Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm Pim Fox.
Speaker 1: Along with my co host Lisa Abramowitz. Each day we
Speaker 1: bring you the most important, noteworthy, and useful interviews for
Speaker 1: you and your money, whether you're at the grocery store
Speaker 1: or the trading floor. Find the Bloomberg p m L
Speaker 1: Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot Com. Well,
Speaker 1: there's a debate over the National Flood Insurance Program in
Speaker 1: the wake of the damage by Hurricanes Harvey and Her
Speaker 1: and Irma, and here to explain exactly what the program
Speaker 1: does and its future is David Sampson. He is the
Speaker 1: chief executive of the Property Casualty Insurers Association of America
Speaker 1: and he's also the former Deputy Secretary of the U.
Speaker 1: S Department of Commerce under George W. Bush. David Samson,
Speaker 1: thank you for being with us. Can you just describe
Speaker 1: for people what is the National Flood Insurance Program, how
Speaker 1: does it work, and what are some of the challenges
Speaker 1: it faces. Well, the National Flood Insurance Program is in
Speaker 1: existence because your regular homeowners or business policy UH doesn't
Speaker 1: cover flood insurance. That dates it dates back to the
Speaker 1: nineteen sixties where there was problems with flood maps and
Speaker 1: and UH being able to underwrite flood risk, and so
Speaker 1: the National Flood Insurance Program was created UH in the
Speaker 1: nineteen sixties as a supplement to your regular homeowners policy,
Speaker 1: and we emphasize all the time with homeowners and business
Speaker 1: owners that your regular policy doesn't cover flood, and to
Speaker 1: be covered for flood, you need to buy that that
Speaker 1: separate policy. UM. The policy UM no pun intended is underwater.
Speaker 1: It's twenty five billion dollars UH in debt. It's not
Speaker 1: run on an actuarily sound basis UH like your private
Speaker 1: sector infurence insurance companies would be required to do. The
Speaker 1: premiums are heavily subsidized by the taxpayer, and as a
Speaker 1: result of that, after Katrina and UH Sandy, the program
Speaker 1: is now about twenty five billion dollars in debt. So
Speaker 1: there's a lot of discussion in Congress about what reforms
Speaker 1: need to be made to the program. It was set
Speaker 1: to expire September UM we supported a um an extension
Speaker 1: of that in the wake of Harvey and IRMA. It's
Speaker 1: now extended through December eight, but long term, there needs
Speaker 1: to be a discussion in Congress about how to put
Speaker 1: that program on more sound financial footing. David, you represent
Speaker 1: about a thousand companies that of the US is home, auto,
Speaker 1: and business insurance. I'm wondering what rule they could or
Speaker 1: would be willing to lay. In the flood insurance market.
Speaker 1: Do you expect that there will be some kind of
Speaker 1: convergence of public and private insurance plans to cover flooding,
Speaker 1: especially as the expectation for these types of storms increases. Yeah, well,
Speaker 1: there's always going to be a need for a federal
Speaker 1: backstop for the flood insurance. So I think there's going
Speaker 1: to need to be a long term reauthorization of the
Speaker 1: flood in National Flood Insurance program. But clearly there is
Speaker 1: increasing appetite in the private sector among private insurers and
Speaker 1: reinsurers UH to write some flood coverage. The flood mapping
Speaker 1: technology is much better today than it was in nineteen
Speaker 1: sixty eight. You can just imagine the advances there UH,
Speaker 1: and UH underwriting is much more advanced. Insurance underwriting is
Speaker 1: more advanced today than it was in the nineteen sixties,
Speaker 1: and so we do think that there is financial capacity
Speaker 1: out there and appetite among UH insurers, some insurers and
Speaker 1: reinsurers to take on some of this risk and to
Speaker 1: be able to take some of the risk away from
Speaker 1: the federal government and the and the federal taxpayer. David Sampson,
Speaker 1: what is being done or what can be done to
Speaker 1: avoid the scams and the frauds that are perpetrated on
Speaker 1: people who are rebuilding their lives, their homes and their neighborhoods. Well. Uh.
