WEBVTT - Twenty Years Since The Enron Collapse

0:00:02.840 --> 0:00:07.680
<v Speaker 1>This is Bloomberg Law. Some complicated international law issues here.

0:00:07.960 --> 0:00:11.760
<v Speaker 1>What kind of docket is Chief Justice Roberts facing interviews

0:00:11.840 --> 0:00:14.960
<v Speaker 1>with prominent attorneys and Bloomberg legal experts. Joining me is

0:00:15.000 --> 0:00:18.360
<v Speaker 1>Bloomberg New Supreme Court reporter Greg Store, Neil Devon's a

0:00:18.360 --> 0:00:21.239
<v Speaker 1>professor at William and Mary Law School, and analysis of

0:00:21.320 --> 0:00:25.680
<v Speaker 1>important legal issues cases in headlocks. This essentially the fifth

0:00:25.720 --> 0:00:29.120
<v Speaker 1>circuit haunting he has presided over a so called hot

0:00:29.160 --> 0:00:32.519
<v Speaker 1>bench at the Supreme Court. Bloomberg Law with June Grosso

0:00:32.800 --> 0:00:40.920
<v Speaker 1>from Bloomberg Radio. Welcome to Bloomberg Law on Bloomberg Radio.

0:00:40.960 --> 0:00:44.760
<v Speaker 1>I'm Joe Shorts living for Joan Grosso. This month marked

0:00:44.840 --> 0:00:47.640
<v Speaker 1>twenty years since one of the greatest financial collapses in history,

0:00:47.920 --> 0:00:51.080
<v Speaker 1>Energy Trading a giant and Ron filed for bankruptcy on

0:00:51.159 --> 0:00:54.720
<v Speaker 1>December second, two thousand one, becoming a symbol of corporate

0:00:54.760 --> 0:00:58.720
<v Speaker 1>fraud and accounting malpractice. We're going to take you through

0:00:58.760 --> 0:01:02.400
<v Speaker 1>the events that led Enron's downfall and talk about the

0:01:02.440 --> 0:01:06.479
<v Speaker 1>players involved and what the world has learned since. To begin,

0:01:06.520 --> 0:01:08.520
<v Speaker 1>I spoke with ed Her as a professor with the

0:01:08.560 --> 0:01:11.960
<v Speaker 1>Economics department at the University of Houston. Ed served as

0:01:11.959 --> 0:01:15.480
<v Speaker 1>a consultant to the Justice Department's Enron Task Force. He

0:01:15.520 --> 0:01:18.319
<v Speaker 1>talked about the rise of Enron and when suspicions about

0:01:18.319 --> 0:01:24.440
<v Speaker 1>their behavior began. Did Enron revolutionize the trading of of

0:01:24.560 --> 0:01:27.880
<v Speaker 1>natural gas and electricity? I mean fortune said that they

0:01:27.880 --> 0:01:30.480
<v Speaker 1>were the most innovative company for six years running up

0:01:30.520 --> 0:01:35.399
<v Speaker 1>to two the year two thousand. Well, they the innovations

0:01:35.400 --> 0:01:39.320
<v Speaker 1>they brought to natural gas occurred in the UH nineteen

0:01:40.040 --> 0:01:46.560
<v Speaker 1>nineties early nineties. UM. When I came to Houston, one

0:01:46.600 --> 0:01:49.320
<v Speaker 1>could buy and sell natural gas and there might be

0:01:49.400 --> 0:01:52.920
<v Speaker 1>a delta of cents or even fifty cents between the

0:01:52.960 --> 0:01:56.120
<v Speaker 1>bid and the ask. By the time Enron had brought

0:01:56.200 --> 0:02:01.800
<v Speaker 1>standardization of contracts of of aquidity in a trading platform

0:02:01.880 --> 0:02:07.960
<v Speaker 1>to natural gas, the margins and had had shrunken dramatically

0:02:08.040 --> 0:02:11.440
<v Speaker 1>to lessen a penny a contract. And they did this

