1 00:00:08,000 --> 00:00:12,480 Speaker 1: Welcome to Strictly Business, Variety's weekly podcasts featuring conversations with 2 00:00:12,560 --> 00:00:16,400 Speaker 1: industry leaders about the business of media and entertainment. I'm 3 00:00:16,440 --> 00:00:20,319 Speaker 1: Cynthia Littleton, co editor in chief of Variety Today. My 4 00:00:20,360 --> 00:00:23,720 Speaker 1: guest is David Rubinstein, co founder and co chairman of 5 00:00:23,800 --> 00:00:28,320 Speaker 1: Carlisle Group. Carlyle is one of the world's largest investment firms, 6 00:00:28,360 --> 00:00:31,000 Speaker 1: with more than three hundred and seventy billion in assets 7 00:00:31,080 --> 00:00:35,680 Speaker 1: under management across five continents. The company's reach is vast. 8 00:00:36,440 --> 00:00:39,960 Speaker 1: Rubinstein helped launch the firm in nineteen eighty seven after 9 00:00:40,000 --> 00:00:42,760 Speaker 1: working as a lawyer in Washington, d c. And for 10 00:00:42,840 --> 00:00:47,400 Speaker 1: the Carter Administration as a domestic policy advisor. He's made 11 00:00:47,680 --> 00:00:51,400 Speaker 1: piles of money over the years, and Rubinstein was one 12 00:00:51,400 --> 00:00:55,120 Speaker 1: of the first signers of Warren Buffett's Giving Pledge, in 13 00:00:55,200 --> 00:00:58,040 Speaker 1: which the one percent agreed to give away at least 14 00:00:58,040 --> 00:01:02,760 Speaker 1: half of their wealth to charity. Rubinstein's curiosity is as 15 00:01:02,800 --> 00:01:05,840 Speaker 1: big as his fortune, and he indulges it in non 16 00:01:05,880 --> 00:01:09,360 Speaker 1: fiction series that he hosts for PBS and Bloomberg News. 17 00:01:09,920 --> 00:01:14,640 Speaker 1: His latest PBS offering Iconic America, Our Symbols and Stories, 18 00:01:15,160 --> 00:01:18,800 Speaker 1: is an example of Rubinstein's passion for history. He's very 19 00:01:18,840 --> 00:01:22,240 Speaker 1: concerned that not enough of us know enough about our 20 00:01:22,319 --> 00:01:26,720 Speaker 1: history to avoid repeating it. With his latest show, Rubinstein 21 00:01:26,840 --> 00:01:31,200 Speaker 1: visits marquee locations across the country for episodes that delve 22 00:01:31,280 --> 00:01:33,840 Speaker 1: into what makes a place tick and what makes it 23 00:01:34,000 --> 00:01:39,840 Speaker 1: uniquely American. His stops include Fenway Park, the Golden gate Bridge, 24 00:01:40,080 --> 00:01:43,640 Speaker 1: and the Hollywood Sign, but these are not breezy travelogs. 25 00:01:44,040 --> 00:01:47,560 Speaker 1: The Hollywood episode does a good job of capturing a 26 00:01:47,680 --> 00:01:50,760 Speaker 1: region that is synonymous with an industry that is very 27 00:01:50,840 --> 00:01:55,440 Speaker 1: much in the throes of transition. Our conversation takes several turns, 28 00:01:55,800 --> 00:01:58,960 Speaker 1: including his thoughts on why people generally hate the rich, 29 00:01:59,520 --> 00:02:02,080 Speaker 1: why his mother deemed him a yenta at a very 30 00:02:02,080 --> 00:02:06,120 Speaker 1: young age, and he dishes on a bipartisan monthly dinner 31 00:02:06,200 --> 00:02:10,239 Speaker 1: series that he hosts in Washington, d C. That's all 32 00:02:10,240 --> 00:02:21,239 Speaker 1: coming up after the break, and we're back with David Rubinstein, 33 00:02:21,360 --> 00:02:27,880 Speaker 1: host of PBS's Iconic America, Our Symbols and Stories. David Rubinstein, 34 00:02:27,880 --> 00:02:29,720 Speaker 1: thank you so much for joining me today. Thank you 35 00:02:29,720 --> 00:02:32,600 Speaker 1: for having me at your beautiful Madison Avenue offices. 36 00:02:32,919 --> 00:02:35,240 Speaker 2: My pleasure to talk to you. Thank you very much 37 00:02:35,240 --> 00:02:35,799 Speaker 2: for having me. 38 00:02:37,040 --> 00:02:40,200 Speaker 1: I David, you accomplished in many areas, obviously as an 39 00:02:40,200 --> 00:02:44,320 Speaker 1: investor at the highest heights of investment in private equity. 40 00:02:44,440 --> 00:02:47,600 Speaker 1: You're an author, you host, by my account, at least 41 00:02:47,600 --> 00:02:51,720 Speaker 1: three shows, three ongoing TV shows, and have numerous specials 42 00:02:51,720 --> 00:02:53,680 Speaker 1: and things in the works. How does all of this 43 00:02:53,880 --> 00:02:57,519 Speaker 1: activity in disparate areas come together in your life? Why 44 00:02:57,520 --> 00:02:58,600 Speaker 1: do you stay so busy? 45 00:02:59,720 --> 00:03:04,239 Speaker 2: I'm trying to stay active mentally and physically. I'm now 46 00:03:04,280 --> 00:03:06,600 Speaker 2: seventy three years old, and we all know that when 47 00:03:06,600 --> 00:03:09,720 Speaker 2: you turn certain ages, your brain slows down a bit, 48 00:03:10,000 --> 00:03:13,880 Speaker 2: your body atrophies a bit. But if you exercise, or 49 00:03:13,919 --> 00:03:16,200 Speaker 2: you exercise your brain as well as your body, you 50 00:03:16,240 --> 00:03:21,160 Speaker 2: can postpone to some extent the normal aging process. I 51 00:03:21,240 --> 00:03:26,359 Speaker 2: also have a lot of curiosity about things, and when 52 00:03:26,360 --> 00:03:28,519 Speaker 2: I was growing up, my mother would call me a yenta. 53 00:03:29,160 --> 00:03:31,400 Speaker 2: Yenta is a Yiddish word for onet to know everything. 54 00:03:31,480 --> 00:03:33,280 Speaker 2: So when people come to our house, I would always 55 00:03:33,320 --> 00:03:36,160 Speaker 2: ask a lot of questions. And now I find myself 56 00:03:36,200 --> 00:03:39,120 Speaker 2: as an interviewer on television or other kind of media, 57 00:03:39,640 --> 00:03:41,920 Speaker 2: asking a lot of questions. And maybe it came from 58 00:03:41,920 --> 00:03:44,400 Speaker 2: my intellectual curiosity or what my mother would call being 59 00:03:44,400 --> 00:03:47,640 Speaker 2: a yenta. So I'm trying to keep my brain active. 60 00:03:48,000 --> 00:03:50,680 Speaker 2: I'm trying to stay interested in what's going on in 61 00:03:50,680 --> 00:03:53,440 Speaker 2: the world and maybe stay relevant. Because as you get 62 00:03:53,480 --> 00:03:56,000 Speaker 2: to be a certain age, and you're obviously much younger 63 00:03:56,000 --> 00:03:57,840 Speaker 2: than me, you get to be a certain age, people 64 00:03:57,880 --> 00:04:00,920 Speaker 2: look at you differently. So when I turn seventy, people 65 00:04:01,040 --> 00:04:02,680 Speaker 2: said to me at the Kenney Center, where I've been 66 00:04:02,720 --> 00:04:05,440 Speaker 2: the chair for a number of years, mister Rubinstein, do 67 00:04:05,440 --> 00:04:07,560 Speaker 2: you want to take the elevator up? Or can you 68 00:04:07,600 --> 00:04:10,760 Speaker 2: walk these three steps? And so, you know, people look 69 00:04:10,800 --> 00:04:12,600 Speaker 2: at you differently when you hit a certain ages. And so, 70 00:04:13,840 --> 00:04:16,600 Speaker 2: as you know from covering Hollywood, people don't like to 71 00:04:16,680 --> 00:04:19,640 Speaker 2: announce their age particularly, and they like to mask it 72 00:04:19,720 --> 00:04:23,520 Speaker 2: a bit with either plastic surgery or some other kind 73 00:04:23,560 --> 00:04:26,320 Speaker 2: of cosmetics things. And so I don't have any plastic 74 00:04:26,360 --> 00:04:29,080 Speaker 2: surgery and I don't use any cosmetics. But you know, 75 00:04:29,240 --> 00:04:31,840 Speaker 2: obviously I'm trying to do as many things like can. 76 00:04:31,880 --> 00:04:35,599 Speaker 2: And I also think to be very serious, every human 77 00:04:35,920 --> 00:04:39,919 Speaker 2: wants to give back to society before their time on 78 00:04:39,960 --> 00:04:42,960 Speaker 2: their face of the earth is over. And how do 79 00:04:43,000 --> 00:04:44,880 Speaker 2: you give back to society. Well, one way you can 80 00:04:44,920 --> 00:04:47,359 Speaker 2: do is help your country. And so I do a 81 00:04:47,360 --> 00:04:50,280 Speaker 2: lot of things that I