WEBVTT - US-Russian Sanctions & Rogue Trader Nick Leeson Interview 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>This is the Bloomberg DAYBAQ podcast, available every morning on Apple,

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<v Speaker 2>Spotify or wherever you listen. It's Friday, the twenty first

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<v Speaker 2>of February in London. I'm Caroline Hepka.

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<v Speaker 1>And I'm Stephen Carroll. Coming up today. The United States

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<v Speaker 1>signals sanctions on Russia are a bargaining chip in talks

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<v Speaker 1>over ending the Ukraine War.

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<v Speaker 2>The US Treasury secretary tells Bloomberg any move to boost

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<v Speaker 2>longer term debt isn't imminent as investors start to consider

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<v Speaker 2>Trump's ideas for the treasury market.

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<v Speaker 1>Plus, it's been thirty years since Nick Leeson caused the

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<v Speaker 1>collapse of Barings Bank. The former rogue trader tells us

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<v Speaker 1>why he's worried about the UK's post to deregulate.

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<v Speaker 2>Let's start with a roundup of our top stories.

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<v Speaker 1>The United States says sanctions on Russia are on the

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<v Speaker 1>negotiating table and the talks to end the war in Ukraine.

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<v Speaker 1>Treasury Secretary Scott bess End told Bloomberg the White House

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<v Speaker 1>is prepared to either ram boop or ease penalties on

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<v Speaker 1>Moscow as negotiations progress. He also continued the administration's criticism

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<v Speaker 1>of Ukraine's President Vlasimir Zelenski.

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<v Speaker 3>I think President Zolensky unfortunately escalated and has put some

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<v Speaker 3>daylight between them. Escalated that a lot of his remarks

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<v Speaker 3>in Munich. I thought we're inappropriate. President Zelenski, when I

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<v Speaker 3>met with him, assured me that he'd be the signing

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<v Speaker 3>the minerals deal in Munich.

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<v Speaker 4>He has not.

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<v Speaker 1>Scott Bessant there speaking to Boomberg's Anrie Hordern, America's change

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<v Speaker 1>in tone on Ukraine has affected talks among the Group

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<v Speaker 1>of Seven nations. Countries are struggling to agree on a

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<v Speaker 1>draft communicate to mark three years since Russia's invasion after

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<v Speaker 1>the US objected to references to Russia's war of aggression.

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<v Speaker 2>The US Treasury Secretary also told Bloomberg that plans to

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<v Speaker 2>boost the amount of long term debt the US issues

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<v Speaker 2>are a long way off. Bessant has repeatedly criticize his predecessor,

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<v Speaker 2>Janet Yellen for favoring short term debt to fund the

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<v Speaker 2>US economy, but the Treasury Secretary says that rebalancing will

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<v Speaker 2>take time.

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<v Speaker 4>That's a long way off, and we're going to see

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<v Speaker 4>what the market wants. The FED said that they may

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<v Speaker 4>stop their balance sheet runoff, so you know, easier for

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<v Speaker 4>me to exten duration when I'm not competing with another

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<v Speaker 4>big seller. It's going to be past dependent.

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<v Speaker 2>Best, and also dismiss recent market speculation that the government

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<v Speaker 2>might revalue its holdings of gold to reduce US borrowing needs.

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<v Speaker 2>The Treasury Secretary also added that cost savings from Elon

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<v Speaker 2>Musk's Doze efficiency drive should help bring down spending.

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<v Speaker 1>Wall Street is starting to look seriously at plans to

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<v Speaker 1>overhaul the treasuries market drawn up by President Trump's advisors.

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<v Speaker 1>One concept, dubbed the Mari Lago Accord, would involve forcing

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<v Speaker 1>foreign creditors to swap their treasuries into one hundred year

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<v Speaker 1>non trade will zero coupon bonds, and this would ease

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<v Speaker 1>the US as debt burden. Market veter and Jim Bianco

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<v Speaker 1>made it the focus of his client call this week.