0:02:11.480 --> 0:02:15.680
<v Speaker 1>with electricity. UH, they did this with weather derivatives, heating

0:02:15.800 --> 0:02:20.240
<v Speaker 1>days and cooling days. And as everyone in finance knows

0:02:20.320 --> 0:02:24.320
<v Speaker 1>that if we have more liquidity and more transparency in

0:02:24.360 --> 0:02:29.600
<v Speaker 1>the market, the margins began to shrink. So for Enron

0:02:29.639 --> 0:02:33.600
<v Speaker 1>to report ever increasing profits, they would have to trade

0:02:34.200 --> 0:02:39.240
<v Speaker 1>ever increasing numbers of contracts for example, and this was

0:02:39.280 --> 0:02:42.960
<v Speaker 1>something that that everyone knew could not be sustained. So

0:02:43.160 --> 0:02:46.000
<v Speaker 1>Enron's approach was to go look for other markets to

0:02:46.240 --> 0:02:51.880
<v Speaker 1>apply this innovation too. They tried with paper companies, They

0:02:51.919 --> 0:02:57.080
<v Speaker 1>tried with hydroelectric power in Bolivia. They tried this with

0:02:57.280 --> 0:03:01.560
<v Speaker 1>water companies in Brazil. They tried this with power plants

0:03:01.560 --> 0:03:04.440
<v Speaker 1>in India, and in each market they found they were

0:03:04.520 --> 0:03:09.720
<v Speaker 1>unable to apply the in Ron recipe and create profits.

0:03:10.840 --> 0:03:15.079
<v Speaker 1>The challenge was in they had changed their mode of

0:03:15.120 --> 0:03:18.640
<v Speaker 1>accounting to mark to market and they began to book

0:03:18.760 --> 0:03:23.640
<v Speaker 1>profits on contracts that the we're maybe ten years into

0:03:23.680 --> 0:03:25.919
<v Speaker 1>the future. They were they were going to book them

0:03:25.919 --> 0:03:30.440
<v Speaker 1>into that financial reporting period. And Ron brought innovation to

0:03:30.520 --> 0:03:33.160
<v Speaker 1>the market, but as they tried to extend this to

0:03:33.200 --> 0:03:37.200
<v Speaker 1>other markets, they failed and talked to us about the

0:03:37.200 --> 0:03:43.560
<v Speaker 1>connection here to the Valhalla scandal. In the late eighties,

0:03:44.560 --> 0:03:49.200
<v Speaker 1>and Ron announced a one time fifty million dollar after

0:03:49.360 --> 0:03:54.160
<v Speaker 1>tax loss due to a couple of rogue traders up

0:03:54.200 --> 0:03:59.160
<v Speaker 1>in New Jersey, New York UH their Valhalla office. UH.

0:03:59.280 --> 0:04:02.880
<v Speaker 1>They laid off fifteen hundred workers at the time. My

0:04:03.000 --> 0:04:05.760
<v Speaker 1>landlord was a senior vice president who had pushed the

0:04:05.760 --> 0:04:09.160
<v Speaker 1>Majabi pipeline project through for en Ron. You know, an

0:04:09.200 --> 0:04:13.960
<v Speaker 1>old hard asset guy in the trading circles in Houston

0:04:14.040 --> 0:04:17.760
<v Speaker 1>at the time, it was known that that one trader

0:04:17.800 --> 0:04:21.120
<v Speaker 1>in particular had taken a big hit. If you if

0:04:21.160 --> 0:04:24.000
<v Speaker 1>you just do some back of the envelope math like

0:04:24.080 --> 0:04:28.000
<v Speaker 1>we did at the restaurant that night, hundred workers, a

0:04:28.040 --> 0:04:31.600
<v Speaker 1>hundred thousand dollars ahead, hundred fifty million a year, one

0:04:31.640 --> 0:04:34.920
<v Speaker 1>point five billion over ten years. That was the math

