tv Charlie Rose Bloomberg March 12, 2016 8:00pm-9:01pm EST
♪ ramy: coming up on "bloomberg best," the stories that shaped the week in business around the world. iron ore prices go berserk, rallying and plunging. the ecb reaches into its toolbox again for more easing. >> they are doing everything they can, and it is targeted as narrow as possible. to where the problems are, and where their mandate is. >> it is not firing blanks, but he also is not the only who one should be holding the gun. ramy: we choose the best from a bunch of powerful conversations. ,> we have a lot to a town for we have made a lot of mistakes. ramy: women's day.
>> it's getting better, but not it is not getting better quickly enough. >> especially among millennials and extras are getting opportunities to lead. ramy: wall street mourns the loss of a foundational figure. it's all ahead on "bloomberg best." ♪ hello and welcome. i'm ramy inocencio. this is "bloomberg best." a weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. our day by day look at the top headlines begins with a vigorous look at the rally in commodities. >> oil is continuing its run of gains with brent crude at its highest so far this year. that's above $39 per barrel. talk us to the latest development. >> i was getting these warnings, these alerts in my bloomberg telling -- terminal telling me
that oil prices were below $30 a barrel. we might have to go down to four dollars a barrel, we are tantalizingly close with brent crude reaching that level there are a few reasons why this is happening. you have u.s. drillers in the united states, they have the least number of active rigs out there in less than six years. they are at a 60 month located , and in the background you have the possibility of opec meeting with russia over this deal to freeze out the current levels. i suppose, as oil prices have been gathering momentum, speculators some speculators are , rather laying down in front of the oncoming train and are -- there are bets that oil prices is down. this is filtering through into the market. i suspect $20 a barrel oil has been banished for now. >> there is another rally going on in commodities. iron ore is soaring the most ever.
chinese manufacturers are willing to boast academic growth -- economic growth. the market has gone berserk are in will the rally continue? >> prices are surging, as you have seen, but we have not seen any fundamental data to justify the price level. what i mean by that is during , the month of february, the entire china country goes on holiday. kind of like the christmas holiday in the western world. during that time we don't have a , lot of data coming out of the country. it's hard to read what's going on. i have yet to see at this that we have a hard turn it. >> the npc said it would help cut overcapacity in steel. you would think that would leave to a curbing of demand. but iron or jumped by 18.6%, the biggest gain ever. what is going on? >> it must be me being here on bloomberg that caused the price to go up. i think what is going on there , has been a disconnect in the market between the fundamentals
on the ground and the trading on a day-to-day basis. with the iron ore rally we have seen this is not an anomaly. , it follows what has been several weeks of strong gains in the metals market. but again i think it's a lot of , trading on rhetoric. but it went comes to reality, reality does not have the higher prices yet. shery ahn: we had abysmal trade data out of china. exports fell to the lowest level since 2009. that was during the global financial crisis. >> this latest figure out of china for february, yes, there are seasonal distortions, but significant numbers are down. exports are down 25.4%. we were expecting the median 14.5% down. so it is significantly worse than that. january was down 11.2%. this is the eighth consecutive month we have seen falling exports year over year. >> because of the lunar holiday,
we have to treat february with caution. is, not justssue of course that factories should end the week. the data is also skewed. last year, the holiday was at the end of february and there are rest to get trade down. there was a rush in exports. this year, the lunar holiday came at the start of the month. so with that distortion i think , there is a feeling the numbers feel downbeat. just goes to show you there is a challenge ahead. we have numbers like this it , will embolden those were calling for depreciation. this goes to show it will take really significant exchange rate devaluation for china to change -- get anything for their buck on the export side of things. when you consider the commentary from the authorities, look for more on the stimulus side. look for more on the physical side, look for more from the central bank, prime lending to
get the economy going. they are not going to get a shot in the arm from exports. >> it was a big night for bernie sanders. he scored a surprise win in michigan. he was down as much as 20 percentage points. but in the race for delegates he , is still behind hillary clinton for delegates. 21 points. on the republican side, donald trump step delegates. hawaii.ins in ted cruz pulled out a win in idaho. let's start with the bernie sanders. win, ithe minnesota gives them some momentum. how far will that all his campaign? >> what we are going to be looking at is how much he can carry this into ohio which is voted next week, next the tuesday. demographics of michigan and ohio are very similar. very white, he did very well with working-class voters he did well with young voters. that is key for him.