call patriotic philanthropy. But I 82 00:04:50,320 --> 00:04:53,440 Speaker 2: think by doing interview shows, I'm trying to educate people 83 00:04:53,480 --> 00:04:56,160 Speaker 2: and educate myself as well. So I do a lot 84 00:04:56,160 --> 00:04:58,880 Speaker 2: of different things to keep busy. Maybe that's because I'm 85 00:04:58,920 --> 00:05:01,680 Speaker 2: afraid if I don't, they busy something with atrophy or 86 00:05:02,240 --> 00:05:04,039 Speaker 2: I won't be as relevant as I would like to be. 87 00:05:04,920 --> 00:05:06,760 Speaker 1: A rolling stone gathers no moss. 88 00:05:07,760 --> 00:05:10,320 Speaker 2: I've never heard that phrase before. That's a you should 89 00:05:10,320 --> 00:05:10,680 Speaker 2: coin that. 90 00:05:11,680 --> 00:05:13,560 Speaker 1: I think somebody might have beat me to it, but 91 00:05:13,800 --> 00:05:17,240 Speaker 1: you have. And a new entry coming to PBS soon 92 00:05:17,600 --> 00:05:20,520 Speaker 1: that is called Iconic America, where you go to different 93 00:05:20,520 --> 00:05:23,320 Speaker 1: cities and do a really interesting job of looking at 94 00:05:23,360 --> 00:05:27,839 Speaker 1: how monuments or iconic landmarks in those cities, what they 95 00:05:27,880 --> 00:05:31,960 Speaker 1: say about those cities, and the economic and cultural and 96 00:05:32,240 --> 00:05:35,200 Speaker 1: social aspects around those cities tell me. What was the 97 00:05:35,240 --> 00:05:38,320 Speaker 1: spark of inspiration for doing this type of sort of 98 00:05:38,360 --> 00:05:40,359 Speaker 1: travelog and history. 99 00:05:41,279 --> 00:05:43,800 Speaker 2: For the last ten fifteen years or so, I've spent 100 00:05:43,839 --> 00:05:45,960 Speaker 2: a fair amount of my time trying to educate people 101 00:05:46,000 --> 00:05:48,640 Speaker 2: met American history on the theory that we should have 102 00:05:48,640 --> 00:05:50,880 Speaker 2: an informed citizen ry. That was the premise of our 103 00:05:51,040 --> 00:05:54,720 Speaker 2: representative democracy when it was created. Sadly, Americans don't know 104 00:05:54,800 --> 00:05:57,120 Speaker 2: much about our country's history. We don't require people to 105 00:05:57,120 --> 00:06:00,040 Speaker 2: take American history courses in college or high school. We 106 00:06:00,080 --> 00:06:02,160 Speaker 2: don't even teach civics very much anymore in junior high 107 00:06:02,160 --> 00:06:04,600 Speaker 2: school or high school. So as part of an effort 108 00:06:04,600 --> 00:06:08,760 Speaker 2: to do that, I have started some programs, various interview 109 00:06:08,800 --> 00:06:12,680 Speaker 2: programs and so forth. This particular one was something that 110 00:06:12,760 --> 00:06:16,800 Speaker 2: I developed with PBS helping where we would go and 111 00:06:16,880 --> 00:06:21,119 Speaker 2: take iconic symbols of this country and do an hour 112 00:06:21,279 --> 00:06:24,280 Speaker 2: show on each, hopefully telling people about the history and 113 00:06:25,000 --> 00:06:27,680 Speaker 2: the interesting parts about it. So the eighth that we've 114 00:06:27,760 --> 00:06:30,280 Speaker 2: chosen for this part of the series and that we'll 115 00:06:30,279 --> 00:06:32,840 Speaker 2: be broadcast on PBS beginning of eight point twenty six, 116 00:06:32,920 --> 00:06:36,040 Speaker 2: the first one is Fenway Park. So after the Fenway 117 00:06:36,080 --> 00:06:38,159 Speaker 2: Park one, we were going to do the Hollywood Sign, 118 00:06:38,600 --> 00:06:40,599 Speaker 2: which I believe you've already seen that show. 119 00:06:40,800 --> 00:06:42,400 Speaker 3: That one caught my attention, right. 120 00:06:42,720 --> 00:06:44,800 Speaker 2: That one is the famous Hollywood sign that, as you 121 00:06:44,839 --> 00:06:48,720 Speaker 2: may know, maybe our listeners don't, it was originally intended 122 00:06:48,760 --> 00:06:51,800 Speaker 2: to be Hollywood Land. That was the sign. It was 123 00:06:51,839 --> 00:06:55,240 Speaker 2: designed to sell houses in the Hollywood Hills, and it 124 00:06:55,279 --> 00:06:57,760 Speaker 2: was the Hollywood Land Company that was selling them competing 125 00:06:57,800 --> 00:07:01,200 Speaker 2: with other home builders. Ultimately that land taken down when 126 00:07:01,200 --> 00:07:03,240 Speaker 2: the homes homes are all sold and now it just 127 00:07:03,279 --> 00:07:06,320 Speaker 2: says Hollywood. So that's another one. Then we have one 128 00:07:06,320 --> 00:07:09,200 Speaker 2: of the Golden gate Bridge, one of the American Bald Eagle, 129 00:07:09,680 --> 00:07:12,040 Speaker 2: one of the Gadsden Flag, which says don't treadle me, 130 00:07:12,640 --> 00:07:14,880 Speaker 2: which has had a long history in our country. Another 131 00:07:15,040 --> 00:07:18,400 Speaker 2: is Stone Mountain, which is a mountain in Georgia where 132 00:07:18,400 --> 00:07:21,400 Speaker 2: Confederate symbols are now carved into it. Another one is 133 00:07:21,400 --> 00:07:24,480 Speaker 2: a Statue of Liberty. Another one is the American Cowboy. 134 00:07:25,200 --> 00:07:28,960 Speaker 2: And what we try to do is to go through 135 00:07:28,960 --> 00:07:30,800 Speaker 2: the history of these things, what people might know or 136 00:07:30,880 --> 00:07:33,400 Speaker 2: might not know. Try to do it an interesting, entertaining 137 00:07:33,520 --> 00:07:35,760 Speaker 2: format because you want people to watch it. So in 138 00:07:35,800 --> 00:07:38,520 Speaker 2: many of these I interview people. Many of them other 139 00:07:38,560 --> 00:07:41,320 Speaker 2: people do interviews, and we have some really interesting people. 140 00:07:41,320 --> 00:07:44,280 Speaker 2: In the Hollywood one, for example, we gathered a number 141 00:07:44,720 --> 00:07:47,640 Speaker 2: of Hollywood well known people for a dinner and we 142 00:07:47,640 --> 00:07:50,120 Speaker 2: had talked about Hollywood, and then I went to visit 143 00:07:50,160 --> 00:07:53,160 Speaker 2: the homes of some famous Hollywood stars and so forth. 144 00:07:53,440 --> 00:07:56,200 Speaker 2: And I think it's pretty educational and taught me a 145 00:07:56,200 --> 00:07:57,600 Speaker 2: lot about Hollywood that I didn't know. 146 00:07:58,120 --> 00:08:01,680 Speaker 3: You do a good job in. These aren't just breezies. 147 00:08:02,320 --> 00:08:07,880 Speaker 1: These aren't excuse me, these aren't just breezy celebratory travelogue episodes. 148 00:08:07,920 --> 00:08:09,840 Speaker 1: These are you do a good job in the Hollywood 149 00:08:09,880 --> 00:08:12,120 Speaker 1: episode of putting. You know, it's a it's a warts 150 00:08:12,200 --> 00:08:14,920 Speaker 1: and all look at the town. You know, it's pros 151 00:08:14,960 --> 00:08:18,040 Speaker 1: and its cons and Hollywood just by its you know, 152 00:08:18,160 --> 00:08:20,800 Speaker 1: just by that what that word conjures up has has 153 00:08:21,040 --> 00:08:23,040 Speaker 1: definitely there's a lot of dark side to a lot 154 00:08:23,040 --> 00:08:25,160 Speaker 1: of the up and the opportunity. I thought you did 155 00:08:25,200 --> 00:08:27,880 Speaker 1: a good job of capturing what can go wrong, but 156 00:08:28,000 --> 00:08:32,440 Speaker 1: also the incredible opportunity. You come to town with a 157 00:08:32,480 --> 00:08:36,440 Speaker 1: great idea that you can package into a form of 158 00:08:36,559 --> 00:08:39,240 Speaker 1: pop culture that can be marketed to the masses, and 159 00:08:39,320 --> 00:08:42,240 Speaker 1: you can be you know, there are any number of examples, 160 00:08:42,280 --> 00:08:45,120 Speaker 1: you can be living out of your car and within 161 00:08:45,200 --> 00:08:48,679 Speaker 1: a short amount of time caching big royalty checks by, 162 00:08:49,040 --> 00:08:51,040 Speaker 1: but just by dint of a good idea and that 163 00:08:51,160 --> 00:08:54,040 Speaker 1: and that's an intoxicating place, and you