tv Charlie Rose Bloomberg August 17, 2015 6:00pm-7:01pm EDT
>> from our studios in new york city, this is "charlie rose." charlie: there has been so much talk here and elsewhere about the republican primary season and the emergence of donald trump that we thought we would take this evening to look at the democratic field of candidates. stump holes show senator bernie sanders leading hillary clinton in new hampshire. speculation continues to grow whether joe biden will enter the race. clinton has been answering questions about using private accounts during her tenure at
secretary of state. joining me from washington is colleen nelson of "the wall street journal," jonathan martin of the "new york times," and "the newne gearan from york post." how much damage has hillary clinton taken? jonathan: it is perception of her strength. perception drives so much of this. i think it has some of her donors uneasy. it has the democratic elite uneasy. the clinton folks are very upset about what they see as a partisan witch hunt. privately, democrats especially those close to president obama, and they are scratching their heads about why the clinton folks did not move more quickly on this knowing how aggressive the congressional gop was going to be. why not deal with it immediately
, turn it over, move on? instead, here we are on the fourth month of the story. charlie: why didn't they do that? jonathan: i think there was resistance because they did not think that she had done anything wrong. they weren't going to give in. as you know, that is a decades long tradition with the clintons. they feel like they are unfairly targeted and they will be darned if they will enable that. charlie: is there any possibility they will be unable to uncover the personal e-mails? jonathan: colleen, you can answer that better than i can. i think it is unlikely at this point. i don't know if those can be found. as far as i know, she destroyed those. charlie: i thought that too, but
we all know places where people thought they destroyed something and vegan. what is the possibility -- something and they did not. what is the possibility of recovering something deleted? colleen: i think it is a possibility. technical experts say it is possible they are still able to be found. the question is would we get to see those? freedom of information act laws would allow us to see any official e-mails, but if they actually find personal e-mails which he says are about yoga and planning weddings, it is not clear we would get to see those because those would not necessarily be considered official business or covered by freedom of information act laws. charlie: many people have talked about the trust factor. does this contribute to the trust factor and make a larger issue and have people like joe biden and others thinking the race is not as how we assumed it might be?
colleen: this contributes to an ongoing narrative. there were already questions about the clinton secrecy, or their honesty, and this feeds into that existing narrative. when you talk to democrats, they are not necessarily concerned about the e-mails per se, but they are concerned it is affecting her perception and they ask the question, what else might be out there? that is a concern about democrats. they think probably she can weather the e-mail storm assuming we don't learn anything hugely different from what she has told us. they wonder what else might come out during the course of the next 18 months. charlie: there's a piece on the front page about biden sounding out allies on his 2016 bid. what kind of advice you think joe biden is getting from his allies? colleen: is getting encouragement from his friends. there are a lot of people who
have been saying to joe biden, you should run. hillary clinton is vulnerable. this is your chance to jump in the race. up until recently, people had been urging him to run and he had been taking that in, not ruling anything out. in the last couple of weeks we have seen joe biden shift into a more active role and begin reaching out to people, asking them more detailed questions and trying to get a sense of the numbers and see how steep of a challenge it would eat to jump in the race -- it would be to jump in the race at this point. charlie: i don't think i have -- jonathan, the you have anything to add to that? jonathan: he is just trying to figure out whether this phase is there for him to run. he understands the political clock. we are looking at september around the corner in the iowa caucus is only a few months after that. he can understand the difficulty
of this. this is his last opportunity to run for president. joe brydon is a very proud man -- joe biden is a very proud man. i talked to a democrat yesterday who knows the vice president, who has worked on some campaigns he has been involved in and this democrat told me joe biden wants credit for what he is done in this administration. he wants to be viewed as a statesman and wants to be seen as someone who could potentially be the next president of the united states. i think that would ultimately lead him to at least strongly consider the possibility of running. he is definitely checking it out in a way that i don't think he was five months ago. charlie: meanwhile we have bernie sanders doing well. jonathan: right. charlie: go ahead. jonathan: if you are joe biden and you see bernie sanders, who is an avowed socialist from old, heand is 74 years
is drawing these crowds, real energy, and he is proving that hillary clinton does have some real vulnerabilities within the democratic primary process. you are joe biden and see that, you have to think long and hard about running. charlie: you think the clinton camp is worried about bernie sanders? jonathan: i don't think they are worried about him being the nominee. i think they are worried about him in the sense that he underscores her vulnerability and makes it clear she has difficulty on her left that will make her pay more attention to the primary that perhaps they would do so ideally. it is a perception issue. the clinton people don't inc. bernie could be the nominee, but they realize he could pin them down for the next six months. he could intentionally come one of the more liberal-oriented primary stages.
