WEBVTT - Why the J&J Covid Vaccine Could Protect Millions 0:00:01.800 --> 0:00:04.400 This is Bloomberg Business Week. I'm Carole Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanabek. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 plus technology, politics, economics, all furnessing the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:19.600 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.200 download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.120 You can also listen to our radio show at two 0:00:25.160 --> 0:00:27.840 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.880 --> 0:00:34.239 YouTube search Bloomberg Global News. The US count them one 0:00:34.280 --> 0:00:36.800 to three. We've got three vaccines to Tim to fight 0:00:37.000 --> 0:00:40.240 COVID night. Three vaccines in under a year, just about 0:00:40.240 --> 0:00:42.040 a year. I think it's fair to say it's phenomenal. 0:00:42.200 --> 0:00:44.760 It's it is phenomenal. Nobody doubts that in terms of development. 0:00:44.760 --> 0:00:47.160 The problem is, though, I think there is some nervousness 0:00:47.200 --> 0:00:49.280 about this. J and J. Actually we talked about it 0:00:49.280 --> 0:00:51.919 with the CEO of North Will Health yesterday because there 0:00:51.920 --> 0:00:54.360 are concerns the lower efficacy rate. People can be like, 0:00:54.440 --> 0:00:56.040 I don't want that one. Yeah, I mean, look, people 0:00:56.080 --> 0:01:00.400 focusing on instead of But all the health x tell 0:01:00.440 --> 0:01:02.440 us that's not the right thing to focus on exactly. 0:01:02.440 --> 0:01:03.959 So let's get into this story, a great one by 0:01:03.960 --> 0:01:07.160 Bloomberg News healthcare reporter Angelica Levito on the phone in 0:01:07.200 --> 0:01:10.120 our New York City bureau. Um, Angelica, good to have 0:01:10.200 --> 0:01:13.640 you here with us. Listen. It's great to have another vaccine, 0:01:13.640 --> 0:01:17.119 but it's only great if people take it exactly. And 0:01:17.240 --> 0:01:20.720 you brought up some excellent points that we might see 0:01:20.760 --> 0:01:24.440 some hesitation. There are great benefits with this J and 0:01:24.560 --> 0:01:28.000 J vaccine. It's refrigerated, so that means that we can 0:01:28.040 --> 0:01:31.440 get it into rural areas, places that don't have access 0:01:31.480 --> 0:01:34.679 to these ultracold freezers that you need for Fightser's vaccine. 0:01:35.040 --> 0:01:37.320 It's also one shot, which is great. You know, you 0:01:37.360 --> 0:01:39.280 don't have to come back in for a second dose, 0:01:39.360 --> 0:01:42.039 so you're just in and out and you're done with 0:01:42.080 --> 0:01:45.800 your vaccination. However, we might see some people worried about 0:01:45.880 --> 0:01:50.320 this seventy two percent efficacy in the US trials versus 0:01:50.360 --> 0:01:56.680 that for Fightser for maderna. However, all the health experts, 0:01:56.720 --> 0:01:59.600 like you said, Um, they say that you can't compare 0:01:59.680 --> 0:02:03.480 these trials apples to apples because they were conducted at 0:02:03.480 --> 0:02:06.360 different times. Of course, J and Jay's shot had to 0:02:06.400 --> 0:02:10.920 contend globally with the variants we're seeing in South Africa, UM, 0:02:11.120 --> 0:02:15.079 Brazil and also jans zackis J and Jay's vaccine a 0:02:15.080 --> 0:02:16.680 little bit of an up right because it was playing 0:02:16.720 --> 0:02:19.520 with some of the variants. Correct, it does, and that's 0:02:19.560 --> 0:02:22.480 something that we have evidence of that it can work 0:02:22.520 --> 0:02:25.799 against these variants. And also it's worth noting that the 0:02:25.919 --> 0:02:29.240 J and J vaccine did provide complete protection against all 0:02:29.360 --> 0:02:32.959 COVID related hospitalization and death, which is what we're trying 0:02:33.000 --> 0:02:35.320 to solve for. So let's think back to just a 0:02:35.360 --> 0:02:37.760 couple of months ago when we're having the same conversation, 0:02:38.040 --> 0:02:41.679 not necessarily about efficacy, but about hesitation when it