Speaker 1: First of all, the insurers number one priority right now
Speaker 1: is getting checks into the hands of policy holders to
Speaker 1: get families back in their homes and cars back on
Speaker 1: the road and businesses opened again. UM. We're surging um
Speaker 1: an army of claims adjusters into uh Florida just as
Speaker 1: soon as the local officials UM uh say it's safe
Speaker 1: to get back in and allow us in. But consumers
Speaker 1: need to be very uh, you know, careful. The first
Speaker 1: thing that consumers need do, UH is to call their
Speaker 1: insurance agent or their insurance company, report the damage, photograph,
Speaker 1: take video of all household items that are damaged or
Speaker 1: destroyed in the storm. Unfortunately, we know that there are
Speaker 1: some bad actors who prey on storm victims, and so
Speaker 1: we encourage folks to be very very careful of riffing
Speaker 1: companies or contractors or restoration companies that just come walking
Speaker 1: down the neighborhood and UH put pressure on people to
Speaker 1: sign to sign a contract right now and tell them
Speaker 1: that if you don't sign up right now, you're gonna
Speaker 1: be at the back of a line. UH. Consumers need
Speaker 1: to be very very suspicious of that kind of activity.
Speaker 1: Check professional references, be sure you before you sign a contract,
Speaker 1: be sure you know the scope of the work that
Speaker 1: they're going to do, the time frame, the cost um.
Speaker 1: And the good news is today that a lot of
Speaker 1: insurers are deploying a lot of technology to make it
Speaker 1: easier for policy holders to file their claims. There's mobile apps,
Speaker 1: there's online applications. Insurers will be using drones in Florida
Speaker 1: to try to assess rooftop damage. UH. And you can
Speaker 1: always ask for good references from your claims adjuster as well.
Speaker 1: David Samson, thank you so much for joining us. David
Speaker 1: Sampson is chief executive Officer of the Property Casualty Insures
Speaker 1: Association of America, also the former Deputy Secretary of the U.
Speaker 1: S Department of Commerce under George W. Bush, and he
Speaker 1: has based in Washington, d C. Equifax has been in
Speaker 1: the news, shares dropping further today, bonds as well falling
Speaker 1: after they specified that they had a particular software vulnerability
Speaker 1: that they knew about or were warned about before their
Speaker 1: whole system was breached and one hundred million US consumers
Speaker 1: data we were exposed and potentially put into the hands
Speaker 1: of mallet intended people. Jordan Robertson joins us now his
Speaker 1: technology reporter for Bloomberg News, as well as Viny Troy,
Speaker 1: a chief executive officer of night Lion Security in St. Louis. Jordan,
Speaker 1: can you just set this up for us? What is
Speaker 1: the latest development in this story and how damaging is
Speaker 1: it for Equifax? Sure, as everyone knows by now, Equifax
Speaker 1: was the victim of a breach that affected you know,
Speaker 1: more than a hundred and forty million people social security
Speaker 1: numbers and other details of their consumer credit accounts. And
Speaker 1: what Equifax announced last night was it confirmed some earlier
Speaker 1: reporting that had gotten out that it was The way
Speaker 1: the attackers got in was through a particular software vulnerability
Speaker 1: UH in software used to build websites. Many large companies
Speaker 1: use this. It's called Apache strut software. It's open source
Speaker 1: software UH and the key thing about this software is
Speaker 1: that there was a critical vulnerability in it, but that
Speaker 1: vulnerability was patched or it was fixed, was two months ago,
Speaker 1: but Equifax apparently didn't apply that fix by the time
Speaker 1: the hackers got in in mid May. There's a caveat there, though,
Speaker 1: is that many organizations take you know, can take weeks
Speaker 1: even months to apply patches. However, uh, you know, for
Speaker 1: critical vulnerabilities like this one. Uh, you know, that's that's
Speaker 1: an off a long time and and Equifax is going
Speaker 1: to take some heat, uh you know, and have to
Speaker 1: answer some questions about you know, what caused that delay. Well,
Speaker 1: the stock of equifaxes down another one percent after falling
Speaker 1: more than fourteen percent yesterday. If any Troy, maybe you
Speaker 1: could describe for us if you went to visit Equifax,
Speaker 1: what would you see. Would you see a you know,
Speaker 1: the most modern, the most up to date and secure
Speaker 1: cyberg prevention facility, or just see people that are racing
Speaker 1: around to try to put their fingers in the dike? Yeah,
Speaker 1: I mean, you know, and I could tell you kind
Speaker 1: of firsthand. I mean, Equifax had recently, you know a
Speaker 1: number of job postings um regarding you know, different security
Speaker 1: positions that they were looking for. And I mean I
Speaker 1: know firsthand some of employees over Equifax that had a
Speaker 1: number of legacy systems, all these kind of um legacy
Speaker 1: means old in technology speak, right, Yeah, that's all right.
