WEBVTT - Altman Board Deadline, U.S  Says Hamas Hostage Release Closer

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Brian Curtis and I'm Doug Prisner. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 1>Well, a couple of tough angles on the Hamas Israel war.

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<v Speaker 1>The release of hostages has gone a little closer, according

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<v Speaker 1>to a Biden aid and Israel's military says a video

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<v Speaker 1>that they have shows a tunnel under a hospital where

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<v Speaker 1>there was recent fighting. Let's get to Ed Baxter in

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<v Speaker 1>San Francisco with all the latest dead.

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<v Speaker 3>Yeah, Brian, You're right. Cutter's Prime minister says only minor

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<v Speaker 3>obstacles to reaching a hostage deal between Israel and Hamas

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<v Speaker 3>PM Sheik Muhammad Athone saying that good progress has been

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<v Speaker 3>made in the past few days, and that US Deputy

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<v Speaker 3>National Security Advisor John Feiner on ABC Echos has heard

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<v Speaker 3>on Bloomberg by the way, says he can't directly comment

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<v Speaker 3>because of the sensitivity on timing, but the hope is

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<v Speaker 3>very good.

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<v Speaker 4>What I can say about the state of the talks,

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<v Speaker 4>and the Prime Minister of Cutter has said something similar

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<v Speaker 4>this morning, is that some of the gaps have now narrowed,

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<v Speaker 4>some of the issues that were at odds have now

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<v Speaker 4>been closed out, but we are not finished. There is

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<v Speaker 4>not yet a deal in place.

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<v Speaker 3>Yeah. Finder says he believes a majority of the hostages

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<v Speaker 3>are alive.

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<v Speaker 4>Though you believe that a significant number and most likely

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<v Speaker 4>the majority and even the vast majority of hostages are alive.

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<v Speaker 4>We are certainly operating under that assumption.

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<v Speaker 3>And the AID says. The EU says that it's getting

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<v Speaker 3>aid into Gaza every day through Egypt. Now, EU commissioned

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<v Speaker 3>President ursavandeleran.

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<v Speaker 5>Egypt is truly providing a life line for Gaza, and

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<v Speaker 5>the European Union is making the full views of this

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<v Speaker 5>lifeline to address the humanitarian needs in.

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<v Speaker 3>Gaza, she says, flights every day. Meanwhile, Israel is facing

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<v Speaker 3>increased scrutiny over the military activity in and around Al

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<v Speaker 3>Shifa Hospital, says it is now released a video showing

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<v Speaker 3>evidence of why operations had to be carried out this way.

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<v Speaker 3>It shows a tunnel under Al Shifa Hospital. ABC has

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<v Speaker 3>heard here on Bloomberg, Israeli Ambassador the US, Michael hurst

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<v Speaker 3>Zo says, stashes of weapons.

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<v Speaker 6>We found love of weapons, we found computers, we found

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<v Speaker 6>a lot of things. We found tunnels. We're now searching

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<v Speaker 6>these tunnels. They're all booby trapped, but we are in

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<v Speaker 6>the process of searching these tunnels, and we show our

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<v Speaker 6>findings to the world while we were there.

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<v Speaker 3>We're still there, and Herzak says the hospital continues to function.

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<v Speaker 3>Roseland Carter and Jimmy Carter's first lady has passed away.

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<v Speaker 3>Roseland Carter's been a tireless humanitarian both during the administration

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<v Speaker 3>and after. She was also a mental health advocate of

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<v Speaker 3>the first Order. She has been the under hospice care.

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<v Speaker 3>She was ninety six years of age. Russia's hit Kiev

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<v Speaker 3>with a second night of drone strikes. Ukraine says shot

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<v Speaker 3>down fifteen to twenty shared drones launch from Krusk across

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<v Speaker 3>southern Russia. Ukraine has launched an effort to support truck

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<v Speaker 3>drivers stuck for days and the Ukrainian Polish cross border

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<v Speaker 3>points because of the strike by Polish truckers. A group

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<v Speaker 3>of US lawmakers as black elon Musk and plan to

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<v Speaker 3>ask him to retract his backing for an antisemitic post

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<v Speaker 3>on x Congressman Jamie Raskin on CNN State of the

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<v Speaker 3>Union says, absolutely outrageous.

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<v Speaker 7>I thought it was outrageous and dangerous, and you know,

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<v Speaker 7>we'll be taking action with colleagues this week to write

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<v Speaker 7>to him to ask him to renounce those comments and

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<v Speaker 7>to clean up his app.

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<v Speaker 3>He says so called white replacement theory has led to

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<v Speaker 3>shootings and incidents of hate crime. Musk has denounced the report,

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<v Speaker 3>saying he is not ani Semitic, and hedge fund manager

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<v Speaker 3>Bill Ackman is defending Musk, saying he is not is

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<v Speaker 3>not an anti semi that's his word. Says Musk is

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<v Speaker 3>not perfect, but the world is a vastly better place

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<v Speaker 3>because of him.