in that sense, he is at the very least a noose and for the -- a nuisance for the clinton folks. charlie: how is hillary doing in terms of the positions she is making? is she resonating in the party werell street or economics areas where he would want to stake out her own place in the debate? jonathan: that is one of her strengths. she is so fluid on policy. she really is passionate about issues. raise fromn p democrats for a fairly robust series of policy rollouts. i think some folks on the left wing of the party would be more pro-sanders because she has not done enough on wall street reform, but that has been a strength of hers. she was in new hampshire earlier this week has been hard hit by
the drug crisis, whether it is heroine or prescription drug abuse. she had a roundtable to talk about this issues. it was an expansive way that talked some folks. the problem is we are in this donald trump summer. once you get beyond folks in these primary states, democratic insiders, i'm not sure who exactly is going to see hillary's policy rollout because the media saturation on trump is so intense. charlie: on trump, go ahead. colleen: if nothing else, donald trump is unequivocal. there are no great -- gray areas with trumpet he casts people as good and bad and leaders as stupid. he catches a frustrated electorate. charlie: is he different than ross perot, different than other people who have come on as he
has, someone from outside the political realm to dominate? badthan: perot is not a comparison because the appeal of both of them was people that were really upset at the party system as it was. the difference, i think, was that perot put together an actual campaign, he had people like ed rollins who had worked on national campaigns before. the trump thing, at least right now, is more of a media large. he goes from one tv interview to the next. he is coming into shows. he is putting up twitter assaults on his various opponents. k, at much more of a lar least at the moment. i think there are differences. we are in more of a
celebrity culture now than we were in 1992. i think people tune in just to see what trump is going to say. i want to hear what he has to say about the border where our trade challenges. it is more like, what is this guy going to do next? charlie: anne joins us. thanks for doing this. anne: nice to be with you. charlie: after months of remaining above the partisan fray, quentin has started landing punches against public is the the most -- clinton has started landing punches against republicans. are saying they found her trustworthy. we talked about that here. is that, do you think, something she can overcome? anne: we are already seeing if not a derailment, certainly a stall. the clinton campaign did not
expect at this point in the process to be facing the high negatives that she has in polling. certainly they knew from the get go that her skyhigh approval ratings following her term as secretary of state would not hold up. there would be erosion in that. they expected at least nominal primary opposition. the strength of that opposition in bernie sanders, where it is coming from, it's staying power, the size of the crowds he is drawing, the degree of the protest vote you are hearing about -- it is just obvious in the sanders phenomenon. the lingering and continuing problems that she has had with the whole e-mail server and to an extent the questions about the clinton foundation that have dogged her have direct down her numbers and increased the numbers of people who say that
why they find her qualified to be president, they don't necessarily trust her. that is not a position they expected to be in at this point. if it continues, she will have bigger problems than she has now. charlie: is it the candidate with the staff? anne: i don't know if i'm qualified to say that specifically. see when she is campaigning that she is a much better candidate. focused andmore engaged. she seems very relatable to crowds versus the kind of candidate she often was in 2008. i covered her as secretary of state and i think she is more on the stump now. she is more like that she was as secretary of state. she is very accomplished and she looks it and sounds it. what she is not doing is connecting to people on an
energy level and that is what sanders is doing. sanders is getting people fired up. they want to see what he will do next. that is similar to trump. people do want to see what he is going to say and do next. she does not have that level of excitement engagement. jonathan: the sanders energy is more ideologically driven. it is found in democrats and liberals who are disappointed at the limitations of the obama era. they are angry at the supreme court for overturning campaign-finance laws. they are upset that president obama has been stymied by a republican congress, that they have not furthered his progressive goals, and they see hillary clinton as someone who is a more center-left democrat who will not challenge a system
that they find to be inherently corrupt. they see in sanders someone who ideal someone who is going to do something in the country. that is why you see the size of the crowds. you see the bumper stickers. you see guys wearing bernie sanders t-shirts. a 74-year-old guy in vermont has become a pop icon in certain liberal circles. i was in new hampshire this week and you see more of a presence for bernie sanders than anyone six months ago. it speaks to where a lot of liberals are right now with their dissatisfaction in the state of the country. charlie: do you think this was pent-up emotion that was looking for a vessel to pour itself into? i think that is right.
