leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> welcome to bloomberg businessweek. >> in this week's issue, why traders are beginning to worry about according. >> and a test lab for fake news. qwest and a casting call for beautiful people at a valid a party. >> all of that is ahead. ♪

>> we are here with megan murphy. the lead in the finance section is on bitcoin. we have been talking about the -- about bitcoin so much in the last week. >> other than politics we spend most of our time talking about bitcoin. over the past year, let alone several years, we have not ever seen so much moving in price. this is a staggering statistic. less than 1000 people hold 40% of the markets are going. with the price going up so much, some of the people we know, when one of these big owners, it can cause an extreme drop in price because of the concentration of ownership in the hands of relatively few good what we are looking at with cryptocurrency, forget the broader debate about bitcoin. this is a real problem for the market transparency. a situation where people don't

even know who the owners of the queen are. it's not similar to win a big shareholder sells off. it's exacerbating it. >> we will see things like the cme introducing futures on bitcoin. will this increase transparency, liquidity and perhaps reduce the impact? >> that's the hope, that it becomes a more normalized market. when you go out and talk to people, one of the things about bitcoin and cryptocurrency is the amount of mines moving into it. they're going to try to move the market. a lot of people still think this is a scam. jamie dimon. nevermind that jpmorgan is also getting into it. there is that accurate i think what is so interesting is will it ever get out of the feeling of it is a scam, speculation, the oldest form of the market,

and be able to normalize the market. this concentrated ownership twins --the oghobaase the winkle voss twins on paper, are billionaires. that's made famous by the investment in facebook and their dispute over that. it has seen an extraordinary change in fortunes of early investors. >> i love the statistic that bitcoin has gained 1,000,000%, it is hard to get your head around. but you think about when one big investor starts selling, what happens? >> and when he has a lack of transparency we have currently. you cannot attribute it. we usually do share selloffs when someone needs liquidity, or an m&a deal. >> but there are systems in place. >> we don't know what the underlying motivation is, profit taking, concern, do they know

something we don't? that is the issue. >> let's move to the cover story in particular. what happens in a country when 97% of the population who use the internet are on facebook? >> this is a fascinating tale. we also spent a lot of time talking about fake news. it is really grand zero. this is the philippines. they have a very controversial leader, and it's about how he mobilized social media in his rise. the other side is this journal is to founded a new site that was launched on facebook and it interweaves how the news -- facebook is the only internet some people know in part of this country. 97% penetration. she almost helped assist his rise, he had such a rise in social media channels, and once he got into power and some

controversial elements of his regime came in, clamping down on drugs, we all know the murderous toll that has taken. other fake news, things in the administration to distract attention. and personal, extreme attacks on her as a journalist. >> social media as a tool. and then as a weapon. >> exactly, and we have more from our reporter. >> maria is a journalist from the philippines and has been there for more than two decades as an investigative reporter. six years ago she started an online news site. it does all kinds of different stories, they do investigative stories, lifestyle stories, and they do a lot of political news as well. >> she really rose to prominence, if we look at january of last year, she combined with facebook to host a presidential campaign debate, and strangely enough, only one

candidate turned up, and we know him very well. >> she invited all five candidates and some of them accepted. as the event near you, some canceled, and the night before the final one canceled, leaving only rodrigo duterte as the single candidate to show up. across 40 college campuses across the philippines, the event was live streamed on facebook. the question for the candidate, they were crowd sourced on facebook. there was a dynamic relationship between social media and the fight for this event. it really -- the site for this event. and it gave him inability to broadcast his views. >> we know he is controversial, the policy he has enacted as president. when did maria start to recognize this was being used as a weapon rather than a twill and

get concerned about news appearing that was not real? >> early in the campaign, there was a lot of aggressive use of social media. people who work for him online going after critics and opponents and targeting them in a personal manner and in a violent, aggressive manner. there was a troubling aspect to the campaign early on, and there was also the fake news elements. stories started circulating online and in social media that were not true. >> what happened to maria when she started to try to tackle domestically what she saw as a kind of propaganda war from the government? it goes to the heart of media ownership in the philippines. is her company at risk for trying to question the government, their motives and policies?