came 0:02:41.720 --> 0:02:44.720 to MODERNA and Fiser. What we saw then was Vice 0:02:44.720 --> 0:02:47.280 President Pence at the time getting his shot on TV, 0:02:47.440 --> 0:02:51.240 Anthony Fauci, nation's top infectious disease doctor, getting the shot 0:02:51.280 --> 0:02:53.360 on TV. The problem is all these people have had 0:02:53.360 --> 0:02:54.960 their shots already, so it's not like they can go 0:02:54.960 --> 0:02:57.280 and get the J and J shot. What I feel like, Angelica, 0:02:57.360 --> 0:02:59.960 what we need here is like this big pr campaign 0:03:00.639 --> 0:03:03.480 coming from leaders saying Hey, this is the shot that 0:03:03.520 --> 0:03:06.080 I want. But they've already been vaccinated. That's the problem. 0:03:07.000 --> 0:03:10.000 It's a really really good point. And we are hearing 0:03:10.000 --> 0:03:13.399 from Anthony Faucci, for example, who's telling people get out 0:03:13.400 --> 0:03:16.360 there and the first shot that becomes available to take it, 0:03:16.520 --> 0:03:19.600 especially if that's J and J, and the Biden administration 0:03:19.639 --> 0:03:23.440 has been unified in that message. But you're right, they're vaccinated. 0:03:23.520 --> 0:03:25.520 So we are going to need to see some new 0:03:25.560 --> 0:03:27.800 faces out there. Hey, I'll get the shot on the radio. 0:03:27.840 --> 0:03:30.239 How's that? I volt perfect? And we'll be able to 0:03:30.240 --> 0:03:32.360 see it on YouTube. So it's a good thing. I mean, 0:03:32.720 --> 0:03:34.600 whether or not you like it, it's coming the J 0:03:34.680 --> 0:03:36.800 and J vaccine because we are expected to hear from 0:03:36.800 --> 0:03:40.240 President Biden later on about kind of an unusual collaboration 0:03:40.360 --> 0:03:43.600 between two competing big pharma companies. We're talking about J 0:03:43.720 --> 0:03:47.920 and J Murk working together to produce it. Right, So 0:03:48.240 --> 0:03:51.520 Mark is going to help Jane J manufacture it's COVID 0:03:51.640 --> 0:03:55.640 nineteen vaccine. Um. They will equip two facilities to start 0:03:55.720 --> 0:04:00.000 producing these shots, and later today we will hear from 0:04:00.040 --> 0:04:04.040 President Biden about this collaboration. Of course, these two fierce 0:04:04.160 --> 0:04:07.160 rivals now coming together and sort of describing it as 0:04:07.200 --> 0:04:10.960 a wartime effort to get shots produced as quickly as possible. 0:04:11.000 --> 0:04:12.800 When you say as quickly as possible, when they say 0:04:12.800 --> 0:04:14.480 as quickly as possible, what are we What are we 0:04:14.520 --> 0:04:16.560 thinking here as far as timeline goes, Because Drew Armstrong 0:04:16.600 --> 0:04:18.480 was on Quick Take earlier today and he said, look, 0:04:18.480 --> 0:04:20.240 this is the type of thing that takes a long 0:04:20.279 --> 0:04:23.159 time to get going. Yes, that is a very good 0:04:23.200 --> 0:04:26.599 point to make, because UM, as soon as possible could 0:04:26.600 --> 0:04:29.320 be a few months. And obviously that's not what we 0:04:29.400 --> 0:04:31.560 think of when we think of as soon as possible, 0:04:31.839 --> 0:04:35.240 So it could be a while. However, the companies are 0:04:35.320 --> 0:04:39.760 indicating that this could help J and J quickly deliver 0:04:39.839 --> 0:04:43.240 on its promise to UM to distribute a hundred million 0:04:43.279 --> 0:04:45.840 doses in the US by the end of June. So 0:04:45.960 --> 0:04:48.800 perhaps this helps us get to that goal faster. But 0:04:49.080 --> 0:04:54.760 tvd Angelica, what I don't understand is UM, why was 0:04:54.800 --> 0:04:58.600 it J and J Ramping up production to begin with? 0:04:59.000 --> 0:05:02.520 Like you knew it was coming, They had high expectation 0:05:02.600 --> 0:05:04.080 it was going to get through in in terms of 0:05:04.120 --> 0:05:08.440 FDA emergency authorization. What the heck was going on? It's 0:05:08.440 --> 0:05:10.760 a really great question. And I think it's something that 0:05:10.800 --> 0:05:13.120 a lot of people are wondering because J and J 0:05:13.360 --> 0:05:17.240 is a massive company with tremendous resources. However, I've seen 0:05:17.279 --> 0:05:20.799 their manufacturing, I've spent some time with them. It's pretty impressive. 