tv Bloomberg Best Bloomberg March 6, 2016 11:00am-12:01pm EST
>> coming up on bloomberg us, the stories that shape the week in business around the world. front runners surge in the race for the white house. latestwatchers parse the jobs report. the debate over digital privacy intensifies. >> it is really about how we access evidence anywhere. ground, is not a middle the i know of, the requires apple to go to work for the government. trouble. in
you are probably going to lose. francine: and, the world's top automakers top business. all of this, plus the week's most revealing charts coming up on bloomberg best. ♪ francine: hello. welcome to bloomberg best, kobe could review of the most important business news, analysis, and business news from bloomberg television around the world. that's take a day by day look at the headlines, starting with the bold policy step by the people's bank of china. >> the chinese central bank cutting the rate to 70%, reducing the amount of capital that banks need to hold in
reserve. this, hot on the heels, of one in china.gest months >> this is a significant move.se and a significant in the near term, this will add to credit growth in china. that will help the economy grow in the short term. the biggest picture is you have to wonder what signal it will china'sut confidence in economy now. it comes at a time when they are suffering from outflow. if anything, this will put further pressure on china's foreign investors. a real balancing act. it is a sugar hit for the economy, sure, but the bigger
picture, bigger problems going down the line, and the balancing act of the pboc. have a good read. we have not had any high indicators in the key parts of the economy yet. what we have had are some .rivate readings the chinese economy has not gotten off to a good start. they are not especially confident either. >> apple and fbi have been testifying on capitol hill. >> you see obviously in isil efforts sending messages that are encrypted. that is a huge feature of our national security work and a huge impediment.
even with the court order, what we get is unreadable. >> we are joined now by the new york county district attorney. what is your reaction to the proceedings so far? >> the inability for law access devices where the judge has determined that there is evidence in the devices that may relate to a crime is having a huge impact on our ability to do our job, to protect our constituents, and having an overall negative impact on public safety. we ought to push rapidly for a federal legislative solution to this issue. twinieve that the interests of privacy and public safety can be balanced. i do not think it is acceptable to have these devices, knowing they have information on them that is so lightly important, to be simply off-limits because the
technology copy decided they wanted them to be off-limits. i think congress needs to step in and provide balance that has now been taken away. >> let's turn to the race for the white house. there is also super tuesday, which of course was yesterday. megan murphy has not slept all night. on the democratic side, hillary clinton 17 states, compared to , four states. the question is how does the strategies change now? we aren't heading into a winner take all zone. >> the strategy changes dramatically. we expected donald trump to do well last night, he did. ted cruz took texas, oklahoma, and also alaska. marco rubio had a tough night.
establishment is now left with this option of, do we start thinking about getting behind donald trump, or to be have sitting senators, lawmakers, governors, saying, this is not what the republican party represents, we need to put all of our far apart -- firepower , or ted cruz.ubio ted cruz is as much antiestablishment as donald trump. >> can hillary clinton sit back and start to plan ahead to november? >> she can try out on a lot of different strategies now. she has more breathing room. make no mistakes. bernie sanders has a lot of money. he will keep making his message. conspiracy charges of a sting
between two large oil and gas companies to not bid. we have the company story of a personal story. >> they are intertwined, and that is why he got in the pickle to begin with. >> he built his company from nothing into the second largest producer of natural gas in the united states, only behind exxon . nothing to sneeze at. he has been the public face of this gas revolution. for him to face the charges now is interesting turn of events. ceo now dead. he was killed in a car crash in oklahoma city. he was indicted yesterday. statement saying that the charge was wrong. oklahoma police are saying that the car he was in alone was
the speeder than limit. we will continue to monitor the story. >> he was one of the real leaders in what has now been .alled the shell revolution we now know that the degree of turnaround in u.s. production, jova by technology, not by government, or anything else, in the private sector, has been one of the most remarkable economic developments in 100 years. morning -- this i quote, i had the privilege of being his partner for 23 years. sandridgethe ceo of energy.
