changed and I think potential issuers will probably reassess Tommy. I'll just show this with your perspective of looking at S. ones which we use as a proxy to understand a pipeline it's still pretty robust and compares favourably the two thousand nineteen and in the background. We're still engaged with these potential issues. We still see them doing the work to prepare themselves. So we're hoping not. It's just them pushing out there Tomlin's and if they do will be here to welcome them when they come into the market so final question for you a year ago yesterday. Zum filed for its. Ipo actually went public on the Nasdaq in April. When you guys first started talking to zoom zoom filed. It's one to go public. Did you have any sense that a year later it would be arguably the single most important company not just an American businesses but in American classrooms. No I don't think we could have envisioned what's transpired over at six to nine months but I will tell you this. Here's an interesting point. I think as we make our way through this crisis the silver lining could be that we will find new ways to work together that we will think are better than the past so whether it's zoom or Microsoft and teams and those types of collaboration tools. I think what will come out of. This is a greater sense of uncomfortable working with these tools. In fact they make me more productive in fact. I like those tools more than been in the past so that might be the silver lining in all of this. We changed the way in which we work together as a business as an industry as we come out of this crisis. Thank you so much for joining us. Thank you for having me. My final two right after this Equity Fund Resource Group. Ed Bridge Bank is a central hub for the venture capital and private equity communities leveraging nearly two decades of expertise delivering solutions to emerging technology and Growth Companies Bridge Bank now offers services for funds. Spic's general partners including creative credit solutions robust treasury management capabilities and a suite of International Banking Services Bridge Bank. A division of Western Alliance Bank be bold venture wisely for my final two and first of his Uber who CEO this morning sent the letter to President Trump asking that America's millions of GIG economy workers knock get left out of the economic stimulus packages. The issue here is that Uber's drivers and delivery workers aren't technically Uber Employees. They're independent contractors and the same goes for similar workers at lift jordache scrub an Amazon flex. This is a labor battle. That's been playing out in the courts for typically in California but the situation is now more fraught because some stimulus suggestions explicitly focused on expanding unemployment benefits for quote unquote employees with no mention of independent contractors. The bottom line if uber gets what it wants from trump and congress could effectively codify a third class of American worker and finally there is some growing concerns at America's broadband infrastructure won't be able to handle the strain of so many of us being at home not just working from home but also streaming a ton of content via platforms netflixing Disney plus. It's something that actually began to happen in Europe recently so as actually in a free report this morning the FCC has granted additional chunks of airwaves to the major wireless carriers on a temporary basis to help them meet added demand something FCC Commissioner Brendan Cartels axios. He thinks should help. Keep us from experiencing Europe struggles. And we're big. Thanks for listening to my producers. Tim Show Naomi. Shaven have a great national MELBA. Toast Day. And we'll be back tomorrow with another pro rata podcasts..

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"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

10:40 min | 8 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Sporadic we take just ten minutes to get you smarter Tech Business About vix sponsored by bank be bold venture wisely I'm back I'd say show political fundraising goes virtual and grocery store. Clerks have become officially essential. I D. C.'s. Plan to save America White House yesterday afternoon proposed a one trillion dollar economic stimulus plan which included both bailouts and loans for American businesses and personal checks that would be sent to individual taxpayers. It's a huge number larger than the initial Wall Street bailouts. And yet there are already worried that it's not large enough for example the Washington Post Jeff Stein reports. This morning that the individual checks could be for just around one thousand or twelve hundred dollars per person total one check in April one check in. May For folks who've lost their jobs. That's likely not going to be enough to pay the rent. Let alone to keep the lights on and stock the fridge and just be clear. People are losing their jobs with some estimates that the next new jobless claims report will be in the millions not the thousands one encouraging. Step though is that most of our partisan politicians do seem to be working together the first two phases of the stimulus already passed both houses of Congress and have been signed by President Trump. The first one was around extra funding agencies like the CDC and Small Business Administration while the second signed just last night gives free corona virus testing to those without health insurance increases Medicaid and food security assistance and expands access to paid sick. Leave so the big questions now are what Congress will pass in terms of phase three. And how soon doing nothing or not doing much is no longer an option in twenty seconds. We'll go deeper and try to get answers from axios political reporter Elena train but I this bridge bank believes in the risk takers. The Game Changers and the disrupters those committed to leveraging innovation to make the world a better place that's why. Bridge Bank has been dedicated to providing financial solutions to sponsor back emerging technology and growth companies for nearly two decades through its national network of banking teams and offices Bridge Bank Division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by activist political reporter. Elena trine let's start here with phase three phase one and two of this economic stimulus plan already passed by Congress signed by President Trump. But this phase three this trillion dollar proposal yesterday big picture. Is there a lot of appetite in Congress for passing this? If not exactly the way it's proposed at least pretty close yes the reason that is because the White House particularly Treasury Secretary Steven Mnuchin has been working hand in glove with people on Capitol Hill. He's been there every single day meeting with key leaders including or Senate majority leader Mitch McConnell. And so there's been a lot of discussion negotiation between the two and. I think that it's actually really remarkable. I think that any other president probably would have a lot of trouble trying to get a massive stimulus package. Oh around one trillion dollars through especially a Republican Republican Senate but this president has had a tight grip on his party basically his entire administration. It doesn't look like that's changing right now. During this corona virus response speaking of that in relationships this also seems from the outside looking in like the first time. Yeah the first time I can remember at least that it appears that the administration at least Treasury Secretary Mnuchin Nancy Pelosi the Democratic House leader Mitch. Mcconnell due to a certain extent seem to be working together hand in glove in my wrong about that. No they are. There's definitely different says and I think that we have seen some sparring definitely behind the scenes but even publicly. I mean we've seen Senate Minority Leader Chuck. Schumer has his own phase three deal that he wants to put forward or going to most likely see Senate majority leader. Mitch McConnell's phase three version. Come out today as well and so there's been some sparring on a lower level about this but generally speaking you're right. They have been working very well together. I think that no one's really trying to play partisan politics right now. I think that there's just no appetite for any of that normally see on Capitol Hill. It's very hard of course to get things done. Normally but right now everyone recognizes. The emergency need here to get money to businesses more supplies to hospitals and to communities across the country. Eliminate Your Wilson the White House. I'm curious the official line coming from the president on down his. Of course been you know. We've we've handled this very well. We were on top of it from the beginning but we all know. That's not actually true. They were very late to the game. Here I'm curious privately. They acknowledge that or even privately. Did they think they were on top of this from day one depends he speak without the White House? Like normally I'd say in this in this administration definitely people within the health and Human Services Department in people within the White House privately will acknowledge yes. They were very slow to this response. I've spoken with a lot of people at the White House about this. You know people like Joe Rogan. Who does a ton of work inside the White House on this issue's been paying more of a backseat role? He's not technically on the current Ivars Task Force. But he's been ring the alarm on this since January. We've the president really as late as last week. A still calling this not a very serious issue saying that things will get better soon clearly. His language in his rhetoric has changed this week on that. We really start to see him in past days. Be More in line with what public health officials are saying on this but no there people will recognize that we were slated. As we've seen this problem persisted in Asia for several months now. Obviously Italy hit with it a lot harder before we did in Marin that same track now a huge thing with a lot of people are criticizing. This White House out is if you look at the way that South Korea has responded to the virus and getting the number of testing out and trying reduce the number of cases and the community spread. Their America has been a lot slower in that respect and really a lot inferior a lot. More fear in that respect as well. That's definitely something. People within the White House in the administration recognized the plan of came out of the White House yesterday. Trillion DOLLAR STIMULUS PLAN BUT CHUCK. Schumer's got his own plan. Mitch McConnell will come from with something outside of dollars of dollars. Are there any tangible. Kinda sticking points or differences right now that need to get hammered out yes so something that. Republicans on when we seen Senator Tom. Cotton take a very active leading role in this. Some of the second points definitely are small businesses in. How much money end? Assistance is going to corporations across the country. A Classic Difference Between Democrats and Republicans of course as bailing out some of these bigger corporations that are really struggling on a big scale right now. Is it about giving them the money or is it about the strings would get attached to that money? I think it's a mixture. I think that a lot of people especially Democrats some of the concerns that I've heard from them just speaking with them on the hill this week. Is they think why should be throwing money at them when these are big issues that we have with them in the past? They're worried about kind of the precedent that will set for future crises. Wendy bail out. Big corporations banks things along those lines in those are things that Republicans of course are saying. Need to keep the economy afloat right now and it's time to worry about. I guess the nature of the precedent that could set. There were a handful of senators Republican senators. Who voted yesterday against the? What did pass when I look at? How much of that do you think is philosophical? And how much of that is in part geographical in other words it seems that not exclusively but a bunch of the folks who voted against are in areas where it has not been as the outbreak has not been as bad. We're all schools not be closed where the restaurants bars aren't all closed. It's a good question I think yes. I think some of almost all of the nose on this vote were from Republican senators. People Senator Marsha Bachman in Tennessee Rand Paul in Kentucky. Yes maybe the impact in their communities has a big as big in that something that we've seen across the board with voters in general people who are not taking this seriously tend to be. Republicans intend to be trump voters. I also think a lot of this was there. Were some sticking points in the phase two dealer criticisms of the face to deal that a lot of Republicans had raised the alarm on. They didn't do enough for small businesses they didn't think it did enough for industries. Hit hardest by the virus and basically Mitch. Mcconnell had told them on Tuesday you should gagging vote for it anyway because we need to get on with this and get emergency funding past living. That's why we didn't see as many no votes actually as there could have been on that yesterday but it's a mixture of things. I think with anything in Congress. There's always everyone y'all had us? A lot of people have big egos. They want to get what they think is best for their communities these bells as well and so there's a lot of infighting over it will see a lot more of that over this phase three deal though the phase one. I think the the phrase Gag Vote for it anyway is probably GonNa be on Mitch McConnell's tombstone wintering thank you so much for joining us. My final two right after this with offices in tech hubs throughout the country including San Francisco Boston and Atlanta and new offices in Seattle Denver in Chicago Bridge Bank continues to meet the innovation ecosystem wherever it thrives and through its teams focused on technology and life sciences companies and the equity investors. Who THEM BRIDGE? Bank delivers a responsive. High Touch Client Experience Bridge Bank Division of Western Alliance Bank Bridge Bank be bold venture wisely. Now it's time for my final two and I love his zoom. The video conferencing tool. That's become ubiquitous. In our new work from home world actresses Keokuk reports today that the services now being used for political fundraising including this past Tuesday when the Democratic National Committee used it for its first ever virtual fundraising event. The original plans were this was going to be a small in person event but like everything else things had to change around seventy five people tuned in with the hosts including a link within the Zoom Dashboard for contributions with co host. Roy Hot telling axios that it was actually easier to collect the money this way than it is in his living room. The bottom line expect us to become the two thousand twenty election cycles new normal and finally Minnesota Governor Tim. Walls has officially declared food distribution workers as tier two emergency workers that means store clerk shelf stalkers butchers etc and the classification provides these folks with child care so they can continue to work even at schools and daycares are closed its reminded the first responders and healthcare professionals aren't our only essential workers right now and we're done. Thanks for listening to my producers. Tim Show Naomi. Shaven have a great first day of spring. Yeah that's today even though it doesn't feel like it and we'll be back on Monday with another pro rata podcast..