0:05:21.279 --> 0:05:24.960 But vaccines, as Alex Scorski, the CEO of Johnson Johnson, 0:05:25.040 --> 0:05:29.600 told our Bloomberg Colleigue colleague Riley Griffin yesterday, vaccine production 0:05:29.680 --> 0:05:31.839 is hard. It takes a lot of energy, and it 0:05:31.920 --> 0:05:35.719 takes everything going exactly right. However, they are saying that 0:05:35.960 --> 0:05:38.960 they are still on pace to deliver the twenty million 0:05:39.040 --> 0:05:42.080 shots they've promised by the end of March, which would 0:05:42.120 --> 0:05:44.560 be a pretty significant ramp up in just a few 0:05:44.560 --> 0:05:47.039 short weeks. So how quickly do we start to see 0:05:47.080 --> 0:05:48.800 I mean, I know the shipments have arrived today, How 0:05:48.880 --> 0:05:50.400 quickly do we start to see these showing up? And 0:05:50.440 --> 0:05:51.720 where do they show up? And we only have about 0:05:51.720 --> 0:05:55.280 thirty seconds left. It's um a great question, and it depends. 0:05:55.360 --> 0:05:58.280 We've heard from states saying this will go to health departments, 0:05:58.320 --> 0:06:01.600 mass vaccination clinics, the armacies will get them. I talked 0:06:01.600 --> 0:06:04.520 to CBS this morning, and they'll start actually putting these 0:06:04.520 --> 0:06:08.279 shots into arms Friday, so I think it depends on um, 0:06:08.360 --> 0:06:11.160 you know, different paces across the country. But we'll see 0:06:11.160 --> 0:06:13.400 these shots going to arms this week. All right, Gonna 0:06:13.400 --> 0:06:15.160 live with there and Delica, thank you so much. Angelica 0:06:15.240 --> 0:06:19.200 Levito healthcare reporter joining us from our bureau right here 0:06:19.200 --> 0:06:22.240 in New York City. Don't you wonder though, like, yeah, 0:06:22.440 --> 0:06:24.720 because we knew, I mean months ago, you know, so 0:06:24.760 --> 0:06:26.560 only having four million ready to go seems like a 0:06:26.560 --> 0:06:29.080 small number. We're spoiled because we've seen these numbers in 0:06:29.080 --> 0:06:30.640 the millions all the time. And I do wonder, like, 0:06:30.680 --> 0:06:32.159 are you gonna go up to a vaccination site and 0:06:32.200 --> 0:06:34.840 be like what am I getting? Remember, I will say 0:06:34.880 --> 0:06:38.720 one shot. It's one shot, So one dose is one inoculation. 0:06:38.760 --> 0:06:40.560 That's a big deal, and it's a big step forward 0:06:40.560 --> 0:06:42.760 in terms of I think herd immunity helping us get 0:06:42.800 --> 0:06:46.240 closer to that. This is Bloomberg Business Week with Carol 0:06:46.279 --> 0:06:51.600 Messer and Bloomberg Quick Takes Tim Stinovic from Bloomberg Radio. So, Tim, 0:06:51.600 --> 0:06:53.839 we've got an update on the current Bloomberg Business Week 0:06:53.839 --> 0:06:56.560 cover story. Uh, it's about the sneaker heads that have 0:06:56.600 --> 0:06:59.960 turned Jordan's and Yeezy's into a Nasset class It profiled 0:07:00.040 --> 0:07:02.600 Joe Hebert, whose West Coast Street where was buying and 0:07:02.640 --> 0:07:05.560 reselling sneakers. His story, you might recall us we get 0:07:05.600 --> 0:07:07.280 a little bit of a twisted it. It did. We 0:07:07.320 --> 0:07:10.840 didn't give away the ending, but it's kind of like 0:07:10.880 --> 0:07:14.160 a spoiler alert now, yeah, and that twist leading to 0:07:14.400 --> 0:07:17.080 an abrupt action. Let's get the update with us as 0:07:17.080 --> 0:07:19.280 Blueberg business wee get it or Joe Webber on the 0:07:19.320 --> 0:07:21.960 access line in Brooklyn along with Bloomberg Business Week freelance 0:07:21.960 --> 0:07:24.400 writer Josh Hunt, who wrote the story. He's with us 0:07:24.400 --> 0:07:28.480 from Portland, Oregon. Joe'll talk about an impact. Well, I 0:07:28.560 --> 0:07:30.720 just feel like saying like when last we left her 0:07:30.840 --> 0:07:36.119 hero because special when seems get transpired then and really 0:07:36.160 --> 0:07:39.480 that the story took a took another turn yesterday when 0:07:40.000 --> 0:07:44.760 Nike announced the resignation of Ann Hebert, who was Joe's mother. 