WEBVTT - OpenAI Launches Faster and Cheaper AI Model With GPT-4o 0:00:02.920 --> 0:00:10.719 Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business 0:00:10.720 --> 0:00:13.960 Wait inside from the reporters and editors who bring you 0:00:14.000 --> 0:00:18.319 America's most trusted business magazine, plus global business, finance and 0:00:18.400 --> 0:00:22.840 tech news. The Bloomberg Business Week podcast with Carol Messer 0:00:23.040 --> 0:00:28.040 and Tim Stenebek from Bloomberg Radio, Let's get to you what. 0:00:28.040 --> 0:00:30.960 Seems to be a daily drop of news on the 0:00:30.960 --> 0:00:34.520 world of artificial intelligence. A lot going on Alphabet's Google 0:00:34.560 --> 0:00:37.960 Io Annual Developers Conference that's happening today. It's expected to 0:00:38.600 --> 0:00:40.599 talk about a lot of different AI features for its 0:00:40.600 --> 0:00:44.200 search business and broader ecosystem. This event coming one day 0:00:44.520 --> 0:00:47.000 after a similar one from open ai, where it launched 0:00:47.000 --> 0:00:49.320 a faster and cheaper version of its chat GPT model. 0:00:49.360 --> 0:00:52.800 So let's get to our tracker of all things artificial intelligence, 0:00:52.880 --> 0:00:55.480 Bloomberg News AI reporter Rachel Metz. We caught up with 0:00:55.520 --> 0:00:58.200 her at last weeks Bloomberg Technology Summer. Got a great 0:00:58.320 --> 0:01:01.320 rundown on all things AI. But as we said, everything's 0:01:01.360 --> 0:01:03.640 happening or something new every day. It feels like she's 0:01:03.680 --> 0:01:06.600 with us from San Francisco. All right, Rachel, let's start 0:01:06.600 --> 0:01:09.880 with what we got from open Ai faster, cheaper model. 0:01:09.959 --> 0:01:12.800 What's different from the version that everybody's been talking about 0:01:12.800 --> 0:01:13.840 for the last year and a half. 0:01:15.120 --> 0:01:19.360 Hello, Yeah, so we have a GPT for O. The 0:01:19.480 --> 0:01:23.120 O in opening I speak stands for omnimodel, and basically 0:01:23.120 --> 0:01:25.800 what that means is they used to take a bunch 0:01:25.800 --> 0:01:28.640 of models that could do different things and chain them together, 0:01:29.360 --> 0:01:31.800 and now what they're going to be doing is they're 0:01:31.800 --> 0:01:34.200 sort of pushing it all into one AI model, and 0:01:34.319 --> 0:01:36.399 that's part of why they say they're able to make 0:01:36.440 --> 0:01:39.280 it faster, so they can do things like a much 0:01:39.319 --> 0:01:43.240 more close to real time audio interaction, which makes it 0:01:43.280 --> 0:01:47.240 feel more lifelike. Like if you're talking to the app 0:01:47.319 --> 0:01:49.120 right now and you want it to talk back to you, 0:01:49.120 --> 0:01:50.720 you're gonna have to wait like there's you know, like 0:01:50.720 --> 0:01:53.480 there's some very clear latency and then it will respond 0:01:53.640 --> 0:01:55.400 in one of the several voices that has in there 0:01:55.480 --> 0:01:59.000 with this upcoming voice feature, it's very snappy from what 0:01:59.040 --> 0:02:02.360 they demonstrated, like almost instantaneous, as though I were talking 0:02:02.360 --> 0:02:03.200 to another person. 0:02:03.440 --> 0:02:06.800 All right, So there's that going on, I thought. I also, 0:02:06.880 --> 0:02:10.560 I think it's interesting, you know CHATGBT, right, it's kind 0:02:10.560 --> 0:02:13.359 of the gold standard. I feel like everything is kind 0:02:13.360 --> 0:02:14.280 of measured off of that. 0:02:14.440 --> 0:02:15.040 Is that fair? 0:02:17.080 --> 0:02:19.720 I mean, I think that it is fair in that 0:02:19.840 --> 0:02:22.200 people seem to be using it a lot. I mean, 0:02:22.400 --> 0:02:25.280 I think the figure that we have was like, what 0:02:25.360 --> 0:02:28.360 is it, like one hundred million users or one hundred 0:02:28.560 --> 0:02:32.720 something like that. People have used it. It's quite popular, 0:02:32.880 --> 0:02:35.320 and yeah, I think people think about it as sort 0:02:35.320 --> 0:02:37.359 of a gold standard in terms of what one can 0:02:37.400 --> 0:02:39.839 do right now, what a state of the art and 0:02:40.000 --> 0:02:42.800 replicable with the chatbot. So yeah, I think that's kind 0:02:42.840 --> 0:02:43.639 of a fair barometer. 