1 00:00:05,800 --> 00:00:08,720 Speaker 1: Welcome to the Bloomberg pm L Podcast. I'm Pim Fox. 2 00:00:08,760 --> 00:00:11,520 Speaker 1: Along with my co host Lisa Bramowitz. Each day we 3 00:00:11,600 --> 00:00:15,120 Speaker 1: bring you the most important, noteworthy, and useful interviews for 4 00:00:15,200 --> 00:00:17,800 Speaker 1: you and your money, whether you're at the grocery store 5 00:00:17,960 --> 00:00:20,720 Speaker 1: or the trading floor. Find the Bloomberg p m L 6 00:00:20,840 --> 00:00:28,040 Speaker 1: Podcast on Apple Podcasts, SoundCloud and Bloomberg dot com. Deutsche 7 00:00:28,040 --> 00:00:31,120 Speaker 1: Bank has been having a terrible year and it has 8 00:00:31,240 --> 00:00:35,120 Speaker 1: just gotten or. Joining us to discuss is Leonel Ronky 9 00:00:35,240 --> 00:00:38,360 Speaker 1: is a Bloomberg opinion columnist. Let's talk about what happened 10 00:00:38,600 --> 00:00:43,000 Speaker 1: officials rated Deutsche Bank offices. What were they looking for? 11 00:00:43,120 --> 00:00:49,360 Speaker 1: Why now? And how much lower can these shairs go? Um? Well, 12 00:00:49,400 --> 00:00:51,279 Speaker 1: I mean they can always go a lot lower, as 13 00:00:51,320 --> 00:00:54,240 Speaker 1: we've seen over the past a few years in terms 14 00:00:54,280 --> 00:00:57,640 Speaker 1: of what they were looking forward. Why now? I mean, look, 15 00:00:57,800 --> 00:00:59,640 Speaker 1: there's a lot we don't know. But the fact is this, 16 00:00:59,800 --> 00:01:04,240 Speaker 1: this seems to be linked to the Panama Papers scandal, 17 00:01:04,360 --> 00:01:07,760 Speaker 1: the leaks a couple of years ago, a huge whate 18 00:01:07,800 --> 00:01:15,760 Speaker 1: of documents detailing offshore accounts and assets you know, squirreled away, uh, 19 00:01:15,760 --> 00:01:18,520 Speaker 1: and it seems to have caught up with Deutsche Bank 20 00:01:18,560 --> 00:01:21,600 Speaker 1: and a couple of unnamed employees who seems to be 21 00:01:21,720 --> 00:01:23,679 Speaker 1: part of the part of the probe. So I guess 22 00:01:24,120 --> 00:01:26,080 Speaker 1: one more, one more thing to worry about on a 23 00:01:26,120 --> 00:01:28,920 Speaker 1: long list of things to worry about, Leonel, the shares 24 00:01:29,000 --> 00:01:31,360 Speaker 1: of Deutsche Bank. They are lower by more than five percent. 25 00:01:31,440 --> 00:01:34,520 Speaker 1: They've lost more than fifty percent of their value this year, 26 00:01:34,959 --> 00:01:39,240 Speaker 1: and just earlier today, as Lisa was referencing, six different 27 00:01:39,280 --> 00:01:44,920 Speaker 1: Deutsche Bank properties were searched by police. Police vehicles lined 28 00:01:45,000 --> 00:01:50,640 Speaker 1: up outside of Deutsche Bank's central Frankfort headquarters and according 29 00:01:50,680 --> 00:01:53,440 Speaker 1: to a person who's familiar with the matter, one of 30 00:01:53,480 --> 00:01:56,840 Speaker 1: the two people being probe by Frankfort prosecutors and the 31 00:01:56,880 --> 00:02:07,600 Speaker 1: money laundering investigations works in the bank's anti financial crime section. Yeah, 32 00:02:07,640 --> 00:02:11,680 Speaker 1: and look, bigger picture is right, money laundering, as we've 33 00:02:11,680 --> 00:02:14,440 Speaker 1: seen at the Danska bank scandal. This, you know, money 34 00:02:14,520 --> 00:02:17,800 Speaker 1: laundering is not something that's restricted to one bank or 35 00:02:17,840 --> 00:02:21,200 Speaker 1: unique to one bank, and sadly, even banks that say 36 00:02:21,240 --> 00:02:24,440 Speaker 1: they have the right controls often failed at the hurdle. 37 00:02:24,639 --> 00:02:28,160 Speaker 1: I just think the bigger picture goes beyond the sort 38 00:02:28,160 --> 00:02:30,720 Speaker 1: of the shot can or of this investigation. You know, 39 00:02:30,760 --> 00:02:34,359 Speaker 1: Deutsche Bank is a bank that has had a lot 40 00:02:34,360 --> 00:02:36,959 Speaker 1: of problems to do with its compliance and its controls 41 00:02:37,040 --> 00:02:39,240 Speaker 1: even before this. It's the reason why it failed the 42 00:02:39,280 --> 00:02:41,200 Speaker 1: US stress test. It's it's the reason why I had 43 00:02:41,200 --> 00:02:43,040 Speaker 1: a bunch of fines. It's part of the reason why 44 00:02:43,040 --> 00:02:45,120 Speaker 1: it's lost money for three years in a row. I 45 00:02:45,160 --> 00:02:47,360 Speaker 1: think even if you, even if you didn't know about 46 00:02:47,360 --> 00:02:49,919 Speaker 1: today's probe, you would really have reason to worry about 47 00:02:49,960 --> 00:02:55,080 Speaker 1: the simple operational control at this institution. It's a it's 48 00:02:55,120 --> 00:02:59,360 Speaker 1: a serious concern. Who is to blame for the institutional 49 00:02:59,480 --> 00:03:01,880 Speaker 1: laps that seemed to be coming up again and again 50 00:03:01,919 --> 00:03:05,760 Speaker 1: here at George Bank. So I think that's not wishing 51 00:03:05,800 --> 00:03:08,120 Speaker 1: to point the finger anyone in particular, but you really 52 00:03:08,120 --> 00:03:12,400 Speaker 1: have to question the board's the board's behavior, that the 53 00:03:12,440 --> 00:03:14,600 Speaker 1: board's way of acting over the past couple of years. 54 00:03:15,120 --> 00:03:17,960 Speaker 1: We had the previous CEO, John cry and do it 55 00:03:18,440 --> 00:03:20,040 Speaker 1: do a pretty good job of at least trying to 56 00:03:20,040 --> 00:03:23,240 Speaker 1: get the bank to survive in the face of fines 57 00:03:23,400 --> 00:03:25,760 Speaker 1: and just trying to adapt to the post crisis world. 