what happens now? >> the case will be dropped because he has passed away. doj has made clear that the investigation into this matter continues. sandridge wasn't named in the indictment specifically the other day, but they reported the other company that mcclendon conspired with allegedly. we can expect the investigation will continue. we will have to see if other indictments come from this. >> 242,000. that is the number for the month of february. of 47,000 increase -- a 47,000 increase. steadiedloyment rate at 4.9%. an averagen is on monthly pace matching what we
saw in 2015. >> are these good jobs we are creating? >> that is the question. i suspect some are not great jobs. some are at minimum wage, and a little higher. the average income of american workers is proceeding higher, but not a very rapid pace. worked didhe hours not increase. the precipitation rate -- .articipation rate went up it means more more people are coming back into the workforce, and takes pressure off of the phillips curve and the taylor model. it is not exactly a robust model from the standpoint of a hike. model from robust the standpoint of increasing
growth, which i expect to be about 2%. >> one of the numbers i look at worked, aggregate number of hours. that was down. despite a jump at the top level, the workweek declined. be some more people come into the labor force, but people working fewer hours. that could be an interesting development, whether it be in some sense more worksharing, where people's work hours .ecline unless we see wages pickup, that means there incomes will also not be keeping pace. francine: we will have much more on the apple privacy case, exclusive interviews with 'sretta lynch, and apple lawyer. ♪
♪ francine: welcome back to bloomberg best. we learned this week that barclays bank will be closing up shop in africa. the ceo says he thinks that commodity markets have hit rock autumn. a major move from one of asia 's largest automaker. >> this is the biggest ever share buyback. it is worth $3.5 billion. >> this is as big of a buyback as you have seen from japanese automakers. also, for nissan, a bit of a departure from what it has been up to in the last few years. this is the first company that has bought back shares since 2011. this represents of that made
that the fears of the company hitting a peak are overdone. you are seeing a bigger response today to the shares that have been battered up. >> barclays has said it will sell its african operations. let's get straight to the ceo . the decision is to sell your african business. can you talk us through the reading? i can hear the cameras from the market saying that this is a fire sale, you hope to do it over time, have you had any conversations? have you had any interest shown in terms of your assets their? >> it is a very difficult decision. barclays has been in africa for over 100 years.
barclays africa is a terrific as this. we are across the continent. it is a very difficult decision. as you noted, we own 62 point 2% -- we own 62%ca of barclays africa. we look at the capital charges we have, funding charges, etc. it is very hard to own 62% of a business where you have 100% of the liabilities. >> glencore ceo striking an that prices saying have bottomed. why does he think the bottoming out is happening? >> through the whole of last year, we saw manufacturers, not just in china, but all over the .orld, destocking they could feel metal prices going down. no one wants to be holding
expensive metal, turning it into small margins. when they see the cycle ends, and we think it is ending now, prices start to lift. we have already seen some evidence of restocking in china. they be not as fast as in past cycles. >> how much more do you see there is filling up to the upside? >> it is really easy to sell the stuff too early. glencore has done very well. it has managed this exceptionally, in my view. it is not that bad. is aightly different -- it slightly different type of growth, but still there. sports authority is filing
for chapter 11. the issue has been they have no online presence, they don't have a growth strategy in the category that has been the biggest growth story and apparel. >> when you think about sports authority, it has to be a failure of execution. >> they filed for bankruptcy today. looking at this, it is quite remarkable. in 2006, it was but by private equity. dix has twicee, the number of stores. what happened? can it be saved >>? i think it is management and execution. as stephanie said, it is a space that has been incredible. if you are in sporting goods, you have to hit a home run at
this time. it is not fallible that they would have such a hard time. >> just weeks after announcing post, the south china innsidering stakes another media outlet. tell us about this magazine and how it is perceived in beijing. >> it has quite a good reputation. it comes from a magazine, which .s still publishing it literally means financial news. it does have a weekly magazine that is well regarded. what is interesting is in the last year or so, they have been moving into areas of financial data. >> this is not unusual for alibaba. they have bought into media before. the question is why would you add another publisher? >> with this publication, going
after the media empire in china, they are trying to tap into what is more than publishing, but the financial data there. they have announced they are deals with other organizations. they bought basically a credit rating agency. they did a deal with a company that does financial research. adds moving far beyond to data and functionality into the offering for the clients. shares tumbling today after they overstated growth. craig has been digging deep into the story. what are the takeaways? >> they made a mistake. he said it was a database error. it is embarrassing. i think there is a psychological negative. but people are telling us is it is not a gap issue.
