1 00:00:00,120 --> 00:00:02,720 Speaker 1: Hi, I'm Carol Masser and I've Jason Kelly. It's time 2 00:00:02,720 --> 00:00:05,320 Speaker 1: for this week's cover story. Well, Carol, the whiteness of 3 00:00:05,320 --> 00:00:08,800 Speaker 1: America's C suites has always been glaring. That's right, Jason. 4 00:00:08,880 --> 00:00:11,920 Speaker 1: There have been just seventeen black CEOs in the Fortune 5 00:00:11,960 --> 00:00:15,160 Speaker 1: five hundred over the last two decades. Right now there 6 00:00:15,200 --> 00:00:18,120 Speaker 1: are just four. And as for boards, while they are 7 00:00:18,160 --> 00:00:20,239 Speaker 1: just about as white as they are male, as of 8 00:00:21,760 --> 00:00:25,919 Speaker 1: thirty seven percent don't have a single black director. The 9 00:00:25,960 --> 00:00:30,720 Speaker 1: word quote is well, it immediately raises eyebrows and some hackles. 10 00:00:30,720 --> 00:00:33,559 Speaker 1: But is it finally time for corporate America to consider 11 00:00:33,960 --> 00:00:37,280 Speaker 1: a more coercive power? After all, a recent law in 12 00:00:37,280 --> 00:00:40,920 Speaker 1: California that mandates female representation on boards of public companies 13 00:00:40,960 --> 00:00:45,360 Speaker 1: has resulted in meaningful gains, and as Rebecca Greenfield rights 14 00:00:45,400 --> 00:00:48,400 Speaker 1: in remarks, quota as well, they won't solve racism, and 15 00:00:48,440 --> 00:00:52,120 Speaker 1: they definitely invite lawsuits, as they have in California. But maybe, 16 00:00:52,720 --> 00:00:54,920 Speaker 1: as she writes, this is a debate worth having if 17 00:00:54,920 --> 00:00:59,040 Speaker 1: it helps force corporate diversity programs to shape up. The 18 00:00:59,120 --> 00:01:03,440 Speaker 1: case for quote is they've helped women. Can quotas help 19 00:01:03,560 --> 00:01:06,880 Speaker 1: change the racial makeup of C suites? And management by 20 00:01:06,920 --> 00:01:12,200 Speaker 1: Rebecca Greenfield. At a virtual panel moderated by Goldman Sachs 21 00:01:12,280 --> 00:01:16,160 Speaker 1: Chief executive officer David Solomon on the evening of June nine, 22 00:01:16,440 --> 00:01:19,920 Speaker 1: g Day's Island made a simple but pointed comment. We 23 00:01:20,040 --> 00:01:23,759 Speaker 1: better have more than four black CEOs of Fortune five companies, 24 00:01:24,160 --> 00:01:27,840 Speaker 1: said the boss of Tapestry, which owns coach Kate Spade 25 00:01:27,840 --> 00:01:31,080 Speaker 1: and Stuart Weitzman. And not in ten years, not in 26 00:01:31,160 --> 00:01:34,720 Speaker 1: fifteen years, but in the next year or two or three. 27 00:01:34,959 --> 00:01:38,160 Speaker 1: The whiteness of America's C suites has always been glaring, 28 00:01:38,600 --> 00:01:41,440 Speaker 1: but this call by Zeitland, one of the four current 29 00:01:41,520 --> 00:01:45,119 Speaker 1: African American corporate leaders and just seventeen over the last 30 00:01:45,160 --> 00:01:48,360 Speaker 1: two decades, is even more urgent against the backdrop of 31 00:01:48,400 --> 00:01:54,280 Speaker 1: massive protests over police brutality and entrenched racism. His plea 32 00:01:54,440 --> 00:01:57,760 Speaker 1: isn't likely to be heated, however, unless companies decide to 33 00:01:57,880 --> 00:02:02,800 Speaker 1: radically revamp their diversity playbooks. Over the past decade, organizations 34 00:02:02,800 --> 00:02:05,360 Speaker 1: of all stripes have spent billions of dollars