captured that very well. 164 00:08:54,160 --> 00:08:56,880 Speaker 2: Our country has been premised, to some extent on something 165 00:08:56,920 --> 00:08:59,400 Speaker 2: that was a phrase that was invented in nineteen thirty 166 00:08:59,440 --> 00:09:02,559 Speaker 2: six called the American Dream. Now, the American dream is 167 00:09:02,640 --> 00:09:05,640 Speaker 2: kind of a ratio alger concept where you start with nothing, 168 00:09:05,720 --> 00:09:08,160 Speaker 2: typically an immigrant many ways, and you rise up the 169 00:09:08,240 --> 00:09:11,679 Speaker 2: success in our country, and the American dream is something 170 00:09:11,720 --> 00:09:14,760 Speaker 2: that people generally believe in this country. But a subset 171 00:09:14,800 --> 00:09:17,640 Speaker 2: of that is the Hollywood dream, which is you might 172 00:09:17,679 --> 00:09:20,600 Speaker 2: not be well educated, you might not be extremely talented 173 00:09:20,600 --> 00:09:22,320 Speaker 2: in the view of some of your peers, you go 174 00:09:22,360 --> 00:09:25,680 Speaker 2: to Hollywood and you're discovered as an actor, actress and 175 00:09:25,720 --> 00:09:28,520 Speaker 2: something all of a sudden, you're Marilyn Monroe or something 176 00:09:28,600 --> 00:09:31,280 Speaker 2: like that. And so that dream still lives on and 177 00:09:31,400 --> 00:09:34,760 Speaker 2: many many people go to Hollywood. It turns out that 178 00:09:34,800 --> 00:09:37,400 Speaker 2: what Hollywood actually is is not what people think. There 179 00:09:37,480 --> 00:09:39,760 Speaker 2: is no Hollywood in the traditional sense, where if you 180 00:09:39,800 --> 00:09:42,600 Speaker 2: go to Hollywood that part of la that's not where 181 00:09:42,600 --> 00:09:45,400 Speaker 2: the studios are. We try to point out the studios 182 00:09:45,400 --> 00:09:48,640 Speaker 2: are in Burbank or other parts of the Los Angeles area. 183 00:09:48,720 --> 00:09:52,760 Speaker 2: But the word Hollywood got to be synonymous with this 184 00:09:52,800 --> 00:09:54,400 Speaker 2: is where the movies are made. And of course if 185 00:09:54,440 --> 00:09:57,280 Speaker 2: you go to the actual Hollywood, you don't see any studios. 186 00:09:57,440 --> 00:10:00,840 Speaker 2: You do see Graeman's Chinese theater and you see people's 187 00:10:00,920 --> 00:10:04,040 Speaker 2: uh cement fingerprints. 188 00:10:03,440 --> 00:10:05,720 Speaker 3: The Walk of Fame and yeah, but that's. 189 00:10:05,559 --> 00:10:09,360 Speaker 2: About all that's actually related to the movie industry in Hollywood. Uh. 190 00:10:09,440 --> 00:10:12,360 Speaker 2: You also see a lot of you know, kind of 191 00:10:13,720 --> 00:10:15,480 Speaker 2: T shirt shops and things like that. 192 00:10:15,360 --> 00:10:17,760 Speaker 3: In Hollywood times squarish type. 193 00:10:17,920 --> 00:10:20,040 Speaker 2: Yeah, if you go to the real Hollywood, which is 194 00:10:20,040 --> 00:10:22,760 Speaker 2: in the studios in the valley or so forth, that's 195 00:10:22,760 --> 00:10:25,040 Speaker 2: where the movies are made, TV shows are made. But 196 00:10:25,120 --> 00:10:28,680 Speaker 2: the whole culture of Hollywood is one that is i 197 00:10:28,679 --> 00:10:31,600 Speaker 2: would say, uniquely American. And what we try to do 198 00:10:31,640 --> 00:10:34,560 Speaker 2: in these so called symbols of our country is to 199 00:10:34,600 --> 00:10:38,000 Speaker 2: talk about things that are really uniquely American. So there 200 00:10:38,000 --> 00:10:42,199 Speaker 2: there obviously there's Bollywood in in uh in India, but generally, 201 00:10:43,000 --> 00:10:46,199 Speaker 2: if you think about making movies, you think about Hollywood 202 00:10:46,280 --> 00:10:48,640 Speaker 2: and a uniquely American kind of enterprise. 203 00:10:48,559 --> 00:10:51,680 Speaker 3: And that meritocracy of sorts. 204 00:10:51,720 --> 00:10:54,600 Speaker 1: Like you can come you can be Greta Garbo from Sweden, 205 00:10:54,800 --> 00:10:58,400 Speaker 1: or you can be Doris Day from a tiny town 206 00:10:58,520 --> 00:11:00,600 Speaker 1: and I'm probably gonna get this wrong, but hi, you know, 207 00:11:00,720 --> 00:11:03,079 Speaker 1: so you can be somewhere from the Midwest and come 208 00:11:03,120 --> 00:11:06,000 Speaker 1: out here, and you know, again, if you get that 209 00:11:06,120 --> 00:11:08,679 Speaker 1: right mix of luck and idea, you can find your 210 00:11:08,679 --> 00:11:09,440 Speaker 1: fame and fortune. 211 00:11:09,440 --> 00:11:09,640 Speaker 3: Sure. 212 00:11:09,760 --> 00:11:12,160 Speaker 2: I mean think of the famous movie stars and the 213 00:11:12,200 --> 00:11:16,040 Speaker 2: diverse backgrounds they had. So Carrie Grant was really Archibal 214 00:11:16,040 --> 00:11:18,520 Speaker 2: at Leech was his real name, and he's from England. 215 00:11:18,800 --> 00:11:20,960 Speaker 2: Bob Hope, that was not his real name, and. 216 00:11:21,400 --> 00:11:25,520 Speaker 3: He came to really yeah yeah. 217 00:11:24,400 --> 00:11:26,160 Speaker 2: And I think his first name was really Leslie. 218 00:11:26,160 --> 00:11:29,400 Speaker 3: Well yeah, Leslie. I can't Leslie, not Leslie Howard, but yeah, yeah. 219 00:11:29,559 --> 00:11:34,360 Speaker 2: And you know people who rose up from very modest 220 00:11:34,360 --> 00:11:37,880 Speaker 2: circumstances and became famous Hollywood icons. 221 00:11:38,559 --> 00:11:41,120 Speaker 1: One thing I wanted to add to your discussion of 222 00:11:41,120 --> 00:11:44,880 Speaker 1: Hollywood is one of Hollywood as the geographical neighborhood of 223 00:11:44,880 --> 00:11:49,400 Speaker 1: Los Angeles, is it. One big exception these days is Netflix. 224 00:11:49,800 --> 00:11:54,200 Speaker 1: Netflix planted, It's staked, it has actually has offices in Hollywood, 225 00:11:54,640 --> 00:11:58,160 Speaker 1: And that was a pre pandemic decision that I think 226 00:11:58,240 --> 00:12:01,400 Speaker 1: anybody there would say has been very challenging because that 227 00:12:01,480 --> 00:12:05,760 Speaker 1: neighborhood of Los Angeles has really got a big problem 228 00:12:05,840 --> 00:12:10,679 Speaker 1: with unhoused and it's really created a very difficult environment 229 00:12:11,080 --> 00:12:14,440 Speaker 1: just in and around in and around Netflix. So there's 230 00:12:14,480 --> 00:12:16,760 Speaker 1: a lot of a lot of the kind of wither 231 00:12:16,880 --> 00:12:19,720 Speaker 1: Los Angeles seems to be in that neighborhood. Can they 232 00:12:19,760 --> 00:12:22,480 Speaker 1: make this work? With this they have this incredible sort 233 00:12:22,480 --> 00:12:25,360 Speaker 1: of anchor tenant that for years they've been saying, We're 234 00:12:25,360 --> 00:12:29,840 Speaker 1: going to revive Hollywood the neighborhood, and. 235 00:12:28,960 --> 00:12:29,680 Speaker 3: It's a struggle. 236 00:12:29,920 --> 00:12:34,000 Speaker 2: Streaming has changed the entertainment world for sure, and what 237 00:12:34,040 --> 00:12:37,000 Speaker 2: Netflix has achieved has really been a major factor in 238 00:12:37,120 --> 00:12:41,880 Speaker 2: changing the way movies are financed, actors are compensated. So 239 00:12:42,520 --> 00:12:45,520 Speaker 2: if I ask people who's the most prominent person in Hollywood, 240 00:12:45,520 --> 00:12:47,640 Speaker 2: as I've done from time to time when working on this, 241 00:12:48,120 --> 00:12:50,760 Speaker 2: that people would often say, person like the head of Netflix, 242 00:12:50,800 --> 00:12:54,360 Speaker 2: Ted Sarandos, who is the co c O. Now he's 243 00:12:54,400 --> 00:12:56,760 Speaker 2: deciding the green light the script or that script. He 244 00:12:56,760 --> 00:12:58,400 Speaker 2: had a fair amount of money to do it still does. 245 00:12:58,920 --> 00:13:01,880 Speaker 2: And all I'm recently at a Kenny Center event and 246 00:13:02,080 --> 00:13:05,280 Speaker 2: you know, a very nice person came there for an 247 00:13:05,280 --> 00:13:08,800 Speaker 2: event honoring Adam Sandler, who made some movies I think 248 00:13:08,840 --> 00:13:10,360 Speaker 2: with Netflix. That's why he was there. 