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Speaker 1: Joining us right now is the co founder of the

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Speaker 1: private equity firm Carlisle Group and philanthropist host of peer

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Speaker 1: to peer conversations on Bloomberg David Rubinstein. David, great to

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Speaker 1: have you here with us. I want to start with

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Speaker 1: something that we have certainly been focusing on the last

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Speaker 1: twenty four hours or so, and that is what's going

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Speaker 1: on in Baltimore. You were raised there, born there. The

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Speaker 1: collapse obviously of the Francis Scott Key Bridge. How important

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Speaker 1: is this bridge to the area. What does it mean

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Speaker 1: to the people who live in and around that area.

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Speaker 2: It's an important bridge to people in this area. It's

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Speaker 2: important bridge for the country in many ways because many

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Speaker 2: important ships go through that channel there. But the bridge

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Speaker 2: itself is iconic, well known, named after a very famous person,

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Speaker 2: of course, Francis Scott Key. But it is sad situation

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Speaker 2: that it couldn't have been prevented. Apparently the ship loss

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Speaker 2: control or lost its power, and therefore it couldn't control

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Speaker 2: where it went. Based on what I read, and I

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Speaker 2: think that at this point there's been a loss of life.

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Speaker 2: That's tragic. The governor is on top top of it.

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Speaker 2: He's an incredible pessive person, and he and the Secretary

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Speaker 2: of Transportation are on top of what needs to be done.

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Speaker 2: In President Biden has said that the federal government will

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Speaker 2: put up the money to fix the bridge, but it's

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Speaker 2: going to take time. So there'll have to be a

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Speaker 2: way to figure out how to get people across that area,

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Speaker 2: which is otherwise you know, reached by the bridge. But

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Speaker 2: you know, sad situation for the city for sure.

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Speaker 1: But I just want to ask you as someone who's

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Speaker 1: lived in the area, right, I think you know, when

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Speaker 1: we live across the country or we're not from that area,

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Speaker 1: we think, okay, it's it's another bridge, And obviously loss

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Speaker 1: of life first and foremost we feel bad for that.

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Speaker 1: But I'm just in terms of the area and and

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Speaker 1: you're growing up in that area, Like how you how

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Speaker 1: you think about that bridge?

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Speaker 2: Well, the bridge is one that is an important part

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Speaker 2: of the commerce of this area, important for people that

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Speaker 2: live in the area. It wasn't actually built when I

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Speaker 2: was growing up, and Blarmer is built afterwards, but it's

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Speaker 2: an important bridge and serves a great purpose. It's just

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Speaker 2: so tragic that the ship lost power and it was

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Speaker 2: in the middle of the night. You couldn't really help

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Speaker 2: peasibly rescue people. But Baltimore has had many challenges in

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Speaker 2: recent years. This is a challenge, but this is a

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Speaker 2: challenge that you know, we can recover. You can't recover

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Speaker 2: the lives of people who are gone. But I think

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Speaker 2: the bridge can be rebuilt. It just takes time to

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Speaker 2: build bridges, and therefore there'll have to be some temporary

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Speaker 2: measures to get people across that area.

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Speaker 1: We certainly have heard from various government officials about that,

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Speaker 1: specifically about the time that's going to be needed to

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Speaker 1: get certainly the port up and running, but even more

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Speaker 1: importantly at the longer term time that it will take

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Speaker 1: in terms of getting that bridge rebuilt. Are you confident

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Speaker 1: that the government will do what it needs to get

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Speaker 1: that bridge rebuilt in a timely manner.

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Speaker 2: I am confident of the government as the intent to

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Speaker 2: get it done as quickly as possible, and the present

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Speaker 2: United States, the governor of Maryland, the mayor, and Baltimore

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Speaker 2: all unified. It's not a political issue, just a question

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Speaker 2: of you know, it's something that it takes time to build,

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Speaker 2: and you've got to redesign the bridge, and you've got

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Speaker 2: to get structural engineers and you've got to get construction people.

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Speaker 2: So it's a multi year effort to get that rebuilt,

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Speaker 2: there's no doubt.

