WEBVTT - Bloomberg Businessweek Weekend - April 17th, 2021 (Podcast) 0:00:01.040 --> 0:00:05.440 This is Bloomberg Business Week inside from the reporters and 0:00:05.600 --> 0:00:09.200 editors who bring you America's most trusted business magazine, plus 0:00:09.240 --> 0:00:13.200 global business, finance and tech news as it happened, Sloomberg 0:00:13.240 --> 0:00:16.759 Business Week with Carol Messer and Bloomberg Quick Takes. Tim 0:00:16.800 --> 0:00:21.360 Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the weekend 0:00:21.480 --> 0:00:23.760 edition of Bloomberg Business Week. For those of you keeping 0:00:23.800 --> 0:00:26.800 track week fifty seven, working from home still for so 0:00:26.840 --> 0:00:29.479 many Tim and I though both in the office this week, 0:00:29.720 --> 0:00:31.680 and I have to say, over the last week both 0:00:31.680 --> 0:00:34.519 of us reminded that COVID is alive and kicking, and 0:00:34.560 --> 0:00:37.600 concerns about possibly getting it, putting us back home, each 0:00:37.640 --> 0:00:39.400 of us for a few days. Yeah it did. I 0:00:39.400 --> 0:00:41.599 mean a running nose is no longer just a running nose. 0:00:41.640 --> 0:00:43.640 It's a running nose plus waiting a few days than 0:00:43.760 --> 0:00:46.680 a COVID test exactly, Fortunately a negative one on my 0:00:46.760 --> 0:00:49.519 part mine as well. Well. Speaking of the virus, US 0:00:49.560 --> 0:00:52.199 regulators pausing the use of J and J's vaccine as 0:00:52.240 --> 0:00:55.960 they await more information on possible complications coming up this hour, 0:00:56.080 --> 0:00:59.400 how that news may lead to more vaccine hesitancy. We'll 0:00:59.440 --> 0:01:02.560 talk with the EEO of Surgical Solutions and tim Even 0:01:02.680 --> 0:01:05.280 with the J and J setback, companies are plotting their 0:01:05.319 --> 0:01:09.559 way forward. We'll hear from the CEOs of Imax, Hyatt Hotels, Tapestry, 0:01:09.680 --> 0:01:12.000 and Mozilla, and one of the founders of Jet dot Com, 0:01:12.120 --> 0:01:14.960 Nate Faust, on his new startup Olive. All of that 0:01:15.040 --> 0:01:17.280 to come, we begin with this week's Chip Summit at 0:01:17.280 --> 0:01:20.640 the White House. President Biden stop economic and National Security 0:01:20.640 --> 0:01:23.800 advisors hosted more than a dozen chief executive officers to 0:01:23.840 --> 0:01:26.720 talk about the administration's two and a quarter trillion dollar 0:01:26.840 --> 0:01:30.920 infrastructure plan and the global semiconductor shortage. The President says 0:01:30.920 --> 0:01:34.080 there's bipartisan support in Congress for efforts to strengthen the 0:01:34.160 --> 0:01:38.119 U S supply chain and revamp batteries and semiconductors. Chin 0:01:38.240 --> 0:01:40.760 and the rest of the world is not waiting, and 0:01:40.800 --> 0:01:44.679 there's no reason why American should. Among those attending the 0:01:44.760 --> 0:01:48.160 CEOs of four GM, Intel, and Google. In a recent 0:01:48.200 --> 0:01:51.559 story in Bloomberg Business Week explored Intel's new hell Mary 0:01:51.560 --> 0:01:55.040 with a twenty million dollar bet on US manufacturing. We 0:01:55.120 --> 0:01:58.400 talked with Bloomberg Business Week editor Joel Weber and Tom Giles, 0:01:58.400 --> 0:02:02.880 Bloomberg technology executive at look until has the money, UM. 0:02:03.000 --> 0:02:05.400 And they still throw off a lot of cash from 0:02:05.440 --> 0:02:09.080 their existing business. UM. So I have no doubt that 0:02:09.120 --> 0:02:13.000 they're going to throw a lot of money at this problem. UM. 0:02:13.080 --> 0:02:16.320 The challenge for them is that they have slipped in 0:02:17.080 --> 0:02:21.280 production of the most advanced ships and just how quickly 0:02:21.760 --> 0:02:23.440 can you You can throw a lot of money at 0:02:23.480 --> 0:02:25.760 the problem, but how quickly can you get these new 0:02:26.280 --> 0:02:30.520 um fabs, these new chip production plants up and running, um, 0:02:30.520 --> 0:02:33.520 And how quickly can you fix the technology that they've 0:02:33.520 --> 0:02:36.800 fallen behind? That you know, making these chips smaller and 0:02:36.840 --> 0:02:41.120 smaller every cycle becomes