it doesn't appear this feeds into the accusation that it is a pyramid scheme. not good. major, major problem, as far as the numbers are concerned. he says it is a pyramid scheme. what are his thoughts? .> obviously, the stock is down what we are hearing initially is this does not feed into the idea that this is a pyramid scheme. it is a mistake, a big mistake. some of these numbers, 70% when it was 30. not good. it is bad for perception. this does not feed into his main accusation. ♪
you are watching bloomberg does. warren buffett released his annual letter to shareholders this week. it's wisdom was especially welcomed by investors. we analyzed his letter on abouterg tv, and spoke coping with unsettling levels of uncertainty. >> warren buffett's annual letter went be on nuts and bolts and into the state of presence of politics. he says the rhetoric on the campaign trail has been negative. here is a direct quote. "as a result of this negative drumbeat, many children believe they will not live as well as their parents do, that is wrong, the children today are the luckiest crop in history." >> we have seen this kind of language from buffett in the past, but he really went above and beyond to discuss why he
thinks america is so great. it really boils down to the fact that we have a capitalist system that keeps marching towards more and more productivity. for buffett, that is the key factor. he is speaking to a wider audience here, saying we should put aside what politicians say about the state of the economy time,e over a longer america has worked out for society. >> he avoided endorsing anyone in the letter. >> i think there is a chance that he people would have been quite mad if you did. you are right. he has been very clear that he supports hillary clinton, and expects her to win the campaign. , andubtext for the letter
i spoke with several investors over the weekend, the subtext was that he was making some political statements here. >> given the volatility we saw on chinese markets, are you still a buyer of chinese stock? do you understand, i think you understand, with the exact and end game is? >> this is a time in china, and it all markets, to be very selective. we are a buyer of select chinese stocks. going through such a tough time. people say, they are cheap, but there is no growth. >> it depends on where you are looking. i just came back from brazil. people are down and out, really sad. that is really a time to be buying, when everyone is negative on the country. result is not going away. through a lot of
reforms. that is something to look at. >> what exactly do you want to buy in china and around the world? you are the ever optimist. there must be a time when you think, things will turn badly. >> we love this time of democracy. things look so bad. it is usually the time to be looking at these markets. the things to be looking at our strong sumer oriented companies. companies growing their market share. they are buying competitors. competitors are going out of business. those of the kinds of companies we are looking at. >> i'm curious how you are making your capital allocation decisions, given the turbulence in the markets. >> the turbulence has been very good for us because prices have been moving a lot more radically eratically. in the european financial
sector, you breathed the words of negative interest rates, and that causes a decline in the financial service companies. it is true, in the short term, especially if you are commercial bank, low rates and negative lending.'t help that is not the whole story. you have increases in loan , lowerons, lower costs losses, and combining this with the way prices have been slammed the beginning of the year, we think there is great opportunity, especially when you consider that most of these large banks are at a stronger capital position than they have been in a long, long time. you have a much safer balance sheet, lower losses, lower costs , better credit expansion, and yet, collapse of these prices, mainly due to a fear of the interest rates. >> where is the opportunity to
make any money? there are profits, and fees, as well. spread alone, that will be narrower. it will be narrower not forever, not into perpetuity. it will be narrower until the central banks keep the momentum going and jumpstart some of these economies. >> are we going to see consolidation in the banking sector in europe because there has been so much pressure on some of your rivals? >> i think, in general, the european banking system is clearly at overcapacity. the problem is to create an
environment in which we learn from the mistakes of the past. not everything should try to copy the other. clearlyevery bank has to find in nexto lead through the phase. that means focusing on what you stand for, what you is slashing costs for the segment and investment banking. i would particular note, mr. cryan at deutsche bank, very strong language. what everyone wants to know is how are you going to retain your intellectual and your trading and your banking firepower? what are you going to do in the next six months to keep that talent? sergio: the investment banking, because this idea of one-stop shop is dead, i cannot really buy the story that when people are commenting on on competitors exiting. you're are going to pick up the market share. actually, i think there is very little to gain if you do not have the full capacity, and also in certain businesses, the reality is that capital
requirements make certain businesses structurally unprofitable. therefore, i think you can retain an investment banking franchise and expertise, but you need to pick up which segments you want to be good at. francine: coming up, more expert insight on financial markets and economic policies from alan greenspan. and legendary investor ray dalia. plus, critical issues of cyber security that have apple at odds with the u.s. government. that is all straight ahead on "bloomberg best." ♪
michael mckee sat down with him in washington this week and discussed a growing trend in monetary policy. that is negative interest rates. alan: up to a point, negative interest rates have no effect. why? because people are willing to accept, essentially, a negative interest rate to hold the claims of these particular countries. that is going to change if we go on indefinitely. because somebody is going to start to move. we do not know what happens when that happens. michael: is it dangerous, do you think, a dangerous experiment for so many central banks to be doing this? does it call to mind the beggar thy neighbor currency policies of the 1930's? alan: i do not know if the word "dangerous," but it is clearly nonproductive. that is, to have this type of situation is a distortion. and really, the big argument about excessive low interest
rates for a very long period of time is it work -- warps real investment. clearly, if you have negative interest rates, people who can raise funds with negative interest rates, their capital investment projects are going to be warped. tom: the corporations you follow with your data analysis, are they acting in an unhealthy or improper manner because they have a free lunch from low interest rates? alan: the problem basically is, and i'm sure they're doing it because you can tell what happened as the qe's opened up and the price-earnings ratios rose, we are getting signals, which are distorted because interest rates are too low. people are investing in long-term assets when they do invest in long-term assets under the mistaken view as to what the rates of return have to be.