0:02:44.080 --> 0:02:48.120 So here's the question I have relative to the Google statement. 0:02:48.680 --> 0:02:52.400 You know, I've been using Google literally since late nineties, 0:02:52.440 --> 0:02:56.119 two thousand something like that. Yeah, and the concept of 0:02:56.320 --> 0:03:00.959 organizing the world's information. They always did that really well 0:03:01.120 --> 0:03:04.639 till about I don't know, five years ago, and suddenly 0:03:04.880 --> 0:03:09.800 search just became festooned with sponsored answers and ads and 0:03:09.840 --> 0:03:12.880 then Google Zone products and sometimes you have to go 0:03:13.040 --> 0:03:16.640 like three or four screens down to actually find a 0:03:16.720 --> 0:03:21.400 search result. And my personal search seems to be less 0:03:21.440 --> 0:03:25.360 on Google and more on products like Perplexity, which uses 0:03:25.440 --> 0:03:27.360 either the claud or the Shannon or a couple of 0:03:27.400 --> 0:03:31.240 different engine AI engines and I find the answers I 0:03:31.320 --> 0:03:35.280 get are so much better and the list of sources 0:03:35.320 --> 0:03:39.800 so much better than fighting on Perplexity then fighting through 0:03:40.280 --> 0:03:44.120 the Google homepage. I'm wondering how much of this AI 0:03:44.680 --> 0:03:48.960 built into the search bar is a recognition of Google 0:03:49.000 --> 0:03:54.440 Search has really become, you know, fairly mediocre compared to 0:03:55.040 --> 0:03:56.080 being the best there was. 0:03:56.200 --> 0:03:57.320 Well, Rachel, come on in on that. 0:03:57.360 --> 0:03:59.880 And I'm curious about, you know, at this developer conference event, 0:04:00.000 --> 0:04:01.560 you know, what are we learning in terms of the 0:04:01.560 --> 0:04:04.480 a THEAAR front that might help maybe change Parry's view 0:04:04.720 --> 0:04:06.600 when it comes to Google and alphabet. 0:04:07.160 --> 0:04:09.480 Sure, I mean, I think I think you're right about Perplexity. 0:04:09.520 --> 0:04:12.000 A lot of people have been drawn to it. It 0:04:12.040 --> 0:04:14.440 seems to be combining a lot of things in a 0:04:14.480 --> 0:04:17.679 really smart way. When I use it, I'm struck by 0:04:17.920 --> 0:04:19.800 how well it puts things together, and it has some 0:04:19.839 --> 0:04:21.960 good like follow up questions I might want to ask 0:04:22.000 --> 0:04:25.320 things like that. I'm insights its sources. So like from 0:04:25.360 --> 0:04:27.960 my reporting, we know that Opening Eye is working on 0:04:28.400 --> 0:04:32.120 its own search project which may be similar to Perplexity. 0:04:32.480 --> 0:04:34.640 And we saw this morning that Google said it's going 0:04:34.720 --> 0:04:38.320 to it's going to make the sort of like AI 0:04:38.440 --> 0:04:41.880 assisted answers that right now are sort of an optional thing. 0:04:42.160 --> 0:04:44.600 It's going to make those a more integrated part of 0:04:44.640 --> 0:04:47.520 its search results. So if that works for you, and 0:04:47.920 --> 0:04:49.800 we'll probably have to see over time, that could make 0:04:49.839 --> 0:04:52.120 it so you feel better about the results that you're getting. 0:04:52.520 --> 0:04:54.960 But I guess for me personally, I'm still kind of 0:04:55.000 --> 0:04:59.599 wary of trusting anything that's AI assisted unless I check 0:04:59.640 --> 0:05:01.920 with the soul or set it. Perplexity obviously is really 0:05:01.960 --> 0:05:03.560 good for that, So I think it's going to take 0:05:03.600 --> 0:05:06.080 some time still for us to figure out what works 0:05:06.120 --> 0:05:08.880 best and how we should put these tools together. And 0:05:09.040 --> 0:05:11.400 you know, maybe you'll use Google for certain things, Perplexity 0:05:11.440 --> 0:05:13.679 for other things, Opening Eye for yet other things. 