>> welcome. >> vr. inside the magazine headquarters in new york. carol: we take a deep dive into the issue of equality. me too and times up, but to more. fascinated by the socioeconomic impact of all of this. a lot to dig into. carol: all of that ahead on "bloomberg businessweek." ♪

carol: we are with the editor in chief of bloomberg businessweek. joel, this whole issue is devoted to be quality. it looks at different angles and a global perspective. joel: we wanted to have a flight of the sand that said let's talk about one of the most important things happening right now. it ties with the conference we are hosting at bloomberg, the equality issue. i wanted to build the issue around it. we cast a wide net through the newsroom looking for stories that we thought were profound. we spoke to the times. we are living through a moment. we wanted to capture the spirit of the moment. jason: this is me too, times up, clearly, a lot related to sexual harassment and gender in the workplace. well beyond that, you dig into areas of finance and corporate culture.

joel: this is about business. the business of equality. that is what the issue was called. that gets underneath all of these other stories. there is also a business story. businesses are better off if they embrace the inclusion moments. and own up to them. that's what we're seeing across the board. if you hide from these moments, your businesses will be outed. you will not like the repercussions, but also, when you embrace these things, your businesses become more profitable. >> diversity. joel: the workplace is having to wres vessel with it -- tle with it. when there are pay gaps, maybe businesses are not as well off. we know that the business is going to be better if they do. jason: your game changer is someone at the center of all of this.

tina chen. tell us about her. joel: this is the back page issue. #timesup, the anti-harassment movement. what she noticed was in order to take on some of the biggest names you need to lawyer up. there was no way of being able to find the legal size of these cases because we are dealing with people who have deep pockets and will stretch out court proceedings for as long as they can. she together a network and fundraised. now they have $21.7 million to help fund legal causes and a network of pr professionals and lawyers. carol: this inequality issue looks at things globalization. -- at things globally. it is a great story about ageism. it is about what is going on in china. if you're 30-40, you are over the hill?

joel: we wanted to make sure there's wasn't an issue about offices in north america. this is a global phenomena. one of the ways we were able to tell this story was through the china lens. we decided to focus on it. in the tech industry in china, you basically get aged out. at age 35, you have an expiration stamp on you. jason: we heard more about that story from one of the primary architects of this issue. here is what she had to say. jillian: chinese tech companies are growing so fast that it is easier for them to throw people at the problem. if they are trying to keep moving, it is easier to spend time then get people with more experience. young people are cheaper than experienced people. you see job listings going up saying if you are over 35 don't bother. >> that is nuts! jillian: it is not like the

united states tech industry is any stranger to age discrimination. we have seen suits against google. pro-public a had an hadstigation -- pro-publica an investigation a couple months ago, but we usually see that around age 50 in the united states. >> people are writing down on a job description, don't even send in your resume, don't get in touch if you are older than 30 or 35. jillian: there is no national law banning age discrimination in china. there are laws banning gender discrimination and discrimination against people with disabilities, but not for age. jason: is that set to change? is the government concerned about this, how are people reacting? jillian: there are individuals and groups of individuals who have tried to act against this. we talk about a group of lawyers

who published an open letter to the public prosecutor's office which had a job listing looking for law clerks no older than 28. they have met with a good amount of runaround. there have been some other successes, minor successes, but nothing at a significant level. carol: it sounds like we are seeing it in different industries, but it sounds acute in the technology industry. jillian: correct. carol: this was pointed out, you think about the big chinese tech companies -- they were started by individuals over the age of 30 or 40. jillian: exactly. the younger companies, those you even see the age creep down. it is a pervasive trend. jason: and so, play this out. i am saying this defensively as someone older than 35. >> [laughter]

jason: there is something to be said for experience. there is something to be said economically for this to reverse at some point. does this feel cyclical, in the sense that this is a product of a boom economy, or is there something more secular going on that this is something people are going to have to figure out to live with? jillian: a lot of this is president xiince said he wanted china to be the world in advanced technologies. there is also democratic pressure to reverse, because china's population is getting older on average. jason: one of the things the story rightly points out is the one child policy playing through the demographics. at some point, that is going to be at odds with the strategy. jillian: despite the end of the policy, births decreased last year again. there will come a point where

less of a population of younger workers. whether that leads to older workers been higher to a greater degree, or have an increase in salaries, we will find out. carol: next, radical ideas for market equality. the economist who say people should decide how much they want to pay in taxes. jason: and the robot that may soon be hearing your startup pitch. carol: this is "bloomberg businessweek." ♪