0:07:45.040 --> 0:07:47.680 Um so, so talk to us about the implications of 0:07:47.880 --> 0:07:53.200 what all has gone down and what it what it means. Josh, Yeah, 0:07:53.240 --> 0:07:57.360 I mean, coming into this story, you know, one of 0:07:57.360 --> 0:07:59.760 the one of the big questions was was what is 0:07:59.800 --> 0:08:01.920 this all mean? You know, from from the moment that 0:08:02.640 --> 0:08:06.400 I first learned, uh that Joe's mother that you know, 0:08:06.480 --> 0:08:10.720 my my main sneaker reselling character was had a mother 0:08:10.760 --> 0:08:13.840 who was a top executive at Nike. Um, you know 0:08:13.880 --> 0:08:16.600 what did that mean? It's a very gray area. And 0:08:16.600 --> 0:08:20.280 and you know, readers of the story will note that 0:08:20.320 --> 0:08:23.200 we didn't accuse them of any wrongdoing because it's a 0:08:24.120 --> 0:08:27.800 it's kind of an it was very unclear, um what 0:08:27.960 --> 0:08:31.720 this meant. And uh, now we have a little bit 0:08:31.760 --> 0:08:35.360 more clarity what this means now that Nike has taken well, 0:08:35.559 --> 0:08:38.000 Nike hasn't taken any action now that and Hebert has 0:08:38.800 --> 0:08:46.040 decided to resign. Um. But uh, Frankly, I have to 0:08:46.040 --> 0:08:50.080 say I'm a little bit surprised because Nike uh defended 0:08:50.160 --> 0:08:53.560 Hebert's very strongly in the piece, you know, when we 0:08:53.600 --> 0:08:58.920 went to to them for comments prior to publications, and so, 0:08:59.520 --> 0:09:01.600 you know, for is to happen so soon after the 0:09:01.640 --> 0:09:05.079 story landed, I have to think that, uh, maybe there 0:09:05.160 --> 0:09:10.360 was something in the story more than they expected. Um 0:09:10.600 --> 0:09:14.200 uh And I still wonder what that might be to 0:09:14.320 --> 0:09:17.120 be perhaps determined, Josh, I mean, you've got your work 0:09:17.120 --> 0:09:18.839 cut out for you. In the meantime, can you talk 0:09:18.880 --> 0:09:21.280 a little bit about the conversation that that that's happening 0:09:21.320 --> 0:09:23.360 on Twitter right now, Like, what are you hearing from people? 0:09:23.600 --> 0:09:27.320 Because I've seen that you've been interacting a little bit. Yeah, 0:09:27.360 --> 0:09:30.880 it's a very interesting time in the sneaker world. I'm 0:09:30.920 --> 0:09:34.440 hearing uh, you know, not just from people on Twitter, 0:09:34.520 --> 0:09:39.559 but another uh you know, there's this black owned um 0:09:39.559 --> 0:09:45.360 sneaker resale platform called Another Lane, run by aDNA Jones 0:09:45.360 --> 0:09:48.960 and her husband Chad Jones and um and I uh, 0:09:49.000 --> 0:09:51.800 you know, in my interview with a Dina when she 0:09:52.120 --> 0:09:55.080 learned about this twist and the story, her quote was, 0:09:55.480 --> 0:10:01.320 that's the height of privilege and um and you know, um, 0:10:01.480 --> 0:10:05.400 they've been here, they've been getting a lot of positive feedback, 0:10:06.679 --> 0:10:09.040 you know, from people who have read the story, and 0:10:09.040 --> 0:10:11.240 a lot of support and things like that, and and 0:10:11.280 --> 0:10:14.960 so on one side of the you know, inside the 0:10:14.960 --> 0:10:18.720 sneaper community, those sorts of conversations are going on and 0:10:18.760 --> 0:10:23.040 on Twitter. It's uh, it's really running the gamut from 0:10:23.280 --> 0:10:27.760 people who you know, people who have as they you know, 0:10:27.840 --> 0:10:31.680 so many people are tweeting, uh quote tweeting my tweet 0:10:31.880 --> 0:10:34.600 with pictures of Joe's warehouse and saying, so this is 0:10:34.600 --> 0:10:36.520 why I can't get Jordan's up so this is why 0:10:36.520 --> 0:10:39.559 I'm this is why I'm always this is why I'm 0:10:39.559 --> 0:10:41.760 always taking an l on the sneakers app, you know, 0:10:42.160 --> 0:10:44.520 And so you know, part of it is is um, 0:10:44.840 --> 0:10:48.720 