249 00:13:10,440 --> 00:13:12,200 Speaker 1: Yeah, he's made a bunch of movies for Netflix. 250 00:13:12,320 --> 00:13:15,920 Speaker 2: Right, So, you know, you never know who is going 251 00:13:15,960 --> 00:13:17,960 Speaker 2: to be the most powerful person in Hollywood. I would 252 00:13:17,960 --> 00:13:21,320 Speaker 2: say today, you know, He's probably one of them. Who 253 00:13:21,360 --> 00:13:24,000 Speaker 2: are the most powerful people today in Hollywood. I guess 254 00:13:24,000 --> 00:13:26,800 Speaker 2: they're typically the studio heads or people like the head 255 00:13:26,800 --> 00:13:29,880 Speaker 2: of Netflix, or there are a couple directors that can 256 00:13:29,920 --> 00:13:32,800 Speaker 2: make a movie. Steven Spielberg can probably get anything finance 257 00:13:32,840 --> 00:13:36,240 Speaker 2: he wants to get financed, and I assume James Cameron 258 00:13:36,280 --> 00:13:36,840 Speaker 2: Ken as well. 259 00:13:37,280 --> 00:13:41,000 Speaker 1: I've never seen such a time in Hollywood where all 260 00:13:41,240 --> 00:13:43,640 Speaker 1: most of the major platforms are in the throes of 261 00:13:43,679 --> 00:13:47,440 Speaker 1: this massive transition, and frankly in you know, various forms 262 00:13:47,440 --> 00:13:52,560 Speaker 1: of disarray, restructuring, you know, pretty massive layoffs. It is 263 00:13:52,679 --> 00:13:55,719 Speaker 1: just a part of this, you know, certainly difficult, but 264 00:13:57,000 --> 00:14:02,160 Speaker 1: it's clearly necessary transition of just as of reallocation of resources. 265 00:14:02,480 --> 00:14:04,560 Speaker 1: Can you think, as a student of history and certainly 266 00:14:04,559 --> 00:14:07,840 Speaker 1: a student of business, can you think of analogous times 267 00:14:08,040 --> 00:14:11,680 Speaker 1: in American history where we've seen sectors just going through 268 00:14:11,720 --> 00:14:16,080 Speaker 1: such wholesale transformations in the way they make money. The 269 00:14:16,080 --> 00:14:19,840 Speaker 1: way Hollywood makes money on content has changed radically in 270 00:14:21,200 --> 00:14:23,360 Speaker 1: ten the last ten to fifteen years. Can you think 271 00:14:23,360 --> 00:14:25,240 Speaker 1: of analogous industries in time The. 272 00:14:25,240 --> 00:14:28,200 Speaker 2: Industry that I've been in, the financial service industry used 273 00:14:28,240 --> 00:14:31,240 Speaker 2: to be you had investment bankers, and they would service 274 00:14:31,280 --> 00:14:35,760 Speaker 2: big corporate clients and big corporations. Over the last forty 275 00:14:36,080 --> 00:14:40,200 Speaker 2: years or so, the big clients for many investment banking 276 00:14:40,240 --> 00:14:43,720 Speaker 2: firms have become private equity firms which didn't exist thirty 277 00:14:43,760 --> 00:14:47,600 Speaker 2: forty years ago, or hedge funds, which didn't really exist 278 00:14:47,600 --> 00:14:50,360 Speaker 2: in any large scale thirty or forty years ago. So 279 00:14:50,440 --> 00:14:53,440 Speaker 2: the people that are often moving Wall Street today are 280 00:14:54,240 --> 00:14:58,160 Speaker 2: hedge funds, particularly those that are involved in rapid trading 281 00:14:58,320 --> 00:15:02,360 Speaker 2: kinds of things, or private equity firms of various types, 282 00:15:02,920 --> 00:15:07,640 Speaker 2: venture funds, growth capital funds, buyout funds. It's really changed 283 00:15:07,680 --> 00:15:10,920 Speaker 2: Wall Street, and dramatically, just as as. 284 00:15:10,680 --> 00:15:14,000 Speaker 3: You would you say for the better, for the worse. 285 00:15:14,480 --> 00:15:17,600 Speaker 2: Or historians a figure that I'd say, it's you know, 286 00:15:17,720 --> 00:15:19,680 Speaker 2: as a general rule of thumb, I think when you 287 00:15:20,040 --> 00:15:25,920 Speaker 2: have changes, it probably historically better than not. But there 288 00:15:25,920 --> 00:15:29,560 Speaker 2: are always some abuses, some problems and changes. But you 289 00:15:29,600 --> 00:15:33,400 Speaker 2: think about it. One hundred years ago, there were a 290 00:15:33,400 --> 00:15:37,440 Speaker 2: limited number of big Wall Street firms, and over the 291 00:15:37,520 --> 00:15:40,200 Speaker 2: years we still have a limited number of Wall Street firms. 292 00:15:40,200 --> 00:15:42,280 Speaker 2: The names have changed a bit, same as true in 293 00:15:42,280 --> 00:15:44,880 Speaker 2: Hollywood you had a limited number of studios, a few 294 00:15:44,920 --> 00:15:47,160 Speaker 2: years ago, and you still have a limited number of 295 00:15:47,160 --> 00:15:47,960 Speaker 2: major studios. 296 00:15:48,000 --> 00:15:52,000 Speaker 1: So it's amazing those original brand names still really carry 297 00:15:52,040 --> 00:15:52,600 Speaker 1: a lot of weights. 298 00:15:52,640 --> 00:15:54,840 Speaker 2: Yes, if you think about it, the big brand names 299 00:15:55,000 --> 00:15:59,400 Speaker 2: fifty years ago, where MGM still exists, Paramount still exists, 300 00:15:59,560 --> 00:16:05,520 Speaker 2: Universe still exists, Disney still exists, Warner Brothers. So those 301 00:16:05,520 --> 00:16:09,160 Speaker 2: big names have stayed around, even though the studios are 302 00:16:09,160 --> 00:16:11,880 Speaker 2: completely different in the way they are owned and operated 303 00:16:11,920 --> 00:16:15,440 Speaker 2: than they were years ago. But Hollywood has changed dramatically. 304 00:16:16,360 --> 00:16:19,080 Speaker 2: The way you get movies finances changed, the way you 305 00:16:19,120 --> 00:16:22,520 Speaker 2: become a star has changed. But interestingly, it's still the 306 00:16:22,520 --> 00:16:27,520 Speaker 2: center of entertainment creation. In other words, if you want 307 00:16:27,560 --> 00:16:29,560 Speaker 2: to make a movie and you want to get a 308 00:16:29,600 --> 00:16:32,880 Speaker 2: movie financed, you don't typically go to Des Moines, Iowa. 309 00:16:33,400 --> 00:16:37,520 Speaker 2: You probably go to Hollywood or Los Angeles, somewhere in 310 00:16:37,520 --> 00:16:41,400 Speaker 2: Los Angeles. Of course, there's a lot of activity in 311 00:16:41,400 --> 00:16:44,440 Speaker 2: New York as well, but New York Los Angeles is 312 00:16:44,480 --> 00:16:50,080 Speaker 2: still the epicenter, I would say of the entertainment that 313 00:16:50,080 --> 00:16:53,640 Speaker 2: hasn't changed in the last fifty years or so, and 314 00:16:53,760 --> 00:16:56,920 Speaker 2: probably he's not going to change anytime soon. I think, 315 00:16:56,960 --> 00:16:58,840 Speaker 2: even with the Internet and with all kinds of things 316 00:16:58,880 --> 00:17:01,320 Speaker 2: that you can do. Virtually, you're not likely to see 317 00:17:01,440 --> 00:17:06,520 Speaker 2: entertainment creation activity being done out of you know, the 318 00:17:06,520 --> 00:17:08,800 Speaker 2: mid Midwest. Let's say it just doesn't happen. It's not 319 00:17:08,880 --> 00:17:10,200 Speaker 2: likely to happen in my view. 320 00:17:10,160 --> 00:17:13,760 Speaker 1: The locus of you definitely there there. Certainly there's more 321 00:17:13,880 --> 00:17:17,920 Speaker 1: import export happening. South Korea is a really big exporter 322 00:17:18,040 --> 00:17:23,480 Speaker 1: of content. Israel is exporting more both shows and formats 323 00:17:23,480 --> 00:17:26,320 Speaker 1: for shows that are remade for different audiences. 