♪ carol: welcome back to "bloomberg businessweek," i'm carol massar. jason: you can find us online at bloomberg businessweek.com. carol: and our mobile app. in the economic section, we look at unconventional ideas and what they can do for equality. jason: we look at radical and big ideas.

markets" iscal written by eric posner, a university of chicago law professor, son of a famous judge. glenn wilde, who is a brilliant economist, senior economist at microsoft. carol: who knew they had an economist. peter: they do. , look we do is say , associate free markets with conservatives, and we associate concerns about inequality with liberals. they marry those things together and say, there are ways to help the poor by embracing market forces in ways we have never thought about before. carol: it is provocative, to say the least. peter: it is, not everybody will agree with everything, but that is not my job. carol: the thing i think is interesting is everybody has laid out the ways to solve some of the inequalities out there. we have seen it before, they haven't worked.

peter: they feel tired. carol: taxation, they talk about. peter: that is the first one. imagine you could decide how much you want to pay in taxes by deciding your own valuation for your properties. whatever the tax rate is. this is what they would allow. with a very big catch, whatever value you put in the property, you would have to sell it to anybody who came along and wanted to buy it for that price. carol: this is how you keep people honest. peter: [laughter] yeah. you wouldn't want somebody to snatch your house away from you because you value it too low. carol: another interesting idea they put out is called a budgeting of votes. >> quadratic voting. you would get a budget, instead of votes, that you would spend as you wish. there are some elections you didn't care about, you wouldn't

vote at all, you would be able to save up your votes and spend them on something that mattered to you. carol: person or issue. peter: a referendum issue or candidate. you would also be able to cast a vote against someone, not just for someone. carol: that is so interesting, if you think about the last presidential election. so many people said i didn't like this person, so that's why i voted for this person. it was not a vote in favor, it was a vote against somebody. peter: that is unfortunate. they call that strategic voting, where you are really not expressing your true preferences, but you do it because you think it is a game. the strategic voting can cause a candidate that a lot of people don't really like to win. so their system would get rid of some of that by allowing people to express their true set of preferences across a wide range of people.

jason: part of the business of equality issue looks at a silicon valley venture capital firm using robots, not people, to pick deals. carol: will those robots have their own biases? we talked to joshua bluestein. joshua: the story i wrote is about social capital. they have set up an automated program that will make small investments automatically. the idea is they will be able to make thousands, even tens of thousands, of these investments without any sort of interaction with the partners themselves, maybe get companies they wouldn't have looked at otherwise, and really try to expand their reach. carol: try to make it more efficient. it is really time consuming. i talked to venture capitalists, and they only look at a small number of deals because that's all the time they have for. this will let them look through a lot more deals. joshua: exactly. there is something funny about the venture capital routine.

technology is supposed to be this industry where they are going to use computers to change every aspect of human life. to get a vc deal, you have to meet a partner, get them to take you out for coffee or meet with their other partners. it takes a while. jason: you have to get the meeting. that's one of the things you allude to. the whole networking aspect, who you know, getting in the door, oftentimes a good idea doesn't even make it to someone's desk because they don't know the right person, and the pitch ends in a pile on someone's desk, someone's virtual desk, i guess. joshua: anytime you have a process where there is a high touch program, a process where somebody is making their personal decision, there got will influence things. you end up making a lot of decisions with your unconscious

biases. there is no secret that most venture capitalists are white men, and it's no secret that those who get money from them are also white men. companies social capital has invested in have indexed far higher for women and nonwhite founders overall. jason: tell us about the people behind this. there is one well-known personality from silicon valley, and his partner. tell us how they built this up. joshua: social capital is run by a former facebook executive, he ran growth for them at the point where they grew a lot. since he left facebook in 2011, started this firm he has been a , very outspoken critic of the status quo in tech in various ways. he made waves last year first sort of saying -- four sort of saying he felt guilty about what he did at facebook. he has also tried to push at the edges of venture capital.

