WEBVTT - Lord Browne on 'The Glass Closet': Inclusion is the Key (Audio)

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<v Speaker 1>Broadcasting live to New York Bloomberg eleven, Brio to Washington,

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<v Speaker 1>d C. Bloomber to Boston Bloomberg Well under It, to

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<v Speaker 1>one ninet and around the globe the Bloomberg Radio plus

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<v Speaker 1>Zapp and Bloomberg got gone. This is taking stock. Coming

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<v Speaker 1>up on taking stock, a look at North Carolina and discrimination.

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<v Speaker 1>The North Carolina Governor Pat mccruary saying yesterday that the

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<v Speaker 1>sweeping anti LGBT bill that he signed into law was

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<v Speaker 1>never about discriminating against people based on their sexual orientation

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<v Speaker 1>or gender identity. Well, it may not have been his intention,

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<v Speaker 1>but many businesses, including PayPal Holdings and Deutsche Bank, have

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<v Speaker 1>said that they are not going to expand will not

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<v Speaker 1>include businesses in their future plans. Right now in North Carolina,

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<v Speaker 1>we'll be talking about this. Uh. Coming up on taking stock,

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<v Speaker 1>first to Catherine Countering the Bloomberg Newsroom. Thank you, Kathleen,

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<v Speaker 1>and Bloomber. Taking stock is brought to by Sector Spider

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<v Speaker 1>on the market. One report showed service companies expanded in

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<v Speaker 1>April at the fastest pace in four months. Another from

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<v Speaker 1>the Favrell's Processor a DP showed companies higher fewer workers

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<v Speaker 1>in April than estimated. Jason Shanker, chief economists at Prestige Economics,

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<v Speaker 1>says that a DP number doesn't surprise him because he

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<v Speaker 1>thinks the labor markets will start slowing. The problem is

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<v Speaker 1>that the mix of jobs is shifting away from household

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<v Speaker 1>formation jobs. You've had a lot of WS is an

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<v Speaker 1>oil and gas and manufacturing jobs, and so the job

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<v Speaker 1>that you're you know you're filling in with are not

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<v Speaker 1>sustainable I think for new household formation. And I think

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<v Speaker 1>that's one of the reasons in March is housing starts,

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<v Speaker 1>building permits, and new home sales all go down, even

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<v Speaker 1>though the back into the yield. Kurt Felt, we check

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<v Speaker 1>the markets every fifteen minutes throughout the trading day of

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<v Speaker 1>Bloomberg Radio. Down industrial average is down one hundred five

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<v Speaker 1>points six tents of a percent is trading at seventeen thousand,

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<v Speaker 1>six hundred forty six SMP five hundred, down thirteen points

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<v Speaker 1>six tenths of a percent of two thousand fifty then

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<v Speaker 1>has backed down thirty five points three quarters of a

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<v Speaker 1>percent to forty seven twenty seven. West Texas intermediate crude

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<v Speaker 1>oil up twenty cents of barrel to eight five spot

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<v Speaker 1>gold down ten dollars ten cent c nce at twelve

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<v Speaker 1>seventy ten year treasury of five thirty seconds with the

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<v Speaker 1>yield of one point seven seven percent. And now if

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<v Speaker 1>for a look at some of the other stories were

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<v Speaker 1>following today. I'm Bloomberg Radio. Thank you Catherine from the

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<v Speaker 1>Bloomberg newsroom. I'm Ramie in essentio. This news update is

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<v Speaker 1>brought to you by the jeep Grand Cherokee, the most

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<v Speaker 1>awarded suv ever. The Grand Cherokee continues to raise the

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<v Speaker 1>Drive one at your local G dealer today. John Kasick,

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<v Speaker 1>the last man standing in Donald Trump's path to the

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<v Speaker 1>Republican nomination, will end his campaign later today, making Trump

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<v Speaker 1>the party's presumptive nominee. Two people close to the campaign

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<v Speaker 1>tell Bloomberg News the Ohio governor, will suspend his campaign.

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<v Speaker 1>In a speech at five pm Wall Street Time in Columbus, Ohio,

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<v Speaker 1>Donald Trump is now focused on November's general election. Trump

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<v Speaker 1>tells ABC News that he is not worried about a

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<v Speaker 1>new CNN poll showing Hillary Clinton leading him by more

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<v Speaker 1>than ten points. There was seventeen people that I had

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<v Speaker 1>to win against, and now it's going to be Hillary.

