>> welcome to bloomberg businessweek. >> dear ginning -- we are joining you from bloomberg headquarters in new york. >> trump's aluminum tariff was opposed by u.s. manufacturers and aluminum companies. rolling thetors are dice on cryptocurrencies and cannabis stocks. >> we need to take a moment to

focus on the story of the week. hearingvanaugh's senate has become more than just politics. we examined the culture that discouraged christine blasey ford from speaking out in the first place and how sexual assault can punish women throughout their entire career. janet is joining us with more. this is a story we have been talking about all this week. there were a lot of questions about why she did not come forward sooner. >> there are a lot of reasons women don't come forward. what we know for sure is, whatever the reasons are, two out of three sexual assaults don't make it to any official report. three out of four people who say they are in sexual harassment at work never taken to official channels. >> one of the things you do in your story is talk about the personal and personal economic implications for someone's career, for a woman's career

that stems from this sort of situation. for victims of sexual violence second show up immediately in terms of david takeoff or medical treatment. it can manifest over a long time. in one survey, over 3000 participants, people who identify themselves as experiencing sexual abuse before they were 18, which would what christine blasey ford says happened to her in high school, two decades after the fact their health care costs were about 15% higher. >> what are companies doing at this point? our company starting to take it more seriously? >> i certainly hope so. what i personally hope we are starting to see is more accountability. sexual harassment and sexual assault is something that maybe

20 years ago people could sort of expect to get away with because of the culture of silence. the more people speak of the more we are having to reckon as a society and a culture with who we held accountable. >> janet, thank you. >> a busy week in new york with the un's general assembly and a lot of news out of washington. much of it centering around president trump's nomination for the supreme court. by theatch of tariffs u.s. and china at each other. back-and-forth has resulted in today's trade were between the u.s. and the rest of the world. we looked into what started it all. matthew philips has more. >> let's think about how you make aluminum. is a very energy intensive and human labor intensive process that has not changed much from when we discovered how

to make aluminum in the 1890's. century operates three of the five remaining smelters in the u.s.. it was a good business for a long time. starting in 2000 companies started to realize it made more to stop physically making and smelting the aluminum in the u.s. and go further afield to iceland and the middle east or go to russia. cheaperergy is much than it is in the united states. we went to a smelter in kentucky. , you 140 degrees inside have workers standing within -- within proximity of this bubbling molten metal that is electrified. that is how you get the chemical reaction to separate the aluminum from the aluminum oxide. what you realize is just how

labor-intensive and energy intensive this is. plant uses as much as electricity as the entire city of louisville, kentucky. the rest of the industry realized it makes a lot more sense to make the stuff abroad and import cheap aluminum into the u.s. and that makes all kind of stuff with it. that thethis narrative aluminum industry in the u.s. is dying but it has been doing quite well with the downstream components of this. they have benefited from lower cost raw aluminum. particularly for the auto industry as they push more lightweight strong aluminum into cars to make them lighter weight. for -- gllencairn encore. they have owned this company.

tell us about what they have done in anticipation of what the trump administration was going to do with tariffs. >> when you saw the terror of process getting underway in the spring of 2017 you saw an increase in the amount of foreign aluminum being imported into the u.s.. in anticipation that the trump administration was going to bring tariffs down. there was demand that was rising. what is interesting is that a lot of what was being brought into the u.s. was not being sold immediately. it was being stockpiled. the minute tariffs went into effect that cheap foreign aluminum became a lot more valuable. glencore was not the only trading company that was doing this. they were among the biggest. the sentiment we are trying to get across to readers with this story is that, while this company is the largest shareholder of was lobbying and

the american face of this public campaign for tariffs, glencore was pushing in a lot of product that overnight once the tariffs went into effect became a lot more valuable and gave tens of millions of dollars of profit. >> totally legal and above board. high that they were doing and profited nicely. >> still ahead, the salesforce on the responsibility that tech companies and leaders have to make their values and company missions known. this is bloomberg businessweek. ♪

>> welcome back.