this automated process is one of the things he has done, it is called capitalistic service. the person who built the program is one of the partners at his firm, ashley carol. she was working as an n residence ats th social capital thinking about , launching her own business, and decided she had seen what it is like to raise money in silicon valley, she didn't want to subject herself to that. she went on as a partner at the firm and saw they were doing interesting quantitative analysis of the companies that they have already decided to invest in. said, let around and us analyze automatically any company that comes to us. we can let the systems decide automatically. carol: up next, the rise and fall of hna. jason: and kim jong-un masters the art of the deal. carol: this is "bloomberg businessweek." ♪ ♪

jason: welcome back to "bloomberg businessweek," i'm jason kelly. carol: i'm carol massar. you can listen to us on radio, on sirius xm, channel 119 and on , ame 1130 in new york, 1061 in boston, 9091 fm in washington, d.c., and in the bay area. a.m. 960 jason: and in london on dbx emulex 3. and in asia on the bloomberg radio plus app. in the business section, hna, big chinese conglomerate selling billions in assets -- scrutiny from beijing. carol: we catch up with matthew campbell about how the company might spot a comeback. matthew: hna emerged from obscurity over the last several years. it is rooted in an airline company, which has expanded rapidly. you may have seen it at various airports. a tropical in

province in china not far from , hong kong. what hna did over the last several years was borrow a large amount of money to go on a shopping spree, buying up a lot of assets, particularly in the transportation space, around handling,ground stakes in virgin airlines being one of them. then they expanded into all kinds of other areas. finance, technology, real estate being a big one. 245 park avenue, which they purchased last year. but everyone seems to think is -- what everyone seems to think is one of the most expensive deals for a manhattan skyscraper. they really went from being the operator of a midsized chinese airline to tightening global capitalism overnight, all fueled by large amounts of debt. carol: $94 billion of debt on their balance sheet? matthew: that is the figure at

the end of 2017. that is a large amount of money. it is particularly large when your profits are where theirs are. if you look at the ratio of their earnings before interest and taxes, the overall debt it , is pretty low, relative to most other comparable companies around the world. that has created a hangover from these acquisitions. one other figure worth considering, hna's interest expenses last year. borrowing costs were over 5 billion u.s. dollars. that is more than general electric. that is the highest in asia of any nonfinancial company. hna did enter the big leagues just perhaps not the way they , wanted to. jason: in entering the big leagues, it did so largely undetected in a lot of ways, or unchecked. how did that happen?

what does it tell us about what is happening with the chinese companies of this ilk? matthew: hna was one of several chinese companies that over the last few years seemed to be buying everything. if you glanced at the business section of any newspaper, these are names you would have seen all the time, buying up various things. in some cases, they ran into regulatory trouble. hna has had several deals run aground through the u.s. national security vetting of foreign acquisitions. these questions to come back to one issue, which is ownership. hna is owned by its employees and a pair of charities, one based in new york, the other in china.

there have been rumors for years that this is not the full story, and there are ties to people high up in the communist party. hna has denied this every time it has come up. they say their ownership is transparent. this is something that has never really left them, in terms of public perception. carol: staying in asia for the politics section, this is about knowing your opponent. we are talking about kim jong-un. he's seems to have studied up on president trump ahead of their expected meeting. jason: on the top of his reading list, the art of the deal, donald trump's famous book. here's matt philips with more. matt: as a way to give leaders something that kicks this forward and looks at things from the perspective of north korean leader kim jong-un, we wanted to look at how he has played this entire situation quite well without giving away almost , anything. he has made a lot of gains. we wanted to look at this through the lens of donald

trump's famous book. if you go through some of the subsections and apply some of the lessons trump lays out in his 1987 book, it looks like kim has read this closely and is adhering to some of the mentions trump puts out there. of kim as a master negotiator is something we haven't read. mark champion, the fantastic editor based in london, did a nice job of applying that rubric to this piece and looking forward and projecting what we might expect when they get together. carol: that includes thinking big. that's one of the big things donald trump puts out in "the art of the deal. " it looks like kim is doing that.