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<v Speaker 1>So we'll see what happens. I mean, it's going to

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<v Speaker 1>be I think a very interesting rate. Democrat Bernie Sanders

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<v Speaker 1>says the fight is not over after beating Hillary Clinton

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<v Speaker 1>in Indiana. A university in Ohio has agreed to pay

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<v Speaker 1>seven hundred twelve thousand dollars to a former football player

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<v Speaker 1>who says he had concussions that led to a permanent

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<v Speaker 1>brain injury. Former offensive lineman Cody Silk alleged bowling Green

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<v Speaker 1>State Universe, these coaches and medical staff did not pull

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<v Speaker 1>him from practice right after he suffer concussions. And New

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<v Speaker 1>York's iconic Stonewall Inn, where the modern gay rights movement

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<v Speaker 1>took root, will become the first national monument honoring the

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<v Speaker 1>history of gays and lesbians in the United States. That's

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<v Speaker 1>under a proposal. President Obama is preparing to approve global

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<v Speaker 1>news twenty four hours a day, powered by our journalists

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<v Speaker 1>in more than one hundred fifty news bureaus around the world.

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<v Speaker 1>From the Bloomberg Newsroom, I'm Ramie in essentio. Thank you,

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<v Speaker 1>and now let's get a quick update of the equity benchmark.

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<v Speaker 1>Stale Industrial averages down ninety eight points at seventeen thousand,

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<v Speaker 1>sixty two s and p f I founded down twelve

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<v Speaker 1>point at two thousand fifty one. The nastack is down

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<v Speaker 1>thirty six points at forty seven seven. And that's a

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<v Speaker 1>Bloomberg business flash. You're listening to Taking Stock with Kathleen

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<v Speaker 1>Hays and Pim Box on Bloomberg Radio. Lord John Brown

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<v Speaker 1>is the executive chairman of l One Energy. He's the

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<v Speaker 1>former chief the executive of BP. But he is much

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<v Speaker 1>more than just those two titles. He is also the

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<v Speaker 1>author of a book, The Glass Closet, Why Coming Out

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<v Speaker 1>Is Good for Business. He is also the co author

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<v Speaker 1>of Connect and Lord John Brown joins us now from London.

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<v Speaker 1>Lord Brown, thank you very much for being with us.

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<v Speaker 1>Thank you for having me. I want to begin by

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<v Speaker 1>just stating that you have spoken recently about the events

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<v Speaker 1>regarding your departure from BP, and also why you chose

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<v Speaker 1>to stay in the closet for much of your life,

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<v Speaker 1>and also the way in which the world has changed

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<v Speaker 1>in recent years with regard to LGBT issues. Uh, I

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<v Speaker 1>wondering if you could speak to your particular experience and

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<v Speaker 1>perhaps connected to what is going on currently in North

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<v Speaker 1>Carolina many. I'm sure you know the news about PayPal

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<v Speaker 1>and Deutsche Bank saying that's not where they want to

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<v Speaker 1>be expanding absolutely well. I, as you know, I was.

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<v Speaker 1>I'm a child of the forties, and when I was

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<v Speaker 1>growing up, being gay was first illegal here in the

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<v Speaker 1>UK and secondly not a way you could really do

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<v Speaker 1>anything in society. But more importantly, I had a mother

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<v Speaker 1>who was a survivor from Auschwitz, and she taught me

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<v Speaker 1>a couple of lessons which lived with me and kept

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<v Speaker 1>me in the closet. The first was never tell anyone

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<v Speaker 1>a secret because they are used against you. And secondly,

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<v Speaker 1>never be an identified member of minority, because when the

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<v Speaker 1>going gets tough, the majority always had the minority. And

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<v Speaker 1>I think it's that point that I'd actually pick out

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<v Speaker 1>for North Carolina and one or two other places in

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<v Speaker 1>the US. Clearly, when the majority feel that the under

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<v Speaker 1>threatened anywhere at all, majorities tend to turn on minorities.