324 00:17:26,840 --> 00:17:27,720 Speaker 3: But there, But. 325 00:17:27,920 --> 00:17:31,440 Speaker 1: You can't and I've seen many times people you know, companies, 326 00:17:31,440 --> 00:17:33,880 Speaker 1: even Netflix at the beginning, really you know, it took 327 00:17:33,880 --> 00:17:35,960 Speaker 1: them a lot to kind of get there, find their 328 00:17:35,960 --> 00:17:38,680 Speaker 1: sea legs. But the idea that well we can hire 329 00:17:38,720 --> 00:17:41,320 Speaker 1: people to produce shows, we can pay people to produce shows, 330 00:17:41,359 --> 00:17:45,360 Speaker 1: there is something. There's something you having that in house expertise, 331 00:17:45,440 --> 00:17:48,640 Speaker 1: having that department, that physical production department that knows how 332 00:17:48,680 --> 00:17:51,640 Speaker 1: to get people before cameras, knows how to get ten 333 00:17:51,760 --> 00:17:54,399 Speaker 1: big trailers out to the out to the field in 334 00:17:54,440 --> 00:17:57,159 Speaker 1: the Midwest where you're going to shoot that pivotal you know, 335 00:17:57,200 --> 00:18:00,399 Speaker 1: the pivotal closing scene in the corn Fiel field or 336 00:18:00,400 --> 00:18:03,000 Speaker 1: whatever it might be like that that level of expertise 337 00:18:03,200 --> 00:18:05,359 Speaker 1: knowing how to deal with tax incentives and all the 338 00:18:05,400 --> 00:18:09,399 Speaker 1: different pay literally literally the payroll in production is a 339 00:18:09,560 --> 00:18:13,920 Speaker 1: very specialized job because there's so many different unions and 340 00:18:13,960 --> 00:18:16,360 Speaker 1: so many different rules that you have in contracts. It's 341 00:18:16,840 --> 00:18:18,600 Speaker 1: a really it's a very. 342 00:18:18,760 --> 00:18:21,119 Speaker 3: Very expertise hard business to break into. 343 00:18:21,400 --> 00:18:25,439 Speaker 2: That expertise still resides principally in the New York area 344 00:18:25,520 --> 00:18:32,119 Speaker 2: and the Los Angeles area. The only non US I 345 00:18:32,119 --> 00:18:35,320 Speaker 2: would say factor that's changed a bit about how people 346 00:18:35,320 --> 00:18:41,679 Speaker 2: are entertained in recent years is TikTok TikTok, which is 347 00:18:41,760 --> 00:18:42,560 Speaker 2: Chinese based. 348 00:18:42,600 --> 00:18:45,240 Speaker 3: Of course, much in the news these days. 349 00:18:45,000 --> 00:18:49,000 Speaker 2: It has lots of controversy associated with it, but it's 350 00:18:49,160 --> 00:18:53,560 Speaker 2: very rare for an American audience to use a technology 351 00:18:53,640 --> 00:18:56,840 Speaker 2: to be entertained or to be informed that is not 352 00:18:56,960 --> 00:19:00,800 Speaker 2: based in the United States. So, for example, I doubt 353 00:19:00,800 --> 00:19:03,160 Speaker 2: if you or I could get through the day without 354 00:19:03,280 --> 00:19:11,639 Speaker 2: using either a product or a service created by Facebook, Apple, Google, Microsoft, Amazon, 355 00:19:11,760 --> 00:19:16,919 Speaker 2: or Netflix, all American technologies. Now. Think about how you 356 00:19:17,040 --> 00:19:20,040 Speaker 2: use one or more of those every day, and they 357 00:19:20,080 --> 00:19:23,640 Speaker 2: didn't exist fifty years ago or so. But how many 358 00:19:23,640 --> 00:19:28,000 Speaker 2: Americans are used to getting their entertainment, their information from 359 00:19:28,040 --> 00:19:32,320 Speaker 2: a let's say, a China based entertainment form very few, 360 00:19:32,680 --> 00:19:35,119 Speaker 2: and I think that's produced a fair amount of dislocation 361 00:19:35,240 --> 00:19:37,840 Speaker 2: and concern in Washington, d C. For the reasons that 362 00:19:37,880 --> 00:19:40,680 Speaker 2: have been articulated by government officials. But I think part 363 00:19:40,680 --> 00:19:43,320 Speaker 2: of it is we're not used to having technology or 364 00:19:43,480 --> 00:19:46,919 Speaker 2: entertainment or information given to us through a Chinese source. 365 00:19:48,440 --> 00:19:51,400 Speaker 2: I often wonder why it is that no European technology 366 00:19:51,440 --> 00:19:54,280 Speaker 2: has taken hold, so that Europe, which is a bigger 367 00:19:54,320 --> 00:19:57,600 Speaker 2: population in the United States, has not created any technology 368 00:19:57,920 --> 00:19:59,800 Speaker 2: that we are currently using to get through our daily 369 00:19:59,840 --> 00:20:02,320 Speaker 2: life lives. Think about it. I mis mentioned the companies 370 00:20:02,359 --> 00:20:05,800 Speaker 2: that you're using probably or their services, but none of 371 00:20:05,840 --> 00:20:09,000 Speaker 2: those companies are really European based. China has come up 372 00:20:09,000 --> 00:20:12,919 Speaker 2: with one so far. TikTok, what happened to Europe? I 373 00:20:12,920 --> 00:20:15,760 Speaker 2: can explain why probably there's nothing from Europe in this 374 00:20:16,760 --> 00:20:20,400 Speaker 2: array of companies. But as a general rule of thumb, 375 00:20:20,560 --> 00:20:24,359 Speaker 2: back to the entertainment area, entertainment more or less for 376 00:20:24,440 --> 00:20:27,360 Speaker 2: the United States is created in the United States essentially, 377 00:20:27,600 --> 00:20:29,560 Speaker 2: and created more or less in the New York area 378 00:20:29,720 --> 00:20:34,960 Speaker 2: or the Los Angeles area, with few exceptions. With artificial intelligence, 379 00:20:35,600 --> 00:20:38,040 Speaker 2: you're now going to have the challenge of figuring out 380 00:20:38,080 --> 00:20:42,080 Speaker 2: whether you should write your own tests essay or have 381 00:20:42,560 --> 00:20:45,119 Speaker 2: an artificial intelligence service do it for you, which apparently 382 00:20:45,160 --> 00:20:47,560 Speaker 2: are people are doing. And now there's a big push 383 00:20:47,600 --> 00:20:52,600 Speaker 2: to figure out whether graters or teachers can have a 384 00:20:52,640 --> 00:20:55,280 Speaker 2: mechanism to figure out whether something's been written by artificial 385 00:20:55,280 --> 00:20:57,760 Speaker 2: intelligence or not when they're greating exams, and that's going 386 00:20:57,800 --> 00:20:58,680 Speaker 2: to be a big industry. 387 00:20:59,040 --> 00:21:02,560 Speaker 1: Does that all of that level of misinformation Does it 388 00:21:02,600 --> 00:21:03,440 Speaker 1: affect markets? 389 00:21:03,840 --> 00:21:06,160 Speaker 3: Does it? Because does it mess with people's market heads 390 00:21:06,160 --> 00:21:07,600 Speaker 3: when they're trying to figure things out? 391 00:21:08,119 --> 00:21:11,399 Speaker 2: Well, markets move on impulse, they move quickly. There's a 392 00:21:11,440 --> 00:21:14,160 Speaker 2: general view get there first with the information and act 393 00:21:14,200 --> 00:21:16,760 Speaker 2: on it. When the information is wrong and you act 394 00:21:16,800 --> 00:21:18,760 Speaker 2: on it, that's going to be a problem. So, yes, 395 00:21:18,840 --> 00:21:22,439 Speaker 2: people are moving quickly, and sometimes the information is not acurate. 396 00:21:25,600 --> 00:21:29,119 Speaker 1: Don't go chasing after any national landmarks. We'll be right 397 00:21:29,160 --> 00:21:39,080 Speaker 1: back after this short break, and we're back with more 398 00:21:39,200 --> 00:21:43,240 Speaker 1: from David Rubinstein, host of PBS's Iconic America. 399 00:21:43,600 --> 00:21:45,560 Speaker 3: Our symbols and stories. 400 00:21:46,760 --> 00:21:50,200 Speaker 1: In Hollywood and in other aspects of pop culture, certainly 401 00:21:50,400 --> 00:21:52,040 Speaker 1: Wall Street high finance. 402 00:21:52,280 --> 00:21:53,920 Speaker 3: You know, private equity. 403 00:21:53,640 --> 00:21:56,760 Speaker 1: Head fund leaders are very are very often cast as 404 00:21:56,800 --> 00:21:57,240 Speaker 1: the villain. 