♪ coming up on bloomberg best, the stories that shaped the week in business around the world. come face-to-face, in france candidates face-off. in the u.s. workers faced tougher visa rules. jamie dimon letter to shareholders. >> the bank is preparing for a hard brexit. speaks about his country's relationship with the united states. >> we will find a way to improve and increase our commercial relations. >> jack lew speaks his mind in another exclusive. >> i think it will be a big mistake to do a big, expensive

tax cut that is not paid for. >> where in the world you should put your money. beeuropean growth looks to pretty soggy over the next 18 months. >> whenever the fed in the past has taken its foot off the accelerator or taken its foot off the brakes, somebody slams through the windshield. >> all ahead on bloomberg best. ♪ hello and welcome, i am david gura. this is bloomberg best, your weekly review of all of the most important business news, interviews, and analysis. let's take a day by day look at headlines, on monday political turmoil in south africa undermined confidence in that nation's economy. >> president jacob zuma may face a no-confidence motion, the parliamentary speaker has asked

for a request. the rand held low after falling drastically last week. >> some of the top officials of the ruling south african national congress are speaking out against the cabinet reshuffle, saying he did not consult them and more speaking out against the firing against the former finance minister pravin gordhan. it is interesting whether this motion will succeed or not. >> do you think he should step down? >> yes, i do believe. the highest court in the land judged him to have breached the oath of office. that in itself makes it difficult for him to command the kind of respect which would be able to rally and unite the various sections of the south african population. >> s&p has cut south africa to

junk, outlook negative. pressure on jacob zuma to resign >>. >>we are concerned about the political impact on the fiscal and economic story. it puts policy continuity at risk. there is an increased likelihood that economic growth in fiscal outcomes could suffer. >> richmond fed president monthsng today, six earlier than his planned retirement after he disclosed his role in a 2012 informationweek result -- regarding the fed's discussions. 2012, my conduct was inconsistent with those important confidentiality policies. >> he is saying he is not the leaker. he was presented with information by the analyst. he said he should have ended the conversation then, and the risk is that by not doing that

somehow the information -- it is a nuance, a significant one. >> this is a very serious breach of information, highly sensitive information was given to an investment analyst on wall street who passed it on to clients who may well have paid money for it. i would say there is still a lot more to come. the fed released minutes from its march meeting earlier this favorson, showing and plans to start shrinking the balance sheet. the minutes indicate their general attitude on rate hikes are017, stating "most disciplines gradual increases in the federal funds range will continue -- rates will continue, and likely be appropriate later this year." what is your big takeaway? >> the markets were looking for a possible start of the balance sheet unwind in q4 or early next

year. the minutes provide that guidance he pushed into 2017, which in essence the fed is sticking to three rate hikes and that is like almost pushing another rate hike into 2017. a little bit more hawkish, a little bit of maybe too much push from the fed. see the reactions in equities and treasury yields. jonathan: how on earth do you calculate how many hikes the federal reserve will deliver on a good day, never talking about normalizing the balance sheet? >> getting the number is hard but the context is obvious. the fed will slowly raise rates and address their balance sheet. for years we have had the fed as a tailwind for the stock market. they are turning it around and are going to become a headwind. >> president trump is about to open a high-stakes summit with china's xi jinping at his

mar-a-lago resort. the threat of nuclear ambitions of north korea or hanging between the meeting -- >> they have been saying they are proud to have both president xi jinping as well as the first lady in town at mar-a-lago. tomorrow, that is when the hard stuff comes. for example, they are going to be talking about u.s. jobs and the export of u.s. jobs to china. interesting isg the trade surplus that china has with the united states totaling about $347 billion in 2016. when i get to the substantive talks donald trump will be trying to figure out how he can get china to buy more u.s. goods and services. >> breaking news crossing the bloomberg, u.s. missiles launched against targets in syria. organized --

ordered a targeted the literary strike on the airfield in syria from where the chemical attack was launched. >> to be honest, this does not change the balance of power in syria. it was a very targeted strike. they knew the assets they wanted to get. they warned russia it was going to happen. the next steps will be very crucial. this has catapulted tensions with the u.s. and russia to the highest they have been since trump took the presidency. where do they go, do they ramp them up or will the tillerson visit to moscow, is that a potential point for them to de-escalate? 180,000 is your estimate for payrolls in the bloomberg survey. here is the payrolls report from d.c. >> how do you spin this one? created,00 jobs were