Mitch McConnell White House Congress president Western Alliance Bank Bridge B Bridge Bank Division Senate President Trump America White House Bridge Bank Schumer Washington Jeff Stein D. C. CDC reporter
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

11:05 min | 8 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"So we just ten minutes to get smarter on the Tech Business. Politics Sponsor Bridge Fang be bold venture wisely. I'm Dan for Mac. Today Show Amazon staffs up and old Hollywood turns to streaming the first the race for a cure yesterday. A woman in Seattle became America's first human subject of a novel Corona Virus Vaccine Trial. This potential civilization saver is based on a formulation selected by moderna therapeutics in collaboration with the National Institute of Allergy and Infectious Diseases. What's particularly notable? Here is that. Madeira isn't an old line. Legacy Pharma Company. In fact most people outside of life sciences circles had never even heard of them before they went public just fourteen months ago without a single product and market. Madeiran company was developed in the offices of a venture capital firm. Just a stone's throw away from Mit in Cambridge Massachusetts with the idea that you could basically use something called Messenger. Rna OR MRI Rene to help people make medicines vaccines within their own cells and this is different than how biotech usually works. They make a product in the lab and then patients either swallowed or injected. This Madera process should in theory make its drugs faster and cheaper to produce in part because it doesn't need to create giant bespoke manufacturing facilities for each new formulation in this particular case. Madeira was already working with a ID on Corona virus vaccines. When word came out about the novel Corona Virus Chinese authorities released the new ones genetic code on January eleventh and just a few days later Maderno was already at work on it focusing all of its efforts and designing its vaccine on a computer without even having the virus inside it's labs to be clear. Maderna's process may move fast in terms of vaccines. But we're still likely talking about a best case scenario of months and months of clinical trials and then FDA approval this time next year again best case and it may not work but for now but Derna is fastest along on something we all may need in order to return our lives to normal it. Fifteen seconds we'll go deeper but actually healthcare reporter. Bob Herman the first. This Bridge Bank believes in the risk-takers the game changers disrupters those committed to leveraging innovation to make the world a better place that's why bridge bank has been dedicated to providing financial solutions to sponsor back emerging technology and growth companies for nearly two decades through its national network banking teams and Offices Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely actress healthcare reporter Bob Herman yesterday a woman in Seattle becomes the first human clinical trial patient for novel Corona Virus Vaccine. That's the beginning of phase one trial but vaccine. Trials are kind of long processes. So can you walk us through a little bit here? The best case scenario for this vaccine we spoke with modern AC- US to find themselves this morning and he kind of laid out. What could be a hopeful timeline? Obviously very fluids that things could change but phase one this just like any clinical trial. This is the first stop. This is the one where you make sure that your drug or vaccine is safe so after that comes face to end the three trials as to increase the number of patients sped. Get your vaccine. And that's to make sure that your drug is safe and effective and then a face. Three is similar. Larger samples is nets to really hunker down. And make sure that your drug. If it works sell the points it could eventually be used for commercialization and Maderna's CEO told us that best case scenario. Hopefully they get to face three that kind of main clinical trial by the fall. And that's when they would start getting they're going and if that goes well. Hopefully the phase three trial would run and Reno best case scenario by this time next year. Spring Ish. Twenty. Twenty one is hopefully when may be able to get some FDA approved but that means that everything would have to go right? Bob Please explain a little bit to be a vaccine is different than Madison. Right you know medicine is I got sick. The medicine is supposed to make me feel better. Get better a vaccine is preventative prophylactic. How does a clinical trial phase three for example where you'd be talking about thousands of patients? Which is what you need for phase three trial. How does it even work right? So you get injected with the vaccine. What do they then give you corona virus? And make sure you don't get sick with Madonna. This is a unique kind of vaccine. They're using different technology. They're not giving you run virus. Iris they are basically giving patients shop uses a technology. That basically almost makes the salads on kind of drug vectors. This is not an instance where patients are getting injected with corona virus. You mentioned that this thing. Medina which is a company. That's not all that old. This idea that it basically is kind of body. Heal thyself right. You know your cells are supposed to make the medicine and replicate the medicine. I'm wondering kind of broader Pharma question if this works which would obviously be the kind of the biggest highest profile. Top Headline Vaccine in quite some time is what? Madera doesn't terms of drug development. Does that become if not the industry standard? At least are they're going to be lots of copycats. I'm sure I mean this is a live in a world of copycats especially in biotechs. This works well one hundred percent. You'RE GONNA see more by doing this but this is also very hard to burn. It relies on was called Messenger R. In a it's basically manipulating those molecules to turn cells to to fight off any disease and this has been tried in the past and it's kind of it was very difficult so the Madonna tried it. And you know it's also finding out that this is very hard and I think that's what we're going to be learning from these early. Clinical trials here is whether this Mr a technology is something that could be replicated in large scale. I still little too early to declare a victory here but if it does result in any kind of vaccine especially for one in the midst of a pandemic than we would for sure see more investment in technology and one of the things. Bob I found interesting because you and I on that call with the MADERNA's e- Yo- this morning. Was this idea that last year. I guess he said last November they had been talking to. Nih about this idea. Could they design develop and then ramp up manufacturing of a vaccine in case of a pandemic and they were basically going to do a test? Run of something like this this year and then the real thing came. Let's broaden this out a little bit but there are lots of companies right at least working on vaccines clinical trials yet but working there. There's talk this morning. The Pfizer in German biotech might be partnering. Is it fair to say that most large biotech companies are going to be in this space right now trying to be not just the first one to market but yeah trying to be the first one to market maturing? Ceo Toys to with this going on kind of seems like if there are other experimental therapies or work on. You Almost WanNa change your direction. This is almost the only thing that matters right now. It seems very intuitive. That's biotech is GonNa be focusing its energy here but it's also not as vaccines. The Gilead has antiviral called our redemption. Beer that's you know hopefully be could be used for someone who has Kobe nineteen and would use this as a treatments. Vaccines is something. I think. Biotech is focused on a lot more. But it's also more than also antivirals in case it doesn't go away and people would hopefully get some kind of drug treatment as well as a piece of that. Is it also possible that vaccines that have already been developed? We keep talking about corona viruses. If it's a singular thing but corona virus is is really kind of class of viruses and this is specific one which Mike. It's called kind of novel. Corona virus is a possible that other vaccines not just that are being worked on for Corona virus. But for other things could there be another vaccine that basically gets applied to this works. Or is this going to have to be indeed brand new formulation? I don't think we really know yet. I think a lot of our Texans from companies. Want to see if they have drugs currently used. That could be repurpose for this novel. Corona virus so. I think that's an obvious jumping off point because the sciences already been done on all of these drugs. Let's see if we can if it will respond well to defeating this particular strain. We see that with antivirals killiadts Redan severe. It was in kind of being used for Ebola. And now they're saying look. Let's try it for this instead. So it's a natural jumping off point especially with vaccines if you have one that's already been through some kind of scientific rigor we've done this much. Investment let's see if we can also use it for what has become the most pressing health care disease of our time final for Bob. The stock pricing a little bit. And I know it's way too early because there isn't a drug when you talk to the CEO this morning did you ask about pricing. It all again. If I'll end points are met. If he's able to get something out into market next year. Do we have any sense? How much this would cost. Yeah so I asked him and obviously Stefan said it's too early ended as 'cause we don't even know if this is safe effective. I think that's an important. Caveat is despite all the hopefully Still far too early to determine any kind of victory. We need is a safe and effective? But if we get to a point where it's commercialized. He said hopefully that they would price responsibly. We don't know what that means is quantified by. Think it's also worth pointing out. A lot of this is being done in concert with the National Institutes of health. So this is taxpayer funded entity. What many considered you know the gem of scientific research? They are also doing a quite a heavy lift. Here's this is something that taxpayers invested in. You would assume that any kind of Christ's Would reflect that as well. Actually Bob thank you so much for joining us. Thanks for having me my final two right. After this with offices in tech hubs throughout the country including San Francisco Boston and Atlanta and new offices in Seattle Denver and Chicago Bridge Bank continues to meet the innovation ecosystem wherever it thrives and through its teams focused on technology and life sciences companies and the equity investors. Who FUELED THEM BRIDGE BANK DELIVERS RESPONSIVE HIGH TOUCH CLIENT? Experience Bridge? Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely now my final two and Amazon CEO. Jeff bezos apparently has been in daily contact with the White House over issues related to the corona virus although he hasn't spoken directly with President trump and it's unclear if the conversations about delivery supply chain cloud service capacity or all of the above what we do know though is that Amazon has announced plans to hire one hundred thousand new warehouse and delivery workers in the US and also promised to at least temporarily increase. Pay For those jobs by two dollars per hour. Not only should that keep goods flowing housebound Americans but also should create jobs for those displaced by things like bar and restaurant. Closures and finally Corona Virus is creating an unexpected revolution in the film industry. Not so much in terms of production shutting down which it is but rather because some big Hollywood studios are now talking about rolling out already produced films via streaming basically becoming net flicks. Universal pictures will be the first to do so with its films like invisible man and the sequel to the kids film trolls while Disney plans to release frozen to Disney plus customers. Three months ahead of schedule. And we're done big. Thanks for listening to my producer. Tim Chauffeur's Naomi Shaven have a great Saint Patrick's Day. And we'll be back tomorrow with another pro rata podcast..

