1 00:00:03,480 --> 00:00:07,560 Speaker 1: Welcome to the Bloomberg Law Podcast. I'm June Grosso. Every 2 00:00:07,640 --> 00:00:10,440 Speaker 1: day we bring you insight and analysis into the most 3 00:00:10,480 --> 00:00:13,399 Speaker 1: important legal news of the day. You can find more 4 00:00:13,480 --> 00:00:18,040 Speaker 1: episodes of the Bloomberg Law Podcast on Apple Podcasts, SoundCloud, 5 00:00:18,320 --> 00:00:22,360 Speaker 1: and on Bloomberg dot com slash podcasts. Ken Starr is 6 00:00:22,400 --> 00:00:25,320 Speaker 1: a former federal judge and US Solicitor General, but he's 7 00:00:25,360 --> 00:00:28,680 Speaker 1: best known as the Independent Council whose Star Report led 8 00:00:28,720 --> 00:00:32,800 Speaker 1: to the impeachment of President Bill Clinton. In he joins 9 00:00:32,800 --> 00:00:35,320 Speaker 1: me now to talk about his new book, Contempt, a 10 00:00:35,440 --> 00:00:38,560 Speaker 1: memoir of the Clinton Investigation. Thanks for being here, Judge Star. 11 00:00:38,840 --> 00:00:40,839 Speaker 1: It's great to be with you. June. Thank you. You 12 00:00:40,960 --> 00:00:44,479 Speaker 1: write that you regret taking on the Lewinsky phase of 13 00:00:44,520 --> 00:00:47,880 Speaker 1: the investigation when you look back, are there things you 14 00:00:47,920 --> 00:00:51,080 Speaker 1: would have done differently? Or might you have refused the assignment? 15 00:00:51,600 --> 00:00:54,360 Speaker 1: It would have been very hard to refuse the assignment 16 00:00:54,920 --> 00:00:57,920 Speaker 1: Um And my own regret, as I continue in the 17 00:00:58,000 --> 00:01:01,560 Speaker 1: book to say, uh, is that I wish I would 18 00:01:01,720 --> 00:01:03,880 Speaker 1: already been at Pepperdine University as the dean of the 19 00:01:04,000 --> 00:01:08,400 Speaker 1: law school with the Lewinsky matter came in the door. 20 00:01:09,440 --> 00:01:13,240 Speaker 1: My real regret is that Janet Reno that then Attorney 21 00:01:13,280 --> 00:01:16,960 Speaker 1: General had no one else to look to. Uh. That 22 00:01:17,080 --> 00:01:19,560 Speaker 1: is sort of the ready reserve, call up the militia, 23 00:01:19,680 --> 00:01:22,880 Speaker 1: let's let's appoint June as as they hadn't been in 24 00:01:22,920 --> 00:01:26,560 Speaker 1: the Council. And so we were literally across the street 25 00:01:26,720 --> 00:01:31,400 Speaker 1: from the Justice Department. We had an ongoing operation. We 26 00:01:31,680 --> 00:01:34,960 Speaker 1: thought we were coming towards the conclusion of our work 27 00:01:35,000 --> 00:01:38,480 Speaker 1: both in Little Rock and Washington, d c. UM. But 28 00:01:38,640 --> 00:01:43,240 Speaker 1: the timing was such and the relationship was such that, UM, 29 00:01:43,600 --> 00:01:47,080 Speaker 1: we've been given add ons to the investigation, such as 30 00:01:47,080 --> 00:01:52,040 Speaker 1: the Travel Office firings UH implicating Hillary Clinton, UH, the 31 00:01:52,120 --> 00:01:56,440 Speaker 1: FBI files matter. Both Bill and Hillary were completely innocent 32 00:01:56,480 --> 00:01:59,080 Speaker 1: of any wrongdoing in that respect. It was a bureaucratic 33 00:01:59,160 --> 00:02:02,400 Speaker 1: snaff who Anyway, we had had add ons along the way, 34 00:02:02,840 --> 00:02:06,200 Speaker 1: so our investigation was broadened, and so this was just 35 00:02:06,840 --> 00:02:09,320 Speaker 1: more of the same. But it was obviously took on 36 00:02:09,440 --> 00:02:13,160 Speaker 1: a magnitude that no one I certainly didn't expect. I 37 00:02:13,240 --> 00:02:16,760 Speaker 1: see similarities between your investigation and Bob Muller's. Do you 38 00:02:17,200 --> 