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<v Speaker 1>The founder of Bianco Research said, if Trump is bold

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<v Speaker 1>enough to put NATO in jeopardy, he's bold enough to

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<v Speaker 1>do the same with the foundations of the financial system.

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<v Speaker 1>Bond investors are so far showing little sign of concern

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<v Speaker 1>with trading in the treasury market. Particularly cam in recent days.

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<v Speaker 2>Federal Reserve policymaker Alberto Mussulam sees a growing risk of

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<v Speaker 2>inflation stalling above the fed's two percent target or moving higher.

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<v Speaker 2>Speaking at the Economic Club of New York, the Saint

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<v Speaker 2>Lewis FED president argued policy should remain moderately restrictive until

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<v Speaker 2>it's clear the Central Bank's goals are in sight. His

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<v Speaker 2>comments come as a florry of officials shared their outlooks

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<v Speaker 2>amidst uncertainty. They included the Chicago FED president or singles.

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<v Speaker 5>B fiscal policy, in geopolitics, all of those things. If

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<v Speaker 5>it affects prices or it effects employment, then the law

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<v Speaker 5>says we have to think about it. Well, I don't

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<v Speaker 5>tell you what to order at the restaurant. I just say, look,

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<v Speaker 5>what are the prices and what is the menu? And

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<v Speaker 5>if tariffs drive up prices, then we have to think

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<v Speaker 5>about them.

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<v Speaker 2>Fed policymaker Usin coilsby speaking there. The Bank of Atlanta

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<v Speaker 2>President Raphael Bostik also offered his opinion in an essay

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<v Speaker 2>release on Thursday, for costing two rate cuts in twenty

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<v Speaker 2>twenty five, but noting that uncertainty around that projection has

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<v Speaker 2>now risen.

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<v Speaker 1>Israel says Hamas has violated the Gaza ceasefire deal by

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<v Speaker 1>handing over an anonymous body instead of one of the hostages.

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<v Speaker 1>The IDF says the remains they were given were not

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<v Speaker 1>those of Shari Bibas, who was captured alongside her two

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<v Speaker 1>sons in the October seventh, twenty twenty three attacks. A

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<v Speaker 1>spokesman for the US Secretary General, stef Andrew Jarek, called

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<v Speaker 1>for both parties to abide by the terms of the ceasefire.

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<v Speaker 6>The Secretary jeral reiterates his appeal to the party's by

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<v Speaker 6>by their commitments to continue the full implementation of the

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<v Speaker 6>ceasefire and hostage release deal. He urges the parties to

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<v Speaker 6>the conflict to respect the remains of the dead and

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<v Speaker 6>return them to their relatives.

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<v Speaker 1>Stefan der Jarek speaking there, if the two sides can't agree,

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<v Speaker 1>the war could soon start up again, risking more debts

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<v Speaker 1>and Gaza and the lives of the remaining Israeli hostages.

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<v Speaker 1>Bloomberg has learned. This fute comes as Saudi Arabia convenes

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<v Speaker 1>a private summer to discuss a post war Gaza plan

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<v Speaker 1>to counter the US proposal to relocate Palestinians.

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<v Speaker 2>City Group is ending its workplace representation goals and removing

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<v Speaker 2>requirements to interview candidates from diverse backgrounds. The lender cited

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<v Speaker 2>pressure from the Trump administration as a reason for the

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<v Speaker 2>changes set out in an internal memo from CEO Jane

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<v Speaker 2>Fraser seen by Bloomberg. As well as abandoning aspirational representation goals,

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<v Speaker 2>the Diversity, Equity and Inclusion and Talent Management team will

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<v Speaker 2>be renamed to Talent Management and Engagement.

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<v Speaker 1>There's another sign that UK consumers are feeling downbeat about

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<v Speaker 1>the country's economic prospects. That's according to the latest research

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<v Speaker 1>by market research company GfK. Bloomberg's Tea at a Bio

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<v Speaker 1>has more.