CEO Bob biotechs Western Alliance Bank Bridge B Seattle Amazon Madeira FDA National Institute of Allergy Bridge Bank Hollywood Nih Bob Herman Corona Disney Legacy Pharma Company Cambridge Massachusetts Offices Bridge Bank reporter moderna therapeutics
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

08:43 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"That's the term being thrown around for federal government proposals to send checks to individual Americans. Some proposals are the checks. Should be one thousand dollars. Some say three thousand dollars as a one time thing while others believe it should be a monthly stipend so long as the corona virus outbreak keeps much of America on lockdown. The basic idea let people keep paying the rent the mortgage and keep the lights on. This is a bit reminiscent of Andrew. Yang's universal basic income concept except. It's a virus this time. Let's stop many Americans from working not technological automation and it came very suddenly not gradually anyway. Here's what US Treasury Secretary. Steve Mnuchin said yesterday in terms of stimulus. This is not like a normal economic situation. The government has requested that parts of this economy. Shut down and the president is determined. You can think of this as business interruption money. The president is determined. We will put money back into this economy to protect hard working Americans in small businesses. The bottom line is that America and the world is facing an unprecedented financial crisis. Much broader base than what we experienced in two thousand eight. The federal government has finally. Maybe belatedly realized that it needs to act with urgency. Even if it can't be sure that it solutions will work in twenty seconds we'll dig deeper including how individual bailouts could affect the food supply chain with AXIOS chief financial correspondent Felix Salmon. The first this bridge bank believes in the risk takers. The Game Changers disrupters those committed to leveraging innovation to make the world a better place. That's why Bridge. Bank has been dedicated to providing financial solutions to sponsor backed emerging technology and growth companies for nearly two decades through its national network of banking teams and offices. Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by accident. Chief Financial correspondent Felix Salmon so Felix. Let's start big picture here. This idea of helicopter money whether it be a thousand dollars two thousand dollars generally speaking. Do you think it's a good idea? It is a very simple and effective way of getting money into the hands of Americans. Real advantage of it is if you can find a relatively simple mechanism for doing it then it just. It's a very quick way of injecting huge amount of money into America at the grass roots. Where it's needed most. The big question is whether there's mechanism Steve Mnuchin. The treasury secretary initially said that he could do it within two weeks which felt like quite a long time. But then I've been hearing things about the end of April. It's actually much other than male checks to everyone than you might think. Feels we talk a little bit about the possible. Unintended consequences here. And I'm thinking particularly in terms of supply chains and food supply chains right now. Even those stores might be sold out of toilet paper Pasta. There's still other things on the shelves. Restaurants can still get raw ingredients. Should there be a concern that every American to get a check in the next couple of weeks that some essential workers may stop going to work because now they can pay the rent to keep the lights on so from a fiscal responsibility standpoint. It does make a certain amount of sense not to give this money to people who aren't going to spend it. The whole point of this stimulus is like to keep money getting spent in the economy and if people are just gonNA put in their savings accounts. That's not going to do a hell of a lot of good. That said the best way to means test is to just give it to everyone. And then in the twenty thousand tax return when we finally feel about out in two thousand twenty one or maybe twenty twenty two if your twenty twenty income was higher than say one hundred and twenty thousand dollars then you have to give it back like you wait and see what people's income turns out to have been rather than trying to do it right now on the basis of what they end in two thousand nine hundred which might not be relevant tool. Why not because? I'm not sure it's so much just about fears to take an. I'm making this up a hypothetical thirty five year old who is concerned about getting corona virus. But doesn't think it's probably going to kill them. Thinks it would just take them off their feet for a couple of days isn't necessarily fear for their own safety or is it that they're president. Probably there governor their mayor their friends and family are saying if you go out if you go to work if you work with other people. You're putting all of us at risk you're endangering your grandparents life aren't we kind of getting to the point. Felix where this concept of going out in certain places being viewed as unpatriotic and endangering other safety the certainly supply of labor question in what you might call essential services for Americans which includes the food supply chain. It also includes things like fire and medical services pharmacists. You know there's a long list of people that you need to be working in the economy and out in the world and a certain percentage of those people going to be a little bit scared about doing that and some of them are not going to want to do it and probably won't do it. So yeah there needs to be a mechanism for trying to find people willing to do those jobs. I suspect there aren't going to be people willing to do those jobs with not entirely. Sure how that's going to play out. I'm personally not particularly concerned that the real constraint there is the financial and I don't think the giving everyone a one off check of a thousand dollars is going to cause a step change uptick in the number of people calling homestead. Feel final question for you. This is arguably a political one more than a financial one. How much faith do you have that? By this time. Next week there actually will be basically a bailout plan at least for individual Americans not necessarily mean we've all gotten our checks in the mail but there will be a process actually beginning pass through Congress signed by the president absolutely and people should be staying at home and should not be going out when it's not essential for the functioning of society. The fact is the in this kind of context and what you're talking about like food supply chains and doctors and nurses and people running public transport and that kind of thing in this context it is necessary to have someone do that job and once it is necessary to have someone do that job. Then if you do it you're actually helping the country rather than hurting it for the rest of us. Yes we should be saying them. Chief financial correspondent for axios. His axios edge newsletter comes out on Thursdays. You can get that sign up. Axios DOT COM. My final two right after this with offices in tech hubs throughout the country including San Francisco Boston and Atlanta and new offices in Seattle Denver in Chicago Bridge Bank continues to meet the innovation ecosystem wherever it thrives and through its teams focused on technology and life sciences companies and the equity investors. Who FUEL THEM BRIDGE? Bank delivers a responsive high touch client experience bridge. Bank is division of Western Alliance Bank Bridge Bank be bold venture wisely. Now never my final two and I have a soft bank which is threatening to walk away from a three billion dollar tender offer for shares of we work that had originally agreed to last fall. Soft Bank's official explanation via letter said yesterday to investors. Is that several closing? Conditions may not be met by the expected April. I closed eight. Unofficially though this appears to be effort to renegotiate in the face of looming global recession not to mention the fact that we worked entire co working product is hard to square right now with social distancing. Why it matters is that this tender offer wasn't just rich venture capital funds or disgraced ex. Ceo Adam Newman. It was for lots of early. We work employees who were made a promise months ago and who might have made subsequent financial decisions based on that promise just because Softbank can walk away doesn't mean that it should and finally a shoutout to Zuma's pizza now. Don't worry you're not supposed to know what that is. It is a small pizza shop the recently relocated to my Massachusetts town and like most mom and pop businesses. It's really hurting right now. Unable to let anyone needed tables and having watched most of its big business lunch orders evaporate but the god Bob who runs zooms announced two days ago that any family with a kid in the free lunch school program can receive a small free cheese. Pizza same goes for anyone with an elderly neighbor or literally any quote family in need. No Zoom isn't checking bank accounts and yesterday seventy-five pizzas were given out. It's just one of countless examples around the country of communities coming together and also is where plan to get my dinner tonight and we're done big. Thanks for listening to my producers. Tim Chauffeur's NAM shaven have a great national sloppy Joe Day. And we'll be back tomorrow with another pro rata podcasts..

Western Alliance Bank Bridge B president Soft Bank America Felix Salmon axios Steve Mnuchin Bridge Bank US Chicago Bridge Bank federal government Yang AXIOS Massachusetts
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

10:45 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Get you smarter on the Tech Business and politics sponsored by Bridge Bank be bold venture wisely. I'm Deborah Mac. On today's show the return of Amazon's Djeddai virus state that will live in Infamy. The first cheating veterans so earlier this week. Federal Trade Commission announced that five colleges used misleading sales tactics to learn military vets and their families. The upshot is the schools now have sixty days to basically their mistakes or else they'll be cut off from the Lucrative Gi bill at least in terms getting new students why it matters of the GI. Bill is one of the few. Bipartisan success stories. Not only the past century but specifically of the past decade the most recent version was implemented in mid two thousand nine and since then has provided educational benefits to nearly eight hundred thousand vets and their families but the allegations these new ones are an abusive that goodwill including from the University of Phoenix. One of those four profit college giants that have been favored by the trump education department. Under Secretary Betsy Devos. The Basic Accusation Against University of Phoenix is that it advertised itself as working with big tech companies like Microsoft and twitter and adobe to employ students when it was actually doing no such thing or put another way it defrauded folks and now not only on the hook for one hundred ninety one million dollars via a settlement with the FTC last December in which it didn't admit wrongdoing but also the loss of one of its most steady streams of customers. I mean students twenty seconds. We'll go deeper into what all of this means with Washington Post reporter Danielle Douglas. Gabriel but first. This Bridge Bank believes in the risk takers. The Game Changers disrupters those committed to leveraging innovation to make the world a better place. That's why Bridge. Bank has been dedicated to providing financial solutions to sponsor backed emerging technology and growth companies for nearly two decades through its national network of banking teams and offices. Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture. We're joined now by Washington Post reporter Danielle Douglas Gabriel. Let's start with this particularly given that the University of Phoenix is part of this. Can you help me a little bit? With the broader landscape that for profit colleges are currently operating in. Because I remember certainly. During the end particularly the Obama Administration there was a lot more pressure on these schools for all sorts of ways including accreditation. But it seems that the Education Department under Betsy Devos has been much more say amenable positive towards these sorts of institutions so for profit schools have seen a lot of the regulation that the Obama Administration had impose relaxed under trump. And that's been useful to some extent the reputational damage the schools have suffered in light of a bunch of really dramatic closures and allegations of fraud and mismanagement really. Hasn't done them enough. Good to help rebound from all of that damage so you're not seeing people enrolling in for profit schools in droves also just you know the cycle of the economy has been pretty strong and so. I tend to go down during that time but for profits as a sector are enjoying a lot less regulation than they were previously the current situation this thing with the FTC recently both the fine last December but now also the possible suspension of Gi bill benefits for new students to these schools from your perspective. Is that related at all to rolling back regulation or is that simply doing something different wrong a little different so the FTC had this investigation going about five since five years ago looking at some claims that the University of Phoenix had made that they had all these partnerships with these major companies and these companies were essentially just hiring their graduates right off the bat and the FTC said. Well that didn't sound exactly right to us. And so they started to investigate whether the veracity if claims and discovered if at least in their point that seeing that a lot of these companies actually don't really have much of a partnership with the University of Phoenix. And there's no guarantee that their graduates will get jobs. There Phoenix disputes. This is that they do have a working relationships with companies like Microsoft and twitter and happens successful in getting their graduates placed but the FTC says. That's not the case and to kind of resolve these charges because this investigation has been going on forever. Phoenix last December decided to settle for one hundred. Ninety one million dollars now. There is a law that says that Wendy. Ftc investigates claims like this and if they make a referral to any other agencies those agencies in this case the va has to take some kind of action within ninety days so the VA was put in this position. Where after the settlement came down in December they had to start looking into whether University of Phoenix could still participate in the GI benefits program and have access to those benefits which a lot of schools especially for profit schools really rely on the benefits that are earned by men and women in the military and offer also their families has become kind of a cash cow for some schools for for profits in particular those Gi benefits. Do not count toward this rule. That's called the ninety ten we'll and that essentially says that ninety percent of the money revenue that you're receiving can come from federal student aid but the other ten percent has to come from other sources while Gi bill benefits don't count. It's a loophole that allows them not to count so a lot of for profits especially University of Phoenix and others have been accused of kind of pressuring that's to come into their schools so they can access those benefits and get that extra revenue. Correct me if I'm wrong here for the University of Phoenix has been the largest recipient of Gi bill education benefits for over the last decade. Or so yes so leaving Phoenix. Aside for there was also an issue related here with Bellevue's nursing program accreditation. How does that fit in? Bellevue was accused by the state attorney. General of telling potential applicants for a new nursing program that they had that they were fully accredited and able to do this licensure program. Bellevue said that they have been accredited. That program has been a credit since two thousand seventeen under like this special form of accreditation that was provisional for the Attorney General. Did not think that cut the mustard so he decided to pursued with the investigation. The school is fighting the charge but the had to start paying attention to it because of the implications of all of the veterans are using their Gi bill benefits in order to fund their education for that program. The same thing as the case at temple. Campbell's a little interesting because with Hey were accused. And it's been found to be the case that they were fudging information regarding the placement of their MBA program. They were saying that it was number one for all these years that turned out not to be the case and that's a pretty deceptive marketing and advertising position as a result of the. Va once again. Had to step in and say we can't by law allow you to do that and then can can you collect Gi bill education benefits. So what happens now? So they've got a couple of months basically to fight the allegations but I'm wondering like Take University Phoenix. They settled with the FTC. Last December. Basically for kind of everybody veterans and non veterans. And as you say because of the law. Va then had to take a look and step in is the fact that Phoenix never acknowledged or accepted wrongdoing that December settlement is that a potential saving grace for them or is there really a way out of this is their chance to. Va for lack of. Bertram is going to lose this org to the schools. Just have to prove we won't do it again. It's kind of a weird gray area right because you're right. Phoenix never admitted any wrongdoing. But that's not going to be a saving grace for them. They have to show that in the sense that Settlement came down or even since the information was first brought to the FTC's for investigation that they have taken actions to ensure that there is no gray area when it comes to how they are marketing their programs whether that would be constituted enough corrective action for the VA is really up to the powers that be you know this decision to consider cutting off all of these schools wasn't exactly Al shoot with stick. It was something that had to happen by. Law and there is a lot of flexibility for the schools to avoid altogether. They are being given sixty days to come up with a detailed plan that shows that they are doing what's necessary to avoid any kind of perception that they are not living up to the laws. Essentially Danielle thank you very much for joining us. That was Danielle Douglas Gabriel. You can follow her on twitter. At Danny. I dug post my final two right after this. The Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners their portfolio companies bridge banks financial solutions designed for the entire innovation ecosystem and include creative credit solutions robust treasury in cash management capabilities and suite of International Banking Products Bridge Bank Division of Western Alliance Bank Bridge Bank be bold venture wisely. Now it's time for my final two and I it was the US Defense Department which stunned the tech world yesterday. By saying that will reassess decision to give a ten billion dollar cloud computing contract to Microsoft instead of to Amazon. This is the so-called Djeddai contract which almost everyone thought Amazon had in the bag until it didn't in which was the subsequent subject of accusations that President trump put his thumb on the scale in part due to his personal animus toward Amazon CEO in Washington. Post owner Jeff Bezos. The upshot is the DOD will likely get one hundred and twenty days to reevaluate decision pending a judge's agreement. One caveat though is that the Department of Justice is technically the party requesting the extension and says it wants to dig deeper into issues a pricing not a presidential interference and finally. You might remember episode. We did here with Ron. Clean the democratic operative in venture capitalists. Who served as President Obama's so called Ebola? Czar claims basic point during that show was that the administration needed a coordinated response to the corona virus and also needed a dedicated point person rather than just the head of an existing department like hhs basically what claim had done free Pola. But you might not recall. Is the date the podcast ran? It was January twenty seventh and as we learned today from the Wall Street Journal. That's the exact same day of the very first White House meeting on the corona virus. Honestly it sounds like we planned our show before they planned their meeting or put another way. The White House was just incredibly far behind the ball. Not only in terms of thinking about the problem but also because it didn't take. Ron claimed central advice that day about having a point person for nearly another month when Mike Pence was named just inexcusable. And we're done big. Thanks to my producers Tim. Chauffeur's name Shaven have a great national good Samaritan Day. And we'll be back tomorrow with a special series of episodes focused on the corona virus. So please check us out over the weekend. Stay calm and keep your distance..

