WEBVTT - Bloomberg Businessweek Weekend-March 6, 2021 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 --> 0:00:13.160 global business, finance and tech news as it happened. Bloomberg 0:00:13.240 --> 0:00:16.759 Business Week with Carol Messer and Bloomberg Quick Takes. Tim 0:00:16.800 --> 0:00:21.880 Stinovic on Bloomberg Radio. Hey Tim, Hey Carol, So week 0:00:21.920 --> 0:00:23.479 fifty one. I don't know if you've looked at a 0:00:23.520 --> 0:00:26.760 calendar lately, but we are almost a year into it. 0:00:26.960 --> 0:00:28.760 When it comes to a lot of folks still working 0:00:28.800 --> 0:00:34.080 from home, it's unbelievable, but at the same time believable, right, 0:00:34.080 --> 0:00:36.280 considering what a year it's been, right, and we're not 0:00:36.360 --> 0:00:38.080 quite out of the woods, but I do feel like 0:00:38.200 --> 0:00:41.080 we made a lot of progress. Continue to when it 0:00:41.080 --> 0:00:43.159 comes to vaccines. I mean we've now got what three 0:00:43.200 --> 0:00:45.400 in the US, that's right. A lot of vaccine news 0:00:45.440 --> 0:00:47.639 this week, from President Biden saying there will be enough 0:00:47.720 --> 0:00:51.320 vaccine for all Americans by May, to this unusual collaboration 0:00:51.400 --> 0:00:54.600 between those two farmer competitors, Mark working with J and 0:00:54.680 --> 0:00:57.440 Jay to help make that third vaccine that you mentioned. Yeah, 0:00:57.520 --> 0:00:59.080 I think that's so interesting. That was one of the 0:00:59.160 --> 0:01:02.080 important development. It's and I gotta say, in this hour 0:01:02.160 --> 0:01:04.920 of Bloomberg Business Week on the weekend, we are all 0:01:05.040 --> 0:01:06.920 in when it comes to COVID in the vaccine. We're 0:01:06.920 --> 0:01:09.160 gonna catch up with the CEO of Northwhile Health his 0:01:09.240 --> 0:01:11.319 thoughts on the rollout of J and J single shot 0:01:11.400 --> 0:01:13.679 vaccine and when we could get back to some sort 0:01:13.760 --> 0:01:16.760 of normal. I'm just gonna say, we're gonna have to 0:01:16.760 --> 0:01:20.800 wait a little bit for that. Plus and the poor 0:01:21.000 --> 0:01:24.440 of the poor community, um, some of them have not 0:01:24.760 --> 0:01:29.120 even received one dose of the vaccine. The founder of 0:01:29.120 --> 0:01:31.720 the Impact Network, Bishop Wayne Jackson, was back with us. 0:01:31.760 --> 0:01:33.560 He talked about the plight and progress being made in 0:01:33.560 --> 0:01:36.040 the Black community tim when it comes to COVID, but 0:01:36.120 --> 0:01:39.319 we also talked about progress our lack thereof when it 0:01:39.319 --> 0:01:42.800 comes to the society at large. Also, I do think 0:01:42.800 --> 0:01:45.320 would be part of the world where a certain amount 0:01:45.319 --> 0:01:48.200 of people were from home permanently JP Morgan Chase Chair 0:01:48.240 --> 0:01:51.960 and CEO Jamie Diamond. In that Bloomberg exclusive on the 0:01:52.080 --> 0:01:54.960 virus getting back to work, he talked about so much more. 0:01:55.320 --> 0:01:57.720 The conversation among the most listened to, watched, and read 0:01:57.720 --> 0:01:59.960 about on the Bloomberg terminal. I gotta say a year 0:02:00.080 --> 0:02:02.720 or after that health scare. He's feeling good. He is 0:02:02.760 --> 0:02:05.160 feeling good. And I've got to say, in our world, 0:02:05.320 --> 0:02:07.360 he's one of those individuals that goes by. We can 0:02:07.400 --> 0:02:09.760 almost just say one name, Jamie. Jamie had some comments 0:02:09.760 --> 0:02:13.600 it's like Madonna or or Beyonce, like in our world 0:02:13.639 --> 0:02:15.200 you talk about Jamie and I was like, you're talking 0:02:15.200 --> 0:02:17.080 about Jamie Diamond. Yeah. Look, And there's a reason it 0:02:17.120 --> 0:02:19.680 was like the most read about interview, the most watched, 0:02:19.680 --> 0:02:21.760 the most listened to, because he had a lot to say. 0:02:21.880 --> 0:02:24.200 He did, he did. It was really a must watch 0:02:24.240 --> 0:02:26.200 and a must listen. All Right, all of that to come. 0:02:26.240 --> 0:02:28.600 We gotta begin, though, tim with this week's cover story. 