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Speaker 1: Welcome to the Bloomberg P and L Podcast. I'm Pim Fox.

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Speaker 1: Along with my co host Lisa Abramowitz. Each day we

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Speaker 1: bring you the most important, noteworthy and useful interviews for

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Speaker 1: you and your money, whether you at the grocery store

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Speaker 1: or the trading floor. Find the Bloomberg P L Podcast

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Speaker 1: on iTunes, SoundCloud and at Bloomberg dot com. Shares a

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Speaker 1: Ford Motor down a little bit more than one per

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Speaker 1: cent today, let's find out more about Ford's results. We've

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Speaker 1: got Bob Shanks. He is the chief financial officer of

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Speaker 1: Ford Motor Company. Bob Shanks, thank you very much for

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Speaker 1: being with us. Thank you. It's great to be with

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Speaker 1: you once again. All right, so where do you want

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Speaker 1: to Where do you want to begin? Because I was

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Speaker 1: going to go to the F one fifty and go

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Speaker 1: into some detail there, but maybe you want to just

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Speaker 1: give us an overview because stocks lower, I mean, you know,

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Speaker 1: the headline speaks for itself, profit down. What's going on? Well,

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Speaker 1: it's uh. For the first thing, I guess I would

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Speaker 1: say keim that everything is in line with our expectations.

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Speaker 1: In fact, we came in at a billion flour in

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Speaker 1: terms of adjusted pretext profit for the company. That was

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Speaker 1: a bit better than what we had guided to, but

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Speaker 1: it's surround things that we expect to just be calndarization

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Speaker 1: or timing things that will offset in the fourth quarter.

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Speaker 1: So very much in line with expectations. I think the

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Speaker 1: markets responding sort of consistent with that. UH One one

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Speaker 1: thing of note for it has been spending big time

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Speaker 1: on its aluminum bodied superduty pick up. This is an

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Speaker 1: effort to compete with Uber and Google um to transform

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Speaker 1: Forward into more of a mobility company. Do you have

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Speaker 1: any insights about whether this big investment is starting to

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Speaker 1: pay off. Well, we're just in the process of launching

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Speaker 1: the Super Duty. We did make a similar investment on

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Speaker 1: the F one fifty a year year and a half

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Speaker 1: ago and that's paid off beautifully. So the super Duty

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Speaker 1: is following, and actually next year are large utilities, the

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Speaker 1: Expedition and the Navigator. UH those will also go aluminum.

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Speaker 1: So it makes a lot of sense because consumers get

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Speaker 1: the benefit of a lighter vehicle but much better performance.

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Speaker 1: That's certainly been the case with the F one fifty.

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Speaker 1: I'm sure it's going to be what we see with

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Speaker 1: the Super Duty as it continues to go to market,

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Speaker 1: tell us a little bit about inventory levels, because you know,

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Speaker 1: we've heard that you've really cut back, right, halting one

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Speaker 1: of the two plants that builds the F one fifty. Well,

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Speaker 1: everything that we're doing is consistent with, you know, our

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Speaker 1: longstanding practice of matching productions to demand. We said throughout

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Speaker 1: the course of the first half the year that we

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Speaker 1: would be adjusting our stocks as a year progress, and

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Speaker 1: that's exactly what we're doing. PIM. We haven't actually shut

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Speaker 1: any of our FEIF plants, but next week, for example,

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Speaker 1: we have three crews that build in Kansas City, and

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Speaker 1: one of those crews won't be operating so that we

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Speaker 1: can make sure that our production stays in line to demand.

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Speaker 1: Our our stock levels are are fine and where we

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Speaker 1: want them. But these plants run three crews constantly, so

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Speaker 1: sometimes we just have to make tweaks or adjustments to

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Speaker 1: make sure o'mventry stay where we want them to be.