he did better with african-american voters in michigan than we have seen them do. if he performs well that those voters, she still has a huge leap could he can even rode her support in ohio, illinois, in -- states in the industrial heartland of the u.s. in michigan,mp won he won in mississippi. does this stretch the ability of him to win across very different areas, across different demographics? megan: he has won in all areas of the u.s. that is the thing about donald trump. he has both a broad coalition of support. he has stitched together a broader support level than people expected. last night he showed real resilience, and i think the establishment will be looking at that carefully today and trying to weigh their next move in the stock trump campaign. >> the ecb has cut all of its interest rates.
qe has been boosted to 80 billion a month. they have also increased the assets available to buy to include non-bank corporate debt. >> the way i read it is the following. in the last few months, it's been an ethics game. whatever he said, it was about expanding the balance to she -- balance sheet to see about weakening the currency. they are buying corporates. they are going straight out and trying to help that sector. and really importantly they are , now making money available at maybe even zero and maybe negative rates for banks to borrow. this has changed from an external game to a domestic demand lending game. >> this is about the fundamental economy and getting loans to corporations and individuals. >> absolutely, this is not just the editor or -- exports. this is what they should have
done. i think they did the right thing. it is targeted as narrow as possible and to wear their mandate is. >> europe's biggest investment bank, deutsche bank, cutting by 11% has rising legal expenses that hurt earnings. you have heard them talk about this again and again and again. does this come as surprise? when you got that paycheck? >> i don't think it is much of a surprise. it's 11% for the whole company. 15% for the investment banking division. that actually is not quite a s severe as many expected. expectedertainly not -- unexpected, and the company will be underpaying relative tapirs peers as they work through some legal issues. >> how does he think he's going to keep people in their seats there? it, it is a culture led firm.
the historical repetition of paying pretty well. there is going to be a transition there. onhink he is hoping to hold and preach for things bouncing back in the next few years. but then again they also said , that trading revenue for the industry is probably going to be down in given the rough start to 2016 the year. there is not a lot of places right now that are on big hiring sprees. you always have risk, losing the one or two. people -- top people. there's not a competition for hiring right now. it's more keeping your job. ramy: coming up on bloomberg best, more reaction to mario draghi and his latest monetary moves. and a roundup of company news from around the world. ♪
♪ welcome back to "bloomberg best." thursday's ecb meeting it was the centerpiece of a dramatic week in european business and politics. from the migrant crisis to reaction on mario draghi's latest policy plans there was , plenty to discuss and analyze on bloomberg television. >> bank of england governor mark
carney is testifying before u.k. lawmakers today. in his testimony he said the boe will avoid telling people how to vote in the upcoming june referendum. mark carney nothing we say : should be interpreted as making any recommendation with respect to that decision. >> can the bank of england avoid swaying voters here? >> without actually thinking the boe with swing voters, what does not want to be seen as saying is brexit would be a disaster. he is trying to elegantly footstep the situation, but he almost lost his patience a couple of minutes ago indexing answering one of the more conservative members of the committee saying, you have selective memory. there is risk to financial stability. it has the potential to end the fight previous risks. subsidy, orto get a
is it just political theater? >> it's a little bit of political theater. at the same time, people are trying to understand the implications of what a brexit would be. >> what's the dynamic you see in london? >> you see the political fragmentation, and you see people playing on the frustration and the anger of what is happening in individual countries and people play on it. you see what's happening here with the rise of, say, donald trump, playing on the anger against him. the same thing is happening in europe. >> the concept of free movement across borders within europe was central to the original eu. let me give you some numbers. euro sign 2.4umn, trillion a year moved across borders within europe without people interfering. 700,000 people a day moved across borders without interfering. now just a slowdown that will
come from any kind of enforcement doesn't just affect refugees, doesn't just affect people like that it affects , daily commerce. my guess it will take 0.1 of a point off eu growth. the ecb pushed beyond expectations with its relief. is it fair to say draghi dazzled? draghi delivered? joining rot out the bazooka. late but something -- he certainly put something through the market. he announced all the qe package and the rate decision. but you are right one of the key , focuses was that comment where he said we don't see the need for any further reduction in interest rates. that signaled the floor being hit. he went on to qualify it and said things could change. >> i think it's dominated by
that signal, that phase of negative interest rates and using negative interest rates as one of the tools has effectively come to an end. draghi has given the signal that tool is exhausted. >> what about the decision, andrew, the decision to buy noncorporate debt? it wasn't predicted by many. has that taken you aback? is that a game changer to some extent? >> we are not surprised by it. it came a bit sooner than we thought. but it's a logical extension of , you know, and closing this chapter on interest rates. opening the new chapter on creative easing. i would push back a little bit on this view that monetary policy is running out of ammunition. there is a lot that can be done in the credit easing space. once you start purchasing
corporate bonds, nonfinancial bonds it's not a far step to go , into equities in the future if there were ever to be needed. >> is this draghi pushing a panic button? or is this a carefully thought-out plan? >> i think it represents not a panic button, but a tailored approach to the problems facing europe. the issue is getting credit to the banking system to borrowers. that is was -- that is what is essential to getting europe back on track. he has matched the negative deposit rates. to try to promote the flow through of credit to the borrowers. that is what is necessary to get europe growing again. we all know that he can't do it alone. he needs the fiscal policy. and structural ones. francine: what to show you a quote, he is firing blanks.