matt: being able to sit down face-to-face across the leader of the free world is something that every north korean leader has wanted, including his father and grandfather. it has never been achieved. in a short time, he has been able to pull this off. if you look at the game he has been playing, the fact of the conversation has changed so quickly from being on the brink of nuclear war, to talking about easing sanctions and boosting infrastructure spending in north korea. none of this has come to bear by any means, but the fact of the conversation has changed in that regard, so quickly is a win for , kim. jason: mark champion also points out in the piece, know your market. this is a debate that happens a lot in washington. right up on capitol hill that has been a key point of differentiation among the members of congress who have been successful, and those who have not been successful is understanding what makes

donald trump tick. here you have the leader of north korea seemingly figuring that out. matt: donald trump has taken a lot of credit for getting us this far. that is not to say he doesn't deserve a lot of credit for getting us this far, but i think kim realizes it is to his advantage to let trump soak in that praise and take credit for a lot of this. the question is what is going to be on the table, if anything, when they sit down? it looks like a june meeting is being looked at. what he has really promised, what he has put on the table thus far and been able to claim wins so far on, are nothing we haven't seen before. we were here in 2000, 2007, a long time -- 110 north korea

watchers are skeptical. longtime north korea watchers are skeptical. jason: one of the most successful investors in higher education is not from where you might think. carol the ever-changing news : industry. jason: this is "bloomberg businessweek." ♪ mom you called?

oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. jason: welcome back to

"bloomberg businessweek." i am jason kelly. carol: i'm carol massar. jason: the future of news. mda.: and how to break an all that ahead on "bloomberg businessweek." ♪ jason: we're back with the editor of businessweek, joel webber. in the finance section, fantastic story about a college endowment at a place that

doesn't get a lot of headlines, carthage going up against the big boys in terms of returns. tell us about this. joel: this one is a great one. carthage, anybody know where that is? carol: no. joel: a small endowment is run by a guy in his home office in charlotte. it has been, over the past year, than it percent of his competitors. the secret sauce is index funds, vanguard index funds. carol: nothing fancy. jason: this blew my mind. having watched private equity and hedge funds for a long time we worked on a lot of these , types of stories together. the big managers saying you can only get these returns, they point to david swenson, they look at harvard, and this guy is like, plugging in index funds. less than half of 1% and you are going to get great returns.

joel: he was a beer executive. carol: this is what i love. joel: he came up through schlitz. you can't make this up. early off he starts managing this endowment for this little school. that was in wisconsin where it , is seeing declines in the number of people at that time actually going to college. his job was to shore up the portfolio. it speaks to performance chasing, which was the managementto money in general. you see the harvard's and yells and think, -- and yales and think, i can do that. you chase them, but you are not going to get them. the new phenomenon has been how do i pay as little as possible and ride the wave? jason: this is a strategy endorsed by warren buffett, who has long said the less you can pay, the better off you are.

it really is interesting to see how this plays out. this guy is retiring. joel: this is the kicker. out in to the community. june, jason: handed over to some volunteers. joel: their returns on the investment is about to get better. he has a $200,000 salary, which the university is not going to pay anymore. the university will not have to pay anything and get these returns. carol: it is a fascinating story. another great story is done by our editor in chief of bloomberg news. it really explores the future of journalism. it is a really smart read. joel: it is on the heels of news bloomberg.com, where it is instituting a pay wall. that is what he has written about. for so long, the journalism model has been driven by advertising. here, and as well as throughout the journalism community we're , seeing a shift towards having

consumers pay for quality content. we are no different than that. that is why we asked john to write about it. it's opening remarks start at the white house correspondents dinner last weekend. we spoke directly to john about what was on his mind. >> the white house correspondents dinner happens every year. this is where the white house press traditionally asks the president in. it is a kind of roasting. on one hand, the white house press roasts the president, and on the other hand he does the reverse. it is meant to be a fun filled evening. what has happened over the last couple of years is donald trump is the first president not to go to it. this made a difference to my life, because we have an excellent journalist who was the chair of the white house correspondents association this year. normally, the editor of that particular news organization sits next to the present, this time he was not there.