0:05:13.839 --> 0:05:16.920 Yeah, you always have to double check that hallucinations are 0:05:16.960 --> 0:05:20.080 not part of your answer. And that is the technical 0:05:20.160 --> 0:05:24.440 term for when AI either find something wrong on the 0:05:24.480 --> 0:05:27.279 Internet or just kind of spitballs and makes it up 0:05:27.839 --> 0:05:30.960 things that are wildly wrong. A couple of weeks ago, 0:05:31.000 --> 0:05:33.680 I interviewed Bill Dudley of the New York Fed and 0:05:33.720 --> 0:05:36.720 I was kind of surprised to learn from AI that 0:05:36.760 --> 0:05:40.839 he was an NFL fullback in the nineteen forties, especially 0:05:40.920 --> 0:05:42.440 because he wasn't born until then. 0:05:43.480 --> 0:05:48.960 Ye, So listen, Rachel just got the same name, right, Yeah, 0:05:49.040 --> 0:05:49.560 the same name. 0:05:49.440 --> 0:05:52.240 Waits those I mean, there's multiple Rachel messas out there, 0:05:52.279 --> 0:05:56.760 and AI sometimes will conflate us. I have multiple jobs 0:05:56.800 --> 0:05:59.120 according to AI that I've never had. You know, things 0:05:59.120 --> 0:05:59.440 like that. 0:05:59.520 --> 0:06:03.039 You would think intelligence would say, oh, this was before 0:06:03.080 --> 0:06:06.440 he was born. Right, Maybe it's less intelligent than we're 0:06:06.480 --> 0:06:12.400 giving you credit. Although Jim O'Shaughnessy said AI today is 0:06:12.400 --> 0:06:15.360 the worst it'll ever be. It's only getting better every day. 0:06:15.400 --> 0:06:17.320 Listen, the more data you put in, right, Rachel just 0:06:17.360 --> 0:06:19.599 got twenty seconds, the better it's going to become. 0:06:19.680 --> 0:06:23.880 We assume that's what people have been saying, but I 0:06:23.920 --> 0:06:27.800 don't know. I think we may we've been seeing those 0:06:27.880 --> 0:06:31.480 kinds of results. That is true, but we'll see over 0:06:31.520 --> 0:06:33.920 the next few years if more compute, more data really 0:06:33.960 --> 0:06:35.320 does lead to better AI. 0:06:35.560 --> 0:06:37.880 Yeah, it's only going to be better as good as 0:06:37.880 --> 0:06:38.720 I guess the data is. 0:06:38.920 --> 0:06:39.240 Rachel. 0:06:39.320 --> 0:06:40.800 I know a lot going on, and we appreciate you 0:06:40.880 --> 0:06:43.400 jumping in. Bloomberg News AI reporter Rachel met. 0:06:44.000 --> 0:06:47.520 You're listening to the Bloomberg Business Week podcast. Catch us 0:06:47.560 --> 0:06:50.799 live weekday afternoons. From two to five pm Eastern Listen 0:06:50.839 --> 0:06:53.000 on Apple card Play and then Bright Auto with a 0:06:53.040 --> 0:06:56.080 Bloomberg Business at or watch us live on YouTube. 0:06:57.400 --> 0:06:58.840 We'll talk about betterans on Wall Street. 0:06:58.880 --> 0:07:01.320 We often mean individuals who have worked there a long time, 0:07:01.400 --> 0:07:02.640 seen lots of market cycles. 0:07:02.680 --> 0:07:04.679 People like Barry have lots. 0:07:04.520 --> 0:07:07.600 Of experience investing in trading and global financial markets. But 0:07:07.920 --> 0:07:10.720 it is also about the growing relationship between Wall Street 0:07:10.720 --> 0:07:14.240 firms and US military veterans who, after serving their country, 0:07:14.280 --> 0:07:17.800 find a second chapter working at financial firms around the country. 