trying to 35 00:02:05,360 --> 00:02:08,560 Speaker 1: get more members of underrepresented groups to the top highest 36 00:02:08,560 --> 00:02:12,640 Speaker 1: paying jobs. They have poured resources into hiring, retaining, and 37 00:02:12,680 --> 00:02:16,720 Speaker 1: promoting minorities and women, but for African Americans in particular, 38 00:02:17,120 --> 00:02:20,520 Speaker 1: these efforts have been feudal. There are fewer black CEOs 39 00:02:20,600 --> 00:02:23,799 Speaker 1: than five years ago, fewer black executives at some of 40 00:02:23,840 --> 00:02:27,320 Speaker 1: the biggest banks, and even fewer black coaches in the NFL. 41 00:02:28,080 --> 00:02:31,040 Speaker 1: The racial disparities are starkest at the top, but it 42 00:02:31,080 --> 00:02:34,800 Speaker 1: doesn't get much better further down the hierarchy. The organizational 43 00:02:34,880 --> 00:02:38,280 Speaker 1: chart at most mainstream organizations looks very similar to the 44 00:02:38,360 --> 00:02:43,120 Speaker 1: organizational charts of plantations, says Victor Ray, a sociologist of 45 00:02:43,200 --> 00:02:46,600 Speaker 1: race theory at the University of Iowa. Black folks are 46 00:02:46,639 --> 00:02:50,920 Speaker 1: at the bottom. It takes an almost utopian commitment to 47 00:02:50,960 --> 00:02:55,040 Speaker 1: achieve fair representation. The c suite and top management must 48 00:02:55,080 --> 00:02:57,880 Speaker 1: be dedicated to the issue, and it helps if many 49 00:02:57,919 --> 00:03:01,480 Speaker 1: of those people are already non white. Most companies are 50 00:03:01,520 --> 00:03:06,799 Speaker 1: nowhere near that. What's the next best thing? How about coercion, or, 51 00:03:06,840 --> 00:03:11,840 Speaker 1: to be more specific, quotas. The word immediately raises eyebrows 52 00:03:11,919 --> 00:03:15,040 Speaker 1: and hackles for some. It evokes a time when quotas 53 00:03:15,040 --> 00:03:18,640 Speaker 1: were used to limit non white and Jewish employment. Business 54 00:03:18,720 --> 00:03:22,200 Speaker 1: leaders who thrive on metrics to measure success become allergic 55 00:03:22,240 --> 00:03:25,240 Speaker 1: to them once they involve race. But it's worth bringing up. 56 00:03:25,240 --> 00:03:28,200 Speaker 1: As the Black Lives Matter protests get companies to reframe 57 00:03:28,240 --> 00:03:31,440 Speaker 1: their thinking. Almost every major company has put out a 58 00:03:31,480 --> 00:03:35,800 Speaker 1: statement condemning racism or racial inequality. Some have even made 59 00:03:35,880 --> 00:03:39,800 Speaker 1: policy changes. Cephoras signed a pledge to dedicate fifteen percent 60 00:03:39,840 --> 00:03:42,520 Speaker 1: of its shelf space to products from black owned businesses. 61 00:03:43,120 --> 00:03:46,040 Speaker 1: On June ninth, Adidas announced at least thirty percent of 62 00:03:46,040 --> 00:03:49,400 Speaker 1: new hires would be black or Latino. A good faith target, 63 00:03:49,680 --> 00:03:53,160 Speaker 1: not a quota, but that thinking needs to permeate entire 64 00:03:53,280 --> 00:03:56,600 Speaker 1: organizations to result in more black c e os or 65 00:03:56,640 --> 00:03:59,960 Speaker 1: even more black managers, says Robert Lieberman, a professor of 66 00:04:00,000 --> 00:04:03,920 Speaker 1: political science at Johns Hopkins University. Right now, companies have 67 00:04:04,000 --> 00:04:07,280 Speaker 1: these pretty deeply embedded structures that are geared toward diversity, 68 