and that means you are going to get misuse of capital. michael: the markets these days seem to be telling us that we are in trouble. are we? alan: yep. we are in trouble basically because productivity is dead in the water. francine: in another bloomberg television exclusive this week, bridgewater associates founder ray dalio shares his thoughts on the fate of the global economy with erik schatzker. ray: you asked me about investors, so i'm trying to back to what investors should do. erik: what you think is appropriate, and what they should do. ray: i want to convey the average investor. i think of the average investor, most everybody, do not compete against pros like ourselves or other people. don't be making tactical asset allegations on the market and moving around in the markets because you are probably going to lose. you have to have a balanced portfolio. in other words, think about how you will get a balanced
portfolio. what you know is that asset class as a whole over a period of time is going to thing you -- outperform cash. is going to that is the thing you can be most comfortable with. if they do not, then you have a depression. the only time that has not happened. to know how to achieve a balanced portfolio -- and that is a whole other subject i do not know if you want to go through. if you are talking about tactical debts, in other words, i could come on the show and say, "i think this is good," but if i come on a month later and change my mind because something has happened, i am going to mislead people. so the tactical bets i do not think are going to be helpful. i would say that we are in an environment in which it is very important to have a well diversified -- and that will include assets like, to some extent, maybe a little bit of gold in your portfolio. in other words, what can i tell investors? try to achieve balance in various ways -- that is a whole subject about how to do it. and also, i think gold at 5% of
your portfolio, 5% or 10% of your portfolio, under the circumstances would be also a prudent thing to do. prudence is the important thing to do. the reason i am also referring to that is we have a situation where debt is money. in other words, we have a fiat monetary system. so we are having problems as the central banks operate. and so, think of it as another form of cash. and when cash has 0% interest rates for less, think of it as one of those possibilities in terms of, how do you create diversification? francine: this week, the house judiciary committee questioned representatives from apple and the fbi over their dispute of digital privacy and national security, and we were out looking for answers as well. "bloomberg west" anchor emily chang dug deep into the debate with the former nsa director, apple's lawyer, and the attorney general of the united states. keith: in my opinion, the question is not "who is right"
but "how do we solve this so we have both?" protection of civil liberties and privacy, and how do we ensure our security as a country? emily: is it possible to have both? keith: all things are possible. what i would say, get the greatest minds in industry to work with the government. to come up with a solution. it could be laid out to the american people in a way that does both. emily: do you think apple is being arrogant? keith: i think there is a lot at stake. and i can see apple's concern saying if you do one, it is a gateway to many. i can see the fbi's concern, if you do not do this, we will have a problem in the future. that gets back to the beginning. emily: if apple does this for the u.s. government, who is to say they can't do this for the chinese government or the russian government? keith: if we come up with a solution that we the united states can put forward, a balanced solution, perhaps that is the solution that we can help apple, facebook, and google in europe, asia, and other places. we have had too big a disconnect
between industry and government. i am not for a backdoor. i am for a transparent front door that tells the american people first how to solve this problem. and then second, take it to our allies and say, is this an international solution that we can work with? emily: you say there is a middle ground between apple and the fbi. and i would love some specifics. if there is a middle ground, where is it? ag lynch: we feel the middle ground is rain apple and the fbi, or law enforcement and any company, is the court. that is who we go to to arbitrate these disputes. we have a difference of opinion as for what the law means, we go to court, and that is what we think is the current state of affairs. that is where we think this dispute is going to play out. however, as we discussed, there is the middle ground of discussing this in the larger forum of ideas in our country.