>> yes. maria's story is fascinating in part because it has been an evolution. she started reporting about what she felt was a propaganda machine being used by the government in order to go after critics. when she started writing about it, the propaganda machine essentially when after maria. they started sending her messages online and on facebook saying really vile things. facebook did not do much to stop at the time. the attacks escalated, as she started coming more critical of the rodrigo duterte government, he singled out her website in a state of the union address and started saying the company was not following all of the rules and laws of the country. it escalated from there. >> coming up, warren buffett's succession plan. >> and robert mueller might be

prepared to play defense. >> this is bloomberg businessweek. ♪

♪ >> welcome back. >> you can find us online at businessweek.com. >> in on our mobile app. >> opening the magazine this week, what are warren buffett's succession plans of berkshire hathaway? >> we spoke to an in-house watcher. >> he talked to investors or people who follow berkshire closely, a lot of people have been looking at greg abel, who runs the energy operation, they own a bunch of utilities throughout the u.s. and u.k. >> we have these names because they were highlighted by the charlie monger, at one point. the vice-chairman.

>> everyone is trying to read the tea leaves. >> they have not come out and said. we should take a step back. we all have a lot of fun. we respect warren buffett, it is hard to follow in his footsteps, but it is like, who is going to take over for berkshire hathaway, everyone has been wondering. >> there has been a tremendous amount of speculation. buffett is 87. this is a conversation that has been going on decades. frankly, the name on the envelope has changed over time. we are certainly not the first people to write an article speculating about who the person is. there is a journalistic tradition of this. what we do know is that as time goes on, some of the names that

have been thrown out there in the past, for many of those executives, they are no longer at berkshire or they are looking less probable because of age or some other reasons. >> break it down for us. what the differences are, because there are fundamental differences, whether they have grown up in the business, energy versus insurance. their respective age. he wants a young guy to come in there. and have a good run at running the business. >> there are critical differences. age is one of them. abel grew up in the energy business. he has been running a business that has been highly acquisitive. berkshire hathaway energy, his business has gone out and bought more utilities, they have bought pipelines, invested a lot in renewable energy. it is a place where part of buffetts empire, he can count on his managers to do something

with this cash is producing. he has a track record of doing that over and over again. >> 20,000 employees, and that's just part of the business. >> exactly. something interesting about able and how he runs the business, the head office has only two dozen employees. that's the model buffett uses for the whole conglomerate. buffett likes to play this up, he talks about how he has about 24, 25 people in omaha who oversee the whole conglomerate, which has maybe 350,000 employees. there is a nice parallel between how abel operates and buffett . how he has been running the conglomerate. >> and the politics section this week, special focus on special counsel robert mueller's investigation into potential

kremlin ties to president trump. >> mueller may have a plan if trump tries to shut him down. >> in the days after the michael flynn plea deal, trump's lawyers started to change how they would talk about the affection of justice charge being leveled at the present, from not thinking about much of it, too starting to argue that a sitting president cannot be charged with of structured justice, there is no statute that suggest it is a crime. it marked an interesting tidbit in the way the trump defense team was going about this. this was john dowd, in the aftermath of the scrum around this tweet trump had sent out over the weekend in which out said, i wrote this, it wasn't the president, the tweet said i fired flynn because he lied to the vice president and the fbi, the fbi thing was the big news, a lot of commentators said he proved obstruction, given what we know about his reasons for getting rid of fbi records and

james comey. so it has been an interesting week in the mueller probe. and we now names have the nsa director michael flynn here, pleading to a small count of lying to federal agents, given the potential crimes we know he could of been charged with, including being on the payroll of a turkish company while he was a top official in the white house. >> we already have president trump lawyers pushing back on the idea of extraction of justice for -- obstruction of justice for a sitting president. in getting a plea deal, that is a huge step forward in the investigation, but you say it is more than that. more important, because it ensures it continues, the investigation continues. explain that idea.

>> last spring when robert mueller accepted a job as special counsel, it was always going to be kind of a defensive job in its very nature because he was investigating a man who had the power ultimately to fire him, or kind of fire people, or direct people to fire him. there has always been this kind of threat over this counsel's office and his team about whether the white house can do anything to shut down the case. what we have got with the flynn thing is a couple of things, it gave us the first person inside the administration, even though he was only there for less than a month, i believe, he was inside the trump administration, not just a campaign of figure. it also raises the political temperature. if trump were to try to shut down the mueller investigation, the political implications of