58 00:03:26,240 --> 00:03:28,440 Speaker 1: And he did, he did, He did actually succeed in 59 00:03:28,560 --> 00:03:31,639 Speaker 1: raising capital at the bank, and he was pushed out 60 00:03:31,639 --> 00:03:34,640 Speaker 1: in a very messy, very hasty way, earlier this year 61 00:03:35,000 --> 00:03:36,960 Speaker 1: and the new CEO seems to not be getting a 62 00:03:36,960 --> 00:03:39,200 Speaker 1: handle on things at all, and there's now talk of 63 00:03:39,200 --> 00:03:43,040 Speaker 1: a whole new round of executives being pushed out. And 64 00:03:43,080 --> 00:03:45,560 Speaker 1: I think at some point, if if this keeps getting worse, 65 00:03:45,560 --> 00:03:46,920 Speaker 1: people are going to have to look at the board 66 00:03:46,920 --> 00:03:49,960 Speaker 1: and think what's happening? Why is the chairman still here? 67 00:03:50,000 --> 00:03:52,000 Speaker 1: Why is the board the way it is? This clearly 68 00:03:52,200 --> 00:03:55,000 Speaker 1: has got to stop. But the accountability goes way beyond 69 00:03:55,440 --> 00:03:58,560 Speaker 1: the CEO and the current management. You know, does this 70 00:03:58,760 --> 00:04:03,280 Speaker 1: create operation of paralysis at an institution such as Deutsche Bank? 71 00:04:04,480 --> 00:04:07,760 Speaker 1: I think it's worse than paralysis. It's it just seems 72 00:04:07,800 --> 00:04:11,040 Speaker 1: like it's completely disorderly. If you think about it, wouldn't 73 00:04:11,080 --> 00:04:14,120 Speaker 1: it be worth a bit of paralysis just to control things? 74 00:04:14,120 --> 00:04:16,640 Speaker 1: If if this is a control failure, wouldn't it be 75 00:04:16,680 --> 00:04:18,960 Speaker 1: worth spending all You've got to at least throw a 76 00:04:19,040 --> 00:04:21,919 Speaker 1: line under all this? Think of all of the trading 77 00:04:21,920 --> 00:04:24,560 Speaker 1: mishaps that every year there's a risk management blow up. 78 00:04:24,600 --> 00:04:27,359 Speaker 1: They try and protect against risk but also make money 79 00:04:27,360 --> 00:04:30,680 Speaker 1: and it doesn't work, you know though, I mean to 80 00:04:30,720 --> 00:04:34,800 Speaker 1: be fair, right, all banks are involved in different mixes 81 00:04:34,839 --> 00:04:37,680 Speaker 1: of businesses and some are more risk prone than others, right, 82 00:04:37,720 --> 00:04:39,440 Speaker 1: I mean, just let's get that out there. I mean, 83 00:04:39,440 --> 00:04:42,760 Speaker 1: if you're dealing with for private wealth, for example, you 84 00:04:42,800 --> 00:04:44,800 Speaker 1: have to be really careful not to be dealing with 85 00:04:44,839 --> 00:04:47,560 Speaker 1: tax evasion or money laundering or other things like that. 86 00:04:47,640 --> 00:04:52,360 Speaker 1: Correspondence banking similar risk issues here. So is joy to 87 00:04:52,480 --> 00:04:56,800 Speaker 1: Bank unique in some of its transgressions or is this 88 00:04:56,960 --> 00:04:59,520 Speaker 1: just the mix of businesses that it's got itself in 89 00:05:00,120 --> 00:05:03,159 Speaker 1: higher risk and perhaps they didn't amp up the risk 90 00:05:03,200 --> 00:05:06,280 Speaker 1: management as much as they should have. Let me put 91 00:05:06,320 --> 00:05:08,720 Speaker 1: it this way, we we there is no secret to 92 00:05:08,839 --> 00:05:12,359 Speaker 1: dorture banks issues. It has a gigantic balance sheet, it 93 00:05:12,480 --> 00:05:16,279 Speaker 1: is primarily exposed to investment banking. But given that we 94 00:05:16,320 --> 00:05:20,240 Speaker 1: have been in this downward spiral since do you not 95 00:05:20,360 --> 00:05:23,640 Speaker 1: think that this goes beyond some kind of sectoral issue. 96 00:05:24,160 --> 00:05:26,800 Speaker 1: Isn't it time that there was a question made about 97 00:05:26,839 --> 00:05:29,960 Speaker 1: who is controlling this bank and what the operational control is. 98 00:05:30,520 --> 00:05:33,960 Speaker 1: I genuinely don't see how the current situation where you 99 00:05:34,040 --> 00:05:36,200 Speaker 1: have the old CEO pushed out in favor of a 100 00:05:36,240 --> 00:05:39,080 Speaker 1: new CEO in a completely messy way, but the bard 101 00:05:39,120 --> 00:05:43,039 Speaker 1: remains unchanged, and the current situation where you find the 102 00:05:43,120 --> 00:05:44,840 Speaker 1: rate is one thing, but forget even the rate. The 103 00:05:45,000 --> 00:05:47,919 Speaker 1: reports coming out that the CEO is considering replacing the 104 00:05:47,960 --> 00:05:51,440 Speaker 1: head of regulation, the head of US banking, and the 105 00:05:51,480 --> 00:05:54,320 Speaker 1: head of the investment bank potentially all in one go. 106 00:05:54,880 --> 00:05:57,359 Speaker 1: And I just think that tells you that there is 107 00:05:57,360 --> 00:06:03,080 Speaker 1: a complete lack of under standing of how to get control, 108 00:06:03,200 --> 00:06:05,640 Speaker 1: how to get a grip on this. And I think 109 00:06:05,640 --> 00:06:08,599 Speaker 1: this goes way beyond saying well, this is the business 110 00:06:08,600 --> 00:06:11,520 Speaker 1: of banking. That's that's that's my view. Thanks very much 111 00:06:11,600 --> 00:06:16,080 Speaker 1: for being with us, Leonel laurent Is Bloomberg Opinion columnists. 112 00:06:16,120 --> 00:06:20,000 Speaker 1: He joins us from London speaking about Deutsche Bank and 113 00:06:20,240 --> 00:06:24,840 Speaker 1: the raid that was initiated today on their Frankfort headquarters. 114 00:06:25,200 --> 00:06:28,760 Speaker 1: Shares of Deutsche Bank are lower by five percent, and 115 00:06:28,800 --> 00:06:31,479 Speaker 1: as we mentioned, they are lower by more than fifty 116 00:06:31,600 --> 00:06:37,800 Speaker 1: percent so far this year. I want to bring in 117 00:06:37,839 --> 00:06:41,320 Speaker 1: our own legal expert here at June Grosso or legal 118 00:06:41,320 --> 00:06:44,720 Speaker 1: analyst and co host of Bloomberg Law, to tell us 119 00:06:44,760 --> 00:06:49,000 Speaker 1: more about this rather extraordinary turn of events. Tell us 120 00:06:49,000 --> 00:06:52,599 Speaker 1: a little bit about what the plea deal with Michael 121 00:06:52,640 --> 00:06:56,160 Speaker 1: Cohen would involve, and why does pleading guilty to lying 122 00:06:56,200 --> 00:07:00,120 Speaker 1: to the Senate Intelligence Committee in why is that a 123 00:07:00,160 --> 00:07:04,000 Speaker 1: big deal? It's a big deal because of the significance 124 00:07:04,000 --> 00:07:08,440 Speaker 1: of this to the Mueller investigation. When Michael Cohen pleaded 125 00:07:09,320 --> 00:07:13,120 Speaker 1: earlier this year to federal charges, that was not that 126 00:07:13,200 --> 00:07:14,920 Speaker 1: was at the Southern District of New York. It was 127 00:07:14,960 --> 00:07:17,720 Speaker 1: not related to the Mueller investigation. In fact, Mueller had 128 00:07:17,720 --> 00:07:21,680 Speaker 1: handed off Michael Cohen so to speak to the Southern District. 