University of Phoenix FTC Phoenix Bridge Bank Va Danielle Douglas Gabriel Western Alliance Bank Bridge B twitter Microsoft Amazon Betsy Devos Federal Trade Commission Washington Post Bellevue Bill trump education department Take University Phoenix reporter White House Deborah Mac
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

11:08 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Today's show detect fight over fighting child exploitation and what happens when big schools. Shut down but first bailing out America. So Corona virus is spreading like a virus through America's economy and we're beginning to hear much louder talk about possible government bailouts particularly hard sectors like cruise lines and airlines. There's even been some speculation that the White House is looking to bail out. Shale companies better known as fracking companies as the price of oil plummets. But so far we've gotten no specific bailout proposals from the White House or even word on if federal bailouts are coming while Congress. It's scheduled to go on vacation next week. The big question right now is if there is political will for bailouts following voter blowback in two thousand eight. And if so how even be done the Buzzword this month from health officials has been containment in terms of quarantining individuals who might have been exposed to corona virus. But there's no real parallel of containment for American business where an untold number of industries are being hit simultaneously with butterfly effects. Going out in every direction even pro sports in industry that usually prints money and it would be impossible to bail out without voter rebellion. It's not immune as some teams might soon lose the customer ticket revenue. They need to pay players. And that doesn't even account for all the stadium and arena workers whose hourly wages would disappear like in two thousand eight bailouts today would be no shore economic fix those who put together the plans back then. Weren't even sure it would work. Even though history's been fairly kind to them it's unclear. If today's policymakers in the White House or in Congress have the same sort of inclination or stomach for the fight in twenty seconds will go deeper with Jeff Stein White House economics reporter for the Washington Post. The first this bridge bank believes in the risk takers the game changers and the disrupters those committed to leveraging innovation to make the world a better place. That's why Bridge. Bank has been dedicated to providing financial solutions to sponsor backed emerging technology and growth companies for nearly two decades through its national network of banking teams and offices. Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely joined by Jeff Stein White House economics reporter with The Washington. Post if you watch kind of the roller coaster of the stock market's yesterday. It seemed that we woke up in the morning. Expecting there was going to be a plan then. There wasn't going to be a plan. Maybe there was going to be a plan but we went to sleep without a plan at least in terms of bailouts whether targeted or not is that a decent understanding of yesterday. And where do we stand now with the prospects of industries getting federal cash? It is all over the place for sure. The question about whether certain book at a bailout has gone a lot of attention because the industry groups and their lobbyists come hat in hand the White House and Congress inside where you're getting hammered and we need help right now are reporting suggests that the most likely form of bailout retake is for the government open up very low or zero interest loans that these companies would be expected to pay back and a later date so it wouldn't be just a direct cash subsidy for these firms but it would give them federal assistance to help them get through the short term problems. That's at least how they're phrasing it for now very possible. I think this is still early. But it's possible that the problems and something industries become so severe. The low interest loans are not enough to meet their church equity. Problems is one of the reasons why they're talking about low interest loans at least at first because that's the sort of thing that the administration via treasury could do kind of unilaterally wouldn't need to get permission from Congress which becomes just a harder thing to do you know a traditional bailout would need congressional approval about correct. It's understanding that Congress would be much more skeptical of giving billions of dollars directly to some of these industries just for our listeners awareness. The main industries were talking about or we broke last week that have been targeted by the White House for some form of federal help. The airlines the trial industry the cruise industry. And then we learn about a natural gas producers or gas basically the shale industry that has become a really Importing part of president. Trump's economic platform is the grossest shell companies that they may also be alive for some form of federal assistance. Now I just want to caution because I think people might hear no interest loans lower just as they hand back. What's the big deal and there is some truth to that but it is also the case that if you are Located worker and you get laid off or you don't have health insurance. There's no magic bank that more. Open Up to you where you can get money zero interest in this kind of crisis. So it really is still administration's Treasury Secretary Steve Mnuchin on the Hill Today. And he said we are not doing bailouts. And there's a semantic issue here because it is a form of federal assistance for a special industry I mean. Do you want to call that a ballot or not you? I don't want to necessarily in terms of public opinion though it's going to be considered a ballot just like what we saw with farmers during the the beginnings of the trade war with China it's going to be viewed as a bail out whether an economics textbook would consider it a bailout or not. Yeah the farm. Bill was a dramatic cash. Subsidy Twenty Eight Billion Dollars Jeff. Let me actually ask though about that. Despite what MNUCHIN SAYS THERE? Do you have an indication? Could you said early on that kind of the idea of doing? No interest loans or low interest loans might not be enough for some of these industries particularly say something like the cruise industry which is getting absolutely decimated despite what manage and says is there a recognition of that inside the White House and if so is there a belief that actual quote unquote bailouts are going to ultimately if not be needed at least be something that the administration fights to get figuring question. I think they're not very at. It's probably what I would say spoil see what happens. My guess. Is that the only start with the more modest measure and then see what happens by the White House. Going to let American Airlines fail. Go bankrupt. Are They GonNa let United go under via some questions that they're starting to think through and I don't think you need to have you know the most amazing sourcing in the White House to know that that's the possibility that they're scared by. Fear crude in the long term the airlines as of this moment aren't asking for help release generally aren't asking for help and it's a little bit reminiscent of some of the Wall Street banks back no eight. Who weren't asking for help but we're kind of forced to take help. What lessons if any should we be taking from the financial crisis and the bailouts of Oh eight compared to this is obviously much broader in terms of the sectors hitting hell? We've talked about Shale. We've talked about travel you know. Professional Sports is potentially about to get decimated. It's a wider range of consumer facing companies. But what lessons if any can we take from what was done in a way? One lesson from our eight is the political blowback from working with industries that have been affected wall. Tens of millions of Americans suffer can be immense. The Wall Street bailout has fundamentally reshape American politics really ever since I mean look at president trump or Republican. His campaign is all about attacks on and Goldman Sachs and other Wall Street banks that received bailout money and I don't know if our politics will be shaped by you know balance for the crews and travel industry but it seems very possible that the public fears over that although the public wasn't upset about the auto bailouts right because it seems to be the difference in even though auto executives make as much as Wall Street executives. It's kind of a perception thing. We don't like those folks and also there was a feeling. I guess that Wall Street caused the financial crisis whereas the auto companies didn't in this case. I don't think there's many people who feel Delta United Carnival is caused this. Yeah that's a really good point. But it's also the case that the financial crisis happened as America was entering of countrywide crisis and recession where millions of people getting hurt. The auto bailout is more in the category of something that happened. Wall things were starting to look onto. The hunting was starting to recover. This is happening again when the entire economy is appears to be at risk and crucial point that I think I wanNA emphasize is the short term. Help can be provided to these. Industries that are affected is really small compared to the impact that these industries we'll see if administration can successfully execute public health response. That is really the key here. Until people feel safe and so the viruses relatively contained industries are have no recourse and so we can talk about what kinds of loans they might receive kind of federal intervention. But the key for them to recover is for administration to get a handle on preventing these cases from spiraling out of control of that is a good note to end on time. The Washington Post. Thank you so much for joining us. Thanks for having me my final to read after this. The Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks financial solutions are designed for the entire innovation ecosystem and include creative credit solutions robust treasury and cash management capabilities and. He's sweet of international banking products. Bridge Bank is a division of Western Alliance Bank be bold venture wisely now. My final two and first step is something called the earned. Act A bipartisan Senate. Bill aimed at fighting online sexual exploitation of kids. That's obviously a goal. Everyone can get behind but the legislation itself has become very controversial in tech circles because it could at least in theory be used as a wedge for law enforcement to gain access to encrypted systems thus threatening user privacy. There's also an argument that it could be used to effectively require tech companies to earn liability protections that they already have which might have the unintended consequence of making it harder for those tech companies to fight child exploitation. Now all of this will get discussed today. The Senate Judiciary Committee hearing were online. Dating Company Match Group will become the first tech company to formally endorsed the earn act and in so doing break with the largest Internet Trade Association and finally today the latest in Corona virus consequences is that many large universities are basically telling their students not to bother coming back from spring break for example both Harvard and Mit yesterday informed. Undergrad that the dorms had houses will basically be closed. After this Sunday with the rest of the semester to be taught online this is in short a logistical and financial nightmare. For many some students can't afford to go home or don't have safe homes to go to others are on work study programs that fund their tuition and they're few answers so far on what they're supposed to do to make up that difference and that doesn't even begin to address all of the jobs this throws into question both on-campus workers like dining hall staff or the restaurants and other small businesses that rely almost exclusively on the campuses again. This is probably the right thing for the schools to do. But that doesn't make it any easier for everyone else and we're done big. Thanks for listening producers. Tim Chauffeur's Naomi. Shaven have a great national oatmeal not Waffles Day. And we'll be back tomorrow with another pro rata podcasts..

