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Speaker 1: We're from Marhart where Innovation, Money and power Collie in

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Speaker 1: Silicon Vallet NBN. This is Bloomberg Technology with Caroline Hyde

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Speaker 1: and Ed Lodlove.

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Speaker 2: Live from San Francisco. This is Bloomberg Technology. Open AI

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Speaker 2: mols are restructuring and giving Sam Altman a seven percent

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Speaker 2: equity stake in the company. Micron shares see their biggest

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Speaker 2: one day gain since twenty eleven on the back of earnings.

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Speaker 3: And we look at Meta's.

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Speaker 2: Augmented reality strategy with an exclusive interview with the company's CTO.

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Speaker 2: And this is what financial markets look like in the

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Speaker 2: context of technology after a really bright start and as

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Speaker 2: that one hundred is now completely flat.

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Speaker 3: There had been.

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Speaker 2: Enthusiasm for technology shares because of strong economic data, so

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Speaker 2: the idea that central banks around the world will start

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Speaker 2: cutting rates and also a kind of reinforced pledge from

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Speaker 2: China for a stimulus package. It's in the semiconductor space

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Speaker 2: where there's all the action. You look at Micron. This

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Speaker 2: is an earning story where it's forecast for the current

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Speaker 2: period is about strength in AI. We are talking high

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Speaker 2: bandwidth memory and that strength in Micron, which we will

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Speaker 2: discuss in more detail soon, is boosting the Philadelphia Semiconductor

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Speaker 2: Index or the socks.

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Speaker 3: Let's get to our top story.

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Speaker 2: Open Ai is discussing giving CEO Sam Autman a seven

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Speaker 2: percent equity stake in the company and restructuring to become a.

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Speaker 3: For profit business. This all according to sources.

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Speaker 2: This is a major shift that would mark the first

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Speaker 2: time Altman is granted ownership in the AI startup, and

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Speaker 2: there is a lot more going on behind the scenes.

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Speaker 2: Bloom most Rachel Metz joins me. Now, you and I

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Speaker 2: reported on this together with Sharen Gafari.

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Speaker 3: And Dina Bass.

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Speaker 2: Let's start with this idea of open ai adjusting its

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Speaker 2: business model.

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Speaker 3: What of sources told us.

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Speaker 4: They've told us that the company is considering shifting from

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Speaker 4: this nonprofit status that it's had for a number of years.

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Speaker 4: It has right now and non it is a nonprofit,

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Speaker 4: but it also has a very complicated organizational structure, and

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Speaker 4: that it may shift its main business to being a

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Speaker 4: for profit public benefit core. And also that they are

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Speaker 4: considering whether Sam Altman might have a significant stake in it,

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Speaker 4: as you mentioned, seven percent, which could translate to a

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Speaker 4: huge financial windfall for him, right, Rachel.

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Speaker 2: Unsurprisingly, like loads of people have asked me I'm sure

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Speaker 2: they've asked you our audience on Bloomberg Technology, like do

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Speaker 2: the math. How much does that mean in terms of wealth?

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Speaker 2: For Sam Altman, I think it's too early to do

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Speaker 2: the math, right. We'll get to it when the round

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Speaker 2: is closing those things. Now, this is news. Sam Altman

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Speaker 2: has actually been speaking today into in Italy at Tech

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Speaker 2: Week Italy, and this is what he said. He was

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Speaker 2: basically asked if Mira Murrati, who is the chief techn

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Speaker 2: knowledgy officer who announce her resignation twenty four hours ago,

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Speaker 2: is leaving because of this restructuring initiative. He said, no,

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Speaker 2: I think this is just about people being ready for

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Speaker 2: new chapters of their lives and.

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Speaker 3: A new generation of leadership.

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Speaker 2: Again, you and I have spoken to sources who have

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Speaker 2: been telling us about what's going on.

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Speaker 3: My understanding is that.

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Speaker 2: Marati is still technically there negotiating an exit, and staff

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Speaker 2: are a little bit worried.

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Speaker 4: Yeah, I mean, I think there's a couple of things happening.

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Speaker 4: One is that the company has seen a huge amount

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Speaker 4: of organizational leadership shifting since Sam was briefly ousted and

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Speaker 4: then came back a CEO late last year. So a

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Speaker 4: lot of things have happened in a fairly short period

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Speaker 4: of time, especially at the top.

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Speaker 1: They have a whole new board.

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Speaker 4: Basically, they have a lot of changes at the sea

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Speaker 4: level at the company. People go in, people coming, and

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Speaker 4: also founders have left. At this point, there's two founders

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Speaker 4: still there, Sam Martman being one of them, and a third,

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Speaker 4: Greg Brockman, is on leave at least until.

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Speaker 1: The end of the year.

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Speaker 4: So employees are seeing a lot of changes. But one

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Speaker 4: thing that we do know about Murati's exit that CM

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Speaker 4: actually said publicly yesterday was that she it sounded like

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Speaker 4: it was a surprise to him. He said in a

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Speaker 4: post on AX yesterday that Mirror told him she was leaving.

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Speaker 4: He said this morning. This was yesterday, the day that

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Speaker 4: this happened, So it sounds like it might have been

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Speaker 4: a surprise to everyone, including him.

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Speaker 2: Okay, Bloomberg's Rachel Metz we continue to report on that story.

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Speaker 3: Check out the full report.

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Speaker 2: On Bloomberg News and Bloomberg Technology. We have some breaking

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Speaker 2: news at the top of this hour. Super micro Computer

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Speaker 2: is being probed by the Justice Department following a critical

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Speaker 2: report by an activist short selling firm. This is all

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Speaker 2: according to a report in the Wall Street Journal, whose

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Speaker 2: cite anonymous sources. Bloomberg's Ian King is here with us

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Speaker 2: in San Francisco. The stock now down fourteen percent. It

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Speaker 2: had been halted. We're reacting to the journal report, But

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Speaker 2: what do we know from their reporting?

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Speaker 5: Yeah, I mean what they're saying again, it's back to

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Speaker 5: this issue that the company has kind of admitted that

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Speaker 5: they've sort of been late to file their annual report

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Speaker 5: because of counting exactly accounting issues, and that's what is supposedly,

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Speaker 5: according to the journals reporting, at the heart of this investigation,

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Speaker 5: and that goes back to something that they've also been

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Speaker 5: through previously a few years ago, where they had accounting issues.

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Speaker 2: I've written to super Micro. They've not yet responded, but

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Speaker 2: of course, between us, we will try and get the story.

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Speaker 2: The big story today in markets and in semiconductors, Bloomberg's

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Speaker 2: Ian King is Micron. This is a really big move,

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Speaker 2: and it's a move based on the market's understanding that

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Speaker 2: Micron is a winner in the data center build out

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Speaker 2: that's happening. Just explain what Micron told us.

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Speaker 5: Yeah, I mean, they confirmed everybody's best hopes and said, look, hey,

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Speaker 5: the market for this type of memory that goes into

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Speaker 5: these AI servers going to be twenty five billion next year.

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Speaker 5: That's a great opportunity for us. We're going to do

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Speaker 5: well in there. But the flips that and you'll remember

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Speaker 5: we spoke about this yesterday was people were worried about

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Speaker 5: what's going on in smartphones, people worried about what's going

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Speaker 5: on in PC's, and Micron said, hey, no, we think

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Speaker 5: it's going to be better than we had previously thought.

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Speaker 5: Don't worry about it. So there's a kind of a

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Speaker 5: double lift there.

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Speaker 2: This has been a fast start to the show, a

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Speaker 2: lot of breaking news. Let's take a pause and go

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Speaker 2: back to basics. If I walked into a data center

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Speaker 2: and I went up to a server rack, and I

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Speaker 2: pulled out one of the trays i'd probably find right

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Speaker 2: now at the center of it in Nvidia GPU. But

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Speaker 2: what I'm trying to help our audience understand is that

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Speaker 2: around the outside there would be half a dozen high

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Speaker 2: bandwidth memory chips. And right now it seems like those

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Speaker 2: high bandwidth memory chips are coming from Micron.

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Speaker 5: Yeah, I mean, obviously you're very focused on this topic.

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Speaker 5: Saying I'm a nerd, I will you said it now

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Speaker 5: the absolutely big models, big data.

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Speaker 6: Right.

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Speaker 5: If the better they get, better that you give them

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Speaker 5: more data. How do you get data fast? You put

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Speaker 5: it in memory that's adjacent to those microprocesses. The more memory,

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Speaker 5: the higher speed that memory we can talk to them,

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Speaker 5: the better they get. Obviously, if you are the company

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Speaker 5: that is leading the way in getting that memory development

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Speaker 5: out there and getting that memory to these companies, you're

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Speaker 5: doing well.

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Speaker 2: Bloombergs and King across the breaking news on super micro

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Speaker 2: and on Micron, there's actually a lot more happening in

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Speaker 2: financial markets. This impacting the technology sector. I want to

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Speaker 2: go out to New York and Bloomberg's Isabelle Lee, and

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Speaker 2: it was really interesting at the open. I was oky

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Speaker 2: at the NASDAK one hundred and like really big gain

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Speaker 2: economic data, digesting the path forward for central banks. And

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Speaker 2: then we kind of had a whimper with semiconductors still strong.

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Speaker 3: What's the story behind that?

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Speaker 7: Isabelle Wimber is definitely the right word, because, for instance,

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Speaker 7: you see Micron at popped twenty percent, that's the largest

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Speaker 7: one day against since twenty eleven. But now it's down

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Speaker 7: or it's up still thirteen percent, but it's paired back

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Speaker 7: some of those games, even the NASDAC and even the SMP,

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Speaker 7: but it's still the name of the game. It's still

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Speaker 7: tech because for instance, we have Nvidia, Taiwan Semiconductor and

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Speaker 7: AMD all testing. There are two hundred day moving averages.

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Speaker 7: So this is a bullish sentiment signal. Have the semiconductor

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Speaker 7: ETF of VANK that's is twenty three billion semi coonductor ETF.