this would be unprecedented. almost like nothing we have seen since watergate and it raises the ideas of the saturday night massacre, in which president nixon fired archibald cox. has done isler given himself some insurance. he has laid some breadcrumbs on the ground for other prosecutors, state and local to pick up and continue his ones, investigation is not -- investigation if he ends up not leading it, ultimately. >> up next, how a famous lawyer became infatuated with hollywood and found himself working for harvey weinstein. >> and a crowdfunding site that runs on hate. >> this is bloomberg businessweek. ♪

quick -- >> welcome back to bloomberg businessweek. >> you can also listen to us on sirius and in boston, washington, d c and the bay area. >> and in london and asia on the bloomberg radio plus app. we have a profile of a litigators ambition. >> and what let him into the orbit of harvey weinstein. >> people know this sort of famous courtroom litigator and champion of democratic ideals. he represented al gore during the 2000 presidential sort of -- presidential florida recount. he also famously represented the government antitrust case against microsoft. he is had all of these high-profile cases, which has

made him arguably the most famous lawyer of his generation. because of his work fighting on behalf of gay marriage, with ted olson, george bush is a lawyer, they teamed up on behalf of marriage equality. he has become more than just a lawyer, someone who has been revered, particularly among liberals. >> you said he ran circles around bill gates. >> yes. >> i can't imagine a man capable of doing that. >> this brilliant courtroom tactician. and vaguely played him in the hbo movie. there have been talks about him and magazine profiles. fall,owing until this when his role reversing harvey weinstein came into the news and all these people were suddenly outraged by his association. >> harvey weinstein, maybe not

surprising he had someone like this in his legal circle appeared talk about the relationship and how it turned into a bit of trouble for david boies. >> we look back, how to the relationship starts. what was david working on. that they met each other not long after the florida recount. they had lunch, and harvey weinstein had a book publishing imprint and boies agreed to write a memoir about his legal career. that's how it started. david also started representing harvey in his brother bob and miramax in various things. when harvey left disney, he represented them. he represented them in various things over the years and the relationship grew closer. in 2012, it becomes more interesting, because david

decides to start a film company of his own. in part because one of his daughters had graduated from college and was interested in getting into the film industry. one of his partners close friends, his son was also working in the industry, they thought it would be fun, let's do some movies. what is interesting is, they did some projects together, but in the end, it's sort of complicated the relationship with harvey weinstein, because he was not just a client, there was also a side relationship in terms of doing business in the movie industry together. >> in the technology section, crowdfunding and payment firms prevent racists from using their sites and services. >> that gave one person an idea. >> facebook and twitter have

taken a hard line on banning white supremacists from the platform. sites like patriot on and kickstarter, places for people can raise money for projects have been much quicker to put people off platforms for espousing hateful ideas or inciting violence. >> but you don't get booted from hatreon, which is a site to raise money for hate groups. >> right. they are collecting about $25,000 per month from a few thousand donors, mostly about white supremacists. >> talk about the guy behind it. cody wilson. what do we know about him? we should recognize that name. >> he is 29.

he is the rare troll who senses market opportunities. he came to prominence first in 2012 with a company called defense distributed, a small enterprise, but it did not have to be that big because it is mostly producing designs for open source, untraceable guns. in 2013, they published plans for the liberator, a 3-d plastic gun at you can make yourself, and therefore cannot be traced by the government. the company has also begun selling machines that allow you to make untraceable metal handguns and assault rifles. >> we get a sense of his political lean. he seems to be arming white supremacists with cash. >> the southern poverty law center intelligence projects told us that the blog hate watch

has already become an important tool for white supremacists to keep themselves fed in lean times. andrew anglin, the founder of the ultraconservative website daily stoermer, and about neo-nazi publication, is taking $4000 per month through this website. at the peak it was $8,000 a month. >> they just advertise? is this how it works? >> like a standard aptreon page, you say, this is what i'm about, this is what i will be doing, sending money to help me out. >> legally you can do this. >> yes, according to the aclu, as long as these folks are not directly threatening people or inciting violence themselves, then yes, it is perfectly legal. >> up next, artificial intelligence saves over $10 million in wine.