0:07:18.040 --> 0:07:20.720 And that includes at Wells Fargo, which last year hired 0:07:20.920 --> 0:07:23.960 over eleven hundred veterans, with four percent of Wells Fargo 0:07:24.000 --> 0:07:27.520 employees self identifying as a veteran. Two members of its 0:07:27.560 --> 0:07:30.080 board of directors are US veterans. Bloomberg, by the way, 0:07:30.080 --> 0:07:33.520 hosting today the Wells Fargo Military Appreciation Event with more. 0:07:33.560 --> 0:07:35.800 We welcome John Weiss, He's co CEO of Wells Fargo 0:07:35.840 --> 0:07:39.160 Corporate and Investment Bank, joining us here in studio as 0:07:39.400 --> 0:07:44.120 the daughter of a VET cousins brother, I salute you, 0:07:44.200 --> 0:07:47.440 and I think it's really important that we remember those 0:07:47.440 --> 0:07:49.320 who serve our country, and I want to talk about 0:07:49.360 --> 0:07:52.320 that in a moment your father, Thank you, Thank you. 0:07:52.360 --> 0:07:54.320 He and his brothers World War two, all of them 0:07:54.360 --> 0:07:58.520 and all came home, which was pretty remarkable. I want 0:07:58.560 --> 0:08:00.520 to ask you, though, because you have such a great 0:08:00.600 --> 0:08:02.520 lens on the world, and I think we're at this 0:08:02.640 --> 0:08:05.960 interesting juncture in terms of trying to figure out the 0:08:05.960 --> 0:08:10.120 way forward, the business environment, the macro environment, the deal environment. 0:08:10.240 --> 0:08:12.000 How would you describe kind of where we are. 0:08:12.840 --> 0:08:15.160 Yeah, well, first of all, thank you for having me, 0:08:15.480 --> 0:08:18.480 and we're delighted to be collaborating with Bloomberg on this 0:08:18.960 --> 0:08:23.280 important topic of veterans. As to the macro picture, you know, 0:08:23.440 --> 0:08:28.280 it's I guess a unique time. I would say that 0:08:28.360 --> 0:08:32.240 the US economy is quite resilient, and you know, it's 0:08:32.280 --> 0:08:37.440 a good place to be headquartered. You know, every new 0:08:37.480 --> 0:08:41.000 piece of economic information sends us darting in one direction 0:08:41.160 --> 0:08:44.760 or another. And we've got CPI tomorrow, and the PPI 0:08:44.840 --> 0:08:48.080 that came out this morning is encouraging from a standpoint 0:08:48.200 --> 0:08:52.000 of as the market digested it, at least encouraging from 0:08:52.000 --> 0:08:58.040 the standpoint of maybe a somewhat better inflation picture. But 0:08:58.160 --> 0:09:01.560 CPI is the important data point for this week, so 0:09:01.559 --> 0:09:05.600 we'll see how that comes out tomorrow. Deal activity business 0:09:05.640 --> 0:09:10.640 activity actually quite good, and I would say there's a 0:09:10.640 --> 0:09:13.120 lot of pent up demands, certainly a lot of private 0:09:13.120 --> 0:09:14.400 equity capital out. 0:09:14.280 --> 0:09:15.800 There looking to make those exits. 0:09:15.880 --> 0:09:17.720 Right, yeah, look at well on the one hand looking 0:09:17.760 --> 0:09:19.760 to make exits and on the other hand looking to 0:09:19.800 --> 0:09:24.000 make investments. So both sides of the deal are covered there. 0:09:24.720 --> 0:09:26.880 And I would say strategics are getting a little bit 0:09:26.960 --> 0:09:32.040 more impatient about pursuing their own strategic goals. So I 0:09:32.080 --> 0:09:37.679 feel things are reasonably stable right now, as stable as 0:09:37.720 --> 0:09:42.040 you could say they could be, given that we've got 0:09:42.280 --> 0:09:43.960 a war going on in the Middle East, a war 0:09:44.000 --> 0:09:46.680 going on in Europe, and a lot of uncertainty around 0:09:46.679 --> 0:09:49.719 the US election. So given all those things, it's remarkable 0:09:49.840 --> 0:09:51.800 how well the economy and the market seem to be 0:09:51.840 --> 0:09:52.520 digesting it all. 0:09:52.800 --> 0:09:55.720 So let's use those two wars as a leaping off 0:09:55.880 --> 0:09:59.079 point to discuss the work that you guys are doing 0:09:59.320 --> 0:10:03.400 with the veterans. In my office, my CFO used to 0:10:03.400 --> 0:10:07.520 be a tank commander in Afghanistan. Our head traders sat 0:10:07.520 --> 0:10:10.840 in the back of easy two Hawkeyes directing all the 0:10:10.880 --> 0:10:16.960 traffic over Iraq during that war. What led And by 0:10:17.040 --> 0:10:20.920 the way, they're fantastic and there are secret weapons? What 0:10:21.040 --> 0:10:24.959 led Wells Fargo down the path to Hey, we really 0:10:25.000 --> 0:10:28.240 want to recruit from this pool of people. How did 0:10:28.240 --> 0:10:31.960 you discover what an amazing talent pool instead of skills 0:10:32.000 --> 0:10:32.600 exists there. 