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Speaker 1: Got it. But But having said having said that, and

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Speaker 1: I'm sure you're scratching your head just as much as

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Speaker 1: everybody else is. But you know the Mustang factory right

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Speaker 1: that was idle because of a decline in sales. You

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Speaker 1: have the Louisville plant also, you know, I mean you're

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Speaker 1: doing what you need to do obviously, but what how

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Speaker 1: do you read into the industry or into the environment

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Speaker 1: that's making these kinds of things happen. Well, that's a

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Speaker 1: good question. I Mean, what we've been saying since at

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Speaker 1: least the second quarter earnest called so three months ago,

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Speaker 1: is that we're starting to see a bit of a

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Speaker 1: softening in the industry here in the US, and that's

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Speaker 1: on the retail side as well as uh. We saw

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Speaker 1: in the third quarter a bit on the fleet side

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Speaker 1: as well. So still very strong levels, but slightly less

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Speaker 1: than what we had seen in our case. The other

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Speaker 1: thing that we talked about the very beginning of the

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Speaker 1: years that we were going to have a an upfront

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Speaker 1: counterization of our rental vehicles that we sell to the

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Speaker 1: rental fleets, and that was based on their request and

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Speaker 1: that would be sort of, if you will, paid back

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Speaker 1: in terms of uh the second half the year. So

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Speaker 1: that's that's a factor. Is that What does that mean?

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Speaker 1: Maybe just define that for people. Sure, So we sell

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Speaker 1: we sell to individual customers, we also sell to fleets,

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Speaker 1: commercial governments both federal and state, but also the rental

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Speaker 1: car companies. UH. We sold about two hundred and eighty

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Speaker 1: thousand units to fleet or to to rental last year.

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Speaker 1: We'll do the same this year. Normally that calendarization is

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Speaker 1: UH is timed more towards the second half in the

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Speaker 1: first half, But in this particular year, UH, the rental

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Speaker 1: companies asked us to provide them with our units earlier

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Speaker 1: in the year, which we did. So Therefore, in the

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Speaker 1: year of a year basis, you know, we don't have

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Speaker 1: those units that we're providing in the second half, and

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Speaker 1: so that's one of the factors that's affecting some of

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Speaker 1: the adjustments that we're making, particularly on the car side

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Speaker 1: of the business. One concern that I've heard from a

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Speaker 1: lot of people who speak to is that you have

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Speaker 1: auto loans which are poised to top one trillion dollars

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Speaker 1: are already have topped one trillion dollars the first time

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Speaker 1: ever UH this year, and you're starting to see some firms,

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Speaker 1: including JP Morgan UH pull back raise the borrowing US

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Speaker 1: enters as the values of the underlying cars deteriorate. How

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Speaker 1: concerned are you that a tightening of credit conditions in

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Speaker 1: the auto lending sector could further weaken profitability afford Well,

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Speaker 1: a lot of that's a good question, and I saw

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Speaker 1: that article this morning as well. But you have to

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Speaker 1: remember we have our own captive finance company, Ford Credit,

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Speaker 1: which finances both our wholesales and a very high percentage

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Speaker 1: of our sales to individual customers. And we have you know,

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Speaker 1: we follow consistent policies in terms of loan standards, origination

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Speaker 1: and so forth. The risk profile of our business is

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Speaker 1: very constant. We do that whether we're in a down

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Speaker 1: cycle or an up cycle. So I think what you're

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Speaker 1: talking about more as a phenomenon that probably is going

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Speaker 1: to affect banks and credit unions. Uh, you know, we're

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Speaker 1: continuing to follow the same policies that we have been.

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Speaker 1: What we have seen is a decline in auction values

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Speaker 1: for vehicles coming off lease, and that's something that we

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Speaker 1: talked about today in our earnings call. Right well, so

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Speaker 1: that that was sort of what I was going to

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Speaker 1: pick up on. You have the resale values going down

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Speaker 1: as people are buying more new cars and are not

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Speaker 1: looking to sort of buy the older ones. This creates

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Speaker 1: a problem for loans that are like sixty eight months long, etcetera.

