treasury secretary larry summers sitting down with david westin.also know that larry summers a harvard university professor and a paid contributor to bloomberg tv and wall street week. now, as we keep an eye on the situation with the israel-hamas war, the situation is also one that has been hard to manage online. tiktok is having a hard time moderating deepfake videos of hamas victims and other private citizens. even though these videos violate their content moderation policies which ban ai-generated videos, and yet these videos are racking up thousands to millions of views. i want to bring in alex who has been writing about this this morning on bloomberg. that is the struggle. they are in contravention of the policy being seen by millions. >> in the days after the october 7 attack in israel on that music festival, i was looking on the avenue for some of the names of some of the believed victims and some of the top videos were ai- generated videos that purported to and showed folks like the 22-year-old now known to be dead german-israeli woman who

david westin caught up with him today. >> we have the number one research team in the business, they do a great job. they basically just shifted yesterday, literally, and they moved to more rate cuts in 2024. the real key was what do they see in the economy, they have moved from half a percent growth rate annualized for the first three quarters next year of about 1%. soft landing, let's just say that. by doing that, they said that when the fed has seen inflation slow as fast as it is, they think we got to low-inflation bacteria trying 24 and 2025. the fed needs to bring the rate structure down. it still leaves you 3.25, 3.5. the last time we were fundamentally at that rate structure was 18 years ago. we've had a long stretch of very low rates instead of what happened recently. now the rate structure can be fundamentally higher and is more structurally sound, the fed is pivoted to be cut to normalize this, not done yet, but all indications, everything we can see that consumer spending is consistent with the 2% inflation economy. that level of spending growth with their customers was w

i am david westin. this week, rick rieder of blackrock on where we are headed in 2024. i really think the u.s. economy d

he spoke with bloomberg's david westin. >> this was extraordinarily important. a once in a decade or once in a half-century technology, wants a century technology, wants a millennium technology. no one can know for sure but it sure looks like it is awfully important to develop rapidly and safely and to disseminate effectively and well. when i was offered an opportunity to be part of contributing to that, overseeing to make sure that that was effectively done and to do it working with great people, i thought it was a real opportunity and i was glad to do it. david: what you just said, safely, strikes me as part of what you will be focused on and that gets to governance, how you handle the technology. do you have a sense of what you need to do to govern it? >> i've been on the job two days and they are going to send me the onboarding packet for the board on sunday, so i shouldn't say too much at all because i don't know enough. here some things i think i know. a company like this has to be prepared to cooperate, it does not mean always agree with, but cooperate wi

i am proud to present david westin with brian moynihan.rian moynihan who is the chair and ceo of bank of america. thank you for joining us at the end of the year. brian: happy holidays and you can see the teammates working hard on the trading floor. david: you had quite a year in trading. talk about the year overall. there have been a fair nobler -- number of surprises. the stock market has done well and we have had more interest rate hikes. unemployment has held down well. he did not have the recession that we thought we would. you kept saying it looks strong and some compatriots were saying hurricanes and tornadoes. how did you get it right? brian: we just tried to follow the data. there were unexpected events but there are in every year, whether it is the regional banking crisis or whether it was the hamas attack on israel and whether it was escalation in continuation of ukraine, these are all things that happen and go on all the time and what -- and we look at what is going on in the customer base and we talk about what is going on and

trade representative katherine tai speaking with bloomberg's david westin at the aspen security forumton. more to come here on "daybreak asia." this is bloomberg. ♪ usic all day or deal with payroll compliance? payroll compliance, for sure. gusto automatically calculates and files my taxes for me. hold up, compliance? easier? choose payroll compliance without the ups and downs. >> israel has blamed the united nations for the inadequate flow of food and other aid into gaza as the u.n. secretary general called for a cease-fire, warning the situation is fast coming a catastrophe. let's get more from bloomberg's editor. what is the latest when it comes to the un's push to halt the fighting? anna: as we talked about before, secretary-general gutierrez did decide to use the article 99 tool to force the security council to review a proposal for a cease-fire. this is the first time it has been used since 1971 so it is a rare tool the secretary-general has but it is nonbinding so you know, it is a strong suggestion that the security council consider this but he has no way to enforce that. the

that is the bank of america chairman brian moynihan speaking to our david westin.e other stories we are watching this morning. the spanish government plans to buy a stake in telefonica of as much as 10%, worth some $2.2 billion. the move would safeguard a key strategic asset as saudi arabia builds up a position in the former telecom monopoly. it would mark a major shift for spain, who has been more reluctant than other european nations to intervene in markets and take ownership of corporations. tesla managers told some salaried employees that the company is not offering merit-based equity awards this year. the company did not give a reason for the change, but four employees from different departments told bloomberg they believe the move was widespread. workers got modest cost-of-living increases to their base salaries. i want to pivot industries. shares of fedex tumbling post-market after the company reported profit below analyst estimates. cost cuts at the logistics company weren't enough to make up for volume declines, its airfreight unit fedex express struggling

speaking with david westin on wall street week, larry summers says letting donors or politicians control universities would be problematic. larry: it's important to remember if universities start being run by politicians or small groups of large donors, that's going to be a problematic thing over time for the american university system, which is a huge source of strength for our country. that said, we have to recognize there has been a double standard in how incidents of racism have been regarded in the past, incidents of what people call micro aggressions, incidents of things that make people feel hurt or sensitive have been regarded in the past, and the way things abhorrent to sensibilities of so many of us have been regarded in the last several months, and that double standard, which in different ways has been present on many campuses creates an extremely difficult situation. shery ahn: larry summers, a paid contributor to bloomberg tv. still ahead, we hear from the arm ceo and how the firm plans to become essential to the ai revolution. first, market strategy and expectations for the