White House Congress Bridge Bank America Bill president Western Alliance Bank Bridge B Jeff Stein The Washington Post China Senate Judiciary Committee Trump treasury reporter American Airlines Goldman Sachs
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

11:10 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Google search results in how our political differences affect our views on corona virus but first challenging one of the biggest stunners of the two thousand eighteen off year election cycle was the success of Alexandria Akhazia. Cortez who used her social media skills and progressive politics to knock off veteran Democrat and Pelosi Pal. Joseph Crowley since then has become one of the Democratic Party's highest profile congresspeople. Let alone freshman and the leading force behind. What's known as the green new deal? Now it's almost impossible to imagine losing this November to a Republican but she did recently get a notable challenger in the Democratic primary MCC or Michelle Caruso Cabrera a longtime anchor with business cable network CNBC. What's perhaps most interesting about? Cabrera is that while she shares sees working class roots. She has a very very different economic philosophy. More Reagan Than Bernie Sanders less government. Not MORE THE QUESTION. Therefore is if a self-described centrist like. Mcc can stunned everyone by taking out the left leading light just like Alexandria. Cosio CORTEZ TOOK OUT JOE. Crowley two years ago. We'll go deeper in twenty seconds with Michelle Caruso Cabrera. The first this bridge bank believes in the risk takers the game changers and disrupters those committed to leveraging innovation to make the world a better place. That's why Bridge. Bank has been dedicated to providing financial solutions to sponsor backed emerging technology in growth companies for nearly two decades through its national network of banking teams and offices. Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by Michelle Caruso Cabrera candidate for New York's Fourteenth Congressional district so Michelle. Let's just start with a little bit of background here. Have you always in your mind toyed with the idea of running for public office and if not why now no actually? It was a new idea to me in the last couple of years and I did it because I am the daughter and the granddaughter of immigrants and I lived the American Dream. I believe in it and so do the people living in the Bronx and Queens and I saw that. They were being robbed representative. That doesn't care about them. She's never here she's taping. Tv shows in Hollywood. She's campaigning for candidates. In other parts of the country that have nothing to do with her district of People. Here are paying her salary. More than a hundred and seventy thousand dollars and income level likely never going to see in their entire lives and they need someone who cares about them when you say she doesn't care about them. She's obviously his living district for years. Obviously true spend more time in Washington but that's true of every congress person that would be true if you to if you want correct. I would be coming home every weekend. She's instead taping shows in Hollywood. She's out campaigning. For people who have nothing to do with the district. I would come home when I go out and meet with people here. They tell me they never see her and what they find ironic about that. Is She campaign that she was always going to be here? She wants to be a national star. She wants to lead National Movement. I don't want to be a national star. I want to be a representative to the people the Bronx and Queens. She's always talking about a revolution and you know what that means. That means. She spent her weakened in Michigan for example campaigning for Bernie rather than spending time with the people who elected her. It's not right. How long have you lived back in the Bronx? Obviously I know when you were. Cnbc guys were mostly taping in New Jersey or Manhattan. How long have you actually back in the district? I've been a New Yorker for nearly twenty years. I'm I live in Queens by the way sunnyside Queens. Which is this is a if you looked at the nappy lasted you know gerrymandering. The flesh part of it is the bronx part of it is queens and let me tell you how much I know about the Bronx. Queens is spending an enormous amount of time with the people here and they tell me. They want a representative. Who CARES ABOUT JOBS? That is the difference between she and I. It's crazy right you think. Oh every politician campaigns on jobs. She campaigns bragging that she drove jobs away when she drove out Amazon. And Twenty five thousand jobs to be fair. She didn't drive out Amazon's. Jeff bezos Drought Amazon. She wasn't on the board that basically opposed sheep opposed it but she doesn't deserve responsibility or credit for that really but she takes credit or she bragged about it. She is impressed that that happened. And she's glad about it and the people here are angry about it. I talked to business owners and you know what they want. They want more jobs. The reason they want more jobs is it brings more customers restaurant owners. One particular says to me. I thought there was going to be a boom. I was GONNA hire kitchen staff. I was going to hire waitresses and instead nothing because she's proud of the fact that Amazon left she sets a tone that says no. We don't want jobs and the people here they want jobs. Maybe shouldn't take economics one on one. I don't know speaking of economics and you're kind of general views of government when you announced that you were getting into this race. Gut Reaction was She's running as a Democrat. And that surprised me watched you over the years and I have I get the general sense that you are for the most part directionally kind of less government. A little. Bit More Libertarian. Certainly much more so than typical Democrat. You had a book which the foreword was written by Larry. Cudlow you cited. Ronald Reagan's your favorite president. Can you talk to me a bit about how you reconcile those things with running in the Democratic primary? There's nothing to reconcile. I'm a centrist. There was a time of great posperity under Reagan. Under Clinton who brought many jobs President Barack Obama who brought many many jobs back to the country after the financial crisis. I care about jobs if bipartisan shaped on making it a partisan issue as you say Clinton Obama also presided over job. Growth Trump has as well. Why site Reagan is your favorite of all of them. It was time of tremendous job growth and I was a young child at the time and that was a great time for my parents when their economics improve and children under Bill Clinton would feel the same way and children under Barack Obama as well would feel the same way. It's important that people's paychecks can pay for the roof over their head for their children's schooling for their food to know that they're safe to be able to afford to buy a home you know. She voted against New Yorkers being able to deduct their state and local income taxes. This is an area full of new homeowners who've come from other countries who have achieved what they believe is the American dream. Find the home and now it's become much tougher to afford that home because they no longer deduct state and local income taxes that was part the big tax cut. Would you have voted against the broader tax cut package? She had a chance to vote. To let New Yorkers deduct their state and local income taxes. Shane voted against it wrong. Did you support or oppose trump tax? Cut Package which was for both corporations and individuals but that was where the salt exemption disappeared in the first place. Would you voted against that? Where you in Congress? I wouldn't vote to raise taxes on New Yorkers ever and that's what happened with that boat. New Yorkers are getting crushed by taxes and that vote hurt them when you think about the district and the politics of the district. Do you believe you can get the votes of those who supported Alexander? Cosio Cortez specifically when you think about a lot of what she talked about for example Medicare for all etc. Are you aiming at those voters or do you feel politically for you? Those are a lost cause. And you're going for the other folks Medicare for all drives voters to me. They drove her to her. Because I mean Crowley was more of a centrist. Obviously than she was and he lost Medicare for all is about taking health insurance away. Some people it's about taking health insurance away from union members it's about taking it away from roughly one hundred eighty million. Americans in this country who have health insurance that they'd get through their work that they are pretty much satisfied with Barack. Obama had a much better approach instead of blowing up the whole system. Let's focus on the areas that aren't working and work on delivering health insurance to people who don't have it the Medicaid expansion for example which has worked well here in New York City when people listen to Medicare for all they get very nervous about it and they bring it up with me. They don't like it. That is an issue that is going to drive voters toward me and away from her going back to being. Democrat you referred to yourself as a centrist within that centrist. Why do you identify more as a Democrat than as a Republican Savas? Theoretically centrists could be either one I have been pro choice pro same sex marriage pro immigrant all my life. Does that sound like the current Republican Party. It doesn't which brings me to my final question which is have you or are you endorsing anybody for president. At this moment I am not endorsing anyone for president. At this moment I will say I'm going to support the Democratic nominee and it's going to be Joe Biden. Michelle Caruso Cabrera. Thank you very much for joining us and good luck out there on the trail. Thank you my final two right. After this. The Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies. Bridge Banks. Financial solutions are designed for the entire innovation ecosystem and include creative credit solutions robust treasury and cash management capabilities and. He's sweet of international banking products. Bridge Bank is a division of Western Alliance Bank be bold venture wisely now for my final two and I up as an effort by two senators one Democrat and one Republican to get the Justice Department to review Google search business. Not just it's advertising business. This comes ahead of a Senate hearing today over. How digital platforms may favour themselves over rivals? Remember the DOJ is already investigating Google for its advertising operations but the Senators Josh. Holly of Missouri and Richard Blumenthal of Connecticut argue that Google search deserve scrutiny as well and expect them to get some backup during today's hearing from yelp executive luther low who will testify that Google has biased its search results favorites own products to the detriment of Yelp and consumers and finally in the latest example of polarization nation. Your view on the seriousness of corona virus is apparently influenced by your political identity. According to a pair of polls one from Quinnipiac University and another from survey monkey so quinnipiac vines sixty eight percent of Democrats are very or somewhat concerned about corona virus versus just thirty five percent of Republicans moreover eighty seven percent of Republicans approve of how Donald Trump is handling the virus while eighty three percent of Democrats disapprove. One reason for the split might be how each party views news media trustworthiness survey monkey finds nearly two thirds of Republicans. Think that we in the press are exaggerating the seriousness of Cova nineteen versus just thirty one percents of Democrats independence in that poll. Coming closer to the Democrats with only thirty five percent feeling that reports are being overstated it is worth noting however that corona virus itself could care less. What your political views are. And we're done big. Thanks for listening. It's my producers. Tim Chauffeur's Naomi. Shaven have a great National Mario Day. And Yeah that'd be Mario as in Luigi brother and we'll be back tomorrow with another pro rata podcast..