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Speaker 7: It's hitting its highs in August and we're on track

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Speaker 7: for its third straight week of inflows, meaning investors are

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Speaker 7: piling money into that. So text still remains to be

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Speaker 7: the big scene throughout these whole market rally, but it

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Speaker 7: is losing some of its lester because we have the

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Speaker 7: equal weighted SMP five hundred catching up. Month to day

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Speaker 7: it's up around one point four and sm P five

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Speaker 7: hundred and nastak is up around two percent, so you

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Speaker 7: see some of those gains there. Even in video it's

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Speaker 7: up around Isabelle and this month. But you're today that's one.

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Speaker 2: Fifty Pelle New York man Eric Adams is speaking.

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Speaker 3: You can shut you want with us, and it.

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Speaker 8: Is first of all, I wanna thank you for being

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Speaker 8: here this morning, and I wanna thank uh the supporters

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Speaker 8: of all ethnic groups that I hear, particularly the men

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Speaker 8: and women of the clergy that's here that have joined

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Speaker 8: me here today.

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Speaker 9: And we are not surprised. We expected this.

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Speaker 8: This is not surprising to us at all, the actions

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Speaker 8: that have unfolded over the last ten months. Yeah, it's

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Speaker 8: the big leaks, the commentary, the demonize it. This did

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Speaker 8: not surprise us that we reached this day. And I

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Speaker 8: asked New Yorkers to wait to hear our defense before

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Speaker 8: making any judgments. In about thirty minutes, you're going to

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Speaker 8: hear his story of the case that In about thirty minutes,

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Speaker 8: you're going to hear his story of the case that

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Speaker 8: is in front of us. The story would come from

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Speaker 8: the federal prosecutors, and I ask to wait and hear

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Speaker 8: our side to this narrative. From here, my attorneys will

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Speaker 8: take care of the case, so I can't take care

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Speaker 8: of the city. My day to day will not change.

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Speaker 8: I will continue to do the job for eight point

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Speaker 8: three million New Yorkers that I was elected to do,

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Speaker 8: and the three one hundred thousand plus employees of our

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Speaker 8: city government will continue to do their jobs because this

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Speaker 8: is what we do as New Yorkers. It's an insult

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Speaker 8: to the hardrooking, pity people of the city that anyone

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Speaker 8: would say that they won't do their jobs while this

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Speaker 8: case proceeds in the background. They are dedicated public servant

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Speaker 8: and I have been one of them for many years,

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Speaker 8: and they're going to continue to do their job moving

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Speaker 8: the city forward every day. All right, man, it's an

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Speaker 8: unfortunate day, and it's a painful day. But inside of

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Speaker 8: all of that, it's today where we will finally reveal

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Speaker 8: why for ten months I have gone through this and

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Speaker 8: I look forward to defending myself and defending the people

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Speaker 8: of this city, as I've done throughout my entire professional career.

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Speaker 8: I want to now turn it over to the person

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Speaker 8: who started me on this journey, Covid Daughtry.

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Speaker 9: Thank you, mister Mayor.

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Speaker 10: You are Mayor.

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Speaker 2: There was New York City Mayor Eric Adams speaking after

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Speaker 2: being indicted on bribery and fraud charges. What he had

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Speaker 2: to say that while the legal process and the cases ongoing,

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Speaker 2: his day to day will not change. He talked about

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Speaker 2: how in the spirit of being in New Yorker, the

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Speaker 2: function of government, the function of administration of the city

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Speaker 2: will continue.

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Speaker 3: He will serve as mayor of.

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Speaker 2: New York City, but also stated that he looks forward

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Speaker 2: to defending himself against the charges being brought against him,

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Speaker 2: the allegations of the indictment that are being brought against him.

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Speaker 3: He is speaking at an event.

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Speaker 2: Let's Get Out Now, to Bloomberg's David Gurra, who is

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Speaker 2: out in New York and has been following not just

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Speaker 2: the legal action but the response of the mayor.

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Speaker 11: David, Yeah, I was struck by the tone from the

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Speaker 11: mayor there, kind of mirroring what we heard from him

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Speaker 11: last night when he released a short video statement from

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Speaker 11: Gracie Mansion where he lives here in New York City,

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Speaker 11: kind of decrying those charges first and foremost, but also

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Speaker 11: vowing to fight them and really emphasizing it the fact

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Speaker 11: that he thinks he's going to be able to do this,

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Speaker 11: fight these charges as he continues as mayor of this city.

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Speaker 11: There are a lot of skeptics, as he acknowledged in

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Speaker 11: that statement and what we just heard from the Mayor

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Speaker 11: this morning, who think that he isn't able to do that,

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Speaker 11: shouldn't be able to do that.

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Speaker 9: He's adamant that.

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Speaker 11: Interestingly, he says he's been he's been fighting allegations like

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Speaker 11: this or the spectru of these allegations for many months.

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Speaker 11: He should be able to keep doing it going forward.

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Speaker 2: Mayor Adams has resumed speaking, let's go back to.

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Speaker 8: It good money.

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Speaker 3: My name is Hazel Dukes.

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Speaker 9: I live in Harlem.

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Speaker 3: David.

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Speaker 2: An issue of timing there for which I apologize, So

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Speaker 2: you are saying please continue.

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Speaker 1: Yeah.

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Speaker 11: So I think that what we're going to be having

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Speaker 11: to focus on here in the hours to come is

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Speaker 11: what the response is from the Democratic Party to what

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Speaker 11: the mayor is saying. So we have heard from some

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Speaker 11: officials he is going to be in a primary in

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Speaker 11: the next few months if he runs for office once

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Speaker 11: again against the current comptroller and the previous Commontroller.

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Speaker 1: Both of them have called upon him to resign.

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Speaker 11: So there is a small and growing chorus of Democratic

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Speaker 11: officials here in New York who are saying he shouldn't

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Speaker 11: continue to do the job. We haven't heard from mckeim, Jefferies,

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Speaker 11: the ranking member in the House of Brooklyn Night, like

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Speaker 11: the mayor himself, somebody he's known for a very long time.

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Speaker 11: If we start to see erosion and support from some

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Speaker 11: of these kind of longtime.

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Speaker 1: Officials in the Democratic Party.

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Speaker 11: Yes, in New York, but more broadly, I think that's

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Speaker 11: going to be pretty significant. And then it's a quirk

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Speaker 11: of New York City and the way that this city

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Speaker 11: is governed, in the state is governed that the governor

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Speaker 11: of this state, Kathy Hopel, does have the power to

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Speaker 11: suspend the mayor and remove the mayor. Now, nobody's having

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Speaker 11: a serious conversation about that right now. However, we'll see

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Speaker 11: sort of as this unfolds, if it's something that gets

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Speaker 11: talked about more man certainly, this is something that the

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Speaker 11: governor of the state could be able to do if

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Speaker 11: she's so wanted.

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Speaker 2: Bloomberg's David Gura in New York tracking the story, and

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Speaker 2: we will continue to track the situations. We will be

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Speaker 2: right back. This is Bloomberg Technology.

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Speaker 3: If you're just joining us.

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Speaker 2: New York Mayor Eric Adams has been speaking after being

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Speaker 2: indicted on bribery and fraud charges. What he said is

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Speaker 2: that he will defend himself against those charges, that in

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Speaker 2: the meantime, while the case is ongoing, he will continue

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Speaker 2: to perform the duties of mayor, and that the work

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Speaker 2: of mayor will continue. A note of interest for our

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Speaker 2: audience he has hired Alex Spiro, an attorney that audience

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Speaker 2: members of Bloomberg Technology will recognize as somebody who has

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Speaker 2: defended Elon Musk in the past. We will continue to

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Speaker 2: track the latest from New York as Mayor Adam speaks,

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Speaker 2: and we expect more news from the authorities in the

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Speaker 2: coming hour. But Mayor Adams saying he will defend himself

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Speaker 2: against those indictment charges. Okay, let's go back to technology news.

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Speaker 2: Ireland is going to use almost the almost sixteen billion

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Speaker 2: dollars Apple was made to pay to it in taxes

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Speaker 2: for infrastructure projects. That's according to the nation's Prime minister.

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Speaker 2: The sum of money is now settled after a recent

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Speaker 2: ruling by EU courts enforcing a twenty sixteen decision that

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Speaker 2: Ireland's tax policy for Apple gave it an unfair advantage.

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Speaker 2: Irish Prime Minister Simon Harris outlined the plan for the

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Speaker 2: cash in an interview with Bloomberg's Maniscranny in New York

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Speaker 2: this week.

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Speaker 12: I do think it's appropriate in our budget that we

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Speaker 12: would provide clarity as to the principles we will apply

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Speaker 12: as to how to invest it and let me let

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Speaker 12: me assist in suggesting that I think those key areas

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Speaker 12: are own water, our water infrastructure, our energy grid and

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Speaker 12: housing supply. There are three areas that I think could

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Speaker 12: could I suppose really give it a benefits to their

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Speaker 12: countries at economic security into the future.

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Speaker 2: Ireland relies heavily on foreign direct investment from the US,

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Speaker 2: and a big chunk of that comes from big technology companies.

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Speaker 2: This week, the country's Minister for Enterprise, Trade and Employment,

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Speaker 2: Peter Burke, is meeting with the tech industry and investors

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Speaker 2: on a trade mission here to Silicon Valley in the

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Speaker 2: Bay Area. Who joins us here in San Francisco, Good

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Speaker 2: morning and welcome to Bloomberg Technology Minister Marnie.

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Speaker 9: Ed Great to be here.

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Speaker 2: What's your colleague and nation's leader said about the Apple

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Speaker 2: tax money is it will be used on water, energy

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Speaker 2: and housing infrastructure.

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Speaker 3: But the relationship with.

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Speaker 2: Apple is so key in your meetings here with different

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Speaker 2: technology companies. What have the repercussions of that ruling been.

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Speaker 2: Has it impacted your ability to negotiate other deals and

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Speaker 2: have an ongoing relationship with those companies interested in Ireland.

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Speaker 6: Well, first of all, I'd say is that we don't negotiate.