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<v Speaker 1>Well, let's take a look at the top business stories

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<v Speaker 1>of the hour. Open AI's biggest investors, including Microsoft, want

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<v Speaker 1>to bring Sam Altman back as CEO after the board

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<v Speaker 1>had fired him on Friday. We hear that Altman is

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<v Speaker 1>open to the idea, but wants to see some changes,

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<v Speaker 1>including the removal of existing board members. A deadline has

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<v Speaker 1>been set for five pm San Francisco, time for the

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<v Speaker 1>board to accede to the demands of Altman and his supporters.

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<v Speaker 1>Before Altman was fired, we're told he was actively working

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<v Speaker 1>to raise funds from some of the world's largest investors

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<v Speaker 1>for a new chip venture, an AI chip venture it's

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<v Speaker 1>could named Tigris. To get the story from Bloomberg.

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<v Speaker 8>To Ed Ludlow, sam Altman was speaking with people like

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<v Speaker 8>SoftBank who are desperate to invest in open Ai and Mubadala,

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<v Speaker 8>which is the kind of private investment arm of the

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<v Speaker 8>United Arab Emirates, and my understanding from sources, those two

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<v Speaker 8>firms in particular really wanted to get a piece of

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<v Speaker 8>open Ai. But what sam Altman said was, well, you know,

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<v Speaker 8>now is not kind of the right time for you

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<v Speaker 8>guys to invest or get in, But how about investing

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<v Speaker 8>in this other project that I'm working on. What we

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<v Speaker 8>know about the project is that it hopes to make

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<v Speaker 8>what are cooled tensor processing units or tpused.

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<v Speaker 1>That's Ed Ludlow. He says that data centered chips can

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<v Speaker 1>manage high volume AI workloads. We're told Altman's chip venture

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<v Speaker 1>has not yet been formed and the talks with investors

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<v Speaker 1>while they were in the early stages.

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<v Speaker 2>We're hearing the investment firm Blackstone is now the lead

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<v Speaker 2>bidder for a huge chunk of property loans from the

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<v Speaker 2>failed Signature Bank. The story from Bloomberg's Denise Pellegrini.

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<v Speaker 9>Sources say Blackstone is the front runner to win a

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<v Speaker 9>seventeen billion dollar portfolio of commercial property loans from this

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<v Speaker 9>FDIC sale, regulators sees the failed bank. In March, they've

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<v Speaker 9>been marketing about thirty three billion dollars in real estate

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<v Speaker 9>loans sum backed by retail, industrial, office, and apartment buildings.

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<v Speaker 9>Others said to have been or be interested in bidding

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<v Speaker 9>include Starward Capital and Brookfield Asset Management, and investors overall

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<v Speaker 9>are also watching this sale closely as they try to

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<v Speaker 9>get a handle on prices in a largely frozen commercial

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<v Speaker 9>real life state market. Signature was a big lender to

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<v Speaker 9>New York City landlords, including the owners of rent stabilized

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<v Speaker 9>and rent controlled units, but we're hearing those apartments are

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<v Speaker 9>not part of this possible Blackstone deal. Denise Pelgrady Bloomberg

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<v Speaker 9>Radio City.

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<v Speaker 1>Group could be getting ready for a new round of

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<v Speaker 1>job cuts. Bloomberg's Leslie Latto reports.

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<v Speaker 10>The sweeping reorganization could start as soon as Monday. The

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<v Speaker 10>first major wave and chief executive Officer Jane Fraser's overhaul

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<v Speaker 10>to simplify the sprawling lender and shave down five layers

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<v Speaker 10>of management. The company has said the cuts would begin

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<v Speaker 10>by the end of the month and continue through the

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<v Speaker 10>end of the first quarter. They've not said exactly how

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<v Speaker 10>many people would lose their jobs overall, even before the

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<v Speaker 10>News Citygroup had racked up about six hundred and fifty

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<v Speaker 10>million dollars in severance charges as part of cutting seven

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<v Speaker 10>thousand positions in the first nine months of this year.

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<v Speaker 10>Leslie Latto Bloomberg Radio.

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<v Speaker 2>This is going to be the first ants for markets

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<v Speaker 2>in Asia to react to the FED speak from last Friday.

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<v Speaker 2>San Francisco president Mary Daily said policymakers aren't certain inflation

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<v Speaker 2>is on the path toward that two percent target. However,

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<v Speaker 2>Vice Chair for Supervision Michael Barr offered a different take.

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<v Speaker 11>That we're likely at or near the peak of where

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<v Speaker 11>we need to be in terms of having a sufficiently

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<v Speaker 11>restrictive stance of monetary policy that we'll sustainably bring inflation

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<v Speaker 11>down to two percent. And I think the recent economic

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<v Speaker 11>readings reinforce my view that that is probably correct.