0:04:35.040 --> 0:04:39.280
<v Speaker 1>I bet two beers. In two thousand three, the Houston

0:04:39.640 --> 0:04:43.680
<v Speaker 1>Chronicle reported that the Valhalla scandal had cost in Ron

0:04:43.720 --> 0:04:47.919
<v Speaker 1>about eight hundred and seventy million dollars after tax um

0:04:48.120 --> 0:04:51.200
<v Speaker 1>or one point five billion pretexts. So, you know, there

0:04:51.279 --> 0:04:55.839
<v Speaker 1>was a history of obfuscation, the history of of covering

0:04:55.960 --> 0:04:58.240
<v Speaker 1>up what was really going on. As you look at

0:04:58.960 --> 0:05:02.920
<v Speaker 1>how they became the darling of the energy world, how

0:05:02.960 --> 0:05:07.520
<v Speaker 1>would you describe that the management team had a cultish

0:05:07.560 --> 0:05:12.040
<v Speaker 1>type of environment. Uh and Rod would go to the

0:05:12.080 --> 0:05:16.560
<v Speaker 1>big business schools and outdid the Wall Street banks and um.

0:05:16.560 --> 0:05:19.560
<v Speaker 1>This of course was during the tech bubble of the

0:05:19.640 --> 0:05:23.400
<v Speaker 1>late nineties, and they would outbid the tech companies and

0:05:23.640 --> 0:05:27.080
<v Speaker 1>they thought that they had really assembled a team of

0:05:27.120 --> 0:05:30.480
<v Speaker 1>the smartest guys in the room, and uh once they

0:05:30.480 --> 0:05:33.160
<v Speaker 1>were assembled, they certainly didn't want to to say that

0:05:33.200 --> 0:05:36.360
<v Speaker 1>there was a problem that the CEO didn't have any

0:05:36.400 --> 0:05:42.720
<v Speaker 1>clothes on. The diligent exercise of end of quarter into

0:05:42.760 --> 0:05:49.480
<v Speaker 1>financial uh period transactions that they pursued, you know, really

0:05:50.040 --> 0:05:53.880
<v Speaker 1>painted a facade of a company that was growing. But

0:05:54.000 --> 0:05:57.359
<v Speaker 1>all of the transactions that they were reporting again dark

0:05:57.440 --> 0:06:04.120
<v Speaker 1>fiber water plants in Brazil, um power plants in India,

0:06:04.640 --> 0:06:10.000
<v Speaker 1>the the old style utility type earnings were certainly there,

0:06:11.000 --> 0:06:14.560
<v Speaker 1>but but not the mega growth. There's no question that

0:06:14.640 --> 0:06:18.760
<v Speaker 1>were really brilliant people working at Enron. The problem was

0:06:18.920 --> 0:06:24.320
<v Speaker 1>that they had perfected gas trading and electricity trading to

0:06:24.560 --> 0:06:26.960
<v Speaker 1>a level that they couldn't generate the profits they used

0:06:27.000 --> 0:06:29.560
<v Speaker 1>to do, and as they looked to go further into

0:06:29.600 --> 0:06:34.720
<v Speaker 1>different markets, they were flummoxed by the fact that they

0:06:34.880 --> 0:06:39.160
<v Speaker 1>they were not successful at hers Lecturer, Department of Economics,

0:06:39.240 --> 0:06:42.160
<v Speaker 1>College of Liberal Arts and Social Sciences at the University

0:06:42.200 --> 0:06:45.240
<v Speaker 1>of Houston. Appreciate taking time and joining us on Bloomberg Law.

0:06:45.800 --> 0:06:49.679
<v Speaker 1>Thank you, Joe. When did the dominoes fall for Enron?