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<v Speaker 7>When it comes to the economy, pessimism is higher now

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<v Speaker 7>than it was in the wake of recession a year ago.

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<v Speaker 7>GfK's gauge of expectations over the next year came in

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<v Speaker 7>at minus thirty one this month, seven percentage points weaker

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<v Speaker 7>than February twenty twenty four. That's close to a two

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<v Speaker 7>year low. The lack of confidence could be due to

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<v Speaker 7>warnings of job cuts from firms bracing for increased payroll

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<v Speaker 7>cuts in April, keeping households wary about spending real wage gains.

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<v Speaker 7>It's a blow for the Chancellor of Rachel Reeves as

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<v Speaker 7>she pursues the growth that has eluded labor in its

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<v Speaker 7>first months in power. In London, Tea added Bayo Bloomberg Radio.

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<v Speaker 2>Those are your tops to or is this morning? In

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<v Speaker 2>the markets right now? Chinese tech stock surging to the

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<v Speaker 2>most in three years after the earnings from Ali Barba.

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<v Speaker 2>You have MSCI China Index and now by three point

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<v Speaker 2>two percent overall. A lot of speculation about the Bank

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<v Speaker 2>of Japan that it would hike interest rates sooner rather

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<v Speaker 2>than later after the consumer inflation accelerated in January in

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<v Speaker 2>Japan that saw benchmark Japanese yields touching a fifteen year

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<v Speaker 2>high earlier this morning dampened down though after comments from

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<v Speaker 2>Bank of Japan Governor Caswa a wader and so you

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<v Speaker 2>have the Japanese yen also week of this morning down

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<v Speaker 2>half of one percent. So moving back to one hundred

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<v Speaker 2>and fifty spot four one Bloue McDonald Spot index is

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<v Speaker 2>stronger tenth of one percent. Treasuries edging high in Asia,

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<v Speaker 2>oil heading for its biggest weekly gain since early January,

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<v Speaker 2>and gold holding steady near a record high. Those are

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<v Speaker 2>the markets and the moment.

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<v Speaker 1>We'll bring you more on the US plans for talks

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<v Speaker 1>over Ukraine. Plus, it's been thirty years since the collapse

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<v Speaker 1>of Bearings Bank and Karlyn. You've been speaking to the

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<v Speaker 1>former tregger, nick Leeson, who sparked its collapse.

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<v Speaker 2>Yeah, absolutely fascinating. So nick Leeson caused the collapse of

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<v Speaker 2>the bank as a young man who was twenty eight

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<v Speaker 2>years old. He made so many headlines the two hundred

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<v Speaker 2>and thirty three year old Bearings Bank. That was, you know,

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<v Speaker 2>a banker to the Queen, for example. Nick Leson speaking

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<v Speaker 2>to us looking back at that period in his life

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<v Speaker 2>but also thinking a bit about deregulation and what the

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<v Speaker 2>rollback of regulation here in the UK and elsewhere might mean.

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<v Speaker 2>He had some very interesting comments for us.

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<v Speaker 1>To more in that conversation in just a couple of minutes.

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<v Speaker 1>But first let's turn to our top story this morning,

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<v Speaker 1>Donald Trump upending US policies on Ukraine and on Gaza.

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<v Speaker 1>On Ukraine, the US has signal the sanctions relief for

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<v Speaker 1>Russia could be on the table and talks over ending

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<v Speaker 1>the conflict. Meanwhile, negotiations for the second stage of the

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<v Speaker 1>ceasefire between Hamas and ISRAELO do you to start today

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<v Speaker 1>as well with the details. Here's Bloomberg's EMEA News director

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<v Speaker 1>Raslind Mathison raz Good morning with this talk of sanctions

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<v Speaker 1>relief is a sign that Washington and Moscow are actually

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<v Speaker 1>going to negotiate an end to the invasion of Ukraine.