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<v Speaker 2>That is FED Vice Chair for Supervision Michael Barr. By

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<v Speaker 2>the way, the market will be looking out for minutes

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<v Speaker 2>from the fed's last meeting, the November meeting, and what

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<v Speaker 2>those minutes say about the path of rates. Those minutes

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<v Speaker 2>are due on Tuesday, right well.

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<v Speaker 1>A critical flaw in software from Citric Systems has been

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<v Speaker 1>exploited by government backed hackers in criminal groups. That's according

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<v Speaker 1>to a US cybersecurity official. Citric said that the flawed

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<v Speaker 1>dubbed the Citrix bleed, was abused by hackers in secret

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<v Speaker 1>for weeks before it was found, and a fix was

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<v Speaker 1>issued last month. We hear the US Treasury has also

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<v Speaker 1>said that it's investigating whether Citrics vulnerabilities are responsible for

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<v Speaker 1>the recent ransom hack against the Industrial and Commercial Bank

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<v Speaker 1>of China ICBC.

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<v Speaker 2>Goud Well, a leading scholar in China, is now calling

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<v Speaker 2>on Beijing to raise the government's deficit spending ratio all

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<v Speaker 2>the way to five percent of GDP. Bloomberg's David and

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<v Speaker 2>Glass says.

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<v Speaker 12>More from Hong Kong, Chinese scholar Jagan Leong says China

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<v Speaker 12>needs to ramp up fiscal spending decisively to support the economy,

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<v Speaker 12>and this is one.

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<v Speaker 2>Way to do it.

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<v Speaker 12>The scholar says raising the government's deficit ratio would compensate

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<v Speaker 12>for insufficient demand and resolve the issue of oversupply. The

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<v Speaker 12>call of five percent is sharply higher than the government's

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<v Speaker 12>traditional target of three percent. The call might not be

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<v Speaker 12>too serp prizing in that Jah is one of China's

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<v Speaker 12>most prominent backers of modern monetary theory. Jazz Advice adds

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<v Speaker 12>to a corrus of economists calling for more fiscal stimulus

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<v Speaker 12>to support the economy in Hong Kong. I'm David Ingless

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<v Speaker 12>Bloomberg Radio.

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<v Speaker 1>And we are just getting ahead a red headline on

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<v Speaker 1>the terminal here about the winner in Argentina. Okay, it

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<v Speaker 1>goes to Milay. We're looking at the election results here

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<v Speaker 1>as his opponent Masa has conceded. And now it's time

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<v Speaker 1>to get to one of our top stories of the hour.

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<v Speaker 1>We're hearing that a group of Open a I executives

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<v Speaker 1>and investors have given the board a deadline of five

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<v Speaker 1>pm Pacific time or eight pm Wall Street time to

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<v Speaker 1>reinstate former CEO Sam Altman. Joining us now for some

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<v Speaker 1>clarity on this story is Rachel Metz, Bloomberg AI reporter. Rachel,

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<v Speaker 1>thanks very much, I say clarity. I know there's a

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<v Speaker 1>lot of questions unanswered. A couple right off the bat

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<v Speaker 1>would be why was Sam Altman fired? And secondly, what

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<v Speaker 1>were the conditions? Under what conditions would he be reinstated?

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<v Speaker 13>These are all good questions, and of some of the

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<v Speaker 13>answer is is confusing or it's complicated. So on Friday,

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<v Speaker 13>the board out died Altman, and they they said that

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<v Speaker 13>that there were some reasons for doing so. In fact,

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<v Speaker 13>they said that he was quote not consistently candidates communications

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<v Speaker 13>with the board. Yet it wasn't really clear what that meant.

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<v Speaker 13>And now it sounds like there's an ongoing effort and

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<v Speaker 13>things are changing quickly. But a group of Opening A

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<v Speaker 13>executives and investors are trying to get Altman back into

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<v Speaker 13>that role as CEO. And we're still kind of waiting

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<v Speaker 13>and watching and trying to figure out which way this

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<v Speaker 13>is going to go the next few hours.

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<v Speaker 14>Who are these board members, Rachel and what other interests

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<v Speaker 14>might they have.

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<v Speaker 13>Well, so until Friday, the board consisted of Sam Altman,

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<v Speaker 13>Greg Brockman. Greg Brockman uh was the president of open

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<v Speaker 13>AI and he had been the board chairman and he

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<v Speaker 13>actually he had been demoted from his board spot when

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<v Speaker 13>Altman was ousted and then he subsequently quit. So it

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<v Speaker 13>was Altman, Brockman, Ilias Setskber the all three of them

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<v Speaker 13>Open AI and then three outside board members Adam D'Angelo

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<v Speaker 13>who is the CEO of Cora, Inc. Tash McCauley, who

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<v Speaker 13>is a tech entrepreneur, and Helen Turner, who's the director

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<v Speaker 13>of Strategy at Georgetown Center for Security in Emersion Technology.