00:02:21,320 Speaker 1: there are a lot of echoes, June. There sure are, obviously, 39 00:02:21,520 --> 00:02:25,640 Speaker 1: the demonization of the prosecutor, the prosecutors out on a 40 00:02:25,680 --> 00:02:28,640 Speaker 1: witch hunt. Bill Clinton never used those words, but as 41 00:02:28,720 --> 00:02:34,280 Speaker 1: surrogates did. Uh. And let's do everything that we can 42 00:02:34,360 --> 00:02:36,720 Speaker 1: to stand in the way. Now, let me say this, 43 00:02:37,120 --> 00:02:41,760 Speaker 1: it's my understanding that month after month after month, President Trump, 44 00:02:41,800 --> 00:02:45,000 Speaker 1: through his then lawyers, cooperated with the investigation. I was 45 00:02:45,080 --> 00:02:48,880 Speaker 1: stunned to hear that the Council of the President, Don 46 00:02:48,960 --> 00:02:53,800 Speaker 1: McGann uh spent thirty hours plus in interviews with the 47 00:02:53,840 --> 00:02:57,360 Speaker 1: Special Counsel, with Bob Muller and and his team. We 48 00:02:57,440 --> 00:03:00,959 Speaker 1: did not have that kind of cooperation during the Clinton investigation. 49 00:03:01,600 --> 00:03:04,920 Speaker 1: You subpoena President Clinton and then worked out in agreement. 50 00:03:05,400 --> 00:03:08,480 Speaker 1: So do you believe that presidents are subject to subpoenas 51 00:03:08,520 --> 00:03:11,679 Speaker 1: I do. Uh. That may not be the view of 52 00:03:11,720 --> 00:03:15,880 Speaker 1: the Justice Department. And this is not a political partisan view. 53 00:03:16,000 --> 00:03:19,000 Speaker 1: It's the view of the Justice Department over the last many, 54 00:03:19,040 --> 00:03:23,400 Speaker 1: many years, including during the Clinton administration, that the president 55 00:03:23,480 --> 00:03:28,760 Speaker 1: United States is not subject to indictment and that the 56 00:03:28,880 --> 00:03:32,760 Speaker 1: lesser would include a subpoena. But I have a different view, uh, 57 00:03:32,800 --> 00:03:34,679 Speaker 1: and that is no one is above the law, which 58 00:03:34,720 --> 00:03:36,760 Speaker 1: I think is one of the principles that, as I 59 00:03:36,840 --> 00:03:40,040 Speaker 1: describe in the book, emerged out of our investigation, and 60 00:03:40,240 --> 00:03:42,880 Speaker 1: along the way of the Spring Courts United States and 61 00:03:43,000 --> 00:03:47,800 Speaker 1: its unanimous decision rebuffing President Clinton's claim for immunity from 62 00:03:47,800 --> 00:03:53,160 Speaker 1: a civil lawsuit, a sexual harassment lawsuit. UH, the Supreme 63 00:03:53,200 --> 00:03:56,720 Speaker 1: Court spoken very broad terms, we respect the president and 64 00:03:56,760 --> 00:04:00,680 Speaker 1: the presidency, but above all, no one is above the 65 00:04:00,760 --> 00:04:03,520 Speaker 1: law and has to respond to the law. So then 66 00:04:03,600 --> 00:04:07,640 Speaker 1: do you disagree with UH. Judge Kavanaugh, who was up 67 00:04:07,640 --> 00:04:10,920 Speaker 1: for Supreme Court nomination, worked for you famously on the 68 00:04:10,920 --> 00:04:15,200 Speaker 1: Clinton investigation. Do you disagree with his current views about 69 00:04:15,280 --> 00:04:19,599 Speaker 1: presidential power? I don't disagree with his basic proposition in 70 00:04:19,680 --> 00:04:23,640 Speaker 1: that two thousand nine Minnesota Law Review article June, where 71 00:04:23,680 --> 00:04:28,800 Speaker 1: he said, these issues of civil litigation, even a criminal investigation, 72 00:04:29,160 --> 00:04:33,000 Speaker 1: are very distracting to the president. UH. And we live 73 00:04:33,040 --> 00:04:37,000 Speaker 1: in a dangerous time. He lived through nine eleven UH 74 00:04:37,120 --> 