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Speaker 1: Because you have very little value left. Does this affect

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Speaker 1: your business at all? And if so, how well, it's

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Speaker 1: actually not Normally I'll call it vehicles that are financed

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Speaker 1: through a pr that type of thing. What it really is,

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Speaker 1: it's around the lease vehicles. So the industry has been

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Speaker 1: leasing more and more vehicles over the last number of

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Speaker 1: years and an increasing or or rising industry. Those vehicles

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Speaker 1: are usually leased for two years or three years, and

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Speaker 1: so you have more and more of those vehicles coming back.

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Speaker 1: So it's it's really a supply and demand factor that's

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Speaker 1: taking place, So it's more of those units come back.

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Speaker 1: It just suppresses the value of auction values for those

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Speaker 1: off lease vehicles, and that's the phenomenon that we're seeing.

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Speaker 1: It can have an impact in terms of UH the

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Speaker 1: ability to get the prices that you want for for

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Speaker 1: new vehicles. It can also affect the volume of new

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Speaker 1: vehicles because US people have more choices if you will

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Speaker 1: have nearly new vehicles as those vehicles come back. So

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Speaker 1: that's something that we're watching, and certainly in our Ford

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Speaker 1: credit business, it was an effect that that we've seen

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Speaker 1: throughout the course of this year as residual values have fallen.

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Speaker 1: But it's against something we have forecasting and built into

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Speaker 1: our outlook going forward. Bob Shanks, just quickly, I know

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Speaker 1: that you joined Ford Motor in nineteen seventy seven. That's amazing. Well,

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Speaker 1: I thought I was gonna tell people I was only

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Speaker 1: thirty five years old. Now I can't do that. Well,

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Speaker 1: you know, you were a child prodigy. The reason the

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Speaker 1: reason I bring that up is because I'm just wanting

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Speaker 1: to maybe in ten fifteen seconds, tell us what is

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Speaker 1: the market feel like to you today? It feels like

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Speaker 1: we're in a maturing part of the of the cycle,

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Speaker 1: particularly in our industry. We can see that with softening

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Speaker 1: industry sales. We see that with the credit cycle. You

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Speaker 1: know the discussion we were just having around auction values.

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Speaker 1: So still a healthy part of the cycle, but it's

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Speaker 1: a maturing part of the cycle. Thank you so much,

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Speaker 1: Bob Shanks, chief financial Officer, Afford Motor Company, on what's

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Speaker 1: ahead for that company. They had largely expected to see

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Speaker 1: UH profits decline as they invest heavily in their new

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Speaker 1: fleet of super aluminum super duper trucks. Thank you so

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Speaker 1: much for being with us. And right now, what what

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Speaker 1: are the shares doing right now? Down about one and

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Speaker 1: this is Bloomberg. I want to bring in Laura Keller

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Speaker 1: of Bloomberg News, who covers the banking industry, as well

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Speaker 1: as Barrington pitt Miller equity analyst and your market expert

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Speaker 1: at Janice Capital. Laura, I want to kick it off

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Speaker 1: with you. Uh, Deutsche Bank released earnings today better than expected.

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Speaker 1: Its shares go nowhere? What's going on? Yeah? I saw

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Speaker 1: that too. UM. I mean when you look though into

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Speaker 1: the results and you don't just look at that you know,

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Speaker 1: surprise profit. When you dig into some of the things,

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Speaker 1: I mean, I don't know that you can see a

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Speaker 1: sustainability UM and some of those numbers, like, for example,

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Speaker 1: if you look at the the fixed income results, great good,

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Speaker 1: but still the bottom of the pack for peers, bottom

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Speaker 1: of the pack for advisory. So that's all the investment

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Speaker 1: banking side of things. And then I think to a

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Speaker 1: lot of UM analysts were not so happy with not

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Speaker 1: any more information on where we stand with the litigation

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Speaker 1: and the R and B S settlement negotiations. I mean,

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Speaker 1: Deutsche Bank get self the saying, look, we can't really

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Speaker 1: provide you those kinds of things because it actually undermines

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Speaker 1: our strategy and negotiation Barrington. So after you saw these results,

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Speaker 1: did you go to your PMS and say, all right,

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Speaker 1: go ahead, you can buy. Unfortunately, not okay. The reality