harder and harder and harder to 0:02:41.200 --> 0:02:44.360 do at the scale that Intel needs to do it. Remember, 0:02:44.400 --> 0:02:46.840 they're the main supplier to the to the to the 0:02:46.880 --> 0:02:50.440 servers and the computers around the world. UM. And the 0:02:50.480 --> 0:02:53.360 fact of the matter is other companies have just gotten 0:02:53.480 --> 0:02:57.480 faster and better than they are at cranking these things 0:02:57.480 --> 0:03:00.239 out at scale. And that's the that's the real chans 0:03:00.360 --> 0:03:03.239 that they have right now. What's great about this story, UM, 0:03:03.240 --> 0:03:05.400 there's so much and I can only imagine the individuals 0:03:05.480 --> 0:03:07.440 you talk to it because there's so much insight into 0:03:07.480 --> 0:03:11.480 the different CEOs and the different stumbles that Intel did 0:03:11.520 --> 0:03:14.920 after just kind of owning I feel like the semiconductor 0:03:14.960 --> 0:03:18.360 industry you talk specifically, I feel like about a major 0:03:18.400 --> 0:03:21.360 blunder tom and that was the misstep it did with 0:03:21.400 --> 0:03:23.880 Apple by not linking up with them. How much did 0:03:23.880 --> 0:03:26.600 that set them back? Yeah, So when it comes to 0:03:26.680 --> 0:03:32.040 mobile chips um, that is an area where Intel just 0:03:32.480 --> 0:03:36.560 tried and tried again many times to get a told 0:03:36.640 --> 0:03:39.480 in that market. One of the early one of the 0:03:39.520 --> 0:03:43.040 early instances that we talked about in the story is 0:03:43.080 --> 0:03:46.160 when the former CEO, a guy by the name of 0:03:46.200 --> 0:03:50.640 Paul o'dalini, was you know, this is before the smartphone introduction, 0:03:50.760 --> 0:03:54.120 right in the mid two thousands. This is when Steve Jobs, 0:03:54.200 --> 0:03:57.640 the founder of Apple, came to Intel and said, Okay, 0:03:57.840 --> 0:03:59.480 we want to cut a deal with you to make 0:03:59.560 --> 0:04:04.080 chips or our phone and Paul and Paul o'dalini just 0:04:04.080 --> 0:04:06.360 just balked at it. He said he wasn't pleased with 0:04:06.400 --> 0:04:10.559 the terms of that. That ended up being a really um, 0:04:10.600 --> 0:04:13.840 you know, really landmark decision and one that has worked 0:04:13.880 --> 0:04:17.560 against them, mainly because what it did is as this 0:04:17.600 --> 0:04:21.520 business went to other companies, first Stampsung and then later 0:04:21.720 --> 0:04:26.280 this company in Taiwan called Taiwan Semiconductor Manufacturing Company. Will 0:04:26.360 --> 0:04:30.440 you win the contract to supply Apple? A lot comes 0:04:30.440 --> 0:04:32.400 with that, you get, part of you get, You get 0:04:32.440 --> 0:04:37.159 into this ecosystem, and you gained the ability to really 0:04:37.200 --> 0:04:42.160 be the point, the point, the supplier for this incredibly 0:04:42.720 --> 0:04:46.240 you know, fast moving market which was smartphone. I mean 0:04:46.279 --> 0:04:49.719 remember what it was like when when you know, fifteen 0:04:49.839 --> 0:04:53.400 years ago, when these when this was taking off, everybody 0:04:53.480 --> 0:04:55.960 was just rushing to get these and that created a 0:04:56.000 --> 0:05:00.479 lot of business for the semiconductor industry. They us that 0:05:00.560 --> 0:05:05.039 moment which became sort of the beginning of the mobile revolution. 0:05:05.680 --> 0:05:08.080 Um and you know, as you as you both write 0:05:08.080 --> 0:05:11.040 in the story, you know Intel's predicament didn't come about overnight. 0:05:11.080 --> 0:05:14.680 It's been a consequence of a decade. It's worth of missteps. 