00:04:07,400 --> 00:04:11,680 Speaker 1: says Lieberman, who studies race based discrimination and policy. If 69 00:04:11,680 --> 00:04:14,800 Speaker 1: a diversity program is to become an instrument of racial 70 00:04:14,800 --> 00:04:18,120 Speaker 1: equity rather than an instrument of creating and sustaining diversity, 71 00:04:18,440 --> 00:04:21,440 Speaker 1: they're going to have to do something different. So why 72 00:04:21,480 --> 00:04:25,039 Speaker 1: not consider the coercive powers of quotas and perhaps the 73 00:04:25,080 --> 00:04:28,920 Speaker 1: most successful diversity push in recent years, California, passed a 74 00:04:28,960 --> 00:04:32,080 Speaker 1: law in twenty eighteen, requiring all public companies based in 75 00:04:32,120 --> 00:04:34,840 Speaker 1: the state to have at least one female director by 76 00:04:34,839 --> 00:04:39,160 Speaker 1: the end of At the close of one boards with 77 00:04:39,240 --> 00:04:42,119 Speaker 1: five directors must have at least two women, and those 78 00:04:42,120 --> 00:04:45,279 Speaker 1: with six or more have at least three. Failure to 79 00:04:45,320 --> 00:04:48,400 Speaker 1: comply costs a hundred thousand dollars the first year and 80 00:04:48,440 --> 00:04:51,880 Speaker 1: three times as much after that. The move was unpopular, 81 00:04:51,960 --> 00:04:55,080 Speaker 1: even with women, because it suggested hiring committees would have 82 00:04:55,120 --> 00:04:58,880 Speaker 1: to lower their standards a year after compliance began. That's 83 00:04:58,920 --> 00:05:04,320 Speaker 1: not what happened. Instead, opportunities opened for overlooked executives. There 84 00:05:04,440 --> 00:05:06,440 Speaker 1: was a perception when the law passed that there was 85 00:05:06,480 --> 00:05:10,159 Speaker 1: a limited pool of qualified candidates. Ane Lisa Barrett, a 86 00:05:10,240 --> 00:05:14,240 Speaker 1: governance expert at KPMG's Board Leadership Center, told Bloomberg News 87 00:05:14,320 --> 00:05:16,799 Speaker 1: in March it doesn't seem to have been the case. 88 00:05:17,720 --> 00:05:20,560 Speaker 1: Women accounted for almost half of new board seats in 89 00:05:20,600 --> 00:05:24,440 Speaker 1: the state last year, outpacing female hires for similar positions 90 00:05:24,440 --> 00:05:28,080 Speaker 1: in the rest of the country. There are judicial roadblocks, 91 00:05:28,120 --> 00:05:31,160 Speaker 1: of course, Since the Supreme Court weighed in on its 92 00:05:31,160 --> 00:05:34,760 Speaker 1: first affirmative action case in nineteen seventy eight, its limited 93 00:05:34,760 --> 00:05:38,799 Speaker 1: government use of numerical targets. In the ruling a university 94 00:05:38,800 --> 00:05:42,080 Speaker 1: admissions case, the court said an institution could use race 95 00:05:42,120 --> 00:05:44,960 Speaker 1: as a factor in its decisions, but that quotas went 96 00:05:45,000 --> 00:05:50,200 Speaker 1: too far. Meanwhile, California's law has faced multiple legal challenges. 97 00:05:50,880 --> 00:05:55,680 Speaker 1: Judicial Watch, a conservative activist group, called the requirement unconstitutional 98 00:05:55,720 --> 00:05:58,599 Speaker 1: in a lawsuit filed on behalf of taxpayers and a 99 00:05:58,600 --> 00:06:01,320 Speaker 1: shareholder of a California based company with an all male 100 00:06:01,360 --> 00:06:05,240 Speaker 1: board argued in a federal complaint that it's discriminatory. The 101 00:06:05,279 --> 00:06:08,839 Speaker 1: first case is ongoing, the second was dismissed in April. 