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tv   Bloomberg Markets Balance of Power  Bloomberg  October 10, 2019 12:00pm-1:00pm EDT

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on the brief today, tom orlik from washington on those u.s. china trade negotiations taking place right now. on the turkish invasion of serial, and from london just schenkel men. is, what we know about what happening in washington between the negotiators? tom: there are talks between the chinese vice premier u.s. trade representative robert lighthizer. the first of two days of talks. president trump said he will be meeting with the vice premier tomorrow. he says china once a deal. -- he says china wants on a deal -- wants a deal. what is on the table? a bunch of small stuff. agricultural purchases from china.
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china wanting sanctions from shipping firms to be removed. termsonal transparency in of how china manages its exchange rate. what is not on the table, any of the big issues the u.s. wanted resolved at the start of the trade war. intellectual property protection , market access, china industrial subsidies. even if we get a mini deal, the question is will that be enough to move the dial? david: the bloomberg report is the currency provision will be similar to what we had with mexico. would president trump be willing to meet the vice premier if he was not willing to do some sort of deal? good point. a to me it is surprising the chinese have come at all. let's think about the backdrop to the talks. we have the nba controversy. we have the u.s. imposing sanctions on massive chinese technology surveillance firms, we have the bloomberg scoop
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about the u.s. pondering barriers to dollar flows, portfolio flows into china. the new music around these talks is extremely negative. it would not have surprised me if the vice premier had not got on the plane. the fact that he is here and the fact that donald trump is saying they will meet tomorrow suggests a mini deal is certainly very much on the table. david: you pointed out something that might be very important. we tend to think of this as president and president xi talking. particularly with the nba phenomenon, that controversy, it has become a much more broad-based issue in the united states. people know the nba and understand that. might it make it more difficult for the president to come to a larger deal with china? on both sides of the aisle, there is concern about china. tom: i think that is completely right. if we think back to the beginning of the process, it was a narrow economic dispute. we want intellectual property
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protection, we want market access. it broadens out the technology as well. we worry about chinese telecom equipment, we worry about national security risks. now it looks like a dispute over culture, dispute over values, dispute over free speech. everybody is watching, that makes it harder to get a deal done. david: thanks so much for reporting. that is tom orlik, chief economist with bloomberg economics. now let's turn to bill with what is going on between turkey and syria. there has been condemnation from the arab league. president erdogan is pushing back. bill: is the second full day of turkey's incursion into western syria. that has prompted international condemnation of the move. a closed-door un security council meeting going on about that incursion. president erdogan has pushed back very strongly. he said in a threat to europe that if the criticism does not tone down he is willing to open
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the floodgates to millions of syrian refugees who have resettled in turkey, saying he will push them into europe. as you remember, when that last happen in the early days of the syrian civil war, that resulted in big political earthquakes across the continent, undermining chancellor merkel's government and shook up politics and the u.k. erdogan is trying to use whatever leverage she has to push back on a widely condemned move into syria. david: that threat struck me as a potential doomsday machine for your. if they release millions of refugees into europe. is there anything constraining president erdogan? president trump says he would wreck his economy if he goes too far. i think it is more bluster than reality in terms of what the threat is. president trump says he has a lot of sanctions at his
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disposal. turkey is still a nato member and craves the role it has is the second-biggest military in nato. anchoring your european partners is not the way to remain in the alliance. he is frustrated with the criticism the move is making but i do not think we are close to seeing refugees pushed into europe. david: thank you for the reporting from washington. now we go to jess in london. we are waiting with baited breath for boris johnson to meet with the prime mr. of ireland. did they make progress? jess: they did. remember, in a week boris johnson will be going to brussels to see if they can strike a deal on brexit. the mood music has been getting worse and worse. today the irish prime minister met with boris johnson in liverpool and things seem to be improving. they said they can see a pathway to a deal. people were expecting maybe they would come out saying we cannot
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solve this problem of what to do about the irish border. things seem to be looking up. one journalist at the irish times has been tweeting he has heard significant concessions have been made by boris johnson on the irish border. whether or not those would be accepted by the dup in northern ireland remains to be seen. david: the question is how long is that path? he only has a week or so. can he make concessions fast enough to get a deal? jess: that is a very good question. the eu -- the u.k. is do to crash out on october 31. out with is they came some positive statements saying we think we can still work together. they're not even in negotiations at the moment. they are still just talking. they are not going into the tunnel, which is what the eu calls the last stage of crunch negotiations.