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Speaker 6: Deans have a very independent Revenue Commissioner. It hasn't been

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Speaker 6: referenced at all. I think really people see it as

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Speaker 6: a legacy issue. If we look back over time, these

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Speaker 6: are two decisions taken back in the late nineties early

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Speaker 6: two thousands in terms of advanced opinions that were issued,

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Speaker 6: and if you look at the prism of our modern

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Speaker 6: tax legislation, which has changed very significantly over the last

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Speaker 6: number of years. We have been a world leader in

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Speaker 6: the BETS and OECD process, obviously having that global taxation

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Speaker 6: agreement worldwide and we're seeing the moves of Pillar one

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Speaker 6: and Pillar two. Europe has been a very earlier adopter

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Speaker 6: on that process. So it's really looked at the prism

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Speaker 6: of all legacy issues and hasn't been raised at all

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Speaker 6: because we're very much to the forefront as a country

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Speaker 6: of transparency. We have one of the highest levels of

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Speaker 6: exchange agreements throughout the EU. We have a number of

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Speaker 6: international tax agreements as well, which is very much to

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Speaker 6: the forefront worldwide. So we're a country that can stand

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Speaker 6: shoulder to shoulder in terms of transparency and also very

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Speaker 6: clearly that we have been a leader in going to

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Speaker 6: the new global taxation of OCD process.

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Speaker 3: Mister Beck and meet this week.

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Speaker 2: I'm sure the election in November, the presidential election has

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Speaker 2: come up in either outcome. Do you see any tangible

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Speaker 2: impact to the trade and tariff situation as it would

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Speaker 2: impact Ireland.

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Speaker 9: Don't.

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Speaker 6: We've worked with many US presidents over the years and

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Speaker 6: we've had a very long standing close relationship. Obviously, ten

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Speaker 6: percent of Americans have Irish heritage.

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Speaker 9: We have nine diplomatic.

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Speaker 6: Missions here in the US, which we've increased our footprints

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Speaker 6: significantly over the last number of years, and we'll continue

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Speaker 6: to do that because we have very strong cultural ties

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Speaker 6: with the United States and obviously share so much heritage,

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Speaker 6: and that will continue. Our diplomatic presidence is very strong.

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Speaker 6: We're very privileged to have a stand alone engagement every

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Speaker 6: single year in Saint Patrick's Day in the White House

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Speaker 6: in Washington, and that's also very important.

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Speaker 9: That will continue.

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Speaker 6: And this year we're celebrating one hundred years of diplomatic

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Speaker 6: relations and our t shock will be heading over to

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Speaker 6: the White House to meet President Biden on that okase

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Speaker 6: and to celebrate, absolutely, to celebrate what's wonderful we've being

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Speaker 6: Irish and American and the great history we've had over

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Speaker 6: the last number of decades.

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Speaker 2: It's a big focus for this program. Bling Bow Technology

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Speaker 2: for quite a while now has been data centers, and

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Speaker 2: I understand it's been a focus for you as well.

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Speaker 2: There's somewhat of a moratorium on data centers, particularly in

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Speaker 2: Dublin itself. How is that impacting your ability to attract

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Speaker 2: investment bring new data into infrastructure to the country, because

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Speaker 2: that is the process that's happening around the world right now.

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Speaker 6: So maybe if I just set out the background the

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Speaker 6: first Well, there is a moratorium in our country with

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Speaker 6: a very clear policy at the moment. We obviously have constraints,

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Speaker 6: but going out to twenty thirty, like any country, we

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Speaker 6: have a unique advantage now in terms of our energy capacity.

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Speaker 6: We have a number of offshore regeneration projects that are

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Speaker 6: under where were four contracts signed on the East Course

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Speaker 6: that's going to have a capacity of about twenty gigawatts

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Speaker 6: up to twenty forty. A lot of that would be

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Speaker 6: delivered by twenty thirty. And the sense what we're doing

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Speaker 6: now is we're setting out a roadmap to get to

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Speaker 6: that point. So our independent regulator, the cru is currently

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Speaker 6: going to report in the next number of weeks, which

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Speaker 6: will have a very strong policy on large energy users

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Speaker 6: and will point the direction towards giving them a roadmap

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Speaker 6: of when they will be able to connect to the grid.

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Speaker 9: So we're very much open for a business. We do

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Speaker 9: know the value that.

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Speaker 6: Data centers provide because with very agile economy, a very

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Speaker 6: high tech economy, eight out of the top ten global

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Speaker 6: leaders call Ireland their home. Obviously, about one hundred and

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Speaker 6: seventy five thousand people employed in that sector, one hundred

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Speaker 6: and eighty billions of exports, so huge, huge amount of

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Speaker 6: value to Dirish economy. And obviously we know that data

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Speaker 6: centers are very much key and integral to that process,

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Speaker 6: and that's why we're going to have a sustainable policy

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Speaker 6: to ensure that those who invest here there are no surprises,

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Speaker 6: they know what they will get and we will continue

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Speaker 6: to underwrite their development into the future.

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Speaker 2: Minister, is there any specific plan to use the Apple

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Speaker 2: tax money that is apportion to energy specifically for a

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Speaker 2: center support in the context of energy.

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Speaker 6: We're looking at a number of ways to really deploy

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Speaker 6: that funding. Obviously, firstly, I would say as an economy,

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Speaker 6: we've gone from about three and a half billion capital

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Speaker 6: investments since twenty seventeen up to fourteen and a half

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Speaker 6: billion euro now, so you have to look at the

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Speaker 6: capacity of the economy to deliver infrastructure. So we have

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Speaker 6: to be careful in that regard and we'll be looking

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Speaker 6: at a number of areas.

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Speaker 9: Firstly, obviously in terms.

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Speaker 6: Of our grid and our energy infrastructure, which is very important.

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Speaker 6: We want to keep competitive. We're the most competitive country

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Speaker 6: in the Eurozone. We're number four in the Independent Competitive

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Speaker 6: Yearbook out of sixty seven countries measured. But we're going

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Speaker 6: to put a good bit into our grid and secondly

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Speaker 6: our water and wastewater, which is very important to us,

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Speaker 6: and keeping up our skills based because as a country,

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Speaker 6: we're very clear that our talent is our most prized resource,

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Speaker 6: our people and we have the most highly skilled.

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Speaker 9: Youngest workforce in the EU.

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Speaker 6: We have double the graduates of eight percent and ict

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Speaker 6: double the EU average. And also pain down our debt

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Speaker 6: and you know, looking at sovereign wealth funds.

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Speaker 9: We have two particular funds.

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Speaker 6: That we will invest significantly into which will underwright Ireland's

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Speaker 6: future to grow, which is very important to us.

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Speaker 2: Minister, we started this conversation saying you're on a trade

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Speaker 2: mission so let's end it by asking how that's gone.

443
00:23:08,200 --> 00:23:10,600
Speaker 2: Have you been able to attract any new investment this week?

444
00:23:10,640 --> 00:23:11,600
Speaker 9: It's been very exciting.

445
00:23:11,600 --> 00:23:14,160
Speaker 6: I've met so many companies, particularly in the Bay Area

446
00:23:14,160 --> 00:23:16,199
Speaker 6: here who are at the very cutting edge of technology.

447
00:23:16,520 --> 00:23:19,639
Speaker 6: We have a new implementation document with the Bay Area

448
00:23:19,680 --> 00:23:23,119
Speaker 6: Council with John Randall Randolph and his team, we've put together,

449
00:23:23,359 --> 00:23:26,240
Speaker 6: you know, tertiary partnerships with their higher education with Stanford

450
00:23:26,280 --> 00:23:28,960
Speaker 6: and Trinity College and UCC in Cork. A lot of

451
00:23:29,000 --> 00:23:31,040
Speaker 6: good work is being carried out to grow that relationship

452
00:23:31,080 --> 00:23:34,320
Speaker 6: with about one hundred and sixty companies employing twenty five

453
00:23:34,359 --> 00:23:37,320
Speaker 6: thousand people in operation where the seven largest investor Ireland

454
00:23:37,320 --> 00:23:39,680
Speaker 6: are here, so it's very much a mutual by latter

455
00:23:39,800 --> 00:23:42,680
Speaker 6: relationship as well as those who are employing so many

456
00:23:42,680 --> 00:23:45,400
Speaker 6: people back home in Ireland. So I've met very exciting companies,

457
00:23:45,640 --> 00:23:49,000
Speaker 6: really look forward to attracting new investment, but also critically

458
00:23:49,200 --> 00:23:52,640
Speaker 6: Ireland investing more in this area as well because Enterprise

459
00:23:52,640 --> 00:23:54,800
Speaker 6: Ireland one of our key state agencies, along with the

460
00:23:54,800 --> 00:23:58,080
Speaker 6: ideas investing heavily in this sector through so many exciting

461
00:23:58,080 --> 00:23:59,840
Speaker 6: companies with an Irish background.

462
00:24:00,320 --> 00:24:03,680
Speaker 2: Ireland's Enterprise and Trade Minister Peter Burg, thank you very much.

463
00:24:03,760 --> 00:24:17,359
Speaker 2: We will be right back. This is Bloomberg Technology. Welcome

464
00:24:17,400 --> 00:24:20,920
Speaker 2: back to Bloomberg Technology, Ed Lovelow here in San Francisco.

465
00:24:21,040 --> 00:24:23,320
Speaker 2: If you're seeing it for the first time. Financial markets

466
00:24:23,320 --> 00:24:26,000
Speaker 2: have kind of changed direction in the last thirty minutes.

467
00:24:26,040 --> 00:24:29,520
Speaker 2: We saw really significant early gains after the market open,

468
00:24:29,560 --> 00:24:31,919
Speaker 2: particularly in tech. Then as that one hundred is now

469
00:24:31,960 --> 00:24:34,399
Speaker 2: up modestly three ten to one percent. But where there

470
00:24:34,480 --> 00:24:38,399
Speaker 2: is continued strength is in semiconductors. The socks, yes, but

471
00:24:38,480 --> 00:24:41,520
Speaker 2: the main story there is Micron, a memory chip maker,

472
00:24:41,920 --> 00:24:45,000
Speaker 2: and for all the data center investment that's happening, what

473
00:24:45,040 --> 00:24:47,560
Speaker 2: we're now learning is that for the memory chip makers

474
00:24:47,600 --> 00:24:50,960
Speaker 2: it's happening too. Yes, you're getting GPUs and money spent

475
00:24:51,000 --> 00:24:53,679
Speaker 2: on Nvidia, but now Micron is seeing a benefit and

476
00:24:53,720 --> 00:24:56,520
Speaker 2: that was reflected in the forecast for the current period

477
00:24:56,560 --> 00:24:59,280
Speaker 2: where they're seeing sales I think eight point seven billion dollars.