98,000 jobs in the month of march. the unemployment rate falls to 4.5%, the lowest since may of 2007. >> i would not extrapolate this to say it is a weak jobs report. 178,000 and will probably settle around 150,000 eventually , and wage growth was as expected. this tells you the economy is gradually transitioning from job creation to higher wages, and i think it is line with the gradual recovery we have experienced. >> overall we are pleased with the jobs numbers. when you look at the unemployment numbers going down, both the 4.7 number going down as well as the higher, they use six number coming down by 3/10 of 1%. when you take that and put on top of that what we know is coming with the jobs being

created by the companies we have talked to and moving manufacturing back to the united states, we are very excited. david: still ahead as we review the week on bloomberg best, exclusive conversations with the president of argentina and the u.s. treasury secretary jack lew. sheila patel says she sees investors surging toward emerging markets. would you believe that tesla's market cap blew right past ford this week? >> any good news on tesla tends to send its shareholders into rapture. david: this is bloomberg. ♪

♪ best, ihis is bloomberg am david gura. let's continue our global tour of the weeks business stories with the shift in the immigration policy that resonated worldwide, especially

across the tech industry. >> h-1b visa process has officially opened despite trumps plans to undermine a program that he says undermines american workers. they issued new guidelines that require additional information for computer guideline -- computer programmers. >> we were expecting a lot more tougher rules coming out of the new administration. we have not seen that and without knowing what can come in the future, i would expect a lot of technology companies will use this window to file for as many as they can. >> when we talk about tech employees in silicon valley, a lot of them are coming from india. who exactly will be hurt by this? >> you could see a tightening for the outsourcing companies. in a way that would reduce their use of these work these as and that made leave more of the

american technologies companies, they use this programming. when it was initially set up three decades ago the idea was to bring and workers from overseas who companies could not find in the u.s. it may go back to more of that original intent of the program. >> tesla shares have shot up within 5% today after the smallest u.s. carmaker reported -- that exceeded analyst estimates. $2.7 billion more than ford motor company. how is this possible? weekend said the their sales were 25,000 on the quarter, a few hundred more than they said, but any kind of good news on tesla tends to send its shareholders into rapture, particularly those who are bullish. all of the established automakers were showing month of

march sales that were a little softer than analysts thought, in some cases a lot softer. we are not going to see a lot of growth. there are more incentives being spent on to see the sales going, the inventories are rising. it is not a bad market but it is heading that way and tesla has growth. >> the latest on credit suisse, they are facing a tax evasion and money laundering investigation spanning five countries that could involve thousands of account holders. who exactly is being targeted and is credit suisse cooperating? thate evidence suggests the bank is not being the target in this investigation. this is about several thousand account holders, individuals who may have held accounts at credit suisse at some point in time and there might be some monday laundering involved. involved.aundering the bank is looking into the matter and has pledged, if we

find any wrongdoing on our part we will take measures against it. dimonorgan ceo jamie addresses concerns about europe and brexit negotiation, and what factories are causing damage to the u.s. what does he have to say about brexit? does he say about how the process is unfolding and what he hopes to see as the u.k. said's down at the table with the european union? michael: he says the bank is preparing for a hard brexit, which i think most are at this point, which would mean a loss of passporting and having to adjust their businesses to serve e.u. clients. he is not expecting a lot of job movement in the next two years but after that they will face pressure from the e.u. to move things into the trading bloc and not do everything from london. jonathan: jamie dimon asserted that government imposed capital

from governments is holding back lending. responded, saying those assertions are demonstrably false. >> when a wall street leader -- and i know jamie dimon and i like him -- when he says things that are incorrect it is my responsibility to speak out. too big to fail has not been solved. the biggest banks are still too big to fail. the american people and congress need to know that and we have offered them solutions in the form of substantially higher capital requirements. >> gary cohn wants to take banking back to the old days. he told lawmakers he would like to separate banks' consumer lending businesses from its investment banking, basically bringing back the depression era glass-steagall act. >> everyone was surprised to hear him to suggest this kind of proposal. he has had a long career as a traitor and the history of

der inn was mostly -- tra the history of goldman was mostly as a lender. if you think of the trader mentality and spitting up banks, they might have a little bit of an advantage. it might not be so crazy to see why he might be opposed to that idea. >> we are worried about this one-size-fits-all regulation. right now we have this massive set of regulations built to regulate all banks as they are equal. if they come up with a 21st century modern glass-steagall, we may be able to tailor regulations for different aspects of the financial markets and different aspects of the financial institutions. banks to getlow lending more aggressively to small and medium-sized companies. >> let's focus on france, television debate gave platform