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they are still in technical talks. the fact they come out today and say the possibility has been positive news, we see that reflected in the pound as well. david: thanks to jusess shankleman reporting from london. now we go to abigail doolittle. trade is front and center? abigail: investors paying attention to trade. you made a good point earlier that what seemed to jump stocks higher -- they were flat on the open -- now investors wanting in on the wrist assets, president trump saying he would be with the vice premier tomorrow. tom orlik says he thinks it is small stuff on the table. , big deal, for various reasons is difficult, but for investors, if a mini deal happens, it is enough if we do see a big risk on day. david: particularly if it causes the president to say we will not
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impose increased tariffs on october 15 and december 15. abigial: that would be encouraging for sure. last week the news around huawei that some of the factors were lifted there. there is more give than some of the headlines or tweets would suggest. another positive is the entire supply chain for apple doing well. that does have to do with trade shifts. we also have an upgrade over at cowan of some apple suppliers. that helps sentiment as well. then you have the sense things are going well in washington, d.c. david: when in doubt, call in the iphone 11. thanks so much to abigail doolittle. we turn now to mark crumpton for first word news. mark: american and chinese negotiators are in washington, where they begun the 13th round of trade talks. the world's biggest economies are deadlocked over allegations that china steals technology and pressures foreign companies to
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hand over trade secrets. bloomberg has learned the white house will consider a partial trade deal with china. ukraine's president says his country will "happily" look into whether ukrainians interfered in the 2016 u.s. elections. asked bynsky was reporters whether there was any interference, he answered we cannot say yes or no without an investigation. president trump asked president zelensky for such an investigation in a july phone call that is at the center of an impeachment inquiry. turkey's president does not like the criticism his country is getting for invading northeastern syria. he says if he -- if it does not stop, he will open the door for 3.5 million refugees living in turkey. that would allow them to seek shelter in europe. the u.k. in island see a pathway to a possible deal on brexit. as we just reported, boris johnson and his irish counterpart met for lunch in
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northwestern england, in liverpool. the u.k. and the eu are trying to end their impasse, but time is running out to each a deal before the october 31 deadline. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. bloomberg. david: thanks. coming up, we talk with the former house majority leader and now prominent banker, eric cantor. power" onalance of bloomberg television and radio. ♪
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david: this is "balance of
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power" on bloomberg television and radio. he started in the family business and then climbed the ladder to be the majority leader of the house of representatives. we welcome eric cantor. i want to start with something that spans two of your careers, that is the u.s. china trade dispute. we have negotiations going on even as we speak. what effect has this dispute hat on the chinese economy in the u.s. economy? rep. cantor: having just been in china, i can tell you i did hear from a lot of investors and decision-makers there that there is some reaction and consequence to the stand we are taking in the u.s. against china. obviously, the slow down in that country has been well reported. i would say take a look at what the impact is. obviously our economy is much less dependent on exports to china. i can tell you from the standpoint of our company, but we are seeing in the m&a market there are elements in place that
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despite the volatility and despite the uncertainty in the trade agreement, there is still a robust outlook in terms of dealmaking. in thised the year company slower than we had expected on the heels of a rate increase last year by the federal reserve. in the second half of the year we are looking at a much more positive environment. obviously with still uncertainty around the trade agreement, but for m&a we are seeing with low rates persisting, that is obviously access to capital helping the thought process around m&a. we are also seeing, frankly, the role of technology and all of that playing to try to spur along dealmaking. powellwe hear from jay there is a lot of uncertainty among the business community which is having a dampening effect on the economy. you are saying you are not seeing ceos hesitate to pull the trigger?