we had the excitement of elizabeth warren and she said she might enter the race. we may have a group of people from the left wing of the democratic party that were looking for a candidate and bernie sanders said the -- sanders fit the bill. there are people in the party who are frustrated by clinton's unwillingness to go further left on some issues and bernie sanders has no problem speaking about the left wing of the party. these folks were primed and ready for war. when that didn't happen, bernie sanders stepped in and his -- and has tapped into some enthusiasm on the left side of the party. charlie: thank you very much. ♪
is here.andrew liveris he has spent his entire career at dow chemical. he became ceo in 2004. he has also reinvented the company in response to domestic and challenges. he had extensive dealings with the chinese government, which is getting a lot of attention with currency evaluation. i'm pleased to have andrew liveris at the table. andrew: great to be here.
charlie: your daughter worked on this program. andrew: she loved it here. your staff was all over me. thank you. charlie: she is well? andrew: yes, she is. charlie: what she always wanted to do. send her our best. andrew: thank you. charlie: let me begin on china. it is the story everyone is talking about, devaluation. tell me what impact, why they did it, what they hope to accomplish, and what effect will have another economies? andrew: we saw the 2012 timeframe, xi jinping's arrival. this is now an economy in transition and we should expect these pivots. these will be like the violations. why? gdp by edp by size -- size is slowing down. income disparity became part of
the previous administration. the opening of 30 years was a miracle. it only had so much to run as a political economy. the administration has social needs of chinese, giving everyone the quality of life. this is where xi jinping's leadership is key. i have been going there 35 or 40 years. this is more critical. charlie: the pivot of xi jinping? the pivot of moving the economy from exporting to a domestic economy? charlie: drivers -- andrew: drivers are mutually exclusive. they will drive necessary reforms in china. china needs pensions, insurance,
a service sector and a domestic consumption sector. this is a top-down socialist society at best. capitalist as a way to form jobs. how do these forces come together with so much inefficiency? so many people not productively employed? charlie: and so many people say corruption. andrew: it is an early indicator that they are on a multiyear, decade-long transition. dow's revenues are about 10% in china. we have 18 factories. the growth will not be as strong as the numbers report. you will need different technology for different products. the growth will be choppy and there will be corrections. industries tell me a lot. i sell to the manufacturing sector. it has been 4% or 5% of the economy for years.
moving money around creates extra growth. 7% is the best i will achieve in this -- 6%, 7% is the best i will achieve in this pivot. charlie: how long will it make? andrew: china is the world's second-largest economy. it surpassing the as an economy driven by demand is good for all of us. that is what we are doing. it could have been my results from the last quarter. despite the slowdown i grew in china. products packaged food safety. we went from what markets and dry markets to supermarkets. structure, energy efficiency, clean energy. they need those products. the chinese have anarchy as a
problem. if they keep floating pink stone the river or give people poisons -- floating people down the river or giving people poisons to eat. there is five or 10 years in the transition. charlie: where do we stand in terms of slowdown in growth and slow down in their demand for products? andrew: they are like europe, certainly. europe created the problem. three years ago, the situation in europe that unfolded with greece stopped the need for chinese products. that created a cascade effect. selling to the u.s. is everyone's market of choice. drive for them disappearing created a major problem. they had to redo their economy based on their own needs. that exacerbated the needs
created it. charlie: the markets have been under a lot of pressure. from the economy. it is a market phenomenon. how many people went into the market without the means to -- andrew: i spent 15 years in hong kong growing up around a lot of chinese friends. i know the chinese culture very well. they like to gamble. they are, by definition, people who like to spend. that is maybe too generic, but in general it is true. [laughter] charlie: future growth for resort companies. and thepeng shuai thing. people will put money in the markets. when forces can play a role, like the government, people
worry about losing them. i think the market reaction versus the real market is a disconnect. charlie: china has not seen a strong leader like xi jinping for a while. is he under attack? andrew: i think he solidified his leadership around him. if you like, the princelings. there will be change at the halfway mark. there is noise around the anticorruption drive and the whole equity market creation is creating a voice. i have been in the man's presents a few times before he was the leader of the country. this is a strong, very driven, command-oriented guy. charlie: what does he want in a relationship with the united states? andrew: the two leaders of the world economically need to lead politically.
they don't understand their world place vis-à-vis the u.s. you go to africa, you see chinese companies. economic colonization does not work if you don't speak the same language. the american model works. what is this australian-greek doing on charlie rose? exportingan model of products based on value works. people want to do that, no matter the culture. we know what the american model is. it is based on freedom. charlie: charlie: and transparency. andrew: all the regulatory environments. the chinese don't have that. the opaqueness of china in terms of its values, it's politics, communism, call it what you like, the issues around corruption.