0:05:14.720 --> 0:05:16.960 One of my most favorite elements of this story, and 0:05:17.320 --> 0:05:20.159 what I think we do UM especially well with the 0:05:20.160 --> 0:05:23.000 magazine are these sort of like case studies and and 0:05:23.040 --> 0:05:25.360 this one really feels like a management case studies. So 0:05:25.360 --> 0:05:27.320 when when you step back and you know, having covered 0:05:27.320 --> 0:05:30.560 this company for years now, if you approach it through 0:05:30.600 --> 0:05:33.039 that case study, lens, what are some of the big 0:05:33.080 --> 0:05:37.480 management take takeaways? That you think. Um, you know, readers 0:05:37.480 --> 0:05:40.320 will find most interesting here. And please talk about Brian 0:05:40.440 --> 0:05:45.600 Kay Sure. Well, before we talked about Brian credetit, you 0:05:45.640 --> 0:05:47.840 have to go back to Andy Grove. He was one 0:05:47.880 --> 0:05:50.240 of the original founders of Intel and one of its 0:05:50.320 --> 0:05:54.960 longest lasting cdo and he was legendary, um specifically for here. 0:05:55.040 --> 0:05:58.920 He was very demanding, um. He you know, he was, 0:05:59.040 --> 0:06:04.560 he was very discipline um. And he ran Intel. You know, 0:06:04.680 --> 0:06:09.480 he was seen as a one of the early management 0:06:09.520 --> 0:06:14.640 guru um, after whom many of the biggest tech executives 0:06:14.680 --> 0:06:18.520 out there right now patterned their management style. That was 0:06:18.560 --> 0:06:21.800 Tom Giles, Bloomberg Technology Executive editor, along with Bloomberg Business 0:06:21.839 --> 0:06:24.520 Week editor Joel Weber. Intel is such a I feel 0:06:24.560 --> 0:06:26.560 like business school case study, and a lot of it 0:06:26.600 --> 0:06:30.120 has to do with management along the way. Yeah, thereof 0:06:30.640 --> 0:06:32.960 quite a shuffle of executives in recent years as well. 0:06:33.000 --> 0:06:36.720 Absolutely great story. Well coming up, US regulators maintain a 0:06:36.800 --> 0:06:39.560 pause in the use of Johnson and Johnson's vaccine because 0:06:39.600 --> 0:06:42.520 of risks the impact on the public. That's coming up next. 0:06:42.600 --> 0:06:54.920 You're listening to Bloomberg Business Week. This is Bloomberg. This 0:06:55.320 --> 0:06:59.000 is Bloomberg Business Week. With Carol Messer and Bloomberg Quick 0:06:59.040 --> 0:07:03.719 takes Tim Stone of it from Bloomberg Radio. The virus 0:07:03.839 --> 0:07:06.760 a setback this week for Johnson and Johnson's vaccine as 0:07:06.760 --> 0:07:09.720 a CDC panel meant to talk about possible risks and 0:07:09.760 --> 0:07:12.200 decided to maintain a pause on the use of the drug. 0:07:12.680 --> 0:07:15.240 The move Tim reminding us that the path forward is 0:07:15.280 --> 0:07:17.520 a winding one. I have to say when it crossed 0:07:17.520 --> 0:07:20.160 the Bloomberg bit of a shocker, it really was a shocker. 0:07:20.200 --> 0:07:22.360 Markets did seem to shrug it off, and to me, 0:07:22.440 --> 0:07:24.880 it was not just a story about Johnson and Johnson, 0:07:24.920 --> 0:07:26.880 but also a story about the other vaccines that have 0:07:26.960 --> 0:07:30.000 been approved for emergency use authorization, those from Fiser and Maderna, 0:07:30.120 --> 0:07:32.840 the MR and A vaccines. Yeah, absolutely listen. And it's 0:07:32.880 --> 0:07:34.960 just a reminder, like everyone has said, we need a 0:07:35.040 --> 0:07:38.320 portfolio of vaccines to get through this, especially something like 0:07:38.400 --> 0:07:41.080 Johnson and Johnson. Great for emerging markets, it's an easier 0:07:41.120 --> 0:07:43.640 it's a one shot vaccine, but nonetheless a little bit 0:07:43.640 --> 0:07:45.080 of a stumble this week. Well. For more on the 0:07:45.120 --> 0:07:46.880 virus and vaccine roll out one of our go to 0:07:47.040 --> 0:07:49.880 voices throughout the pandemic, ALYSSA wrapped the CEO of the 0:07:49.880 --> 0:07:53.920 healthcare solutions company, Surgical Solutions, It's really amazing that, you know, 0:07:53.960 --> 0:07:56.120 we are very fortunate still to feel this way. Only 0:07:56.160 --> 0:07:58.200 twenty two point three percent of the country is fully 0:07:58.280 --> 0:08:01.320 vaccinated in thirty six four percent or one shot in 0:08:01.480 --> 0:08:04.640 for the CDC, and so we're still less than of 0:08:04.640 --> 0:08:06.640 the population those of us that can jump for joy 0:08:06.680 --> 0:08:08.680 and feel like we are at least, you know, good 0:08:08.720 --> 0:08:11.640 to go for this round. So I feel really bullish 0:08:11.680 --> 0:08:14.160 that everyone who can get it, who is eager to 0:08:14.160 --> 0:08:16.760 get it, should and if it spies room there and 0:08:16.840 --> 0:08:18.520 it takes two shots versus