obviously people are happy to have some clarity about how 0:10:48.760 --> 0:10:53.320 this world works. Uh. Some people are just uh you know, 0:10:53.720 --> 0:10:58.439 kind of luxuriating and blind rage over all the sneakers 0:10:58.480 --> 0:11:01.040 they haven't been able to buy UM. Well that I mean, 0:11:01.400 --> 0:11:04.679 it's totally right. There's even a little bit of conspiracy 0:11:04.800 --> 0:11:07.280 theorizing happening. You know, some people are taking it farther 0:11:07.360 --> 0:11:10.679 than we've actually said in the story. Yeah, well as 0:11:10.760 --> 0:11:13.080 the Internet is wanting to do. Um. You know, I 0:11:13.120 --> 0:11:16.679 think it shows the nature of just like how fraught 0:11:17.080 --> 0:11:19.960 this world actually is. And I think we we we 0:11:20.080 --> 0:11:22.719 hinted at some of that without really realizing how much 0:11:22.760 --> 0:11:24.360 we were going to stir the pot or kick the 0:11:24.360 --> 0:11:28.040 hornets nest or whatever, Josh. But because ultimately, like there 0:11:28.080 --> 0:11:31.240 are there's some class undertones that I think people are 0:11:31.240 --> 0:11:34.280 talking about. There's clearly the racial ones, which you indicated, 0:11:34.720 --> 0:11:37.640 and like that, I think like we we only scratch 0:11:37.679 --> 0:11:39.760 the surface of what all that meant. And I think 0:11:39.840 --> 0:11:42.480 that's been sort of part of the fallout, And I 0:11:42.480 --> 0:11:45.320 think what it really shows now is, you know, we 0:11:45.840 --> 0:11:48.520 effectively our story was about the ecomoics of this, and 0:11:48.600 --> 0:11:51.120 you know, obviously it plays into the tech side of it, 0:11:51.440 --> 0:11:54.480 how bots can be unleashed to sort of like squirrel 0:11:54.520 --> 0:11:58.040 away help squirrel away inventory and all of that kind 0:11:58.080 --> 0:12:00.840 of I think gets back to this challenge that it 0:12:00.960 --> 0:12:04.880 actually does face corporate America, or at least parts of 0:12:04.880 --> 0:12:09.200 corporate America, where you have products like this that can 0:12:09.240 --> 0:12:13.880 really galvanize attention, and also employees who are put in 0:12:14.000 --> 0:12:18.360 sort of perhaps sometimes uncomfortable positions or positions that could 0:12:18.360 --> 0:12:21.280 be you know, fraud, I guess. Um, So, Josh, when 0:12:21.280 --> 0:12:23.679 you think about that, I mean, obviously you've been head 0:12:23.720 --> 0:12:25.720 down in the sneaker world here, but like when you 0:12:25.760 --> 0:12:29.559 think about the extrapolations of that through corporate America, can 0:12:29.679 --> 0:12:32.760 can you kind of theorize like who else is probably 0:12:32.760 --> 0:12:35.440 dealing with some of these same fraud conversations? And Josh, 0:12:35.520 --> 0:12:40.400 we just got about sure what I can say, I 0:12:40.440 --> 0:12:45.120 mean without theorizing too much. What's what's clear to me? Um, 0:12:45.240 --> 0:12:47.760 The part of why this touched such a nerve is 0:12:47.840 --> 0:12:51.600 that the sneaker world is kind of at the at 0:12:51.640 --> 0:12:54.760 the nexus of you know, it's a little bit like 0:12:54.840 --> 0:12:57.560 the game stop stuff and the Bitcoin stuff in the 0:12:57.640 --> 0:13:01.079 sense that it's both a subculture and a market. And 0:13:01.120 --> 0:13:05.800 so you've got all these people from different class backgrounds, 0:13:05.800 --> 0:13:09.680 from different racial backgrounds, these these uh, this you know, 0:13:09.760 --> 0:13:13.600 big mix of people coming together trying to be involved 0:13:13.640 --> 0:13:17.480 in the market and um and you know all kinds 0:13:17.520 --> 0:13:21.920 of kind of watches happening. Well, it's incredible. The story 0:13:21.960 --> 0:13:24.600 goes on, as we said, another another edition of this story. 