having a discussion about what it means to have both privacy and security. we do it all the time. people expect it of us. and we can do it in this case also. emily: but tim cook says there is no middle ground that does not put everybody at risk. it is not just about one phone, it is about every phone, and it is about the future. how do you respond to that? ag lynch: in the present, we see how we do in fact balance privacy and security every day. in fact, until recently, apple was able to comply with our requests, and they have some of the strongest security out there, and we have not seen that parade of horrible cases in -- we have seen it done. we have our finance companies, our health care companies, all important sectors of the economy depend upon security to protect all of us, every single one of us, but they need to manage that data to also keep us safe and secure. emily: what does a compromise
look like to you? how does this play out? ag lynch: it really is about, how do we access evidence anywhere? we are applying the same principles as if we are trying to go into a home and look at a file full of certain kinds of papers. we go to a court and say there is a narrow set of evidence that we need, and here is where it is located. i think in this case, it is important to note that the customer, the actual customer of the phone is the one who has requested apple's help. so one way to simply resolve this is for apple to work with its own customer and work out a way to resolve this issue. ted: the government does not have the authority to require apple to redesign its iphone to disable the characteristics that it put into the system, which is what its customers wanted. there is no legal authority for that now, and one judge has already held that. so there has to be some
discussion about how to solve this problem, if there is, but you cannot conscript a private company such as apple to do something to change its products. there are, we have civil rights to prevent that sort of thing. emily: i spoke with attorney general loretta lynch yesterday, who said the middle ground is the courts. let this be decided on a case-by-case basis, as it already is, in the judicial system. under any circumstance, will that satisfy apple? ted: i am amazed that she would say that. it would not solve anybody's problem. you might have one court going one way and another court going another way. fbi director comey himself yesterday said this is a problem. he said it is one of the most difficult problems, or the most difficult problem i have ever faced as fbi director, before that, he was deputy attorney general. this is something congress needs to debate one way or the other. if you do on a case-by-case basis, you are going to have different outcomes in different
cases in different parts of the country. director comey says they have 12 or 13 other cases in which they are trying to do this in federal courts. the manhattan district attorney said he had 205 iphones he wanted into. you can imagine, multiply that by every jurisdiction in the country, a case-by-case solution is no way to go about this at all, and i am amazed that the attorney general would say that. emily: is there a middle ground? because it sounds like apple is saying there is not. ted: well, there is not a middle ground that i know of that requires apple to go to work for the government. we have a constitution. the constitution does not allow the government to conscript private citizens to invent products or to change the products that they have invented in order for the government to look into the product or to cause the product to do what it wants. ♪
♪ francine: you are watching "bloomberg best." i am francine lacqua. the annual geneva motor show is usually a selling platform for manufacturers to introduce new car models and talk up the hottest auto concepts. but this year, the shadow of the vw emissions scandal also hung over the event. ryan chilcote spoke with many top auto executives this week in geneva, starting with volkswagen's ceo. matthias: the investigations are going on, and we are in contact with all of the authorities, especially in the united states, so we're looking forward to have results as soon as possible. reporter: there is this idea that you will come up with a plan by march 24. are you confident you can conclude or come up with a plan that will satisfy u.s. authorities in a month's time?
him matthias: the dialogue makes some progress, so we will see what happens during the next weeks and months. ryan: where are you going to find the money to pay for this scandal? you have already said that some of the money that you set aside will not be enough. you talked about the need to reduce some of the models that vw produces, cost-cutting efficiencies. where are you going to find all the money? matthias: a very interesting question, but you can suppose that volkswagen is a company which is able to handle the money, and one of the most important things will be to set priorities to the things for the future, kind of product program and kind of autonomous driving,
and kind of realization or mobility, so we will do that and that will be a progressive issue. ryan: does what we have seen with vw and the whole diesel emissions scandal add new urgency into the push for electric cars? carlos: we attract attention on the fact that even though the regulators are trying to do the best in order to say what is acceptable and what is not acceptable in terms of emissions, there will always be conditions that the regulators cannot regulate. so if you really worry about the a emissions, the only solution is the electric car. you have zero emissions and nothing to measure. on top of this, as you know cop21 has come to the conclusion that we cannot afford to have more than two degrees of the heating of the planet, and this means more and more zero emission cars.