one for at least a 0:08:18.520 --> 0:08:21.040 period of time, so be it do to two and 0:08:21.080 --> 0:08:23.520 just keep going. Well, listen, how's this playing out when 0:08:23.520 --> 0:08:24.920 it comes to to your staff who is on the 0:08:24.920 --> 0:08:26.600 front lines, Because we have talked to you in the 0:08:26.600 --> 0:08:30.360 past about vaccine hesitancy among frontline workers, among healthcare workers, 0:08:30.400 --> 0:08:33.800 but we've also heard about data that show that when 0:08:33.840 --> 0:08:37.600 more people do get vaccinated within social circles, people start 0:08:37.640 --> 0:08:39.720 to get on board if they were hesitant in the beginning. 0:08:39.760 --> 0:08:42.160 How's it playing out for your employees? Um, we have 0:08:42.559 --> 0:08:44.880 as you would imagine, it's an astute question. We have 0:08:44.960 --> 0:08:49.240 had pockets of perseverance and pockets of hesitancy. So some 0:08:49.280 --> 0:08:53.680 of the hesitancy has not surprisingly detailed with states or 0:08:53.679 --> 0:08:56.520 geographies that are more hesitant in general because of their 0:08:56.520 --> 0:08:59.640 political persuasions, and and where we've seen there being a 0:08:59.679 --> 0:09:02.320 lot of administration of the vaccine, like New York City, 0:09:02.320 --> 0:09:06.560 people are much less hesitant and much higher vaccination rates 0:09:06.559 --> 0:09:08.880 even within our own firm. I think that what's interesting 0:09:08.960 --> 0:09:11.080 is is that how Corona continues to play out is 0:09:11.120 --> 0:09:13.880 also really geo focused. As factually said, it might be 0:09:13.920 --> 0:09:16.880 all along. We've got hospitals in Michigan that are already 0:09:16.880 --> 0:09:20.360 teeming with COVID patients again fearing the second variant is here, 0:09:20.679 --> 0:09:22.680 and there are other places that are like empty with 0:09:22.760 --> 0:09:25.600 COVID right now. It just isn't happening right now. Empty 0:09:25.679 --> 0:09:27.840 might be too strong, but but very low incidents of 0:09:27.880 --> 0:09:31.120 COVID patients, So it's very varied. It's going to be endemic, 0:09:31.200 --> 0:09:33.199 right this is this is part of our world. I mean, 0:09:33.360 --> 0:09:35.640 I was talking to a bunch of CEOs for a 0:09:35.679 --> 0:09:38.439 Bloomberg event and they're like, we need to be ready 0:09:38.480 --> 0:09:40.600 for the next one because it's coming. I mean, how 0:09:40.600 --> 0:09:42.480 do you guys, see, what are the conversations an Lissa, 0:09:42.520 --> 0:09:45.280 you guys are having around that conversations are get the 0:09:45.320 --> 0:09:49.280 first round of vaccinations, preferably preferably with the efficacy, because 0:09:49.280 --> 0:09:52.040 then to tweak around the margins for variants with boosters 0:09:52.080 --> 0:09:54.080 is much easier than if you're starting from phase zero 0:09:54.720 --> 0:09:56.880 and if you in and and of course if you 0:09:56.960 --> 0:09:59.080 have already gotten vaccinated, even if it is a variant 0:09:59.080 --> 0:10:03.040 that isn't perfectly uh protected, maybe it will be a 0:10:03.080 --> 0:10:07.320 diminished immunal response. So you just have to hope that 0:10:07.400 --> 0:10:09.720 this first round of vaccinations is laying the foundation, which 0:10:09.720 --> 0:10:12.640 I actually genuinely believe it is. I'm still thinking about 0:10:12.679 --> 0:10:14.440 J and J here. Do you think this is the 0:10:14.520 --> 0:10:16.120 end of the J and J shot? Even if it 0:10:16.520 --> 0:10:18.720 if it you don't, Okay, So even if it don't, 0:10:19.040 --> 0:10:21.120 I'm not I have no insider information on jans Jan. 0:10:21.160 --> 0:10:23.480 I'm not a board member. But they've administered six point 0:10:23.480 --> 0:10:26.800 a million doses and there were six cases and they 0:10:26.800 --> 0:10:29.560 were all amongst women who experience these low levels of 0:10:29.559 --> 0:10:33.280 blood platelets um in combination with their vaccinations. So do 0:10:33.320 --> 0:10:38.000 I think there will be necessarily additional screens and flags 0:10:38.120 --> 0:10:40.920 when you should not necessarily get the J and J shot. Sure, 0:10:41.400 --> 