Michelle Caruso Cabrera Queens Ronald Reagan Google Clinton Obama president Bridge Bank Cosio CORTEZ Joseph Crowley Amazon Medicare representative CNBC Bernie Sanders MCC New York City Hollywood
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

09:07 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"The Game Changers disrupters those committed to leveraging innovation to make the world a better place. That's why Bridge. Bank has been dedicated to providing financial solutions to sponsor backed emerging technology and growth companies for nearly two decades through its national network of banking teams and offices. Like bridge. Bank is a division of Western Alliance Bank Bridge. Bank be bold venture wisely. We're joined now by Mike. Isaac New York Times Tech Reporter and author super pumped the battle for Uber there. Lots of companies out there from UBER TO AMAZON WITH FLEX ETC. Is Their Company your perspective that so far is kind of taking the lead when it comes to respond corona virus. Yeah Hoover was not the company to create the ten ninety nine the contract labor. But I think they've become sort of synonymous with the game economy and I think they realized that because immediately when folks started saying you know how is corona virus start affecting our labor force? They have actually been the ones to say. Okay we're GONNA think through some of the ways that folks can deal with this and so at least a on. Friday talked to a few people over there. And they said they were thinking through how they're gonNA deal with. How people are quarantined. Their drivers GonNa react and just that evening. They said they're actually going to start. Paying folks based on a few limitations that they're actually held for period of fourteen days and they're still working through the details. Correct me if I'm wrong here. So this is a very limited number of you have to either be diagnosed with corona virus. Or You need to be under quarantine but even that small number of people. If an uber driver qualifies they still don't get medical benefits remover right. They're still paying any potential medical costs out of pocket. Full beyond being you know very scary thing really lays clear the difference between what it means to have a fulltime job and what it means to be a contract worker and as soon something sort of devastating happens to the economy happens to out people get around and have happens to this sort of as. Koya put it recently. These Black Swan that we can account for does that affect your job and for hundreds of thousands of people it might mean not being able to drive anyone for a long period of time and so we were really has to grapple with not only the bad pr around that but how this is just work out for their business in housing to work out for the people that rely on Uber. As regularly we hear lift is following a similar policy. The quarantine part is that required quarantine in other words. Somebody basically needs either a doctor's note that have been told by local. That are being quarantined. And I asked that Mike in Comparison to for example. If you were I wake up with a fever and a cough. We've been told. Don't go outside. That's a self quarantine. I assume those people don't count right so those people are forced to either work and thus put themselves and others at risk or not working not get paid. Yeah that's right so a few things when I asked about it last week. It seems like to me. They don't quite fully have all the details works out you know. I asked how much these people paid. It's not quite sure. Is there going to be a sixth amount is going to vary by market so I think they really realize that the questions were coming hard and fast they had to put something out there and to be fair to them? There's just as much sort of confusion at the very top of the country coming around and what people should do depending on whether you listen to trump for the CDC at a given moment so think a lot of companies are trying to take cues from. How their official is supposed to ask but at the same time figuring out as they go along and so you know this is kind of a band aid in some ways but I imagine in the coming days though actually give us more details around who can help and it probably is not going to be an enormous number at least right off the bat any information yet. Any quantitative information yet on what the corona virus spread has done in terms of Gig economy usage and and particularly of Ryedale in other words are fewer people getting googlers and lifts. I haven't seen any raw numbers out there yet. And the companies are being very tight lipped with policies affecting them but I have been sort of doing some reporting and it's sort of very on the one hand last week I talked to someone who's connected to Jordache who said that door to ask. Orders are going through the roof. Well SOME PEOPLE. Don't WanNa go supermarket. Don't WanNa go to a restaurant or and self quarantine exactly and again this points out the the sort of despair you can afford one hundred dollars door to Asheville it or whatever. It cost you to get dinner that night you can do that. You know and won't WanNa go outside of your house but I can't afford it. It's going to be the Christian driving your house and sort of risking their necks to do that. So there's companies like that that apparently soon be affected. Positively initially were. I had heard you know there were a number of ride-sharing up just because again this is affecting public transit and how close people view each other but I think over time. I think they don't WanNa get too optimistic about that. Because if people are told to them stop going to work stop throwing out of the House or whatever that that members go down so. They're being very careful with how they're sharing. This is gonNA affect the but I will say on the next Earnings or whatever very curious they say the line that I've been hearing a lot of these For these companies you know the unknown impact. Ric rotavirus potentially affect future earnings. So I guess watching out and justice supposedly well let me ask about the future earnings and circle back to where we started to end this. Which from your perspective which is all sorts of things well beyond companies like UBER LIFTING DOOR DASH? But do you think is this ultimately going to prove the tipping point when it comes to the Labor fight because these companies are going to have to make a decision essentially on whether these people are legally employees or not or how they turn them they're gonNA either have to give them the benefits of being employees or not and they're going to have to make that decision soon of everything that we've seen over the past ten fifteen years in history and the companies that have proliferated since them? This seems like the most clear-cut explanation of how these people different from fulltime employees at the end of the day. You don't have medical benefits. You don't have some very clear. Protections that full time employees do you don't think they're going to get some of those that the companies and maybe they financially just can't neither uber lift makes any money from a profit perspective. You don't think they're going to alter that in order to essentially save their workforce potentially. I don't know if it to financially devastating for them to flip it entirely but I do think the thing that I've been thinking for a while is like they will get some sort of compromise or middle ground. Uber's kind of pushing behind the scenes like a sort of hybrid not quite employees but not completely protection was ten ninety nine worker and they're still kind of pushing that in this fight that they're doing in California with maybe five so perhaps we get at least closer to that. It's not the whole hog and I still pepper be able to treat laborers as employees just because of the nature of their business. I do think this will push at least in my closer. Thank you Mike. Isaac New York Times Tech Reporter and author of Super Pump. The battle for Uber which you can get on Amazon and if they still exist bookstores my final. Two right after this. The Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks. Financial solutions are designed for the entire innovation ecosystem and include creative credit solutions robust treasury and cash management capabilities and a suite of international banking products bridge. Bank division of Western Alliance Bank be bold venture wisely now ever my final two and first of his twitter which for the first time ever has applied a manipulated media tagged to tweet something recently pledged to do in an effort to fight. Miss Information and equal. No it was applied to tweet. I shared by White House social media. Guru Dansk Gavino which was then re tweeted by president. Trump at issue is selective editing of Saturday speech by Joe Biden in which he said we can only re elect Donald Trump and quote for. At least you'd think that's the end of the quote if you only follow president trump on twitter. Biden's full statement was actually quote we can only re elect Donald Trump. If in fact we get engaged in this circular firing squad here. It's got to be a positive campaign and quote so Kudos to twitter for trying to counter this blatant misinformation criticism to trump for deceiving people and a caveat since twitter only acted after the video had been viewed more than five million times and finally yet another item related to twitter CEO. Jack Dorsey is sticking around the company. This morning disclosed a ceasefire with activist investor Elliott Associates. Which have been arguing. Twitter requires a full-time. Co or more specifically a CEO. Who doesn't spend half of his time running payment company square and possibly half as year exploring new technologies in Africa. Now Elliott doesn't appear to have gotten any of what it wanted in terms of Dorsey focus in time but it did convince twitter to initiate a two billion dollars stock buyback take a one billion dollar investment from private equity firm. Silverlake and named three new board directors including one from Elliot. The bottom line here is that this is the second time in two thousand twenty where Elliott has pushed for a big name. Ceo to go. The I was. At and T.'s. Randal Stevenson. But we're Elliott ultimately got other concessions. That might have been what it really wanted all along. You know. Short term moves that improve the stock price and were done big. Thanks for listening to my producer. Tim Chauffeur's Naomi Shaven have a great national napping day. And we'll be back tomorrow with another pro rata podcast..

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"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