>> you can listen to us every day on the radio from 2:00 to 5:00 wall street time. calexico and also find us online at businessweek.com. >> salesforce kicked off its annual dream force conference. the company's outspoken cofounder had a lot to talk about. >> always fun to hear what he has to say. >> in the past month he has magazine.e he has also opened the salesforce tower, the tallest building west of the mississippi and taken on a new ceo. >> emily chang covered all of that with marc benioff. fromis a real highlight their interview when they discuss facebook and a new era of corporate responsibility. >> facebook but instagram six years ago. we know the founders are leaving. this was a bright spot for the company. is that a bad sign for facebook?

assignment something has gone wrong? >> it is a sign they need to start paying attention. i have been talking about this for months. our industry has changed. every ceo needs to ask themselves, what is the most important thing to you? what is the most important to your company? what is your highest value? our highest value in salesforce is trust. nothing is more important than the trust we have in our employees and partners and top executives. when you see top executives walking out, you see customers questioning your privacy practices, and how your news fusing -- misusing data or partnerships you need to listen and wake up and say, what is going on? i'm not going to call out any one company has to change. we every ceo in our industry see what the employees are saying. we have to operate at a higher level. facebook is the new cigarettes.

it is addictive. consumers need to be aware of what it can that's what can happen. needss on the government to be involved in the regulation of facebook and social media companies. in the example of companies that have questions about if their products are being used ethically or humanely company to create structures were there able to evaluate the ethical and humane use of their technology. technology is never good or bad. it is how you use the technology that matters. you have to be crystal clear with your employees, customers, partners, everyone. what you're practices are. if you don't you are going to see customers leaving or executives leaving you. we have examples of that now. you have been reporting on them. you are going to see more of this until ceos change. they all need to change and pay

attention. now to another tech leader who has taken the industry by storm. we are talking what the ceo of softbank. he has been on a buying spree when it comes to technology. >> we have a great chart in the --azine that talks about the uber of china. which is a we work shared workspace. you get an idea of how big these investments are. >> i love the bubble charts. come to 2018 and you have companies like uber and eight ton of -- &a go thatking at m talks about the size of the deals. third 2016 there was a lot of volume but not a lot of number

of deals. that starts to reverse as you come through here in 2017. the volume of deals slowly picks up. this is why i like a terminal. a lot of information. >> given you perspective of the bigger picture going on. affect.it the masa we have an hearing a lot about softbank and its ceo who is known for his bold this. it marks his best-known deals like his deals back in the day on alibaba. his nerve has catapulted softbank into a telecom giant. >> it got up to where he is today. he is on the list of every venture capitalist due to his hundred billion dollars vision fund. reshapingw he is startups. >> he is one of those classic rags to riches stories. , very humble japan

beginnings in a poor family. he is of korean heritage so when he was growing up he was bullied a lot. his family change their name to have a traditional japanese name. it ended up going to uc berkeley for college. when he went back to japan he changed his name back to his former korean name which was making a statement, yes he is an outsider but he can make this work. >> from there he eventually built softbank into a giant cell come -- telecom conglomerate. they have a mobile carrier usenet, a big stake in print, a ship making company, and he has always been known for making big bets and being opportunistic investor. before the dot-com bubble he had hundreds of investments. many of them ended up failing. fundthis $100 billion tech he is getting to do what he has always wanted to do. now he has a capital and the

team to do it. he is not any regular venture capital investor. he is trying to accelerate the next revolution of technology. whether or not you believe that, that is what he intends to do. >> dig into that. $100 billion is a lot money to play with. , to own thegoal next technology that will dominate the world? what is it specifically? >> what is fascinating is that it seems that a lot of capital. they have already deployed 65 billion dollars of that and they tried to invest at least $100 million and a can go up to tens of billions of dollars. weasked him this question, are wondering what the vision is behind the vision fund. he wants to invest in companies that are the top leaders in their industry, using cutting-edge technology

including artificial intelligence. the bigger picture is to make the world a better place, accelerate happiness, accelerate this data revolution. he believes the world is at an inflection point where it his investment can push that forward. he talks about this thing called the cluster of number one in terms of creating this family of companies that are all the .eading one in their category by being in this group together they can accelerate and drive growth off of each other. >> the era of the microbubble is here. we're goingbubbles to win how it is different. weighs in of ab inbev on the exploding industry, trade , and more. that is coming up. >> this is bloomberg businessweek. ♪