129 00:07:21,720 --> 00:07:24,280 Speaker 1: So everyone assumed that, oh, he has nothing to contribute 130 00:07:24,320 --> 00:07:27,400 Speaker 1: to the Mueller investigation. Then you remember that his attorney, 131 00:07:27,480 --> 00:07:30,760 Speaker 1: Lannie Davis, went on TV several times and talked to 132 00:07:30,840 --> 00:07:33,760 Speaker 1: different outlets and said he has a lot to give here. 133 00:07:33,800 --> 00:07:36,320 Speaker 1: It was almost as a plea to the Special Council. 134 00:07:36,600 --> 00:07:38,760 Speaker 1: Talked to Michael Cohen because we want to we want 135 00:07:38,760 --> 00:07:43,040 Speaker 1: to deal Michael Cohen's other plea. There was no deal involved, 136 00:07:43,040 --> 00:07:45,920 Speaker 1: which was sort of shocking to most lawyers. Why make 137 00:07:45,960 --> 00:07:48,040 Speaker 1: a plea when you don't have a deal. This is 138 00:07:48,080 --> 00:07:52,400 Speaker 1: now a cooperation agreement with the Special Counsel. He's pleading 139 00:07:52,440 --> 00:07:56,920 Speaker 1: to new charges and it's about the statements that he made. 140 00:07:57,000 --> 00:07:59,800 Speaker 1: And you heard President Trump referred to us refer to 141 00:07:59,840 --> 00:08:02,400 Speaker 1: that statement that Michael Cohen well, Michael Cohn is now 142 00:08:02,480 --> 00:08:05,840 Speaker 1: saying that was a lie. We didn't end negotiations for 143 00:08:05,880 --> 00:08:11,720 Speaker 1: the Russia tower in Moscow in January. They continued until June, 144 00:08:11,840 --> 00:08:15,360 Speaker 1: when he was the presumptive GOP nominee. Yeah. Well, let's 145 00:08:15,440 --> 00:08:18,520 Speaker 1: let's find out more about that Russia deal that President 146 00:08:18,520 --> 00:08:21,200 Speaker 1: Trump said everybody knew about. Let's bring in Larry Liebert, 147 00:08:21,800 --> 00:08:24,920 Speaker 1: who is in Washington, d C. For Bloomberg News. Larry, 148 00:08:24,920 --> 00:08:26,640 Speaker 1: thank you so much for being with us. Can you 149 00:08:26,680 --> 00:08:30,200 Speaker 1: give us a sense of what this Moscow property deal 150 00:08:30,520 --> 00:08:34,439 Speaker 1: was and how it's relevant to this whole ongoing discussion 151 00:08:34,679 --> 00:08:39,880 Speaker 1: of conspiracy or collusion. I think, first of all, there's 152 00:08:39,880 --> 00:08:42,120 Speaker 1: been a lot of talk that the Muller pro will 153 00:08:42,320 --> 00:08:45,080 Speaker 1: peter out in regard to the President. You know, he 154 00:08:45,120 --> 00:08:48,240 Speaker 1: doesn't really have anything direct on the President. He's about 155 00:08:48,280 --> 00:08:52,920 Speaker 1: to close shop, not at all to suggests. Uh. And 156 00:08:52,920 --> 00:08:57,920 Speaker 1: and the plea here uh indicates uh that there was 157 00:08:57,960 --> 00:09:01,760 Speaker 1: an effort to cover up or at least minimize this 158 00:09:01,920 --> 00:09:06,480 Speaker 1: talk of a Trump tower in Moscow as an issue 159 00:09:06,520 --> 00:09:09,320 Speaker 1: that was indeed settled in January, when in fact it 160 00:09:09,400 --> 00:09:12,960 Speaker 1: was June. And uh, you know, in his uh now 161 00:09:14,400 --> 00:09:21,080 Speaker 1: erroneous Uh deceptive testimony to Congress. Uh. Cone had made 162 00:09:21,080 --> 00:09:23,559 Speaker 1: a big point that we stopped talking about this way 163 00:09:23,600 --> 00:09:26,880 Speaker 1: before the Iowa caucuses or any of the primaries. Uh, 164 00:09:26,920 --> 00:09:29,920 Speaker 1: Today's saying no, the talks continued now. The President shrugged 165 00:09:29,920 --> 00:09:33,360 Speaker 1: it off. He said, UH that first of all, that 166 00:09:33,440 --> 00:09:36,560 Speaker 1: Cone is a liar, but secondly that Uh, there was 167 00:09:36,600 --> 00:09:41,959 Speaker 1: nothing wrong about pursuing a deal. Uh. But mother may 168 00:09:42,040 --> 00:09:44,480 Speaker 1: have different ideas on that. In terms of the reasons, 169 00:09:44,559 --> 00:09:47,400 Speaker 1: he had said, is the motives to collude with Russia 170 00:09:48,400 --> 00:09:53,400 Speaker 1: June Crosso. The President also during this impromptu news conference, 171 00:09:53,640 --> 00:09:58,319 Speaker 1: said that one of the reasons why the conversations continued 172 00:09:58,600 --> 00:10:01,640 Speaker 1: about the tower of the real estate project in Russia 173 00:10:01,720 --> 00:10:05,080 Speaker 1: is he did not know, obviously the outcome of the U. 174 00:10:05,200 --> 00:10:09,520 Speaker 1: S election, and that by foregoing the possibility of a 175 00:10:09,559 --> 00:10:13,040 Speaker 1: business deal, he would be hurting his business. It's not 176 00:10:13,120 --> 00:10:16,160 Speaker 1: about the deal. It's about what was said about the 177 00:10:16,200 --> 00:10:18,839 Speaker 1: deal and what the intent was and what went on 178 00:10:18,880 --> 00:10:20,920 Speaker 1: about the deal. So it's not the deal itself. That's 179 00:10:20,960 --> 00:10:23,160 Speaker 1: sort of a diversion. You know, he could make a deal. 180 00:10:23,280 --> 00:10:27,520 Speaker 1: It's a business. But in Michael the information for Cohen's plea, 181 00:10:27,920 --> 00:10:29,520 Speaker 1: what he says, and this really goes to the heart 182 00:10:29,520 --> 00:10:31,200 Speaker 1: of what you're asking. He said that he made false 183 00:10:31,240 --> 00:10:34,520 Speaker 1: statements to minimize the links between the Moscow project and 184 00:10:34,600 --> 00:10:38,800 Speaker 1: individual one that's President Trump, to give the false impression 185 00:10:38,840 --> 00:10:42,079 Speaker 1: that the Moscow project ended before the Iowa Caucus. That's 186 00:10:42,120 --> 00:10:45,480 Speaker 1: the first primary. And to limit in the hopes of 187 00:10:45,640 --> 00:10:49,760 Speaker 1: limiting the ongoing Russia investigation. That's the key here, the 188 00:10:49,760 --> 00:10:52,080 Speaker 1: hopes of limiting. And also for all the people who 189 00:10:52,160 --> 00:10:55,360 Speaker 1: ask about you know, people say are speculating about what 190 00:10:55,600 --> 00:10:59,959 Speaker 1: is President Trump's connection