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<v Speaker 8>Well, it certainly does seem that way. It's interesting to

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<v Speaker 8>see to some extent the US lay out a bit

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<v Speaker 8>of its cards even before proper negotiations begin, or there's

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<v Speaker 8>a meeting directly between the leaders of US and Russia.

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<v Speaker 8>But as you say, the Treasury Secretary has got best

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<v Speaker 8>at indicating in an interview on Bloomberg Television that definitely

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<v Speaker 8>sanctions would be on the table, And that's certainly something

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<v Speaker 8>we've seen Russia indicate it wants to be part of

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<v Speaker 8>the conversation. They keep alluding to it with talk of

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<v Speaker 8>economic measures, the status of their economy with the US,

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<v Speaker 8>so certainly seems to be something that they're very keen

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<v Speaker 8>to happen. The question is, in the meantime, does the

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<v Speaker 8>US perhaps slow down simply the enforcement of sanctions on

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<v Speaker 8>Russia to try and ensure that Russia does indeed get

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<v Speaker 8>to the table in negotiating a war end of the

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<v Speaker 8>war in Ukraine. But obviously, in all of this, the

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<v Speaker 8>thing that stands out is we're talking a lot about

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<v Speaker 8>US and Russia, but there's very little that we know

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<v Speaker 8>about where Ukraine sits in all of this. And again

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<v Speaker 8>the question is do the US and Russia strike a

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<v Speaker 8>whole lot of understandings about how to end this war

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<v Speaker 8>and then only then bring in Ukraine to the conversation.

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<v Speaker 2>Yeah, it's quite a change, isn't it. Russia has been

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<v Speaker 2>a parah. Vlad Laputa has been a perah for so

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<v Speaker 2>many years, so a real kind of change. The US

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<v Speaker 2>and voy kid Klog though, did meet Zelensky, the Ukrainian president,

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<v Speaker 2>who said that his team is ready to work with

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<v Speaker 2>the US. Is there a sign that the Ukraine will

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<v Speaker 2>be listened to? There's been such animosity. Are these talks

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<v Speaker 2>as they progress? Will Ukraine be spoken to? Will they

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<v Speaker 2>be involved?

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<v Speaker 8>Well, they did meet yesterday, as you say, but that

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<v Speaker 8>some of the parameters around the meeting were interesting, or

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<v Speaker 8>the US said that they didn't want to have any

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<v Speaker 8>joint briefing afterward or statement to the media, and Zelensky

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<v Speaker 8>said afterward post on social media that Ukraine is ready

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<v Speaker 8>for what he called a strong, effective, investment and security agreement.

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<v Speaker 8>So that shows again that Ukraine is of course willing

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<v Speaker 8>to talk to the US and wants to be part

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<v Speaker 8>of the conversation, but also wants to sign up to

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<v Speaker 8>an agreement that it sees is strong and effective involving

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<v Speaker 8>the US. And there are reports overnight that the US

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<v Speaker 8>has come back to Ukraine with a further proposal which

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<v Speaker 8>would see the US getting access to some of Ukraine's

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<v Speaker 8>critical minerals, and that's the US has to compensate it

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<v Speaker 8>for its military support for Ukraine and for further support

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<v Speaker 8>in the future. So perhaps there has been some movement there.

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<v Speaker 8>But underlying all of this, given the comments we've seen

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<v Speaker 8>this week, both from the US President and in response

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<v Speaker 8>from Voladimir's Zelenski, you know that relationship remains exceptionally brought.

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<v Speaker 1>Meanwhile, Francis Manuel Macroz's used me Donald Trump on Monday

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<v Speaker 1>in Washington that we want peace in Ukraine, but not

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<v Speaker 1>a capitulation. Can European leaders, and he's only one of

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<v Speaker 1>them that's going to be going to Washington get a

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<v Speaker 1>hearing in the White House on this issue.