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Speaker 1: And as I said, we've heard from the government. Is

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Speaker 1: there something that the private sector can do. Is there

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Speaker 1: a public private partnership that needs to be thought about

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Speaker 1: in terms of getting this bridge up, up and running

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Speaker 1: and rebuilt.

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Speaker 2: Well, typically you have public private partnerships when there's a

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Speaker 2: need to involve the private sector in some way, and

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Speaker 2: the government can help with financial support. Here, the government

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Speaker 2: is putting up all the money necessary for the rebuild.

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Speaker 2: So the private sector I think can probably help the

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Speaker 2: most by raising funds for the families who lost their

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Speaker 2: loved ones in this tragic accident. And I think that's

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Speaker 2: something the federal government doesn't typically provide support for, and

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Speaker 2: so I think you'll see private sector money focused on

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Speaker 2: that for the commediate future.

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Speaker 1: All Right, and David, we definitely obviously appreciate you weighing

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Speaker 1: in on the collapse. I think we would be remiss

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Speaker 1: not to ask about some big news for you personally,

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Speaker 1: and that is about the Baltimore Orioles. You tweeted it

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Speaker 1: out about ownership. Major League Baseball's owners today unanimously approving

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Speaker 1: you as the new controlling owner of the Baltimore Orioles

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Speaker 1: just before opening season begins or the season begins. Congratulations this,

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Speaker 1: You've wanted this team for years. What's gone through your

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Speaker 1: mind now that you've got it.

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Speaker 2: Well, whenever you achieve something you want, you always have

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Speaker 2: to wonder what bad things can happen, because you you know,

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Speaker 2: life can always be perfect. So I'm very pleased. We

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Speaker 2: have a great team, a great investment group that I've assembled.

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Speaker 2: But you know, it's one hundred and sixty two games,

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Speaker 2: and it's you know, you're considered successful if you win,

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Speaker 2: you know, one hundred or so of them, So you're

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Speaker 2: going to lose a fair number of games. So we

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Speaker 2: have an opening day. Hopefully the weather will operate and

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Speaker 2: we'll do well in opening Day, but it's a long season.

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Speaker 2: I just pleased that I was able to do this.

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Speaker 2: I came from very modest circumstances in Baltimore. Never dreamed

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Speaker 2: that I would be to buy the Arnels when I

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Speaker 2: was growing up, But you know, life moves forward in

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Speaker 2: strange ways, and things worked out, and I'm happy to

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Speaker 2: do this as a way to help give back to

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Speaker 2: bottom work for it's good for having helped me get

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Speaker 2: a very good education here.

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Speaker 1: I feel like it's an obvious question. I'm assuming you

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Speaker 1: will be sitting in the owner's box by Camden Yards.

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Speaker 2: It's an obvious question, but the answer is not obvious.

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Speaker 2: I will be. I have some friends, relatives and others coming,

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Speaker 2: but I don't want to be there that long because

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Speaker 2: I want to move around the stadium and see what

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Speaker 2: the fans think, and because I'll be sitting in various

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Speaker 2: parts of the stadium and sitting next to average fans.

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Speaker 2: That's what I hope to do in that game and

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Speaker 2: other games.

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Speaker 1: That's really lovely to hear. And the other thing I'm

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Speaker 1: going to ask you is a team obviously you've thought

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Speaker 1: about for a long time. As you said, you feel

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Speaker 1: I can hear in your voice that you know lucky

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Speaker 1: to have it as your team and be part of

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Speaker 1: the ownership there. It is a young team made the

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Speaker 1: playoffs last year. What are your plans? How are you

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Speaker 1: thinking about that?

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Speaker 2: We have the best manager in the American League, as

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Speaker 2: voted by the league last year. You're and the best

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Speaker 2: general manager. Nobody has ever thought that. My baseball expertise

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Speaker 2: was quite at the level of those two individuals. So

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Speaker 2: I'm going to rely on them on what to do,

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Speaker 2: and I'll try to be as supportive as possible from

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Speaker 2: the business side, but clearly on the player's side, you know.