to all presidential hopefuls but allowed for fiery exchanges between the two favorites. >> we need to put in place a level of protectionism because we cannot accept -- products that do not respect -- >> nationalism is war. i come from a region filled with cemeteries and do not want to go back to that died of the black line. candidate -- the far left candidate far performed -- outperformed. attacked by pen was those who want france to stay connected with europe, for her anti-european views, and two candidates much further to the right of her basically attacked her for being soft, saying they are the ones who favor frexit and she is soft. she got rattled a few times. it was not a great night. macron did that

well but he stayed out of the line of fire. you would have to say that macron came out on top last night. >> shares of panera bread surging after ja holdings agreed to buy the chain for about $7.5 billion, 19 times earnings pays edges much bigger of a premium than most restaurant brands. .> it is a huge price i think we knew when we broke the story on monday, i think we knew it would command an extremely high price. it puts it in line with something that we have seen more recently with popeyes louisiana kitchen bought by the owners of burger king, and that was a similar takeout model. brand that has enormous presence across the hasd -- the country and jab paid to get access. >> steve bannon has left the

national security council, then removed, rather from his role. why has he been removed from the nsc? >> this was an exclusive by our very own jennifer jacobs, steve bannon has been removed from the national security council. this comes with fewer than two months in which general h.r. mcmaster has taken over as president trump's national security adviser. theof the first hires general mcmaster did was to bring over dino powell as his deputy to the national security council. executiveoldman sachs was previously working in the administration for first daughter ivanka trump. what you are seeing unraveling before us on this very busy day at the white house is a restructuring of president trump's inner circle.

should underscore that steve bannon still does have significant influence on a host of policy areas including infrastructure and politics. >> samsung reported a higher than expected profit. shares remain on a bit of a tear this year, up more than 16%, all despite this bribery scandal and that exploding phone note 7 debacle as well. >> what is important to look at is the profitability of the company, all-time high profit for the first quarter of this year, up mainly year on year. and is powered by the strength in components. that is really the most important thing for the stock, is the earnings of the company, and that is surprising everyone to the upside at the moment. >> the senate has confirmed neil gorsuch to the u.s. supreme court 54-45. neil gorsuch will be the next

supreme court justice. it was all about a formality and yet the senate needed to have that vote this morning. goingryone knew this was to happen yesterday after senate republicans voted to change the rule, a gay historic rule change change.a historic rule the senate has been around an advanced the nomination to a final vote with a simple majority of 51 votes. the supreme court confirmation is a huge win for conservatives going back to their base and saying, we delivered something. it is a big win for president trump who has had a troubled start to his legacy. ♪

♪ david: welcome back to bloomberg best, i did david gura.

my colleague derek -- erik schatzker traveled to argentina for an exclusive conversation with the president. they face large fiscal deficit and high inflation. well argentina has a corneal relationship with the united states, they must establish ties with a new administration. erik asked what will be on the agenda. >> discussing about the future relations in both countries. when we talk on the phone, he believes we have started with obama's administration, is the should be be leaving we have a space to deepen our relations and find out ways of mutually benefiting future will corporations -- cooperations. erik: he is a protectionist and

you are a free trader. >> i believe that we can find ways of increasing the relations between argentina and they a lot, because we have very weak relation. erik: on what basis, where does argentina fit in and america first policy? talk spite of what we can of the regular relations between argentina and the states, we between --n -- talk and the united states. erik: you need to have a united front. >> we are going to work together in that future relationship and i expect we will find a way to improve and increase our commercial relations together, with any other spaces of corporation.

for example, against drug region,ing, against the in favor of peace. there are many ways in which we can cooperate. erik: there are many ways in which you can compete as well. america wants some of the export markets that you want. >> that happens always. thenn be complementary and to compete, there is always time. david: we have more exclusive interviews ahead. i went one-on-one with jack lew, president obama's treasury secretary and we gathered a wealth of information about market trends. up next, frank talk with some ceos. think there are inherent ,enefits associated with coal

it's affordability and reliability. david: this is bloomberg. ♪

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then why settle for slow internet? comcast business. built for speed. built for business. ♪ david: this is bloomberg best, i'm david gura. a number of prominent ceos spoke with bloomberg television this week. the most interesting conversations with aol's came armstrong, launching -- as they prepare to absorb yahoos internet assets. david: how is it going? how is this merger going to work? the main question i always ask, can you run up against your old shop of google and facebook? >> first, let me start with verizon. verizon has a long-term strategy in the median -- in the media space.