00:04:39,960 Speaker 1: serving in the Bush forty three administration. And so what 75 00:04:40,080 --> 00:04:42,880 Speaker 1: that law of the article does is that Congress needs 76 00:04:42,880 --> 00:04:45,120 Speaker 1: to take a look at this. He did not say. 77 00:04:45,120 --> 00:04:48,320 Speaker 1: He did not suggest that the Clinton v. Jones case 78 00:04:48,960 --> 00:04:51,599 Speaker 1: re establishing no one is above the law and even 79 00:04:51,640 --> 00:04:56,760 Speaker 1: the president's subject to legal process was wrongly decided. He said, Congress, 80 00:04:56,880 --> 00:04:58,800 Speaker 1: you should take a look at this So do you 81 00:04:58,839 --> 00:05:02,080 Speaker 1: think President Trump should agree to speak to Muller? There 82 00:05:02,080 --> 00:05:05,840 Speaker 1: are two perspectives, June. The criminal defense lawyer would say, no, 83 00:05:05,880 --> 00:05:12,200 Speaker 1: way right, because of fears and so you don't cooperate. 84 00:05:12,960 --> 00:05:15,080 Speaker 1: But the other perspective, and I take more of the 85 00:05:15,120 --> 00:05:19,080 Speaker 1: constitutional perspective, is that he is the president United States 86 00:05:19,480 --> 00:05:23,320 Speaker 1: and Bob Mueller is a duly constituted officer specially appointed 87 00:05:23,640 --> 00:05:27,880 Speaker 1: to conduct an investigation. So it's all bona fide. So 88 00:05:28,320 --> 00:05:31,080 Speaker 1: I think from a presidential perspective, there is an obligation. 89 00:05:32,040 --> 00:05:36,760 Speaker 1: There has been much talk about impeachment, and you lived 90 00:05:36,760 --> 00:05:41,040 Speaker 1: through that on the other side of the impeachment spectrum, 91 00:05:41,160 --> 00:05:43,800 Speaker 1: what does it do to the country? Do you you 92 00:05:43,839 --> 00:05:46,600 Speaker 1: see it in a different light? Oh? I do. And 93 00:05:46,920 --> 00:05:49,440 Speaker 1: it was one of the problems June with the Special 94 00:05:49,680 --> 00:05:52,600 Speaker 1: Council Statute at the time, which just built in this 95 00:05:52,680 --> 00:05:57,600 Speaker 1: force toward impeachment. By its terms, the law required our 96 00:05:57,720 --> 00:06:01,120 Speaker 1: office to turn over inform aation to the House of 97 00:06:01,160 --> 00:06:04,599 Speaker 1: Representatives that might involved impeachment. That that's gone, and I 98 00:06:04,600 --> 00:06:07,279 Speaker 1: think that's good because one of the takeaways, as I 99 00:06:07,360 --> 00:06:11,679 Speaker 1: describe in the book is impeachment is just hell uh. 100 00:06:11,720 --> 00:06:17,000 Speaker 1: And the founding generation wisely decided that it should be 101 00:06:17,480 --> 00:06:20,400 Speaker 1: only where not just a majority of House of Representatives, 102 00:06:20,880 --> 00:06:23,839 Speaker 1: but much more importantly, at the trial in the Senate, 103 00:06:24,240 --> 00:06:29,280 Speaker 1: the jury, so to speak, has to be super majority 104 00:06:29,360 --> 00:06:34,280 Speaker 1: in favor of removal a two thirds. That's almost impossible 105 00:06:34,320 --> 00:06:37,880 Speaker 1: to achieve. Where their significant arguments on the other side 106 00:06:38,000 --> 00:06:42,919 Speaker 1: is there certainly were in the Clinton Clinton investigation, and 107 00:06:42,920 --> 00:06:45,120 Speaker 1: I think what the system did fail us in this 108 00:06:45,200 --> 00:06:48,600 Speaker 1: sense while we want stability and so forth, and yet 109 00:06:48,640 --> 00:06:52,280 Speaker 1: there was the sense the president should suffer something. And 110 00:06:52,400 --> 00:06:57,480 Speaker 1: senad Ian Feinstein served them as now urge very thoughtfully 111 00:06:57,520 --> 00:07:01,800 Speaker 1: a resolution of censure, which had there been more of 112 00:07:01,839 --> 00:07:06,200 Speaker 1: a conversation, more reflection on it, I think that might 113 00:07:06,240 --> 00:07:10,560 Speaker 1: have been the middle ground to attract folks of both parties. 