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Speaker 1: is that the outstanding d o J settlement is the

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Speaker 1: big question mark on Deutsche Bank today, And until we

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Speaker 1: know therefore what the settlement is, we don't know what

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Speaker 1: the share account is, and we don know whether indeed

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Speaker 1: this is a bank that's going to face a serious

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Speaker 1: capital challenge at a time when it's potentially market cap

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Speaker 1: is falling to levels which will make it potentially very

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Speaker 1: difficult to refill the whole. It will then lead to

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Speaker 1: serious question marks about therefore, okay, then what does the

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Speaker 1: shape of the business look like? You can't maybe raise

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Speaker 1: enough in the market, so you'll be forced into and

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Speaker 1: indeed John grinds that he doesn't want to raise. You

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Speaker 1: may be forced into strategic decisions such as selling the

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Speaker 1: asset management business, which absolutely would address a capital hole,

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Speaker 1: but it brings with it aps dilution um. The options

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Speaker 1: that Deutsche Bank faces here without knowing the d o

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Speaker 1: J settlement are too far too broad for John cry

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Speaker 1: and the CEO and the management team to really give

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Speaker 1: the market additional strategic ideas initiatives, because, as I say,

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Speaker 1: until you know that number, you don't know whether your

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Speaker 1: option is to simply cut the bonus ball or is

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Speaker 1: it to sell asset management, is it to try and

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Speaker 1: raise a bit of capital, is it trying to cap

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Speaker 1: the nation of all of the above. So I think

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Speaker 1: for that reason, hey, we didn't get anything new. I'm

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Speaker 1: not surprised we didn't get anything new. The only way

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Speaker 1: we would have got a material change and update would

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Speaker 1: have been if we had the settlement number. Is there

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Speaker 1: any bad news that you can't think of about Deutsche

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Speaker 1: Bank right now? I mean, is there anything else out

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Speaker 1: there that is bad that might come to the four

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Speaker 1: I mean, let's say they do get that. Let's say

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Speaker 1: they do they are tagged with the fourteen billions from

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Speaker 1: the Department of Justice. Let's say they do sell assets,

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Speaker 1: they do cut bonuses, they cut staff. Is Deutsche Bank

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Speaker 1: is still going to be around let's say in twelve months,

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Speaker 1: twenty four months. I think it's highly likely that the

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Speaker 1: German state would be forced in a serious crisis to

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Speaker 1: step in and provide assurance. Okay, so that's like worst

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Speaker 1: case scenario. That is worse. I think that is worst

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Speaker 1: case scenario. So curiously, there maybe a number of Europeans

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Speaker 1: out there who would be quite excited about that because

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Speaker 1: it might take the pressure off them. They might finally

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Speaker 1: able to do the same for themselves in Italy. But

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Speaker 1: the reason I was going there is because at fourteen

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Speaker 1: and a half dollars a share, is Deutsche Bank, you know,

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Speaker 1: a buy right now? I mean, is this a start

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Speaker 1: that you know, there's a lot of bad news out there,

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Speaker 1: and you go back, you say, I want to buy

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Speaker 1: when there's a lot of bad news if the thing

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Speaker 1: is gonna survive, or maybe even someone going to buy

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Speaker 1: part of the franchise, right, is it a bottom? Is

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Speaker 1: it aboutom here? Or doesn't have to be a bottom,

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Speaker 1: It just has to be, you know, decent, not if

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Speaker 1: it's a fourteen billion dollar fine, okay, and if you

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Speaker 1: then layer on Russian sanctions on top. The market is

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Speaker 1: pragmatically saying that is an unrealistic number because it's the

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Speaker 1: fourth largest global city bank, it's one of the largest

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Speaker 1: capital market counterparties in the world, and particularly US financial institutions.

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Speaker 1: Surely the d o J isn't going to undermine all

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Speaker 1: the recovery and the financial institutions and potentially threatened the counterparties.