Speaker 1: So they had all these old systems with you know,
Speaker 1: basically there's all these different technology stacks running around there,
Speaker 1: and they were trying very hard to consolidate them all.
Speaker 1: But many of those systems, from what I understand, simply
Speaker 1: we're going unchecked or unpatched. You know, they weren't updated
Speaker 1: for any of these critical vulnerabilities, and they were just
Speaker 1: left to kind of, you know, fend for themselves. And
Speaker 1: I think that's the problem. You know, that's where we
Speaker 1: ended up today. Vinny. What was the motivation behind not
Speaker 1: patching up these problems? Was it motivated from saving money
Speaker 1: or was it just simply that the problem didn't seem
Speaker 1: that urgent. I don't, to be honest, I don't. I
Speaker 1: think it was just a lack of resources. I mean,
Speaker 1: when you have all these different systems, with all these
Speaker 1: different technology stacks and not enough people to maintain them.
Speaker 1: I mean, I know they were in progress to try
Speaker 1: to consolidate all of them, so that they could maintain
Speaker 1: them all. Um, but I just don't think they were
Speaker 1: caught up to that point yet, Vinnie. I'd love to
Speaker 1: get a sense of how widespread this lack of taking
Speaker 1: care of business is among big corporate America. Are there
Speaker 1: other companies that have similar problems and vulnerabilities that aren't
Speaker 1: being patched simply because they don't know the resources or
Speaker 1: they're trying to do too much with too little. I mean,
Speaker 1: I think this applies to everybody. I mean, I don't
Speaker 1: think there's a large company out there that I've seen
Speaker 1: that doesn't do this. Um. You know, lack of good
Speaker 1: security resources is a is a very widespread problem right now.
Speaker 1: And organizations, I mean even if sometimes even if they
Speaker 1: are willing to spend the money, just can't find the
Speaker 1: people to do the work. I mean, there's definitely a
Speaker 1: shortage of good security people right now. Jordan's speak to
Speaker 1: the issue of the response on the part of Equifax,
Speaker 1: because there have been stories that the website tool that
Speaker 1: would let consumers see if their individual information had been breached,
Speaker 1: uh doesn't work. Also, I understand for there's been a
Speaker 1: directive that was sent out by the Federal Trade Commission
Speaker 1: earlier today saying that there are now scammers. There are
Speaker 1: people impersonating credit bureau staff. They are calling people telling
Speaker 1: them that they are from Equifax looking to verify their
Speaker 1: account information, and the FTC says, don't tell them anything.
Speaker 1: No one from Equifax is going to call you. What
Speaker 1: have you learned? Yeah, you know, my assessment is Equifax
Speaker 1: is really blown it when it comes to the response
Speaker 1: to this breach. You know, people feel very vulnerable when
Speaker 1: this type of information leaks. Uh. You know, as you
Speaker 1: mentioned Equifax's website for trying to determine if you you know,
Speaker 1: were affected, Uh, it really didn't seem to work. People
Speaker 1: punched in all kinds of random characters and codes and
Speaker 1: still got responses back that they will breach. It didn't
Speaker 1: seem to be like a very functional website. You know.
Speaker 1: In addition, Equifax originally had a language on that website saying,
Speaker 1: you know, if you sign up for these protections and
Speaker 1: if if you are a victim, you know, you remove
Speaker 1: all rights to sue the company in any class action suit.
Speaker 1: And on top of that, the thing that really kind
Speaker 1: of sticks in my cross is, you know, when companies
Speaker 1: get breached like this, there's a very standard response. There's
Speaker 1: a playbook now, which is, you know, you offer people
Speaker 1: a year or two a free credit monitoring protection. These
Speaker 1: are paying These are pay services that normally cost uh,
Speaker 1: you know, fifteen dollars a month. Uh, you know, and
Speaker 1: that that shields companies from liability. In other words, if
Speaker 1: you can't prove damages and you can't prove you were harmed,
Speaker 1: and the company says, hey, we offered these slee protections,
Speaker 1: then you can't sue. So it's illegal. Is illegal shield
Speaker 1: What Equifax did in this case is they didn't go
Speaker 1: with a third party company to provide that service all
Speaker 1: clear ideas a big company that does this LifeLock and others.
Speaker 1: They went with their own service. They're signing people up
Speaker 1: for for credit fraud monitoring, you know, from one of
Speaker 1: their own services, which you know, in theory at the
Speaker 1: end of the year, which is their their their monitoring period,
Speaker 1: you know, they're going to try to sign you up
Speaker 1: for the service. You're already of the database. It's very cynical.