405 00:21:57,280 --> 00:21:58,120 Speaker 3: That is it? Is it? 406 00:21:58,160 --> 00:22:00,199 Speaker 1: Do you feel like a punching bag sometimes? Is it 407 00:22:00,240 --> 00:22:02,480 Speaker 1: hard to be? Is it hard to square that with 408 00:22:02,600 --> 00:22:04,800 Speaker 1: the reality that you know well. 409 00:22:04,480 --> 00:22:09,360 Speaker 2: Throughout history people who have made money, even legally, have 410 00:22:09,440 --> 00:22:14,120 Speaker 2: not been put on pedestals because generally people think, as 411 00:22:14,200 --> 00:22:17,480 Speaker 2: Balzac once said, behind every great fortune there's a crime, 412 00:22:18,119 --> 00:22:21,600 Speaker 2: and there's a general view by the population as a 413 00:22:21,640 --> 00:22:23,880 Speaker 2: whole that if you've made somebody made a lot of money, 414 00:22:23,880 --> 00:22:27,399 Speaker 2: they must have done something wrong. And private equity firms 415 00:22:27,440 --> 00:22:30,359 Speaker 2: didn't do themselves any great favors early on, when they 416 00:22:30,359 --> 00:22:33,840 Speaker 2: didn't pay attention to environmental concerns or diversity concerns or 417 00:22:33,840 --> 00:22:36,199 Speaker 2: other things. That has changed a bit, but there's no 418 00:22:36,280 --> 00:22:39,240 Speaker 2: doubt that there's always going to be animosity towards people 419 00:22:39,280 --> 00:22:42,000 Speaker 2: that make a fair amount of money. People are jealous 420 00:22:42,160 --> 00:22:44,679 Speaker 2: to some extent, or people think that these people didn't 421 00:22:44,680 --> 00:22:47,760 Speaker 2: deserve it. So I don't if I spend too much 422 00:22:47,760 --> 00:22:51,240 Speaker 2: time worrying about people not liking what I'm doing, I 423 00:22:51,280 --> 00:22:53,360 Speaker 2: will never get anything done. And I think it's true 424 00:22:53,359 --> 00:22:56,280 Speaker 2: of most people. You have to get used to criticism 425 00:22:56,359 --> 00:22:59,879 Speaker 2: because no matter what area you're in, if you rise up, 426 00:23:00,040 --> 00:23:03,160 Speaker 2: you'll get critics. People like to take other people down 427 00:23:03,200 --> 00:23:06,880 Speaker 2: as a general rule of thumb, and so I get 428 00:23:07,000 --> 00:23:09,480 Speaker 2: used to this after a while, and I basically think 429 00:23:09,520 --> 00:23:11,200 Speaker 2: I can only do so much. I do what I 430 00:23:11,240 --> 00:23:13,680 Speaker 2: think is right. People don't like it, then nothing much 431 00:23:13,680 --> 00:23:14,440 Speaker 2: I can do about it. 432 00:23:15,000 --> 00:23:17,520 Speaker 1: You've certainly made a lot, you know, a lot of 433 00:23:17,640 --> 00:23:21,960 Speaker 1: very specific choices with some pretty incredible philanthropy over the years. 434 00:23:22,200 --> 00:23:26,320 Speaker 2: Yes, but I get criticized for that too. Let me explain. 435 00:23:26,840 --> 00:23:28,919 Speaker 3: Undoubtedly, there are people. 436 00:23:29,440 --> 00:23:31,840 Speaker 2: I was an original signer of the Giving Pledge, and 437 00:23:31,880 --> 00:23:34,000 Speaker 2: there were forty of us. And you know, I'm committed 438 00:23:34,000 --> 00:23:34,720 Speaker 2: to giving away not. 439 00:23:34,680 --> 00:23:37,159 Speaker 3: Half of my by Warren Buffett and Buffet, Bill. 440 00:23:37,040 --> 00:23:39,000 Speaker 2: Gates and Will Indegates, and you're supposed to give away 441 00:23:39,000 --> 00:23:41,240 Speaker 2: half your net worth and on your death or during 442 00:23:41,240 --> 00:23:44,040 Speaker 2: your lifetime, and I have committed to giving away all 443 00:23:44,080 --> 00:23:46,960 Speaker 2: of my money, and I'm working to do that. But 444 00:23:47,400 --> 00:23:50,399 Speaker 2: I'll give you an example. I went to visit Monticello, 445 00:23:51,840 --> 00:23:53,719 Speaker 2: and I many years ago, I thought it was run 446 00:23:53,840 --> 00:23:55,520 Speaker 2: down from what I had thought it would be. And 447 00:23:55,640 --> 00:23:58,120 Speaker 2: so I said to Monticello, which is Thomas Shejefferson's home. 448 00:23:58,160 --> 00:24:00,720 Speaker 2: He designed it and lived in it. Can you fix 449 00:24:00,800 --> 00:24:02,520 Speaker 2: this up? How much would it take? I'll put up 450 00:24:02,520 --> 00:24:04,840 Speaker 2: the money, and they did. But I said, as part 451 00:24:04,880 --> 00:24:06,440 Speaker 2: of this, I think you should tell the good in 452 00:24:06,440 --> 00:24:09,280 Speaker 2: the band of Thomas Jefferson. He wrote the Declaration of Independence, 453 00:24:09,320 --> 00:24:11,440 Speaker 2: but he's also a slave owner who during his lifetime 454 00:24:11,720 --> 00:24:14,199 Speaker 2: owned more than seven hundred slaves, and he obviously had 455 00:24:14,200 --> 00:24:17,880 Speaker 2: a long time relationship with one of his slaves, Sally Hemmings. 456 00:24:18,240 --> 00:24:20,280 Speaker 2: So build out the slave quarter so people can come 457 00:24:20,280 --> 00:24:21,440 Speaker 2: here they know the good in the band, And I 458 00:24:21,480 --> 00:24:24,080 Speaker 2: think that's important in our history to do that. I've 459 00:24:24,080 --> 00:24:27,440 Speaker 2: been criticized by some people on the right side of 460 00:24:27,480 --> 00:24:31,880 Speaker 2: the spectrum saying, well, Rubinstein is so woke. He insisted 461 00:24:31,920 --> 00:24:35,760 Speaker 2: that Thomas Jefferson's slave background be described. Why should we 462 00:24:35,840 --> 00:24:38,840 Speaker 2: hear about that when we go tour Monticello. We should 463 00:24:38,840 --> 00:24:41,720 Speaker 2: just know about the Declaration of Independence. What are you 464 00:24:41,720 --> 00:24:42,480 Speaker 2: supposed to say to that? 465 00:24:43,160 --> 00:24:45,080 Speaker 3: So selectively edit your history. 466 00:24:45,760 --> 00:24:49,399 Speaker 2: So I think you'll always be criticized for anything you 467 00:24:49,520 --> 00:24:53,760 Speaker 2: do in life, if it's of any importance. But if 468 00:24:53,800 --> 00:24:56,920 Speaker 2: you spend your life worrying about people criticizing you, you 469 00:24:56,960 --> 00:24:59,280 Speaker 2: will never get anything done. So in the end, I 470 00:24:59,359 --> 00:25:01,119 Speaker 2: kind of shut out the fact that some people are 471 00:25:01,160 --> 00:25:03,399 Speaker 2: going to criticize whatever I do, and I just go forward. 472 00:25:04,600 --> 00:25:07,080 Speaker 1: And you've obviously met you know, you are very much 473 00:25:07,160 --> 00:25:10,560 Speaker 1: public figure. With you with your media and television work. 474 00:25:11,960 --> 00:25:15,040 Speaker 1: Does the work being does the work of interviewing and 475 00:25:15,119 --> 00:25:18,320 Speaker 1: talking to people? Let me ask this a different way. 476 00:25:18,720 --> 00:25:21,920 Speaker 1: Does your media work help you in your business and 477 00:25:22,040 --> 00:25:22,760 Speaker 1: investing life? 478 00:25:24,000 --> 00:25:26,840 Speaker 2: It wasn't intended to that. It's like, I don't play golf. 479 00:25:27,400 --> 00:25:29,960 Speaker 2: That takes a lot of time. I don't drink alcohol 480 00:25:30,160 --> 00:25:31,760 Speaker 2: that takes a lot of time. So I'm not going 481 00:25:31,800 --> 00:25:33,879 Speaker 2: to bars or anything like that. So the time I 482 00:25:33,920 --> 00:25:37,879 Speaker 2: would be going to bars or drinking alcohol or you know, 483 00:25:38,080 --> 00:25:41,240 Speaker 2: going to wine tastings or playing golf, I have that 484 00:25:41,359 --> 00:25:44,800 Speaker 2: time available to do other things I'm interested in. And 485 00:25:44,880 --> 00:25:47,760 Speaker 2: I've taken up interviewing as a as a bit of 486 00:25:47,800 --> 00:25:49,879 Speaker 2: a hobby a bit, and I enjoy it and I 487 00:25:50,080 --> 00:25:52,800 Speaker 2: like the intellectual challenge of it, the preparation, learning things 488 00:25:52,840 --> 00:25:55,480 Speaker 2: and so forth. So has it helped me in the 489 00:25:55,560 --> 00:25:58,360 Speaker 2: business world. I wouldn't say it's hurt. I would say 490 00:25:58,440 --> 00:26:00,720 Speaker 2: maybe it's helped in this sense. When I go around 491 00:26:00,760 --> 00:26:03,600 Speaker 2: the world to raise money for Carlis or other kinds 492 00:26:03,640 --> 00:26:06,680 Speaker 2: of business ventures I'm involved with. More and more people 493 00:26:06,880 --> 00:26:10,520 Speaker 2: now identify me as this is the guy on television. 