0:10:32.760 --> 0:10:34.120 Well, the first thing I would say is, I don't 0:10:34.160 --> 0:10:37.640 think we're completely unique in this area. I think Wall 0:10:37.679 --> 0:10:40.800 Street in general has been very supportive of veterans. 0:10:40.800 --> 0:10:41.400 We're welckoming. 0:10:42.280 --> 0:10:44.240 So that's the first thing. The second thing is, look, 0:10:44.240 --> 0:10:48.320 we're always looking for talent, and when you are looking, 0:10:48.480 --> 0:10:52.079 as we are in our industry for people that perform 0:10:52.240 --> 0:10:56.520 well under pressure, that would naturally bring you to this 0:10:56.640 --> 0:11:01.240 population of people who have learned to you know, to 0:11:01.360 --> 0:11:06.640 serve and to execute under pressure. And then there's of course. 0:11:06.440 --> 0:11:10.119 The is a trait you recognize, right John, in terms. 0:11:09.880 --> 0:11:12.720 Of just get it done, Like whatever we have to do, 0:11:12.840 --> 0:11:14.520 just get it done. I love that attitude. 0:11:14.880 --> 0:11:17.160 It's absolutely the case. And then there's the last thing, 0:11:17.200 --> 0:11:21.320 which is, of course we're supportive for social reasons. You know, 0:11:21.800 --> 0:11:24.360 these are people that in some cases gave them all, 0:11:24.440 --> 0:11:29.320 but their friends certainly did, and they served their country, 0:11:29.360 --> 0:11:32.880 and a part of our responsibility is to help them 0:11:32.960 --> 0:11:35.240 transition back into society. 0:11:34.840 --> 0:11:36.680 Because it's interesting because I feel like, and I don't 0:11:36.679 --> 0:11:39.120 want to be, you know, so critical of the government, 0:11:39.120 --> 0:11:40.720 but I just feel like people come home and then 0:11:40.760 --> 0:11:42.720 they don't have homes, they don't have jobs. You guys 0:11:42.800 --> 0:11:46.000 actually get into some of the basic need. It's about 0:11:46.080 --> 0:11:48.760 providing jobs, but it's providing things like homes. 0:11:48.880 --> 0:11:53.000 So, but let's start with jobs within the corporate and 0:11:53.080 --> 0:11:55.400 investment bank. You mentioned that we've hired as a company 0:11:55.480 --> 0:11:59.720 eleven hundred veterans this year. That's a pretty good pace. 0:12:00.120 --> 0:12:03.920 Can probably do more on the corporate and investment side. 0:12:04.000 --> 0:12:08.400 We have various programs that allow us to bring veterans 0:12:08.400 --> 0:12:13.160 on board for summer associate roles for more permanent assignments. 0:12:13.440 --> 0:12:18.280 We're working with some of our clients to recognize the 0:12:18.360 --> 0:12:21.480 talent of their vets and give them opportunities to continue. 0:12:21.480 --> 0:12:27.080 That's what I think is interesting when we talk about diversity, inclusion, equality, 0:12:28.240 --> 0:12:31.040 it's the supply chain, the pipeline. It's not just what 0:12:31.080 --> 0:12:32.960 you do at your company, but right kind. 0:12:32.800 --> 0:12:35.560 Of it's working with your clients. We work with a 0:12:35.559 --> 0:12:38.560 lot of veteran owned broker dealers, for example, and we 0:12:38.640 --> 0:12:42.000 bring them into deals and we try to help train 0:12:42.120 --> 0:12:45.200 their people in products and services that we provide that 0:12:45.240 --> 0:12:46.640 maybe they don't have the same depth. 0:12:46.640 --> 0:12:51.560 Then that's really quite fascinating, especially when you think about 0:12:51.920 --> 0:12:56.040 the problems we've seen in via hospitals and things. Getting 0:12:56.120 --> 0:12:59.560 people on your payroll with your healthcare has to be 0:12:59.600 --> 0:13:02.680 a huge life upgrade for them. 0:13:02.760 --> 0:13:08.679 Yeah, certainly, I mean career matters right to overall livelihood. 