i've that this was indicative. it is sort of-- the time where all american journalism comes together. you look down and see this army in front of you of journalists gathered around at different tables. it made me think of something i had done a long time ago, we had a cover on "the economist" called "who killed the newspaper." that was in 2006. i thought look at this industry, it is doing surprisingly well. the reason why it is doing that is because newspapers, which seem to be in real trouble, the main quality press, the "new york times," the "wall street journal," "the washington post," they have introduced metered pay walls which allow them to charge the regular users, but also let occasional visitors come in. these big businesses used to be based on advertising, and now are based around subscription.

there is an internal peg for doing this to get the , self-promotion out of the way. we have introduced the consumers subscription business at bloomberg. we have probably the most successful pay wall on the terminal in terms of financial professional subscription business. in the same ways we have done on businessweek, you took those things together and it made me think about the future of news. jason: clearly in making this decision, you have reflected a lot on this business model. to call it a business model shift may be understating it. it has been a reinvention of the very way that media companies make money in a lot of ways. >> it has been a big difference. at bloomberg we are different to the extent we have a very profitable business in terms of the terminal. we are different to be nice to

ourselves -- advertising has kept on growing for us on our digital sites, which is different to most people. we are doing it from a position of strength. getting that out of the way and looking at the industry as a whole, they will have to rethink. it is not just because advertising ran into trouble, it is also they discovered that people are willing to pay for good content. if you think about your lives, that is the way in which it works. people have busy lives. for the cost of an expensive cappuccino a week -- >> [laughter] >> that is how much it cost to get most of these products. it is surprising, especially in the age of netflix, where people are used to paying something in a way they weren't in 2006. this industry is now changing. it has a more firm foundation than before. carol: up next, what happened when florida residents discovered their apartment was a giant air b&b.

jason: and the harvard hedge fund getting the attention of wall street. carol: this is "bloomberg businessweek." ♪ ♪

jason: welcome back to "bloomberg businessweek," i'm jason kelly. carol: i'm carol massar. you can find us online at businessweek.com. jason: and on our mobile app. in the technology section, their airbnb took over an apartment building in florida and ran into problems. carol: apparently residents of the complex didn't know it was an air b&b. jeff: they, like a lot of people near disney world work in the , tourism industry. they were surprised to come home to find their home was now part of the tourism industry. jason: it is amazing how this happened. it feels like there was no real warning. while air b&b and services like

that have been creeping in, we have not seen it at this scale. >> this is the first 300 unit condo complex, it is the first building scale cobranded airbnb apartment building. carol: what is that? i got into this story and was like, what? air b&b branded apartment? jeff: this venture is really the process of retrofitting a ton of common spaces and number of apartments to try to make the building as airbnb friendly as possible. jason: this company buys the building or owns the building already and do a deal with air b&b to say we are not going to rent out to people for one or

two years. we are going to have these airbnbs for people coming to universal and disney world and whatnot. the more permanent residents are feeling hoodwinked. jeff: blind-sided, for sure. people who bought into the building in the last year, say they have never heard anything about it and now don't have much they can do because they , are worried it will be tough to get value out of the home and go somewhere else. carol: this one couple had no idea they were going to be living next to somebody who might be there for a couple of weeks vacationing. jeff: there are some complaints from residents who feel blindsided that this is not what they signed up for in general terms. they wanted a community of like-minded people who they would see as neighbors day in and day out. some were more worried that they

would get transients, or people people who parties, they don't want as temporary neighbors. carol: parts of coverage of the business of a quality takes a look at the only student run black hedge fund. jason: blk capital management is one year old, goldman and jpmorgan are behind it. ivan: it is a student run hedge fund. what makes it unique is it is 100% owned and operated by black students. it began around the summer of 2017, when a trio of students had the idea to start an organization that would teach black students about investing, with the goal of diversifying wall street. it has about 85 members and has collected about $92,000 in assets to invest. it includes a financial education for its members, recruiting opportunities. carol: that's what it is about. ivan: exactly.