>> welcome back. can also listen to us on the radio on sirius xm channel , 106.1 in boston, 91 fm in washington dc. >> a.m. 960 in the bay area. also the bloomberg business app. and joen to finance weisenthal's reflection on the recent craze for putting money into cryptocurrency and cannabis stocks. he think it may be happening because playing the markets has become boring. >> he is a markets guru but so much more. he is always interesting. >> i think it is not an accident we are seeing these things. last year the crypto bubble, this year incredible moves in canada stocks. what i wrote about -- cannabis stocks.

i wrote about the underlying psychology behind both. they are very different as asset classes. they attract a lot of the same males, young, millennial aggressively trading these. they also have very similar stories. both sort of antiestablishment, rebellious ways to get back at the system. in this post crisis era where there is distrust in traditional institutions we obviously know that there has been a huge collapse in the trust of the government and banks and pharma companies and everything. they both expressed that urge in the same way. is interesting is, we constantly look at these assets, whether it is cryptocurrencies or cannabis, is it like the tech bubble? i argue that in a profound way it is very different. anyone who are members the 90's, there was a punto of boundless -- period of boundless optimism.

it was beyond tech stocks. it was clean energy companies. everything was rallying. we know it is different these days than it was in the 90's. you do not feel it is a time of boundless optimism. butthe market is doing well we know it is not the same level. it is these things that are kind of countercultural. >> it is a funny environ or everyone is into tacit investing in index funds and the rise of etf's. you know if you individual assets that are catching everyone's attention. >> it is really microbubbles. seeing a huge bubble most people we talked to don't think there is some huge bubble right now. stocks are a little expensive but it does not feel like -- you do see these many bubbles.

waves -- chinese tech ipos all caught fire and go straight up. we see these rolling ideas. >> i know that probably within the bloomberg the viewer, you are in the middle of covering that and figuring out all of the different angles. as you look back over the past 12 months, what were the key moments? >> if you go back to last year, what kills bubbles. it is a massive increase in supply. there is all this money coming in and there is a finite number of assets to invest in. you can say there's only so much but going that can be created. they can create more and more forks of bitcoin until the industry is so swamped there is not a bid for it. that really reached a fever pitch last december.

it is not to say that broke the bubble. this yearsting thing has been, if you would talk to optimists last year they would say there is a lot of institutional money coming in. a lot of that has happened. are a lot of institutions that set up crypto something or other and the money has not been there. see if somesting to of these things get pulled the plug on. there is this mismatch. the growing cannabis industry is just one industry we tackle this week. >> we were at the global industry forum. of abwe talked to the ceo inbev. we talked about cannabis but we started talking about the company's sustainability goals and where they are. committing to public commitments for quite some time

now. the last wave of commitments we had two years ago that we announced were for verticals, water, farming, energy, and packaging. -- water is a scarce resource. would like to be part of the solution with communities. it would be measured every year. on packaging, we would like to sell most of our beer around the world in returnable packages. when we can't we would like to sell in packages that are mostly manufactured out of recycled glass or metal. energy we have a commitment to buy 100% of electricity from renewable sources. in the u.s. we are at 50%. in mexico 100%. in countries like argentina, egypt, and china we are moving very fast. would like to be at 50% in the

next couple years of our whole of electricity. farming, because we buy barley around the world, we have a community of farmers we have been connecting through for the past 30 years. we have 30,000 farmers connecting to us. >> how does the current trade environment play into your ability to execute some of this and execute your business overall? >> we produce and sell our beers mostly in the countries as a domestic product. we source ingredients and manufacture and sell those back to the communities. we export and import a lot of beer. 90% of our business is done in one country than the other country. this trade conversation does not affect us. the fact does -- i can't let you go without

asking you about the world of cannabis. it has been dominating headlines in your business. it feels like over the past couple of months, what is the strategy there for ab inbev? >> we are very curious about the regulatory environment built around cannabis. there are a lot of unknowns. to assure us societal and business impact we are following those very closely. we are passionate about our beers and our flagship global brand budweiser. ahead, a huge week for deals with comcast giving up sky. >> investors don't seem so happy with the price they pay. >> this is bloomberg businessweek. ♪