0:13:08.920 --> 0:13:10.640 But getting back to the question the carol last a 0:13:10.640 --> 0:13:15.440 minute ago, so so yes, the company very specifically has 0:13:15.480 --> 0:13:22.040 focused on the veteran population as an area for focus, 0:13:22.280 --> 0:13:28.360 and that that focus takes you know, comes in different ways. 0:13:29.559 --> 0:13:37.400 We've on an annual basis given donated new cars free 0:13:37.440 --> 0:13:41.880 of financing to veterans. We've donated something in the neighborhood 0:13:41.920 --> 0:13:44.800 of four hundred homes over the last ten years. This 0:13:44.880 --> 0:13:49.600 is providing housing free to veterans, and we don't look 0:13:49.600 --> 0:13:51.560 at it as a handout. We look at this is 0:13:52.280 --> 0:13:54.400 often used phrase, we look at it as a hand 0:13:54.640 --> 0:13:57.360 up because what they really need is some assistance and 0:13:57.960 --> 0:14:02.240 they will pay that back already have to society, so 0:14:02.920 --> 0:14:04.680 we feel really good about it. We also give a 0:14:04.679 --> 0:14:10.160 lot of funding out of our foundation to various veteran causes. 0:14:10.840 --> 0:14:13.720 I always think about the audience who's listening, And I 0:14:13.760 --> 0:14:17.400 think again, we you know, have you know, segments of 0:14:17.440 --> 0:14:21.280 our society and population that are forgotten, including the vets. 0:14:21.400 --> 0:14:23.040 You know, is there a message that you think more 0:14:23.040 --> 0:14:24.640 widely that we should all think about as we go 0:14:24.640 --> 0:14:26.360 about our business on a daily basis. 0:14:27.520 --> 0:14:30.160 I mean, it's it's not going to be a new 0:14:30.200 --> 0:14:32.800 idea to people, but we all live our lives in 0:14:32.840 --> 0:14:36.080 a very safe place, and it's because there are people 0:14:36.120 --> 0:14:39.840 out there protecting us, whether those are first responders here 0:14:39.840 --> 0:14:44.520 in you know, domestic US or members of the military 0:14:44.880 --> 0:14:49.520 serving outside the US. So I guess the messages we 0:14:49.600 --> 0:14:53.120 are all in this together and we all have to 0:14:53.160 --> 0:14:54.960 bear our share of the responsibility. 0:14:55.200 --> 0:14:56.560 How do you think about the future in terms of 0:14:56.560 --> 0:14:58.080 what Wells Fargo wants to do next? 0:14:58.560 --> 0:14:59.520 We want to do next? 0:14:59.600 --> 0:15:01.600 Is it just more and just continue to build it 0:15:01.640 --> 0:15:03.480 out more? 0:15:03.920 --> 0:15:04.280 Yes? 0:15:04.440 --> 0:15:04.760 Better? 0:15:04.880 --> 0:15:09.400 Absolutely, you know we're focused as a company on running 0:15:09.440 --> 0:15:13.560 the bank better, serving our clients better, managing risk better, 0:15:14.400 --> 0:15:16.600 and just being a better run organization overall. 0:15:17.000 --> 0:15:17.280 Yeah. 0:15:17.320 --> 0:15:19.880 Really just really fascinating, and I do think about it. 0:15:19.920 --> 0:15:22.840 I think unless you've maybe if if you've had somebody 0:15:22.840 --> 0:15:24.760 in your life like you say, you've got people working 0:15:24.880 --> 0:15:27.520 or I've got it. Certainly my family many members, several 0:15:27.560 --> 0:15:29.920 have done tours in the Middle East, and I do 0:15:29.960 --> 0:15:32.480 think there's something about this environment right now where we're 0:15:32.560 --> 0:15:36.600 very sensitive to sending American soldiers over to some extent. 0:15:36.720 --> 0:15:40.480 But it's just the role the United States States plays 0:15:40.560 --> 0:15:43.160 globally in kind of protecting the world. Like you just 0:15:43.200 --> 0:15:44.920 have to think about it, and we take it for granted. 