draghi is effectively throwing good to eat money after bad. you don't believe that's right? catherine he is not firing : blanks. look at the markets. he is not firing blanks. he also isn't the only one who should be holding the gun. >> are we getting closer to the point where these policies become ineffective? >> ineffective in the effects market, but looking at the credit channel it was clear , yesterday that he once the -- he wants the market to focus on that. can he make that away from the credit channel? do you think it may actually just take a lot more time? >> it certainly takes more time, but as the u.s. is finding out, while he is pressing the accelerator, the regulators are also pressing the banks -- brakes. that's why you don't get the impact on credit that you expect. the u.s. is lucky. it has other engines of growth. whereas europe does not.
>> this may be the key question for central banks, can they affect demand? >> it's not probable. demand is being held back. by lots of things. first, we have the ability to spend from the spender. more importantly we are lacking , a number of structural reforms and give confidence. third, it is the companies that are not responding. i look at this and it's another attempt. good for him. good for the ecb. they should have done it. but i hope that behind closed doors, they are coming to the end of the road. ♪
♪ ramy: you are watching "bloomberg best." i'm ramy inocencio. let's take a look back at some of the week's most important company news, starting with the sweeping deal that links a pair of my giants. -- money giants. >> this is after the announcement of the biggest iron ore miner, valet. what was behind this decision? >> this is a memorandum of understanding that lies at a platform for the two companies to work together and explore opportunities to create value.
the key one of those is blending of our ores together for our customers in china that will provide a blend ideally suited to minimize the cost of their supply chain. secondly, to buy a potential market, his shares on a a minority interest, and that is at valet's discretion. little bit more about this decision and the benefits of all of this. >> if we are able to forge a long-term relationship with valet, that it provides an opportunity for us to love our costs -- for us to lower our costs further. furthermore it allows us to , better match our products to our customers' needs and china. scarlet dick's sporting goods : timed the fitness trend better
than most. they are interested in sports authority's real estate. >> of the 140 stores that a sports authority plans to close, maybe there are about 40 that are potential to play for them. they could take over the lead and some sort of acquisition of the property. scarlet: you have -- do you have any ideas. >> we've done a bunch of work. the stores that they closed are i think it is going to be five to 10. i think it is going to be nothing. they are closing them for a reason, lousy locations and so on. there are some they may come out. i think there is more to come with sports authority. i think that if they survive, they are going to get sold and closed another one hundred stores before that happens. by the end of april, if they don't figure it out, they could go away completely. that is where it could get very interesting for dick's sporting goods. >> u.s. authorities are turning
,heir focus to the tim goldman questioning if funds were misappropriated. mdb, atalking about one malaysian funds. >> essentially goldman was a conduit for this fund, which was supposed to be used for infrastructure in investment projects and development in malaysia. and so he was the investment banker. they raised over $6 billion in bonds, and the key point is, was any of the money went back into let mdb, embezzled, use for illegal purposes are moved around without permission? mean forat does this goldman sachs? is is a return of the reputational issues, or is this separate? something they are
looking into. banks athis happen with lot when you work with emerging markets. sometimes they have issues with their client and sometimes they are blown back. it is important to note, it is not really clear at this point if goldman did anything wrong. largestfor civic, the international airline, has has a jump in income of 90%. that the on savings, but they were partially offset by hedging losses. give me a sense of your hedging position. had 100%.r while we have some heads losses, but the net fuel cost to us has gone down by $7 billion. hong kong, which is like 18%. so on the whole, the business benefited on the whole situation, and the low fuel to do is it strong passenger market and strong contributions by companies, all help you
contribute to a better result. haveine: do you want to figures that make your modeling user desk easier, or is it risk management because the price of oil may go back up? >> we have positions to protect the operation. and protect the earnings of stability. we do take those positions. we will take hedging gains when the price is high. but we would rather have hedging losses because the business benefited. scarlet: a showdown is underway at united continental. to investors are nominating six directors to the board. among those is the former continental airlines ceo. he was credited with turning around continental after bankruptcy. this is all coming after the current united's current ceo returns from medical leave after undergoing a heart transplant. >> apparently some investors
were just upset and didn't think the company was making, doing the things that you to do to turn around -- needed to do to turn around, so they had gordon to shake things up a little bit. scarlet: what do you help to a cobbler is by bringing back warned that there? hune? don bet >> they are more talking about the problems united has had rather than what they want to see going forward. in they set about united past is that the company just has a languishing stock price. it hasn't performed as well as delta or american. and i think these new investors just want to shake things up. they want new blood on the board , and they think that will help a turnaround quicker. >> revenue is rising 40% in the squares first full quarter as a company, for profitability may be the real concern. what do they cannot sales growth year combined with the lack of profitability?