0:06:50.160 --> 0:06:53.159
<v Speaker 1>Leslie Caldwell is just the person to ask. She's a

0:06:53.200 --> 0:06:56.359
<v Speaker 1>partner with the law firm Latham and Watkins. She was

0:06:56.440 --> 0:07:00.680
<v Speaker 1>formerly an Assistant Attorney General for the Criminal Division of

0:07:00.720 --> 0:07:03.920
<v Speaker 1>the Justice Department, and she let a team of investigators

0:07:03.920 --> 0:07:07.880
<v Speaker 1>and prosecutors in the Department's Enron Task Force. She talked

0:07:07.880 --> 0:07:11.520
<v Speaker 1>to me about how Enron's transgressions were uncovered. When we

0:07:11.840 --> 0:07:16.080
<v Speaker 1>all hear about Enron and and and it's spectacular collapse,

0:07:16.520 --> 0:07:18.679
<v Speaker 1>and how it happened in such a really a short

0:07:18.840 --> 0:07:24.560
<v Speaker 1>period of time. From a prosecutor investigators standpoint, this this

0:07:24.880 --> 0:07:28.080
<v Speaker 1>essentially this house of card that collapsed. Did that make

0:07:28.120 --> 0:07:32.200
<v Speaker 1>it easier to investigate or harder? I wouldn't say it

0:07:32.240 --> 0:07:36.080
<v Speaker 1>made it either. It made it more imperative to investigate, because,

0:07:36.640 --> 0:07:39.720
<v Speaker 1>as you said, it was a spectacular collapse. Months before

0:07:39.720 --> 0:07:43.000
<v Speaker 1>it declared bankruptcy, Enron had been ranked Fortune number seven

0:07:43.160 --> 0:07:47.640
<v Speaker 1>in US corporations and suddenly it was gone. So that

0:07:47.800 --> 0:07:52.480
<v Speaker 1>suggested some kind of wrongdoing that really made it critical

0:07:52.520 --> 0:07:55.960
<v Speaker 1>that there'll be a prompt and thorough investigation. We'll take

0:07:56.040 --> 0:07:59.040
<v Speaker 1>us to the early days. What were the first few weeks, Like,

0:07:59.160 --> 0:08:02.960
<v Speaker 1>what were you doing? So? And Ron was a very large,

0:08:03.040 --> 0:08:05.960
<v Speaker 1>sprawling corporation with a lot of different business lines and

0:08:06.000 --> 0:08:08.840
<v Speaker 1>a lot of different interests, and so I guess for

0:08:08.880 --> 0:08:10.720
<v Speaker 1>the first couple of weeks, our main goal was to

0:08:10.760 --> 0:08:13.960
<v Speaker 1>assemble a team of the right size and kind of

0:08:14.080 --> 0:08:17.640
<v Speaker 1>learn the company, understand the company, understand these very complicated

0:08:17.680 --> 0:08:20.640
<v Speaker 1>business lines that the company was in. And to get there,

0:08:20.720 --> 0:08:26.000
<v Speaker 1>the FBI assigned actually hand picked agents from around the

0:08:26.000 --> 0:08:29.160
<v Speaker 1>country who had experience in some of these very sophisticated

0:08:29.200 --> 0:08:32.680
<v Speaker 1>financial products and Ron was using, like derivatives and and

0:08:32.760 --> 0:08:35.520
<v Speaker 1>other products. So there were a bunch of FBI agents

0:08:35.520 --> 0:08:38.880
<v Speaker 1>who had experience that's a little unusual for an FBI agent,

0:08:38.960 --> 0:08:45.320
<v Speaker 1>for example, former investment bankers, former securities traders, former derivatives traders.

0:08:45.760 --> 0:08:48.400
<v Speaker 1>And then we also were putting together a team of

0:08:48.440 --> 0:08:52.800
<v Speaker 1>prosecutors from around the country with with significant experience in

0:08:53.200 --> 0:08:56.680
<v Speaker 1>significant cases, which was important because could it was clear

0:08:56.720 --> 0:08:58.360
<v Speaker 1>that this is going to be not only complicated, but

0:08:58.480 --> 0:09:01.080
<v Speaker 1>very high profile. So we wanted to make sure we

0:09:01.080 --> 0:09:04.880
<v Speaker 1>had the right team when this assignment came to you

0:09:04.960 --> 0:09:08.120
<v Speaker 1>in two thousand two. In the beginning, you know of

0:09:08.160 --> 0:09:10.560
<v Speaker 1>an investigation, you often think you know what you have.