114 00:07:11,440 --> 00:07:14,600 Speaker 1: You came today, and today was the day that after 115 00:07:14,800 --> 00:07:18,400 Speaker 1: a long time and one trial, we saw that Paul 116 00:07:18,440 --> 00:07:23,160 Speaker 1: Manafort pleaded guilty and he will cooperate as a former 117 00:07:23,640 --> 00:07:30,200 Speaker 1: independent council. Where do you see this? It's what prosecutors want. Uh. 118 00:07:30,360 --> 00:07:33,440 Speaker 1: The thought maybe, oh no, they're all Perry Mason's or 119 00:07:33,960 --> 00:07:36,920 Speaker 1: the prosecutor and Perry Mason, I should say, they want 120 00:07:37,000 --> 00:07:39,679 Speaker 1: to go to trial now. And I feel Bob Mueller 121 00:07:39,920 --> 00:07:43,120 Speaker 1: is very eager to bring this to an orderly conclusion. 122 00:07:43,200 --> 00:07:45,960 Speaker 1: And how do you most quickly do that You get 123 00:07:46,000 --> 00:07:49,640 Speaker 1: cooperation from knowledgeable witnesses. So I think this is a 124 00:07:49,680 --> 00:07:52,960 Speaker 1: breakthrough moment. We'll see what Paul Maniford has to say. 125 00:07:53,080 --> 00:07:55,640 Speaker 1: We won't know for a while, but this is a 126 00:07:55,720 --> 00:07:59,320 Speaker 1: major accomplishment for the Bob Muller team. Thanks so much 127 00:07:59,360 --> 00:08:01,440 Speaker 1: for being here a star. The name of the book 128 00:08:01,520 --> 00:08:05,080 Speaker 1: is Contempt, A Memoir of the Clinton Investigation. Good Luck 129 00:08:05,120 --> 00:08:13,000 Speaker 1: with the President. Trump's former campaign chairman, Paul Manaford has 130 00:08:13,040 --> 00:08:16,240 Speaker 1: agreed to plead guilty to charges brought by Special Counsel 131 00:08:16,360 --> 00:08:18,920 Speaker 1: Robert Mueller. As part of that deal, he will be 132 00:08:19,000 --> 00:08:22,360 Speaker 1: cooperating with the prosecutors, joining me as Brad Moss, a 133 00:08:22,400 --> 00:08:26,000 Speaker 1: partner at mark Z Brad. How much does this change 134 00:08:26,040 --> 00:08:29,920 Speaker 1: the narrative of the Muller investigation. How big a victory 135 00:08:29,960 --> 00:08:33,480 Speaker 1: is it for them? Well, this is a major shift 136 00:08:33,480 --> 00:08:36,160 Speaker 1: and a major point in the Mollo probe. This is 137 00:08:36,280 --> 00:08:39,319 Speaker 1: arguably what he was aiming for from the beginning. He's 138 00:08:39,320 --> 00:08:42,320 Speaker 1: always been the belief that he was only going after 139 00:08:42,800 --> 00:08:45,520 Speaker 1: Manifort in terms of tax fraud at BANKFOD and money 140 00:08:45,600 --> 00:08:48,520 Speaker 1: laundering issues, because he truly wanted to get a cooperation 141 00:08:48,520 --> 00:08:50,640 Speaker 1: agreement out of him and find out what, if anything, 142 00:08:50,720 --> 00:08:54,760 Speaker 1: he knows about possible collusion. Paul Manaford, of course, was 143 00:08:54,800 --> 00:08:57,360 Speaker 1: the campaign tournament. At one point. He was one of 144 00:08:57,440 --> 00:09:00,439 Speaker 1: the three people uh in the entire of the Trump 145 00:09:00,520 --> 00:09:03,520 Speaker 1: universe who could have possibly been involved in any collusion, 146 00:09:03,960 --> 00:09:08,959 Speaker 1: and so his unvarnished cooperation and the details he could 147 00:09:08,960 --> 00:09:12,280 Speaker 1: provide was always critical to the Muller