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tv   Bloomberg Business Week  Bloomberg  September 3, 2016 3:00pm-4:01pm EDT

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carol: welcome to bloomberg businessweek. i'm carol massar. david: i'm david gura. carol: amazon's plan to dominate same-day delivery. david: the former goldman sachs leader who could be secretary donald trump is elected. carol: and how one small american company successfully faced down stiff competition from china. david: all that ahead on "bloomberg businessweek." ♪ carol: i'm here with an editor and you have a great story about the controversy involving mylan epipen's pricing. they doubled the price of it.
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all of a sudden there was a lot , of attention brought to it. they reduced the price and brought out a generic. it has made everybody take a look at the industry of pricing -- drug pricing. >> the correspondent does a good job of explaining just how crazy drug pricing has become and how hard it is to fix the problem. of course, epipens, it is widely used by people with terrible allergies, including myself. carol: it is necessary. >> it is especially necessary for kids who have a lot of allergies. it used to be that you could get two epipens for $100 apiece. now $600 is a lot. , what peter shows in the story is how hard it would be to fix this. this is the excuse that the ceo of mylan made. what she was saying, the ceo was saying, you cannot, they did not
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expect regular people to be paying $600. it was sort of the price that they were charging insurers and benefit managers. the idea was that there would be negotiations. if you don't have insurance, or if you have a high interest adjustable plan, you could shell that yourself. that is a lot of money. carol: you take a look at what is going on in brazil. a lot of news this week. the official impeachment of the president, or former president. brazil, their economy has been in recession for the last two years. >> it has been in incredibly bad shape. oddly, or maybe not so oddly, the stocks are going up in the currency has gotten stronger because people think any change will be good change. the new president has brought in more typical economists, more orthodox economists, and the idea is that it has to get better now. carol: there are concerns that
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there could be watered down to economic reforms, that would not be great for the country? >> the idea is can they get all of the reforms through. the economy was so based on subsidies, can you take them all away? the question is can he do what he says he is going to do and will the economy come back? carol: let's talk about the cover story. it is all about amazon and their move to control that last mile of shipping. they are going after ups and fedex. >> it is remarkable because anyone who orders from amazon wonders how did it get here? if you are a prime member, how did it get here so quickly? the question is, how is it possible to do it when their number of packages keeps going up and up and ups and fedex can handle only so much? we go behind the scenes and he looks at amazon's plans for the future, and how they are gearing up to deliver packages. carol: it all starts in a town
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in ohio. this company has been quiet ly moving into the delivery area in terms of planes and buying into companies. talk to us about what they have been doing. >> they are very secretive. they are very quiet. they have been as quiet -- as quiet as a company with a $366 billion market cap can be. initially, the place where i started to pay attention, they were building these stations around the country starting in 2013 feeding packages into the postal service to get away from ups and amazon. once they have the fulfillment centers, from there they were able to create these delivery stations where they feed packages and hand them off to local carriers. and then they created these now prime hubs but they have all the
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stuff like they do it by at walgreens or at 7-eleven. if you are a prime member, in a lot of places you can get it in two hours for nothing. carol: that is so cool about prime. amazon prime is two-day delivery or something? >> free delivery. but if you live in certain parts of new york, seattle, you can get things in two hours for free and you can get it in an hour for $7.99. the point is they have created this big web. not just in america. it is happening in the u.k., in germany, and it is much bigger than a lot of people realize. when they started leasing the planes, the lightbulb went off. david: what is going in wilmington, ohio? >> that was the whole thing. they were so secretive i did not think they would talk. i wanted to just go out and talk to people out there. you have this little town. it is about 35 miles southeast of dayton.