to Soviet President Vladimir Putin? Russian 191 00:11:00,000 --> 00:11:04,720 Speaker 1: President Ladimir Putin. In this information, Cohen agreed to travel 192 00:11:04,720 --> 00:11:08,680 Speaker 1: to Russia, and they mentioned that the conversations that were 193 00:11:08,720 --> 00:11:13,320 Speaker 1: had between the press secretary for President Putin, he received 194 00:11:13,400 --> 00:11:16,440 Speaker 1: response from the office of Russian official won the press 195 00:11:16,520 --> 00:11:19,600 Speaker 1: secretary for the President of Russia. So and then there 196 00:11:19,640 --> 00:11:22,000 Speaker 1: was an email where he said, it's about the President 197 00:11:22,040 --> 00:11:25,640 Speaker 1: of Russia. They called today, So behind this is all 198 00:11:25,679 --> 00:11:28,760 Speaker 1: the connections to Vladimir Putin. All right, Larry, can we 199 00:11:28,800 --> 00:11:30,880 Speaker 1: take a step back and just talk about what you 200 00:11:30,960 --> 00:11:34,320 Speaker 1: kind of initially said, which is any signs that Robert 201 00:11:34,400 --> 00:11:38,320 Speaker 1: Mueller was winding down his investigation are probably misplaced, and 202 00:11:38,360 --> 00:11:40,280 Speaker 1: this sort of shows that they're very deep in it. 203 00:11:40,679 --> 00:11:44,320 Speaker 1: So what have we learned about the stage of the 204 00:11:44,400 --> 00:11:48,360 Speaker 1: investigation when we'll get a final report? And you know, 205 00:11:48,559 --> 00:11:52,080 Speaker 1: how much does this change the calculus about whether this 206 00:11:52,240 --> 00:11:55,160 Speaker 1: ultimately does go back to President Trump and in some 207 00:11:55,200 --> 00:11:57,480 Speaker 1: way imperil his presidency, because right, I mean, that's that's 208 00:11:57,480 --> 00:12:00,480 Speaker 1: at the end of the day, what everybody is wondering, Well, 209 00:12:00,520 --> 00:12:04,360 Speaker 1: we haven't heard any firm guidance that from sources that 210 00:12:04,440 --> 00:12:08,520 Speaker 1: suggest that there's been a change in our early reporting 211 00:12:08,559 --> 00:12:11,760 Speaker 1: that Mueller was closing in on some some of his 212 00:12:11,880 --> 00:12:16,280 Speaker 1: major conclusions. Uh. But uh, you know, even if he 213 00:12:16,360 --> 00:12:21,760 Speaker 1: issues conclusions, he's set uh in the course for prosecutions, 214 00:12:21,880 --> 00:12:25,400 Speaker 1: for inquiries, uh, not only by his office, but but 215 00:12:25,520 --> 00:12:27,640 Speaker 1: by other U S attorneys that may go on for 216 00:12:28,200 --> 00:12:31,800 Speaker 1: a good while and and trials as well. So uh, 217 00:12:32,240 --> 00:12:36,319 Speaker 1: this thing isn't ending in any case. Um. And the 218 00:12:36,320 --> 00:12:41,920 Speaker 1: the ultimate question, uh, in part is how strongly he 219 00:12:42,000 --> 00:12:45,880 Speaker 1: condemns the president knows around him, Uh, even if he 220 00:12:45,920 --> 00:12:48,960 Speaker 1: finds this has been the general view that you can't 221 00:12:49,000 --> 00:12:53,920 Speaker 1: indict a sitting president. So the plot is thinking now 222 00:12:53,960 --> 00:12:57,000 Speaker 1: that we're past the elections and we will see a 223 00:12:57,040 --> 00:13:01,000 Speaker 1: lot more happening, but exactly the pace and exactly how 224 00:13:01,280 --> 00:13:04,760 Speaker 1: close to the president gets uh, you know, we don't 225 00:13:04,880 --> 00:13:06,760 Speaker 1: yet know. But this is a clue. But it's not 226 00:13:06,840 --> 00:13:11,080 Speaker 1: all over yet. June Grosso, you want to talk about timing, 227 00:13:11,160 --> 00:13:14,920 Speaker 1: I do, because the timing of this is important and 228 00:13:15,120 --> 00:13:19,760 Speaker 1: you might say peculiar. Remember that President Trump submitted answers 229 00:13:20,000 --> 00:13:24,800 Speaker 1: under oath to the Special Counsel's office, and now he's 230 00:13:24,880 --> 00:13:27,760 Speaker 1: locked into those answers, and now all of a sudden 231 00:13:27,800 --> 00:13:31,960 Speaker 1: we have the Cohen Plate, which contradicts perhaps and we 232 00:13:32,040 --> 00:13:36,760 Speaker 1: would say probably contradicts those answers. So the timing is 233 00:13:36,800 --> 00:13:40,640 Speaker 1: really unusual. Also, the Manafort deal falling apart on Monday 234 00:13:40,679 --> 00:13:44,280 Speaker 1: because of information the Special Counsel has. The timing is 235 00:13:44,360 --> 00:13:47,559 Speaker 1: really important and the thing that President Trump is locked 236 00:13:47,679 --> 00:13:52,560 Speaker 1: into those answers really interesting. And we will continue to 237 00:13:52,720 --> 00:13:56,200 Speaker 1: tap both of you for more insight as this develops. 238 00:13:56,240 --> 00:13:58,760 Speaker 1: June Grosso, legal analyst and co host of Bloomberg Law. 239 00:13:58,920 --> 00:14:02,520 Speaker 1: Larry Leebert, national security editor for Bloomer, coming to us 240 00:14:02,559 --> 00:14:06,160 Speaker 1: also from Washington, d C. Thank you very much for 241 00:14:06,240 --> 00:14:13,440 Speaker 1: being with us. Our guest is the honorable Vic Fideli. 242 00:14:13,480 --> 00:14:16,920 Speaker 1: He is the Finance Minister of Ontario. Ontario one of 243 00:14:17,040 --> 00:14:21,400 Speaker 1: thirteen provinces and territories of Canada, and it is home 244 00:14:21,480 --> 00:14:25,640 Speaker 1: to the largest manufacturing segment of the Canadian economy. More 245 00:14:25,680 --> 00:14:29,400 Speaker 1: than fifty of manufacturing happens in Ontario. Minister, thank you 246 00:14:29,520 --> 00:14:32,480 Speaker 1: very much for being here. Tell us currently, what are 247 00:14:32,480 --> 00:14:36,080 Speaker 1: the finances and the economic health of Ontario? While I 248 00:14:36,120 --> 00:14:41,000 Speaker 1: can say that Ontario, while we had a previous government 249 00:14:41,080 --> 00:14:44,560 Speaker 1: in power for fifteen years, our conservative government has now 250 00:14:45,120 --> 00:14:48,320 Speaker 1: been in for five months. And uh, the first thing 251 00:14:48,360 --> 00:14:51,280 Speaker 1: that we did was begin with efficiencies, and we found 252 00:14:51,320 --> 00:14:54,480 Speaker 1: three point two billion dollars worth of efficiencies in the 253 00:14:54,520 --> 00:14:58,240 Speaker 1: last eleven weeks and returned two point seven billion dollars 254 00:14:58,280 --> 00:15:03,000 Speaker 1: back to individuals, families and businesses. So Ontario is back 255 00:15:03,080 --> 00:15:06,560 Speaker 1: and we're open for business. I'm just wondering a lot 256 00:15:06,600 --> 00:15:09,120 Speaker 1: of people from the US when they think about Ontario 257 00:15:09,240 --> 00:15:11,440 Speaker 1: right now here, about what we've heard about the Toronto 258 00:15:11,520 --> 00:15:14,200 Speaker 1: housing market, how much is this on your radar and 259 00:15:14,360 --> 00:15:17,960 Speaker 1: play into your day to day just the incredible surgeon pricing. Well, 260 00:15:17,960 --> 00:15:20,800 Speaker 1: we ended up with what we'll call a soft landing. 