0:02:28.919 --> 0:02:33.640 It is inside Fightser's fast, fraud and lucrative vaccine distribution listen. 0:02:33.680 --> 0:02:35.960 Fister is a company that has been hailed as a hero, 0:02:36.480 --> 0:02:40.560 but it's making entire countries pretty angry. The story written 0:02:40.600 --> 0:02:44.000 by Stephanie Baker, Cynthia Coons, and Vernon Silver. Stephanie, a 0:02:44.040 --> 0:02:47.960 Bloomberg News financial investigations writer, joined us along with Bloomberg 0:02:47.960 --> 0:02:50.600 Business Week editor Joe Webber for a deep dive into 0:02:50.600 --> 0:02:54.200 the deep dive. I think the fighter um shot and 0:02:54.360 --> 0:02:59.160 vaccine is one of the biggest success stories ever. Frankly, 0:02:59.200 --> 0:03:02.840 I mean, like, to go from a pandemic to a 0:03:02.960 --> 0:03:07.760 vaccine in a year is is a wonder and we've 0:03:07.880 --> 0:03:10.760 we've written about that. But what we hadn't ever explored 0:03:11.200 --> 0:03:15.560 UM and with Stephanie and her co author Cynthia drove 0:03:15.560 --> 0:03:18.720 into in this story is is sort of behind the 0:03:18.800 --> 0:03:24.359 scenes UM logistics and distribution challenges and and also keep 0:03:24.360 --> 0:03:26.720 in mind here like the Fighter is a publicly traded 0:03:26.760 --> 0:03:29.079 company that did not take money from the government and 0:03:29.440 --> 0:03:32.880 because of that, they didn't have any strings on on 0:03:32.880 --> 0:03:35.360 how they went about even pricing that, and that I 0:03:35.400 --> 0:03:39.280 thought was a really interesting angle, uh and one that 0:03:39.400 --> 0:03:42.480 you know, speaks to also just the legacy of what 0:03:42.520 --> 0:03:46.760 we know about the pharmaceutical industry, which pricing has always 0:03:46.840 --> 0:03:49.560 been UM an issue with and it was actually the 0:03:49.600 --> 0:03:53.200 issue that m Albert Borla, who's the CEO of Fightser, 0:03:53.400 --> 0:03:55.840 was expecting to deal with when he took over the 0:03:55.920 --> 0:04:00.480 job at Fighter a year before the pandemic happened. So 0:04:00.480 --> 0:04:02.800 so Stephanielle, I just want to turn it over to 0:04:02.840 --> 0:04:05.520 you because I thought so much of the reporting in 0:04:05.560 --> 0:04:09.800 this was was spot on and really interesting and tell 0:04:09.880 --> 0:04:12.720 us how does FISER going to go about deciding who 0:04:12.720 --> 0:04:17.760 gets the vaccine? Well, you know, it's a pretty opaque 0:04:17.800 --> 0:04:20.800 process still despite all our digging, I think it is 0:04:21.400 --> 0:04:24.360 a mix of your place in the queue, when did 0:04:24.360 --> 0:04:28.440 you get your order in your order size, production, forecast 0:04:28.760 --> 0:04:32.360 calls from world leaders. Um. You know, we went into 0:04:32.680 --> 0:04:36.560 detail about how Israel managed to get its hands on 0:04:36.680 --> 0:04:39.760 so many doses. And as you know, Israel is a 0:04:39.800 --> 0:04:42.320 world leader in terms of vaccination rates and that is 0:04:42.480 --> 0:04:46.279 thanks to Fiser because they are almost exclusively using FISER 0:04:47.160 --> 0:04:51.240 so their vaccination campaign and UH Israel's Prime Minister of 0:04:51.279 --> 0:04:55.360 Benjamin Netanyah, who spoke to UH FISER CEO Albert Bola 0:04:55.680 --> 0:05:00.600 more than twenty times. Um uh. And you know one 0:05:00.680 --> 0:05:04.360 of the reasons why Israel got priority access was well 0:05:04.520 --> 0:05:08.400 a paid more paid about thirty dollars ago, about more 0:05:08.400 --> 0:05:12.240 than the US did. And be it Um offered to 0:05:12.360 --> 0:05:15.599 use Israel as a real world keep study for how 0:05:15.600 --> 0:05:20.159 effective the vaccine is, and that has UM generated a 0:05:20.200 --> 0:05:24.239 stream of positive headlines about how effective the Fiser vaccine is. Um. 0:05:24.279 --> 0:05:28.599 You know, Israel was vaccinating sixteen to eighteen year olds 0:05:28.640 --> 0:05:32.359 at a time when Europe was still waiting to vaccinate 0:05:32.400 --> 0:05:33.960 