we are going to touch over a billion consumers. i think we are in a very good position to launch what is a house of trusted ran in the digital space. we are focusing on a business model on brand advertising. i have done advertising for 20 years. -- open lane lane in the space of advertising. isk: is marissa mayer -- >> marissa mayer going with you? >> we are planning all the executive outcomes that will come in terms of leadership which we will announce in q2. marissa will stay through the next phase. i would expect half the executive team to be from yahoo!. >> talking about bringing back: mining jobs, you employ 6700 around the world how many more

coal mining jobs can you create around the united dates? >> the actions of the administration today, we have seen sweeping statements, the actions we have seen have been targeted protecting jobs. we are currently recruiting across our operations in the united states, but i also believe that the foundations have been laid to enable clear signals to occur around the generation environment, to either delay, the for, or turn around but we see about 50 gigawatts of planned capacity in the next five years. if we can get exports of coal going forward, that would be future increases. we think there are inherent benefits with coal, it's scalability, affordability, and reliability. >> the it has been shrinking over five years and the president makes remarks.

2017think we have seen being higher than 2016, that is the way the current rejections are. that is large -- projections are. that is largely a story of natural gas. i think the competitive environment for coal is much better today than it was a year ago. >> there is no more global industry than the aerospace industry. our supply chain is completely global, has been for years. airline customers, their job is to fly people on a global basis and the passengers' job to promote global trade and international business. we are totally intertwined. airbus, around 40% of our airplanes come from the usa airbus is the largest export customer. our competitors that knowing,

about -- boeing, about 40% of their aircraft come from global suppliers. the global aerospace industry is very intertwined and it is going to be difficult to unwind that. coming more pressure from this administration to source component locally? >> we are not sure yet. we have not seen that presser -- pressure. come,that pressure does what we do on the margin side? will you just suck it up or du have to do something on cost? >> we are not ready to take a smaller margin. we are always adjusting our cost and looking to be more cost competitive, and encourage our supply chains to do the same. >> would you be willing to source components in the united states in exchange for no that tax?

source from the united states. 40%, does that go to 60% or 70%? >> when we go to source our supply chain we look for the best deal, quality, price, and on-time delivery so we are not planning to trade that for border adjustability tax. david: another important guests was former u.s. secretary treasurer jack lew. i sat down with his touch with him for his first media interview since leaving the government post. something that came up numerous times on the campaign trail has come up less than the president took office, the issue of currency manipulation. here you have china with a trade deficit. is that enough to declare china a currency manipulator? how cautiously should the treasury proceed?

,> if you look at the criteria the key issue is, are they taking actions to drive down the value of their currency to gain unfair advantage? the way you look to measure that, are they intervening in order to devalue their currency? for the last year china has been intervening to prevent the devaluation. that makes it challenging to look at the current situation and reach a conclusion that there is currency manipulation. clearly, there is a transition underway from a very managed exchange rate to a more market oriented exchange rate, but it is not a p market oriented exchange rate. right now the interventions are in the opposite direction from what you look at in terms of measuring manipulation. david: you have a president very keen on implementing tax reforms. the white house is adamant that

they are driving the train. how much of that would fall under treasury department? offices are empty, positions are unfilled and names have not been named. how deficient are they? >> what you do not have is your policy leaders, your emissaries who can go and represent you the way you would if you had a full complement of deputy secretary, under secretaries, and an assistant secretary for tax policy. it is not a perfect situation but i think it would be a mistake to think that treasury comes to the tax reform debate without a very substantial resource -- without very substantial resources. the question is where the decision-making in the administration will fall and whether the policy of leadership will be at the treasury department or elsewhere, and within the white house, which will make the

recommendations and shape where the president goes? they have a lot of support for business tax reform to clear out loopholes, lower rates, but if you want to do something even bigger, we proposed going to 28%, it gets expensive. you see congress looking for ways to pay for going to a lower rate, particularly the border adjustment tax, and that is problematic for policy and politics. do they do it on a revenue neutral basis or do they create a big hole in the deficit rate at we are at the point where we ought to be thinking, what do we do when the baby boomers hires are in full force? it would not be good for the economy. it would put an enormous amount of pressure on getting -- cutting programs like social security and medicare. i think the right answer is to stick for a paid for approach. we can get to a rate that can

provide real relief. what you cannot do is hard things in a completely partisan way. ♪