261 00:15:20,840 --> 00:15:23,160 Speaker 1: Two things happened over the last year. We put a 262 00:15:23,200 --> 00:15:27,200 Speaker 1: foreign investment tax that the previous government put in and 263 00:15:27,280 --> 00:15:31,360 Speaker 1: that helped to slow down the market. And the federal 264 00:15:31,400 --> 00:15:37,040 Speaker 1: government changed the mortgage availability rules in January, so that 265 00:15:37,200 --> 00:15:40,560 Speaker 1: also so affected the market. So between the two of them, 266 00:15:40,800 --> 00:15:43,280 Speaker 1: it brought us in for a softer landing, so we 267 00:15:43,320 --> 00:15:46,200 Speaker 1: didn't see any kind of abubble at all. Uh And 268 00:15:46,280 --> 00:15:51,800 Speaker 1: now in our fall economic statement, we just announced that 269 00:15:51,880 --> 00:15:55,840 Speaker 1: we will remove rent control for new developments, so it's 270 00:15:55,880 --> 00:15:59,600 Speaker 1: opened up. The business community is now ready to invest 271 00:15:59,680 --> 00:16:02,800 Speaker 1: because they can build and know that they've got a growing, 272 00:16:03,200 --> 00:16:06,000 Speaker 1: a growing return. A rent control will stay for those 273 00:16:06,240 --> 00:16:12,240 Speaker 1: existing owners are renters. Now, as I mentioned, Ontario is 274 00:16:12,320 --> 00:16:17,120 Speaker 1: Canada's leading manufacturing province, accounting for more than fifty of 275 00:16:17,200 --> 00:16:21,760 Speaker 1: total manufacturing shipments. That means a relationship with the state 276 00:16:21,800 --> 00:16:26,640 Speaker 1: of Michigan. Can you tell us what trade confrontations and 277 00:16:26,680 --> 00:16:31,320 Speaker 1: conciliations between the United States and Canada have meant for 278 00:16:31,520 --> 00:16:33,880 Speaker 1: the province of Ontario. Well, I can tell you that 279 00:16:33,920 --> 00:16:38,440 Speaker 1: our Premier, Doug Ford has been talking to all of 280 00:16:38,480 --> 00:16:41,760 Speaker 1: the governors from the nineteen states where we are number 281 00:16:41,800 --> 00:16:44,280 Speaker 1: one trading partner, and I think it's six states where 282 00:16:44,280 --> 00:16:46,560 Speaker 1: we're the number two trading partner or nine other states 283 00:16:46,600 --> 00:16:49,880 Speaker 1: where the number two trading partner. Uh. And you'll find 284 00:16:49,960 --> 00:16:53,040 Speaker 1: a premier Ford. He's a business person and he's he's 285 00:16:53,080 --> 00:16:55,280 Speaker 1: not an idealogue. It's not about being on the right 286 00:16:55,400 --> 00:16:57,680 Speaker 1: or the left to him, It's all about pragmatism. If 287 00:16:57,680 --> 00:17:00,800 Speaker 1: it's the right thing to do, let's do it now. Manufacturing, 288 00:17:00,840 --> 00:17:05,000 Speaker 1: although we do account for, is really a twelve percent 289 00:17:05,320 --> 00:17:11,000 Speaker 1: of our economy, and Ontario fintech and financial services are nine. Agriculture, 290 00:17:11,000 --> 00:17:15,080 Speaker 1: while it's a smaller percentage, is still a huge employer, 291 00:17:15,119 --> 00:17:17,480 Speaker 1: one of the largest employers in the province as well. 292 00:17:17,680 --> 00:17:21,560 Speaker 1: So we have a truly a diversified economy right across 293 00:17:21,720 --> 00:17:24,320 Speaker 1: the province of Ontario. We we do about three billion 294 00:17:24,359 --> 00:17:28,480 Speaker 1: dollars worth of movies are filmed in Toronto and further north. 295 00:17:28,520 --> 00:17:30,880 Speaker 1: I live about four hours north of Toronto, where there's 296 00:17:30,880 --> 00:17:33,840 Speaker 1: two feet of snow today. Uh. And we do a 297 00:17:33,840 --> 00:17:38,120 Speaker 1: lot of Hallmark Christmas movies that are filmed, a tremendous 298 00:17:38,119 --> 00:17:40,960 Speaker 1: amount of film activity as well. I'm just wondering also 299 00:17:41,119 --> 00:17:46,680 Speaker 1: about cannabis legalization in in Canada. I'm just wondering whether 300 00:17:46,760 --> 00:17:50,760 Speaker 1: you've accounted for much higher revenues in taxes or anything 301 00:17:50,800 --> 00:17:54,199 Speaker 1: else from the legalization of cannabis. You know, that's an 302 00:17:54,200 --> 00:17:58,080 Speaker 1: excellent question. Uh. And what we decided to do uh 303 00:17:58,720 --> 00:18:01,880 Speaker 1: that so that this is non at tax revenue play 304 00:18:01,960 --> 00:18:04,080 Speaker 1: for the Province of Ontario. It's unlike the other we 305 00:18:04,160 --> 00:18:06,960 Speaker 1: call them at home syntax is alcohol and tobacco that 306 00:18:07,080 --> 00:18:10,040 Speaker 1: generally see an increase at budget in the budgets. This 307 00:18:10,080 --> 00:18:12,880 Speaker 1: is not going to happen. This is all about Uh. 308 00:18:13,040 --> 00:18:16,159 Speaker 1: This was federally regulated, so it's a law that was 309 00:18:16,200 --> 00:18:18,879 Speaker 1: brought in by the federal government right across Canada. We 310 00:18:19,000 --> 00:18:23,080 Speaker 1: opted to make our price point low so that we 311 00:18:23,119 --> 00:18:25,480 Speaker 1: can First of all, it's all about the safety of 312 00:18:25,480 --> 00:18:29,960 Speaker 1: our children, the safety on our roads, and crushing the 313 00:18:30,080 --> 00:18:32,840 Speaker 1: illegal market. So that's really where we are. So it's 314 00:18:32,840 --> 00:18:34,880 Speaker 1: not about a financial play. We're not going to make 315 00:18:34,880 --> 00:18:36,600 Speaker 1: money at this in the first year of the second 316 00:18:36,640 --> 00:18:39,679 Speaker 1: year at all. We're returning forty million dollars to the 317 00:18:39,760 --> 00:18:45,119 Speaker 1: municipalities to help them with with the rollout of cannabis. 