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for many years, it was the hub for airborne express and then dhl bought airborne express and ub and flew planes. in 2008, dhl decided they were going to compete with ups and usps. they pulled out. all these people lost their jobs. last fall, rumor started going around there was another company at the airport and they were in blacktheir packages plastic so people could not see them. and they were referring to it as project archangel. [laughter] but it was a small town in the rumors got around and became a big story. everybody got really excited because they had not been doing all that well out there. that is going to be the hub for amazon. carol: when does everything start going up and running in
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wilmington, ohio? >> it is already happening. david: jeff bezos who founded obsessedny has been with this from the beginning. he cares a lot about the delivery side of things. >> he said, you know, a number of occasions, he could never imagine a customer wanting fewer products and less selection, higher prices, or slower delivery. he flips it around. [laughter] could not imagine not wanting faster delivery. that has been something he has been thinking about for a long time. it took them a while. early on, they had issues during the holidays getting packages out of the door out of their fulfillment centers. during the last couple of years, that is what they have been thinking about. they are concerned about the system being able to support their volume. very have to take matters into their own hands. so, this year, they are expected to ship 7 billion packages. in four years, it will be 13. how are they going to get all
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those boxes to people's homes? if they cannot count on ups, they will do it themselves. carol: i asked the creative director about his take on prime air. >> we sent a photographer to shoot this big event amazon was having to show off their new planes. they look exactly how you would expect. they have a big amazon prime logo on the side. it did not seem like an interesting way to go for the cover. so we came up with jeff bezos making a plane out of the box like a child would. and flying through the air. carol: he did not actually crawl into the box? >> no, that was the beauty of photoshop. when we don't get cooperation from our subjects -- carol: you have alternatives. tell us about the cover.
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where did you get the shot? >> it was him onstage at some conference. maybe somebody cracked a joke, but when we saw it, we had to use it. carol: any other ideas in terms of this? >> we had a couple of others. there was a plane made out of an amazon box. having him made it special. carol: up next, how an m.i.t. professor is helping wall street traders control their emotions. plus, the former goldman sachs banker betting his career on donald trump. that is ahead on "bloomberg businessweek." ♪
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♪ carol: welcome back to "bloomberg businessweek." i'm carol massar. you can find us on radio on sirius xm channel 119 and on am 1130 in new york. a.m. 1200 in boston, 99.1 in
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washington d c, and in the bay area. in the markets and finance section, banks are exploring the use of data from body sensors, phone calls and e-mails to identify top traders. it is a strategy developed by a professor at m.i.t. >> for at least 15 years, angelo has been studying the connection between physiology and risk-taking. in this case, he was given a -- giving a talk at a major wall street firm. he would not say which one. after that talk, they invited him in and said, we want you to test your technology and studies with our risk takers, our traders. he did that in 2014. >> what did he find. he took over a conference room, set up a simulation. what did he find as a result? >> he found that there is a physiological and emotional signature to people who are the best risktakers. that their bodies and emotional response ramped up to volatility
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when it was occurring, but they swiftly relaxed when the volatility was over. people who were unexperienced or bad risktakers, they experienced market volatility, unexpected things, that their emotional response was all over the map and elevated. carol: and the best traders are able to regulate themselves? kind of ramp up when needed, but calm down again. >> that is a great way of thinking about it. they are the most in control their emotions. investing,of value benjamin gramm had a quote decades ago, the people who cannot master their emotions are not set up well for success in investing. that is the case. david: you think of this as an academic exercise. there are companies working on this right now. you talk about humanizing the peace. >> humanize is one example and have workplace badges that are
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at companies now. they have a pair of microphones and the thing in your cellphone that tells you how fast you are going. a couple of other sensors, like bluetooth, they use that to create data that essentially tells the employer how you are behaving during the day. importantly, stress levels. you might be unaware of it, but when you're stressed out, your speech patterns are totally different. you are not as in control of your verbal ability. that is one of the aspects of the data gathered. carol: a profile of steve minutia. he is donald trump's top fundraiser and he wants to be his treasury secretary. here are the reporters. >> stephen is donald trump's top fundraiser and his job is to raise all the money that trump needs to be hillary clinton in the general election this fall. carol: did they know each other? >> he will not say. just like if you ask me how i
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know him, i will not reveal it. they work together on deals. one of those deals ended up in a lawsuit. he says he is an old friend. donald trump says he really does not have friends. stephen got an invitation to trump tower to celebrate donald trump's new york primary win. even though he was headed to a dinner downtown, he said he will stop off. when he was there at the cocktail party, he could not find donald trump so he waited , and finally saw donald trump and he beckoned toward him, and he joined them in the escalator. suddenly he was on stage with , donald trump at the rally. the next day, donald trump invited him to be his finance chairman. carol: what is his background? this is a guy well-known to wall street. quite a pedigree, correct? >> quite a pedigree. literally. his dad was a monster, huge trader at goldman sachs. people called him coach. [laughter] and he followed his father to