0:15:45.480 --> 0:15:48.760 You know, after twenty years of war in the Middle East, 0:15:49.120 --> 0:15:52.440 I think the country kind of has gotten fatigued, and 0:15:52.520 --> 0:15:55.400 it's easy to forget about the people coming home who 0:15:55.480 --> 0:15:58.000 then have to just turn their life up right down 0:15:58.160 --> 0:16:03.080 to normalize things. We've been a little negligent paying attention 0:16:03.120 --> 0:16:06.000 to them. I'm glad to hear you guys are moving 0:16:06.000 --> 0:16:07.880 in this direction, and I've been in this direction for 0:16:07.960 --> 0:16:09.760 quite some time well. 0:16:09.800 --> 0:16:12.840 As a child of the sixties, all right, we can't 0:16:12.840 --> 0:16:15.200 forget some of the lessons of the sixties, and one 0:16:15.200 --> 0:16:19.320 of them was certainly welcoming the veteran back after the war, 0:16:19.800 --> 0:16:22.480 which we did not as well as we should have 0:16:23.000 --> 0:16:25.880 in the sixties. We certainly did, I think well post 0:16:25.960 --> 0:16:29.640 World War Two, and hopefully we're doing a better job today. 0:16:29.680 --> 0:16:31.320 It's interesting that you bring it because I think about 0:16:31.320 --> 0:16:33.360 when my dad and his brothers came home and the 0:16:33.400 --> 0:16:37.880 GI bill and going to school and just it was 0:16:37.960 --> 0:16:40.800 such a welcoming back, if you will, and such a 0:16:40.840 --> 0:16:44.240 support system, and that it's just kind of amazing to 0:16:44.360 --> 0:16:46.560 see kind of where it's What do you think it 0:16:46.600 --> 0:16:49.000 is about the financial community, as you said, not just 0:16:49.000 --> 0:16:50.800 well as Fargo, but we talk about it a lot 0:16:50.840 --> 0:16:53.360 here at Bloomberg in terms of the financial community and 0:16:53.400 --> 0:16:55.280 their support of veterans in particular. 0:16:55.360 --> 0:16:56.760 What do you think it is about that? 0:16:57.320 --> 0:17:01.840 I think I don't know. Maybe part of it is 0:17:01.880 --> 0:17:05.719 the focus of New York City and understanding what happens 0:17:05.760 --> 0:17:08.760 when things do go wrong, which you know, those of 0:17:08.800 --> 0:17:12.840 us who live through nine to eleven certainly remember. But 0:17:13.080 --> 0:17:16.320 you know, it's also it's a responsible It's a part 0:17:16.320 --> 0:17:20.680 of society that wants to prove its sense of responsibility. 0:17:20.720 --> 0:17:24.080 I think I think Wall Street really does care about 0:17:24.080 --> 0:17:27.600 its image, and it cares, you know, in a real 0:17:27.640 --> 0:17:30.280 way about carrying its share of responsibility. 0:17:30.560 --> 0:17:32.840 Yeah, and when you look at the veterans, these are 0:17:32.880 --> 0:17:37.520 people who understand risk, They understand working within a team 0:17:37.680 --> 0:17:42.399 and leadership, and the parallels are just all there. If 0:17:42.440 --> 0:17:44.879 you want someone who has your back, whether you're in 0:17:44.920 --> 0:17:48.520 the field or on a desk, it's hard to do 0:17:48.560 --> 0:17:50.480 better than military veterans. 0:17:50.480 --> 0:17:51.720 It just makes a lot of sense. John. 0:17:51.840 --> 0:17:53.919 Great to get catch up with you and just kind 0:17:53.920 --> 0:17:55.400 of hear about the work you guys are doing. Looking 0:17:55.400 --> 0:17:56.720 forward to hearing more. I know we're going to have 0:17:56.720 --> 0:17:59.080 another member of your team a little bit later on Bloomberg, 0:17:59.119 --> 0:17:59.879 so looking forward to it. 0:18:00.320 --> 0:18:02.920 You'll be hearing from Mike Riley, who runs or co 0:18:03.000 --> 0:18:05.840 heads our market's division, who is a vet Submarine Navy 0:18:05.920 --> 0:18:09.720 right Navy X Submarine commander. Wow, you talk about somebody 0:18:09.760 --> 0:18:12.280 you want to have, you know, having your back. 0:18:13.000 --> 0:18:14.920 Mike's the guy, John, Thank you so much. 0:18:14.960 --> 0:18:15.960 Thank you, John Wise. 0:18:16.040 --> 0:18:18.640 He's co CEO of Welsfargo Corporate and Investment Bank. 0:18:21.400 --> 0:18:25.280 You're listening to the Bloomberg Business Week podcast. Listen live 0:18:25.359 --> 0:18:28.280 each weekday starting at two pm Eastern on Apple car 0:18:28.320 --> 0:18:31.280 Play and Android Auto with the Bloomberg Business App. You 0:18:31.320 --> 0:18:34.560 can also listen live on Amazon Alexa from our flagship 0:18:34.640 --> 0:18:39.359 New York station, Just say Alexa play Bloomberg eleven thirty. 