478
00:24:59,400 --> 00:25:01,760
Speaker 2: The street was looking for around eight point three. We'll

479
00:25:01,760 --> 00:25:03,520
Speaker 2: continue to track it because that is a big move

480
00:25:03,560 --> 00:25:05,920
Speaker 2: in Micron, at one stage in the session on track

481
00:25:05,960 --> 00:25:08,240
Speaker 2: for its biggest jump since twenty eleven.

482
00:25:08,480 --> 00:25:08,920
Speaker 3: And in the.

483
00:25:08,880 --> 00:25:11,280
Speaker 2: Background, there's a lot more to talk about in the

484
00:25:11,280 --> 00:25:12,320
Speaker 2: context of AI.

485
00:25:12,200 --> 00:25:12,879
Speaker 3: Let's discuss it.

486
00:25:12,960 --> 00:25:16,920
Speaker 2: Where I Ooko Yoshioka, portfolio manager at Wealth Enhancement Group,

487
00:25:17,080 --> 00:25:19,080
Speaker 2: also a holder of shares of Meta, and I thought

488
00:25:19,160 --> 00:25:20,800
Speaker 2: that's probably where we would start.

489
00:25:21,680 --> 00:25:22,360
Speaker 3: Let's do that.

490
00:25:22,480 --> 00:25:25,840
Speaker 2: Meta's now down modestly six tens of a percent, And

491
00:25:25,920 --> 00:25:28,879
Speaker 2: while I was there at Menlo Park yesterday, there was

492
00:25:28,920 --> 00:25:32,240
Speaker 2: a notable move higher the moment that Oryan was unveiled.

493
00:25:32,680 --> 00:25:34,520
Speaker 2: Why did investors react that way?

494
00:25:35,680 --> 00:25:35,880
Speaker 13: Sure?

495
00:25:35,960 --> 00:25:38,600
Speaker 14: Hi ed good to see you, so, you know, orian

496
00:25:38,880 --> 00:25:42,440
Speaker 14: was pretty interesting to see. You know, we're getting sort

497
00:25:42,440 --> 00:25:46,600
Speaker 14: of closer and closer to the minority report moment. I

498
00:25:46,600 --> 00:25:49,720
Speaker 14: think in real life, at least, that's what it seemed like.

499
00:25:50,240 --> 00:25:52,960
Speaker 14: Just with the combination of the glasses as well as

500
00:25:53,160 --> 00:25:56,240
Speaker 14: the wristband that can control or or sense a lot

501
00:25:56,280 --> 00:25:58,879
Speaker 14: of the movements in terms of how you interact with

502
00:25:59,040 --> 00:26:03,480
Speaker 14: the it was a really interesting time to see Meta

503
00:26:04,280 --> 00:26:08,480
Speaker 14: and just their overall investments into AI and AR and

504
00:26:08,880 --> 00:26:12,480
Speaker 14: just all the synergies you're seeing across the landscape.

505
00:26:13,480 --> 00:26:15,840
Speaker 2: You and I have discussed the market so often, and

506
00:26:15,880 --> 00:26:19,119
Speaker 2: we've often reflected that like one session is just not

507
00:26:19,240 --> 00:26:22,000
Speaker 2: worth dwelling on often, but it is an interesting moment.

508
00:26:22,119 --> 00:26:26,199
Speaker 2: Right now, Micron continues to push higher. There's evidence that

509
00:26:26,640 --> 00:26:30,000
Speaker 2: it's broad. It's not just GPUs but high bandwidth memory

510
00:26:30,040 --> 00:26:33,959
Speaker 2: as well. There's evidence in the forecast in sales. What

511
00:26:34,000 --> 00:26:37,000
Speaker 2: does that tell you? You lead research at wealth enhancement groups,

512
00:26:37,000 --> 00:26:38,399
Speaker 2: So how are you adjusting your model?

513
00:26:39,520 --> 00:26:39,760
Speaker 14: Sure?

514
00:26:39,960 --> 00:26:40,680
Speaker 3: So, you know, I.

515
00:26:40,640 --> 00:26:43,320
Speaker 14: Think with the memory side of things, you know, they

516
00:26:43,320 --> 00:26:46,879
Speaker 14: were going through an inventory cycle. You know, the nand

517
00:26:47,280 --> 00:26:50,720
Speaker 14: side of things has been a lot softer over the

518
00:26:50,760 --> 00:26:53,120
Speaker 14: last two years, and so now you're starting to see

519
00:26:53,119 --> 00:26:55,560
Speaker 14: a little bit of a recovery on the nand side.

520
00:26:55,880 --> 00:27:01,640
Speaker 14: And then you are seeing this growth vehicle with bandwidth memory.

521
00:27:01,760 --> 00:27:04,960
Speaker 14: And so not only are you seeing it impact Micron,

522
00:27:05,080 --> 00:27:07,960
Speaker 14: but you know, Land Research is a maker of a

523
00:27:07,960 --> 00:27:11,720
Speaker 14: lot of the equipment that is for high bandwidth memory,

524
00:27:12,000 --> 00:27:16,160
Speaker 14: and so you're seeing that potential growth in twenty twenty

525
00:27:16,200 --> 00:27:20,920
Speaker 14: five and that can continue beyond twenty twenty five as well.

526
00:27:21,160 --> 00:27:24,879
Speaker 2: The market's kind of got that trifecta this morning, economic data,

527
00:27:25,480 --> 00:27:30,439
Speaker 2: central bank noise, and then earnings. Right now, for the

528
00:27:30,480 --> 00:27:34,600
Speaker 2: technology investor, how do you apportion your focus to each

529
00:27:34,640 --> 00:27:35,080
Speaker 2: of those?

530
00:27:36,840 --> 00:27:39,760
Speaker 14: Sure? So, I think with technology we have to take

531
00:27:39,800 --> 00:27:42,560
Speaker 14: a very long term view I mean, at least that's

532
00:27:42,560 --> 00:27:45,399
Speaker 14: what we do here at Wealth Enhancement Group. Tech is

533
00:27:45,440 --> 00:27:48,159
Speaker 14: going to be a part of every investor's sort of portfolio,

534
00:27:48,280 --> 00:27:50,400
Speaker 14: but you balance it out with some of the more

535
00:27:50,760 --> 00:27:53,919
Speaker 14: cyclical areas of the market in which we can see

536
00:27:53,960 --> 00:27:57,159
Speaker 14: strength in the overall economy and those areas that are

537
00:27:57,200 --> 00:28:00,320
Speaker 14: also sensitive to the direction of interest rates, which the

538
00:28:00,359 --> 00:28:02,960
Speaker 14: FED does you know, control a lot of that. So

539
00:28:03,400 --> 00:28:06,359
Speaker 14: you know, a very diversified portfolio is something that.

540
00:28:06,280 --> 00:28:07,520
Speaker 1: We do advocate for.

541
00:28:08,280 --> 00:28:11,680
Speaker 14: But you know, I think technology plays a big lead

542
00:28:11,720 --> 00:28:12,000
Speaker 14: in that.

543
00:28:14,359 --> 00:28:17,160
Speaker 2: Right now, what is the direction of travel for technology

544
00:28:17,200 --> 00:28:18,879
Speaker 2: for the rest of this year. I'm asking you to

545
00:28:18,920 --> 00:28:22,320
Speaker 2: give me your crystal bull prediction because.

546
00:28:22,000 --> 00:28:25,359
Speaker 14: My crystal ball is always so clear, So you know,

547
00:28:25,640 --> 00:28:28,879
Speaker 14: in terms of you know, for for the rest of

548
00:28:28,880 --> 00:28:31,159
Speaker 14: the year, I think things can be choppy. But I

549
00:28:31,160 --> 00:28:34,040
Speaker 14: think what you want to always lean into is, you know,

550
00:28:34,080 --> 00:28:36,959
Speaker 14: what is going to help you sleep at night and

551
00:28:37,040 --> 00:28:40,600
Speaker 14: what are the quality companies that allow for your portfolio

552
00:28:40,760 --> 00:28:43,360
Speaker 14: to continue to grow, whether it's in technology or not.

553
00:28:43,800 --> 00:28:45,560
Speaker 14: And I think that's where, you know, we want to

554
00:28:45,600 --> 00:28:49,080
Speaker 14: make sure that regardless of what the macro environment gives us,

555
00:28:49,320 --> 00:28:53,440
Speaker 14: we're you know, invested in companies that have high quality

556
00:28:53,720 --> 00:28:56,440
Speaker 14: and strong growth prospects in the future.

557
00:28:58,320 --> 00:29:01,600
Speaker 2: Right now, all our focuses on US names and the

558
00:29:01,640 --> 00:29:04,520
Speaker 2: activities here, But do you ever look further afield iocode

559
00:29:04,560 --> 00:29:05,680
Speaker 2: to Europe to Asia.

560
00:29:07,120 --> 00:29:11,520
Speaker 14: Absolutely. I think having a diverse portfolio across the globe

561
00:29:11,640 --> 00:29:15,280
Speaker 14: is something that we again advocate for, simply because you

562
00:29:15,360 --> 00:29:18,480
Speaker 14: never know when things turn around. And you know, one

563
00:29:18,520 --> 00:29:22,680
Speaker 14: of the major drivers is the direction of the US dollar,

564
00:29:23,160 --> 00:29:25,440
Speaker 14: and we think that the US dollar can weaken a

565
00:29:25,480 --> 00:29:28,440
Speaker 14: little bit here just given the direction of interest rates,

566
00:29:29,000 --> 00:29:33,120
Speaker 14: and international and emerging market stocks can benefit, and again

567
00:29:33,480 --> 00:29:38,800
Speaker 14: you know their valuations are very attractive relative to US markets.

568
00:29:39,560 --> 00:29:42,480
Speaker 2: We expect to hear from the prosecutors in the indictment

569
00:29:42,520 --> 00:29:44,200
Speaker 2: of New York Mary Adams very soon.

570
00:29:44,240 --> 00:29:46,440
Speaker 3: We may have to move to that. But before we

571
00:29:46,560 --> 00:29:47,920
Speaker 3: lose you, I want to ask you.

572
00:29:47,840 --> 00:29:52,120
Speaker 2: Something that that other investors are now asking themselves. How

573
00:29:52,160 --> 00:29:54,560
Speaker 2: important is it for you to get hands on with technology?