0:10:43.280 but it's a it's a blood clot, you know, the 0:10:43.360 --> 0:10:47.280 cerebral venice sinus thrombosis c v s T, which hopefully 0:10:47.320 --> 0:10:50.160 they can research further and help screen better for the 0:10:50.160 --> 0:10:52.960 patients who would be a risk or tweet the vaccine 0:10:53.000 --> 0:10:55.480 to not cause that response. But again, I do agree 0:10:55.520 --> 0:10:59.720 with Nate Silver, this is unfortunately statistically insignificant. And you know, 0:10:59.760 --> 0:11:02.800 the risk of getting COVID and having it newly adverse 0:11:02.800 --> 0:11:05.240 health reaction is higher than the risk of having an 0:11:05.240 --> 0:11:07.480 adverse reaction from J and J little and anything else. 0:11:07.520 --> 0:11:10.080 So but when I and when I say and, I 0:11:10.120 --> 0:11:13.440 don't mean that it will be permanently pulled or suspended. 0:11:13.720 --> 0:11:16.880 What I mean is, even if it does get back 0:11:16.920 --> 0:11:21.000 to the point where the agencies are recommending that it 0:11:21.080 --> 0:11:24.480 be given in states, is there a chance that that 0:11:24.559 --> 0:11:28.720 ship sailed when the agency has made this decision to 0:11:29.280 --> 0:11:32.319 make this recommendation and it ultimately lead to people saying, Okay, 0:11:32.320 --> 0:11:35.319 well no thanks to the to the J and J. Instead, 0:11:35.360 --> 0:11:37.920 I'm going to go with the m R and A shots. 0:11:38.360 --> 0:11:40.920 It could, it could any other reality is we also 0:11:40.960 --> 0:11:43.199 don't know what else is in the on the horizon 0:11:43.240 --> 0:11:46.199 to be for emergency approval. I know, Astrosonica on others 0:11:46.200 --> 0:11:49.040 that have been produced globly are not popular or used 0:11:49.040 --> 0:11:52.600 here yet, but there will probably still be additional innovations 0:11:52.679 --> 0:11:57.520 yet that can continue to protect Americans from COVID nineteen, 0:11:57.679 --> 0:12:00.280 this variant or others. So I'm I'm still to bet 0:12:00.280 --> 0:12:02.760 on the technology and the innovators. It's just how I'm 0:12:02.760 --> 0:12:04.920 wired and what I believe in. But I do think that, 0:12:05.559 --> 0:12:07.160 you know, it's it's a tough position to be in 0:12:07.160 --> 0:12:08.680 for j J. I don't think it will be the 0:12:08.720 --> 0:12:11.319 last we see of their vaccine, but even so, whether 0:12:11.360 --> 0:12:14.360 it is or isn't, fortunately we have enough of the 0:12:14.360 --> 0:12:18.720 others being produced and so much more widespread distribution that really, 0:12:19.720 --> 0:12:21.600 you know, if people want to be getting these vaccines 0:12:21.640 --> 0:12:24.200 apprile after April nineteen, which we obviously hope they do, 0:12:24.240 --> 0:12:26.240 they should have no challenge doing so. There are some 0:12:26.280 --> 0:12:28.439 states that are have much higher stats than the national 0:12:28.440 --> 0:12:32.120 averages I've given you fully vaccinated some states anyone over 0:12:32.120 --> 0:12:34.880 sixteen is be knowledgeable for a long time, less populous states, 0:12:34.880 --> 0:12:37.920 but there are states that are closer to herd immunity 0:12:37.960 --> 0:12:39.719 than the country as a whole, So let's all get 0:12:39.720 --> 0:12:41.720 there as quickly as we can. How important is it 0:12:41.760 --> 0:12:44.480 all that we all get quickly globally, get there quickly 0:12:44.920 --> 0:12:48.480 globally ALYSSA in order to really getting ahead of this 0:12:48.520 --> 0:12:52.240 and beyond it. I think economically it's absolutely crucial, and 0:12:52.280 --> 0:12:55.640 I think pragmatically it's also really important. We live in 0:12:55.640 --> 0:12:59.520 a global marketplace and a global business enterprise, and the 0:13:00.960 --> 0:13:05.480 phony and false yet real I guess that's actually more 0:13:05.480 --> 0:13:08.080 on walls we've put up in this in this last 0:13:08.120 --> 0:13:09.720 year and a half in terms of freedom of movement 0:13:09.720 --> 0:13:12.839 internationally have real consequence. I haven't been able to get 0:13:12.840 --> 0:13:14.880 my oparent from France. On a very personal note, I 0:13:14.920 --> 0:13:16.839 have friends who are not being able to see loved 0:13:16.880 --> 0:13:19.280 ones with the ease in Europe. Though, we need a 0:13:19.440 --> 0:13:22.920 solve globally for these vaccination schedules so that we can 0:13:23.040 --> 0:13:26.319 begin that freedom of movement and goods more easily, absolutely 0:13:26.360 --> 0:13:28.959 as soon as possible will be best for the global economy. 