♪ david: you are watching bloomberg best, i am david gura. throughout the week, investors and asset edgers offered insight into global markets at a moment when fiscal trade and monetary policy seemed to be facing a host of potential inflection point. here are some con -- highlights. give me your sense of what is going on and retail right now. >> retail is a mess, to say the least. from a 10,000 foot view, this trend, these retailers have had declining top line for a number of years.

this is not a cyclical issue. the economy has been good. consumer sentiment is good. unemployment is coming down. oil prices are low. this is a secular issue, a forever trend. how things look 10 or 20 years from now, our parents will be dead, our kids will be adults. do you think more people will be shopping online or less? this is forever. to get along these credits they are trading in the dissent -- --tressed debt role that is not a declining business. we are not long any of this. >> they are overvalued? >> yes, they used to trade at three to four times. "they" we mean those that people are familiar with -- neiman marcus, acs. -- macy's.

>> most of these retailers are smaller so you listed the larger ones but there are about 50 companies that could file for bankruptcy. >> 50 retailers. >> american apparel is artie gone. think about that already gone. think about -- already gone. think about route 30 -- >> we talk a lot about energy and whether that has been played out, we talk about retail. talk to us a little bit why europe and where. basedthe european credits 800 pound gorilla is very much in the room, the european central bank. they were buying 80 billion euros of credit of credit a month, now they are buying 60 billion. that is a big move and we are seeing that in the credit face. let's take high-yield, specifically that credit suisse

european high-yield in next it is about 4.6% but if you take out the u.s. dollar denominated bonds it is closer to 3.5%. to us, that does not sound like high-yield. when you look to the investment-grade space, the european investment-grade index trades less than 1% yield. u.s. 10 year treasuries, 2.3% and change. side we arehe long looking for opportunities, shorter duration, defense and less correlated things to do. we are looking for smaller and under followed capital structures, and staying india's syncretic -- idiosyncratic on the short side. e.m. is as like little bit more stable than developed markets. are you hearing that from investors that they want the yield and a little bit of

safety, they will go to e.m. instead? >> a number of investors say emerging-market feel more stable. they are saying in many cases em is decoupling from dm. it is not about how much china trades with the u.s. they trade with europe and around asia. it is not what india is doing anywhere else. india is almost purely a domestic story. you see people investing in things like the msci etf, but taking a step back and redeploying that money into more active strategies, because if you look at the indices in yen they are backward looking. -- in em, they are backward looking. in emerging markets the growth is an internet, mobile banking, things that are forward-looking. etf, when that winds up moving does it move to specific regions or sectors?

, looking atases country specific allocations so if they are in more of a broad e.m. allocation, what country do i have confidence? india is one, china, they are cautiously optimistic. i have seen more clients saying they are on a trip to latin america in the next month or two over the last two weeks, and i've heard in two years. >> european growth looks to be pretty soggy over the next 18 months. >> i thought we were getting better pmi, core inflation came off a bit so where is the soggy? >> compared to the u.s. growth rate which we think will be well above 2%, you will have more subdued growth in europe and this year we are more bearish on the ecb. importantly how the ecb, there

is no inflation. if you look at a place like germany, if you were to get inflation in europe germany would be the place to see that but the reality is we are not getting any wage gains even in germany. in italy and spain where there is still a lot of market slack you can see how difficult it will be to get inflation. inflation will be stuck at these low rates and continue the quantitative easing program. >> have the pundits bank president coming out -- on this is this the rhetoric we are going to see that is not really material change? >> it is not unusual to hear the german contingent. the northern europeans talk about taking off some of this easing but you have to look at the fundamentals. i think mario draghi is going to we cannot takeay our foot off the accelerator too soon.