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Speaker 2: I mean, we have it in the hands of people

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Speaker 2: that are really experts, and my job is to kind

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Speaker 2: of help them do what they need to do.

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Speaker 1: So if they say we need to spend more on

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Speaker 1: the team payroll, would you be up for that.

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Speaker 2: I'm going to follow the advice of the people that

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Speaker 2: know what they're doing in baseball, so I you know,

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Speaker 2: I'm right for look at what they recommend. So I

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Speaker 2: just don't want to be committing to any one thing

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Speaker 2: or getting people's hopes up beyond what I can realistically do.

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Speaker 2: So I think I want to rely on Mike Elias,

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Speaker 2: who's the incredible general manager we have in Brandon High,

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Speaker 2: the great manager we have, and beyond that, I don't

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Speaker 2: think I can say more.

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Speaker 1: Hey, listen, and I don't know what you can say

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Speaker 1: about the dispute that's been going on for a long

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Speaker 1: time with Mason. Is there anything in terms of moving

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Speaker 1: that forward and getting some kind of resolution.

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Speaker 2: I do think that it would be helpful to Baseball

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Speaker 2: generally and helpful to the Nationals and the Eros to

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Speaker 2: have some type of resolution. But obviously, when you have

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Speaker 2: something that's going on for ten years of dispute, no

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Speaker 2: one can come in overnight say I got a solution

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Speaker 2: that no, none of you thought of. So it's something

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Speaker 2: that we want to resolve. I think the Commissioner of

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Speaker 2: Baseball would like to see it resolve, but it's going

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Speaker 2: to take some time to dig into it. Obviously lawyers

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Speaker 2: have benefited from this over the years. But hopefully we

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Speaker 2: can get it resolved without the lawyers being too deeply

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Speaker 2: involved in and we can get it resolved before too long.

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Speaker 2: But it's beyond that. I can't really say, hey, David,

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Speaker 2: one more thing.

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Speaker 1: You know, you talk about being among the fans and

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Speaker 1: walking around the stadium, and I do wonder how you

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Speaker 1: think about it. I know it's something we talk about

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Speaker 1: in New York a lot about the expensive cost of

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Speaker 1: taking a family a forward to go see a team.

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Speaker 1: And how do you think about, you know, making this

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Speaker 1: you know, wonderful sport and this team, you know, accessible

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Speaker 1: to everyone.

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Speaker 2: Well, people in New York who want to go to

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Speaker 2: a baseball game might find it cheaper to come to

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Speaker 2: the Orioles game than to go to the Mets or

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Speaker 2: the Yankees game. So we welcome everybody in New York

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Speaker 2: to come to Baltimore, which is less expensive and a

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Speaker 2: beautiful city, charm City as it's known. So I think

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Speaker 2: the prices here are more affordable, even with the transportation.

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Speaker 2: So I hope people from New York who might be listening,

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Speaker 2: we'll say, let's go to Baltimore.

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Speaker 1: I lied one more question. You've been the chairman of

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Speaker 1: the Kennedy Center Honors for fourteen years. You've got one

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Speaker 1: more year. You step down tomorrow. I know it sounds

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Speaker 1: like taking something off your plate. You've got a lot

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Speaker 1: going on, is understandable, but any thoughts about that. It's

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Speaker 1: something that I've enjoyed watching with my family, and I'm

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Speaker 1: just curious as you wrap that up and move on

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Speaker 1: to other things, how you're thinking about that.

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Speaker 2: Well, the Kennedy Center has been something I've chaired for

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Speaker 2: fourteen years. I'll finish at the end of December, but

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Speaker 2: then I'll become the chairman of the Kennedy Center Foundation,

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Speaker 2: which is designed to help raise money for the endowment

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Speaker 2: of the Kenny Center. So I'll still be involved there

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Speaker 2: a bit, but I think it's a good time to

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Speaker 2: get some who's younger and fresher than me. And I

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Speaker 2: have one more honors to do, and we're going to

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Speaker 2: pick the honorees in the New York future, and hopefully

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Speaker 2: everybody will think it's a great selection