0:13:29.000 --> 0:13:32.640 Otherwise the people negatively impact in the country's negatively impact 0:13:32.640 --> 0:13:36.160 by this are going to get even more acutely you know, 0:13:36.200 --> 0:13:40.480 impacted economically. That was a lista wrap. CEO of Surgical solutions, 0:13:40.480 --> 0:13:42.720 reminding us we need a global solution. It can't just 0:13:42.840 --> 0:13:45.160 be focusing on your country. I mean the borders, and 0:13:45.720 --> 0:13:48.280 the virus doesn't know a border. The problem is we 0:13:48.320 --> 0:13:50.520 do not have a global solution. There are still wide, 0:13:51.360 --> 0:13:53.480 widespread parts of the world that do not have access 0:13:53.520 --> 0:13:56.000 to vaccines yet. I always think about our conversation with 0:13:56.000 --> 0:13:58.520 Nobel Laurie Joseph Steak Let's saying, listen, developed nations, you've 0:13:58.520 --> 0:14:00.160 got to take care of the developing world as well 0:14:00.200 --> 0:14:02.840 when it comes to vaccines and other measures. We'll still ahead. 0:14:02.840 --> 0:14:06.480 On Bloomberg Business Week, what do Amazon, Black Rock, Google, 0:14:06.600 --> 0:14:08.760 and Warren Buffett have in commoned, Well, they all signed 0:14:08.760 --> 0:14:11.840 a letter in opposition of any discriminatory legislation that would 0:14:11.840 --> 0:14:14.040 make it harder for people to vote. This is legislation 0:14:14.080 --> 0:14:16.720 that is happening in almost every state, Carol. It was 0:14:16.720 --> 0:14:19.240 a corporate come together and to go to voice on 0:14:19.360 --> 0:14:23.160 leadership Yales Jeff Snenfeld on companies and those CEO is 0:14:23.160 --> 0:14:26.720 banning together and those that don't. There are implications. This 0:14:26.840 --> 0:14:34.680 is Bloomberg broadcasting from the financial capital of the world 0:14:34.760 --> 0:14:38.240 Bloomberg eleven Frio in New York to Washington d C 0:14:38.400 --> 0:14:43.120 Bloomberg to Boston, Bloomberg one O six one to San Francisco, 0:14:43.200 --> 0:14:46.640 Bloomberg nine sixty to the country Sirius XM Chado one 0:14:46.720 --> 0:14:49.880 nineteen and around the globe the Bloomberg Business app and 0:14:49.920 --> 0:14:55.240 Bloomberg Radio dot com. This is Bloomberg Business Week. This 0:14:55.280 --> 0:14:57.920 week Bloomberg Live hosted an event. It was called Disruption 0:14:57.960 --> 0:15:00.680 the New Economic Driver, and timis part did that event. 0:15:00.800 --> 0:15:03.320 I caught up with Jeffson and Felt, senior Associate Dean 0:15:03.360 --> 0:15:06.080 for Leadership Studies at Yale University School of Management. Well. 0:15:06.080 --> 0:15:08.080 He also spoke with US Carroll in our daily radio 0:15:08.120 --> 0:15:10.440 show about this week's published letter that was signed by 0:15:10.520 --> 0:15:14.520 hundreds of companies and executives opposing quote any discriminatory legislation, 0:15:14.680 --> 0:15:16.920 end quote that would make it harder for people to 0:15:17.000 --> 0:15:19.920 vote well. Full disclosure. Michael R. Bloomberg, founder, Bloomberg ALP 0:15:20.000 --> 0:15:23.400 and Bloomberg Philanthropies was a co signatory. Here's more from 0:15:23.520 --> 0:15:28.280 yalees Jeffson and Felt on the action v CEOs is remarkable. 