>> they had a huge quarter, they grew 60% in the quarter. there clearly firing on all cylinders on that front. they are expanding to other categories. square capital division is something people are really looking at, and they have offered loans to merchants with $7,400 in loans just in the first year. that is exciting cross sale opportunity just in the first year. emily: how strong is their product pipeline? >> it is amazing for the ecosystem, it will accelerate the use of mobile payments, if you look across merchant locations, the actual places you can use android play or apple pay, they are quite limited. to think of them rolling it out to the 2 million merchants they use is a great development overall for consumers. >> bridgewater has hired jon rubinstein as co-ceo.
the current co-ceo is set to turn his focus on his investing role. this higher comes after reports of tensions between the two, who was considered next in line. >> bridgewater has a culture of fighting things out internally, debating, having people vote on who is right. it is very weird to anybody outside of bridgewater, but inside, this is the norm. really what this is all about of having jensen focus on investing versus running the company as ceo co-ceo, that is a more , administrator role at bridgewater, so this is emblematic that they want him more focused on investing. jensen is known to be a very smart man, and that is what they are focusing on. who they hired rubinstein has an , extensive career in technology. mobile -- >> a strange fit, then. >> more and more, people are describing bridgewater as a technology company.
♪ ramy: welcome back to "bloomberg best." i'm ramy inocencio. each week on bloomberg television we welcome leaders in , business and politics for exclusive in depth conversation. ,we start this week interviews with the chairwoman of the u.s. securities and exchange commission, mary jo white, who sat down to discuss financial regulation and reform with our very own eric shatner. mary jo it's always an evolving : landscape in terms of what is optimal regulation, including watching what their impacts are as they go forward. you want attention to rulemaking going forward but nobody wants , to relive the financial crisis. and many, many of those rules that the agency, that other agencies have executed on, have made us much more resilient to that as a market structure, as a financial system. nobody should want to do that. eric: if we were to roll back some of what the sec and other agencies have done, you believe we would be exposing financial
markets to greater potential for another crisis? mary jo without question. :eric recognizing all the : accomplishments you have had as chair of the sec, when you done and whatve you have done in concert with other regulators, i think it is fair to say it is to change the culture on wall street and financial services. to what degree have you been successful? k both in, thin and wall street, it has been significantly successful, but there is a distance to go. changing culture is not an overnight or even a five-your -- five-year project. what you find when you try to change culture, particularly in significant ways, you change it at the top. i think we have been successful there. you may even change it in the trenches, but you have a big swath of middle managers where you have to make sure the
message is taken in absorbed, , lived. it is an evolving responsibility. on the part not only of the regulators but also wall street. >> >> >> foreign policy is going to be extraordinary important and difficult for the next resident of united states, maybe even more difficult than any president we will see in our lifetime. what is the most important thing that needs to be employed in those 100 days? firstwhat do we need the most? >> and investment in diplomacy a , lot of talk in certain circles in the campaign of military force, where we would use it, what we would do. but truly building these coalitions is what is required to bring about political solutions. solution. there is not one conflict on the global stage that can be simply settled by the barrel of the gun. even a terrorist challenge, where we have invested of course and willing that militarily building the coalition, you have , to cut off financing, share information about who is who in
in order to protect your people, make sure the wrong people don't come into your country. stephanie: i feel like diplomacy is the least of what we have heard of it all of these debates and meetings. samantha: it is not i am a , diplomatic nerd, but it does not make a sound bite, it does not make the bumper sticker. go do diplomacy, go listen. that will not necessarily work on the campaign, but one hopes that cooler heads will prevail. you know, there are a lot of career foreign-policy also,sionals who are fewer and far between across the administration, regardless of who is in place, so we hope investing in the kinds of coalitions you need, understanding that military force can be a component of dealing with violent people especially, but it has to be a part of a full strategy. that is something -- because you cannot succeed otherwise, ultimately, people will come to that conclusion. >> like a lot of investment banks, we have dramatically had