318 00:18:45,400 --> 00:18:48,000 Speaker 1: Just real quick twenty seconds here, I'm wondering how much 319 00:18:48,080 --> 00:18:51,720 Speaker 1: Toronto and the interior region has benefited from the crackdown 320 00:18:51,720 --> 00:18:54,840 Speaker 1: on immigration in the United States. Uh. Given the fact 321 00:18:54,840 --> 00:18:57,560 Speaker 1: that that you've been much more open. It's quite interesting. 322 00:18:57,640 --> 00:19:00,520 Speaker 1: We we were at about one point eight percent of growth, 323 00:19:00,720 --> 00:19:04,040 Speaker 1: will probably hit about one point five percent this year. 324 00:19:04,280 --> 00:19:06,919 Speaker 1: So we've had a huge influx. More than two hundred 325 00:19:06,920 --> 00:19:10,360 Speaker 1: thousand people have come into the Province of Ontario and uh, 326 00:19:10,640 --> 00:19:14,040 Speaker 1: this we're we're encouraging this to happen. We we look 327 00:19:14,080 --> 00:19:18,119 Speaker 1: forward to it and they're absolutely Uh the employees of 328 00:19:18,119 --> 00:19:20,600 Speaker 1: the future. Thank you so much for being with us. 329 00:19:20,960 --> 00:19:25,920 Speaker 1: That is Ontario Finance Minister, the honorable Vic Fidelli, talking 330 00:19:26,000 --> 00:19:32,560 Speaker 1: about all things Canada as well as Ontario. Him. When 331 00:19:32,600 --> 00:19:36,040 Speaker 1: I was fourteen, I did some things. I was into 332 00:19:36,960 --> 00:19:41,000 Speaker 1: art and dance. I was not building robotic arms in 333 00:19:41,080 --> 00:19:45,800 Speaker 1: my bedroom. But our next guest that this, our nice 334 00:19:45,840 --> 00:19:48,840 Speaker 1: guest went beyond Lego sets Eastern Lasha Pale joins is 335 00:19:48,880 --> 00:19:52,520 Speaker 1: now he's founder of Unlimited Tomorrow, which is based in Colorado, 336 00:19:52,560 --> 00:19:55,320 Speaker 1: but he joins us here in our eleven three oh studios. 337 00:19:55,400 --> 00:19:58,760 Speaker 1: So you're twenty three and you made your first prosthetic 338 00:19:58,960 --> 00:20:03,480 Speaker 1: arm when you were fourteen. What inspired you to do that? Yeah, 339 00:20:03,640 --> 00:20:05,080 Speaker 1: So I grew up in a very small town in 340 00:20:05,119 --> 00:20:08,760 Speaker 1: Colorado named Mankus. Uh. There was a population about people. 341 00:20:08,800 --> 00:20:11,080 Speaker 1: My graduating class in high school was twenty three kids, 342 00:20:11,320 --> 00:20:13,919 Speaker 1: so you can imagine it's very limited resources. And that 343 00:20:14,040 --> 00:20:17,560 Speaker 1: really made me excited, and I started learning outside my school, 344 00:20:17,720 --> 00:20:21,480 Speaker 1: would run home, take things apart. I love curiosity and tinkering, 345 00:20:21,840 --> 00:20:23,080 Speaker 1: and I came up with an idea to make a 346 00:20:23,200 --> 00:20:27,160 Speaker 1: robotic hand and piece together legos. Fishing line plastic supports 347 00:20:27,280 --> 00:20:29,760 Speaker 1: legos to piece it all together and turn this idea 348 00:20:29,760 --> 00:20:32,119 Speaker 1: into reality. UM. A couple of years after that, I 349 00:20:32,119 --> 00:20:34,840 Speaker 1: started advancing these designs using three D printing, making four 350 00:20:34,920 --> 00:20:37,119 Speaker 1: robotic arms, and I met a small girl out of 351 00:20:37,119 --> 00:20:39,720 Speaker 1: science for that had an eighty dollar prosthetic limb that 352 00:20:39,720 --> 00:20:41,440 Speaker 1: I was simpler than what I was creating for a 353 00:20:41,480 --> 00:20:43,720 Speaker 1: couple hundred dollars out of my bedroom, and that was 354 00:20:43,760 --> 00:20:47,880 Speaker 1: my AHA moment. Tell us about how you met Tony Robbins, 355 00:20:47,920 --> 00:20:51,000 Speaker 1: who was a founding partner of your company, and how 356 00:20:51,000 --> 00:20:57,320 Speaker 1: did you demonstrate the ability to custom make prosthetics based 357 00:20:57,359 --> 00:21:01,000 Speaker 1: on three D scan technology. Well, it was it was 358 00:21:01,040 --> 00:21:03,239 Speaker 1: a busy year. When I was seventeen years old. I 359 00:21:03,280 --> 00:21:06,040 Speaker 1: was I was doing an internship at NASA. I started 360 00:21:06,160 --> 00:21:08,960 Speaker 1: creating these these arms and started getting national media attention. 361 00:21:09,240 --> 00:21:11,960 Speaker 1: I was traveling around the world doing talks and speeches 362 00:21:12,359 --> 00:21:13,919 Speaker 1: and I was invited to give a TED talk in 363 00:21:14,000 --> 00:21:16,800 Speaker 1: Denver and that was a really big milestone for me. 364 00:21:16,880 --> 00:21:19,520 Speaker 1: That's actually how Tony Robbins he he saw this TED talk. 365 00:21:19,560 --> 00:21:21,560 Speaker 1: He gave me a call one day pretty much and said, 366 00:21:21,800 --> 00:21:24,120 Speaker 1: I hope people around the world psychologically and I would 367 00:21:24,119 --> 00:21:26,760 Speaker 1: love to help them physically. Let's partner together to make 368 00:21:26,760 --> 00:21:28,480 Speaker 1: this a reality. And this is when I was just 369 00:21:28,520 --> 00:21:30,800 Speaker 1: about to graduate from high school. I was seventeen years old. 370 00:21:31,040 --> 00:21:33,040 Speaker 1: Right when I turned eighteen, we partnered together to form 371 00:21:33,080 --> 00:21:36,280 Speaker 1: Unlimited Tomorrow and since then we've been refining the technology. 