574
00:29:54,600 --> 00:29:56,560
Speaker 2: If you think about what Meta showed us yesterday and

575
00:29:56,640 --> 00:29:59,320
Speaker 2: I did with a Ryan with ray band Meta, but

576
00:29:59,400 --> 00:30:03,400
Speaker 2: also using Meta aion device, is that something that informs

577
00:30:03,440 --> 00:30:05,960
Speaker 2: your investment thesis by actually using the tech.

578
00:30:07,120 --> 00:30:10,400
Speaker 14: I think both using it and seeing others use it

579
00:30:10,480 --> 00:30:13,479
Speaker 14: and engage with it, because it's not just myself, but

580
00:30:13,680 --> 00:30:17,080
Speaker 14: you know people across all age groups and demographics. I

581
00:30:17,120 --> 00:30:20,800
Speaker 14: want to see exactly how people are engaging with the technology,

582
00:30:20,840 --> 00:30:24,280
Speaker 14: and younger people are much more adapt to adopting some

583
00:30:24,360 --> 00:30:26,800
Speaker 14: of the technology. But then you also want to see

584
00:30:26,800 --> 00:30:29,440
Speaker 14: how can you know older people adapt to it as

585
00:30:29,480 --> 00:30:33,840
Speaker 14: well and integrated into their lives, because that is going

586
00:30:33,920 --> 00:30:37,560
Speaker 14: to provide a larger sort of market and better growth over.

587
00:30:37,360 --> 00:30:39,840
Speaker 2: The long term. I think back to when you and

588
00:30:39,920 --> 00:30:42,720
Speaker 2: I were discussing in videos earnings, and we remember the

589
00:30:42,760 --> 00:30:44,480
Speaker 2: Capex story, but I think we've moved on.

590
00:30:44,560 --> 00:30:45,880
Speaker 3: Ak Eshoko, thank you.

591
00:30:46,240 --> 00:30:48,920
Speaker 2: Let's head out to a press conference where the prosecutors

592
00:30:48,920 --> 00:30:52,280
Speaker 2: in the indictment of New York Merrick Adams are speaking.

593
00:30:51,920 --> 00:30:55,240
Speaker 10: Peracy charges against Eric Adams, the mayor of New York City.

594
00:30:56,120 --> 00:30:59,360
Speaker 10: As the indictment alleges Mayor Adams engage in a long

595
00:30:59,440 --> 00:31:03,080
Speaker 10: running consprent year see in which he solicited and knowingly

596
00:31:03,120 --> 00:31:08,760
Speaker 10: accepted illegal campaign contributions from foreign donors and corporations. As

597
00:31:08,800 --> 00:31:12,040
Speaker 10: we allege, Mayor Adams took these contributions even though he

598
00:31:12,120 --> 00:31:14,920
Speaker 10: knew they were illegal and even though he knew these

599
00:31:14,920 --> 00:31:20,400
Speaker 10: contributions were attempts by a Turkish government official and Turkish businessmen.

600
00:31:20,040 --> 00:31:23,480
Speaker 1: To buy influence with him. We also alleged that the

601
00:31:23,520 --> 00:31:25,720
Speaker 1: mayor sought and accepted well.

602
00:31:25,480 --> 00:31:29,440
Speaker 10: Over one hundred thousand dollars in luxury travel benefits from

603
00:31:29,480 --> 00:31:32,000
Speaker 10: some of the same foreign actors who arranged many of

604
00:31:32,040 --> 00:31:37,360
Speaker 10: the illegal campaign contributions. These benefits included free international business

605
00:31:37,360 --> 00:31:39,880
Speaker 10: class flights and opulent hotel.

606
00:31:39,600 --> 00:31:43,200
Speaker 1: Rooms in foreign cities. The mayor had a duty to

607
00:31:43,240 --> 00:31:44,120
Speaker 1: disclose these.

608
00:31:43,920 --> 00:31:46,920
Speaker 10: Gifts on his annual public disclosure forms so that the

609
00:31:46,960 --> 00:31:50,760
Speaker 10: public could see who was giving him what, but as

610
00:31:50,760 --> 00:31:54,760
Speaker 10: we allege, year after year after year, he kept the

611
00:31:54,760 --> 00:31:57,840
Speaker 10: public in the dark. He told the public he received

612
00:31:57,880 --> 00:32:02,280
Speaker 10: no gifts, even though he was secretly being showered with them.

613
00:32:03,160 --> 00:32:05,640
Speaker 10: We alleged that Adams accepted these benefits knowing that they

614
00:32:05,640 --> 00:32:08,760
Speaker 10: were given to him because of his position, and in

615
00:32:08,800 --> 00:32:12,280
Speaker 10: exchange for some of those improper benefits, he intervened in

616
00:32:12,320 --> 00:32:15,280
Speaker 10: the New York City Fire Department's inspection process for a

617
00:32:15,320 --> 00:32:19,440
Speaker 10: building owned and operated by the Turkish government, allowing it

618
00:32:19,480 --> 00:32:20,800
Speaker 10: to open even though it had.

619
00:32:20,640 --> 00:32:22,000
Speaker 1: Not passed the fire inspection.

620
00:32:23,400 --> 00:32:26,880
Speaker 10: The corruption allegend the indictment is as I said, long running.

621
00:32:27,520 --> 00:32:31,320
Speaker 10: As we allegend, the indictment Adams's solicitation of illegal campaign

622
00:32:31,400 --> 00:32:35,480
Speaker 10: contributions began in twenty eighteen. After he started raising funds

623
00:32:35,520 --> 00:32:38,360
Speaker 10: for his twenty twenty one mayoral campaign. He agreed to

624
00:32:38,360 --> 00:32:43,680
Speaker 10: take contributions offered by multiple Turkish businessmen, several of whom

625
00:32:43,720 --> 00:32:47,960
Speaker 10: he met in Turkey. Adams knew that these wealthy individuals

626
00:32:48,040 --> 00:32:51,520
Speaker 10: could not legally donate in the US election. Federal law

627
00:32:51,640 --> 00:32:56,280
Speaker 10: clearly prohibits foreign donations. That's how we protect our elections

628
00:32:56,480 --> 00:33:01,160
Speaker 10: from foreign influenceet Adams directed his staff to pursue this

629
00:33:01,240 --> 00:33:05,720
Speaker 10: illegal money to support his campaign from mayor, and as

630
00:33:05,760 --> 00:33:09,200
Speaker 10: we allege, Adams continued to pursue foreign money in secret

631
00:33:09,680 --> 00:33:13,160
Speaker 10: well into twenty twenty one, and it didn't stop with

632
00:33:13,200 --> 00:33:16,280
Speaker 10: his first campaign from mayor. As we allege, in twenty

633
00:33:16,360 --> 00:33:20,560
Speaker 10: twenty three, the mayor rekindled these corrupt relationships, seeking more

634
00:33:20,640 --> 00:33:24,400
Speaker 10: illegal campaign contributions from some of the same foreign sources

635
00:33:24,640 --> 00:33:29,480
Speaker 10: to support his reelection campaign. Adams also took contributions that

636
00:33:29,520 --> 00:33:34,640
Speaker 10: broke other laws. As we allege, he sought contributions from businessmen.

637
00:33:34,600 --> 00:33:36,600
Speaker 1: Far in excess of what the law allowed.

638
00:33:37,480 --> 00:33:40,960
Speaker 10: He also allegedly sought contributions from corporations, which are not

639
00:33:41,040 --> 00:33:44,760
Speaker 10: allowed to contribute at all in New York City elections.

640
00:33:45,480 --> 00:33:48,400
Speaker 10: Many of those illegal corporate contributions were organized by the

641
00:33:48,400 --> 00:33:53,200
Speaker 10: same people who organized the illegal foreign contributions, and Adams

642
00:33:53,240 --> 00:33:56,800
Speaker 10: allegedly disguised them all in the same way by accepting

643
00:33:56,800 --> 00:33:59,880
Speaker 10: the money through so called straw downers. A straw downer

644
00:34:00,000 --> 00:34:03,960
Speaker 10: contribute someone else's money, hiding the money's illegal source, such

645
00:34:04,000 --> 00:34:07,120
Speaker 10: as a foreign businessman, a corporation, or a wealthy New

646
00:34:07,200 --> 00:34:11,000
Speaker 10: Yorker who has already contributed the maximum amount allowed, And

647
00:34:11,040 --> 00:34:14,600
Speaker 10: as we allege, Adams circumvented all of these laws, taking

648
00:34:14,600 --> 00:34:18,920
Speaker 10: contributions from exactly the sources the law prohibits, all.

649
00:34:18,800 --> 00:34:20,560
Speaker 1: To benefit his mayoral campaigns.

650
00:34:21,840 --> 00:34:25,600
Speaker 10: Now, Adam's also personally benefited from the illegal conduct.

651
00:34:25,840 --> 00:34:29,000
Speaker 1: A legend of the indictment, Adams solicited.

652
00:34:28,480 --> 00:34:31,680
Speaker 10: And accepted over one hundred thousand dollars in luxury travel

653
00:34:31,680 --> 00:34:35,359
Speaker 10: benefits four years from wealthy Turkish business people and at

654
00:34:35,400 --> 00:34:39,359
Speaker 10: least one Turkish government official seeking to gain influence over him.

655
00:34:40,200 --> 00:34:43,799
Speaker 10: Adams started accepting undisclosed luxury travel benefits at least as

656
00:34:43,840 --> 00:34:47,480
Speaker 10: early as twenty sixteen. He took these benefits nearly every

657
00:34:47,560 --> 00:34:48,640
Speaker 10: year through.

658
00:34:48,400 --> 00:34:49,840
Speaker 1: Twenty twenty one.

659
00:34:50,520 --> 00:34:52,600
Speaker 10: Here are some of the benefits that we uncovered during

660
00:34:52,640 --> 00:34:57,719
Speaker 10: our investigation. In twenty sixteen, Adams flew to India through

661
00:34:57,800 --> 00:35:01,840
Speaker 10: Turkey and received two free round trip upgrades for business

662
00:35:01,880 --> 00:35:06,040
Speaker 10: class seats that's the highest class on Turkey's national airline.