494 00:26:10,720 --> 00:26:13,000 Speaker 2: So I notice that when I walk into a room, 495 00:26:13,520 --> 00:26:15,600 Speaker 2: I hear the younger people saying, well, that's the guy 496 00:26:15,640 --> 00:26:19,720 Speaker 2: from those interview shows. There are surprisingly many younger people 497 00:26:20,160 --> 00:26:22,959 Speaker 2: who watch my interview shows, and I guess they're rebroadcast 498 00:26:23,080 --> 00:26:25,160 Speaker 2: on YouTube or other kind of things. They think I'm 499 00:26:25,200 --> 00:26:27,119 Speaker 2: a full time interviewer. They don't know that I have 500 00:26:27,200 --> 00:26:29,280 Speaker 2: a business career and a whole life outside of just 501 00:26:29,359 --> 00:26:31,720 Speaker 2: doing these interviews. But people come up to me in 502 00:26:31,760 --> 00:26:33,320 Speaker 2: ways they didn't before and say, can I have a 503 00:26:33,400 --> 00:26:37,240 Speaker 2: picture with you? And can I talk to you about 504 00:26:37,240 --> 00:26:38,920 Speaker 2: how to get in the interview business? And I try 505 00:26:38,960 --> 00:26:41,240 Speaker 2: to say, this is a very tiny part of my life, 506 00:26:41,600 --> 00:26:44,879 Speaker 2: but people now think it's My entire life is being 507 00:26:44,920 --> 00:26:47,760 Speaker 2: an interviewer. And it shows you the power of television 508 00:26:48,080 --> 00:26:51,119 Speaker 2: power broadcast because the interview shows that I do for 509 00:26:51,200 --> 00:26:53,920 Speaker 2: Bloomberger PBS tend to go all over the world, and 510 00:26:54,119 --> 00:26:57,240 Speaker 2: so it has probably not hurt me. People know me 511 00:26:57,359 --> 00:27:00,400 Speaker 2: better than they did before. Can I cite a specific 512 00:27:00,520 --> 00:27:02,920 Speaker 2: investor that came in because they liked my interviews? I 513 00:27:03,000 --> 00:27:05,200 Speaker 2: can't say that, but I can't say it's hurt me 514 00:27:05,240 --> 00:27:06,280 Speaker 2: in any way that I know yet. 515 00:27:07,280 --> 00:27:10,680 Speaker 1: Certainly, though, as you say, the intellectual challenge keeps things, 516 00:27:10,920 --> 00:27:13,760 Speaker 1: keeps things firing. David, let me ask you. You are 517 00:27:14,200 --> 00:27:18,159 Speaker 1: a native of Baltimore. How did you how did you 518 00:27:18,359 --> 00:27:20,960 Speaker 1: go on the path to becoming a lawyer, to working 519 00:27:21,000 --> 00:27:24,560 Speaker 1: in the Carter Administration and going into big business. 520 00:27:25,359 --> 00:27:29,080 Speaker 2: My parents were both from Baltimore. They married when my 521 00:27:29,200 --> 00:27:31,639 Speaker 2: father was twenty came back from World War Two. My 522 00:27:31,760 --> 00:27:35,840 Speaker 2: mother was seventeen, an ungodly young age to get married. 523 00:27:36,800 --> 00:27:40,119 Speaker 3: I was born more than totally unusual for those times. 524 00:27:39,960 --> 00:27:42,960 Speaker 2: Not unusual. My mother dropped out of high school to 525 00:27:43,000 --> 00:27:47,200 Speaker 2: get married, not unusual in those days. My father never 526 00:27:47,480 --> 00:27:49,320 Speaker 2: came back to finish high school when he came back 527 00:27:49,320 --> 00:27:52,320 Speaker 2: from the Marines in World War Two. They married more 528 00:27:52,359 --> 00:27:55,480 Speaker 2: than nine months later I was born. I'm the only child. 529 00:27:55,640 --> 00:27:57,440 Speaker 2: My father worked in the post office. He didn't have 530 00:27:57,440 --> 00:27:59,400 Speaker 2: an education, so he worked on a blue collar job. 531 00:28:00,280 --> 00:28:02,760 Speaker 2: I didn't have any money growing up, But in the end, 532 00:28:02,840 --> 00:28:05,080 Speaker 2: it's a big advantage. Because you know you're going to 533 00:28:05,119 --> 00:28:06,800 Speaker 2: get somewhere in life, you have to do it on 534 00:28:06,880 --> 00:28:09,720 Speaker 2: your own. I got scholarships to go to Duke University 535 00:28:09,760 --> 00:28:13,280 Speaker 2: and University of Chicago Law School, and then I practiced 536 00:28:13,359 --> 00:28:14,560 Speaker 2: law in New York and then I wanted to go 537 00:28:14,640 --> 00:28:16,800 Speaker 2: in the politics. That was my ambition, not to make money. 538 00:28:16,800 --> 00:28:19,000 Speaker 2: I didn't care about money, and I went to work 539 00:28:19,040 --> 00:28:21,159 Speaker 2: in the White House for President Carter. I'd worked in 540 00:28:21,160 --> 00:28:23,480 Speaker 2: this campaign in nineteen seventy six. We won, and so 541 00:28:23,960 --> 00:28:25,159 Speaker 2: you get to work in the White House you were 542 00:28:25,160 --> 00:28:27,040 Speaker 2: in a winning campaign. I did that for four years. 543 00:28:27,680 --> 00:28:29,560 Speaker 2: Ronald Reagan defeated US. I had to go back and 544 00:28:29,600 --> 00:28:31,600 Speaker 2: practice law. I wasn't very good at it, and then 545 00:28:31,640 --> 00:28:34,000 Speaker 2: I started in nineteen eighty seven a private equity firm 546 00:28:34,040 --> 00:28:35,840 Speaker 2: in Washington became one of the largest in the world. 547 00:28:36,280 --> 00:28:38,320 Speaker 2: So it's an unusual story because I didn't have a 548 00:28:38,360 --> 00:28:43,040 Speaker 2: finance background. I would say that my government career wasn't 549 00:28:43,080 --> 00:28:45,520 Speaker 2: so successful. I managed to get inflation to fifteen percent, 550 00:28:45,640 --> 00:28:48,040 Speaker 2: which is higher than what we have now. So nobody's 551 00:28:48,080 --> 00:28:51,960 Speaker 2: invited me back into government since those days. So that 552 00:28:52,160 --> 00:28:53,160 Speaker 2: was my basic story. 553 00:28:55,520 --> 00:28:56,000 Speaker 3: Got lucky. 554 00:28:56,240 --> 00:28:58,240 Speaker 2: I got lucky, and my business career took off, and 555 00:28:58,280 --> 00:29:00,280 Speaker 2: that enabled me to get involved in the land be 556 00:29:00,400 --> 00:29:03,520 Speaker 2: and now the kind of kind of public broadcasting things 557 00:29:03,560 --> 00:29:07,360 Speaker 2: I now do, and in this particular case, the interview 558 00:29:07,400 --> 00:29:10,520 Speaker 2: where the interview the show we're talking about, is part 559 00:29:10,560 --> 00:29:13,640 Speaker 2: of my effort to educate Americans about our history. The 560 00:29:13,760 --> 00:29:16,280 Speaker 2: theory about history is that you don't learn the past, 561 00:29:16,400 --> 00:29:19,000 Speaker 2: you're condemned to relive it. And the theory of our 562 00:29:19,080 --> 00:29:22,680 Speaker 2: country is that it's a representative democracy, but it requires 563 00:29:22,760 --> 00:29:26,280 Speaker 2: an informed citizenry, and we don't have an informed citizenry 564 00:29:26,360 --> 00:29:28,360 Speaker 2: so much anymore. So as part of what I'm trying 565 00:29:28,360 --> 00:29:30,840 Speaker 2: to do in philanthropy is to kind of educate Americans 566 00:29:30,880 --> 00:29:32,840 Speaker 2: more about our history. I have many different programs that 567 00:29:32,920 --> 00:29:35,080 Speaker 2: do this, and this is one of those programs. 568 00:29:36,400 --> 00:29:40,720 Speaker 1: Well, and again, I think a lot of some really 569 00:29:40,800 --> 00:29:45,520 Speaker 1: good conversations that enlighten complex subjects that can be covered 570 00:29:45,520 --> 00:29:47,840 Speaker 1: in a thousand page book in a in a more 571 00:29:47,920 --> 00:29:50,719 Speaker 1: conversational way. I think those are really helpful. I can 572 00:29:50,800 --> 00:29:53,360 Speaker 1: imagine that those those kind of things that would be 573 00:29:53,400 --> 00:29:56,040 Speaker 1: helpful to classrooms, to high school students and things like that. 574 00:29:56,920 --> 00:30:00,120 Speaker 2: I do have some programs designed just for students, and 575 00:30:00,920 --> 00:30:03,080 Speaker 2: I do them typically through the New York Historical Society. 