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<v Speaker 8>Well, it probably depends on what they're bringing to the table.

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<v Speaker 8>As you said, there's other leaders going there next week,

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<v Speaker 8>including the UK Prime Minister Kiir Starmer, and we know

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<v Speaker 8>from our own reporting that he's being advised to increase

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<v Speaker 8>defense spending in the UK to two point five percent

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<v Speaker 8>of output. That's only it from two point three percent,

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<v Speaker 8>but it's a bit and so you might see, you know,

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<v Speaker 8>both Starma and the French President Emmanual Macron talking up

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<v Speaker 8>their plans to increase their own defense spending for Europe

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<v Speaker 8>to become much more self reliant when it comes to defense,

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<v Speaker 8>so assuring Donald Trump, they're taking him seriously on that.

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<v Speaker 8>But then there's a separate question and the more immediate one,

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<v Speaker 8>which is how can they again get into the conversation

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<v Speaker 8>around the future of Ukraine. And we know it's possible

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<v Speaker 8>that both Macron and Starma will go to propose what

0:13:00.400 --> 0:13:04.800
<v Speaker 8>they call a reassurance force, where will provide some troops

0:13:04.880 --> 0:13:09.240
<v Speaker 8>largely surrounding Ukraine, not in Ukraine itself, but to help,

0:13:09.760 --> 0:13:11.760
<v Speaker 8>for example, in the question of how do you create

0:13:11.800 --> 0:13:14.679
<v Speaker 8>safety in the skies in the event of any kind

0:13:14.679 --> 0:13:15.559
<v Speaker 8>of CEASPI.

0:13:16.000 --> 0:13:19.040
<v Speaker 2>Okay, away from Ukraine. Let's think about the Middle East.

0:13:19.320 --> 0:13:22.360
<v Speaker 2>We've had the news out of Israel that it says

0:13:22.360 --> 0:13:24.560
<v Speaker 2>that one of the bodies handed over by her Mass

0:13:24.840 --> 0:13:27.520
<v Speaker 2>was not the hostage that the group claimed that it was.

0:13:28.040 --> 0:13:31.080
<v Speaker 2>What's that going to mean for the negotiations over prolonging

0:13:31.120 --> 0:13:31.920
<v Speaker 2>the ceasefire.

0:13:33.400 --> 0:13:35.760
<v Speaker 8>Well, it's coming at a delicate time, as you say,

0:13:35.800 --> 0:13:39.199
<v Speaker 8>because we are going into potentially the next stage conversation

0:13:39.440 --> 0:13:43.040
<v Speaker 8>around the ceasfire, which is to a extend it, but

0:13:43.200 --> 0:13:47.760
<v Speaker 8>be also to come into the conversations around more fundamentally

0:13:47.840 --> 0:13:50.840
<v Speaker 8>what does the future of Gaza look like? And those

0:13:50.840 --> 0:13:53.640
<v Speaker 8>are going to be very very delicate conversation. So we've

0:13:53.640 --> 0:13:57.839
<v Speaker 8>seen already several times throughout this ceasepire that it's been

0:13:57.880 --> 0:14:01.959
<v Speaker 8>at risk almost of breaking down disputes over these exchanges

0:14:02.400 --> 0:14:05.280
<v Speaker 8>that have gone on, and there's another one due to

0:14:05.320 --> 0:14:09.360
<v Speaker 8>come tomorrow. So the question is whether this becomes an

0:14:09.360 --> 0:14:12.040
<v Speaker 8>issue to the point that the Israeli government says we'll

0:14:12.040 --> 0:14:14.600
<v Speaker 8>hang on the ceasfar is not working and we're going

0:14:14.640 --> 0:14:17.080
<v Speaker 8>to walk away. We do think at this point that

0:14:17.080 --> 0:14:20.680
<v Speaker 8>they're likely to try and hold these talks, but again,