sonali: that was brian moynihan with david westin.cross america, but we saw the biggest u.s. bank failure since the 2008 financial crisis. yet one big bank ended the year way ahead of the pack. sally bakewell is here. on the one hand, j.p. morgan made out like a bandit. they were able to add significant assets, clientele. does everyone think that is fair? sally: yes, j.p. morgan is in line with its dashboards biggest annual profit in the history of american banking. it was able to rescue his profits. it raises one interesting question. what will the banking landscape look like in 2024? we have seen a lot of consolidation this year. we saw silicon valley bank collapse, signature bank failed. the question is do we have the landscape for further consolidation? do regulators want that amid the too big to fail concerns that swirled around when j.p. morgan bought first republic? janet yellen in may said that in this environment with pressure on earnings, that may need to cut -- lead to concentration and regulators may be more open to merger

rishaad: that's the bank of america ceo and chairman ryan moynahan speaking with our david westin. on to talk about the expansion of the bank's trading business as well. >> we increased the size of the business three or four years ago and that has borne fruit. they are doing a great job. it is a great business and we are gaining market share across the world. it is a global business. the team has done a great job so they will keep getting more consist -- more commitments. rishaad: it gets to bonuses. annabelle: it is the investment bankers we are hearing will be faring a little bit better. and you take your eye across wall street is going to be one of the lease volatile bonus seasons in years. rishaad: monday merger mania, $40 billion worth of m&a just on monday. annabelle: a bit too late in the year because merger advisors are going to see their bonuses jump as much as 25% on wall street. counterparts and debt underwriting could drop 10%, equity underwriting up to 15% as well. it does depend on which bank you are in. jp morgan is a little bit flat. bank of america and goldman a li

paul: bank of america chairman and ceo there speaking with bloomberg's david westin.et is planning another tepid bonus season, capping a dramatic deal of bank failures and job cuts. adam haigh has the details. what does this tell us about a year that has been not great for dealmaking? adam: separating in some sense the winners and the losers. because we are seeing quite a difference across wall street. it is not universal here. let's look at j.p. morgan and citigroup. we expect that their bonuses will be largely flat on 2022 levels. no big changes there. but at goldman and bank of america we are expecting a slight sweetening of payouts and of course traders and high-performing traders getting the bulk of that increase in their compensation. so yes, overall still a very tough environment. remember the context of how we came into the pandemic with a huge increase over the next 12 months of activity and deal flow, but also of that wall for talent. that has still softened into last year but also the earlier part of this year. now you're starting to see a little bit of a c

luckily for us we have legal expert david westin with us here in our radio studio.looked at this case, i have spoken with people who have said if you read the text all it says is engaged in insurrection or rebellion and you don't have to be charged with it, even found guilty for this to be used against you. what is your read on this? brian: as -- david: as you know in law it is not what the language says, but who gets to decide. who determines that? this is a fairly important question. who gets to run for president of the united states? sure, the language is clear to some people. clearly what donald trump did was engage in conduct that is prohibited. different people have a different point of view. are we going to leave it up to a democrat who is the secretary of state to decide? that is the issue, who gets to decide? paul: it feels like the supreme court is going to have to decide . is there a sense of, is this something the supreme court will have to deal with? if so, when? david: first of all, the supreme court doesn't have to deal with anything. they have discre

. >> brian moynihan speaking with david westin of bloomberg about why there has been his optimism arounds have fallen to the lowest level since early this year, but still hovering around 7%. not exactly a great recipe for people wanting to get in. tom: what is greater that mr. moynihan's he loves talking banking nerd talk. he says i don't want to talk about the fed. he wants to talk about mortgages and i love him for that. he loves to talk about the -- he's not like jamie dimon running around running for secretary of treasury. he is worried about the christmas club account. lisa: we will get into housing in the real economy in just a second. a number economy that are getting our attention this morning, fedex, how they were disappointing in the earnings last night. shares lower by more than 11%. just a reminder their shares have been up more than 60% year-to-date but it shows how big of a penalty there could be doing this and it raises the question if consumers are chipping as much, is this a broader macro concern for the consumer? ups falling in tandem and general mills down 3.9% after v

david westin joins us with a special guest. david.s for a suit you're talking about quiet luxury. michael berkowitz is the norwegian wills founder and ceo. welcome back, good to have you here. >> good to be back. david: how did your quiet luxury to this holiday season? >> the whole year was quite strong and the last few months were really very strong. it beyond what we expected. really to the point where usually we tell our customers that if he were to shop with us late january, february, we would still have the core items. i looked over inventory and for many of our core styles, we have one or two pieces left in each size. so that's a good problem to have, if you want one, get it soon. thankfully, it was very strong. david: how is the supply chain looking? can you replenish inventory? michael: not this year. we have what we have for this fall and winter and already soon we placed our order with factories in italy for the next year. that is it for this year and then we close up shop. we will do our spring-summer collection, march-apri

sonali: that was scott bok, chairman at greenhill, and david westin.k with lisa lippmann about her insight on the market for manhattan real estate. it certainly been an interesting market for luxury real estate. vonnie: we will get some great statistics on what sold in new york city because obviously, when you talk about real estate, you have to talk about manhattan real estate. we saw pending home sales at the lowest on record. is that good or bad? good for the fed at inflation or is it a sign of weakness? sonali: we have a lot of people waiting for a bottom in this market. we will talk about those other markets. we will see what we have got. that's next. this is bloomberg. ♪ t and your store was alsoted thrst time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com i'm a little anxious, i'm a little excited. i'm gonna be emotional, she's gonna be emotional, but it's gonna be so worth it. i love that i can give