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Speaker 1: I think that is um. I think that's the market's

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Speaker 1: pragmatic position, and therefore the consensus number is something in

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Speaker 1: the ballpark of five to seven billion, So that would

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Speaker 1: make the start attractive at fourteen and a half and

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Speaker 1: that kind of settlement, I think that takes a lot

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Speaker 1: of the risk away. And it doesn't. It doesn't mean

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Speaker 1: to say that this is, you know, a compelling business mix,

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Speaker 1: but absolutely it takes away the tail risk, and it's

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Speaker 1: that tail risk that I think holds back a lot

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Speaker 1: of investors today. Did we get a sense from their

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Speaker 1: earnings about how much of their business, their investment banking

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Speaker 1: business in particular, has disappeared amid the cloud of uncertainty

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Speaker 1: UM They reported debt treating debton currency trading revenue there

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Speaker 1: was up the third quarter, but that's versus of an

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Speaker 1: increase in debt treading from the five biggest US banks.

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Speaker 1: I think it's certainly. On the call, we got the

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Speaker 1: impression that they're clearly was business that was taken away

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Speaker 1: from them and some of that is returning. It is undeniable. Yes,

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Speaker 1: there were stories out there that a number of hedge

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Speaker 1: funds and remove prime brokerage business, prime brokeradge and equity

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Speaker 1: in fact, weren't. We're actually weak, weak spots versus the

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Speaker 1: thick business. So I think it's fair to say, yes,

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Speaker 1: we can absolutely identify that trend. But you know, overall,

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Speaker 1: the market obviously took a big sigh of relief and said, well,

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Speaker 1: the worst fears of franchise erosion haven't come to pass.

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Speaker 1: So so that certainly is a positive. But there's no

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Speaker 1: question that given the experiences of Lehman, given the kind

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Speaker 1: of whole recency bus of European wobbles and worries and

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Speaker 1: back in eleven around the sovereign crisis, there's not a

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Speaker 1: single risk manager out there or counterparty risk committee out

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Speaker 1: there that is going to sit by and say and say, well,

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Speaker 1: is there a risk? Yes, there might be, Well we'll

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Speaker 1: just sit on our hands and do nothing. I think

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Speaker 1: it's quite likely we are seeing gradually that risk committees

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Speaker 1: are de risking, and logically you don't. You don't lose

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Speaker 1: your job for d risking and then putting it back.

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Speaker 1: You will lose your job if you have a problem.

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Speaker 1: But moving away from prime brokerage, I mean, if you

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Speaker 1: talk a little bit more indolved into the investment bank itself.

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Speaker 1: So many people have left Deutsche Bank. I mean big

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Speaker 1: bankers who are all these deals have gone And if

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Speaker 1: you look at their investment advisory business, I mean they

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Speaker 1: were the worst of the pack. So if you look

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Speaker 1: at that and extrapolate and say, okay, well those are

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Speaker 1: the dealmakers help me bring in underwriting equity for example,

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Speaker 1: I mean they were in the middle of the pack

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Speaker 1: this quarter for that. So will you see in the

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Speaker 1: future that if some of these key people have gone,

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Speaker 1: that that will be I don't see how you avoid that.

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Speaker 1: I think that's fair the franchise. You know, this is

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Speaker 1: a people business, and you're setting the people up to

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Speaker 1: recognize that. You know, they may not get a cash bonus.

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Speaker 1: They may not get a bonus into any sixteen you

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Speaker 1: may you may get stocked, you may get some other

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Speaker 1: form of interesting asset mix coming out of your non

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Speaker 1: core bank. We've seen that done in the past. You're

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Speaker 1: also going to potentially risk you know, is there a clawback?

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Speaker 1: Is there a clawback on unvested? Is can you convert

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Speaker 1: some of the unvested? These are questions that obviously employees

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Speaker 1: will be asking themselves. Um, but I think one point

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Speaker 1: to remember is we've been through this. UBS has been

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Speaker 1: through this. John Crime was a UBS and UBS went

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Speaker 1: through it. UM many of the U S banks have

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Speaker 1: been through it. Many employees there were whether the storm

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Speaker 1: at these U S banks, UM have experienced it. So

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Speaker 1: I think short term, yes, there can be erosion, but

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Speaker 1: if you can sady the ship. I want to thank

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Speaker 1: you very much for joining us, Barrington Pitt Miller equity

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Speaker 1: analyst from Janice Capital, and Laura Keller of Bloomberg Finance.