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yale. he had internships at salomon brothers in the 1980's. he went to goldman. he worked for soros. huge hedge funds. he was a big investor and invested in "avatar." the most successful film of all time. and bought a bank on top of that. carol: i think what is interesting about your story is that the people who know him are kind of surprised he took this position. why is that? >> here is a guy that has had no background in politics whatsoever. he has given a little money over the years because he is a wealthy guy. most of it he said was favors to friends raising money for clinton or obama or whatever. carol: lots of democrats, right? >> more democrats than republicans. he represents these elite institutions trump fans are opposed to like goldman sachs
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which trump makes a lot of noise about on the campaign trail. a lot of people were surprised to see that all of a sudden, he showed up, not just as a trump supporter, but as a key person helping him to get elected. carol: next, the hurdles elon musk is facing for testing for tesla. and how one american company successfully fought back competition overseas. ♪
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♪ carol: welcome back to "bloomberg businessweek." i'm carol massar. this week focus on section is a on manufacturing. the report investigates the challenges facing tesla. july 1, 2017 is important for tesla. what happens? >> that is the date when elon musk says suppliers and the internal teams need to begin final production of the model 3,
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which is the more affordable electric sedan. david: the company is banking so much on the success of that model 3. remind us of the demand . essentially the company says pony up $1000 to get on the list to get one. what was the response to that? what's the response was extraordinary. you had hundreds. lining up around the world. 73,000 people had preorder the model 3. obviously, some people will cancel and some others will sign up. we don't have a more current number. $373,000 for a car that is not yet in production is unheard of in the auto industry. carol: they keep making forecasts and estimates and you have elon musk raining the men. i don't know, what are the expectations? can they hit the mark this time around? >> tesla has a history of overpromising and under delivering, especially when it
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comes to production and quarterly sales target. what is interesting is there is public demand for the model 3. everyone is super excited about a highly styled electric car that is more affordable. the big question is can tesla , make it on time? july first, 2017 is 10 months away. not a lot of time. david: we talked to devon who wrote a piece about amazon on how quickly they are building up their delivery system. tesla is doing the same thing, starting from scratch a few years ago and building a company that can manufacture cars. that is a difficult process. >> i think the hat trick here is launching a new car or model is difficult for any automaker. at the same time tesla is trying , to vastly increase its mining -- volume production. they only delivered 50,000 cars last year. now they are talking about building 500,000 by 2018. they have to launch a new model
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and scale it and doing that requires retooling their factory in fremont with new equipment. that is all in process, too. they are buildings the machine that will build the machine at the same time. carol: reporter brendan greeley to the trip to a new england papermaker that beat back stiff competition from china. we spoke to brandon. how did this company come to your attention? >> i was looking for people who had been displaced by trade. this database is run by the labor department of people who have applied for compensation from the labor department for having lost their jobs to trade. i called 50 people in rhode island trying to find one person. i got one callback from a guy named mel. he called back and said i cannot help your story. i just wanted to tell you we were going to lose 20 employees to trade, but we got the company restarted and we kept all 20 positions. and i said that sounds like a -- [laughter] much better story. this was at the new england
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paper tube company. they are exactly as the name implies based in new england. ho and they make paper tubes. so the thing that you find in the middle of your paper towel roll is made by companies like this company. pawtucket is the cradle of american manufacturing. a couple of things happened. the first thing, technology changes. providence was one of the hardest hit areas in america through foreign trade after nafta and after china's a session to the deadly tee up. in 2014, the company was a $12 company. million dollarsall of a sudden, it is a 1.3 really dollar company employing three people. it finally goes into receivership. it is a pre-bankruptcy step. it has been owned by a family, these are the grandchildren of the founder. when i talked to them, they said
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these are things that are beyond our control. and that is mostly true. things that happen in american manufacturing are beyond the control of anyone family. but there was one person who decided the plant has to keep going and i know how to do it. this was mel, the person who returned my call. he said i had an idea and knew how i was going to save the plant. carol: and he was the plant manager, correct? >> he did not have access to the books. are losing money on some products and making money on others. he built his own spreadsheet. he figured it out. there was one cardboard tube that they paid nine dollars a unit to make and sold for $.40. this is the stasis that happens when a family company sort of does what it does, stops examining the books, has its customers and keep selling. he went to the family and said, i have a plan. let's just focus on these few things that we make really well that we make money on. let's get rid of the things we don't make money on.