>> welcome black to bloomberg businessweek. >> still ahead, there will be winners and losers. when the u.s. and china put their tariffs into effect, brace yourself. >> jet setting russian oligarch roman a barometer which has a lot to lose -- roman abramovic has a lot to lose. >> let's bring in joel webber

with his favorite issues. we kick off the week with the u.s. and china putting tariffs on one another. trade is front and center. >> we thought it was a great moment to pull back and say, how did we get here? this incredible story you just heard about about an aluminum company that no one has ever heard of getting its way and behindhe driving force the aluminum aspect of trump's tariff policies. how are these tariffs going to play through? >> that is in the economic section. we hit that in multiple places this week. whatcon section looks at might be called an optimal tariff and we conclude this isn't it. consumers are the ones bearing the brunt of this. like trump said, it is putting it on other countries, that is

not true. all of those costs carry through to consumers. steel being one, consumer goods like washing machines go up, aluminum has gone down so far. interesting stuff. >> you have bought it down to plain speak. we are to watch prices,. those prices are going to be passed on to consumers. the only way around that is places like harley that will move plants overseas. >> a busy week. other aspects of the tariff that is so interesting is we looked at the politics section. ,he u.s. treasury department despite this tariff talk, is not enforcing the rules or collecting money. it has come way down to a fraction of what it was under the obama administration.

>> i'm picking about sanctions. they are promising them but whether they carry them out. a lot of m&a activity. we saw that auction for sky tv, comcast paying a big price. billion which is a lot more than analysts were expecting that deal to be. this is a big bet on brian roberts, the ceo of comcast who outfoxed box and disney. fox to getacquired sky. and drove up the price minutes of eba that bob iger and company lost out on sky. putting comcast in an interesting position. loading the company up with debt at a time where people look at cable companies and say, aren't people cutting cords? >> there's only one thing i love more than deals, media moguls. >> all coming together.

>> joel, thank you so much. winner cannot the big and a bidding war with disney over british broadcaster sky. they won the battle with a $39 billion offer in a rare saturday three round auction in london. >> kept us busy over that weekend. investors do not seem to be celebrating. behind the battle lines is our reporter. tolde head of comcast has the story, he was in london in a cab and talking to the cab driver. the cab driver is going into details of sky versus version and what service is at her -- versus version and what service is better. he is thinking, if my cab driver cares this much about how he gets his pay-tv there is something there. he attributes that to the source of his interest. he has been keeping his eye on , this is the culmination of a multiyear process.

>> what does it give him, he paid a lot of money? >> he paid a lot of money and investors are not excited about it. his stock took a major hit the first trading day. comcast will have upwards of $100 billion of that when this tries to get done. the time when all pay-tv in the universe, this whole idea of having a big until of channels has come under a lot of pressure. roberts and comcast, this is the culmination of a process that goes back decades. brian roberts inherited this company from his father. it's roots are in the most provincial american media sense, running wires out to small towns. that could not get broadcast tv. when brian roberts took over in the 90's the industry was already shifting. a hard timehad

shaking the reputation of being this small-town second-tier company. a couple of years ago reed hastings said comcast is original cable company. brian roberts took great offense to -- is a regional cable company. brian roberts took great offense to this. buying sky gives comcast this transatlantic global clout he always wanted. that is sohe things fascinating to me about all this is you have rupert murdoch, bob iger, and brian roberts. .ll kind of mixing it up the past few months culminating in this deal. how does roberts, as an executive and a tycoon of sorts of media, come out in all of this? >> in some ways he has risen up on the stage. rupert murdoch for decades has been the globetrotting media mogul around the world and is now bowing out a little bit and selling assets to disney.

this is a chance for brian roberts of comcast to step up and claim that mental along with disney. for brian roberts, he tried to buy disney. that did not work out. he came in and tried to buy fox ss. this is a victory. he finally wins one of those deals. at the same time they are paying a huge amount of money for this. >> sanctions only work if they are in force. why the treasury's tough talk is falling short. >> who pays for the tariffs? president trump says it is china but consumers made bear the brunt of most of it. >> this is bloomberg. ♪

>> welcome back. foroin us every day bloomberg businessweek from 2:00 to 5:00 wall street time. >> you can find us online and on

our mobile app. >> since president trump took office sanctions have become the economic weapon of choice at least we. from iran to russia. >> with 2018 three quarters gone a crucial element is missing. the enforcement. >> the u.s. has put in place several new sanctions in the last year and a half. the actual enforcement of those sanctions is on the decline. goes afterry companies and entities for violating the sanctions orders they put in place, the enforcement has been getting less and less to the point where this year, currently, three quarters gone they have done just one case this year. --compared with historically they often do dozens or sometimes hundreds of cases a year. >> actions have consequences only if there is enforcement. that is the point.