0:15:28.680 --> 0:15:31.720 It is it is a great affirmation of each other, 0:15:32.000 --> 0:15:34.080 which is what we found on our weekend event. We 0:15:34.160 --> 0:15:37.840 had on forty eight hours notice pulled together these titans 0:15:37.880 --> 0:15:42.320 of industry on Saturday, and we invited a ninety of 0:15:42.320 --> 0:15:44.840 them came out and then while they're Kenn Fraser and 0:15:44.880 --> 0:15:48.200 Ken Chenault invited them UH and then invited them and 0:15:48.240 --> 0:15:52.400 their friends UH to join this petition that was an extension, 0:15:52.400 --> 0:15:55.680 of course, with the seventy two black executives that signed 0:15:55.680 --> 0:16:00.240 a week earlier. And the response was thunderous and of 0:16:00.280 --> 0:16:03.200 it is um you know, it's it's it's kind of 0:16:03.240 --> 0:16:08.320 a strong affirmation of each other, but also a strong 0:16:08.360 --> 0:16:10.720 statements They're not going to be intimidated by anybody says 0:16:10.760 --> 0:16:12.480 give us your money and shut up. You know, it's 0:16:12.480 --> 0:16:15.440 about taxation and representation. Do you say this unfolding in 0:16:15.440 --> 0:16:18.160 front of you, then yes, it It was kind of 0:16:18.200 --> 0:16:22.000 a if you don't mean to offend anybody politically, but 0:16:22.000 --> 0:16:25.680 if you take a look at these voter suppression rules, 0:16:25.760 --> 0:16:29.840 these laws going across forty seven states now it was 0:16:29.880 --> 0:16:32.760 forty two last week and now atty seven, is that 0:16:32.960 --> 0:16:35.520 it's seeing that as as a as a viral disease 0:16:35.560 --> 0:16:39.160 in itself counter it has been this gathering storm of 0:16:39.200 --> 0:16:42.560 CEO support. UH. It is in fact a support of 0:16:42.640 --> 0:16:46.000 defiance in the eyes of those trying to intimidate them. 0:16:46.080 --> 0:16:48.760 It's happened before in Georgia. Some of the Georgia companies, 0:16:48.800 --> 0:16:51.200 like you know, Coke and especially Delta and others who 0:16:51.280 --> 0:16:54.600 got out front on gun safety issues and things suffered 0:16:54.720 --> 0:16:58.280 ridiculous reprisals for the positions they took in terms of 0:16:58.560 --> 0:17:03.760 selective regulator a taunts and actual selected taxation things that 0:17:03.800 --> 0:17:08.359 are unconstitutional, of course, but they still became issues they 0:17:08.400 --> 0:17:10.879 had to wrestle with these things. Are CEOs are saying 0:17:10.880 --> 0:17:13.160 we're not going for that kind of like they did 0:17:13.160 --> 0:17:15.240 when Ken Fraser of merch stood out in front and 0:17:15.280 --> 0:17:19.480 stepped off President Trust's Business Advisory Council, and then then 0:17:19.480 --> 0:17:22.000 you saw that stampede where they all left. But the 0:17:22.040 --> 0:17:25.040 first first seven American history that the business community said 0:17:25.040 --> 0:17:27.400 no to the commander in chiefs called action. I wonder though, 0:17:27.880 --> 0:17:32.160 beyond this statement, beyond this letter, and beyond what these 0:17:32.160 --> 0:17:34.760 companies are saying when it comes to actions and what 0:17:34.840 --> 0:17:38.280 these companies can do to actually compel the state legislatures 0:17:38.359 --> 0:17:41.240 not to move forward with these restrictions. Well, you know, 0:17:41.280 --> 0:17:43.240 that's a really good thing. It's easy, you might say, 0:17:43.280 --> 0:17:46.080 it's easy to sign on. It's really not that easy 0:17:46.320 --> 0:17:48.560 to get out in front and put your names out there. 0:17:48.920 --> 0:17:51.560 It's still people will say talk is cheap. It's not cheap. 0:17:51.600 --> 0:17:54.159 There are repercussions, and it's really great they did this. However, 0:17:54.440 --> 0:17:56.760 what else beyond the talk enough with petitions, you know, 0:17:56.840 --> 0:17:59.480 can have a kaleidoscope of these petitions already is the 0:17:59.520 --> 0:18:02.159 next day age of this is you're seeing that there 0:18:02.200 --> 0:18:06.400 are economic sanctions. Nobody in Georgia wanted, you know, the 0:18:06.440 --> 0:18:08.640 Major League Baseball to move the All Star Game out. 0:18:09.400 --> 0:18:14.040 We had, though, commissioned a morning console overnight set of 0:18:14.040 --> 0:18:16.439 interviews of a couple of thousand Americans, and what was 0:18:16.520 --> 0:18:19.320 astounding is that it is very popular in the country 0:18:19.320 --> 0:18:23.680 outside of Georgia, especially with avid baseball fans. And we 0:18:23.720 --> 0:18:28.040 saw yesterday Apple with Will Smith pull out in the 0:18:28.200 --> 0:18:32.159 entertainment sports filmmaking center of Georgia is very strong that 0:18:32.240 --> 0:18:35.440 these kinds of economic hits are profound. But there are 0:18:35.840 --> 0:18:38.520 other issues. There are legislative issues, and there are things 0:18:38.560 --> 0:18:41.280 like you may have seen today. Brad Krp just announced, 0:18:41.280 --> 0:18:45.439 the chairman of Paul Weiss, that they have bounded together 0:18:45.520 --> 0:18:49.159 almost seventy of the nation's largest law firms for swat 0:18:49.160 --> 0:18:53.359 teams instant ready right now to go out to these states. Hey, Jeff, 0:18:53.480 --> 0:18:56.399 just quickly, and it's gonna be quick, only about thirty seconds. 