102 00:06:09,440 --> 00:06:12,920 Speaker 1: While lawyers duke it out, California companies are moving ahead 103 00:06:12,960 --> 00:06:16,000 Speaker 1: with meeting their quotas. Even if the law is struck down, 104 00:06:16,200 --> 00:06:19,800 Speaker 1: the gains women have made will be in place. Boards 105 00:06:19,800 --> 00:06:22,440 Speaker 1: are just about as white as they are male. As 106 00:06:22,480 --> 00:06:25,359 Speaker 1: of twenty nineteen, thirty seven percent don't have a single 107 00:06:25,440 --> 00:06:29,279 Speaker 1: black director. Still, a law similar to Californias that would 108 00:06:29,320 --> 00:06:32,920 Speaker 1: address racial inequities is highly unlikely and would face much 109 00:06:32,960 --> 00:06:36,400 Speaker 1: stronger opposition than the gender quota law, says Michael Hyder, 110 00:06:36,720 --> 00:06:40,440 Speaker 1: chief diversity officer at Corn Ferry. There is an apprehension 111 00:06:40,440 --> 00:06:43,039 Speaker 1: among companies that if they are perceived as setting a 112 00:06:43,080 --> 00:06:46,080 Speaker 1: target for hiring for people of color, that the focus 113 00:06:46,080 --> 00:06:50,720 Speaker 1: will mean hiring less qualified candidates. Hyder says it's a familiar, 114 00:06:50,800 --> 00:06:54,239 Speaker 1: yet unfounded fear that is hilarious on so many levels, 115 00:06:54,440 --> 00:06:57,320 Speaker 1: says Kimberly Reyes, who spent years working as one of 116 00:06:57,320 --> 00:07:01,600 Speaker 1: a few black copywriters at various companies. Even without quotas, 117 00:07:01,640 --> 00:07:04,640 Speaker 1: people assume you were hired because you were black, and 118 00:07:04,720 --> 00:07:10,440 Speaker 1: once again see Reverence, California. If legislators won't act, shareholders 119 00:07:10,440 --> 00:07:15,080 Speaker 1: could State Street, Black rock and activist investors already pressure 120 00:07:15,080 --> 00:07:18,559 Speaker 1: companies to disclose the gender diversity of their boards. Those 121 00:07:18,600 --> 00:07:22,400 Speaker 1: campaigns have resulted largely in gains for white women. They 122 00:07:22,400 --> 00:07:25,800 Speaker 1: could shift their focus to black representations, says Natasha Lamb, 123 00:07:26,120 --> 00:07:29,239 Speaker 1: a managing partner at our Juna Capital, which pushes banks 124 00:07:29,240 --> 00:07:32,560 Speaker 1: and tech companies to disclose gender and racial pay gaps. 125 00:07:32,800 --> 00:07:35,880 Speaker 1: People bristle at the idea of racial quotas, Lamb says, 126 00:07:35,880 --> 00:07:39,040 Speaker 1: but they work. There need to be interventions, She says. 127 00:07:39,440 --> 00:07:43,360 Speaker 1: The protests are an intervention. Shareholders exercising their voice is 128 00:07:43,400 --> 00:07:48,400 Speaker 1: an intervention. Without intervention, nothing is going to change. Vanguard 129 00:07:48,480 --> 00:07:51,360 Speaker 1: says it had already planned a twenty twenty emphasis on 130 00:07:51,440 --> 00:07:55,000 Speaker 1: getting boards to disclose their racial and ethnic data. Black 131 00:07:55,120 --> 00:07:57,480 Speaker 1: Rock says it continues to be committed to pushing for 132 00:07:57,520 --> 00:08:01,160 Speaker 1: board diversity. State Street says it's committed to being part 133 00:08:01,160 --> 00:08:04,760 Speaker 1: of the solution. The boardroom is just one of many 134 00:08:04,880 --> 00:08:07,960 Speaker 