this all has to do with his office i have never heard of, part of the treasury department. the office of foreign asset control. tell me why you guys are reporting the story. >> this is a big issue for banks and companies. especially now that with the trump administration we are at where sanctions are being used heavily as a tool for foreign policy and a lot of tension on businesses that for a while it was ok to do business with iran, as of next month it is no longer ok again. russia, companies and banks all over the world have always of when ithis dance is ok to do business with certain parts of the world. we are at a time right now for that is getting more complicated. is treasury department

saying you can or cannot do it or this is what you can and cannot do. >> how much does this tell us about the way treasury writ large operates? what is plaguing it operationally? >> that is a tough question. ofac is a black box. they don't say a lot about how they do what they do. you have to read to leaves and infer a lot. the data is clear. enforcement is going down. the reason why is less clear. >> get into that. what i love about the reporting is you talk to people who have either worked within this unit of the treasury department and were in the know. what do they say is happening? is it too many cases or too many targets been gone after with sanctions? >> there is some sentiment that as treasury has rolled out all of these new programs that the

intention of leaders, there is only so much bandwidth. the intention of leadership at treasury has been so focused on implementing and creating these new sanctions programs. in addition to all the other stuff treasury does. part of their job including fiscal policy. -- the enforcement cases are done by a particular unit. by a certain point they need the attention of the counsel's office and ofac and the director and more senior leadership. there is some sentiment that there is not enough capacity right now to be getting these cases. >> staying with politics. let's talk about trump's trade war. the president arguing foreign producers will swallow the cost of tariffs to preserve u.s. market share. opponents are arguing that american consumers will pay the price. we asked, who is right. >> the answer hinges on who has

power in the market. >> some of the tariffs just started this past week. it will be a while before we feel the effect. the u.s. did the smart thing. if you're going to do a tariff, try to put it on those things for which you might be able to push it off on the supplier. bank had a fascinating chart that said, in the first round, very few of the products were ones -- on china, very few of the first 50 billion, only one billion were products for which china was the majority supplier. >> meaning that the u.s. could go elsewhere? >> and buy from someone else, yes. in that circumstance you may want to put us off -- push off the price of tariffs on china. the next round was almost 200 billion, the new ones. our products for

which china is the majority supplier. that gives china more market power. >> if we put tariffs on everything else, which trump has threatened to do, it would be something like 80% of those product lines are ones for which china is a majority supplier. it gets worse and worse. >> it gets worse for the consumer is your argument? >> yes. >> because there's only one place to go. >> is higher prices, someone has to pick it up. >> you play it down and go into different companies but you also talk about the unintended consequence that could happen in -- thoughtultimately this was an interesting angle. >> it is the law of unintended consequences.

you're trying to punish china and it all goes back to come we are afraid china will build up his major challenge in 2025. the u.s. says it will put , itffs on so many products is the final assembly that is doing in china. most of the value added come from japan, korea, the u.s.. the tariff goes on the entire value, not just the value added. we are getting killed because of this. we should just move this to malaysia or whatever and focus on doing stuff for they are adding more value. economic a strong incentive to move out of the low value-added assembly work. the tariffs are fallen so heavily on those things. we are starting to hear from ceos and cfos on how this is playing through. home depot being one example.

tell us about them. >> one of my colleagues spoke to the cfo of home depot and she told him that, if they are constantly re-fielding efforts of their suppliers to raise prices to home depot and they -- they said,ack if this company got a tariff put on it it is hard to say no. hikesill accept price from suppliers to home depot. the next question is, what does home depot do? do they pass it along to their customers and sometimes yes, sometimes no. >> being a russian oligarch in london is not what it used to be. ic is layingramov low. >> legendary chefs reveal how they stumbled upon their

signature dishes. >> this is bloomberg businessweek.

>> welcome back to bloomberg businessweek. us on the listen to radio on sirius xm channel 119 in new york and 99.1 and washington, d.c.. dab digital and the bloomberg business app. >> in the features section, roman abramovic is the most influential russian tycoon in britain. >> he transformed english soccer when he brought the near bankrupt chelsea football company a few years ago and turned it into one of the most powerful brands. >> why don't you see him in any games. here is stephanie baker in london.