663
00:35:06,560 --> 00:35:09,680
Speaker 10: Those upgrades were worth more than twelve thousand dollars and

664
00:35:09,719 --> 00:35:13,960
Speaker 10: none of it was publicly disclosed. In twenty seventeen, Adams

665
00:35:13,960 --> 00:35:17,000
Speaker 10: accepted free business class tickets for himself and his travel

666
00:35:17,040 --> 00:35:21,279
Speaker 10: companions to France, Turkey and China, and he was put

667
00:35:21,360 --> 00:35:24,040
Speaker 10: up in the Bentley Suite in the Saint Regis Hotel

668
00:35:24,120 --> 00:35:27,200
Speaker 10: in Istanbul. All of that was worth more than forty

669
00:35:27,239 --> 00:35:29,319
Speaker 10: one thousand dollars and none of.

670
00:35:29,239 --> 00:35:30,560
Speaker 1: It was publicly disclosed.

671
00:35:31,440 --> 00:35:35,319
Speaker 10: Also in twenty seventeen, he flew to China again through

672
00:35:35,360 --> 00:35:39,160
Speaker 10: Turkey and accepted two free business class tickets for himself.

673
00:35:39,080 --> 00:35:39,880
Speaker 1: And a companion.

674
00:35:40,719 --> 00:35:43,759
Speaker 10: Those were worth more than sixteen thousand dollars and none

675
00:35:43,800 --> 00:35:46,919
Speaker 10: of it was publicly disclosed. In twenty eighteen, he flew

676
00:35:46,920 --> 00:35:50,840
Speaker 10: to Hungary through Turkey and accepted free upgrades for business

677
00:35:50,840 --> 00:35:53,960
Speaker 10: class seats. Those were worth more than twelve thousand dollars,

678
00:35:54,440 --> 00:35:56,160
Speaker 10: and none of it was publicly disclosed.

679
00:35:57,280 --> 00:36:00,120
Speaker 1: In twenty nineteen, he flew to Turkey and accepted.

680
00:35:59,800 --> 00:36:02,600
Speaker 10: A free upgrade to business class for his companion in

681
00:36:02,600 --> 00:36:04,839
Speaker 10: a free stay in a lavish suite at the Saint

682
00:36:04,880 --> 00:36:08,239
Speaker 10: Regis Hotel in Istanbul that was worth more than nine

683
00:36:08,239 --> 00:36:12,080
Speaker 10: thousand dollars, and again none of it was publicly disclosed.

684
00:36:13,000 --> 00:36:16,680
Speaker 10: In twenty twenty one, Adams solicited business class tickets to Istanbul,

685
00:36:17,000 --> 00:36:20,760
Speaker 10: stays at luxury hotels and resorts, yacht tours, and meals.

686
00:36:21,280 --> 00:36:23,840
Speaker 10: As we allege, he asked to pay a nominal fee

687
00:36:24,160 --> 00:36:26,680
Speaker 10: for all of this in order to disguise what we

688
00:36:26,719 --> 00:36:30,440
Speaker 10: allege were in fact bribes. He canceled that trip at

689
00:36:30,440 --> 00:36:33,160
Speaker 10: the very last minute, but the benefits that he solicited

690
00:36:33,200 --> 00:36:37,439
Speaker 10: were worth more than twenty one thousand dollars. And later

691
00:36:37,520 --> 00:36:41,800
Speaker 10: in twenty twenty one, Adams flew Taghana again through Turkey

692
00:36:42,239 --> 00:36:45,000
Speaker 10: and accepted free business class ticket upgrades and other.

693
00:36:44,880 --> 00:36:47,480
Speaker 1: Gifts while he was on a layover in Istanbul.

694
00:36:48,440 --> 00:36:51,200
Speaker 10: Those benefits were worth more than twelve thousand dollars, and

695
00:36:51,360 --> 00:36:53,840
Speaker 10: just like all the other benefits I've just run through.

696
00:36:53,760 --> 00:36:55,239
Speaker 1: None of it was publicly disclosed.

697
00:36:56,480 --> 00:36:59,600
Speaker 10: Now, I want to be clear, these upgrades and freebies

698
00:36:59,640 --> 00:37:03,640
Speaker 10: were not part of some frequent flyer or loyalty program

699
00:37:03,680 --> 00:37:05,160
Speaker 10: available to the general public.

700
00:37:05,840 --> 00:37:06,520
Speaker 1: As we allege.

701
00:37:06,600 --> 00:37:09,160
Speaker 10: This was a multi year scheme to buy favor with

702
00:37:09,280 --> 00:37:13,320
Speaker 10: a single New York City politician on the rise, Eric Adams.

703
00:37:14,840 --> 00:37:15,400
Speaker 1: Now, this is a.

704
00:37:15,440 --> 00:37:19,040
Speaker 10: Chart with all of the undisclosed travel benefits that we

705
00:37:19,120 --> 00:37:21,440
Speaker 10: uncovered during the investigation.

706
00:37:22,239 --> 00:37:23,560
Speaker 1: We just listed all out here.

707
00:37:24,320 --> 00:37:27,600
Speaker 10: You see the year twenty sixteen, twenty seventeen, twenty seventeen,

708
00:37:27,640 --> 00:37:29,640
Speaker 10: twenty eighteen, twenty nineteen.

709
00:37:29,320 --> 00:37:32,440
Speaker 1: And twenty the destination.

710
00:37:33,719 --> 00:37:37,719
Speaker 10: India all the way to Ghana, the benefits, the free

711
00:37:37,800 --> 00:37:41,680
Speaker 10: upgrades or free tickets altogether, the hotel stays.

712
00:37:41,640 --> 00:37:42,480
Speaker 1: And the value.

713
00:37:42,560 --> 00:37:45,719
Speaker 10: And if you just sum up all the dollar amounts here,

714
00:37:45,800 --> 00:37:47,600
Speaker 10: you get to more than one hundred thousand dollars. And

715
00:37:47,600 --> 00:37:51,359
Speaker 10: of course, as I said before, every single trip that

716
00:37:51,400 --> 00:37:59,840
Speaker 10: we list here was undisclosed, as we allegend the indictment.

717
00:38:00,440 --> 00:38:04,240
Speaker 10: In addition to not disclosing these benefits, Adams sometimes created

718
00:38:04,280 --> 00:38:06,960
Speaker 10: fake paper trails to try to cover up the travel

719
00:38:06,960 --> 00:38:09,040
Speaker 10: benefits he solicited and received.

720
00:38:09,640 --> 00:38:10,760
Speaker 1: Let me give you one example.

721
00:38:11,640 --> 00:38:14,759
Speaker 10: Adams wrote emails to his staff, suggesting he paid for

722
00:38:14,840 --> 00:38:18,560
Speaker 10: his twenty seventeen business class flights on the Turkish Airline, when,

723
00:38:18,760 --> 00:38:20,040
Speaker 10: as we allege, he did not.

724
00:38:21,120 --> 00:38:22,800
Speaker 1: Those flights were worth a lot of money.

725
00:38:23,200 --> 00:38:25,720
Speaker 10: Just one ticket alone costs more than ten thousand dollars,

726
00:38:26,560 --> 00:38:29,400
Speaker 10: But months after taking the flights, Adams wrote an email

727
00:38:29,600 --> 00:38:31,799
Speaker 10: to a staff member and told the staff member that

728
00:38:31,880 --> 00:38:34,880
Speaker 10: he had left cash in her desk drawer and that

729
00:38:34,960 --> 00:38:37,520
Speaker 10: she should send the money to the Turkish Airline to

730
00:38:37,560 --> 00:38:39,360
Speaker 10: pay for a trip he had already taken.

731
00:38:40,320 --> 00:38:45,480
Speaker 1: As the Indictmam makes clear, that's just a clumsy cover up. Now,

732
00:38:45,560 --> 00:38:46,399
Speaker 1: just because.

733
00:38:46,080 --> 00:38:48,680
Speaker 10: Adams received benefits for free, that doesn't mean that there

734
00:38:48,719 --> 00:38:52,920
Speaker 10: weren't strings attached. As we allege, a particular Turkish government

735
00:38:52,920 --> 00:38:56,200
Speaker 10: official behind many of the benefits Adams sought and accepted,

736
00:38:56,680 --> 00:38:59,759
Speaker 10: gave Adams all these things to gain influence over him.

737
00:39:00,440 --> 00:39:01,080
Speaker 1: We alleged that.

738
00:39:01,000 --> 00:39:04,600
Speaker 10: Adams knew that and took the benefits anyway. We alleged

739
00:39:04,600 --> 00:39:07,240
Speaker 10: that when the Turkish government official needed him, Adams also

740
00:39:07,280 --> 00:39:10,080
Speaker 10: took corrupt official action in exchange for some of the

741
00:39:10,160 --> 00:39:13,720
Speaker 10: luxury travel benefits. In twenty twenty one, the Turkish government

742
00:39:13,719 --> 00:39:16,200
Speaker 10: official was trying to open a brand new high rise

743
00:39:16,239 --> 00:39:19,000
Speaker 10: building in Manhattan that would house Turkey's consulate.

744
00:39:19,760 --> 00:39:21,200
Speaker 1: There was significant time.

745
00:39:21,000 --> 00:39:25,160
Speaker 10: Pressure because the Turkish official desperately needed the building to

746
00:39:25,160 --> 00:39:27,680
Speaker 10: be open in time for a visit from Turkey's president.

747
00:39:28,360 --> 00:39:30,960
Speaker 10: This building was important to the Turkish official, and it

748
00:39:31,000 --> 00:39:34,439
Speaker 10: was important to Turkey, but the fd and y's fire

749
00:39:34,480 --> 00:39:37,480
Speaker 10: safety professionals wouldn't let the building open because the building

750
00:39:37,520 --> 00:39:41,520
Speaker 10: hadn't passed an inspection, and not just that, some of

751
00:39:41,560 --> 00:39:43,480
Speaker 10: the people of fd and Y thought the building had

752
00:39:43,520 --> 00:39:46,160
Speaker 10: so many issues and defects that the building was not

753
00:39:46,560 --> 00:39:50,239
Speaker 10: safe to occupy. So the Turkish official sent word to

754
00:39:50,280 --> 00:39:54,000
Speaker 10: Adams that it was quote his turn unquote to support Turkey,

755
00:39:54,760 --> 00:39:57,359
Speaker 10: and as we allege, Adams delivered and pressure the fire

756
00:39:57,400 --> 00:40:01,319
Speaker 10: department to let the building open. The NY professionals were

757
00:40:01,440 --> 00:40:04,520
Speaker 10: convinced that they would lose their jobs if they didn't back.