>> and what to do if you are targeted by phantom debt collectors. >> this is bloomberg businessweek. ♪

>> welcome back to bloomberg businessweek. >> fighting back against phantom ebt collectors and the man has disney in his sights. >> all that and more on bloomberg businessweek. ♪ >> we are back with the bloomberg businessweek editor in

chief megan murphy. in the technology section this week, we answer the question of what happens when you combine fire, a winery and artificial intelligence good -- intelligence. >> we all know about the wild fires out in napa. this focuses on a particular vineyard, a boutique ineyard. hey managed to save what other vineyards lost because they used technology, i wrote it down, it is fermentation intelligence logic system. in the absence of the workers could check on the grapes and the wine, this automated system did it for them and was able to save them from wildfires. >> it has been online since 2014 but it had never run on its own. even when it was operating, they eren't sure if it would save the wine and operate the tanks successfully.

>> and if you get one little thing wrong, the entire thing is spoiled. they invested millions in this system. they are a small producer, but e has a technology background, and he brought this into his vineyard. now it is rolling out a bigger producers like ernest and julio gallo. we talked about automation disruption on the show, but if you take out the need for workers, there will be a shift but it is also about safeguarding this wine. wildfires in this area of the country are becoming more and more common. >> the system was constantly monitoring the wine in the casks and doing whatever it needed to do. >> exactly, making shoring it had enough air and yeast. it is fascinating in terms of again, technology, automation, aia, collection of data, millions of data points per second.

we all know, we picture people stamping on grapes in barrels. this is an industry were people handpick the grapes. this will change, and it can pick up the nuances. the industry will be radically transformed, probably for the better, probably for better and enhanced production, but it will ave an effect on jobs. >> which was the first thing i thought about when i realized this was operating so well. as you said, other companies, bigger companies are looking at this technology and thinking what they can do to adopt it. you think for the owner of this winery, it would be a hugely lucrative opportunity. >> and yet. >> the most fascinating thing about the story was the investment. you would think, i'm going to

invest this much in such a small producer, that rolling it out requires -- is one thing for it o work at a small boutique producer, but to do a mass production with some of the other mass producers. but there is no question that wineries like every other industry cannot afford at the risk. nother thing is weather. forget about even wildfires. it takes away your need almost too inshore your business -- to insure your business so uch. >> let's talk about another feature in the story, about an individual that became a target of what is called phantom debt and went on a crusade. >> he really wages and one man crusade after he gets targeted by a debt collector. a more pernicious form of debt collection, the pursuit of the so-called phantom debt, where

you don't even own the debt to begin with, but you are sent letters and aggressively pursued for the debt. this is a tough tale filled with tough language about how people talk and a personal battle when a debt collector threatened violence on his wife one night, and how he would not let it die. this is a real problem in this country, there is a $600 billion in debt owed, this collector has sold off millions in phantom ebt through middlemen. it was a personal quest to get justice in a segment of the society where people are targeted unfairly. >> true relentlessness tracking down the perpetrator. >> he is a salesman for a promotions company, a regular uy, when it you would not look twice at if you saw him on the train.

he was working for home like usual. his wife called and she was scared. she had gotten a message about some kind of debt he owed and she wasn't sure who the caller was. right after she told him that, he gets a call. > what was the call? > the same guy, he says hey, you owe $700 over some sort of debt. andrew is very confused. he does not owe $700 and the conversation starts to get heated. >> he threatened andrew's wife. >> the collector threatened andrew's wife and it sets him off. he is so upset, he doesn't know hat to do. he is an interesting guy, not the kind of guy who would just shrug something off. he takes things personally. >> he did call the police, and in the story you say, it was very useless. he did try to work out what was

going on here. >> yes, he eventually called the police, but his first instinct is actually to do something about this himself. what he does is, the man left a number with his wife, and he calls the number, and he reaches a company called lakefront. they say they are a debt collection company. they say andrew owes $700. they say the person you were on the phone with, i'm not sure, maybe it is some sort of bounty hunter. so they are playing into the fear that someone is coming for him. >> does andrew owe $700? > no, and he is baffled. they say he owes it to a company called vista, so he calls them. gets a letter saying andrew does not owe $700.

this starts him on this chain of investigations. he calls the owner of the debt collection agency and tells them about the situation, then he starts getting more calls from other collectors saying he owes money to other people. >> what is critical to understand is he did take a payday loan way back, but he paid the money back almost instantaneously. his details as someone who took a payday loan but paid back very quickly so that makes him a good credit risk. those details were out there. >> right. he started talking to these collection agencies and honestly, he start sounding ike liam kneeson in "taken." he was saying, if you don't tell e what you know, i'm never

going to let this go. they started talking to him. they said, we got this from a database we bought from another guy. it is a complicated web, but he starts to unravel it. > what gave him the element of confidence, can we call it to push back on these guys, to not be afraid and fight back? threatening back? >> it's kind of crazy, he seems like a regular guy. i think because of his job he is practiced on the phone. but he is a savant. some guys he is tough with, sometimes he makes friends with them. >> up next, online fantasy games play real money to venezuelans. >> and hurricane maria keeps hitting puerto rican small business owners. >> this is bloomberg businessweek. ♪