eight year olds. And that's kind of what we went 0:05:34.000 --> 0:05:38.120 into is how did that happen? Um, why was Europe 0:05:39.040 --> 0:05:43.680 so behind in terms of Fiser's distribution, and and why 0:05:43.720 --> 0:05:46.919 did Israel pull ahead? And really came down to these 0:05:47.400 --> 0:05:51.120 few things. Uh, the EU European Union of course was 0:05:51.200 --> 0:05:55.440 late took place their order. That was one factor. But um, 0:05:55.480 --> 0:05:58.640 you know, Israel obviously offered a very unique opportunity for 0:05:58.760 --> 0:06:02.559 the company to showcase how great their vaccine is. Align 0:06:02.600 --> 0:06:04.479 in that story really stood out to me. It was 0:06:04.520 --> 0:06:07.480 a vaccine distribution still has the feel of a zero 0:06:07.680 --> 0:06:11.120 sum game. It feels like that kind of everywhere, right 0:06:11.120 --> 0:06:13.719 if if if you hear about somebody kind of cutting 0:06:13.760 --> 0:06:16.000 in line for a vaccine, you know, they're taking a 0:06:16.360 --> 0:06:19.920 vaccine from somebody who may need it more than them. Yeah, exactly. Listen, 0:06:20.000 --> 0:06:21.960 this is a story that for me answered so many 0:06:22.040 --> 0:06:25.080 questions that I've had about the vaccine rollout. It's a 0:06:25.160 --> 0:06:27.640 must read and you can find that story at Bloomberg 0:06:27.680 --> 0:06:30.120 dot com, Slash business Week on the Bloomberg terminal, and 0:06:30.160 --> 0:06:32.400 of course the cover story of the magazine, which is 0:06:32.440 --> 0:06:35.159 on newsstands as we speak. That was Bloomberg News Financial 0:06:35.240 --> 0:06:38.520 investigations writer Stephanie Baker along with Bloomberg Business Week editor 0:06:38.720 --> 0:06:41.680 Joe Weber, and coming up, we're gonna stay with the coronavirus. 0:06:41.720 --> 0:06:43.599 We're going to talk to the CEO of the healthcare 0:06:43.640 --> 0:06:46.599 provider who saw the first COVID case in the US 0:06:46.720 --> 0:06:49.320 and also administered the first vaccine in the US. His 0:06:49.400 --> 0:06:52.240 thoughts on getting back to normal, Well, all we gotta 0:06:52.279 --> 0:06:55.159 say is we're gonna be patient. YEA. Indeed, this stood 0:06:55.160 --> 0:06:57.000 out for us when we talked with him. You're listening 0:06:57.000 --> 0:07:07.080 to Bloomberg Business Week, and this is Bloomberg. This is 0:07:07.120 --> 0:07:10.680 Bloomberg Business This Week with Carol Masser and Bloomberg Quick 0:07:10.720 --> 0:07:16.480 Takes Tim Stinovik from Bloomberg Radio. So Tim, no shorter 0:07:16.560 --> 0:07:19.000 devirus headlines this week. I mean, listen, it's a normal week. 0:07:19.000 --> 0:07:21.480 There's a lot in COVID, there's a lot on the vaccine. A. Well, 0:07:21.560 --> 0:07:23.680 you heard from Dr Anthony Fauci, as we do each 0:07:23.720 --> 0:07:25.880 and every week. It seems like he said it's quote 0:07:25.960 --> 0:07:29.000 quite reasonable to see some degree of normalcy by fall. Carol, Yeah, 0:07:29.000 --> 0:07:30.400 and I feel like one of the big stories this 0:07:30.440 --> 0:07:32.640 week was the Johnson and Johnson. Now it's a third 0:07:32.720 --> 0:07:36.000 vaccine for the US. It's getting rolled out. We heard 0:07:36.080 --> 0:07:39.840 President Biden talk about it and specifically talking about Merk 0:07:39.960 --> 0:07:42.920 and Jay and Jay. Listen, these are two competitors in 0:07:42.960 --> 0:07:45.240 the big farmer world. They're going to work together to 0:07:45.360 --> 0:07:48.040 ramp up production of Jane Jay's vaccine. With all this 0:07:48.120 --> 0:07:51.280 news happening, we welcome back Michael Dowling. He's president CEO 0:07:51.360 --> 0:07:53.280 at north While Health. They are, to him, the largest 0:07:53.320 --> 0:07:55.760 healthcare provider and private employer in New York State. Look, 0:07:55.800 --> 0:07:57.040 and that's one of the reasons we really like to 0:07:57.080 --> 0:08:00.200 talk to Michael Dowling is the organization has to team 0:08:00.240 --> 0:08:02.680 big footprint. It's always nice to kind of see it 0:08:02.680 --> 0:08:04.720 