758
00:40:04,360 --> 00:40:07,840
Speaker 1: Down, and so they did. They got out of the

759
00:40:07,880 --> 00:40:11,520
Speaker 1: way and let the building open. The Turkish official got what.

760
00:40:11,520 --> 00:40:14,440
Speaker 10: He wanted, and, as we explained in the indictment, just

761
00:40:14,560 --> 00:40:18,080
Speaker 10: four days after Adams held up his end of the bargain,

762
00:40:18,280 --> 00:40:21,960
Speaker 10: he went right back to soliciting more travel benefits from

763
00:40:22,040 --> 00:40:26,240
Speaker 10: the Turkish airline. Now, I want to make three things

764
00:40:26,560 --> 00:40:31,560
Speaker 10: crystal clear. First, the conduct alleged in the indictment, the

765
00:40:31,600 --> 00:40:34,799
Speaker 10: foreign money, the corporate money, the bribery, the years of

766
00:40:34,840 --> 00:40:37,640
Speaker 10: concealment is a grave breach of the public's trust.

767
00:40:38,680 --> 00:40:40,320
Speaker 1: Public office is a privilege.

768
00:40:41,360 --> 00:40:44,439
Speaker 10: We alleged that Mayor Adams abused that privilege and broke

769
00:40:44,480 --> 00:40:48,000
Speaker 10: the law, laws that are designed to ensure that officials

770
00:40:48,080 --> 00:40:51,600
Speaker 10: like him serve the people, not the highest bidder, not

771
00:40:51,719 --> 00:40:55,600
Speaker 10: a foreign bidder, and certainly not a foreign power. These

772
00:40:55,640 --> 00:40:59,640
Speaker 10: are bright red lines, and we allege that the Mayor crossed.

773
00:40:59,239 --> 00:41:01,320
Speaker 1: Them again and again for years.

774
00:41:01,480 --> 00:41:05,440
Speaker 10: That is the only reason we are here today. Second,

775
00:41:06,239 --> 00:41:10,160
Speaker 10: this investigation continues. We continue to dig and we will

776
00:41:10,160 --> 00:41:14,840
Speaker 10: hold more people accountable, and I encourage anyone with information

777
00:41:14,880 --> 00:41:16,680
Speaker 10: to come forward and to do so before it is

778
00:41:16,719 --> 00:41:17,120
Speaker 10: too late.

779
00:41:18,400 --> 00:41:20,560
Speaker 1: And Third, the Southern District.

780
00:41:20,320 --> 00:41:23,000
Speaker 10: Of New York remains committed to rooting out corruption without

781
00:41:23,040 --> 00:41:26,880
Speaker 10: fear or favor, and without regard to partisan politics. We

782
00:41:26,960 --> 00:41:30,200
Speaker 10: are not focused on the right or the left. We

783
00:41:30,239 --> 00:41:33,359
Speaker 10: are focused only on right and wrong. That is our

784
00:41:33,480 --> 00:41:34,959
Speaker 10: duty and we will fulfill it.

785
00:41:36,920 --> 00:41:37,120
Speaker 1: Now.

786
00:41:37,160 --> 00:41:40,400
Speaker 10: Today's charges are the product of a tremendous partnership. I

787
00:41:40,440 --> 00:41:42,920
Speaker 10: want to thank our partners at FBI and the New

788
00:41:42,960 --> 00:41:45,359
Speaker 10: York City Department of Investigation who have been with us

789
00:41:45,360 --> 00:41:49,319
Speaker 10: every step of the way. And finally, I want to

790
00:41:49,320 --> 00:41:52,759
Speaker 10: commend the outstanding career prosecutors from SDN Y who are

791
00:41:52,760 --> 00:41:57,880
Speaker 10: handling this case, Celia Cohen, Andrew Roorbach, Hagen Scotten, and

792
00:41:57,920 --> 00:42:00,839
Speaker 10: Derek Wickstrom, and the chiefs of the pub Corruption Unit

793
00:42:01,160 --> 00:42:05,120
Speaker 10: Laura Pomerantz and Robert Sobelman. It's now my pleasure to

794
00:42:05,120 --> 00:42:08,480
Speaker 10: turn the podium over to FBI Assistant Director in charge

795
00:42:08,840 --> 00:42:09,520
Speaker 10: James Denying.

796
00:42:17,960 --> 00:42:22,080
Speaker 15: Good morning, and thank you for being here today. The

797
00:42:22,080 --> 00:42:26,120
Speaker 15: indictment of a sitting mayor is not just another headline.

798
00:42:26,320 --> 00:42:26,960
Speaker 3: It is a.

799
00:42:26,840 --> 00:42:30,799
Speaker 15: Stinging reminder that no one is above the law or

800
00:42:30,840 --> 00:42:35,400
Speaker 15: beyond reproach, and it serves as a sobering moment for

801
00:42:35,560 --> 00:42:39,680
Speaker 15: all of us who place our trust in elected officials.

802
00:42:41,760 --> 00:42:45,760
Speaker 15: Today's indictment sends a powerful message to every elected official

803
00:42:45,800 --> 00:42:51,360
Speaker 15: in this country. Public service is a profound responsibility and

804
00:42:51,520 --> 00:42:57,200
Speaker 15: should be a noble calling. When that's perverted by greed

805
00:42:57,600 --> 00:43:03,160
Speaker 15: and dishonesty, it robs us of our trust. It's a

806
00:43:03,239 --> 00:43:07,640
Speaker 15: pact between leaders and their communities built on the pillars

807
00:43:07,680 --> 00:43:13,200
Speaker 15: of trust, accountability, and transparency. When that pact is broken,

808
00:43:14,120 --> 00:43:20,080
Speaker 15: the consequences ripple far beyond one office or one election cycle.

809
00:43:21,960 --> 00:43:24,760
Speaker 1: We know not all leaders are corrupt.

810
00:43:26,239 --> 00:43:30,000
Speaker 15: We know there are countless public servants who wake up

811
00:43:30,040 --> 00:43:32,640
Speaker 15: every day with the intention of doing.

812
00:43:32,600 --> 00:43:34,520
Speaker 1: Right by their constituents.

813
00:43:35,960 --> 00:43:39,560
Speaker 15: But we cannot ignore the shadow cast by moments like this.

814
00:43:41,480 --> 00:43:46,680
Speaker 15: When trust is eroded, it takes years, sometimes decades to rebuild.

815
00:43:48,480 --> 00:43:49,080
Speaker 1: The weight of.

816
00:43:49,040 --> 00:43:53,680
Speaker 15: Today's actions falls not just on the indicted official, but

817
00:43:53,760 --> 00:43:57,520
Speaker 15: on every other public official, who must now work harder

818
00:43:58,360 --> 00:44:03,640
Speaker 15: to earn the public's confidence in them. It's important to

819
00:44:03,719 --> 00:44:08,959
Speaker 15: remember accountability isn't just about punishing those with alleged wrongdoings.

820
00:44:10,000 --> 00:44:17,080
Speaker 15: It's about lifting the communities they've let down. It's about rebuilding, restoring,

821
00:44:17,920 --> 00:44:24,640
Speaker 15: and reimagining what public servants can and should do. It's

822
00:44:24,719 --> 00:44:27,560
Speaker 15: up to us to demand more from our leaders, to

823
00:44:27,640 --> 00:44:31,120
Speaker 15: hold them to the highest standards, and to remind them

824
00:44:31,560 --> 00:44:34,160
Speaker 15: that the power of public office should.

825
00:44:33,920 --> 00:44:34,960
Speaker 1: Never be abused.

826
00:44:37,040 --> 00:44:40,880
Speaker 15: While some may be disappointed today, let me encourage you

827
00:44:41,239 --> 00:44:46,640
Speaker 15: not to be defeated. The strength of our communities, our

828
00:44:46,680 --> 00:44:51,399
Speaker 15: faith in one another, and our collective resilience are far

829
00:44:51,520 --> 00:44:58,280
Speaker 15: greater than the alleged failings of anyone individual. In closing,

830
00:44:58,360 --> 00:45:00,560
Speaker 15: I'd like to thank the US Attorney for the Southern

831
00:45:00,560 --> 00:45:06,200
Speaker 15: District of New York, Damien Williams and his office, Commissioner

832
00:45:07,040 --> 00:45:10,600
Speaker 15: Joshlyn Strauber, and the New York City Department Investigation and

833
00:45:10,680 --> 00:45:14,600
Speaker 15: her team, as well as my team, the Public Corruption

834
00:45:14,680 --> 00:45:16,479
Speaker 15: Squad here at FBI New York.

835
00:45:17,200 --> 00:45:17,520
Speaker 1: Thank you.

836
00:45:22,120 --> 00:45:24,640
Speaker 10: I'd like to welcome up Commissioner Jocelyn Strauber from the

837
00:45:24,640 --> 00:45:26,200
Speaker 10: New York City Department of Investigation.

838
00:45:31,560 --> 00:45:32,320
Speaker 9: Thank you, Damien.

839
00:45:33,400 --> 00:45:33,960
Speaker 1: Good morning.

840
00:45:35,320 --> 00:45:39,000
Speaker 13: Today, for the first time in New York City's modern history,

841
00:45:39,880 --> 00:45:43,520
Speaker 13: we announced criminal charges against the City Mayor of New

842
00:45:43,640 --> 00:45:49,040
Speaker 13: York City. As our highest elected official, the mayor should

843
00:45:49,080 --> 00:45:53,160
Speaker 13: set the standard for all of city government and exemplify

844
00:45:53,239 --> 00:45:58,440
Speaker 13: the integrity, transparency, and dedication to serving the public that all.

845
00:45:58,320 --> 00:45:59,440
Speaker 1: New Yorkers deserve.

846
00:46:00,880 --> 00:46:01,440
Speaker 9: Instead.