1: white corners of the business world up and down the 135 00:08:08,000 --> 00:08:11,560 Speaker 1: corporate ladder. Strictly enforced targets could legally be used to 136 00:08:11,600 --> 00:08:15,600 Speaker 1: fix racial imbalances, says David Obenheimer, director of the Berkeley 137 00:08:15,600 --> 00:08:20,040 Speaker 1: Center on Comparative Equality and Anti Discrimination Law. Quotas can't 138 00:08:20,040 --> 00:08:22,920 Speaker 1: be used in perpetuity, he says, but they can be 139 00:08:22,960 --> 00:08:25,200 Speaker 1: put in place for a short period to correct a 140 00:08:25,240 --> 00:08:29,160 Speaker 1: manifest imbalance in workforce makeup. It's sort of like dieting, 141 00:08:29,280 --> 00:08:32,199 Speaker 1: says Oppenheimer. Sometimes you have to go on a severe 142 00:08:32,240 --> 00:08:34,760 Speaker 1: diet to lose some weight, and then hopefully you can 143 00:08:34,800 --> 00:08:36,559 Speaker 1: go on a maintenance diet where you can eat a 144 00:08:36,559 --> 00:08:40,160 Speaker 1: little bit more. That's the theory. One hopes it works 145 00:08:40,200 --> 00:08:44,640 Speaker 1: better than dieting. Why aren't more companies wielding the powers 146 00:08:44,679 --> 00:08:48,040 Speaker 1: of this blunt but useful tool in their commitment to diversity. 147 00:08:48,280 --> 00:08:51,640 Speaker 1: Quotas are always a bit of an issue, says Pam Jeffords, 148 00:08:51,679 --> 00:08:55,760 Speaker 1: A diversity and Inclusion consultant with p WC. Our goal 149 00:08:55,880 --> 00:08:59,680 Speaker 1: is to inspire people versus shame them. The consulting firm 150 00:08:59,720 --> 00:09:02,920 Speaker 1: for is to look at hiring rates instead. The idea, 151 00:09:03,000 --> 00:09:05,600 Speaker 1: she says, is to make sure companies aren't hiring any 152 00:09:05,640 --> 00:09:09,760 Speaker 1: specific demographic at a greater rate than another. Jeffords concedes 153 00:09:09,800 --> 00:09:13,679 Speaker 1: that alone won't change overall representation over time. What are 154 00:09:13,720 --> 00:09:16,280 Speaker 1: we really looking for. We don't want the numbers to 155 00:09:16,320 --> 00:09:19,360 Speaker 1: go down. There's been some decreasing in hiring rates for 156 00:09:19,400 --> 00:09:25,000 Speaker 1: black employees. Half measures rarely move anyone forward. Take the 157 00:09:25,080 --> 00:09:28,280 Speaker 1: Rooney Rule, named for Dan Rooney, former chairman of the 158 00:09:28,280 --> 00:09:32,040 Speaker 1: Diversity Committee of the NFL, which pioneered it. The two 159 00:09:32,120 --> 00:09:36,439 Speaker 1: thousand and three rule, widely adopted by Corporate America, requires 160 00:09:36,520 --> 00:09:39,560 Speaker 1: hiring managers include a diverse slate of candidates for a 161 00:09:39,559 --> 00:09:43,240 Speaker 1: given role. Since two thousand three, non whites have been 162 00:09:43,240 --> 00:09:46,480 Speaker 1: considered for open slots in head coaching positions at professional 163 00:09:46,480 --> 00:09:50,199 Speaker 1: football teams. There are just as few black coaches now 164 00:09:50,240 --> 00:09:53,600 Speaker 1: as there were then. In May, the league's owners all 165 00:09:53,600 --> 00:09:56,120 Speaker 1: but admitted the failure of the program when they met 166 00:09:56,120 --> 00:09:59,600 Speaker 1: to consider additional incentives for teams that hire non white coaches. 167 00:10:00,600 --> 00:10:03,480 Speaker 1: To be sure, quotas are limited in what they can achieve. 