0:09:10.720 --> 0:09:12.319
<v Speaker 1>Many times you think you know what you have, and

0:09:12.360 --> 0:09:14.280
<v Speaker 1>then when would you end up with is very different.

0:09:14.280 --> 0:09:16.959
<v Speaker 1>I guess I'm curious is when you look at the

0:09:17.200 --> 0:09:19.440
<v Speaker 1>you know what you when you were handed this in

0:09:19.480 --> 0:09:21.760
<v Speaker 1>two thousand two and what you ended up with, how

0:09:21.800 --> 0:09:25.840
<v Speaker 1>how different a picture was that. It was the kind

0:09:25.840 --> 0:09:29.839
<v Speaker 1>of thing that when we started, all we really knew

0:09:30.559 --> 0:09:34.400
<v Speaker 1>other than learning about Enron's business, was that this very

0:09:34.520 --> 0:09:38.400
<v Speaker 1>large and powerful and influential and well regarded company was

0:09:38.559 --> 0:09:43.120
<v Speaker 1>very very important and well regarded and connected senior executives

0:09:43.559 --> 0:09:47.000
<v Speaker 1>had literally collapsed, apparently overnight, and there have been some

0:09:47.120 --> 0:09:52.320
<v Speaker 1>murmurings in the press about potential shenanigans involving some off

0:09:52.360 --> 0:09:55.959
<v Speaker 1>books entities, but we really didn't know. I mean, there

0:09:55.960 --> 0:09:57.880
<v Speaker 1>are a lot of reasons why a business can collapse

0:09:57.960 --> 0:10:02.240
<v Speaker 1>besides criminal activity, and we were concerned that the haste

0:10:02.320 --> 0:10:05.440
<v Speaker 1>with and the degree to which Enron collapse suggested that

0:10:05.480 --> 0:10:07.920
<v Speaker 1>there must be some kind of wrongdoing, but we really

0:10:07.960 --> 0:10:12.240
<v Speaker 1>didn't know. Um. One thing we didn't know until we

0:10:12.320 --> 0:10:15.160
<v Speaker 1>really rolled up our sleeves and got into it was

0:10:15.559 --> 0:10:20.600
<v Speaker 1>just how much the kind of unfortunately corrupt leadership culture

0:10:20.720 --> 0:10:25.520
<v Speaker 1>and messages UH infected so many different corners of the company.

0:10:25.760 --> 0:10:28.160
<v Speaker 1>And that was what we took a bit of time

0:10:28.200 --> 0:10:30.800
<v Speaker 1>to unravel over the next couple of years, take us

0:10:30.800 --> 0:10:33.319
<v Speaker 1>deeper than you're not getting cooperations from key players. The

0:10:33.360 --> 0:10:37.160
<v Speaker 1>Board of Directors has prepared a report. What happened next, Well,

0:10:37.200 --> 0:10:39.080
<v Speaker 1>we kind of looked through the report that the board

0:10:39.120 --> 0:10:42.000
<v Speaker 1>had prepared and figured out different potential lines of inquiry,

0:10:42.640 --> 0:10:46.160
<v Speaker 1>assigned different teams to those different lines. So one group

0:10:46.160 --> 0:10:49.559
<v Speaker 1>would be in charge of um looking into the broadband business,

0:10:49.600 --> 0:10:52.400
<v Speaker 1>one group would be in charge of looking into other

0:10:52.480 --> 0:10:55.679
<v Speaker 1>aspects of the company, and then they would all kind

0:10:55.720 --> 0:10:58.000
<v Speaker 1>of work and we would coordinate. And my role was