investigation. So, Brad, 148 00:09:12,520 --> 00:09:15,760 Speaker 1: is it unvarnished? Does he have to answer each and 149 00:09:15,840 --> 00:09:19,560 Speaker 1: every question that prosecutors put to him, or could there 150 00:09:19,600 --> 00:09:23,520 Speaker 1: possibly be some kind of arrangement where he wouldn't answer 151 00:09:23,600 --> 00:09:27,680 Speaker 1: questions about certain areas. It depends on the nature of 152 00:09:27,720 --> 00:09:30,880 Speaker 1: the cooperation agreement. We haven't seen the actual document yet. 153 00:09:31,160 --> 00:09:35,240 Speaker 1: It would be unlikely unless the Mola team had already 154 00:09:35,320 --> 00:09:37,679 Speaker 1: didn't need it from the needed fresh from mon certain 155 00:09:37,720 --> 00:09:40,480 Speaker 1: aspects that they would narrow it like that. It's almost 156 00:09:40,520 --> 00:09:43,960 Speaker 1: a certain amount the cooperation will be with respect to 157 00:09:44,520 --> 00:09:47,199 Speaker 1: activities that went on at the Podesta lobbying firms. So 158 00:09:47,320 --> 00:09:48,880 Speaker 1: this might not have to do with Donald Trump. For 159 00:09:48,960 --> 00:09:50,480 Speaker 1: on one, at least one aspect of good deal with 160 00:09:50,520 --> 00:09:53,439 Speaker 1: Sonny Podesta and others. There's a lot in this superseding 161 00:09:53,440 --> 00:09:56,920 Speaker 1: indictment about that issue. But it's almost certain that a 162 00:09:56,960 --> 00:10:00,079 Speaker 1: lot of this information that a large scope of the 163 00:10:00,160 --> 00:10:03,120 Speaker 1: nature of the cooperation agreement will be about what Paul 164 00:10:03,160 --> 00:10:05,600 Speaker 1: Manafort saw in the campaign and what if anything, he 165 00:10:05,640 --> 00:10:09,640 Speaker 1: knows about criminal coordination between the campaign and Russian nationals. 166 00:10:09,640 --> 00:10:13,000 Speaker 1: Sarah Sanders, the White House Press Secretary, has said this 167 00:10:13,160 --> 00:10:15,760 Speaker 1: had absolutely nothing to do with the president or his 168 00:10:15,880 --> 00:10:23,040 Speaker 1: victorious presidential campaign. It is totally unrelated. Now could that 169 00:10:23,200 --> 00:10:27,920 Speaker 1: also be true? Absolutely, it could certainly be true. We 170 00:10:28,000 --> 00:10:30,400 Speaker 1: can't rule that out. You know, no one has been 171 00:10:30,480 --> 00:10:33,960 Speaker 1: charged with actual criminal coordination or collusion yet. It's all 172 00:10:34,240 --> 00:10:36,959 Speaker 1: we have to assume until facts come come to light 173 00:10:37,360 --> 00:10:40,439 Speaker 1: that there hasn't been been a sentence they're proven guilty. 174 00:10:40,679 --> 00:10:44,280 Speaker 1: But every time one of these individuals flips, every time 175 00:10:44,280 --> 00:10:47,400 Speaker 1: one of these individuals such as Gates and Manafort, Flynn 176 00:10:47,840 --> 00:10:52,480 Speaker 1: slip and provide information to the government, Mueller has a target, 177 00:10:52,760 --> 00:10:55,559 Speaker 1: knows what he's going after in terms of possible collusion. 178 00:10:55,960 --> 00:10:58,760 Speaker 1: I don't see him making this very generous deal with 179 00:10:58,800 --> 00:11:02,000 Speaker 1: Paul Manafort, and less Mr Manafort was able to profer 180 00:11:02,080 --> 00:11:05,400 Speaker 1: something very significant with respect to the overarching collusion proke. 