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the difference turn out to be that spiral tubes they can make , them faster and cheaper in china. he went to the receiving lawyer and said, you have a choice. you can take this company and it can become spoils. you can scrap the machines and sell the building and not make much out of it. i think i have an asset that will continue to perform. that is what they did. they restarted the company with a focus on just the things they made better than anybody else. carol: up next, why the u.s. has failed so badly in preventing the zika virus from spreading. also the unlikely bet making one , brewer big bucks. that is ahead on "bloomberg businessweek." ♪
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david: welcome to "bloomberg businessweek." i am david gura. carol: i am carol massar. david: still to come, why the u.s. ignored warning signs of the zika virus and having a hard time controlling the outbreak. carol: also, a team of professional hackers. david: and creating a premium market for rye whiskey. carol: it is all ahead on "bloomberg businessweek." ♪ carol: there are so many more must reads in the magazine, and in the markets and finance section, i love the story. you take a look at oakland, california. i had no idea was a pricier real estate market than san francisco and the silicon valley. ellen: it is well-known that high prices for housing is everywhere, and especially in
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san francisco. but it turns out that oakland faster nowgoing up than san francisco, certain parts are more expensive than san francisco. it is surprising people because people were thinking they would move to oakland because it was cheaper. the prices are going up so fast, that people are sometimes paying 36% premiums over asking prices. they are suddenly realizing they have to offer more than stated asking price. again it is people who thought , they were going to escape the high prices of san francisco. carol: it is crazy, doesn't the oakland area have a high crime rate? political instability? ellen: it is. it has been known as a place where there has been a lot of political activity, in certain parts of oakland, there has been a lot of crime. but people do not care because it is cheaper, and it is not preventing prices from going up.
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carol: you guys do a story on monsanto, and it has to do with a pesticide, developing a new soybean seed. what is going on? ellen: they want to introduce a new insecticide called dicamba, which already exists. they wanted to come up with a new formulation. they came up with new seeds resistant to it so you could grow these plants and it would take care of the bugs, etc. carol: it sounds like a good plan. ellen: it does, but it is dangerous for other plants so they came up with another formula. it has not been approved but people are using it anyway. it is ending up on other crops . farmers are finding huge crops of soybean being destroyed. it also affects caught in crops. carol: they're making a dicamba-resistant soybean seed,
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right? ellen: yes, and farmers feel like they have to switch because otherwise their crops will be ruined. carol: you talk about what his going on with the fight against zika. ground zero is florida the , miami-dade county area. it is a political battle. why can't we get money from the federal government to help in the fight? ellen: president obama addressed this issue how congress did not allocate funds to battle zika, and ended up in gridlock. what has ended up is there are only four people from the cdc or other agencies working with local officials, trying to fight mosquitoes, which cause zika in miami-dade. it is a miniscule amount of the resources that miami-dade would like to have, and the federal government, to the extent that they are able to support the efforts, are sort of taking
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money from other projects, money from cancer, they are using money from other diseases to try to support the efforts in florida. is people.le, it four carol: david gura and i spoke to the reporter. caroline: they are pulling out all the stops. there is the mosquito control aspect so you can see people going around spraying. they're trying to get rid of any standing water. the other half is tracking the women, particularly pregnant women who may be infected, so that involved, you know, testing people. seeing if people who have traveled back to places that have zika might be infected. also now we know there is local transmission from the mosquitoes in florida. half of it is trying to stop the mosquitoes, and half of it is trying to keep an eye on how it is spreading. david: we have talked about how this is happening county by
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county. i wonder, caroline, who is running this? how much of it is a local effort versus a state effort versus a national effort? caroline: i think it is a bit of everything that you said. i think that in some ways is what makes it tricky to respond because the cdc is the government agency that is ultimately responsible for the u.s. being prepared, but they are only advising. so they can suggest to the state what they should do, or if a local county says can you send some c.d.c. guys to help us out they will send experts onto the , ground, but they cannot be like, "everybody has to deal with mosquito control right now." they just do not have that control. it is a mix right now where county by county people are coming up with plans, the state is trying to get them funds, the c.d.c. is trying to back them up with experts. carol: why isn't the government more sensitive, the federal government, about helping out florida?