0:13:25.559 --> 0:13:28.040 Hey Josh, thank you so much. Freelance writer Bloomberg Business 0:13:28.080 --> 0:13:31.120 Week from Portland and Joel Webber, Editor Bloomberg Business Week. 0:13:35.400 --> 0:13:38.920 You're listening to Bloomberg Business Week with Carol Messer and 0:13:39.000 --> 0:13:43.720 Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Bloomberg Business 0:13:43.720 --> 0:13:45.360 Week brought to you by a s c I. Since 0:13:45.400 --> 0:13:48.960 it's founding fifty years ago, SEI has provided investment managers 0:13:48.960 --> 0:13:53.080 and asset owners with robust infrastructure platforms and flexible outsourcing solutions. 0:13:53.080 --> 0:13:55.880 Go to se I c dot com, slash i m S. 0:13:55.960 --> 0:13:59.400 So what is going on in the hallowed halls of 0:13:59.440 --> 0:14:02.320 old time Wall Street, Tim stanebec That's the big question. 0:14:02.800 --> 0:14:04.600 It is and it's our top story at this hour. 0:14:04.679 --> 0:14:07.679 Several stories actually in the last few days, people coming 0:14:07.720 --> 0:14:12.400 and going, mostly going, especially from Goldman. Sachs. Yeah, that's right, Um, 0:14:12.440 --> 0:14:15.560 Wall Street poaching is heating up with fintech funds on 0:14:15.640 --> 0:14:18.600 the hunts. Yeah, exactly. So let's get more from unders Melon. 0:14:18.720 --> 0:14:22.560 He is executive compensation reporter at Bloomberg News, wealth reporter 0:14:22.560 --> 0:14:26.680 at Bloomberg News, and Tree natarajan finance reporter at Bloomberg News. 0:14:26.720 --> 0:14:28.760 Both are on the phone in New York City. Unders 0:14:29.080 --> 0:14:31.520 in our New York bureau and shere. I gotta start 0:14:31.560 --> 0:14:34.560 with you because that news today, another very senior Goldman 0:14:34.640 --> 0:14:38.240 executive leaving. Uh. We just heard John Tucker talk about it. 0:14:38.360 --> 0:14:43.080 Karen Seymour Goldman senior, our general counsel. What's going on 0:14:43.280 --> 0:14:49.840 with Goldman. It's a great question, Carol. Look at the backdrop. 0:14:50.040 --> 0:14:54.280 Goldman had a phenomenal They've had a good start to 0:14:54.280 --> 0:14:58.800 beg their stock is ripping ever higher all time highs, 0:14:58.920 --> 0:15:02.480 and yet you're seeing some high profile departures. It's not 0:15:02.640 --> 0:15:06.040 unusual to see people leading from a big Wall Street 0:15:06.040 --> 0:15:08.680 film at this time of the year. Que the bonus noise. 0:15:09.360 --> 0:15:13.040 But what is unusual. Here is the profile of the 0:15:13.120 --> 0:15:15.520 kind of people leaving at a time when you would 0:15:15.560 --> 0:15:19.280 expect calm seas a place like Gooman. So surely, when 0:15:19.400 --> 0:15:22.360 when so many high profile people leave in such a 0:15:22.400 --> 0:15:25.320 short period of time, is there any concern about the 0:15:25.320 --> 0:15:30.760 type of message that that sends to the firm? Oh? Absolutely, 0:15:30.800 --> 0:15:33.040 and and and in the way it's that in the 0:15:33.040 --> 0:15:35.880 case of Karen sim Or, she leading off to three years, 0:15:35.960 --> 0:15:37.840 which might seem like she's been there for a while, 0:15:37.880 --> 0:15:41.560 but you typically just do not see great turnover in 0:15:41.600 --> 0:15:43.760 a seat like that. A general council role at the 0:15:43.840 --> 0:15:46.400 sound like Boman tax is one of the most plumb 0:15:46.440 --> 0:15:49.720 assignments but also the most challenging assignments in in in 0:15:49.720 --> 0:15:53.080 in the corporate world when it comes to legal jobs. 0:15:53.400 --> 0:15:56.320 Predecessor wasn't that seat for twenty six years, and that 0:15:56.400 --> 0:15:59.600 might have been unusually long. U Karen Semer is out 0:15:59.640 --> 0:16:01.920 in three y is because this role is tied to 0:16:02.320 --> 0:16:05.520 who the chief executive officer prefers, and the sense that 0:16:05.560 --> 0:16:07.440 we are getting is he wants to install of his 0:16:07.480 --> 0:16:09.560 own person, which is why I Karen say orders leaving. 0:16:10.200 --> 0:16:12.960 But look at some of the other departures. The head 0:16:12.960 --> 0:16:16.560 of Gorman's consumer bank. That is the big new fledgling 0:16:16.640 --> 0:16:19.800 business at Goldman sax On which they have been their future. 