as some sort of barometer for how we're doing in 0:08:04.760 --> 0:08:08.840 New York. The virus itself, the numbers of decreasing. I 0:08:09.000 --> 0:08:12.160 now have about nine hundred COVID patients about three weeks 0:08:12.200 --> 0:08:15.680 ago at four so the number is dropping and the 0:08:15.720 --> 0:08:18.520 positivity in the region is dropping. So the signs are 0:08:18.560 --> 0:08:22.280 all good. And the new gene vaccine, of course, is 0:08:22.320 --> 0:08:26.600 a huge, huge step forward, and we're expecting but I 0:08:26.600 --> 0:08:28.360 have been told that we may get some of the 0:08:28.960 --> 0:08:32.160 vaccine later this week. The state is going to get 0:08:32.200 --> 0:08:35.400 a couple hundred thousands more doses each week from now on, 0:08:35.559 --> 0:08:39.160 So that just increases the supply. Because the supply has 0:08:39.200 --> 0:08:42.560 been the biggest issue over the last number of weeks 0:08:42.559 --> 0:08:45.960 and months. M the infrastructure is there to do the vaccination, 0:08:46.000 --> 0:08:49.280 the supply has been the problem. And with j is 0:08:49.280 --> 0:08:53.199 a one dose vaccine, it is just an unbelievable step forward. 0:08:53.360 --> 0:08:55.120 How do you determine if you let's say you have 0:08:55.160 --> 0:08:58.920 because you've already been administering vaccine, Michael, If if you 0:08:58.960 --> 0:09:01.520 do have let's say a Fiser vaccine and the Derna 0:09:01.600 --> 0:09:05.400 vaccine and j J vaccine, how determine who gets what vaccine? Well, 0:09:05.400 --> 0:09:08.840 that's criteria that are being developed, which we're getting about 0:09:08.880 --> 0:09:11.800 what the priorities are for for the for the j 0:09:12.040 --> 0:09:14.840 J vaccine, I think it's for people over age six 0:09:14.960 --> 0:09:17.880 or five. I think it's for the younger people would 0:09:17.880 --> 0:09:21.160 be a priority at the beginning, anybody from I believe 0:09:21.240 --> 0:09:25.240 a eighteen to six to sixty five. But I haven't 0:09:25.280 --> 0:09:30.080 seen the definitive final recommendations yet from CC from the CDC, 0:09:31.000 --> 0:09:33.720 but we're wit that will wait for that directive from 0:09:33.720 --> 0:09:36.440 both the state and the CDC. But whatever it is, 0:09:36.880 --> 0:09:40.200 it means more more shots in Tiber's arms. That's the 0:09:40.320 --> 0:09:42.719 ultimate right now, but there will be it sounds like 0:09:43.040 --> 0:09:46.199 um specifications for each of the vaccine ultimately. Is that 0:09:46.280 --> 0:09:48.800 fair to say, Michael, Well, I think it will become 0:09:48.840 --> 0:09:51.080 more genetical of a time. I think at the beginning, 0:09:51.120 --> 0:09:53.760 I think there'd be more prioritization. My guess is that 0:09:53.920 --> 0:09:57.880 for people, you know, the older worlder population might meet 0:09:57.960 --> 0:10:00.200 had the preference for the five Madam and in being 0:10:00.360 --> 0:10:03.800 or population for the J and J. But but I 0:10:03.840 --> 0:10:07.760 do think people there are so many people climbing for 0:10:08.040 --> 0:10:11.200 a vaccine that once you have the once you have 0:10:11.200 --> 0:10:13.679 to supply whatever vaccine, people will want to take it. Right. 0:10:13.720 --> 0:10:18.160 I know J vaccine is still still seventy two efficacy, 0:10:18.200 --> 0:10:21.920 which is phenomenal. It's great, right exactly. What's interesting now, Michael, 0:10:22.000 --> 0:10:24.160 and listen, I don't want to be like, you know, 0:10:24.160 --> 0:10:27.840 Tim and I joke were like I'll take anyone right now. Um. 0:10:27.880 --> 0:10:30.800 But complicating matters is j J is also testing a 0:10:30.840 --> 0:10:34.280 two shot version of the vaccine, So it does suggest 0:10:34.280 --> 0:10:37.359 that it thinks adding a second shot could improve protection. 0:10:37.800 --> 0:10:40.280 And I think that's where the public gets a little nervous. 