372 00:21:36,320 --> 00:21:38,679 Speaker 1: This was almost four years ago now and UH and 373 00:21:38,720 --> 00:21:41,439 Speaker 1: we just recently about two years ago, we partnered with 374 00:21:41,480 --> 00:21:44,880 Speaker 1: Microsoft and they helped create the first procect device for 375 00:21:45,000 --> 00:21:48,440 Speaker 1: a small tenual grow named Momo, and that really set 376 00:21:48,440 --> 00:21:50,200 Speaker 1: the bar for us. So we sent scanners down to 377 00:21:50,240 --> 00:21:52,760 Speaker 1: her in Florida. We scanned her arm that she's missing 378 00:21:53,200 --> 00:21:55,880 Speaker 1: and her other arm, her full arm, and we used 379 00:21:55,880 --> 00:21:59,240 Speaker 1: that data to make him your image. We included fingernails, 380 00:21:59,240 --> 00:22:02,480 Speaker 1: custom skin to own. UH incorporated a lot of technology 381 00:22:02,480 --> 00:22:05,680 Speaker 1: into this and it really highlights the enabling technology, which 382 00:22:05,720 --> 00:22:08,399 Speaker 1: is three D printing for this technology, is it. I 383 00:22:08,520 --> 00:22:11,600 Speaker 1: just want to know a little bit more about Unlimited Tomorrow, 384 00:22:11,720 --> 00:22:15,600 Speaker 1: which can create these advanced prosthetics that even match the 385 00:22:15,640 --> 00:22:20,040 Speaker 1: skin tone for about of the cost of the available 386 00:22:20,280 --> 00:22:25,040 Speaker 1: prosthetics that are comfortable out there. Are you designing the prosthetics, 387 00:22:25,080 --> 00:22:28,240 Speaker 1: do you work with designers? What sort of uh, the 388 00:22:28,320 --> 00:22:31,520 Speaker 1: sort of function here that Unlimited Tomorrow place. Yeah, that's 389 00:22:31,520 --> 00:22:34,640 Speaker 1: a great question. When I first started looking into this industry, 390 00:22:34,680 --> 00:22:37,080 Speaker 1: there's I saw there's a lot of problems there. It's 391 00:22:37,160 --> 00:22:39,920 Speaker 1: kind of a scattered uh kind of market where prosthetic 392 00:22:39,960 --> 00:22:44,920 Speaker 1: manufactures up charges Celtic clinicians, they then sell to the amputee. 393 00:22:45,000 --> 00:22:47,240 Speaker 1: It's an insurance game and into the end user. It's 394 00:22:47,240 --> 00:22:50,360 Speaker 1: a really inefficient, expensive process that can take months on end. 395 00:22:50,680 --> 00:22:52,680 Speaker 1: And so we really designed this from the ground up. 396 00:22:52,920 --> 00:22:56,200 Speaker 1: We design every aspect from the software to custom electronics, 397 00:22:56,200 --> 00:22:58,359 Speaker 1: all the mechanics. You do all that in house. And 398 00:22:58,400 --> 00:23:00,480 Speaker 1: we've also introduced a new business model which is going 399 00:23:00,480 --> 00:23:02,719 Speaker 1: directly to the consumer. And so we cut out all 400 00:23:02,720 --> 00:23:05,200 Speaker 1: these middlemen that caused a lot of inefficiencies and cost 401 00:23:05,520 --> 00:23:07,800 Speaker 1: and we find that we can produce a better result, 402 00:23:07,920 --> 00:23:11,440 Speaker 1: that has increased functionality, It weighs less, it looks better 403 00:23:11,840 --> 00:23:14,080 Speaker 1: um within a matter of days versus months, and for 404 00:23:14,240 --> 00:23:17,320 Speaker 1: about five to ten thousand dollars versus about eighty thousand dollars. 405 00:23:17,640 --> 00:23:19,439 Speaker 1: And so we've really hit the bar on on a 406 00:23:19,440 --> 00:23:22,439 Speaker 1: lot of these problems. How are you raising money in 407 00:23:22,560 --> 00:23:26,560 Speaker 1: order to keep the company afloat and expand manufacturing. So 408 00:23:26,600 --> 00:23:28,879 Speaker 1: early on I made a I made a conscious decision 409 00:23:29,000 --> 00:23:31,560 Speaker 1: to really turn to the people, you know, a limited tomorrow. 410 00:23:31,600 --> 00:23:34,119 Speaker 1: We we affect people's lives around the world, and we 411 00:23:34,160 --> 00:23:36,800 Speaker 1: were people business powered by people. Uh So we turned 412 00:23:36,800 --> 00:23:39,679 Speaker 1: a crowdfunding and crowdfunding is a perfect application for for 413 00:23:39,720 --> 00:23:43,600 Speaker 1: what we're doing. It's involving cutting edge technology, very humanitarian, 414 00:23:43,600 --> 00:23:46,199 Speaker 1: philanthropic you know, mission behind this, and we're doing it 415 00:23:46,200 --> 00:23:49,640 Speaker 1: in new ways. Early this year, we went through equity crowdfunding, 416 00:23:49,640 --> 00:23:53,600 Speaker 1: which allows for accredited and unaccredited investors to invest in 417 00:23:53,640 --> 00:23:56,160 Speaker 1: the company. We ended up raising one point six million 418 00:23:56,240 --> 00:23:59,800 Speaker 1: dollars in about thirty days with investors, which actually broke 419 00:23:59,800 --> 00:24:02,680 Speaker 1: reck and and and equity crowd funding world. Uh So, 420 00:24:02,720 --> 00:24:04,520 Speaker 1: this is this is one step of of what we're 421 00:24:04,520 --> 00:24:07,760 Speaker 1: doing today. About a couple weeks ago, we launched a 422 00:24:07,800 --> 00:24:11,200 Speaker 1: new indieogal campaign which is more of a standard crowd 423 00:24:11,200 --> 00:24:13,600 Speaker 1: funding campaign that you see on Kickstarter indigo Go, and 424 00:24:13,640 --> 00:24:15,119 Speaker 1: the goal is to raise money to be able to 425 00:24:15,200 --> 00:24:18,119 Speaker 1: donate the first one hundred devices to one hundred amazing 426 00:24:18,119 --> 00:24:20,320 Speaker 1: amputees around the world, a lot of children and adults. 427 00:24:20,560 --> 00:24:23,239 Speaker 1: Where we called the campaign one hundred Tomorrows. And as 428 00:24:23,280 --> 00:24:25,680 Speaker 1: of right now, we have about sixty seven devices of 429 00:24:25,760 --> 00:24:28,359 Speaker 1: the one hundred devices already raised, so about four hundred 430 00:24:28,400 --> 00:24:31,800 Speaker 1: forty dollars. Uh, So we're we're we're working to meet 431 00:24:31,800 --> 00:24:34,800 Speaker 1: the five thousand dollar goal and really start to start 432 00:24:34,840 --> 00:24:37,200 Speaker 1: scaling from here. I find out really compelling when you 433 00:24:37,240 --> 00:24:42,320 Speaker 1: start talking about the inefficiencies built into the whole prosthetics world. 434 00:24:42,359 --> 00:24:46,760 Speaker 1: And I'm wondering whether during your explorations and the evolution 435 00:24:46,800 --> 00:24:50,680 Speaker 1: of this business, you've seen other avenues or other aspects 436 00:24:50,680 --> 00:24:52,760 Speaker 1: of the healthcare industry that you think some of the 437 00:24:52,760 --> 00:24:56,520 Speaker 1: three D printing and the technology will could be applied to. Absolutely. 