it is about investing. they will make a few ticks in year,rket over the coming but it is about teaching students who may or may not have any financial experience before, learn about fundamental analysis and meet recruiters with a goal of getting into finance. jason: who are the folks behind this? ivan: the ceo is a sophomore at harvard, other cofounders are harvard and princeton students. they have an interest in finance. the ceo, angel, noticed lack of diversity on wall street. jason: which is easy to notice. ivan: he was aware of the existing issue. he spent time on wall street, and also joined financial organizations on harvard campus. he said you needed to have financial experience, maybe even in high school, to join these

clubs that become feeders for wall street. he wanted to do something about there. carol: it is not just noticing the lack of diversity on wall street he also realized if you , are not born into the right place or family, or are not connected, it is hard to get into the world of finance. ivan: you need to be more proactive about it. -- happy highive school experience or connections or money, you need to work harder. especially early on, wall street recruiting starts early. sophomore year may seem young, but recruiting picks up around then, even freshman year. jason: demand on both sides of the equation are really high. you have a lot of people who want to go into the business, and also you have firms who have lined up to really get access to this pool of applicants. how do they match make? ivan part of what makes it so : exciting is they have gotten backing from prominent wall

street names, point72, jpmorgan, goldman sachs, bank of america. a lot of big names are giving them money and supporting them. they are getting in touch from a recruiting standpoint. match up works, for the blk students, they get expertise, the opportunities to stoppages for high price for -- high-profile sponsors they get to test out their , skills. an increase in diversity. they talk about more diverse perspectives leading to better investment decisions. carol: up next, one female banker's ongoing fight with goldman sachs. jason: and how to break an mda. carol: this is "bloomberg businessweek." ♪ ♪

carol: welcome back to "bloomberg businessweek," i'm carol massar. jason: i'm jason kelly.

you can listen to us on the radio on sirius xm channel 119, and also on 1130 in new york, a.m. 1061 in boston, 9091 fm in washington, d.c., and am 960 in they -- the bay area. carol: we continue our deep dive into equality. christina started suing goldman sachs back in 2005. jason: 13 years later, she is still suing. we talked about this story. >> she is a former vp at goldman sachs. she is originally from taiwan, she grew up outside of chicago. she is really smart. she skipped a grade, went to m.i.t., graduated in three years: at 20, went into finance. around 1996, she gets recruited to go to goldman sachs. carol: she hits what some would say is one of the most coveted

jobs on wall street. >> exactly. carol: how does it go? >> she goes to goldman, she joined in 1997. she is selling convertible bonds. she starts out gung ho, she is really excited, then she has a bad experience very early on. carol: what is it? >> her account is she was sexually assaulted by a coworker at an event where they were celebrating a promotion of a colleague. afterwards, he walked her back to her boyfriend's apartment, which was only a few blocks away, and he came into the building with her, upstairs, and pushed her against the wall, and kissed her. and groped her. then she had to fight him off. carol: did she report this to the company? >> she did not.

she says the next day she spoke -- he pulled her aside and said he was sorry, don't tell anyone. she was really new to the company. she had only been there for seven months. she didn't know who to tell about it. she also probably had an instinct that talking about that kind of thing would not do her any favors or get her anywhere at goldman, that was not a good career move. carol: then fast-forward 13-14 years later. she has been in a fight against goldman, correct? jason: yes, it is an epic fight. >> to pick up where she stops, she ends up 18 months later telling her boss. she thought she was going to have a different job at goldman on the other side of the country. she says this is what happened. and she is absolutely stunned by what her bosses says.