ryan: i am not suggesting you are predatorial, but does this present you with an opportunity? carlos: without any doubt. ryan: what is that? they will be strapped for cash as they worry about the $46 billion in fines that they may have to pay. carlos: i do not want to mention the competitors themselves, but what i am saying is the fact that emissions have become a concern of many people, and a lot of people do not understand exactly what is going on. this creates a space for electric cars. because here you have zero emissions. and karl-thomas: of course is all of this discussion about diesel and emissions is helping to think more and is moving toward electric cars. nevertheless, the majority of the market is still combustion engines, and that is why it is important that we also invest in combustion engines. and like the gt for example, the planet has a three-cylinder very efficient turbo engine. ryan: to what extent is this an
advantage for a company like like yours? karl-thomas: i do not intend to see the discussion and scandal as an advantage. ryan: not that you are predatorial or anything. karl-thomas: it is an issue for the industry, because it looks as if we were all cheating, which is not the case. we have invested tremendous amounts of money to do clean diesel and clean gas engines, and they are important for the future. so that is why i think it is not a good thing for the industry, not for anyone. ♪
mark: leonardo dicaprio is one to win an oscar. well done. well done. i was thinking, "how can we make money out of mr. dicaprio?" how about this? if you bought the s&p 500 in these years, you would have made money, because the first year he was nominated was 1993. that year, the s&p rose 7%. and he was nominated for "the aviator," rising 3%. then "blood diamond," 2007, up 3.5%. "wolf of wall street," up by 11%. if you buy the s&p on years that leo was nominated, you sat on gains. if you bought the s&p the year leo was bored, you sat on a 30% loss. by the way, the year he won an oscar, the s&p 500 is down. long story short, buy when he is nominated. joe: so for a long time it
looked like the bank of england might hike imminently. their employment data is good, the economy has been improving, but things have really changed the last few months. this chart i saw from asset management, this is morgan stanley's measure of market-implied months to first hike. so for a long time last summer, the market was implying about 10 months to the first boe hike. while the ecb was more around 30 months to the first rate hike. since the start of the year, it has absolutely surged at the boe, so that now, the market does not see a hike for about 50 months, more than the ecb with brexit concerns about the economy, messages about the boe, people have really push back their timing for a hike. scarlet: costco posted second-quarter earnings that trailed analysts' estimates. the stock falling as much as 3.5%. let's see what the numbers say. today the numbers don't lie. costco is the largest warehouse club with more than $116 billion
in annual revenue, but the strength of the u.s. dollar as well as falling gasoline prices are hurting costco's comparable sales growth. the orange line tracks sales fuel, at about 5%. that is a drop from last quarter. the white line shows all sales including gasoline, which dipped into the red but has recovered to about a 1% pace. despite these headwinds, costco is expanding and has almost 700 stores in the u.s. and internationally. they are targeting new store expansion as the primary source of revenue growth. so where is it all happening? costco has about half the market share on the west coast, so it is clearly dominant there. it has room to grow the south, midwest, and especially the northeast, where bj's is the biggest player. expansion, of course, costs a lot of money, and costco's plan is to add about 20 new stores a year. here is how much it has increased capital expenditures spending. the forecast of almost $3 billion this year is more than double the $1.3 billion five years ago. warehouse clubs like costco can rely on recurring revenue stream, and that is members,
because at the end of the fourth quarter, cosco had 16.4 million paid memberships, representing 26,000 new members each week. executive members pay the highest fees, and they make up more than 1/3 of costco's member base. investors are worried that these members might not be showing a slowdown in spending. francine: that is all for this edition of "bloomberg best." remember, you can always find the latest business news around the world at bloomberg.com. i'm francine lacqua. thanks for watching bloomberg television. ♪
the hallmark of a truly great leader. it's one of the most valuable companies in the world. they never lose sight of their long-term sense of purpose. ♪ emily: he never aspired to be ceo. leaving a public company, determined to pull wall street wrong. weiner rose the ranks of warner bros. and yahoo! before linkedin cofounder reid hoffman made him a proposition to help run the professional social network you started. it was a match made in silicon valley have an. the ceo he never expected to be and hoffman stayed on as chairman. over 400 million members in 200 countries but faces its biggest