0:16:19.920 --> 0:16:22.200 They have said it will become a very part of 0:16:22.240 --> 0:16:25.600 what Goldman Facts will be in the future. So it's 0:16:25.640 --> 0:16:27.280 not a good look when the head of that business 0:16:27.520 --> 0:16:30.880 is and a top deputy of face, who are two 0:16:31.120 --> 0:16:33.160 of the four partners in the business. The only one 0:16:33.240 --> 0:16:36.320 left is an executive who joined three weeks ago and 0:16:36.360 --> 0:16:40.520 another one who was already moved into this chairman sort 0:16:40.520 --> 0:16:43.160 of role because it was the original face of Marcus. 0:16:43.200 --> 0:16:45.600 And then you have the asset management head that is 0:16:45.640 --> 0:16:49.680 another big focus area for Goldman Sachs under David Solomon, 0:16:49.960 --> 0:16:53.280 and just six months ago he promoted Eric Lane to 0:16:53.520 --> 0:16:57.120 cohead this expanded asset management business. Surely he would not 0:16:57.200 --> 0:16:59.360 have expected that he would get up and leave, and 0:16:59.440 --> 0:17:02.080 he has done just that, and not to retire or 0:17:02.120 --> 0:17:04.520 go off into the sunset, but go and work any 0:17:04.720 --> 0:17:08.840 large in this big investing wheel out there, which is 0:17:08.920 --> 0:17:11.560 Chase Goldman's Tagger Global Rights. Not they're buying a big 0:17:11.560 --> 0:17:14.360 sailboat and sailing the world. Um so Andre's melon, come 0:17:14.400 --> 0:17:16.879 on in because you've got a great story on the 0:17:16.880 --> 0:17:19.840 Bloomberg about Wall Street poaching going on by fintech in 0:17:19.880 --> 0:17:23.200 the fun world, talk like kind of broaden this out here, 0:17:23.240 --> 0:17:25.879 what are we seeing, because it does feel like a 0:17:25.920 --> 0:17:28.560 lot of people are leaving those plum jobs on Wall 0:17:28.600 --> 0:17:32.080 Street to go to startups or to start up a 0:17:32.119 --> 0:17:36.679 business for a Walmart. Yeah, So like like sure, you're saying, 0:17:36.760 --> 0:17:39.720 you know, partly this might be chalked up to a 0:17:39.720 --> 0:17:43.119 bit of shuffling that happens after bonus season. But what 0:17:43.240 --> 0:17:45.399 people that I spoke to yesterday also told me is 0:17:45.440 --> 0:17:48.639 that it's it's sort of indicative of the just a 0:17:48.640 --> 0:17:52.119 mess of ripe opportunities that are to be handed by 0:17:52.119 --> 0:17:55.439 top people, especially if you're a specialized in areas like 0:17:55.920 --> 0:17:59.840 syntech or crypto or something that has a heavy fin 0:18:00.040 --> 0:18:03.000 show components to it in terms of tech, and there's 0:18:03.000 --> 0:18:05.439 a lot of money sloshing around to lead them away. 0:18:05.600 --> 0:18:09.720 So UM obviously prominent example, as Free mentioned is Omer 0:18:09.840 --> 0:18:14.920 his Mail, who left um Goldman's consumer bank Marcus to 0:18:15.160 --> 0:18:18.199 lead a new Walmart venture that we don't know a 0:18:18.200 --> 0:18:22.879 ton about yet UM, but clearly an interesting opportunity, I'm 0:18:22.920 --> 0:18:26.040 sure for him to build something that has the backing 0:18:26.200 --> 0:18:28.360 and the resources by a brand of Walmart and then 0:18:28.640 --> 0:18:32.280 potentially the ability to touch tens of millions of customers 0:18:32.280 --> 0:18:35.800 through the stores that that um that Walmart has and 0:18:36.480 --> 0:18:39.240 Goldman Sachs as we know, don't really have that kind 0:18:39.280 --> 0:18:42.320 of footprint. So what does a company like Goldman Sachs 0:18:42.359 --> 0:18:46.200 have to do in order to retain top talent. So, yeah, 0:18:46.240 --> 0:18:48.359 that's also something I ask people, and it's you know, 0:18:48.400 --> 0:18:52.119 it's it's a little tough. One thing that was pointed 0:18:52.119 --> 0:18:55.040 out to me was that, you know this decisions like 0:18:55.119 --> 0:18:58.240 this isn't necessarily about money. It's about building new things 0:18:58.320 --> 0:19:00.320 you get to be part of of of making a 0:19:00.359 --> 0:19:03.520 big impact. But in these situations, you know, money tends 0:19:03.560 --> 0:19:06.360 to not be an issue until it is an issue. Um, 