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caroline: well, this is where it gets tricky with politics, right? back in february -- so now this is months ago -- president obama asked congress for $1.9 billion for a zika response. and i think most people agree some funds are needed. but where congress is deadlocked is where that money comes from, is that new money, is that money we shuffle over from other places? and then the house republicans wrote up a version of legislation that included some other provisions that senate democrats basically said is a poison pill, they cannot pass the bill as it is. it is the process of creating legislation that is holding it up right now. it is not that the federal government -- it is not that lawmakers do not realize it is a problem. it is that they cannot agree on the specifics and details of what is going to go in that bill to fund the response. carol: often the politics and policy section look at the rise in the automatic voter registration.
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david and i spoke to the reporter. automatic photo registration, what exactly is it? josh: automatic voter registration is a policy where rather than someone having to opt in and affirmatively make a certain amount of effort to register themselves to vote, when it is possible, using existing government agencies who have the information, people by default are registered and less unless they choose to opt out. so when you go, for example, to the dmv, because you are sharing the information that is necessary for voter registration with the dmv, the dmv, in some states now, would automatically add you to the voter rolls once automatic registration is up and running. unless you choose not to be added. david: what is the argument against this? we've heard a lot in the campaign, especially on the republican side, worries about or allegations of voter fraud. what is the argument for having that process in place?
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why not do that? josh: some of the republican governors or state legislators who have opposed it have argued that it could lead to increased fraud or that it is a solution in search of a problem, that is as one of them put it to me, it is a great privilege to get to vote, and what is the problem with asking people to make an effort in order to be able to do it? carol: you talk about different states. talk about oregon and what they are doing. josh: sure. so oregon was the first -- around a year and a half ago -- to actually take this concept, which had been kicked around by some of the progressive voting rights advocates for a while, and actually put it into law. oregon signed it into law and has it up and running, and has a couple hundred thousand automatic registrations that have already taken place. since oregon did that, the policy has also been taken out
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up and supported and made law in four more states. three of them, like oregon, states where democrats have both the governorship and both houses of the legislature. carol: up next, hackers target pacemakers and then turn to a short seller to profit. and forget bug repellent -- how about drone repellent? the technology that could protect you from snooping drones. that is next. ♪
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carol: welcome back to "bloomberg businessweek." i am carol massar. you can also find us on radio and sirius xm channel 119, a.m. 1130 in new york, and 1200 in boston, 91.1 fm in washington, d.c., and a.m. 960 in the bay area. in the technology section, a
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instead of reporting vulnerabilities in pacemakers, the researcher brought that information to a short seller. david gura and i spoke to reporter jordan robertson. jordan: this is a completely unprecedented thing we saw with saint jude, medsec, and muddy waters. in cybersecurity, researchers find vulnerabilities, they alert the companies affected and the government. maybe a collect a small bounty and move on. researchers have lots of problems with certain medical device makers. and what medsec decided to do was publish their research in concert with a short seller, and that happens to be a company who has a large of influence over the other direction of company stock. and lots of questions about -- is that ethical? the cyber company makes a pretty compelling argument that what happens unfortunately sometimes when researchers bring
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vulnerabilities to companies as is they get sued. companies do not want to hear this stuff. it is a legal liability, so they have a business interest in this, and they also have an idea that by disclosing vulnerabilities in this way, they will draw an unprecedented level of attention to this issue and force the company to make changes. david: they have a business interest here. what is the business model? what are they trying to do? how is the company going to make money off of this? jordan: sure. again, this is a completely unprecedented business model. the company will split up about 18 months ago. and they started exclusively researching medical device cyber security. and they had researchers trying to find vulnerabilities. their first product, if you want to call it that, is this trade. the company's ceo justine bone is a very respected cyber security researcher.