0:14:21.040 --> 0:14:23.680
<v Speaker 8>at that point you're coming at it from very very

0:14:23.680 --> 0:14:27.880
<v Speaker 8>different perspectives. Israel insists that Hamas be both demilitarized and

0:14:27.920 --> 0:14:32.560
<v Speaker 8>removed from power, whereas Hamas says, yes, it's okay to

0:14:32.640 --> 0:14:36.520
<v Speaker 8>talk about seeding control of Gaza, but it doesn't want

0:14:36.520 --> 0:14:39.160
<v Speaker 8>to have to lay down its weapons, and then you

0:14:39.280 --> 0:14:42.560
<v Speaker 8>end up with the situation a bit like Hesbalah in Lebanon,

0:14:42.680 --> 0:14:45.560
<v Speaker 8>for example. So there are fundamental sticking points to any

0:14:45.600 --> 0:14:49.400
<v Speaker 8>next stage conversation, and these latest developments just to add

0:14:49.440 --> 0:14:51.720
<v Speaker 8>a further element of tension into those.

0:14:52.520 --> 0:14:55.760
<v Speaker 1>Okay, Rosla Masora, Ema news director, thank you very much.

0:14:56.960 --> 0:15:00.800
<v Speaker 2>Now it's been thirty years since Beering's Bank, Britain's oldest

0:15:00.840 --> 0:15:03.880
<v Speaker 2>merchant bank, collapsed after twenty eight year old star trader

0:15:04.000 --> 0:15:06.800
<v Speaker 2>Nick Leeson racked up one point four billion dollars in

0:15:06.880 --> 0:15:11.360
<v Speaker 2>trading losses in bearing Singapore office. Lisa became the face

0:15:11.360 --> 0:15:14.160
<v Speaker 2>of financial misconduct. He served more than four years in prison,

0:15:14.200 --> 0:15:16.640
<v Speaker 2>then he wrote a book that became a Hollywood movie.

0:15:16.880 --> 0:15:20.920
<v Speaker 2>For the past few decades, Lison's been on the speaker

0:15:21.000 --> 0:15:24.520
<v Speaker 2>circuit talking about what he calls the most embarrassing time

0:15:24.560 --> 0:15:27.320
<v Speaker 2>in his life, and more recently he's been working to

0:15:27.560 --> 0:15:32.760
<v Speaker 2>investigate financial misconduct. I spoke to Nick Leeson alongside our

0:15:32.800 --> 0:15:36.120
<v Speaker 2>finance reporter Will Shaw, and I began by asking him

0:15:36.360 --> 0:15:40.359
<v Speaker 2>for his perspective now thirty years on, as he continues

0:15:40.440 --> 0:15:41.840
<v Speaker 2>to talk about what he did.

0:15:42.560 --> 0:15:45.160
<v Speaker 9>The piece of vice is really easy and it's you know,

0:15:45.200 --> 0:15:47.440
<v Speaker 9>I delivered the same piece of advice to my children

0:15:47.480 --> 0:15:49.400
<v Speaker 9>as well. You know, if you find yourself in a

0:15:49.400 --> 0:15:52.680
<v Speaker 9>difficult situation, always ask for help and advice. You know,

0:15:52.760 --> 0:15:54.880
<v Speaker 9>I was surrounded by people that could have helped me,

0:15:55.640 --> 0:15:58.160
<v Speaker 9>but I didn't do that really simple thing. And you

0:15:58.200 --> 0:16:00.640
<v Speaker 9>know back in it's a very different way, well today

0:16:00.680 --> 0:16:04.120
<v Speaker 9>than it was in nineteen nineties banking. You know, asking

0:16:04.160 --> 0:16:07.200
<v Speaker 9>for help was seen as a sign of weakness and

0:16:07.240 --> 0:16:10.520
<v Speaker 9>you probably would have been just you know, not dismissed

0:16:10.520 --> 0:16:13.920
<v Speaker 9>from the firm, but dismissed with it quite quite easily.