they can't go anywhere that the u.s. can but they know they have the economic power to do it. they are trying to figure out how to get a relationship with united states that works. what we need on this side of the ocean's patients. in economic dialogue created a basis to work together strategically and economically. the best thing that could happen to these two countries is a bilateral investment trade treaty. charlie: to the chinese that you know through the u.s. is trying to contain them? andrew: there is a lot of that. charlie: is it mainly military? butew: definitely military, the u.s. is the military power of the world and they know that. i think they feel they have a region and if the u.s. makes up for ray into the region, decree -- makes a foray into the region, it makes tension.
her golden age with the industrial resolution and industrial policy. what happened to us in america -- technology as a base of our economy has a was been -- has always been a base of us. manifesting in the internet, it is great. many festered -- manifesting in other places, labor, industry -- it seems like we lost our way with industry, heavy manufacturing. and of all nongovernment r done in acountry is manufacturing area. supply chains all the way to the hairdresser in the local community.
the ability to get manufacturing back is important. i wrote a book because it was frustrated. charlie: "make it in america." andrew: i was very frustrated when i was going to washington seven or eight years ago and no one brought all those policies together on trade, tax, education. all of the things that prompted the review of a company. charlie: has it happened now? you give them credit for bringing those policies together? andrew: we give him credit for partnership that addresses three issues -- skills and workforce development, the creation of silicon valley-like hubs. we have launched six hubs across the country that are focusing on technologies that a whole group of people analyzed and said we really need. charlie: where are they? texas, or -- andrew: there is one in chicago
that does 3-d printing. there is one in youngstown, ohio, that this manufacturing. detroit for in lightweight materials on automobiles. those of the ones off the top of my head i can remember. these are all meant to bring private capital together with public funds already being spent to create startups and new technologies. charlie: you like the idea of startups? a 11w: i called dow 8-year-old start-up. this world we have, uncertainty, volatility, it will not go away. internet, interconnectedness, the rules have been written. the reality is a heartbeat away is an issue. the things that can happen in
society -- you know that. how do you do with it? you have to have a culture that can decide in the moment with the right thing to do is. that ability to pivot is in entrepreneurial style. charlie: it also is in respect to data. we have more data, earlier, quicker, and more pervasive than we have ever had, in a manufacturing sensors, that have given people like you that have to make decisions . andrew: it is a tsunami. going from information to knowledge. we are in the model t ford era. companies like ibm and others, who were putting in place like cognitive computing, they are helping. there a science-based technology
make the decision. they are making them smart enough to get what i want. the domino effect is huge. i don't sit in an office anymore. the previous generation of ceos was in an office. i spend my time on the road and gathering data from the frontline and enabling my troops to a fax in the moment -- to effects in the moment. accountability has to be down in measuring that in running the company so you have a drumbeat of measurement. putting that in place is a cultural phenomenon. in the last five years, half of them under the age of 30. the average age of the c
low 40's.in the age is not everything. agility comes with a younger mind. charlie: also the idea of how do you appeal to them and the education level that you expect. ? -- that you expect. andrew: we published our 2025 goals recently. we had a young engineer texas that we had to put a wastewater treatment plant and to clean up some of the water they were putting into the rivers and that million a $45 investment. this engineer since i'm going to use the wetlands. it cost $1.5 million. he used processes in the wetlands without any other
environment to treat the ways. that created birdlife and aquatic areas for fishing. put inere goals that we place to value nature. water, forest, all of that has been valued. humanity has done a poor job of impressing that value. we have models that allow people to spend money, you obviously create money and do well and do good. this mindset appeals to young people. charlie: at the same time, are you dependent on a workforce that is highly educated? andrew: yes. we turn education back to the enhancement -- charlie: do you have to have that type of element? andrew: apprenticeships in people who understand robotics
in this country is a gap. year forng $150,000 in welders in the united states. i can't find them. charlie: you say there should be a place producing welders. andrew: yes. it is a great job and a great skill. want.not just phd's we technicians and modern-day workers, modern-day manufacturing economy. there are a half million jobs in the states. president obama and the team that worked on that, we are going to community is to put the curriculum in place for production schools. charlie: private sponsorship? andrew: the infrastructure is there because it existed long ago. companies are coming end and converting the curriculum for their own supply chains.