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used to run information security at bloomberg, so very well regarded in the industry. she has stressed that shortselling or seemingly -- teaming up with shortselling is not the company's only business model. the company's first product is this trade, muddy waters has a short position in saint jude, and medsec gets paid. based on the performance of his investment. carol: drone repellent. david gura and i spoke to a reporter. david: israeli supermodel getting married does not want a drone snapping photos of what is going on. that leads to a lot of innovation in the anti-drone space. max: yeah, as we write in "businessweek," bar refaeli saw operatives saw an opportunity. they said if she needs this, maybe lots of other people need
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this. where there are drones, there will be anti-drone solutions. carol: so they created a company called apolloshield. how does it work? max: it basically broadcast s radio signals that allow you to detect consumer drones. basically between $500 and $2000 devices that you can purchase on amazon and send out in your airspace. is using what the army called the kinetic solution, that is to say, without blowing it up. david: what is the market for things like this? yes, if you are a famous person getting married, but is there a bigger market? max: there are lots of stadiums, particularly stadiums in the u.s., this is seen as an opportunity. also local law enforcement. suspectede a terrorist or a drone that looks scary, their theory is that
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every police department and that venue will need one of these. if everything plays out the way they think it will play out, something in the billions of dollars, but again, it is a speculative because the rules around us are not totally figured out. it is not clear what you are lots do as far as trying to stop a drone. carol: there are different approaches as far as how to stop a drone. max: yes. competing solutions are little idiosyncratic. you have a company based in the u.k.. looking thingka that has a net with a parachute that snatches the drone, and then there is a company in the netherlands that trains eagles to snatch them. apparently, it works well. they say it has never failed. it is totally real but also totally weird.
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david: this is not cheap. you say this is nascent technology. $30,000 is not entry-level. max: i tried to nail down the price. i would imagine it is on the order of the $30,000 if not more. and you need more than that to defend your venue they saw hundreds of thousands of dollars probably. carol: next whiskey making rye , cool again. the success of whistlepig just ahead. ♪
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carol: welcome back to "bloomberg businessweek." i am carol massar. in the features section, we spoke with whistlepig ceo raj bhakta.
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we spoke with the reporter. david: we ordered a glass of whistlepig. it is attractive. they have a big following. sam they have a very big : following. they have created the ultra premium market. we have seen it happen with scotch and vodka and bourbon. 's turn they created a segment of the market that had not existed before. carol: who is whistlepig? sam: it is a company founded by raj bhakta. if the name sounds familiar, he appeared on "the apprentice," got fired on episode eight. ran for congress in the suburbs of philadelphia, got shellacked, and has been a serial entrepreneur seeking the next big thing. with whistlepig, he has found
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one. david: what is the company up to right now? it is having wild success, yet it is finding itself in the midst of a legal pursuit. sam: correct. they did something savvy. a consultant to whistlepig, a man by the name of dave pickerell advised them what to do when making it. he identified a source of aged canadian rye that had not been used as anything more than a flavoring agent for other blended whiskeys. however, the original rye itself he found was of high quality, so they started buying that rye from a canadian distiller. then they started buying it in vermont and bottling it there. now they're trying to grow rye on their property, distill it on their property, and aged in barrels made from wood from
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their own property. so they have this sort of backlist of rye whiskey that they are continuing to sell as 10-year-old, 11-year-old, 12-year-old, and now they are trying to develop their own stock as well. carol: it has original investors saying, "wait a minute." sam: correct. it was not started solely by him. raj bhakta sought investors to get himself started, including some former colleagues of his, people he had worked with an previous jobs, as well as representatives from the santo domingo family from columbia, columbia's richest family and the second-largest holder in sab miller. they put money into whistlepig with their understanding, as they put it -- and this is currently being disputed and will be settled in court in october -- that they invested in this so there would eventually be an exit. that whistlepig would be sold to another distiller, there would be an ipo, something of that nature.
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raj bhakta at this point is saying no, no, i intend to run this as an ongoing, multi-generational family concern. this has caused his partners to say, "had we known that, perhaps we would not have invested as much or at all or under the same terms." carol: "bloomberg businessweek" is available on newsstands now. david: and online. what is your favorite this week? carol: i love the cover story on amazon. we know they control the retail environment. now they want to control the last mile of getting the package to your home. they are building out this transportation network. jeff bezos once to control the world. david: yeah. i love sam grobart's piece. doing hardship duty, going to vermont, going to whistlepig distillery, trying all of these rye whiskeys out. there are brands that he sampled and liked. i did not know the back story.
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tell: have you tried the whiskey yet? david: i have not. i will try it for sure. we will see you back here next week. ♪
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>> the following is a paid program. presentation tsell proheat 2x revolution. >> got a pet? get a bissell. the bissell revolution. got kids? get a bissell. the bissell revolution. got carpets? get a bissell. introducing the amazing revolution. it truly is a revolutionary new carpet


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