0:18:56.560 --> 0:18:59.399 Is Delta making a mistake, Coca Cola making a mistake 0:18:59.480 --> 0:19:02.480 there in the state of Georgia by not being part 0:19:02.560 --> 0:19:06.480 of this petition or at least this signature um this letter. 0:19:06.640 --> 0:19:09.840 Are they making mistake? Just quickly? Great, great question because 0:19:09.880 --> 0:19:12.959 you know Walmart, Doug McMillan has been very out these 0:19:13.000 --> 0:19:15.280 kinds of issues and said was Jamie Diamond and JP Morgan. 0:19:15.640 --> 0:19:17.600 Is the fact that some didn't sign and think, you know, 0:19:17.680 --> 0:19:19.399 we've been out there and we don't need to be 0:19:19.440 --> 0:19:20.960 the only ones that they don't know who else is 0:19:20.960 --> 0:19:23.080 going to be, so you know, there's no question about 0:19:23.080 --> 0:19:25.760 where they stand on these issues. That's Jeff Snenfeld, Senior 0:19:25.760 --> 0:19:29.080 Associate Dean for Leadership Studies at Yale University School of Management. 0:19:29.080 --> 0:19:31.639 And I think what's interesting is tim, you know, I 0:19:31.680 --> 0:19:33.760 do wonder when we look back in a few years, 0:19:34.000 --> 0:19:37.120 how we look at companies and their leaders and how 0:19:37.160 --> 0:19:39.720 they weighed in on some really important issues of our time, 0:19:39.760 --> 0:19:44.440 whether it's wealth gaps, racism, inequities. I wonder how history 0:19:44.480 --> 0:19:46.879 will judge them. And one thing that really stuck out 0:19:46.920 --> 0:19:48.439 to me about the interview was when you asked him 0:19:48.440 --> 0:19:51.080 about the companies that didn't sign this, because there were 0:19:51.080 --> 0:19:53.080 a lot of companies that that that didn't sign this 0:19:53.200 --> 0:19:55.920 that have been outspoken about this. Be sure to catch 0:19:55.960 --> 0:19:58.320 the full interview. It's available at Bloomberg dot com. And 0:19:58.359 --> 0:20:00.960 here more from that Bloomberg Live event all about disruption 0:20:01.000 --> 0:20:03.480 in the economic impact. You can find that at Bloomberg 0:20:03.520 --> 0:20:06.399 Live dot com. You're listening to Bloomberg Business Week coming 0:20:06.480 --> 0:20:09.880 up next more on leadership and disruption and Carol, more 0:20:09.920 --> 0:20:12.080 from that be Live event that you hosted. Yeah, I 0:20:12.040 --> 0:20:14.119 gotta tell you, I had a dream team of leaders, 0:20:14.119 --> 0:20:17.800 the CEOs of Hyatt Hotels, Imax, Tapestry, and Mozilla, all 0:20:17.800 --> 0:20:20.399 coming from different industries and all very different types of 0:20:20.480 --> 0:20:23.160 leaders and some great interviews. If I may say so myself. 0:20:23.200 --> 0:20:34.880 Thank you. This is Bloomberg. You're listening to Bloomberg Business 0:20:34.920 --> 0:20:38.680 Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovik 0:20:38.920 --> 0:20:43.680 from Bloomberg Radio Bloomberg Live hosted a virtual event this week. Tim. 0:20:43.800 --> 0:20:46.200 It was about disruption as the new economic driver. It 0:20:46.280 --> 0:20:49.840 was a really very timely topic because we've all lived 0:20:49.840 --> 0:20:51.840 through so much over the last twelve to thirteen months 0:20:51.880 --> 0:20:54.600 and we're wondering how it pays off longer term. At 0:20:54.600 --> 0:20:56.560 the event, I got to talk with a diverse lineup 0:20:56.600 --> 0:21:00.440 of CEOs, the CEOs of Imax, Hyatt Hotels, Tapestry, Mozilla. 0:21:00.560 --> 0:21:02.480 You talked about how disruption has led to change and 0:21:02.600 --> 0:21:05.879 innovation at the companies and across the industries. First up, 0:21:05.920 --> 0:21:08.480