847
00:46:02,360 --> 00:46:07,120
Speaker 13: The indictment, unsealed today, alleges that Mayor Adams abused his

848
00:46:07,280 --> 00:46:11,320
Speaker 13: power and position for nearly a decade as Brooklyn Borough

849
00:46:11,360 --> 00:46:16,759
Speaker 13: President and as mayor to enrich himself and his mayoral campaigns.

850
00:46:17,719 --> 00:46:24,400
Speaker 13: As charged, he sought and received illegal campaign contributions, luxury travel,

851
00:46:25,280 --> 00:46:29,279
Speaker 13: and other personal benefits from foreign nationals, as well as

852
00:46:29,360 --> 00:46:34,560
Speaker 13: individuals and businesses. He allegedly took steps to conceal those

853
00:46:34,640 --> 00:46:40,120
Speaker 13: illegal contributions and personal benefits, and involved city employees and

854
00:46:40,280 --> 00:46:45,759
Speaker 13: campaign staff in that concealment. As the indictment explains, this

855
00:46:45,880 --> 00:46:50,080
Speaker 13: kind of corruption has real costs to the city and

856
00:46:50,160 --> 00:46:54,640
Speaker 13: to the public. As alleged, the mayor's twenty twenty one

857
00:46:54,719 --> 00:47:00,480
Speaker 13: campaign falsely certified compliance with campaign finance laws in order

858
00:47:00,520 --> 00:47:04,640
Speaker 13: to conceal those illegal campaign contributions, and as a result

859
00:47:04,680 --> 00:47:09,160
Speaker 13: of those false certifications, received over ten million dollars.

860
00:47:08,680 --> 00:47:10,240
Speaker 1: In public matching funds.

861
00:47:11,760 --> 00:47:16,440
Speaker 13: The Mayor's alleged acceptance and concealment of illegal contributions and

862
00:47:16,520 --> 00:47:24,360
Speaker 13: personal benefits gave overseas benefactors, wealthy individuals and businesses undue

863
00:47:24,440 --> 00:47:28,760
Speaker 13: influence over the mayor, influence that federal and local laws

864
00:47:29,000 --> 00:47:34,360
Speaker 13: seek to prevent, and as charged in exchange for certain

865
00:47:34,400 --> 00:47:37,919
Speaker 13: personal benefits, the mayor pressured the New York City Fire

866
00:47:37,960 --> 00:47:42,839
Speaker 13: Department to forego a required fire safety inspection before the

867
00:47:42,880 --> 00:47:47,920
Speaker 13: opening of the new Turkish Consulate building. As the city's

868
00:47:47,960 --> 00:47:53,560
Speaker 13: inspector General, the Department of Investigation, a city agency, conducts

869
00:47:53,600 --> 00:48:00,040
Speaker 13: its investigations confidentially and wholly independent of city Hall. He

870
00:48:00,120 --> 00:48:04,160
Speaker 13: handled this investigation as we would any other, following the

871
00:48:04,200 --> 00:48:08,120
Speaker 13: facts and seeking to hold wrongdoers accountable, no matter their

872
00:48:08,239 --> 00:48:12,600
Speaker 13: role or title. Our unique access to city records and

873
00:48:12,719 --> 00:48:16,680
Speaker 13: expertise in matters of city government make us a critical point.

874
00:48:16,760 --> 00:48:19,800
Speaker 2: We've been listening to Damian Williams, the US Attorney in

875
00:48:19,840 --> 00:48:22,120
Speaker 2: Manhattan for the Southern Districts of New York. On your

876
00:48:22,160 --> 00:48:25,120
Speaker 2: screen is Jocelyn Strauber, the New York Director of the

877
00:48:25,160 --> 00:48:30,160
Speaker 2: Investigations Commission, alongside James Denahey, who's the Assistant Director in

878
00:48:30,239 --> 00:48:32,480
Speaker 2: charge of the New York Field Office of the FBI,

879
00:48:32,840 --> 00:48:35,960
Speaker 2: and they have been discussing the indictment charges of fraud

880
00:48:35,960 --> 00:48:39,080
Speaker 2: of bribery against New York City Mayor Eric Adams. Bloomberg's

881
00:48:39,120 --> 00:48:43,359
Speaker 2: David Gura has been tracking the press conference. They've explained

882
00:48:43,520 --> 00:48:45,080
Speaker 2: the charges, David, Yeah, and.

883
00:48:45,040 --> 00:48:47,160
Speaker 11: I noted that each of them emphasized the fact that

884
00:48:47,200 --> 00:48:48,840
Speaker 11: while this is the first time a sitting mayor of

885
00:48:48,840 --> 00:48:51,080
Speaker 11: New York City has been indicted, that didn't color the

886
00:48:51,080 --> 00:48:53,080
Speaker 11: way that they approached this particular case and what they've

887
00:48:53,080 --> 00:48:53,600
Speaker 11: alleged here.

888
00:48:53,640 --> 00:48:54,680
Speaker 9: So just to sort of tick.

889
00:48:54,520 --> 00:48:57,120
Speaker 11: Through what we've learned over the course of this press conference,

890
00:48:57,160 --> 00:49:00,160
Speaker 11: and also from that indictment itself, we see the mayor

891
00:49:00,360 --> 00:49:03,239
Speaker 11: having played fast and loose with campaign finance laws. Yes,

892
00:49:03,280 --> 00:49:05,800
Speaker 11: well he's been the mayor, but also before that, Damian Williams,

893
00:49:05,840 --> 00:49:08,319
Speaker 11: the US Attorney for the Southern District, stressing this goes

894
00:49:08,360 --> 00:49:11,319
Speaker 11: back to this time as the Brooklyn Borough President before

895
00:49:11,320 --> 00:49:13,200
Speaker 11: he became the mayor. And really what this centers on

896
00:49:13,239 --> 00:49:15,520
Speaker 11: are these kind of straw donations. So what you were

897
00:49:15,520 --> 00:49:17,880
Speaker 11: hearing there just a moment ago, is how this played

898
00:49:17,880 --> 00:49:19,920
Speaker 11: out in New York City. There is something here where

899
00:49:20,040 --> 00:49:22,520
Speaker 11: if you or I or someone else gave money to

900
00:49:22,560 --> 00:49:24,600
Speaker 11: a candidate, that would be matched by the city by

901
00:49:24,680 --> 00:49:27,000
Speaker 11: eight to one ratio. So your dollar is worth eight

902
00:49:27,239 --> 00:49:30,520
Speaker 11: and that's to encourage more small dollar dollar donations in

903
00:49:30,560 --> 00:49:33,239
Speaker 11: our elections here. Effectively, what they're alleging is is that

904
00:49:33,360 --> 00:49:36,319
Speaker 11: Eric Adams was taking big contributions from both corporations and

905
00:49:36,360 --> 00:49:39,320
Speaker 11: the Turkish government, putting them through that matching program and

906
00:49:39,360 --> 00:49:40,839
Speaker 11: getting a lot more money as a result. And then

907
00:49:40,840 --> 00:49:43,880
Speaker 11: there is the more salacious counts of how he exploited

908
00:49:43,880 --> 00:49:47,160
Speaker 11: his relationship with Turkish officials, both private and public, to

909
00:49:47,200 --> 00:49:49,000
Speaker 11: get a whole lot of luxury travel. And we can

910
00:49:49,000 --> 00:49:50,600
Speaker 11: talk more about this d but what stood out to

911
00:49:50,640 --> 00:49:53,879
Speaker 11: me is just how much he used is teanbul as

912
00:49:53,880 --> 00:49:56,120
Speaker 11: a conduits to sort of fly through go through on

913
00:49:56,160 --> 00:49:59,480
Speaker 11: these trips abroad, and as Damian Williams there, the prosecutor said,

914
00:50:00,160 --> 00:50:02,520
Speaker 11: got really tens of thousands of dollars worth of benefits

915
00:50:02,760 --> 00:50:05,200
Speaker 11: luxurious travel benefit as a result of those relationships.

916
00:50:05,840 --> 00:50:08,600
Speaker 2: We have sixty seconds in the program, but before the presser,

917
00:50:08,719 --> 00:50:10,160
Speaker 2: Mayor Eric Adams did speak.

918
00:50:10,239 --> 00:50:10,959
Speaker 3: What did he say.

919
00:50:11,680 --> 00:50:14,120
Speaker 11: He denied his allegations so they were based on lies,

920
00:50:14,160 --> 00:50:15,960
Speaker 11: and vowed to fight them. And you've pointed out here

921
00:50:16,000 --> 00:50:19,920
Speaker 11: that he's hired some very high profile council Alex Spiro rather,

922
00:50:19,960 --> 00:50:22,480
Speaker 11: who represents Elon Musk, has represented him in a lot

923
00:50:22,520 --> 00:50:25,279
Speaker 11: of matters, is going to be representing here as well.

924
00:50:25,280 --> 00:50:27,440
Speaker 11: He is adamant, the mayor is adamant he can continue

925
00:50:27,440 --> 00:50:28,800
Speaker 11: in that job as he fights.

926
00:50:28,800 --> 00:50:29,840
Speaker 9: Aliva said, We'll see.

927
00:50:29,640 --> 00:50:32,200
Speaker 11: How that plays out and how the democratic establishment in

928
00:50:32,239 --> 00:50:34,279
Speaker 11: the city and the state responds to what we've learned

929
00:50:34,320 --> 00:50:34,720
Speaker 11: this morning.

930
00:50:35,520 --> 00:50:38,520
Speaker 2: Yeah, what some of you said, they're interesting on Alex Spiro,

931
00:50:38,640 --> 00:50:41,080
Speaker 2: that is an attorney that Elon Musk has used regularly

932
00:50:41,760 --> 00:50:45,040
Speaker 2: in all sorts of litigation. Mayor Eric Adams has turned

933
00:50:45,080 --> 00:50:48,120
Speaker 2: to him on this occasion, bloom makes.

934
00:50:47,960 --> 00:50:50,960
Speaker 3: David Gura, thank you. We will stick with this story.

935
00:50:51,000 --> 00:50:54,239
Speaker 2: More on the investigation and any market moves behind it

936
00:50:54,280 --> 00:50:58,360
Speaker 2: throughout the day here on Bloomberg Television. New York Mayorrick

937
00:50:58,400 --> 00:51:01,600
Speaker 2: Adams indicted on fraud and bribery charges.

938
00:51:02,239 --> 00:51:03,080
Speaker 3: This is Bloomberg