0:16:14.040 --> 0:16:16.240
<v Speaker 9>But you should have seen it, or at the time,

0:16:16.680 --> 0:16:18.360
<v Speaker 9>I should have seen it as a sign of trying

0:16:18.360 --> 0:16:20.760
<v Speaker 9>to do things correctly. And it's such a simple thing.

0:16:20.800 --> 0:16:24.200
<v Speaker 9>And you you know, as I explained it to my children,

0:16:24.240 --> 0:16:26.880
<v Speaker 9>if they find themselves in a difficult situation, just come

0:16:26.920 --> 0:16:28.840
<v Speaker 9>to me and tell me what's going on. You know

0:16:29.400 --> 0:16:32.120
<v Speaker 9>that there might be a difficult period, but I'll help

0:16:32.160 --> 0:16:34.640
<v Speaker 9>you through it and that's what I needed at the time.

0:16:34.720 --> 0:16:37.920
<v Speaker 9>And I think, you know, just more communication is such

0:16:37.960 --> 0:16:38.760
<v Speaker 9>an important tool.

0:16:39.280 --> 0:16:39.480
<v Speaker 3>Nick.

0:16:39.480 --> 0:16:42.480
<v Speaker 2>Can I say, You've had such a colorful life, You've

0:16:42.520 --> 0:16:45.440
<v Speaker 2>written a couple of books, You've been, as I said

0:16:45.560 --> 0:16:49.120
<v Speaker 2>to Jail, you've been, you know, widely understood as a

0:16:49.200 --> 0:16:52.680
<v Speaker 2>kind of road road trader, sort of posted person for that.

0:16:53.440 --> 0:16:56.120
<v Speaker 2>If there is another Nick Lison out there now, would

0:16:56.160 --> 0:16:58.400
<v Speaker 2>you say to him or her her.

0:16:58.320 --> 0:17:03.040
<v Speaker 9>Stop, you know it's it's not worth it. I am.

0:17:03.520 --> 0:17:07.760
<v Speaker 9>You know. I remember doing a treasury management conference in

0:17:08.000 --> 0:17:11.080
<v Speaker 9>the Barbicane, you know, a good few years ago now,

0:17:11.200 --> 0:17:14.760
<v Speaker 9>and one treasurer came over to me and he said, look,

0:17:14.760 --> 0:17:17.720
<v Speaker 9>I've got I'd like to ask a piece of advice.

0:17:17.760 --> 0:17:19.560
<v Speaker 9>And you know, I started off by saying that, you know,

0:17:19.560 --> 0:17:21.600
<v Speaker 9>I'm not sure I'm the right person for that, but

0:17:22.040 --> 0:17:25.240
<v Speaker 9>you know, I'll do my best to respond as honestly

0:17:25.280 --> 0:17:27.080
<v Speaker 9>as I can. And he said, there's a bit of

0:17:27.080 --> 0:17:28.800
<v Speaker 9>an issue and it was for one of the biggest

0:17:29.080 --> 0:17:30.720
<v Speaker 9>UK banks at the time. He said, I've got a

0:17:30.760 --> 0:17:33.920
<v Speaker 9>bit of an issue. I'm not happy with something that's

0:17:33.960 --> 0:17:36.919
<v Speaker 9>going on within the organization. I've got an email in

0:17:36.960 --> 0:17:39.439
<v Speaker 9>my outbox that I want to send, but I just

0:17:39.480 --> 0:17:41.720
<v Speaker 9>don't have the courage to send it at this time.

0:17:42.040 --> 0:17:43.840
<v Speaker 9>What do you think I should do? And I said, look,

0:17:43.920 --> 0:17:47.639
<v Speaker 9>you know, I don't know the specific instance, but the

0:17:47.680 --> 0:17:49.640
<v Speaker 9>one piece of advice I can give you is it's

0:17:49.960 --> 0:17:52.639
<v Speaker 9>it's far easier to get another job, it's not so

0:17:52.760 --> 0:17:56.200
<v Speaker 9>easy to get another reputation. And you know, you've got

0:17:56.200 --> 0:18:00.200
<v Speaker 9>to make the right decision on that basis.