0:10:40.760 --> 0:10:43.960 You're a medical professional, you're working within this. How should 0:10:43.960 --> 0:10:46.920 we read something like that. Well, I would say, if, 0:10:46.960 --> 0:10:50.440 for example, the one dose vaccine gives you gives you 0:10:50.559 --> 0:10:55.439 the seventy seventy percent efficacy and it protects against severe 0:10:55.480 --> 0:10:58.760 illness and this of cases, and it gives you eighty 0:10:58.800 --> 0:11:02.080 six percent efficacy and regard, I think that's a win. 0:11:02.520 --> 0:11:05.079 What you really want is to protect people from getting 0:11:05.080 --> 0:11:08.320 really sick and to protect me from getting into the hospital. 0:11:08.920 --> 0:11:11.880 So if you have a vaccine, just like the flu vaccine, 0:11:12.520 --> 0:11:15.839 doesn't protect the university across the board, but it does 0:11:15.920 --> 0:11:19.160 prevent you from getting really seriously ill, So it's a win. 0:11:19.559 --> 0:11:22.320 They have to be prevented from a severe illness and 0:11:22.400 --> 0:11:24.880 keeping out of the hospital, and if any of the 0:11:24.960 --> 0:11:27.800 vaccines do that, um, then I think that's again a 0:11:27.880 --> 0:11:29.720 win win for the public. I do wonder to what 0:11:29.800 --> 0:11:32.280 extent of the general public is focused on that number 0:11:32.320 --> 0:11:35.559 S versus when it comes to m R and a 0:11:35.679 --> 0:11:38.559 go ahead. I honestly don't think that they've spent Anne. 0:11:38.640 --> 0:11:41.120 There's some will that be an awful lot of attention, 0:11:41.200 --> 0:11:42.960 but I think most people from when I am when 0:11:43.000 --> 0:11:45.439 I'm out there, they just want a vaccine. Well, can 0:11:45.480 --> 0:11:47.280 I just tell you that I want to be sure 0:11:47.320 --> 0:11:49.760 that they don't really get sick Michael. February survey found 0:11:49.760 --> 0:11:52.240 only seven percent of people wanted a single dose vaccine, 0:11:52.240 --> 0:11:55.160 compared with fifty percent who said they preferred to dose series. 0:11:55.240 --> 0:11:58.640 This was um a presentation to the Centers for Disease 0:11:58.679 --> 0:12:02.320 Control um and and some others. So you know, we've 0:12:02.400 --> 0:12:05.719 learned so much about creating a vaccine and about efficacy, 0:12:05.800 --> 0:12:07.440 but at the same time, a little bit of knowledge 0:12:07.440 --> 0:12:10.200 can be dangerous, yes, and you know you know the 0:12:10.240 --> 0:12:15.480 recently and I'll always it as spozemic, and even I 0:12:15.520 --> 0:12:19.160 think fies are basically indicating if I'm correct, that you 0:12:19.200 --> 0:12:22.160 know that there is weird protection even with the one dolls, 0:12:22.200 --> 0:12:24.960 even though we're giving two doses. I can tell you 0:12:24.960 --> 0:12:27.320 if you want to expand the vaccination to the public 0:12:27.320 --> 0:12:30.600 and Gennel, of just giving one dolls across the board, 0:12:30.760 --> 0:12:33.280 it just makes life so much easier. We can do 0:12:33.360 --> 0:12:35.920 so much more and it will be a lot better 0:12:35.960 --> 0:12:40.840 having everybody having a se protection against illness instead of 0:12:40.880 --> 0:12:45.120 having a small number having So when you look out 0:12:45.320 --> 0:12:47.920 at the next few months, at the next six months, 0:12:47.960 --> 0:12:49.920 at the rest of the year, how do you see 0:12:49.920 --> 0:12:53.040 our world reopening. What's the timeline that you're thinking about. 0:12:53.800 --> 0:12:56.960 I think God that it will be a slow process, 0:12:58.160 --> 0:13:01.240 be incremental. I think will be in a pretty good 0:13:01.280 --> 0:13:06.120 situation by October November, is my guess. Once we get 0:13:06.120 --> 0:13:10.080 everybody vaccinated, hopefully by July August. You should see Tim's face. 0:13:10.200 --> 0:13:15.640 You should us. But but I think we've got to 0:13:15.679 --> 0:13:19.120 be a little bit practical here, because we're going to 0:13:19.160 --> 0:13:22.040 be different. The econime is going to come back in 0:13:22.040 --> 0:13:25.800 a different way. The use of technology and the changing 0:13:25.920 --> 0:13:29.040 nature of work that has evolved as a result of 0:13:29.120 --> 0:13:32.480 COVID is going to make everything