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Speaker 1: I want to bring in Ben Brody, a reporter for

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Speaker 1: Bloomberg Politics. It joins us from Washington, d C, home

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Speaker 1: the Bloomberg and the one of five point seven h

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Speaker 1: D two and he can be followed on Twitter at

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Speaker 1: Ben Brody d C. All right, Ben Brody, tell us

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Speaker 1: about these new leaks, these emails that are in a

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Speaker 1: sense compromising the business relationship that former President Bill Clinton

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Speaker 1: has with the same organizations that are also donors to

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Speaker 1: the Clinton Foundation. Am I getting that right? Yes? You

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Speaker 1: basically are. The key here is that these things just

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Speaker 1: always overlap. The Clintons have always had a relatively small

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Speaker 1: group of very loyal staffers who often play a lot

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Speaker 1: of roles. And what this most recent alleged hacked email

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Speaker 1: shows is it was a memo detailing one of these aids,

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Speaker 1: all the many things that he did for Clinton, helping

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Speaker 1: to raise money for the foundation, getting Bill Clinton uh

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Speaker 1: speeches and private events, and then uh seemingly pressuring this

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Speaker 1: this particular aid ran a consultancy and seemingly pressuring something.

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Speaker 1: This is I mean, you can name him, right, I

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Speaker 1: mean Doug. This is Doug band Band and he is

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Speaker 1: the co founder of ten Ao Consulting, a l Clinton aide,

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Speaker 1: and this came all out from wicked. He calls it

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Speaker 1: Bill Clinton, Inc. I believe. And he has pressuring his

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Speaker 1: clients like Coca Cola and al Chemicals to give to

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Speaker 1: the foundation. And so all three of those things are

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Speaker 1: really lining up well. And Chelsea Clinton raised issues, right,

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Speaker 1: I mean, she around this time was questioning whether Doug

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Speaker 1: band Uh sort of had a conflict of interest as

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Speaker 1: an advisor both to her father and the family foundation

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Speaker 1: as he courted clients for the company exactly. She was

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Speaker 1: concerned that he was using the Bill Clinton name to

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Speaker 1: build his client list, and this memo in some ways

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Speaker 1: seems to be a rejection of that. He is saying

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Speaker 1: I'm not using Bill Clinton to build my list. I'm

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Speaker 1: using my list to build the Clinton Foundation because it's

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Speaker 1: not meeting its fundraising requirements. Do you think this is

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Speaker 1: going to hurt Hillary Clinton? Uh? Certainly. It doubles down

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Speaker 1: on the kinds of things that have hurt her, the

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Speaker 1: pay to play, Uh, the appearance of friendliness between Wall Street,

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Speaker 1: the appearance of influence. But of course, we are in

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Speaker 1: the closing days of the election and a lot of

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Speaker 1: opinions have already been formed, and it doesn't necessarily touch

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Speaker 1: directly on our campaign. It's, you know, rather her husband

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Speaker 1: than an aid of his and several of his efforts.

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Speaker 1: And how big of an ethical breach is it? Sure,

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Speaker 1: it's a big question. You know, lots of us do networking.

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Speaker 1: You know, we might be involved with the charity and

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Speaker 1: we might say to someone the office, hey, could you give.

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Speaker 1: On the other hand, it really seems like Doug Band

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Speaker 1: has two masters, and one are his paying clients and

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Speaker 1: the other is his old boss, and he's trying to

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Speaker 1: serve both, and it's not clear to me that he

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Speaker 1: was doing it in a way that was not conflicted.