Speaker 1: I understand why the company would do it. Uh, you know,
Speaker 1: it's a service under their control and they can they
Speaker 1: can account for that. But from a public relations and
Speaker 1: a perspective, a perception standpoint. You know, it's really it's
Speaker 1: it's deeply cynical to be a victim of their breach
Speaker 1: and then have to go sign up for one of
Speaker 1: their services. Indeed, well, I know you're gonna be following
Speaker 1: this story because it is nowhere near over talking about
Speaker 1: Equifax and a hundred and forty three million US consumers
Speaker 1: whose specific information, whether that is social security numbers, addresses, passwords,
Speaker 1: user ID numbers, have been breached. I want to thank
Speaker 1: you very much. Jordan Robertson. Robertson is our technology reporter
Speaker 1: for Bloomberg News, joining us from our Washington, d C. Bureau,
Speaker 1: and you can follow Jordan's at Jordan's are one thousand
Speaker 1: on Twitter. And our thanks also to Any Troya, the
Speaker 1: chief executive of of night Lion Security. They're based in St. Louis.
Speaker 1: The Sheepa Corporation, the struggling Japanese conglomerate, has been trying
Speaker 1: to sell it's immensely valuable microchip business to a group
Speaker 1: of American and Japanese buyers. Bain Capital has emerged as
Speaker 1: the leader, along with some other investors that are contributing money.
Speaker 1: And now we're getting news that Apple maybe joining that
Speaker 1: particular team to bid on this business. To discuss more,
Speaker 1: I want to bring in Alex Sherman, Technology Media and
Speaker 1: Telecom m and a reporter for Bloomberg News, as well
Speaker 1: as an On Street of Austin senior semiconductor and hardware
Speaker 1: analyst for Bloomberg Intelligence. Alex, let's start with you. Is
Speaker 1: this a surprise Apple is joining this and what would
Speaker 1: be the structure of this arrangement. I don't think Apple
Speaker 1: joining it is necessarily. The surprise is they've been sort
Speaker 1: of hovering around this process the the you know, for
Speaker 1: months and months. What's the surprise might be the number
Speaker 1: that they're thinking about investing in this Bain consortium, which
Speaker 1: we broke the story yesterday that they're in talks to
Speaker 1: invest about three billion dollars maybe even a little more
Speaker 1: um in Toshiba's memory chip business. The strategic logic here
Speaker 1: is simply that these chips are in iPhones, so you know,
Speaker 1: they their flash memory chips that store photos and video
Speaker 1: clips and augmented reality. So Apple has a you know,
Speaker 1: has a big reason to to to to want to
Speaker 1: have control over the future of these chips and not
Speaker 1: to lose them um or at least lose pricing power
Speaker 1: over them. However, you know, three billion dollars that may
Speaker 1: not seem like a lot to Apple. You figure, what
Speaker 1: Apple has two hundred and sixty one billion dollars of
Speaker 1: cash on their balance sheet. What's three billion dollars? But
Speaker 1: Apple does not have a big track record of doing
Speaker 1: investments in M and A like this. In fact, the
Speaker 1: largest deal they've ever done was the three billion dollar
Speaker 1: deal for Beats a few years ago. Uh and this
Speaker 1: may actually exceed that. So really, if you put it
Speaker 1: into those terms, it would be Apple's largest acquisition slash investment. Ever,
Speaker 1: I want to bring it on entrene of us and
Speaker 1: on speak to the actual hardware and semiconductor aspect. That
Speaker 1: is the technical sort of situation and the value that
Speaker 1: this company has to to Apple and to Bain capital. Look,
Speaker 1: this is supply sourcing, right, so you moreant to lock
Speaker 1: up as many components of your supply in clear way
Speaker 1: as possible for as long as you can, so to
Speaker 1: the extent that you can relieve. The financing situation of
Speaker 1: a of a key component of yours is a wind
Speaker 1: for Apple in so far it's a commodity, right, So
Speaker 1: the fact that they're able to get a long term
Speaker 1: view on commodity clear sourcing. On a long term view,
Speaker 1: it's a wind for It's a wind for Apple. Yeah one.
Speaker 1: But if you step back and look at the longer
Speaker 1: room carn text of Apple, Apple is fast becoming one
Speaker 1: of the largest semiconnector companies. To the extent that it's
Speaker 1: logic chips, highly differentiated chips with their substantial intellectual property,
Speaker 1: Apples designing and making those chips. To the extent that
Speaker 1: it's a commodity, it is trying to show up supply agreement.