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i think it depends on the sector and the size of the company and whether they are multinational or not? multinational companies we are seeing would certainly take a step back while this trade negotiation continues. there has been hesitancy as a result of the uncertainty around that. i do think that when you look at the component that we as an investment bank look at in terms of m&a, i talk about technology fueling m&a. in the mid market sector we are very active in, we still see strong signs that would lean toward more m&a. you take a family business that otherwise may have looked at selling every 30 to 40 years. now with the entrance of private equity and the sponsor community, they have a much more rapid timetable where advisors like us say there is obviously an appetite to transact them for
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more deals. when you couple that with the to take aanagement look at technology, is there company well-positioned, all of those things tend to increase interest in dealmaking while we are still under the sort of macro uncertainty on the china trade issue, the global growth, and those kinds of things. ,avid: we are with eric cantor former majority leader. let's shift the focus from china to the usmca. that is pending in front of congress. we now have an impeachment inquiry going forward in congress. kennett walk and chew gum at the same time was in mark kenny get that ratified while it is chewing impeachment? rep. cantor: this is one of the big questions in washington. partisanship is at a maximum. i do think the usmca will pass. i think there are incentives on both sides. seen, nancy pelosi
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and chuck schumer are very -- signals very positive things for usmca. we had members on the democratic side talk to mexico recently to talk about labor provision enforcement in that country. all the while, you see the afl-cio come out and say this would not be good if the usmca passed before thanksgiving. the fact of the matter is, i think everyone is looking to see a deal happen. democrats will be concerned about the afl-cio in the unions. i think as long as there is an oppositional part of those groups, you will see this past. are a lot of economic proposals on the democrat side. some of which affect your business and wall street. everything from a wealth tax to financial transactions taxes. we have elizabeth warren calling private equity bad names. what do you think that could
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affect wall street and new york if we get a democratic candidate ? rep. cantor: i have to agree with what president trump has said. it would be catastrophic if there is an elizabeth warren presidency. i think she is a total opponent of capitalism, regardless of what her rhetoric is. her sense we need to impose upon corporate america and businesses washington say about how they run, that is the least effective way to facilitate growth and job creation. believe me, i served a long time in washington. any time you put washington in the role of a capital allocator, that is a recipe for a bad outcome. cantor.alking with eric let's talk about ipo's. you said there's not a lot of hesitation on the m&a front. what about ipo's? i know you're involved, so be
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limited you can say, but aramco. is there any lingering effects of the jamal khashoggi situation with respect to saudi arabia in the marketplace? rep. cantor: obviously we do not discuss what we do or do not do in terms of our advice to clients. in a general sense, i can tell you there is such a firm commitment on the part of the leadership of the kingdom of saudi arabia that that country become a major player in the global economy. involvede, having been with u.s. saudi relations in my other job, my prior position in congress, as well as in the private sector now, i think there's a tremendous amount of opportunity as we see leadership in that region continue to try to diversify the economy there, and we see leadership also committed to more transparency and to attracting global capital into the region to create jobs and create wealth. this is only the beginning.
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i do think they have demonstrated a real commitment to see that happen. david: let's talk about policy uncertainty more broadly than u.s. china trade relations. we now have the situation with turkey and syria. the president had to take a u-turn on his position with u.s. troops. with respect to the business community, did that cause them to have some pause? we are not sure what u.s. policy is, it seems to change quickly. rep. cantor: other than the general pall of uncertainty around things washington -- we have all seen the impact of we woulddia -- what tell our clients is there is going to be a level of disruption given the nature of our political system, and frankly the unconventional nature of our president. i do think there is continued confidence on the part of the american business community that we are and will continue to have a legal system that affords
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risk-taking. for those who are trying to calculate in the international arena, the more important aspect is where is global growth going to come from and can people make the decision to allocate capital and put it at risk on the part of shareholders and investors while you have a lot of disruption internationally, and whether that growth will continue. i think that is the think we will try and wrestle with as an advisor to clients. cantor,alking with eric former house majority leader. finally, let's talk about the impeachment. we have the inquiry going on. there seems to be a spat about whether there should be a resolution going on. positionhe number two in the house of representatives. you think there is enough evidence to say we should at least look into whether the president of the united states was asking for favors? rep. cantor: take a step back as to what i believe.