09:42 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Where we take ten minutes to get you smarter on the Clinton of Tech Business Politics presented by Bridge Bank people old venture wisely. I'm Debra Mark Today show. Why Amazon didn't go green and moved to band government employees from using tick tock but I the corona virus economy. So we're taping this on Thursday morning and as of this moment there are one hundred twenty nine confirmed corona virus cases in the US including a new batch in California related to a cruise ship. Globally the figure is over ninety five hundred infections and nearly thirty three hundred deaths. It is short a worldwide crisis medical facilities in certain areas are already overwhelmed and the US hospital infrastructure simply doesn't have the bed space it would need where we face anything like what. Atlanta Rana faced all sorts of businesses have curtailed travel supply. Chains ARE UNDER SIEGE. And just yesterday Microsoft told people in its headquarters. They work from home for the next few weeks. The Olympics are in doubt and you even have to wonder how. Us election officials would handle voter reticence to visit crowding polling places this November amidst all of it though there are the beginnings of what might be dubbed the Corona virus economy remote work software companies for example report rising usage shares of connected by company peleton briefly spiked this week on investor. Thinking that people will be scared away from gyms and last week clorox was one of just seven s and p five hundred companies to gain value. And the next piece of all. This could be technology particularly robotics and drones. That could help. Do everything from disinfect airplanes and hospital beds to deliver vaccines to remote areas will dig deeper into those possibilities. And Twenty seconds with Axial Joann Muller the first this the Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners and their portfolio companies bridge banks financial solutions are designed for the entire innovation ecosystem. Me With our team. At this year's Women's Private Equity Summit in Dana Point California March eleventh through the Thirteenth Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by actually this. Is Joanne Muller so Joanne? Let's start before we get specifically to corona virus. How right now do hospitals and other medical facilities currently use say robots to kill pathogens? That could cause other infections. Yes Oh there's actually a company of vinexpo which is using ultraviolet rays in a robot they can We'll this thing into a room like an operating room or some other area where someone may be had Mersa or another infection like that and They leave the room. The king goes on and So did the hat pops up and it. It emits this ultraviolet light and that kills most of the germs and bacteria that you would fear in the hospital also UV robot. That does kind of the same thing on airplanes. Right there are trying to. There's a really interesting company out of La. That's been for five years. It's been trying to market this airlines and Really wasn't a whole lot of traction until corona virus popped up now. Says he's getting quite a lot of incoming calls. It does basically the same thing so basically. Nobody's on the plane. You will this thing in or you don't feel it in itself in and it goes up and down the aisle and it disinfects the plane. Yeah exactly if this company decided to offer its robots for free to all the planes coming into lax from China and they got about twelve planes done until the president. You Know Nick. Stahl travel from China so that foul part but they still have a lot of people airlines at least asking them for meetings now to find out more. At both of those cases the machines still have to be tested to be sure they kill corona virus. But we do know. There's a robot called VICI RIGHT. Which is kind of like an ipad on wheels and doctors have actually used that not to disinfect for Corona Burr disaffected rooms for corona but to actually interact with corona patients. Or at least the first one right. This is actually technology. That's coming on line in a lot of places where there just aren't enough doctors to see all the patients right. So this hospital in Everett Washington was able to use this. It's sort of like a doctor on a stick right so it rolls into the room and the doctors faces on the tablet and they can Apparently they can have some some ways to take the patients temperatures well and you know do some basic stuff to kind of take their vitals but mostly it's Detroit to assess the patient from a distance. Let me ask you often for areas. That don't have doctors but it also sounds like for example at a hospital in Everett Washington clearly doctors and the hospital. That's really to protect the medical professionals right. Because we've seen both here in China and elsewhere that when you look at infections. Medical professionals have been getting infected. A lot with this some of died right and that's exactly what's going on a lot of it started back with. Bola you know in two thousand fourteen. This is when robotics first started thinking about. How can we protect our medical personnel and yet still provide the care that they need and so they began to look at different kinds of robots? Different ways that you could at least handle some of the chores that happen in a hospital maybe not the personal care but minimize the other number of people that are going in and out of a room or a case of Ebola in Africa and speaking of Africa or say other remote areas including inside the. Us There's this company called ZIP line. Which specific mostly works in Africa but their job they use unmanned drones to make deliveries of blood and medical supplies for example in Rwanda. Is there a sense right now? The drones weather zip line or other companies could get used to for example. Deliver vaccines if we get to a point where there is a vaccine for corona virus. Yeah I think that could definitely happen. One big problem though. Is that right now? The FAA doesn't allow drones to fly except within sight of Of the operator you don't let them fly over populated areas and stuff like that so it just so happens that the FAA right now is in the midst of trying to re think its regulations on drones and figure out how to deploy them safely. But you could imagine maybe that in a year or two. Let's say if these regulations are approved that would allow drones to fly outside at the site. Operator you could set up these little distribution centers kind of like a Walmart or an Amazon distribution center and you could fly virus vaccines directly to the places where the hot spots are and it's a lot easier than just spreading the vaccine everywhere and some people don't need it but you could get it to the places that do need it. Little distribution centers may be run by robots. Let me ask the obvious question here though which is kind of the fear you write that. There's a temptation during humanitarian crises. Rush new technology to the scene. We clearly here people even on the medical side and president trump for short almost seems to want to Russia vaccine even though it needs at least a year to test and distribute. Can you talk a bit about that? Is the fear of kind of over technologic sizing. That's not a word but we're GONNA pretend it is this crisis. Is that a real fear here. I mean I think. In general there's a feeling Can do out of that technology to solve it all and so well meaning companies. Who are you know? Call themselves humanitarian. They want to get their technology out as fast as possible. And the robot to the rescue right but we shouldn't cut corners or ben the regulations to try to make that happen until we know. We're not making this situation worse. Joel Muller Vaccines. Thank you so much for joining us. My final two right after this. The Equity Fund Resource Group at Bridge Bank is a central hub for the venture capital and private equity communities leveraging nearly two decades of expertise delivering solutions to emerging technology and Growth Companies Bridge Bank. Now offer services for funds. Spic's and general partners including creative credit solutions robust treasury management capabilities and a suite of International Banking Services Bridge Bank. A division of Western Alliance Bank be bold venture wisely that was my final two and first of his the conflict between one to fight climate change and wanting your packages delivered as soon as possible. Bloomberg's that with a new report about how the team behind Amazon prime twice considered asking shoppers to consider the environment. While checking out specifically it would have created a green shopping option whereby the delivery time might have been slightly slower but Amazon would have been able to pack the trucks more densely thus reducing fuel use and vehicle emissions but Amazon which has publicly pledged to be net zero carbon by two thousand. Forty did not adopt the plan. Either time it was considered in part Bloomberg reports because of fears that users would hesitate before clicking the buy now button and finally Missouri. Senator Josh Hawley. Yesterday said the hill soon introduce a bill to ban federal employees from using tick talk on government devices saying it's necessary to protect national security and all of our data security for Holly. This is his latest effort to rein in big tax despite his past financial backing from facebook. Director Peter Thiel but actually this is daily reports. The real story here. Isn't this specific bill. It's the tech companies. Us and Chinese are becoming proxies for policy fights between DC invasion. Not just tick Tock and China but also wall way drone maker Degi while the US all sorts of chipmakers. Ironically though Daley also notes that it might be corona virus not regulations that end up really teaching America. The most about what it would mean to decouple from Chinese technology. And we're done big. Thanks for listening to my producers Tim show over and they omit shaven have a great national cheese doodle day. And we'll be back on Monday with another pro rata podcasts..

Amazon Bridge Bank US China Western Alliance Bank Bridge B Thirteenth Bridge Bank president Corona Burr Africa Microsoft Olympics International Banking Services Joanne Muller FAA Debra Mark Atlanta Rana California Everett Washington
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

11:20 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"Wisely I'm Debra Mark on today's show Robin Hood becomes a target and the next front in Washington's against big tech but I that should have been the theme song for Michael Bloomberg's campaign which formally ended this morning. After the former New York City. Mayor failed to win a single one of the fourteen states. That voted yesterday during Super Tuesday. Yeah he got American Samoa and some delegates here and there but the upshot is that as I record this. Bloomberg is preparing to publicly. Explain why he's endorsing Joe Biden for president. Why it matters is that Bloomberg's campaign proves you cannot buy elections. You just can't money can and certainly does help you win elections. But it can't be the primary force now. The numbers here are just staggering. Bloomberg's estimated to spent around six hundred million dollars on his campaign over what was really just around one hundred days for context. Donald Trump's entire two thousand sixteen campaign primaries in general included are estimated to have spent less than four hundred million dollars now Bloomberg has pledged to direct his massive machine to support the eventual nominee. Whether Biden Sanders although it looks like Biden will be the initial beneficiary. The questions now are exactly how that will work. And what future campaigns will learn from Bloomberg's failure? We'll discuss all that and more in fifteen seconds with axios Co founder Mike Allen the first this the Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks financial solutions are designed for the entire innovation ecosystem. Me With our team. At this year's Women's Private Equity Summit in Dana Point California March eleventh through the Thirteenth Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by CO founder Mike Allen as of last check Michael Bloomberg had gotten about one point six million votes yesterday which means that he spent around three hundred sixty. Five dollars per voter in political terms. Is that kind of the worst bargain. We have ever from a presidential candidate yet. The worst in history. We calculated that no one has ever spent more in politics to get less so not a single state. Mike Bloomberg has the mighty American Samoa to show for the five hundred sixty six million half billion that he spent on ads two hundred million that he spent on Super Tuesday states. Why does it matter? We've learned that you can buy yourself into the top tier you can buy yourself name recognition attention. What you cannot buy is a connection with the American people. You can't buy a personality for debate. You cannot buy a connection a fever that will make people want to go out and vote for you to take a chance on you. You've been covering politics for. Weil is partially the rise of Social Media. In the sense of maybe twenty years ago being able to dominate paid advertising particularly on broadcast television and cable television would have mattered so much more than than it does now when so many of us are getting our news via facebook and twitter and kind of so-called earned media now. I think that that is a great point and what we saw with. His ads was an effort to emulate the trump magic so one of the trump precepts is that if people see everywhere they take you more seriously that gives you a validity credibility a possibility and we saw that in eighties all the time. The president was coming up in New York. We saw that with the apprentice which was so popular on NBC in Middle America. So trump had a ubiquity that helped him and the Bloomberg campaign said well. What's by that will buy up all these ads? We'll be everywhere especially on. Nfl Games right because live. Sports is one of the last things that we watch in real time so regional. Nfl National NFL Bloomberg was everywhere infect of Funny Story to visit the Bloomberg Campaign headquarters in Times Square and I was walking through their offices and every campaign has the. Tv's tuned to Cable News Right. It took me a second to realize these weren't turned to cable news because they were endless loops of Mike Bloomberg ads. And that's what cable news seem to look like these days Farren Very Fair Mike Mystic Back. From It you know. There was a perception when Mike Bloomberg got into the race which was two days after Duval Patrick and Bloomberg do better than him but there was a perception at least that they had both gotten in in part because they've kind of gotten the blessing of Barack Obama who is concerned about Joe Biden and felt there had to be an alternative a viable alternative to Bernie Sanders so if Bloomberg was wrong was Obama. Also wrong I don't know about Obama but what I can tell. You is the Bloomberg for sure thought. That Biden was failing. He had promised off-camera probably to Biden. He'd definitely indicated to Biden that he would not get in as long as Biden was viable. And so when I did an interview with Vice President Biden for axios on. Hbo In Storm. Lake Iowa. Before the caucuses I said how does it make you feel the Mike Bloomberg by getting in is saying that you're not bubble? It was one of many bets the Bloomberg made the wasn't right and we ticked them off in axios today. He fought Biden was toes. That clearly was not true. He thought Democrats would say okay. The most important thing is beating trump stuck to that as message all be seen as the electable one not true. He said well. Can I BUY SUPPORT WITH TV? Ads and avoid tough interviews turned out to be an epoch miscalculation because right then he turned out to be fine in interviews. He actually did well in his interviews was in the debate where he was terrible. Done more interviews. If he'd been out there getting wraps getting little batting practice he might have felt more comfortable and to the very end of so surprised he definitely I think said the inside voice part out loud. When yesterday he said to our reporter Elena Trine and others when they were traveling in Florida. He said that the only way that he could win would be a brokered or contested convention. That is someone goes into the convention with a plurality of delegates but not a mathematical or majority then it turns to wheeling and dealing as my mother would say and Bloomberg who had all these connections to mayors governors local officials might have an advantage over Bernie Biden might have an advantage over burned because of the Obama Biden Machine. Once again a bet that turned out to be totally wrong. I assure is great company. Do not go to Vegas with him. Bloomberg had pledged weeks ago. If he were not to win the nomination that he was gonna put all of his resources including his team who has promised to pay through the end of the year toward whoever that nominee was even if it were Bernie Sanders? He's today endorsing Joe Biden. How would it actually work? Give any sense of the mechanics. How does Mike Bloomberg put his resources toward the Biden campaign? The Bloomberg machine has a Bloomberg machine that was built for the midterm elections. They figured out how to target key district and very successful unhelpful to house. Democrats in two thousand eighteen. I suspect that it takes a little bit. That form. One thing been a little bit kind of misreported. I wouldn't say all the resources. He will put resources to it if for him. I think it's fair to assume that he would spend more. And there was some debate about Senator Sanders would even accept his resource and I think he might be happy to have him not accept that but assuming it's Biden and we're not perfect the galaxies of this because as you know that it's very technical what you can do four a campaign right. He can't just send him a check for two hundred million dollars. Yeah so I suspect that this will be a shadow parallel. Dnc essentially that is controlled by Bloomberg forces that Bloomberg gets credit for. And we're job. One is how Democrats probably job to Senate Democrats. Maybe job three is Democratic president. And they'll say jobs one through three is replacing trump. They all speak to each other right absolutely and the first lesson is money. Can't buy you elections lesson number. Two probably will be some sort of campaign finance law which comes out of whatever the hell happens over the next six months with Bloomberg and Biden. We've talked from the beginning about this. As a great political science experiment people have talked in the abstract forever about whether you could buy an election and ten twelve years or more the Bloomberg people in particular have been talking about. What could you do this so exactly? What the money did what the shortfalls were like. What the how could have been redirected or what the rudes? Now take him where we'll be fascinating field of study and will be way way way way way way over examined Mike Allen who every morning rights axios. Am newsletter which you can get it signed up. Dot AXIOS DOT COM. Thanks so much joining. Thank you my final two right after this. The Equity Fund Resource Group at Bridge. Bank is a central hub for the venture capital and private equity communities leveraging nearly two decades of expertise delivering solutions to emerging technology and Growth Companies Bridge Bank now offers services for funds. Spic's and general partners including creative credit solutions robust treasury management capabilities and a suite of International Banking Services Bridge Bank. A division of Western Alliance Bank be bold venture wisely. Now it's time for my final two and first of his Robin Hood the popular no fee stock trading APP. That is having a terrible horrible. No good very bad week in case you missed it. Robinhood basically crashed on Monday. Meaning that it's ten million or so users were completely unable to trade. During what became the Dow's single biggest point gain in history? It also was down for the first two hours of trading yesterday but the company subsequently issuing a general explanation about how it system was unable to handle massive market volatility in concert with a surge in trading volume and new sign ups no explicit apology nor promise for third party audit nor promise that it won't happen again. Why this matters for the company is twofold first. Robin Hood is almost certain to face lawsuits. Anyone who tried to log in on Monday. We'll be able to claim that they were denied. The ability to make lots of money to Robin Hood is arguably responsible for all of its older. Stodgy your peers. Moving into the no fee trading space. This has contributed some pretty major consolidation. Like Charles Schwab agreeing to buy. Td Ameritrade and Morgan Stanley agreeing to buy E. trade speculation. Was that Robin Hood. Which venture capitalists most recently valued at seven point six billion would be the next company to get takeover offers but now that would almost certainly be on hold and finally DC lawmakers are turning their attention to the proliferation of counterfeit goods being sold online including via big platforms like Amazon actresses? Margaret Harding McGill reports. Two House committees. Raise the issue this week with leaders of the House. Judiciary Committee introducing a bipartisan bill. That could hold online marketplaces responsible for trademark infringement and specifically in that bill at issue are goods with health or safety risks which typically are products that get sold by third parties the bottom line. This is another front in Washington's efforts to rein in big tech and we're done vic thanks for listening to my producers. Tim Show Naomi. Shaven have a great national pound cake day. And we'll be back tomorrow with another pro rata podcast..