to reduce our risk and assets. we have taken the risk on our investment bank balance sheet down in half. faced with that headwind, actually from 2014 to 2015, we doubled our return on equity. we doubled the profitability. we have a long way to go. it we have got to do a lot on managing the cost in our investment bank. we will not rest until we deliver a bank that covers the cost of capital. >> that is an industrywide problem. wishing is not going to fix it. >> we are not going to wish, we are going to execute here at barclays. but i do fundamentally believe that if we are going to rely on the global capital markets, which is pension fund i don't , believe the world will feel safe if we rely on a world where the intermediaries, the investment banks, cannot raise capital cannot earn a fair
, return to their shareholders. it is not a stable platform. for the world economy. >> how long before a course corrects, what is the catalyst? >> i think it is happening now. >> do you? >> of course. all of the banks are looking at how to manage these balance sheets with far less risk on them in a way to deliver to clients, but in a way that delivers profitability to our shareholders. >> here is the third argument, the culture simply cannot be fixed. your bank has played #20 billion in fines. a lot of that started here at the investment bank. >> i have said this before, i do believe that wall street lost its ways in the late 1990's. i do believe money became too much of a motivational factor. i think banking has got to reverse back to the time when it was a profession, when being a practitioner in the profession of finance was like being a lawyer or being a doctor. we have a lot to atone for, we
made a lot of mistakes, but no doubt, the only existential risk to barclays is if we get it wrong in the future on conduct. everyone in this room knows that. >> why are you certain you can change that conduct and change that culture? >> i started in the banking industry that had the right conduct, that had the right culture. it is going back to something i have seen before, and everybody in this room wants to get there. ♪
♪ ramy: you are watching "bloomberg best." i'm ramy inocencio. tuesday was international women's day. some of the world's most influential women joined us right here on bloomberg television, and while they were not with us primarily to talk about gender equality, we did ask many of them to reflect on their it. as women in the workplace. their answers were informative, impassioned and illuminating. , >> if there was one prescription to get more women to work, or actually to get closer to the pay gap, one prescription in the next 12 months, what would it be? >> i was there is one soundbite answer, but definitely some strides we can make. for example, mandated principle leave. -- parental leave. if you give women, after they have a baby, actually have a break, they are more likely to come back after.
that is one, closing the gender pay gap is another one too, the tutoring to advance women in them health. the one i'm focused on, the gender investment gap. it can earn women hundreds of thousands if not millions of more in their career. dollars i wish there were one answer, but there are several. >> everyone knows wall street is getting better. there is a better pool, a smarter pool, and in many cases, women leading the way. are we just waiting for time to get us to where we have women with s.t.e.m. caliber abilities, where they just will do better, or we can't wait for the time to happen? >> no, it is not getting better. after the crisis, there was less diversity that before. not getting better, and it costing wall street a lot of money. why? women are not investing to the same degree that men are. you think about my old business, merrill lynch, mostly male
financial advisors, i love every one of them. i love every one of them but , they do a much better job for men. they lose their mail clients at a rate of 2% to 5% a year. in the year after their client dies, the wife, the spouse leaves that same financial , advisor at a rate of greater than 70%. >> i call myself an impatient optimist. i am impatient because the world is getting better for women, but it is not getting better quickly enough. we need to do a lot to move that forward. >> we blame corporate america, but is a corporate america or is it society? when it comes to take my child to the doctor, the school calls me. the doctor's office called the woman. i consider myself the primary caregiver, i am the mom. is the corporations, is a government, or is it us holding us back? >> it is all of the above. i think we need to make governmental policies for fit --
paid family leave, to work in this country areas we don't have a great paid program. i think it's a policy change but i also think recognizing this is work at home, and as a society, say that we want to change that. economists say you can do three things, recognize it, reduce it , which we have really reduced it here at intonation, -- innovation and then we had to , distribute it. we have to have these conversations in our homes and that role model in society. >> in terms of productivity and companies that do the best, they are here in the u.s. presenting the right messages in terms of policies, maybe they can't afford it. look at the tech sector. >> the tech sector decided to be competitive, but if they want to keep their best women in the workforce, they are offering very generous paid family leave policies. not just for women, but for men, too. and you need to have her for men -- have it for,