different. People now realize 0:13:32.520 --> 0:13:34.240 that they don't have to be coming to the office 0:13:34.240 --> 0:13:36.439 every day to be effective and productive, that they can 0:13:36.440 --> 0:13:39.680 be working remotely. And that's going to affect every business, 0:13:39.720 --> 0:13:42.440 that's just health care, about every single business. And I 0:13:42.480 --> 0:13:46.240 do think the economic implications of COVID that businesses that 0:13:46.280 --> 0:13:49.680 are will be less robust. Now I want some business 0:13:49.760 --> 0:13:53.160 is not coming back at all. That the economic implications 0:13:53.160 --> 0:13:55.920 of COVID, I think will even be more difficult and 0:13:56.000 --> 0:13:59.440 more long term than actually dealing with COVID itself. We 0:13:59.520 --> 0:14:01.440 had a big crisis for the past world months. By 0:14:01.480 --> 0:14:03.599 the way, the first COVID case that we received that 0:14:03.679 --> 0:14:07.920 Northwell was a year ago. We've seen a hundred and 0:14:07.960 --> 0:14:12.840 six CORVID patients since that time. Um, so we'll have 0:14:12.920 --> 0:14:15.520 to be patient to you. The economy will stop to 0:14:15.559 --> 0:14:18.079 come back, and I think by the end of the 0:14:18.200 --> 0:14:20.200 year we will be doing will be in a pretty 0:14:20.240 --> 0:14:23.560 good place. I believe, well, we can certainly hope. So 0:14:23.800 --> 0:14:26.480 that was Michael Dowling, President and CEO at north Well Health. 0:14:26.800 --> 0:14:29.240 Mike is also the author of Leading Through a Pandemic 0:14:29.320 --> 0:14:31.840 and he also has a new book out. It's a memoir. 0:14:31.920 --> 0:14:34.640 It's called After the Roof Caved in an immigrants journey 0:14:34.640 --> 0:14:37.440 from Ireland to America. We talked all about it in 0:14:37.480 --> 0:14:39.360 our interview. You can hear the full one on our 0:14:39.360 --> 0:14:42.200 podcast feed. Sweet story has come a long way. It's 0:14:42.360 --> 0:14:45.600 it's an amazing story. Is yeah. I love that still ahead. 0:14:45.720 --> 0:14:48.640 We've been talking about vaccines rolling out, but still got 0:14:48.640 --> 0:14:52.360 to say not equally. We know that that our community 0:14:53.120 --> 0:14:56.200 are the ones who were impact the most in a 0:14:56.280 --> 0:14:58.800 negative way. And here's a Black History Month. The founder 0:14:58.800 --> 0:15:02.600 of the Impact Network Shopwayne Jackson, on issues with getting 0:15:02.640 --> 0:15:06.280 shots to African Americans. You're listening to Bloomberg Business Week. 0:15:06.440 --> 0:15:11.520 This is Bloomberg broadcasting from the financial capital of the 0:15:11.520 --> 0:15:15.440 World Bloomberg eleven Frio in New York to Washington, d C. 0:15:15.640 --> 0:15:20.359 Bloomberg to Boston, Bloomberg one oh six one, to San Francisco, 0:15:20.440 --> 0:15:23.880 Bloomberg nine sixty to the country Sirius XM Chado one 0:15:23.960 --> 0:15:26.880 nine team, and around the globe the Bloomberg Business app 0:15:27.000 --> 0:15:31.360 and Bloomberg Radio dot Com. This is Bloomberg Business Week. 0:15:32.400 --> 0:15:34.680 Carol a story on the Bloomberg this Week talking all 0:15:34.720 --> 0:15:37.440 about how more than two months into the vaccine rollout 0:15:37.480 --> 0:15:40.040 here in the US, many communities of color have yet 0:15:40.040 --> 0:15:43.080 to even receive their first doses of the vaccine. Yeah, listen, 0:15:43.080 --> 0:15:45.400 this has been a problem that's been plaguing since the 0:15:45.480 --> 0:15:48.680 vaccine started being distributed, and it's a reminder of the 0:15:48.720 --> 0:15:51.920 inequalities that really still exists. Someone who has seen those 0:15:51.960 --> 0:15:55.480 disparities all too well, Bishop Wayne T. Jackson. He's founder 0:15:55.520 --> 0:15:58.000 and CEO of the Impact Network. It's a privately owned 0:15:58.040 --> 0:16:01.680 African American inspirational TV at work. They've got some ninety 0:16:01.800 --> 0:16:04.280 million in terms of their audience across the U S. 0:16:04.360 --> 0:16:05.760 You can see it on a lot of the the 0:16:05.880 --> 0:16:08.960 cable and satellite TVs. Now. Bishop Jackson joined us to 0:16:09.000 --> 0:16:12.200 talk about the progress and struggles that African Americans continue 0:16:12.240 --> 0:16:16.040 to experience, whether it's COVID or really the world generally, 0:16:16.120 --> 0:16:20.280 and the poors of the pours of community. Um some 0:16:20.360 --> 0:16:25.280 of them have not even received one dose of the vaccine. 