i think the quantitative easing program continues into this year and we will talk about tapering in 2018 but there will be a lot of quantitative support through 18. >> last night we saw a real shift from the fed. they are talking about a passive and manner to reduce the balance sheet. interpret a passive and predictive manner at timco? >> i think there is if they go about it very cautiously, phase out the reinvest it gradually and do not put the market out cold turkey. i think the risks are rising that they are making a hawkish policy mistake. >> the debate this morning on the bloomberg, can they really stick to three hikes and reduce the balance sheet at the end of the year? what do you make of that? is there a potential interruption in the height half? >> i think they will probably

pause after hiking two more times and will probably an ounce in december they are exiting, reducing the balance sheet. i think you will get a slight pause in the rate hike cycle but i think they are quite keen to get away from the dreaded zero bound for interest rates. and again, i think this raises some risks because whenever the fed in the past has taken the foot off the accelerator or slammed on the brakes, someone goes through the windshield. >> the biggest whipsaw in equity market yesterday in 14 months. from a risk perspective from the bond, equity, fx perspective, where's the biggest risk from this potential policy mistake by the fed? >> the biggest risk is for the riskiest assets -- equities, high yields because they benefit a lot from qe. we had the term premium compressed. investors went out of bonds into

higher-yielding assets, into equities, so when the fed reserves is just reverses the biggest threat is for equities and high-yield. one ofhe bond market, the biggest movers has to do with south africa, downgrading the rating to junk. not only dollar denominated debt but local currency debt. this is the market reaction. you can see the jump innot onlys we saw on that. two schools of thought, too much risk and bank of america says you might want to go in and buy. of, there question will be a time to buy south africa and i think we have to give it a little bit of time to digest. the political situation is a bit difficult to ascertain, where you can pick up 9% plus in brazil where you know inflation is coming, you are getting an awful lot of yield with inflation coming down.

mexico in the seven. i would rather take that risk at this point and give south africa a bit of time to play through. risk in is political south africa and mexico. how do you factor that in? is it fully priced he in? do you hedge against it? >> there are a series of metrics we look at when you evaluate, where do you go into a country or company, and that is a big one in emerging markets particularly. the politics usually is a bigger driver than anything else and you saw that play out in argentina for years, brazil four years. you have got to be acutely focused on policy. you can get spiked moves like you just saw. ♪

♪ i am looking at one of my favorite options on the bloomberg. analysis,pply chain and one of the reasons it is so relevant today is that imagination technologies, a u.k.-based company that does chips discovered that apple, which pays them for their chip technology will no longer be using or licensing their technology. you can see on the right who a company's biggest customers are, and at the top, apple accounting for over 50% of revenues. david: there are about 30,000 functions on the bloomberg and we always enjoy showing you our favorite in the hope they will become your favorite. go will take you to our quick takes for you can get important context and fast

insight into timely topics. this week explores climate change. two was the hottest year on record and the previous 17 years have been our 16 most scorching. agree,sts overwhelmingly global warming is the culprit and the carnage is just getting started. extreme weather, wildfire, droughts, and the hits keep coming. what are we doing about it? in 2015 the world took its boldest step yet to stem climate change with a historic accord in paris but now comes the hard part. nations must change policy and invest huge amounts of money, and it may be -- maybe without the united states. >> i am taking historic steps to lift regulations on american industry and to cancel job killing regulation. >> 68 days into his new

administration president trump signed an executive order that stops just short of withdrawing from the paris agreement. decades in the making, the paris agreement united the united states, china, and other countries to unite in the fight against fossil fuels. the emissions trap heat in the earth's atmosphere. risingr to avoid disasters the climate models predict. the globe is expected to warm by as much as 3.4 degrees celsius this century, more than the target of well below two degrees. governments will have to offer incentives for clean energy, make emissions more costly, and reduce deforestation cute the deal will require -- here is the argument, unlike past climate pact's, each country set its own

paris target and promised to revisit and improve it. the u.s. was primed to play a lead role but trump's energy independence order encourages increased production of coal, the dirtiest fossil fuel. >> by administration is putting an end to the war on coal. clean coal, really clean coal. >> the resulting policies make it hard for the u.s. to keep its commitment to reduced emissions. businesses, cities, and u.s. states such as california are investing in wind and solar, and taking steps to make it work. >> i have actually been called an environmentalist, if you can believe that. david: that was just one of the many quick takes you can find on the bloomberg and also at bloomberg.com, along with all the latest business news and analysis 24 hours a day. that is all for bloomberg best

this week. i am david gura. this is bloomberg. ♪

♪ david: you started out, your father was a stockbroker. had you ever considered going into banking? jamie: i knew more what i didn't want to do. i didn't want to be a lawyer and i didn't want to be a doctor. david: you chose to go work for sandy -- jamie: it was a hell of a run. he fired me. david: you had a lot of jobs, offered the ceo of home depot. jamie: i am not a hired gun. david: do you think the country is better off for having dodd-frank? jamie: the system has completely recovered. part of that is dodd-frank. david: you would never consider running for office, would you? [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