Speaker 1: So depending on the value of that component in the
Speaker 1: Apple food chain, Apple staking different steps. You know, given
Speaker 1: the importance to Apple of this business and that it's
Speaker 1: trying to lock up its supply chain, it is a commodity.
Speaker 1: I have to wonder, Alex, are there any other competing
Speaker 1: bids that could even be floated that could rival this
Speaker 1: composite bid that now includes Apple. Uh sure? So there
Speaker 1: have been there are three bits around this, and there
Speaker 1: have been three bits around this for some time. Although
Speaker 1: the bit players have shifted, the biggest hurdle for a
Speaker 1: deal to get done here still is the presence of
Speaker 1: Western Digital which feels like it has some legal rights
Speaker 1: to the Toshiba memory chip business through a deal it
Speaker 1: did with sand Disc a couple of years ago. So
Speaker 1: Western Digital has paired with KKR for a competing bid
Speaker 1: here and sort of continues to threaten UH litigation if
Speaker 1: in fact Toshiba decides to go with any other consortium
Speaker 1: in the bank consortium seems like the most likely one
Speaker 1: I mentioned earlier. Apple had been hovering around this for
Speaker 1: a while. Initially, Apple actually back to bid from a
Speaker 1: consortium led by fox Con, which of course makes iPhones,
Speaker 1: But it became clear over the past few weeks that
Speaker 1: there was very strong political opposition, Japanese opposition towards fox
Speaker 1: Con winning a bid um given UH, you know, fox
Speaker 1: CON's presence in China and Taiwan and the political implications
Speaker 1: of losing a a gold star business like this UH
Speaker 1: and and and setting it over from Japan to a
Speaker 1: sort of you know, Chinese Taiwanese business UH that didn't
Speaker 1: fly plow. So. So a couple of things that interesting.
Speaker 1: One is the deal price is very high. If you
Speaker 1: wanted the maximumount of money, you would have gone with
Speaker 1: han Hi. Obviously, the China Japan venture doesn't fly so easily.
Speaker 1: Western digitals interested in this in the Toshiba stake where
Speaker 1: sandsc It's acquired entities already a JB partner. Is also
Speaker 1: about supply. Remember that the flash memory business is relatively
Speaker 1: consolidated with Samsung with share, so Toshiba sandes because the
Speaker 1: next in the in the thirties, so that wouldn't have
Speaker 1: flown that easily. So this is all about shoring up supply.
Speaker 1: And the reason Apple is important is because they consume
Speaker 1: of nan memory supply and too Man thanks very much
Speaker 1: on answer us and our senior semi conductor hardware analysts
Speaker 1: for Bloomberg Intelligence and alex A. Sherman M and a
Speaker 1: reporter for Bloomberg speaking about Apple, Bain Capital and a
Speaker 1: potential acquisition of Toshiba's chip business. Can we call upon
Speaker 1: Laura Litvin, our congressional reporter for Bloomberg News who can
Speaker 1: be followed on Twitter at Laura Litvin, l I t
Speaker 1: v A N and Laura maybe just begin with what
Speaker 1: was in the food last night? With the President's dinner
Speaker 1: with Nancy Pelosi, minority leader and the Bernard leader in
Speaker 1: the Senate, Senator Chuck Schumer. Were they eating from the
Speaker 1: same menu, because it seems as they came away with
Speaker 1: two different versions of the meeting. Well, they apparently ate
Speaker 1: the same Chinese food at the meal, but they did
Speaker 1: certainly come away with very different representations of what happened.
Speaker 1: At least initially, UH. They seemed to pull a closure
Speaker 1: together the UH. Senate Minority Leader Chuck Schumer and House
Speaker 1: Minority Leader Against Plosi said last night that they had
Speaker 1: a tentative deal with the President to marry UH protections
Speaker 1: against deportation for eight hundred thousand young immigrants brought whose
Speaker 1: kids with a worder security package, and they said there
Speaker 1: was an understanding there would not be funding for a
Speaker 1: border wall as part of that. And then Trump this
Speaker 1: morning tweeted there was no deal UH, and but also
Speaker 1: tweeted in UH defending the young immigrants and the fairness
Speaker 1: of letting them stay here because their parents have brought
Speaker 1: them here. And then he later did make some comments
Speaker 1: to reporters where he said UH seemed to confirm the deal,
Speaker 1: and he said he wants to pursue a wall, but
Speaker 1: it would be later. The White House is really wrestling
Speaker 1: with this, though, they a White House spokes appointedly said
Speaker 1: they will not be amnesty in this bill. Wanted to
Speaker 1: make that case this morning to reporters. Well, Laura, I
Speaker 1: want to also touch on President Trump's comments that he
Speaker 1: just made when he was on the tarmac in Florida.