0:18:00.720 --> 0:18:00.919
<v Speaker 7>You know.

0:18:01.160 --> 0:18:04.959
<v Speaker 9>Unfortunately, you know, my reputation might be slightly different than

0:18:05.000 --> 0:18:08.439
<v Speaker 9>it was back in nineteen ninety five when the story

0:18:09.359 --> 0:18:12.960
<v Speaker 9>came to everybody's attention, but it's still a bad reputation.

0:18:13.840 --> 0:18:17.320
<v Speaker 2>Okay, Yeah, that's interesting that you feel that you're still

0:18:17.440 --> 0:18:21.000
<v Speaker 2>very much stuck with even though you did the present

0:18:21.080 --> 0:18:23.359
<v Speaker 2>time and it's a long time ago, you still feel

0:18:23.400 --> 0:18:25.239
<v Speaker 2>that you're really saddled with it.

0:18:25.600 --> 0:18:28.560
<v Speaker 9>Yeah, it's I think you You know, people have asked

0:18:28.560 --> 0:18:33.600
<v Speaker 9>me if I'm you know, comfortable or content with that

0:18:33.640 --> 0:18:35.960
<v Speaker 9>particular period in my life. I never will be. I

0:18:36.000 --> 0:18:38.719
<v Speaker 9>never will be because it's the complete opposite of what

0:18:38.760 --> 0:18:41.879
<v Speaker 9>I wanted to achieve. Am I content with myself? Yes,

0:18:42.560 --> 0:18:45.640
<v Speaker 9>you know what I represent, you know, my family values

0:18:45.680 --> 0:18:48.560
<v Speaker 9>and everything else. But the focus is very different. It's

0:18:48.600 --> 0:18:52.600
<v Speaker 9>not on being successful and succeeding within the world of finance,

0:18:52.640 --> 0:18:55.159
<v Speaker 9>which is what I wanted to do. So, you know,

0:18:55.600 --> 0:18:57.760
<v Speaker 9>you have to change your focus a little bit and

0:18:58.280 --> 0:19:02.399
<v Speaker 9>that enables you to move forward. Whereas you know, speaking

0:19:02.400 --> 0:19:06.320
<v Speaker 9>about it so openly, honestly and regularly means that it's

0:19:06.400 --> 0:19:08.879
<v Speaker 9>not this, you know, it's not this big ogre that

0:19:09.359 --> 0:19:11.680
<v Speaker 9>follows me around all the time. It's part of my life,

0:19:11.840 --> 0:19:14.720
<v Speaker 9>it's part of who I am today, but it's not

0:19:16.480 --> 0:19:20.280
<v Speaker 9>you know, it doesn't quite have the level of shame,

0:19:21.000 --> 0:19:23.840
<v Speaker 9>guilt and embarrassment as it did years ago, but it

0:19:23.920 --> 0:19:25.719
<v Speaker 9>still has a certain amount of embarrassment.

0:19:27.240 --> 0:19:29.960
<v Speaker 1>This is Bloomberg Daybreak Europe. You're morning brief on the

0:19:30.040 --> 0:19:33.080
<v Speaker 1>stories making news from London to Wall Street and beyond.

0:19:33.359 --> 0:19:36.560
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0:19:55.200 --> 0:19:57.639
<v Speaker 1>And I'm Stephen Carroll. Join us again tomorrow morning for

0:19:57.760 --> 0:20:00.199
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0:20:00.240 --> 0:20:01.439
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0:20:01.480 --> 0:20:04.200
<v Speaker 3>Europe m m

0:20:08.440 --> 0:20:08.880
<v Speaker 7>Mm hmm