181 00:11:05,679 --> 00:11:08,920 Speaker 1: So let's talk about the deal. According to Politico, they're 182 00:11:08,960 --> 00:11:12,000 Speaker 1: agreeing to a ten year cap. How good a deal 183 00:11:12,080 --> 00:11:14,400 Speaker 1: is that for Manaphort. Would he have fared better if 184 00:11:14,400 --> 00:11:18,680 Speaker 1: he had made the deal before he was convicted in Virginia. Well, 185 00:11:18,679 --> 00:11:20,520 Speaker 1: that's of course, you have a sixty four thousand dollar 186 00:11:20,600 --> 00:11:22,560 Speaker 1: question for him, and the Lord knows how much you 187 00:11:22,559 --> 00:11:25,600 Speaker 1: already spent in legal fees just for that first trial. 188 00:11:25,720 --> 00:11:27,920 Speaker 1: If he had struck this kind of deal before the 189 00:11:27,920 --> 00:11:31,160 Speaker 1: original trial out in Virginia, he could have possibly gotten 190 00:11:31,200 --> 00:11:35,000 Speaker 1: even better sweetheart deal, maybe gotten fewer new years in 191 00:11:35,040 --> 00:11:36,480 Speaker 1: that of ten years, and may have been three to 192 00:11:36,559 --> 00:11:39,000 Speaker 1: five something like that, but we'll never know. Now he 193 00:11:39,080 --> 00:11:41,760 Speaker 1: fought them out there in Virginia. He lost, he was 194 00:11:41,800 --> 00:11:44,760 Speaker 1: prepping to fight DC. He made this deal. He's gonna 195 00:11:44,760 --> 00:11:46,520 Speaker 1: get ten years. It's still better than what he would 196 00:11:46,520 --> 00:11:48,720 Speaker 1: have gotten if he had gone to trial and lost 197 00:11:48,760 --> 00:11:51,079 Speaker 1: in d C and had two different sentences, one of 198 00:11:51,120 --> 00:11:53,520 Speaker 1: Virginia one of DC. He could have easily faced twenty 199 00:11:53,559 --> 00:11:55,959 Speaker 1: or more years. This is not a bad deal. He's 200 00:11:55,960 --> 00:11:58,680 Speaker 1: still forfeiting a lot of assets. But it's probably the 201 00:11:58,679 --> 00:12:01,320 Speaker 1: best he could truly negotiate at this point less than 202 00:12:01,360 --> 00:12:04,000 Speaker 1: a minute here. I just want your reaction. The prosecutors 203 00:12:04,000 --> 00:12:06,480 Speaker 1: set in court the government would not decide to drop 204 00:12:06,559 --> 00:12:10,040 Speaker 1: some charges against man Off until his successful cooperation or 205 00:12:10,080 --> 00:12:15,360 Speaker 1: sentencing is complete. Does that mean they're holding it over him. Yes, 206 00:12:15,400 --> 00:12:18,080 Speaker 1: that's very standard. They're saying, we're not doing anything else 207 00:12:18,120 --> 00:12:20,800 Speaker 1: and we're not dropping these parts until your information bears 208 00:12:20,920 --> 00:12:23,240 Speaker 1: fruit that we can corroborate with other people out of 209 00:12:23,559 --> 00:12:26,280 Speaker 1: their information in other difficult testimony and use it in 210 00:12:26,280 --> 00:12:31,160 Speaker 1: other cases. All right, thanks so much, Brad. That's Brad Moss, 211 00:12:31,200 --> 00:12:34,080 Speaker 1: a partner at mark Z and I should mention that 212 00:12:34,200 --> 00:12:37,840 Speaker 1: if you get a ten year sentence in federal cases, 213 00:12:37,880 --> 00:12:40,959 Speaker 1: that means you're going to be spending of it. There 214 00:12:41,080 --> 00:12:43,720 Speaker 1: is no time off for good behavior. It's an eight five, 215 00:12:44,640 --> 00:12:46,280 Speaker 1: so he'll be spending at least eight and a half 216 00:12:46,360 --> 00:12:49,360 Speaker 1: years in prison if that ten year cap holds true. 217 00:12:50,040 --> 00:12:53,000 Speaker 1: Thanks for listening to the Bloomberg Law Podcast. You can 218 00:12:53,040 --> 00:12:56,800 Speaker 1: subscribe and listen to the show on Apple Podcasts, SoundCloud, 219 00:12:56,880 --> 00:13:00,760 Speaker 1: and on Bloomberg dot com slash podcast. I June Brasso, 220 00:13:01,240 --> 00:13:08,520 Speaker 1: this is Bloomberg m HM.