0:10:58.080 --> 0:11:00.640
<v Speaker 1>to make sure everyone was doing what they were supposed

0:11:00.679 --> 0:11:02.280
<v Speaker 1>to be doing and that things were moving forward, and

0:11:02.280 --> 0:11:04.760
<v Speaker 1>that we were all coordinating in terms of understanding what

0:11:04.920 --> 0:11:10.520
<v Speaker 1>each group was finding and making adjustments accordingly. So we started,

0:11:10.520 --> 0:11:12.880
<v Speaker 1>We looked at a lot of documents, We interviewed people,

0:11:13.559 --> 0:11:17.400
<v Speaker 1>We educated ourselves about the business models, and I say

0:11:17.440 --> 0:11:20.640
<v Speaker 1>models because there were very several different business models in play.

0:11:20.760 --> 0:11:24.440
<v Speaker 1>We looked at third parties who may have been culpable

0:11:24.480 --> 0:11:28.720
<v Speaker 1>in some fashion in supporting Enron's fraud or leading to

0:11:28.800 --> 0:11:31.600
<v Speaker 1>its collapse. And so it was really we had a

0:11:31.600 --> 0:11:33.920
<v Speaker 1>bunch of different work streams going at the same time,

0:11:34.400 --> 0:11:36.880
<v Speaker 1>when did you have an AHA moment? As you were

0:11:36.920 --> 0:11:42.040
<v Speaker 1>doing your investigation. At the very beginning, there was a

0:11:42.080 --> 0:11:46.880
<v Speaker 1>massive document destruction across the board at Arthur Anderson involving

0:11:47.000 --> 0:11:51.040
<v Speaker 1>members of the Enron team in different different geographies. That

0:11:51.160 --> 0:11:54.800
<v Speaker 1>was of immediate interest. UM. We were very interested right

0:11:54.840 --> 0:11:57.559
<v Speaker 1>off the bat in some special purpose entities that were

0:11:57.559 --> 0:12:00.679
<v Speaker 1>being used by the company to move under performing or

0:12:01.000 --> 0:12:04.400
<v Speaker 1>negative assets off their books so they could continue to

0:12:04.400 --> 0:12:10.080
<v Speaker 1>report favorable financial results. We saw some specific transactions UM

0:12:10.280 --> 0:12:13.760
<v Speaker 1>that looked very suspicious that we focused more deeply on.

0:12:14.040 --> 0:12:16.640
<v Speaker 1>We were able to get a conviction in the Anderson case.

0:12:16.800 --> 0:12:19.680
<v Speaker 1>We then we're able to bring charges against three British

0:12:19.720 --> 0:12:24.320
<v Speaker 1>bankers and begin extradition proceedings involving them. And around that

0:12:24.440 --> 0:12:26.880
<v Speaker 1>same time, which would have been about July of two

0:12:26.920 --> 0:12:31.760
<v Speaker 1>thousand two, we got the first significant cooperating Enron insider

0:12:31.880 --> 0:12:35.559
<v Speaker 1>witness who has with somebody who was kind of a

0:12:35.640 --> 0:12:39.040
<v Speaker 1>right hand man to the chief financial officer, Andy fast Out,

0:12:40.360 --> 0:12:44.160
<v Speaker 1>his sort of principal deputy right hand man, decided to

0:12:44.200 --> 0:12:47.640
<v Speaker 1>cooperate with us, and that helped tremendously in advancing our

0:12:47.760 --> 0:12:53.199
<v Speaker 1>understanding of internal discussions and who knew what when at Enron,

0:12:53.360 --> 0:12:56.360
<v Speaker 1>and that was tremendously helpful. And from then, which was

0:12:56.400 --> 0:12:59.120
<v Speaker 1>as I said about July of two thousand two, there

0:12:59.200 --> 0:13:04.080
<v Speaker 1>was a fairly quick momentum change and additional people started

0:13:04.080 --> 0:13:09.440
<v Speaker 1>cooperating UM and providing information and the case the case