♪ >> welcome back to bloomberg businessweek. >> you can also find us online

at businessweek.com. > and our on mobile app. >> some venezuelans have found new ways of earning a living. >> they are playing video games earning virtual gold and exchanging it for real money. >> here is the story. >> it is activities in which people play online games for the purpose of gaining points or digital currency like gold or coins in order to sell them to other players. >> this happens around the globe? >> yes, we've seen in china or north korea, normally a feature of basketcase economies. it is really cropping up in venezuela now. >> it is old-fashioned, for what purpose? >> were talking about a country that the real currency has shed almost all of its real value against the dollar this year. the rate is something like 108,000 against the dollar. and with inflation, going into

quadruple digits. online currencies are a better store of value than a full currency. gamers get their earnings based on the exchange rate, which makes you better off than being a salaried worker, the pay is not being adjusted to inflation. >> it is effectively indexed to a black market dollar value. >> that's right. >> playing these all-time video games, collecting digital currencies or cold -- or gold and exchanging it for real currencies. and they are making a iving. >> yes, it is mostly young eople.

we spoke to someone who was an insurance salesman and was not able to make enough money, did not have enough work. we spoke to a guy working as a brick layer, it was backbreaking ork. there are people who -- some of them enjoy it, i guess when you do this many hours of day, not as much as before. >> the internet connection is ot great in venezuela. in fact, it is pretty drastic. >> in the 2017 ranking, it was the bottom 10. >> how do they get around that issue? you're trying to make a living playing a computer game and yet the internet connection is bad. >> that's one of the reasons

they are gravitating toward these old timey games, and a lot of them play at night when there is less traffic. some of them have not been able to play at all because there has been copper wire theft in caracas that has taken down some neighborhoods. >> in the small business section, the slow hurricane recovery in puerto rico may have long-lasting impact on small businesses. >> the power problems persist, and that is key to all caps of usinesses, large or small, but a lot of small businesses are really dependent on that. this accounts for such a large percentage of employment on the island and private businesses, it has been really devastating. one of the small business owners said, described it as catastrophic, and it has been catastrophic, so many of them are closed, about 45,000 small businesses on the island and two thirds were closed -- were forced to close because of hurricanes irma and maria.

there are a range of estimates as to how we would stay permanently close, but the umbers are not good. anywhere from 5000-10,000 could be facing the threat of never reopening because of the challenges. >> they are trying to get power, the whole island does not have power, a lot has come back but there is a lot to go. telecommunications are still difficult. >> very difficult. a couple of businesses not as dependent on the island for their client base, a biotech ompany we interviewed, for example, has an office in the states. they were able to shift their communications and any other functions that the power may hard on puerto rico to that office, but that is an unusual case that is not what most businesses -- a family-run ice usiness and other businesses

connected to it, you have an ice business, that is very local, it's all about just providing ice to other businesses. the medication is difficult, power is difficult, manpower and who you will have a your disposal, many of the workers because the personal situations were affected, might leave puerto rico income to the mainland. >> there has already been an xodus. >> that's right. those estimates are very high, i don't have the numbers in my fingertips, but the estimate or will happen to puerto rico in the coming year in terms of migration to the mainland will be very devastating. >> up next, competing to be the next big mecca for design and art. >> and spicing up corporate holiday parties in silicon valley this year. >> this is bloomberg businessweek. ♪