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<v Speaker 1>Lord Brown and interviewing. When your book first came out,

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<v Speaker 1>it's a great book, and it's a very uh it's

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<v Speaker 1>almost a management book in some ways, because a very

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<v Speaker 1>passionate argument for being your authentic self at work. And

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<v Speaker 1>I want to talk about that. But in regards the

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<v Speaker 1>specific question of North Carolina, this legislation the government governor

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<v Speaker 1>now claiming had nothing to do with being anti gay

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<v Speaker 1>or transcender. It had to do with privacy. Are there

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<v Speaker 1>cultural shifts that need to be respected or do people

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<v Speaker 1>just have to realize they've got to get on board

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<v Speaker 1>To a large extent, A lot of this to me

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<v Speaker 1>seems to be generational. But you know, the younger generation

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<v Speaker 1>is much more accepting of differences when it comes to gender,

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<v Speaker 1>raise so many things. Older generations did not grow up

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<v Speaker 1>this way. They're less so I think that is true.

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<v Speaker 1>There were many different standards of behavior, if you will,

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<v Speaker 1>and what was regarded as acceptable and unacceptable in the past,

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<v Speaker 1>and indeed succeeding generations have changed that over time. To me,

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<v Speaker 1>the most important saying that people have I believe everywhere

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<v Speaker 1>in the world trying to struggle with is how to

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<v Speaker 1>be how to include people, how to bring them in

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<v Speaker 1>rather than push them away exclude them. In business, this

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<v Speaker 1>is one of the most important things you have to do,

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<v Speaker 1>whether it is with the team you're building, or whether

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<v Speaker 1>it's customers or communities you're working with. And the reasons

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<v Speaker 1>for that is inclusive teams. Inclusive businesses actually work better,

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<v Speaker 1>they make more money, they make higher profits that can

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<v Speaker 1>be proved by studies. Uh. And that because they're including

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<v Speaker 1>people and they're passionately giving them some passion to go forward,

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<v Speaker 1>rather than making them stand outside a team. So I

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<v Speaker 1>think that is beginning to change. I am aside be concerned.

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<v Speaker 1>I have to say with many young people who come

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<v Speaker 1>into corporate life while they've been openly gay at university,

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<v Speaker 1>they go straight back into the closset when they come

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<v Speaker 1>into business because they feel that it's an item which

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<v Speaker 1>might get into the way of getting the way of

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<v Speaker 1>their advancement. Lord Brown, you were chief executive a BP

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<v Speaker 1>from to two thousand seven. You have advised five prime

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<v Speaker 1>ministers and built a reputation as a leader um in

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<v Speaker 1>doing in doing all those things and then writing this book,

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<v Speaker 1>Have there been any reaction from people who you thought

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<v Speaker 1>were friends who became even better friends to you, or

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<v Speaker 1>people that then reacted in a way that you thought

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<v Speaker 1>you were surprised by. The curious thing I think to

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<v Speaker 1>me was when I came out, I actually thought that

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<v Speaker 1>I'd lose most of my friends, I'd got lose respect

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<v Speaker 1>in business, people would cross the street to avoid me,

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<v Speaker 1>and actually the reverse happened. I had a vast amount

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<v Speaker 1>of support, and over the period from two thousand and seven,

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<v Speaker 1>I've been making new and different friends, people who want

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<v Speaker 1>a debate not only issues to do with LGBT inclusion,

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<v Speaker 1>but also their impact on human rights and the rights

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<v Speaker 1>of people to be themselves in societies which are very complex,

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<v Speaker 1>not only the US and Canada and the Europe and

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<v Speaker 1>the UK, but also around the world. And so it's

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<v Speaker 1>it's something quite different has happened, and I think they

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<v Speaker 1>will do respect people being themselves. Thank you very much

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<v Speaker 1>for being yourself with us. Lord John Brown, executive chairman

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<v Speaker 1>of l One Energy, form A, chief executive of BP,

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<v Speaker 1>the author of The Glass Closet. While coming out is

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<v Speaker 1>good for business, you're listening to taking stark, I'm pim

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<v Speaker 1>Fox My co host Kathleen Hayes, and This is Bloomberg

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<v Speaker 1>Radio coming up on taking stock. Roger mcmeee, founding partner

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<v Speaker 1>of the venture capital firm Elevation Partners, talks about Facebook, Apple,

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<v Speaker 1>and cannabis.