men, say it is ok to take time from your job. in california, the business community pushed back a lot when they put their paid family leave policy in place, but guess what? it did not decrease competitiveness of california companies, and they have been doing it for a decade. >> in this day and age, we should have more women in key leadership position. whether it is government, business, academia. women represent 50% of the population. i'm a big believer, i am innovation junkie i believe , diversity equals innovation. yes, i mean gender, nationality, but i most importantly mean innovation comes from diversity of thought. and so, if you are in a board room, i know this, i am on a board. you want more diverse perspectives, more diverse experiences to advise you, to help represent the shareholders, because that is where the world is going. it is about more input, not less. >> that is agreed upon in theory, but in practice, when you see more and more proxy
fights, and the rubber hits the road the numbers are not there. i am more focused on the numbers. at the end of the day asking ourselves, are they like me, or are they good? >> in the last five years five , biggest activists have sought 174 board seats, got 108 total. they have filled them with less than 7% women. at the same time, if you look at the snp, who has filled 446 low, nowhere to be seen. >> first of all, there are a couple things. the data tells you the more diverse your boards are, the better performance you will get. and the second thing, i have good news on that front. the national business report yesterday talked about the survey of business owners and we now have 10 million businesses owned by women in this country,
which is a clear tipping point. and the rate of growth of women-owned businesses have been 2.5 times all businesses. today, it represents $1.4 trillion of revenues and 8 million jobs. so as more women own more companies there will be greater , opportunities which are not even counted by the 500 or 1000 that are not counted today. there will be more opportunities, assuming we keep the pressure around access to capital. >> small and medium enterprises, where the growth is for women. that is where most of the economic growth is. >> that is because the women are doing it on their own. you have guys like carl icahn putting 30 and 34-year-old guys if they seven boards. have the expertise across industries, would it not help women to be on these big boards? >> as you see more and more
women go into senior positions that argument will become , defunct. as we talked about last time there are more women, especially , among the millennials who are getting opportunities earlier to lead. even as the traditionalists did. as more data comes out to talk about performance -- remember, those who do not get it will have the data. the more data that comes out that talks about performance of divorce boards the more you will , see change. ♪
♪ ramy: wall street lost a legend this week when john gutfreund died at the age of 86 as the head of salomon brothers in the he was a transformational 1980's, figure. his impact can be found in the financial industry. we recalled his life and discussed his legacy on bloomberg television. 1980's, a good friend became known as the king of wall street, turning salamon into one of the most successful banking firms. a lost the job because of a trading scandal. >> i take real issue with john gutfreund did this and that. he invented the modern age. just simply invented the modern age. vonnie: he foresaw that people would remember him with a negative taste in their mouth. >> let's make it up for mr.
lewis if we can. he took the pulse of the place simply by wandering around and asking questions of the traders. he was the last person, nerve-racking, he saw a chill in the balance, good friend. freund. >> he gave "the new york times" a quotation in the 1980's saying that he changed the way that the fundamental world was. >> i think that is beautifully put. reund would say what people have forgotten is a limited tool for risk as they invented modern wall street. they did not have the hedging mechanisms. they did not have the derivative trades that we had. what is so important about this is the when of it. it is no different than bob dylan picking up an electric guitar at the new york for festival. -- folk festival. it is when john gutfreund did
it. mark: we must not forget that he hired and fired our very own esteemed owner michael , bloomberg. tom: i was not going to bring that up. mark, you are a brave guy. i know that michael has immense affection for him. and his time at salomon brothers. i would suggest that we heard the fabric of the past from mr. staley today. i was really taken by his comment today, that it was like being a doctor or lawyer. staley wants to take the modern wall street and his barclays back to the fabric that henry and others know. that really struck me. on this day. mark he was a big part of : "liar's poker." he said, it made michael lewis, but it ruined him. >> i would put that over to immense graciousness. when i ran into him the few times here at bloomberg over the
years, he was immensely gracious about how things had ended out in his public service forward, which was really the social fabric of new york city in its philanthropy. john went from where he was, to the collapse of the career, but he made something of it afterwards, which was really important. ramy: that is all for this edition of "bloomberg best." river you can always find the latest business news from around the world at bloomberg.com. i'm ramy inocencio. thanks for watching. ♪
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