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the american public is concerned with or interested in. i do not think the question of process of a vote for impeachment versus an inquiry, versus the republicans having a subpoena right, i do not think that is on the top of mind of the american voter. what i think in the end is of most concern to people is whether there is a fair process, and whether there is overreaction on the part of the white house or whether there is complete political mission on the part of congress. that is where the voter will come down. in the end, mike got sense is democrats are going to want to impeach, period, and we will see acquittal in the senate. the politics will overtake. david: eric cantor, great to have you with us. se is vice chairman of moeli and company. this is "balance of power" on
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bloomberg television and radio. ♪
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david: this is "balance of power" on bloomberg television and radio. it is time for the stock of the hour. pg&e is headed for its worst day since january after the company lost exclusive control of its bankruptcy process. kailey leinz is here to tell us all about it. kailey: pg&e filed for bankruptcy in january. the company is facing $30 billion in liabilities. the company had exclusive control over that restructuring until yesterday, when a judge ruled competing plans can now come in exclusively from the bondholders like elliott and apollo. they are now allowed to submit competing restructuring plans. good news for bondholders, you are seeing the debt rally helpfully. bad news for shareholders because the existing plans would essentially see all of the equity value wiped out. if you ask the street, they say
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there is a good chance the stock actually goes to zero. david: rolling blackouts are another part of the story. kailey: it is a bad debt aware me for pg&e. they are still dealing with the blackouts. they are considering a third to prevent wildfires. this is upper caution, this is saying we do not want to face another $30 billion of liabilities. we are taking action into our hands. david: cannot blame them for not wanting to do it again. thanks much to kailey leinz, terrific reporting on pg&e. now the 13th round of u.s. china trade negotiations is coming to a head. the president is said to meet with the vice premier tomorrow. that is coming up next. this is balance of power. ♪
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♪ >> from new york this is balance of power. i'm david westin. never go to mark crumpton. >> to associate the president
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trump's lawyer rudy giuliani have been arrested in virginia. they have been indicted in a new york campaign-finance case. are accused of funneling illegal contributions to american political candidates last year. they will come under scrutiny for their roles in giuliani's effort to uncover damaging material and ukraine about democrats. bernie sanders is making plans to get back on the campaign trail after suffering a heart attack last week. online video posted today, the 78-year-old said he is getting stronger every day and will return to campaigning as soon as possible. in the video, he also says his health scare him think more about what he calls our country's dysfunctional and accrual health care system. a congresswoman has just announced that she will not seek reelection. she is the current chair of the --se approves your appropriations committee.
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she has served in congress since 1989. turkey says it will continue its offensive in syria until all terrorists are neutralized. the country says turkish troops are moving deeper into northern syria and adding more security force officers. the assault on syrian kurdish fighters is in its second day. it took us officials are also reiterating that they want to create a safe some that will assure the safe return of the syrian refugees or displaced people. >> a suspect in a synagogue attack had nine pounds of explosives in his car. prosecutors say he wanted to carry out a massacre. officials say he tried but failed his way into the synagogue where 80 people were inside. he is accused of shooting and killing two people on the street outside. prosecutors say the german citizen livestream to the attack while ranting about jews and say
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he also posted a manifesto online encouraging others to imitate him. global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> president trump is hoping that the 13th time is the charm in his trade negotiations with china. has held upconsumer well despite the tariffs. shoppers could start to feel the pinch if the president follows through on increased tariffs later this month and before christmas. fellow atis a senior the institute for economics. good to have you with us. give us a sense of the effect of these tariffs so far. seens so far, we have not much damage from the tariffs in the intermediate time.
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we are a large diversified economy. the tariffs were backloaded so they started at relatively low rates and only about half of the imports from china. sense ae had some delayed affect but this is a large economy and there is no expectation that this is going to in the short run affect forer economic outlook inflation very much. >> take us through today and tomorrow because the negotiations are going on as we speak. assume that we might get a small deal. so agriculture products, maybe some transparency on currency. fromt keeps the president increasing the tariffs. what would that mean to the u.s. economy? think many of us hope we do get this deal. that would stop the escalation.
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certainly, american allies in asia and europe hope that the escalation of the conflict stops. begin to find solutions to the longer-term issues we are dealing with. for the u.s. economy, it would be great news. the test will not be increased further we hope very of the last round of tariffs scheduled for december would be mainly on cell phones and laptops, things that nobody in the u.s. would like to see since those are business costs. costs for students heading back to school etc. we will like to see this deal being made. longer-term, it may get business investment growing again and that would be good news for the medium term and long-term prospects for american workers to see productivity gains and wage increases. >> is there any likelihood that in fact events are overtaking