168 00:10:04,120 --> 00:10:07,360 Speaker 1: In Norway, where public companies must set aside forty percent 169 00:10:07,400 --> 00:10:10,280 Speaker 1: of board seats for women, they hold forty two percent 170 00:10:10,320 --> 00:10:14,480 Speaker 1: of those positions. But even with all those women in charge, 171 00:10:14,559 --> 00:10:18,400 Speaker 1: men still hold most of the executive power. Only seven 172 00:10:18,400 --> 00:10:21,840 Speaker 1: point seven percent of those companies have female chief executives. 173 00:10:22,080 --> 00:10:25,920 Speaker 1: In Malaysia, government policies giving preferential treatment to the ethnic 174 00:10:25,960 --> 00:10:28,520 Speaker 1: Malay majority have helped them move up the social and 175 00:10:28,559 --> 00:10:32,440 Speaker 1: economic ladder at the expense critics say of ethnic Chinese 176 00:10:32,440 --> 00:10:37,440 Speaker 1: and Indians. Quotas won't solve racism, As u S Supreme 177 00:10:37,480 --> 00:10:40,480 Speaker 1: Court Justice John Roberts said in a two thousand seven ruling, 178 00:10:40,840 --> 00:10:43,360 Speaker 1: the way to stop discrimination on the basis of race 179 00:10:43,679 --> 00:10:47,000 Speaker 1: is to stop discriminating on the basis of race. Sending 180 00:10:47,000 --> 00:10:50,000 Speaker 1: black people into a hostile environment isn't much better than 181 00:10:50,080 --> 00:10:52,679 Speaker 1: not hiring them at all. If you hire a lot 182 00:10:52,720 --> 00:10:54,719 Speaker 1: of black people and the culture is such that their 183 00:10:54,800 --> 00:10:58,600 Speaker 1: jobs are at risk, they will be undermined, says Nadia Owusu, 184 00:10:59,040 --> 00:11:02,160 Speaker 1: who does diversity and inclusion work at Living Cities, and 185 00:11:02,280 --> 00:11:04,840 Speaker 1: earlier this year, wrote a column for the online magazine 186 00:11:04,880 --> 00:11:08,839 Speaker 1: Catapult called hiring a chief diversity officer won't fix your 187 00:11:08,960 --> 00:11:14,200 Speaker 1: racist company culture. Indeed, the internal dynamics of corporations often 188 00:11:14,280 --> 00:11:17,600 Speaker 1: end up undermining the executives in charge of diversity, many 189 00:11:17,679 --> 00:11:21,960 Speaker 1: of whom are women of color. OWUSU says. Quotas also 190 00:11:22,040 --> 00:11:26,000 Speaker 1: invite lawsuits, as they have in California. Harvard's use of 191 00:11:26,120 --> 00:11:29,000 Speaker 1: race as a factor in deciding on admissions has been 192 00:11:29,040 --> 00:11:33,480 Speaker 1: called an evil of private prejudice and discriminatory by Edward Blum, 193 00:11:33,480 --> 00:11:37,800 Speaker 1: a legal activist who's brought multiple suits against universities, including Harvard, 194 00:11:38,000 --> 00:11:41,679 Speaker 1: for what he sees as biased admissions policies. The Supreme 195 00:11:41,720 --> 00:11:44,679 Speaker 1: Court has allowed institutions to consider race in hiring and 196 00:11:44,760 --> 00:11:49,559 Speaker 1: admissions as long as it's in an organization's interest. Affirmative 197 00:11:49,559 --> 00:11:53,960 Speaker 1: action was originally meant to counteract deeply ingrained prejudices. It 198 00:11:54,000 --> 00:11:56,760 Speaker 1: has traveled somewhat of a distance from that idea, says 199 00:11:56,840 --> 00:11:59,680 Speaker 1: Johns Hopkins Lieberman. It used to be a form of 200 00:12:00,000 --> 00:12:04,479 Speaker 1: reparations and compensatory justice, a form of payback for inequalities 201 00:12:04,520 --> 00:12:07,479 Speaker 1: that exist because of the u S history of slavery. 