then they get jobs that we employ them. charlie: how do you stay on top of all going on? andrew: i'm kind of like you, a workaholic. goes with the job. i'm fully connected at all times. fitbit. i've got to stay healthy. fashion and excitement and energy. i love what i do and i have 40 years of working at this country. i have had the privilege to serve a third of its history. when i got the job to transform into the modern era, i brought an international perspective but i also brought a lot of the united states. with the united states has done, not just for me, but people like me, immigrants and people who do well here by growing up. that commitment to stay on top of your game, i can do it
forever, obviously. shareholders, myself, the board, we all look at that and say let's keep driving the company in this direction and along the way all the good things will happen to you will happen to you. charlie: what you say to an activist who comes after you? andrew: this is a new reality i have embraced as american capitalism looks for new ways to make money under different time frames. that is not the discussion we should be having. charlie: short versus long-term? in other words, clinton is making speeches saying we have too much from -- much of an emphasis on wall street. andrew: the point i agree with is i do not set budgets every 90 days.
that was a nine-year decision that is about to start. the world's largest technology base integrated factory that will produce 26 different product families on chemistry in fabrics that will supply the middle east, asia, and africa. 80,000 workers on the site finishing the plan as we speak. charlie: where are the workers from? andrew: third-party nationals. we do not have a lot of contract labor. that is not a 90 day decision. that is a multi-your decision. people like me make a decision on what to do in the long bucket and how to do the short bucket. it is not an either-or. it is an and. whether you are a private equity guy, it does not matter. charlie: you meet with dan loeb
and talk about his ideas? andrew: i do. we met them lesser. we met them this year. i met them very recently. charlie: to make clear your goal and vision? andrew: here is ours. here is yours. where is the gap? we agree. we agree to disagree. that is dialogue and engagement. charlie: can't afford not to do that. andrew: you have to. charlie: talk about product mix. dow chemical, 118 years. 1887 or something. andrew: 1897. charlie: you are the world's largest chemical company. what does that mean to the products you are delivering today? charlie: commoditization -- andrew: commoditization from the chinese and any other place you want to pick almost killed us.
we almost went belly up a decade ago because we were not innovating. today, this last year we launched 5000 new products. charlie: you almost went belly up? andrew: we were losing money for two straight years. we were finishing an acquisition. this best this issue became a real issue -- the asbestos issue became a real issue. coming out of the 2003-2004 recession, we would have gotten really close to not being able to survive. the new product mix was to reinvent r and d. we sold $15 worth of business. we acquired $18 billion and we develop $22 billion worth of business. it is all driven by technology needs. shoe that has a
sole. this is a light shoe. this product was developed -- normally would take two years to develop. make it stiff, make it flexible, make it weatherproof. this issue, we develop a system called infuse. instead of taking two years, it took two weeks. a shoe: you said we need that has these properties. it is light, it is durable. andrew: we develop the product in two weeks. sample it with them. why? we put high-technology into experimentation. we do as a company thuman experiments a year. that is more than 10 times what i used to be up to do manually. charlie: because of robots. andrew: we tested the capital systems. we developed product. we sampled them.
they like some of them. we scaled up. that is an innovation lifecycle. we have got to do that to survive. the products we are launching our cannibalizing old products and staying ahead of the commoditization i mentioned. 735 pounds last year. record amounts of margin. charlie: other people are saying this as well. the idea that whatever the company you have is, it can be a chemical company but it is really a technology company. andrew: i have heard others say that the i do agree with it -- that. i do agree with that. science and technology is science, math, physics. how i express them in a product or any market is a choice. what we used to do is sell old-fashioned chemicals. look, thecals, and
makeup lady wanted makeup. i said to her, what chemical are you using? she said, i am making this organic one. around this room chemistry is enabling everything. these new products we're launching and how we're launching them, they are to meet sustainable needs of modern society and at the bottom of society. i came up with a water up your fictitious membrane for people living at the bottom the pyramid. 40% more efficient. charlie: you are saying that you can do well and do that at the same time. andrew: countries in africa. charlie: did they come to you? you looked and knew there was an issue? there was a wide demand for water? andrew: exactly. from rivers and taking out viruses and bacteria and metals
and contaminated streams, arsenic. we knew that need was out there. they worked on the product to get that need at a lower cost. we had that product in advanced societies like the u.s. or europe. you can afford it. you pay for it. there they don't have the funds to pay for. charlie: they don't have the infrastructure. andrew: they don't have the ability to understand their needs. africa, india, parts of the pyramid that are very low. we provided the technologies at very affordable prices. that, to me, is what science does. charlie: is that a moneymaking business? andrew: yes, it is. we'll believe in putting a product out there that is new and losing money. we adapt it to its supportability models. we price it to whatever they can afford. charlie: is creating a corporate
environment -- it has to come srom a management that will it to be true. you have to understand what you were demanding of people and be able to communicate with them in a way that you can see how it affects their life. andrew: i am on my fourth go around as ceo. charlie: what would you define the reinvention of yourself as ceo? andrew: firstly, the traits you bring to the job are your traits. you had better be learning from what is around you. they had better be more than traits. being adapted to the environment around you. circumstances of today are different from circumstances 10 years ago. you are born with two ears and one mouth for a reason. you should listen twice as much as you are talking. being adapted and resilient are
the two most characteristics at the lows. emotional control within a band with so you can be an adaptive learner is something that i have been a very big fan of. i surround myself with people i can learn from all the time. if they are not around me, i go to them. business, government, civil society, scientists. i go to universities to learn where the new scientists are. i can learn about advanced technologies. you have got to keep going out there and working yourself so you can be adaptive to the new realities. then you embrace that reality, you make those choices, and you build the team around you. you could do that over decades or take five years. today it is every decision you take great embrace it. -- you take. embrace it. make the choice. charlie: explain why.