0:13:09.480 --> 0:13:12.559
<v Speaker 1>started moving, as you know, in the way we wanted

0:13:12.600 --> 0:13:15.880
<v Speaker 1>it to more quickly, Sarbanes Oxley. You know it came

0:13:16.200 --> 0:13:18.480
<v Speaker 1>as a result of this. Did this make the world

0:13:18.559 --> 0:13:23.640
<v Speaker 1>safer from situations like Cameron? I think the collapse of

0:13:23.720 --> 0:13:26.240
<v Speaker 1>Enron and the sort of the associated shock of that

0:13:26.320 --> 0:13:29.120
<v Speaker 1>collapse and the magnitude of that collapse did actually get

0:13:29.120 --> 0:13:31.800
<v Speaker 1>people's attention and it made a difference. Obviously, it helps

0:13:31.840 --> 0:13:35.600
<v Speaker 1>spawn Sarbanes Oxley, which I think has been useful. But

0:13:35.640 --> 0:13:38.520
<v Speaker 1>I think more importantly, the fact that there was a

0:13:38.520 --> 0:13:41.680
<v Speaker 1>company that had corruption at the highest levels and in

0:13:41.720 --> 0:13:45.400
<v Speaker 1>the c suite, which is something frankly you very rarely see,

0:13:46.040 --> 0:13:48.840
<v Speaker 1>was really appalling and shocking and has led to an

0:13:49.040 --> 0:13:53.520
<v Speaker 1>entire new outlook in corporate America and globally about the

0:13:53.559 --> 0:13:58.559
<v Speaker 1>importance of culture and tone at the top and compliance

0:13:58.840 --> 0:14:02.400
<v Speaker 1>controls and integrity UM, all of which I think has

0:14:02.440 --> 0:14:07.079
<v Speaker 1>been a net plus for for the for the economy. Um,

0:14:07.120 --> 0:14:09.160
<v Speaker 1>I'm not going to say that Enron changed the world,

0:14:09.200 --> 0:14:11.080
<v Speaker 1>but it was certainly a wake up call for the

0:14:11.120 --> 0:14:15.120
<v Speaker 1>need for companies to take compliance much more seriously and

0:14:15.400 --> 0:14:17.920
<v Speaker 1>focus much more on the top messages coming from their

0:14:17.960 --> 0:14:21.280
<v Speaker 1>top people. Leslie Caldwell, partner with the law firm Latham

0:14:21.320 --> 0:14:23.440
<v Speaker 1>and Watkins. We appreciate you taking time and joining us

0:14:23.480 --> 0:14:26.720
<v Speaker 1>today on Bloomberg Law. Thank you my pleasure. That's it

0:14:26.760 --> 0:14:29.240
<v Speaker 1>for this edition of the Bloomberg Law Show. Remember you

0:14:29.240 --> 0:14:32.119
<v Speaker 1>can always get the latest legal news on our Bloomberg

0:14:32.200 --> 0:14:36.600
<v Speaker 1>Law podcast. You can find them on Apple Podcast, Spotify

0:14:36.680 --> 0:14:42.400
<v Speaker 1>and on www dot Bloomberg dot com slash podcast Slash Law,

0:14:42.560 --> 0:14:45.400
<v Speaker 1>and remember to tune into The Bloomberg Law Show every

0:14:45.480 --> 0:14:48.000
<v Speaker 1>night at ten pm Wall Street Time. The show is

0:14:48.040 --> 0:14:51.240
<v Speaker 1>produced by Eric Mallow for Bloomberg Radio. I'm Joe Shortsley.

0:14:51.440 --> 0:14:53.440
<v Speaker 1>Thank you for listening, and remember to tune into the

0:14:53.480 --> 0:14:59.240
<v Speaker 1>next edition of Bloomberg Law right here on Bloomberg Radio.

0:15:00.080 --> 0:15:00.120
<v Speaker 1>M