576 00:30:03,080 --> 00:30:06,000 Speaker 2: And let me mention one program that I've started that 577 00:30:06,760 --> 00:30:09,880 Speaker 2: most people probably don't know about. I thought it'd be 578 00:30:09,880 --> 00:30:11,880 Speaker 2: a good idea if the people that make our laws 579 00:30:11,920 --> 00:30:15,840 Speaker 2: knew more about American history, so couldn't hurt. So once 580 00:30:15,880 --> 00:30:18,560 Speaker 2: a month for the last seven years, I host an 581 00:30:18,680 --> 00:30:20,920 Speaker 2: interview of a great American historian in front of only 582 00:30:21,000 --> 00:30:23,680 Speaker 2: members of Congress, and I asked the members of Congress 583 00:30:23,760 --> 00:30:26,360 Speaker 2: Democrats are Republicans, House and Senate members to sit with 584 00:30:26,440 --> 00:30:28,640 Speaker 2: people from the opposite party in the opposite house so 585 00:30:28,760 --> 00:30:31,560 Speaker 2: they can get to know them better. And maybe because 586 00:30:31,600 --> 00:30:34,040 Speaker 2: there's no press there, nobody is preening for the press. 587 00:30:34,120 --> 00:30:37,000 Speaker 2: Nobody is afraid to see be seen sitting next to 588 00:30:37,040 --> 00:30:39,920 Speaker 2: somebody from the opposite party. It's members of Congress tell 589 00:30:40,000 --> 00:30:41,640 Speaker 2: me after seven years, this is one of the most 590 00:30:41,720 --> 00:30:43,959 Speaker 2: interesting things they're doing in Congress, coming to these dinners, 591 00:30:44,280 --> 00:30:46,000 Speaker 2: because I just had one a few days ago with 592 00:30:46,080 --> 00:30:48,200 Speaker 2: John Meachim. I interviewed him about his new Lincoln book, 593 00:30:48,600 --> 00:30:51,719 Speaker 2: and members of Congress are obviously interested in Lincoln. There 594 00:30:51,760 --> 00:30:53,920 Speaker 2: are no press there, so nobody feels they have to 595 00:30:54,880 --> 00:30:56,800 Speaker 2: avoid somebody from the opposite party, and. 596 00:30:56,880 --> 00:30:59,440 Speaker 3: So it's a preting I'm sorry, no preing. 597 00:30:59,280 --> 00:31:02,560 Speaker 2: No preenings. So it's an interesting thing we do once 598 00:31:02,600 --> 00:31:05,360 Speaker 2: a month, and I think it's a modest contribution to 599 00:31:05,440 --> 00:31:08,000 Speaker 2: kind of bringing Washington together, though obviously a lot more 600 00:31:08,080 --> 00:31:09,360 Speaker 2: worker than he needed to be done. 601 00:31:09,720 --> 00:31:10,760 Speaker 3: Do you get a good turnout? 602 00:31:11,320 --> 00:31:13,600 Speaker 2: We typically get two hundred and three hundred people, which 603 00:31:13,720 --> 00:31:14,040 Speaker 2: is a lot. 604 00:31:14,640 --> 00:31:15,480 Speaker 3: It's impressive, and. 605 00:31:16,960 --> 00:31:20,280 Speaker 2: Just that particular one we had Nancy Pelosi, the former speaker, 606 00:31:20,480 --> 00:31:23,240 Speaker 2: was there, Chuck Schumer, the current leader in the Democratic 607 00:31:23,640 --> 00:31:25,280 Speaker 2: side of the House of the Senate, was there. And 608 00:31:25,360 --> 00:31:27,880 Speaker 2: we have the Senate and House leaders come typically from 609 00:31:27,880 --> 00:31:30,560 Speaker 2: time to time, plus committee chairs, and they all like it. 610 00:31:32,040 --> 00:31:32,720 Speaker 3: Let me ask you. 611 00:31:32,840 --> 00:31:35,120 Speaker 1: Let me close by asking you something you've probably been 612 00:31:35,160 --> 00:31:38,000 Speaker 1: asked before. If is it, given your interest in history 613 00:31:38,080 --> 00:31:43,800 Speaker 1: and you're interviewing your interviewing skills, who what figure from. 614 00:31:43,760 --> 00:31:46,320 Speaker 3: History would you if you could summon someone back. 615 00:31:46,160 --> 00:31:48,680 Speaker 1: From the past, who would you most like to interview 616 00:31:48,760 --> 00:31:50,640 Speaker 1: or who would be in your top three of people 617 00:31:50,880 --> 00:31:51,400 Speaker 1: to interview. 618 00:31:52,040 --> 00:31:55,040 Speaker 2: Well, it's an interesting question because the interview format that 619 00:31:55,120 --> 00:31:57,840 Speaker 2: we're now engaged in I kind of think as a 620 00:31:57,960 --> 00:32:01,920 Speaker 2: form of education, entertainment and entertainment started probably in the 621 00:32:02,000 --> 00:32:06,400 Speaker 2: Tonight Show in the nineteen fifties when Steve Allen before 622 00:32:06,520 --> 00:32:10,600 Speaker 2: Jack Parr was the host, and then it evolved into 623 00:32:10,680 --> 00:32:14,280 Speaker 2: daytime interview shows and the whole plethora of interview kind 624 00:32:14,320 --> 00:32:17,200 Speaker 2: of formats we now have. But we don't have interviews 625 00:32:17,320 --> 00:32:20,960 Speaker 2: of George Washington, we don't have interviews of Abraham Lincoln 626 00:32:21,120 --> 00:32:23,600 Speaker 2: because the interview format didn't really exist in that way. 627 00:32:23,760 --> 00:32:27,000 Speaker 2: So to answer your question, of course, I thought about this. 628 00:32:27,800 --> 00:32:30,080 Speaker 2: I would love to have interviewed William Shakespeare and say, 629 00:32:30,320 --> 00:32:32,440 Speaker 2: you know who really wrote those plays? No one person 630 00:32:32,480 --> 00:32:36,040 Speaker 2: could have done that. Or King Henry the ads, why 631 00:32:36,080 --> 00:32:39,280 Speaker 2: didn't you just get some prenups with your wives and 632 00:32:39,560 --> 00:32:41,680 Speaker 2: rather than chop off their heads? It wouldn't have been easier. 633 00:32:42,280 --> 00:32:44,800 Speaker 2: Or Cleopatra asked her who was a better lover? Mark 634 00:32:44,800 --> 00:32:48,000 Speaker 2: Antney or Julius Caesar. But if there was one person 635 00:32:48,080 --> 00:32:50,320 Speaker 2: I would like to interview, it's to me the greatest 636 00:32:50,320 --> 00:32:53,120 Speaker 2: American of them all, and that's Abraham Lincoln. He held 637 00:32:53,160 --> 00:32:57,880 Speaker 2: the country together, wasn't really educated, but he was a 638 00:32:57,960 --> 00:33:02,560 Speaker 2: brilliant writer, incredible modesty, humility, and I just wanted to 639 00:33:02,800 --> 00:33:04,720 Speaker 2: ask him. I'd love to ask him, you know why 640 00:33:04,840 --> 00:33:08,480 Speaker 2: he felt it was so important to hold the union together? 641 00:33:08,560 --> 00:33:10,240 Speaker 2: Why not just let the South go their way, and 642 00:33:10,920 --> 00:33:13,480 Speaker 2: he wouldn't have all the pressures he had, but he 643 00:33:13,560 --> 00:33:15,400 Speaker 2: would be the one I would want to interview for sure. 644 00:33:16,000 --> 00:33:18,840 Speaker 2: Probably second would be George Washington for all the obvious reasons. 645 00:33:20,040 --> 00:33:22,520 Speaker 2: If the people alive today that if I could interview 646 00:33:22,520 --> 00:33:25,240 Speaker 2: any of them, probably the Pope if he doesn't tend 647 00:33:25,280 --> 00:33:27,720 Speaker 2: to do a lot of interviews with people named David Rubinstein, 648 00:33:27,960 --> 00:33:30,120 Speaker 2: so I suspect I probably won't get that interview. 649 00:33:36,600 --> 00:33:39,280 Speaker 1: Thanks for listening. Be sure to leave us a review 650 00:33:39,320 --> 00:33:43,360 Speaker 1: at Apple Podcast. We love to hear from listeners. Please 651 00:33:43,440 --> 00:33:46,400 Speaker 1: go to Variety dot com, look for the Newsletters tab 652 00:33:46,680 --> 00:33:50,520 Speaker 1: and sign up for the free weekly Strictly Business newsletter. 653 00:33:51,400 --> 00:33:54,680 Speaker 1: Don't forget to tune in next week for another episode 654 00:33:54,720 --> 00:33:55,680 Speaker 1: of Strictly Business. 655 00:34:00,240 --> 00:34:00,760 Speaker 2: Keep two