andrew: personal growth and mentoring and tutoring young thing i- the proudest have done 10 years from now is i have helped a lot of young people along the way to fulfill their dreams and ambitions in doubt. is your your company detroit. how is detroit doing? andrew: not as well as it is reported, but it has started its journey. wastelands are being converted to park. charlie: he bought a lot of land to change it himself. andrew: exactly. the recommitment to the city center. my hometown is two hours north of detroit. we commit to the community to help it be the very best place in america to live. he got voted as one of the best small towns in america.
we work with the community leaders. we work with the sports facilities. we do what it takes to attract the best and the right is. charlie: about now and its place -- dow and its place in the world. wasceo of general electric deeply anguished by the lack of funding for the export import inc.. do you share -- export-import bank. you share that? andrew: i explain it completely. it is a tragedy that we can't explain to the american people what a job creator this is for america. 4 companies out there. they source from my company. the saudi project? my saudi partner wanted to go to korea, japan, germany.
toonvince them work with the u.s. for a banquet that created 1600 jobs in the u.s. that would not have occurred if that loan did not go through that pain. -- that bank. we are shooting ourselves in the foot to eliminate that as a weapon for american companies to compete around the world for jobs. charlie: the president may not get what he wanted in trade, but he got it out. if not, it might have been a disaster. andrew: we are not true. the tpp is going through. one in five jobs in this country are trade dependent . -- dependent. i export 10% of that around the world. export parts.e as
if you like the fabric of a tpa approval, we like that. it is very vital. why? when this country exports and imports standards. charlie: what do we do that we are not doing to make growth higher? andrew: tax reform, education reform, although workplace reform -- all of the workplace reform, an energy policy that makes sense, regulatory reform. charlie: does it drive you crazy that those things are not happening in america, not happening in washington? andrew: policy and politics came from the same root, but they have been unfortunately divided. no policy, lots of politics. charlie: if you are ceo, you are in full view.
about how youory had spent company funds on personal vacations and those kinds of things. where is that? andrew: it's an old issue that surfaced and was put to bed in 2010. it is no longer -- and it has not been an issue for over five years and just resurfaced. tos is journalism that tried sensationalize what happened at the time. as a ceo, i take this very, very seriously. any action, mistake, wrongdoing, immediately has to be remedied. it routine order found and expense error in our group. i had no knowledge. money was reimbursed immediately and all the system fixes included training. what this whole thing did is showed our system actually works. charlie: what is the toughest thing about being ceo?
andrew: maybe this last conversation with you. you are fully accountable for everything that the company has to do to create value for its shareholders but also for the other stakeholders in the matter. communities, the employees, the supply chain, including the customers. you are the image of the company and you are the chief reputation officer. doing that in this job, we get paid princely sums. i come from humble beginnings, a blue-collar family, greek immigrants in australia. understands what comes with that, which is you have to fill the ethics and integrity but the company was founded on. 118 years young means there are a lot of values ingrained in the fabric of the company you represent.
>> 90 people die as bombers strike at the heart of the tourist and shopping district. goldman sachs sees weakness fighting the deepening slowdown and rising volatility. pressure on commodities. oil closes at its lowest in more than 60 years. welcome to first up. coming to you live right here in hong kong and streaminon