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the trade negotiations? we now have the nba dispute which has gotten a lot of attention. there is concern across the populace. forget about the white house and congress with respect to china. resistancecreasing to china among the people of the united states? >> there has been a growing resistance among the people. certainly, this latest nba crisis amplifies it. we have to remember that there are similar things going on in china. the chinese people are upset about what they see as an insult to their country. we see both sides in some sense hardening. that is unfortunate because we have an opportunity to try to have a cease-fire so to speak. and work on the fundamental issues which have been raised from the beginning. treatment of our firms when they do business there, access for
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our exporters into the market, the use of subsidies and state-owned enterprises. these are very important issues and ones that we need to not only discuss with the chinese but to broaden out the conversation to include all of our allies and trading partners so we can get new rules of the road to meet what we need today. trade, thethan economy more broadly. we talked here with the president of the dallas fed and he expressed concern about where we are iny is area >> a fragile time which is why i am glad the fed has taken some action in a july and september. i think this could go either way. we could avoid a slowdown but the jury is still out. >> how much of that is because of trade and how much is because
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of other issues facing the u.s. economy? >> a lot of things weighing on the economy right now. trade is one. don't forget that president trump is waging trade disputes on multiple fronts. we still have the potential for restriction on auto trade which would greatly upset our trading partners in europe. airbus boeing dispute with the u.s. levied new tariffs on european products this week area that something that we were allowed to do given the go-ahead by the wto in response to a long-running case that received a decision recently. we will expect the response on the european case against airbus next summer. there is the political conflict going on in washington. there is what's happening with hong kong on the other side of the world. all of these things are weighing on the economy to girly on business investment. this is also distracting our attention from things we need to
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like making sure american workers have the skills they need to compete. we know there are going to be dramatic changes in technology coming in the next 10 years. clearly, field by the introduction and deepening of ai through the economy. to prepare workers for that. we need to address climate change moving forward. our allies are certainly moving forward on that. there are a lot of things that we need to be paying attention tothat we are not able because of these problems that are plaguing us on the side. fortunately, the expansion has continued. the fed is doing its best to make sure that continues. i think theee politicians of stepping up and looking for resolution to these issues so that we can continue to build our economy. >> thank you for being with us.
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coming up, he took a struggling nasdaq and turned it around. we talk with the former chairman and ceo of the exchange about how he did it. next, this is the balance of power on bloomberg television and radio. ♪
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♪ is balance of power i'm david westin. we're also on radio. when our guest took the reins of the nasdaq in 2003, he knew he had his work cut out for him. he made personnel changes, trimmed costs, and made some big
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deals. he made the nasdaq into a new institution. he tells us all about it in his new book. >> my pleasure to be here thank you for having me. how bad was it when you took over nasdaq? >> it wasn't pretty end the rules have changed. we had competitors who were taking on market share every day. nasdaq had built a great system. they change it once a year. it was very reliable. the upstart and rickety systems would break but they would change and improve it every day. system for ailt a different time and place and we had to change the culture and respond to it. the complication was, nasdaq had been part of the regulator and my job was to separate from the regulator. we had a culture associated with rain part of the regulator.
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>> talk about the culture. as we hear, culture eats strategy for breakfast. how did you change that? >> i made dramatic moves the first day. i eliminated any conversation with the culture should be. i didn't have the time to get into any long debates. it was not something that's come to a collective decision. i said this is what we are going to become, we had a lot of people self select a lead. not a value judgment of what life you choose to live. we had a lot of that happening than we had to move the pieces around. employees in the old culture led by the now ceo who quickly said this is a better way and she took to it
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like a duck to water. >> you also made a lot of acquisitions. one and we acquired that one first. the most important move we need made was to it the best technology on the high-frequency firms use some version of inet tonight. the 47 acquisitions we did, the only when we had to do was inet because it was institutional risk. we're losing market share and money every day and we didn't have in-house any technology on the shelf that i had great faith in. the rest of the oppositions -- acquisitions were optional and we used that to build upon further strength. than 2008 happened. the stress on everybody including you.
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reforms afterwards and in your book you recounted a situation when you got a not friendly phone call. >> there were a lot of four letter words. our systems worked well through the great credit crisis. we bent but didn't break. then we had the lobbying for what the future should be. it was a professional disagreement in terms of how things would play out. we lived through some difficult times with facebook. to his credit, he gave me a call during the darkest facebook days and said he will get through it it will work out i appreciate that. >> tell me about that. it's treated in the book fairly directly. >> i see it is a really big loop. i came there and we had a certain culture. we changed it and we made the engineers the king of the ship.