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Speaker 1: There's also the issue of signing a document that would

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Speaker 1: preclude a conflict of interest, and according to the email,

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Speaker 1: it says that the former president Clinton doesn't have to

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Speaker 1: sign such a document, even though according to the email,

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Speaker 1: it says he's been paid by three Clinton Global Initiative sponsors,

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Speaker 1: gets many expensive gifts from them and some that are

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Speaker 1: at home. Right also mentions travel, vacation, stays, those kinds

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Speaker 1: of things, And he's on the payroll of of many

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Speaker 1: of these companies, like I think there was a three

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Speaker 1: point fund, boards and things like that. Makes speeches absolutely um.

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Speaker 1: It's unclear exactly what happened at the time. This was

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Speaker 1: all happening in the midst of an internal audit, and

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Speaker 1: whether those kinds of ethical obligations are now in place

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Speaker 1: at the foundation we don't know, but it is clear

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Speaker 1: from the emails at the time that that does not

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Speaker 1: seem to be the case. How is Chelsea and Clinton

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Speaker 1: involved here, because I believe she's had a difficult past

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Speaker 1: with this particular Sure, they seem to have a difficult relationship.

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Speaker 1: From the email, there's a lot of insults, a lot

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Speaker 1: of accusations, hacking, influence, peddling, all kinds of things. It

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Speaker 1: basically seems that Chelsea Clinton was coming in to try

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Speaker 1: and clean up some of these overlaps, and that she

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Speaker 1: had basically brought the audit in um and the band

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Speaker 1: was very unhappy with it. He felt that she was

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Speaker 1: trying to walk into something that he had built just

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Speaker 1: because she was the natural air. He sort of felt,

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Speaker 1: seems to feel in these emails that he was really

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Speaker 1: the the architect and she she was butting in where

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Speaker 1: she didn't belong. Yeah. Well, and he referred to her

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Speaker 1: as a spoiled brat kid. It really is like it

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Speaker 1: really is like airing your dirty linen in public. And indeed,

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Speaker 1: there is a public summary that was prepared by the

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Speaker 1: law firm Simpson Thatcher, right, and they talked about strengthening

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Speaker 1: policies on conflict of interest, absolutely, and that's something that

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Speaker 1: it was very clear that a lot of people around

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Speaker 1: the foundation wanted to do at that point. But as

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Speaker 1: we've seen from a lot of reporting and a lot

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Speaker 1: of different conflicts, you know, they clearly didn't eliminate the

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Speaker 1: appearance of these sorts of things. In twenty seconds, are

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Speaker 1: the people who you're speaking to political consultants Bracing for

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Speaker 1: another round of releases from Wiki Lakes as we finished

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Speaker 1: up the cycle. We see these daily. Sometimes they make

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Speaker 1: big news, sometimes they don't, but we are always on

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Speaker 1: the lookout for a lot more news that could change

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Speaker 1: the momentum of the election or not. Ben Brody, thank

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Speaker 1: you so much for joining us. Ben Body, reporter of

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Speaker 1: Bloomberg Boock Politics in Washington, d c UH. The latest

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Speaker 1: breaking down the latest email scandal to emerge from really

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Speaker 1: getting you're really getting a look at at what goes

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Speaker 1: on behind find the scenes. I think that is the

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Speaker 1: most fascinating, and the detail of all of the companies

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Speaker 1: and the amount of money that they gave me only

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Speaker 1: to Bill Clinton, but also to the foundation. Well, and

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Speaker 1: we would be remiss to mention that this is the

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Speaker 1: Wiki leaks, uh, the emails that were their leaked to

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Speaker 1: Wiki leagues and are widely believed to have been done

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Speaker 1: brought about by Russia. So it's a lot of controversy here,

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Speaker 1: but a lot more I'm sure to come in the

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Speaker 1: next twelve days. This is Bloomberg. Thanks for listening to

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Speaker 1: the Bloomberg P and L podcast. You can subscribe and

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Speaker 1: listen to interviews at iTunes, SoundCloud, or whatever podcast platform

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Speaker 1: you prefer. I'm pim Fox, I'm out there on Twitter

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Speaker 1: at pim Fox. I'm out there on Twitter at Lisa Abramo.

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Speaker 1: It's one before the podcast. You can always catch us

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Speaker 1: worldwide on Bloomberg Radio. It