0:18:41.880 --> 0:18:48.240 I want this empty stade on the ball of broken dreams. 0:18:48.320 --> 0:18:51.800 All right, folks, sleep, sit down, grab something to drink. 0:18:51.880 --> 0:18:54.560 Because this is a story of broken dreams. It's also 0:18:54.600 --> 0:18:57.040 a story that's among our most read on the Bloomberg today. 0:18:57.320 --> 0:19:00.440 It's a story about I Am Academy, also known as 0:19:00.520 --> 0:19:03.639 the Harvard of Trading, that grew from a small New 0:19:03.720 --> 0:19:07.320 York operation into a global phenomenon during the pandemic by 0:19:07.359 --> 0:19:10.640 selling the promise that it could teach anyone, particularly teens 0:19:10.680 --> 0:19:14.720 and twenty somethings, how to become a savvy retail investors 0:19:14.840 --> 0:19:17.720 for a fee. Of course, it promised a lot, and 0:19:17.800 --> 0:19:20.760 many lost a lot. We know we not wanted to 0:19:20.760 --> 0:19:22.760 know more about this story, so with us as Bloomberg 0:19:22.800 --> 0:19:26.800 News Personal Finance reporter Alice Cantor. She's joining us from London, 0:19:26.840 --> 0:19:28.960 where we know it's a little bit later. So Alice, 0:19:28.960 --> 0:19:32.000 we so appreciate you hanging around to talk with us. 0:19:32.000 --> 0:19:33.680 This story, by the way, to be featured in the 0:19:33.680 --> 0:19:36.320 forthcoming issue of Bloomberg BusinessWeek magazine. You can read it 0:19:36.320 --> 0:19:38.480 now on the Bloomberg and also find it at Bloomberg 0:19:38.480 --> 0:19:42.199 dot com slash BusinessWeek. First of all, a story like this, Alice, 0:19:42.280 --> 0:19:44.800 how did you first come across it? 0:19:46.640 --> 0:19:46.840 Hi? 0:19:46.920 --> 0:19:50.159 Carol, Well, first, thanks for having me on. Yeah, so 0:19:50.320 --> 0:19:52.560 I it was in the midst of the pandemic actually, 0:19:52.600 --> 0:19:56.000 and I was looking at stories around financial crimes in 0:19:56.040 --> 0:19:59.119 France because at the time I was in Paris, and 0:19:59.280 --> 0:20:02.639 I saw this small news website that did an investigation 0:20:02.800 --> 0:20:06.199 about iam Academy in France, and it was about all 0:20:06.240 --> 0:20:10.080 these teenagers who were getting really excited in the pandemic 0:20:10.119 --> 0:20:13.960 about making money from memes, talks and bitcoin. I'm sure 0:20:14.080 --> 0:20:18.840 you're familiar with that, and they had come across iam Academy, 0:20:18.920 --> 0:20:21.600 this company that promised them that within a few months 0:20:21.880 --> 0:20:25.639 they could really become multimillionaires. They could earn a passive 0:20:25.640 --> 0:20:29.399 income if they just knew the right strategy to trade online. 0:20:29.800 --> 0:20:32.240 You know, they this company had the recipe for them. 0:20:32.440 --> 0:20:35.679 So yeah, I started digging into it and found out 0:20:35.720 --> 0:20:38.520 that France was just one of the many, many countries 0:20:38.560 --> 0:20:42.000 that this New York based company had expanded in and 0:20:42.880 --> 0:20:45.240 was making a lot of victims. 0:20:45.320 --> 0:20:47.359 Essentially, Well, I want I want to get into the 0:20:47.400 --> 0:20:49.360 size and scope in terms of how many got impacted. 0:20:49.400 --> 0:20:50.879 But tell me, like how it works. 0:20:50.960 --> 0:20:52.600 I mean, I've kind of read through here, so I 0:20:52.640 --> 0:20:54.679 have an idea, But tell our world. 0:20:55.119 --> 0:20:56.760 How this company worked. 0:20:56.760 --> 0:20:58.639 How it said, Okay, you're going to make money, and 0:20:59.200 --> 0:21:01.199 you know what was in in terms of becoming a 0:21:01.200 --> 0:21:03.480