438 00:24:56,520 --> 00:24:58,800 Speaker 1: I mean there's countless examples. Um a lot of them 439 00:24:58,800 --> 00:25:01,720 Speaker 1: are physical medical device aces and really comes back to 440 00:25:01,760 --> 00:25:04,920 Speaker 1: the philosophy of Unlimited Tomorrow. It's really augmenting the human body. 441 00:25:05,119 --> 00:25:07,640 Speaker 1: We want to use technology to unlock someone's full potential. 442 00:25:07,880 --> 00:25:10,639 Speaker 1: So this could be giving a child a procetic limb 443 00:25:10,680 --> 00:25:13,040 Speaker 1: that they go to school very confident they can get 444 00:25:13,040 --> 00:25:16,800 Speaker 1: past all these you know, physical limitations of just everyday life. 445 00:25:17,119 --> 00:25:19,399 Speaker 1: I could also mean that you know someone who's paralyzed, 446 00:25:19,520 --> 00:25:21,960 Speaker 1: and what are your options. It's either a wheel chair 447 00:25:22,320 --> 00:25:25,280 Speaker 1: or a couple other devices out there for rehabilitation. When 448 00:25:25,320 --> 00:25:27,000 Speaker 1: you look at this technology and and some of the 449 00:25:27,000 --> 00:25:29,639 Speaker 1: technology that we've patented and developed, and we can easily 450 00:25:30,040 --> 00:25:34,119 Speaker 1: accommodate for exoskeletons and other system devices. So essentially a 451 00:25:34,200 --> 00:25:37,879 Speaker 1: robotic para legs. And it's a very similar process and 452 00:25:37,920 --> 00:25:41,000 Speaker 1: industry with the with procetics that it's a very expensive, 453 00:25:41,400 --> 00:25:44,080 Speaker 1: you know, hundred thousand dollar device. It's out of reach 454 00:25:44,119 --> 00:25:46,120 Speaker 1: for you know, the people who really need to use 455 00:25:46,160 --> 00:25:49,320 Speaker 1: it um but it's not it's not extreme. It doesn't 456 00:25:49,359 --> 00:25:51,280 Speaker 1: need cost a hundred thousand dollars. We can produce it 457 00:25:51,320 --> 00:25:53,359 Speaker 1: for far less, and by using three D printing a 458 00:25:53,400 --> 00:25:56,600 Speaker 1: new manufacturing techniques, we can very can be very slim 459 00:25:56,640 --> 00:25:58,359 Speaker 1: and you know, be a startup and compete with this 460 00:25:58,480 --> 00:26:02,080 Speaker 1: large medical world. Well that competition obviously takes a lot 461 00:26:02,119 --> 00:26:05,680 Speaker 1: of courage, and you've shown that by building this company 462 00:26:05,720 --> 00:26:10,080 Speaker 1: from scratch. What are the challenges that you face to 463 00:26:10,200 --> 00:26:14,760 Speaker 1: get people aware that this is an up an option 464 00:26:14,840 --> 00:26:17,399 Speaker 1: for them rather than to go in a more traditional 465 00:26:17,440 --> 00:26:20,440 Speaker 1: prosthetic direction. Well, we actually haven't had any any type 466 00:26:20,440 --> 00:26:23,040 Speaker 1: of problem. We actually get emails probably hundreds of emails 467 00:26:23,040 --> 00:26:26,760 Speaker 1: a day from people around the world, um from yeah, amazing, 468 00:26:26,920 --> 00:26:30,120 Speaker 1: direct directly from people right right, and and it's it's 469 00:26:30,119 --> 00:26:32,600 Speaker 1: a known problem, especially if you are on the other 470 00:26:32,640 --> 00:26:35,159 Speaker 1: side of it, right you know, we you know, if 471 00:26:35,200 --> 00:26:38,000 Speaker 1: we're sitting here, we've all seen people that are missing limbs. 472 00:26:38,040 --> 00:26:40,320 Speaker 1: But you don't really know the process of what it 473 00:26:40,359 --> 00:26:42,800 Speaker 1: takes to you know, if you were, you know, to 474 00:26:42,840 --> 00:26:45,280 Speaker 1: get run over and and had an injury or or 475 00:26:45,320 --> 00:26:47,880 Speaker 1: has it have a disease and you have you had 476 00:26:48,160 --> 00:26:51,040 Speaker 1: your arm amputated, you wouldn't really a person want to 477 00:26:51,040 --> 00:26:53,280 Speaker 1: know the whole process. So that's part of my job 478 00:26:53,400 --> 00:26:56,520 Speaker 1: is also educated. You know, there's over thirty million amputees worldwide. 479 00:26:56,600 --> 00:26:59,360 Speaker 1: Only five percent of the have acts to proceect devices 480 00:26:59,680 --> 00:27:01,720 Speaker 1: and that's big problem. Uh, and not a lot of 481 00:27:01,720 --> 00:27:04,520 Speaker 1: people realize that, and so part of this is educating, 482 00:27:04,840 --> 00:27:06,800 Speaker 1: you know. Part of this is is creating a model 483 00:27:06,840 --> 00:27:09,560 Speaker 1: that they can actually reach out and and uh, you know, 484 00:27:09,640 --> 00:27:11,800 Speaker 1: get a device through us very easily, which is what 485 00:27:11,800 --> 00:27:14,760 Speaker 1: we're solving with this new business model and technology. We actually, 486 00:27:14,880 --> 00:27:16,720 Speaker 1: if you were to approaches today, we send you a 487 00:27:16,720 --> 00:27:19,200 Speaker 1: three D scanner, so you can actually scan yourself in 488 00:27:19,200 --> 00:27:22,280 Speaker 1: the comfort of your own home. We get that data remotely, 489 00:27:22,440 --> 00:27:24,760 Speaker 1: we can process that, we three D print it, and 490 00:27:24,920 --> 00:27:26,919 Speaker 1: uh and you're off to the races. It's a it's 491 00:27:26,920 --> 00:27:29,440 Speaker 1: a really amazing process. Thanks very much for sharing this 492 00:27:29,520 --> 00:27:32,640 Speaker 1: story with us. Eastern La Chapelle. He is the founder 493 00:27:33,200 --> 00:27:38,399 Speaker 1: of Unlimited Tomorrow. They are based in Colorado. Thanks for 494 00:27:38,440 --> 00:27:41,120 Speaker 1: listening to the Bloomberg P and L podcast. You can 495 00:27:41,160 --> 00:27:44,960 Speaker 1: subscribe and listen to interviews at Apple podcast, SoundCloud, or 496 00:27:45,000 --> 00:27:48,479 Speaker 1: whatever podcast platform you prefer. I'm Pim Fox. I'm on 497 00:27:48,520 --> 00:27:52,400 Speaker 1: Twitter at pim Fox. I'm on Twitter at Lisa Abramo. 498 00:27:52,480 --> 00:27:55,080 Speaker 1: It's one before the podcast. You can always catch us 499 00:27:55,119 --> 00:28:03,800 Speaker 1: worldwide on Bloomberg Radio.