♪ >> welcome back to "bloomberg businessweek." >> you can listen to us on the radio on sirius and in new york, boston, washington, d.c. and the bay area. >> and in london and asia on the loomberg radio plus app. >> we have a profile of whom may be disney's biggest animation competition. >> he is not a household name, he's not steven spielberg, but his characters are. you probably remember the ice age franchise, and despicable me, the minions, these are on lunch boxes and at kids parties all around the world now. he has made a name for himself in hollywood because he is able to make these movies very cheaply, $7 million, which is not a lot and holidays -- a lot

in hollywood these days. they make billions. >> we know that john lasseter, he is on sabbatical from pixar. is there a window of opportunity perhaps for him to steal more arket share? >> yes, animation has been a business that all of the major hollywood studios go into a little bit and then back out. disney has been the only consistent winner. now it has a real threat from universal and this company, called illumination entertainment. they have produced a lot of big animated movies. you could tell when talking to

chris that he kind of wants greater recognition. disney always steals oscars for animation every year. his movies are very popular, but they are never quite critically acclaimed. he will keep plowing away at this and i think this could be his moment. >> in the technology section, silicon valley will be a wash with atmosphere models this holiday party season. >> companies in silicon valley tend to have a gender issue. there are a lot more men than women and it can cause some issues with diversity, harassment. this has been a longtime thing that companies have been criticized for, that there is another more trivial problem, holiday parties tend to be boring. to solve that, they have been

hiring models to mingle with employees, unbeknownst to the employees. they are known as atmosphere models, and they come out to strike up a conversation, said they were invited by a friend and gives employees great memories from the party. >> hang on a second. you have the launch party, you hire attractive people to make it look good. but everybody kind of knows these are models paid to turn up. but employees in the dark about their fake friends? >> you're absolutely right. the tech industry and modeling industry have a relationship that is part of a cycle. models are part of the trade offense, they come to product launches, they can hype up things when they need to be hyped up. this has now extended to holiday parties. i was talking to one agency, they are sending 25 women and five men to a gaming company's party this weekend. it is going to be a situation where the models are told which employees to say they are friends with so that if people ask, they have a backstory.

sometimes modeling agencies get even more creative backstory's from companies, the companies make models sign nondisclosure agreements and everyone parties ppeared >> -- parties. >> are these lesser-known ompanies or tech giants? >> it is everything from the tech giants you know to the tiny startups and even private parties, the executives with a lot of money to burn you are happy to make sure their party is the most upscale. >> what do these models get paid to do this? i like that you pointed out is not just about women, good-looking men are invited, as well. >> the men coming to the party said, sometimes men like to look at pretty men, too. not everybody wants to look at women. it's not just about the female employees, but men who like

men. and models get paid anywhere from $50 per hour to $200 per hour, so if you are hiring a 30 models, you could spend quite a bit for a 3-5 our party. >> in pursuits, how cape town, south africa reinvented itself s a tourist destination. >> and we are not talking about its beaches. >> there has been a lot of great reasons to go to cape town. beaches, outdoor hiking and all sorts of great stuff. but recently, it has become an arts and cultural destination, which is why we wrote about it in this issue. we are excited about it. earlier this year, the museum of contemporary art in africa opened up. that is a hugely stem devoted to art from africa, and it has created a sector of the city the voted design and up-and-coming trends and culture.

>> that includes hotel, innovative choices? >> the armies in itself is a old converted grain silo, really cool architecture. right next to it is a hotel called the silo hotel, also stunning. you are in rooms perched over the hotel with big, glassy -- you feel like your hanging over the museum itself. >> we can thank the art for -- who brought his collection to allow individuals get to see some of these for the first time, rather than go on safari. >> a big for the best had a big collection, but to see it you had to go to one of his lodges on safari. he thought, this is crazy, i have to show this. he created this huge museum

devoted to contemporary african art. >> the neighborhood around the museum is also fun. >> the central business district has gone through a total change. we do a focus just on one street which has incredible fashion, great design, home to court, ray coffey, great restaurants. it has revitalized the whole area. >> is expensive? >> no, not that expensive. there are great destinations just outside of town, wineries. incredible food. it is an affordable place to go. >> "bloomberg businessweek" is on newsstands now. >> you can also get it at bloomberg.com and our mobile app. >> i know what you are thinking about. >> fake news in the philippines. we're seeing it used as an effective total in a bad way. >> we see regimes crackdown on media, but this is a leader who harnessed the power of social media to ultimately win an election. the question is, was it

fair? >> it's another concern when we look at the use of social media. >> and efforts to fight back. more bloomberg television starts now. ♪ is this a phone?

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>> can see the benefits of the dod federation. we break down the details of the enate hearing. a new world for investment research. does that mean boutique firms could get priced out? we get an insight into the landmark legislation ahead of next month's launch. ♪ welcome to "bloomberg markets: rules and returns." i am nejra cehic. from our brand-new european