>> he is perhaps the most prominent russian billionaire with investments in london. this spring he had trouble renewing his visa, despite invested in the u.k. for 15 years since 2003. he bought chelsea and has poured more than one billion pounds into the team and in the process changed the nature of english football. an armsof setting off race for the top players and top coaches. other football teams followed his lead. investmentize of his in the u.k. it was quite a surprise that the british government did not renew his visa. most people think it was to do with the growing cold war 2.0 that has been brewing between london and moscow in the wake of the march poisoning of a former russian spy.

and it -- in a small english town. spy was found on a bench frothing at the mouth. he had been poisoned. the british government concluded that it was an attack orchestrated by the russian gru.ary intelligence, the hit back ated to the kremlin, expelling 23 diplomats, boycotting a world cup in russia, and slow walking most russian these applications including its most prominent russian billionaire with a base in london. >> what is interesting is that he loves the chelsea football team. now he is starting to hedge his bets with his investments. he has put it up potentially for sale, correct? >> as we understand from our reporting this is not something he wants to do. he is invested in it.

it is not just a billionaire's toy. he is assessed with football and follows -- obsessed with football and follows all the matches. he wants a big price tag attached to it. people said he wants 3 billion pounds for it which would be a record for a professional sports team acquisition. whether or not he can find an , whether or not he might lower his price to protect himself remains to be seen. >> it is all about food this week. it is the food issue. in food, life, and fashion there are no new ideas. >> top chefs from around the world confess the dishes they wish they created.

like the molten chocolate cake. >> they also reveal have a secretly reinvested in their own restaurants. here's our food editor on the new original. >> it was a huge time for food in america. likeurants in big cities new york and los angeles and san francisco were starting to discover their own voice in an exciting way. >> wolfgang puck was at the forefront of that. i love this whole section. it talks about the reinvention of some classics. how hishe story of salmon pizza came. describe a pizza in a million different ways. though,the day it was tomato sauce, and mozzarella. that was really what it was. wolfgang puck, an austrian born chef who is now huge and also angeles, but he wasn't up in him -- up-and-coming cook in the 80's. yet a celebrity clientele.

joan collins walked into his new restaurant one night and asked for smoke seven and brioche and he did not have brioche but he had pizza dough. silly but some creme fraiche and smoke salmon on the pizza dough and it changed everything. >> tell us the inspiration for this entire package? >> it is the new originals. it is a good time to look back at american cooking. it is in so many places now. there is no place on earth whose food we haven't explored at this point. couple decades ago it was really -- it ruled our culinary scene which was ruled by tradition, special europe and france. if you went to a fancy restaurant in new york it was going to be french. if someone was enterprising they would walk into a sushi restaurant. that is not really went for a fancy meal or a business meal, you went to a steakhouse or if you went fancy you would be french. >> what happened with chefs?

did they just start playing? >> they got inspired by these people who are master chefs now. not everybody remembers them. there is a funny story in this. one of the iconic desserts is the molten chocolate cake. created by accident. he was baking hundreds of cakes for someone's birthday and forgot the calendar the oven. he sent it out to the dining room and realized his mistake. he was going to fall on his sword. he got called into the dining room and was like oh i am fired. he walked in and there was a standing ovation. they were like fantastic, this cake that was supposed to be solid in the middle had this really delicious chocolatey center and now you can find it at applebee's. >> it is practically a cliche. >> it is a cliche. sercserpico --

people think applebee's invented the cake. they have no idea that john george did. >> bloomberg businessweek is available on newsstands now. >> also available online. >> the remarks in the u.s. edition talk about, we have the movement and taking a look at sexual allegations between men and women. the question is, why don't women report right away? it is because there are consequences. that is why they have kept it quiet. they took a deep dive into it. it gets very topical with everything going on in washington. jenna did an amazing job of telling the story to us, the numbers underneath it. it gives some weight to the emotional toll. very powerful. >> what is your -- i know you have another story you like. >> joe weisenthal, it is a treat to talk to him every day.

i love the way his mind works and the connections he makes .coms, ,coms,. -- crypto, and cannabis. more bloomberg television starts now. ♪

♪ >> mega media mergers, comcast and fox in a $39 billion battle for sky. what regulatory hurdles remain. the world's biggest asset managers are bidding from a break from eu policy. ants scott scandal as investigations into the danish bank get -- get underway. how to go to the subject of one of europe's biggest cases of money laundering. welcome to bloomberg markets rules and returns.