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the organization was not balanced. i did myself reflection it was my issue so i created a culture where the engineers could over develop systems without any check from the people running the businesses. evolve, we learned from it, we became a more balanced organization and a better organization. hong just had were the kong exchange tried to buy [indiscernible] is that inevitable to have those consolidations happening? x yes it is described in the book. the price was in the right price for us. exchanges, we are and what of the reasons i get tired their technology companies were transaction processing companies. that means an incremental trade, it doesn't really cost any
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money. nasdaq has enough processing power to run every equity trade on the planet on the existing hardware they have. great scale economics if you do that. that's going to be a driver. the mitigates the driver is fact that you have a regulatory bodies, legislative bodies who may or may not like the deal happening. that was a quick round-trip in and out of hong kong so i don't know all of the details but probably it was related to other issues beyond the economics. >> we are talking about the former chairman ceo of it nasdaq. right now there is a big discussion going on about ipo's as opposed to direct listings. nasdaq had both experiences. >> we did it when i was there. andhat are the pluses minuses of each? it is notect listing,
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going to go away but it will not take over the market area did you have zero need for capital, a brand in the investment community than branding comes into play and you have to make a decision. the advantage of a direct listing is you don't have to get involved with what is the right price. ceo iic company, i'm the don't want to be in the game of trying to decide how to play it. i just get the right priced. -- thenist and then your mother price because the stock is trading. that's an attractive alternative to some but not too many avid say. >> if you look at tech which you specialize in, we have several of these ipo's and certainly the investment anchors didn't find the right price. >> that has happened. >> it's very disappointing in the last few weeks. >> i would say so.
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the public markets will discover the right price with higher frequency than the private market. if you look at the source of this issue, you have i think abnormal price discovery happening in the private market. the private market is primarily a bilateral deal between uni and i. we could get it wrong. you have a lot of people in it and the odds of getting the price right are significantly higher. >> spend one minute on china. i want to talk about curtailing investment from the u.s. into chinese companies and china into the u.s.. they don't have the same accounting and auditing standards. what would that do to capital markets if we curtailed the flow? >> in the context of the trade discussions, there's a lot of posturing going on. i would not pay too much attention until we see the final deal. i would say the chinese companies have a greater need to invest in the u.s. because we andthe most liquid
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efficient. that will be a driving force to make that happen. with respect to the disclosure and accounting, we expect a high standard. certainly, chinese companies have to conform to something that is equivalent whether it be our standards or something like that. do need to see that. that's a good framework we should continue in. >> it was great to have you here. up, it has been ready for a generation but now the key state of georgia may be turning purple or even blue. we will talk about why and what it could mean in next years election. ons is balance of power bloomberg television and radio. ♪
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♪ >> this is balance of power on bloomberg television and radio. the state of georgia has been decidedly republican for a generation. so much so that democrats likened it to the whale captain ahab spent a lifetime chasing. the challenges with georgia has been one of the reasons that it has been the thee whale is it yes demographics have shifted but you have to find the voters and register them and to in contact and make sure they turn out and that takes time and money and a real effort. x welcome to our politics editor in washington. great piece out today this is a could go blue this time. >> it could conceivably may be is a good way to put it. there is also a strategic decision the democrats have to make. karen was right when she said you have to go find the voters.
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the voting population is changing but do democrats want to spend time and money in georgia or do they want to go recapture pennsylvania, michigan, wisconsin and ohio? the states that they should have won in 2016 and didn't. georgia is an enticing prize. >> it comes to money. it looks like the republicans are spending money in a state that was in the bag. >> that's what's interesting. it is said georgia was a two or one state which means that's one of the states the trump people are watching. usually, in this generation that georgia has been solidly red, the republicans can accept that georgia was in the bag and not have to spend a lot of money there. the fact they are going to is a good signal for democrats.
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debate will bel somewhere in georgia that is also a sign. >> i can't let you go without talking about impeachment. we have a remarkable story ,esterday that rex tillerson the president said it you go talk to the doj and get them to help on a client of giuliani? what is that about? >> that was a fantastic scoop by our colleagues. in the oval office, trump asked rex tillerson to help persuade the doj to drop charges against an iranian turkish businessman who was being charged with evading sanctions against iran. sanctions against iran is one of trumps big calling cards. he has strengthened the sanctions and believes that is a big tule foreign policy. to ask the doj to go easy on a guy who was evading them is remarkable and the reason the president was interested in this
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man is he was a client of rudy giuliani. >> is this going to rise to the level of saying the president should be impeached or is this going to be saying ok he just didn't like to form? ask it's hard to tell. there are so many tentacles of these investigations of congress area ranging from the payoff with stormy daniels to the phone call to the ukrainian president now this. it's hard to tell what they will cling to. >> thank you so much. coming up, balance of power continues on bloomberg radio. we will talk to a representative of the eurasia group on the u.s. china trade deal. ♪ from the couldn't be prouders
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>> big oil bottles climate change. ceo's say reducing admission is not just their job. we speak to the ceo of q equinor. to woo investors who were disillusioned by energy stocks and buybacks. a $2.6 billion historic blackout. pg&e cuts power to have a billion people in california. all to insulate itself from wildfire risk.


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