202 00:12:07,920 --> 00:12:11,440 Speaker 1: It also counteracts programs like legacy admissions that work as 203 00:12:11,480 --> 00:12:15,920 Speaker 1: affirmative action for white people. Through the decades, However, it's 204 00:12:15,920 --> 00:12:20,040 Speaker 1: become part of a mushier push for diversity. Racial justice 205 00:12:20,040 --> 00:12:22,440 Speaker 1: has been dropped in favor of a business case for 206 00:12:22,480 --> 00:12:27,000 Speaker 1: diversity of thought and experiences, says Lieberman. Indeed, while research 207 00:12:27,040 --> 00:12:30,559 Speaker 1: has confirmed the financial benefits of diverse teams, the profit 208 00:12:30,600 --> 00:12:34,400 Speaker 1: motive hasn't changed the face of corporate America. Many companies 209 00:12:34,440 --> 00:12:38,920 Speaker 1: still look for credentials Ivy League, Fortune Five internships, for example, 210 00:12:39,280 --> 00:12:43,400 Speaker 1: that perpetuate the status quo. A debate about quotas may 211 00:12:43,480 --> 00:12:47,319 Speaker 1: just force corporate diversity programs to shape up. Maybe thinking 212 00:12:47,360 --> 00:12:50,480 Speaker 1: about the issue as a matter of justice, not just money, 213 00:12:50,840 --> 00:12:54,439 Speaker 1: will make a difference. Diversity as the reason for affirmative 214 00:12:54,480 --> 00:12:58,600 Speaker 1: action is incredibly ah historical, says Reyes, a Fulbright scholar 215 00:12:58,600 --> 00:13:01,760 Speaker 1: who's written about Affirmative act and for The Atlantic. It 216 00:13:01,800 --> 00:13:04,959 Speaker 1: was initially supposed to be about writing wrongs or trying 217 00:13:05,000 --> 00:13:09,200 Speaker 1: to balance something lopsided without quotas. How exactly do you 218 00:13:09,280 --> 00:13:14,120 Speaker 1: change that? With Jeff Green, Donald Moore, Kim Boston, and 219 00:13:14,200 --> 00:13:18,280 Speaker 1: Michael Holter. And that's this week's remarks and the cover story. 220 00:13:18,360 --> 00:13:20,960 Speaker 1: Check out more stories in the magazine this week. It 221 00:13:21,040 --> 00:13:23,560 Speaker 1: is now on newsstands. It's on the Bloomberg and online 222 00:13:23,600 --> 00:13:26,440 Speaker 1: at Bloomberg dot com. I'm Carol Masser and I'm Jason Kelly. 223 00:13:26,480 --> 00:13:28,679 Speaker 1: Check out our daily Bloomberg Business Week show on the 224 00:13:28,760 --> 00:13:31,439 Speaker 1: radio two pm to six pm Wall Street Time, or 225 00:13:31,520 --> 00:13:36,240 Speaker 1: check us out via podcast This is Bloomberg. Bloomberg invest Global. 226 00:13:36,320 --> 00:13:40,160 Speaker 1: June through four, the biggest names in finance and investing 227 00:13:40,200 --> 00:13:43,080 Speaker 1: from Asia, the Middle East, Europe, Africa and the US 228 00:13:43,120 --> 00:13:45,480 Speaker 1: will convene in a live streaming event over the course 229 00:13:45,480 --> 00:13:49,440 Speaker 1: of three days. Speakers include US Treasury Secretary Steve Venusian 230 00:13:49,840 --> 00:13:52,960 Speaker 1: Central Bank of Egypt Governor Tara Gammer and Chairman of 231 00:13:53,000 --> 00:13:57,800 Speaker 1: Goldman sac Asset Management Shilla Fatel US sponsor Investco Europe 232 00:13:57,840 --> 00:14:02,520 Speaker 1: sponsor CMC Institutional at Least Africa sponsor Echo Bank. Register 233 00:14:02,600 --> 00:14:04,679 Speaker 1: at Bloomberg Live dot com.