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<v Speaker 1>When I first read the line that he was asking

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<v Speaker 1>for board members to be UH to be released, I

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<v Speaker 1>thought it must be some board members, but he wants

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<v Speaker 1>all of them to be UH to lose their seats.

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<v Speaker 13>I mean, it sounds like that's one of the things

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<v Speaker 13>that he wants to see is the removal of the

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<v Speaker 13>assisting board members. As well as what our reporting has

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<v Speaker 13>brought out, it's a statement absolving him of doing anything wrong.

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<v Speaker 13>Open AI leadership has put out memos internally at the

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<v Speaker 13>company saying that the board hasn't said that there was

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<v Speaker 13>any quote, malfeasance or anything like that. So it's not

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<v Speaker 13>totally clear what the board was initially even accusing him

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<v Speaker 13>of doing when it got rid of him.

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<v Speaker 14>Now, Miramrotti, the Chief Strategy officer who became at least

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<v Speaker 14>interim CEO, she also wants him back right as CEO.

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<v Speaker 13>That's what it sounds like. Yees, so they're sorry.

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<v Speaker 9>Well, I was just going to say.

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<v Speaker 14>If that's the case and he does come back as CEO,

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<v Speaker 14>and there's a new board, all of whom he you know,

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<v Speaker 14>supports in terms of members. Does that then create its

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<v Speaker 14>own sort of conflict?

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<v Speaker 13>You mean if he comes comes back and she is

0:12:58.720 --> 0:12:59.920
<v Speaker 13>no longer interim CEO.

0:13:00.200 --> 0:13:00.600
<v Speaker 9>Correct.

0:13:00.640 --> 0:13:03.920
<v Speaker 13>Yeah, I don't know if it does necessarily. I mean,

0:13:03.920 --> 0:13:06.800
<v Speaker 13>I think it's sort of I mean, it probably depends

0:13:06.800 --> 0:13:08.960
<v Speaker 13>on what they work out. But I mean, she was

0:13:09.400 --> 0:13:11.600
<v Speaker 13>already one of the key leaders of the company. She's

0:13:11.640 --> 0:13:16.080
<v Speaker 13>been CTO for a while now there, and she has

0:13:16.120 --> 0:13:19.679
<v Speaker 13>been positioned increasingly as a leader, often even alongside him,

0:13:19.760 --> 0:13:23.000
<v Speaker 13>such as at their development day recently, like earlier this month,

0:13:23.760 --> 0:13:26.839
<v Speaker 13>they co hosted a question me answer session with reporters

0:13:27.040 --> 0:13:32.480
<v Speaker 13>aside from the keynote afterwards. So she's increasingly being brought

0:13:32.480 --> 0:13:34.959
<v Speaker 13>out as leader, and I guess we'd have to wait

0:13:34.960 --> 0:13:37.319
<v Speaker 13>and see what would happen there. But they definitely have

0:13:37.400 --> 0:13:39.480
<v Speaker 13>a history of working and working all together.

0:13:39.960 --> 0:13:42.760
<v Speaker 1>Yeah, we covered a little bit of this earlier. But

0:13:42.840 --> 0:13:44.440
<v Speaker 1>I'm curious if you can tell us a little bit

0:13:44.480 --> 0:13:47.920
<v Speaker 1>more about Tigris this new AI chip, because it seems

0:13:47.920 --> 0:13:51.840
<v Speaker 1>like maybe some movement on this by Altman without perhaps

0:13:51.920 --> 0:13:56.400
<v Speaker 1>the board's knowledge, maybe that was somehow connected with the

0:13:56.440 --> 0:13:57.760
<v Speaker 1>firing on Friday.

0:13:58.800 --> 0:14:01.880
<v Speaker 13>I mean that the board has not said that, but

0:14:03.240 --> 0:14:06.080
<v Speaker 13>we do know that he has been working on some

0:14:06.200 --> 0:14:09.040
<v Speaker 13>other business ventor is one of them being raising funds

0:14:09.120 --> 0:14:13.280
<v Speaker 13>for a chip making startup. As we know, making chips

0:14:13.440 --> 0:14:17.640
<v Speaker 13>is extremely difficult and extremely expensive and extremely time consuming,

0:14:18.040 --> 0:14:20.640
<v Speaker 13>so it takes a lot of money to do that,

0:14:20.680 --> 0:14:22.240
<v Speaker 13>and we'll just have to see what happens with it.

0:14:22.920 --> 0:14:26.120
<v Speaker 1>All right, Thanks so much, Rachel. Rachel Mets, Bloomberg AI reporter.

0:14:28.440 --> 0:14:31.280
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