0:16:25.760 --> 0:16:29.840 And we know that that our community are the ones 0:16:29.880 --> 0:16:33.600 who are impacted the most in the negative way. And 0:16:33.600 --> 0:16:35.920 it just goes back to a lot of times people 0:16:35.960 --> 0:16:39.520 don't understand or what African Americans have to go to 0:16:39.720 --> 0:16:42.440 just based on who who we are and how we 0:16:42.520 --> 0:16:47.680 had to be kidnapped, our forefathers kidnapped from Africa, brought 0:16:47.760 --> 0:16:51.440 up the air script of their names and was you know, 0:16:52.520 --> 0:16:56.560 made to do free labor and then kept back from 0:16:56.560 --> 0:17:01.440 being educated and then put a name on so degrading. 0:17:02.080 --> 0:17:04.440 And then when you look at things, you see, well, 0:17:04.760 --> 0:17:07.560 well you know they're being out anger this and that. 0:17:07.840 --> 0:17:11.399 You know, if you walked into the shoes of a 0:17:11.440 --> 0:17:13.320 lot of African Americans, especially when it comes to the 0:17:13.359 --> 0:17:18.080 opportunity as being entrepreneurs, whatever, you you know you would 0:17:18.119 --> 0:17:21.120 feel the same way. But you can't be in that 0:17:21.160 --> 0:17:23.320 mode because it's not going to do you any good, 0:17:23.320 --> 0:17:24.840 but you have to get up and you have to fight, 0:17:25.080 --> 0:17:27.600 and you have to fight for what's right and and 0:17:27.760 --> 0:17:31.119 make sure that we are hurt. And I really believe that, 0:17:31.240 --> 0:17:33.960 you know, even your report before I got on it 0:17:34.119 --> 0:17:36.639 just showed you that's just how it is. Why is 0:17:36.640 --> 0:17:40.359 it still just how it is? Well, because the people 0:17:40.440 --> 0:17:44.720 at the top, you know, refused to make changes and 0:17:44.920 --> 0:17:47.639 because they want to have the status quo. And we 0:17:47.720 --> 0:17:50.120 just need to make sure that we're able. You know 0:17:50.320 --> 0:17:53.560 what you're reporting, the Bloomberg reported about, you know, what's 0:17:53.640 --> 0:17:56.639 writing was wrong. I really believe that the changes have 0:17:56.760 --> 0:17:59.920 to come from the top down. I'm hoping that, I'm 0:18:00.040 --> 0:18:04.919 fran Carol, that we see this new administration, uh and 0:18:04.960 --> 0:18:08.080 I know of the president head as you know, being 0:18:08.200 --> 0:18:12.720 very focused on of the disenfranchise and even with the 0:18:13.359 --> 0:18:17.600 African American people of color community to at least, you know, 0:18:17.720 --> 0:18:20.920 give us an opportunity to to to be able to 0:18:20.960 --> 0:18:23.200 help live the American dreams. You know. My car host 0:18:23.240 --> 0:18:25.920 Tim Stantovic, you know, reminded me when we were watching 0:18:26.560 --> 0:18:30.119 President Biden. He was talking about um the latest on 0:18:30.160 --> 0:18:33.119 the vaccine. When we saw the fifty million individual in 0:18:33.160 --> 0:18:36.040 the US get the vaccine, and he talked specifically about 0:18:36.520 --> 0:18:39.639 working with the private sector and educating the public on 0:18:39.720 --> 0:18:42.840 face masks and vaccination, but he also talked about a 0:18:42.880 --> 0:18:46.520 new initiative that they were launching with private sector companies 0:18:46.560 --> 0:18:49.680 asking them to encourage workers as well, and also about 0:18:49.680 --> 0:18:53.760 reaching out to community leaders to reach segments of the 0:18:53.800 --> 0:18:57.280 population that maybe aren't thinking about getting the vaccine or 0:18:57.280 --> 0:18:59.880 don't want to or nervous about it, and understandably so, 0:19:00.440 --> 0:19:03.760 