Speaker 1: He talked about the wall being crucial important. If the
Speaker 1: wall doesn't get done, nothing gets done. Uh. You know,
Speaker 1: this is is clearly talking to his base, which has
Speaker 1: been expressing some uh dissatisfaction with his deals with the
Speaker 1: Democrats recently. How realistic is it that he would come
Speaker 1: through on something like that and really kind of put
Speaker 1: the wall into some legislation. Well, I he's if you
Speaker 1: really look at it, he's not really saying necessarily has
Speaker 1: to be done this year or at this time when
Speaker 1: he says that we're going to do a wall. Um.
Speaker 1: And but the fact is the fact that he keeps
Speaker 1: seeming to send different messages to people, and the fact
Speaker 1: that he's under pressure and is even being attacked by
Speaker 1: bart news headlines today that say he's amnesty don and
Speaker 1: is being attacked by tweets by uh conservative Republican Steve
Speaker 1: King in the House. These things are a lot of
Speaker 1: pressure and it makes people wonder where this is going
Speaker 1: and if things could fall apart, and um, there's some
Speaker 1: prospect for that. But I did notice today that Republican
Speaker 1: leaders in the Senate, two of them told us that
Speaker 1: they do see some potential in doing something that marries um,
Speaker 1: what's called DOCCA, the Deportation Order, the protections that Obama
Speaker 1: put in place with a strong border security bill. Um.
Speaker 1: They said, there's negotiating to be done, but there's some
Speaker 1: possible uh, you know, some possible agreement here. Well, we
Speaker 1: know that the President is also speaking in Fort Maris, Florida,
Speaker 1: as you mentioned, arriving to check on the reconstruction and
Speaker 1: the rescue operations related to Hurricane Irma. Do many Republicans,
Speaker 1: Republican senators who are represent the border states, do they
Speaker 1: really want this wall? Uh? No, there's been opposition from
Speaker 1: border state lawmakers about a wall. Um. There's been a
Speaker 1: real effort by members like John Cornyn from Texas, Republican
Speaker 1: leader and the House Homeland Security Chairman might call both
Speaker 1: are from both from Texas. Both have really pushed the
Speaker 1: president very hard behind the scenes to treat levies that
Speaker 1: are down along the Rio Grand River as a wall
Speaker 1: and to put more money into those and then just
Speaker 1: move on to other things like fencing technologies, other things
Speaker 1: that are needed. Um and you know there there may
Speaker 1: be some potential with the storms for Trump to pivot
Speaker 1: and do and call that a wall. We'll have to
Speaker 1: see how that comes together. You know, it's interesting. I'm
Speaker 1: wondering what President Trump's relationship will be with fellow congressman.
Speaker 1: There was quite an amazing Twitter post by Senator Chuck
Speaker 1: Grassley which is as uh one news outlet put in
Speaker 1: a post modern work of art um all in sort
Speaker 1: of acronyms. Morning News says, you made a deal with
Speaker 1: Schumer and Dacca. Have you have your staff brief me?
Speaker 1: I know you undercut jud commission. It's like all not
Speaker 1: English effort for by party agreement is their dissent in
Speaker 1: just ten seconds. Do you think that Republican congressmen are
Speaker 1: getting sick of President Trump's working with Democrats. I think
Speaker 1: they're concerned about it. Uh In. Grassley is the chairman
Speaker 1: of the di Ugiciary Committee with with jurisdiction over this
Speaker 1: and seemed to be taken completely by surprise, and that
Speaker 1: particularly is undercutting Trump's relationship with many of them. Thank
Speaker 1: you so much for joining us. Laura Litvin, Congressional reporter
Speaker 1: for Bloomberg. We will bring you more as we get it.
Speaker 1: At President Trump today, kind of giving some mixed messages
Speaker 1: trying to figure out how to move forward on the
Speaker 1: data issue. Thanks for listening to the Bloomberg P and
Speaker 1: L podcast. You can subscribe and listen to interviews at
Speaker 1: Apple Podcasts, SoundCloud, or whatever podcast platform you prefer. I'm
Speaker 1: Pim Fox. I'm on Twitter at pim Fox. I'm on
Speaker 1: Twitter at Lisa Abramo. It's one before the podcast. You
Speaker 1: can always catch us worldwide on Bloomberg Radio