Bloomberg Michael Bloomberg Vice President Biden Senator Sanders Robin Hood Donald Trump Biden president American Samoa Obama Biden Machine axios Mike Allen Bernie Biden New York City Washington Western Alliance Bank Bridge B Nfl Barack Obama Dana Point California
"western alliance bank bridge bank" Discussed on Pro Rata

Pro Rata

11:03 min | 9 months ago

"western alliance bank bridge bank" Discussed on Pro Rata

"I'm Denver Mac. Show how to measure sports and the future of conferences in the age of Corona virus. But I facebook the inside story. That's title of a new book by veteran tech reporter Steven Levy whose prior book chronicled the founding and growth of Google Levy. Got Pretty extraordinary access from a group of usually buttoned up executives and comes away with a portrait of a company that's often at odds with itself or at least one in which the mission regularly runs roughshod over those trying to mitigate it's more thorny consequences why it matters particularly today. Super Tuesday is that facebook has become the primary news source for Americans. It's also the central for much of our personal information and one of the few large tech companies that still run almost unilaterally by its primary founder. The future facebook is arguably the future of America. And we'll go deeper into that future in fifteen seconds with author Steven Levy but first this the Equity Fund Resources Group at Bridge Bank is a central hub for the venture capital and private equity communities offering banking services for funds partners in their portfolio companies bridge banks financial solutions are designed for the entire innovation ecosystem. Me With our team. At this year's Women's Private Equity Summit in Dana Point California March eleventh through the Thirteenth Bridge Bank is a division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by Steven. Levy editor at large wired and author of facebook. The inside story so Stephen. Let's start with the access question here. Talk early in the book on how it took a while for you to be able to convince facebook to give you kind of this. Unprecedented access into the company. Were you usually convinced throughout that process that you'd get there eventually or did you think it was really a closed door? That didn't have that much chance of opening. I didn't think one hundred percent I was going to get it so I thought there was an excellent chance one of the things that I argue to them was they were doing something really significant and important and they owed it to history to have an impartial person. Come in and talk to them and put together their story. I said he'd look even if it's not me? It should be somebody and that worked actually. I'm not history. Point often hear about presidents often think about their role in history and how the history books will remember them. Do you think Mark Zuckerberg thinks about that? Well he will never admit it but I think in his mind. He's building his company which is intended to have an unbelievable legacy of connecting the world. The legacy is turned into something. That doesn't seem so great now. I'LL FIGHT. It does enter his mind even though he doesn't often talk about. Scott he talks about his job building facebook and looking over the next horizon for what's happening so even as as as he's on this crusade now to win back trust which is real hard Full he's still opening new initiatives that make people say what's he doing now. He only went one trust yet yet. He's releasing crypto currencies and starting dating features. So that's just his nature you charge forward and in the book. I talk about a lot of times. He's charged forward fairly recklessly and caused a lot of problems. Let me actually asked about all tech companies. Obviously start with product long before they get to how they're dealing with regulatory things or policy product is always first for Tech Company policy. Always come second but from your perspective was policy intentionally kept secondary in the middle and later days of facebook after it had gotten more mature or was that just a byproduct of the white tech companies grow. I think it was biproduct away. Way Mark and Sheryl Sandberg so the Chief Operating Officer split their duties when Cheryl came on Cheryl was fantastic hire a person of Gravitas did mark felt was going to help grow the company to something bigger on the culture. She would take it out of the dorm room culture and make it more scaling to an important corporation but on the other hand. Mark said okay. Oh product and engineering. That's my world and Shirley your world will be the stuff I'm interested in like sales and policies. You mentioned even chief security officer wound up reporting through a couple of people to Cheryl so as a result chief security officer never had a one on one with Mark Zuckerberg Enough Papa Zuckerberg should he be CEO of this company. Or should he be whatever you WANNA call it? You know senior vice president of product or engineer I think Coburg is so intertwined with facebook and they're almost synonymous. It's difficult to imagine facebook without him towards I never heard in all my reporting a facebook. What succession plan do you believe at this point given everything that's happened over the last say? Since the last election everything from Russian interference Cambridge Analytica and on and on Zuckerberg obviously is able to pay lip service to a lot of these issues. Privacy concerns etc. Do you believe he sincerely has internalized those concerns. It's hard to say ultimately you look at the action and I think so far. The answer is no. I think that they've done a lot of stuff but early in the book you know. Mark was talking about what he called. Faith running by the engineering mindset and I think they still operate by that even now the problems beyond way beyond product and they deal a lot with policy and so I think I think in this engineering mindset the same okay. Here's EXPL- fix it. Here's why we'll fix it. They've gotten away without a lot early in their history fought to fundamentally change facebook. Maybe not so much. The one thing that they have done which could change things as what's called the privacy focused decision to basically change the focus of a lot of what they do to the companies now sport a facebook that they bought like instagram. And what's up and the Messenger products. They built up from scratch to make it work encrypted end to end so people's privacy are protected that way but still all. The data is available to facebook. And I think that's the thing they're not budging. Also there are also integrating those antenna encryption in part to make it harder to break literally to break them up if the Department of Justice wants that done speaking with you. Let me ask about INSTAGRAM and WHATSAPP? You've covered facebook. You wrote about the founding and the growth of Google when you see what happened with instagram and with whatsapp not as products but the founders of those companies and the cultures of those companies. And what's happened over the past year with them all leaving? Does that make it harder from your perspective for Facebook to make its next game changing acquisition in other defenders? Look at that and say you know what the culture won't fit their ultimately I'll ultimately be shown the door it's definitely going to constrain facebook. Big Irony. I found is the one of the most dramatic things that happened to mark. During the course of facebook was when he has difficulty convincing his investors. And the decorative around them even some of his employees in two thousand six. When y'all tried to buy a billion dollars an incredible amount for small company like that he felt? No we should not take this. There's great things ahead for us. And he had a lot of trouble keeping that vision and turning down about money and then he found himself in the position of Yahoo a couple years later with instagram. And what's up and Snapchat which she didn't convince but he got those founders who didn't really want to sell to buckle under him by this playbook devise detail which involves kind of a shock and awe push where he is personally involved he promises them independence and he throws so much money out there. Investors want to shoot them. They didn't take the money so now can't do that. Because multibillion dollar acquisition is not going to pass muster with the FCC where the Justice Department anytime go back decades generations. Whatever is the biggest arguably most monopolistic company at the time in any sector always looks unbeatable right going back to you know railroads and US steel now. Facebook Google et CETERA. Is there any reason for us to believe that? In ten years in twenty years facebook will not be as powerful as it is today let alone more powerful sure. Of course there is because that's the way as you know. Technology works and this is why soccer for oculus. Facebook kind of near death. Experience in mobile people recall that in two thousand twelve. Just about the time they're going public and that's why there was a train wreck did they. Were having difficulties figuring out how to monetize mobile or even make that shift where you know. The company itself was thinking mobile. First they did get over that exceeded that but mark was scored by And when he saw the virtual reality he thought Oh my God maybe this is the next mobile we have to be ahead of this and maybe even own it now. I'm not sure. Virtual reality is the next mobile. It could be something entirely different in which case facebook could be overthrown by something that comes along the line. That's what you usually see. These companies fail is when something else comes along. The book is called Facebook the inside story the author is Steven Levy. Thank you so much for joining us. My pleasure I read to my final two right after this. The Equity Fund Resource Group at Bridge Bank is a central hub for the venture capital and private equity communities leveraging nearly two decades of expertise delivering solutions to emerging technology and Growth Companies Bridge Bank now offers services for funds. Spic's and general partners including creative credit solutions robust treasury management capabilities and a suite of International Banking Services Bridge Bank. A division of Western Alliance Bank be bold venture wisely final two and I of e sports which manages to fill giant sports arenas for its tournaments in which players rarely move from there swiftly chairs. One of the emerging industry's biggest challenges so far though has been accurately measuring its audience particularly in comparison to traditional live sports and access to Sarah Fisher reports this morning. One of the largest east sports leaks right games. League of legends is now working with Nielsen to create the first ever comprehensive measurement system for viewership of East sports broadcasts key to this new system will be including both live broadcast viewership and post event video both on demand and replay. This is particularly important in east sports because its popularity spans wide timezones with the US and South Korea being among its top phantoms. If this works expect other sports leagues to sign up with Nielsen and finally facebook yesterday announce it will not participate in the giant south by southwest conference due to corona virus fears. This comes just one day after twitter to the same and a petition emerged signed by thousands asking. The conference organizers to cancel but south by South West is standing firm saying it's proceeding as planned and working coordination with local state and national health officials. This means that south by South West could become the test case for other upcoming events. Many of which are led by business and trade publications. That really need the proceeds to subsidize their journalism. If south by goes off without a hitch or really without an infection than others may follow suit. But if someone does get sick let alone dies. Cancellation will become the status quo. And thanks for listening to my producers. Tim Chauffeur's Naomi Shaven have a great national mold wind day. And we'll be back tomorrow with another pro rata podcast..

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