0:19:06.400 --> 0:19:10.359 there's a lot of money slashing around and and in 0:19:10.400 --> 0:19:14.919 new ventures like this, perhaps at Walmart, you tend to 0:19:14.960 --> 0:19:17.600 be able to sometimes see creations of special classes of 0:19:17.640 --> 0:19:20.359 stock and privately held ventures or profit sharing plans that 0:19:20.440 --> 0:19:23.600 can be extremely lucrative. It can be a bit controversial 0:19:23.640 --> 0:19:25.320 to set something like that up at a at a 0:19:25.320 --> 0:19:29.000 big public company where you have at a publicly traded stock, 0:19:29.080 --> 0:19:33.000 and that can create some discord internally. So money could 0:19:33.040 --> 0:19:34.840 be be a factor, that's for sure, but it is 0:19:34.840 --> 0:19:37.280 an opportunity to lead something and kind of that's all 0:19:37.320 --> 0:19:40.800 your own, Heytree, last question, Um, does David Solomony to 0:19:40.800 --> 0:19:43.520 be worried at all? Are people questioning like, hey, David, 0:19:43.520 --> 0:19:47.800 what's going on at Goldman? Just quickly? One would have 0:19:48.040 --> 0:19:51.520 to assume that shouldn't be the case. You've just come 0:19:51.520 --> 0:19:55.960 off when let's be honest, the pandemics lan from Lum 0:19:56.040 --> 0:19:59.320 for most people proved to be extremely possible for Goldman set. 0:19:59.560 --> 0:20:01.280 But in the same time you had a slew of 0:20:01.320 --> 0:20:03.280 departure and Carrol, you and I have talked about this 0:20:03.960 --> 0:20:05.840 so many times in the past and the first couple 0:20:05.840 --> 0:20:08.840 of years of David Solomon's reign as the CEO, and 0:20:08.880 --> 0:20:12.240 that was choked up to redeem change. When you have 0:20:12.320 --> 0:20:14.760 a new management, people of the old garden are automatically 0:20:14.840 --> 0:20:17.320 flushed down, and that is to be expected. But then 0:20:17.400 --> 0:20:19.720 what explains what's been happening over the last three months, 0:20:19.800 --> 0:20:23.560 even before this little chunk of exist that we've heard about. 0:20:23.600 --> 0:20:26.239 Just in this past three or four days, we had 0:20:26.240 --> 0:20:30.720 Greg Lenco, the well liked UH investing bank boss and 0:20:30.800 --> 0:20:33.800 Goldman leaving and he went to work at another firm 0:20:33.880 --> 0:20:36.560 that was totally unexpected and that has started with people. 0:20:36.760 --> 0:20:41.520 So these moves are certainly reverberating inside the film. As 0:20:41.560 --> 0:20:43.280 long as the money is good and the start is 0:20:43.320 --> 0:20:46.040 doing well, it isn't a problem. But when the good 0:20:46.080 --> 0:20:49.600 times end on that front, all attention will focus to 0:20:50.359 --> 0:20:53.280 what's happening with your work for common chairs up so 0:20:53.359 --> 0:20:55.600 far this year? Alright? Three not urage and financial part 0:20:55.640 --> 0:20:57.720 a Bloomberg News. Thank you and our thanks to Andre's 0:20:57.760 --> 0:21:00.359 mell and well for patter a Bloomberg News. This is 0:21:00.440 --> 0:21:04.359 Bloomberg business Week with Carol Messer and Bloomberg Quick Takes 0:21:04.480 --> 0:21:08.400 Tim Stinovic from Bloomberg Radio. So in this week's Bloomberg 0:21:08.440 --> 0:21:11.119 business Week Small Business Survival Guide a story about a 0:21:11.160 --> 0:21:14.960 small business owner helping other small businesses. More specifically, we're 0:21:15.000 --> 0:21:19.119 talking about Minneapolis distillery. It's owned by Chris Montana. He 0:21:19.320 --> 0:21:21.400 has been on the front line of the dual pandemic 0:21:21.480 --> 0:21:24.040 of COVID and racism. Chris is the owner of du 0:21:24.200 --> 0:21:27.040 Nord Craft Spirits and he joins us on the phone 0:21:27.080 --> 0:21:30.320 from Minneapolis, along with Bloomberg business Week contributor Nick Lieber, 0:21:30.400 --> 0:21:32.040 who wrote the story. And he joins us on the 0:21:32.080 --> 0:21:33.920 phone in Brooklyn and Nick, first of all, I have 0:21:34.000 --> 0:21:36.000 to tell you we've been talking about Chris in the newsroom. 0:21:36.160 --> 0:21:38.680