especially within the black community. Have you been approached, um 0:19:03.760 --> 0:19:06.639 by anyone in the administration or by political leaders to 0:19:06.680 --> 0:19:09.800 help with this? Oh? Yes, we have U my effect 0:19:10.400 --> 0:19:14.679 our Mayor Mary Duggan of Mayor of Detroit. UM, some 0:19:14.720 --> 0:19:18.560 office reached out to us myself, our ministry. We have 0:19:18.600 --> 0:19:21.399 a very large ministry that here in the city of Detroit. Uh. 0:19:21.440 --> 0:19:23.560 I guess above maybe a hundred dollar square a seat 0:19:23.960 --> 0:19:27.920 of space that we can help the community in And 0:19:28.040 --> 0:19:31.840 what we're doing working with the Mayor's office. Uh, we're 0:19:31.960 --> 0:19:34.880 bringing in seniors and we're bringing in those who would 0:19:34.960 --> 0:19:38.399 normally not even go to maybe a public place, but 0:19:38.480 --> 0:19:41.280 they will take and have more confidence to go to 0:19:41.800 --> 0:19:43.760 a place they're familiar with, like a church in the 0:19:43.800 --> 0:19:47.119 neighborhood and so forth for song and we're doing um 0:19:47.320 --> 0:19:50.840 this we start in March twentieth, uh to just use 0:19:50.960 --> 0:19:54.439 our facility to be able to bring people in and 0:19:54.960 --> 0:19:58.480 get them vaccinated. I believe that what we all need 0:19:58.520 --> 0:20:00.439 to do, we have to do this together. And I 0:20:00.480 --> 0:20:02.520 believe that first of all, African American has got to 0:20:02.520 --> 0:20:04.880 make sure that we ended up and understand we can't 0:20:04.920 --> 0:20:08.520 wait for government to someone else to help. Also our 0:20:09.000 --> 0:20:12.280 cooperations and our government we need to look down on 0:20:13.320 --> 0:20:16.120 the African American community and and be able to work 0:20:16.160 --> 0:20:17.919 with us and to be able to give us the 0:20:17.960 --> 0:20:21.280 tools that we especially finances. Uh, you know, we we 0:20:21.320 --> 0:20:24.080 don't have the finances to do what we need to do. 0:20:24.359 --> 0:20:26.960 And it's just working to give you know, tim access 0:20:26.960 --> 0:20:28.560 to the financial system. How many times do we have 0:20:28.600 --> 0:20:31.160 a conversation with someone where we talk about this. It's 0:20:31.200 --> 0:20:34.400 not equal access in terms of certainly when it comes 0:20:34.440 --> 0:20:37.400 to black and brown communities being able to really tap 0:20:37.400 --> 0:20:40.480 into the financial infrastructure here in the United States. Yeah, 0:20:40.480 --> 0:20:42.040 we talked about it a lot. The fact there are 0:20:42.040 --> 0:20:44.679 so many unbanked and underbanked Americans and look, there are 0:20:44.720 --> 0:20:46.480 a lot of startups working on this right now, but 0:20:46.520 --> 0:20:48.680 a group of people who has largely been ignored by 0:20:48.720 --> 0:20:52.160 the big financial institutions. Yeah, and Bishop Wayne Jackson addressing 0:20:52.200 --> 0:20:54.760 that he's founder and CEO of the Impact Network. You're 0:20:54.760 --> 0:20:57.840 listening to Bloomberg Business Week up next, a big interview 0:20:57.880 --> 0:21:00.520 at Bloomberg this week. They are huge week assisted the 0:21:00.600 --> 0:21:03.520 zoom world. JP Morgan chases Jamie Diamond working from home. 0:21:03.600 --> 0:21:05.359 He weighs in on that and more. You're going to 0:21:05.440 --> 0:21:08.800 be talking about this with your friends, your family, you 0:21:08.880 --> 0:21:19.160 name it, all week in long. This is Bloomberg. You're 0:21:19.200 --> 0:21:23.080 listening to Bloomberg Business Week with Carol Messer and Bloomberg 0:21:23.160 --> 0:21:27.960 Quick Takes. Tim Stinovich from Bloomberg Radio got him, without 0:21:27.960 --> 0:21:29.960 a doubt, the big interview of the week at Bloomberg. 0:21:30.040 --> 0:21:32.640 It was all over the Bloomberg online, of Bloomberg dot com, 0:21:32.680 --> 0:21:34.919 on TV radio, it was on quick Take. Yeah, it 0:21:35.040 --> 0:21:38.280 was and look Ed Hammond covered everything with Jamie Diamond, 0:21:38.600 --> 0:21:42.800