her boss basically says that was you? and what that meant was the boss had known something had happened with this guy, because he had told him, just not which woman was involved. so christina was disturbed. he said now that you have brought this up, i need to tell hr, but don't make a big deal out of it. christina is a good soldier, so she didn't. carol: she wanted to work at goldman. >> she loved the culture, but things went downhill. she goes on maternity leave, she comes back and her seat is moved, she is sitting among secretaries. they are all women. she says she misses out on opportunities. that eventually leads to her beginning the fight in 2005. , you can't just walk into a courtroom and say i am going to sue you, you first have to go to

the government. the agency responsible for enforcing these kinds of laws is called the eeoc, equal opportunity opportunities commission. >> the equal opportunity employment commission. max: that is when you take -- where you take complaints. five years later they basically say we are not finding it in your favor, but you can sue. in 2010 that's what she does. >> what is interesting to me about this story is that #metoo had come up. these women are speaking up. this is amazing. then you go and look at wall street. you see it is still very hard for women to speak up. it is not as easy as posting on facebook. if you were going to address these very root problems, which is what she is trying to do, the

boy's club atmosphere, and sexual harassment, lack of opportunities because of your gender and pay gaps, you have to go through a difficult process. jason: as part of the business of equality issue, some advice about what to do when you encounter bad behavior in the workplace. carol: or how to break and nda. people know nda's. they are ubiquitous in silicon valley, wall street, a bunch of fine print that says you're not going to talk about the details of a settlement or workplace. historically, they were drafted to have trade secrets protected. if you are working on the next iphone, obviously apple doesn't want you running around talking about it. over the years, the language has become more broad. we are seeing them in cases of sexual harassment, people who follow the big tobacco cases in the 90's, this was a big issue then. the general idea with people -- was that people weren't supposed to talk about the inner workings of their workplace, even to include sexual harassment, a complaint about

management, anything like that. jason: has the law started to evolve? what did you find as you talked to lawyers? >> we are at an interesting breaking point. in practice, women that sign them are terrified. the company could retaliate, or a powerful person accused of something could talk publicly about it. now they are seeing it shift under their seat. there is a high profile case of stormy daniels, who has broken her nda, and they argue there is a greater public interest in what she is talking about. in that case, there is another wrinkle, her lawyer has argued that because trump didn't sign the agreement, it is not valid. people are poking holes in this. in the past, sexual harassment wasn't seen in public interest. it was seen as something that took place between one or two people and wasn't deemed to be a threat. what we're seeing in all of these cases, whether it is cosby or harvey weinstein, there is never just one woman.

when one talks, a bunch come forward. carol: that is the point, whether or not those nba's -- s were managed to keep hidden systemic problems that a company. this is what is coming to light. >> one thing i thought was so interesting in talking to lawyers was in practice, very few companies go after women who break ndas. jason: that was so interesting to me, the notion that you signed a piece of paper, but you may not need to worry about it. is that true? >> it makes sense. if i whistleblower -- if a whistleblower breaks the nda and talks about things, if you go after them, it brings more attention to what they were complaining about. when trump went after stormy daniels, that was unusual. it has already backfired, because we are sitting here talking about her. i think that is something for women who are interested in

breaking them to consider, you can't make a blanket statement that no one will go after you, but it makes sense from a company perspective when you may , want to avoid dragging somebody into the media over something like this. carol: bloomberg businessweek is available on newsstands now. jason: and at businessweek.com and our mobile app. carol: must-read is peter coy's story. i had so much fun talking with him. he looks at how to solve some inequalities out there. unconventional ideas when it comes to dealing with integration problems, monopoly of power, and taxes. i love the way he thinks. jason: when you are reading, you go on this journey into his brain. it is a fascinating place. carol: your must-read? jason i love hedge funds and : private equity in wall street. capital management,

founded by students at harvard, this could get going on wall street in a time and place where diversity is needed. more bloomberg television starts right now. ♪

♪ emily: i am emily chang and this is the "best of bloomberg technology." coming up, apple turning in a solid quarter. all painting a stop -- a strong and stable picture. and wall street applauded. we bring you the highlights. facebook makes headlines. becoming a matchmaker for billions of users. and tesla gets