♪ >> welcome to "bloomberg businessweek." >> we are joining your from bloomberg headquarters here in new york. >> this week, the ceo of lloyd's of london response to our investigation into how women are treated inside the firm. >> details of how the company aims to stamp out sexual harassment. >> plus, how microsoft plans to beat google and apple an. >> and a of unicorns on the

cover about to go public. unicorns, we are talking about startups valued at $1 million or more. >> check out this chart that shows the total value of ipo issuance for stocks listed in the united states. what a peek we are about to hit. >> we are talking about unicorns like uber, interest, so many different ipos, we are near the highest, record levels for ipo's. michael regan writes about this, and says it could be a signal that the bull market is ending. >> the fed surprised people by basically in their projections for rate increases for the rest of the year, they are basically projecting no more rate increases. people think the fed knows something we don't know, something that is coming. not too long after that, the three-month, 10 year yield curve inverted.

basically that is when rates on three-month treasury is are higher than rates on ten-year treasuries, which without getting into all the bond market maps -- it's a worrisome sign. >> it is not the way it is supposed to be, right? >> right. you are supposed to get compensated for taking on the longer period of risk. if you are investing in a bond that mature is in 10 years, the idea is you get paid more. when those yields come down it means people are buying them heavily, and the thinking is that people are worried about the near-term, about either recession or the deflationary environment, something that will drive bond prices higher in yields lower. they are willing to get out of riskier assets in the pile into that longer on. --and you know this so well is the equity market right or does the bond market know

something? >> the eternal struggle, who know something and he was right? the cover in the story really discusses these unicorns, all the big startups that are finally, after years of anticipation, coming to the public market. uber, that will be the big ipo of the year. but there's a bunch of others, obviously. airbnb is expected. the list goes on and on. i'm sure everyone knows -- >> interest all of a sudden came out, you mentioned airbnb, post made, slack. we talked about it in 2018, this could be a big year for ipo's. >> and it is. and the projections are written in pencil and being erased and revised, to a point that renaissance capital is a firm

that specializes in ipo research, and they have an etf that tracks ipos. maybe $100 billion in ipos this year, which would put it -- it is not a record, but close to a record pace. that much issuance of new stock makes people nervous for a variety of reasons, one of them being -- everyone knows something we don't know. >> why is everybody running to go public? >> right, right. and there's often a lot of conspiracy theory, for lack of a better word, that sleeps through the market. there must be whispering in the ears, this is it, this is the time to sell, because the market is looking like it is getting top-heavy. as the bond yields in version shows, there could be a recession sometime in the not-too-distant future, the stock market rally has gone on for a decade, it is the longest we have seen, depending on how

you measure it. the economic expansion is almost unprecedented at this point. everyone will tell you, well, bull market, economic expansion, they don't die of old age -- >> if i had a nickel for every time. >> right. but it still makes you wonder. so obvious companies picking this moment in time to tap into the public stock market is making people nervous. ♪ >> and speaking of unicorns going public, later in the program, we will hear from an investor in uber and airbnb, the ceo of general atlantic. >> looking forward to that. the american who may have a big influence, and how much we make it to see of robert mueller's report. >> plus, the apps that helped elect alexandria will cost you court is. >> this is "bloomberg businessweek." ♪

♪ >> welcome back to "bloomberg businessweek." >> join carol and i for for "bloomberg businessweek" every day, and check up on our daily show by subscribing to our podcast. >> and of course you can find us online at businessweek.com and on our mobile. in the politics session, william barr meets to decide how much of robert mueller's report to release. >> president trump may have a big say.

here is julian goodman. >> trumpism a really interesting position, on the one hand he was the subject of a 22 month investigation but now he's the only one who gets to decide what parts of that are in are not covered by executive privilege. he got up in front of reporters on monday and said he doesn't care as long as the attorney general is ok, but there are plenty of reasons why even beyond anything in particular he is worried about having been set or discovered, they wouldn't want some of those things to come out. jay sekulow was also talking to reporters about how, if they released his interview questions, that would set a difficult president for future presidents. >> as you say, trump ultimately decides -- do you have a sense of where justice is leaning? you have an interesting cast of characters, the attorney general who was appointed after he

dismissed jeff sessions, who the president made his displeasure well-known, rod rosenstein who is hanging around for a certain amount of time, ultimately the president is the decider but what sort of advice do you think he is going to be getting? lawyer, theywn probably would not want that much of what they provided to come out as far as from a justice standpoint. part of the job is to make sure that executive privilege is protected. has saidher hand, barr repeatedly that he wants to make as much of the report public as possible, of course that "as possible" is a big, effective if, because there are plenty of things he won't be able to disclose because of regulations covering secrecy around grand jury proceedings.

--has been vocal about people are calling on him to release the full report, or at least a redacted version, he says he does not intend to do that. it has been hard to pin down barr on what we can expect. >> one of the interesting elements around attorney general barr is this notion that he wrote this long memo about what he's not of this investigation, specifically around the question of obstruction of justice, so we know a little bit about what his thinking was before. is there any sense that says changed, or could that be called into account by folks on the other end up on capitol hill as to what he should and shouldn't do? >> that memo was going to make it a lot harder for him to appease democrats on this question. he hasn't said anything other than what was in his sunday

memo, but he will be coming before some house members and appropriations subcommittee on april 9 for a previously scheduled hearing about his departmental budget. justhearing is likely not about his budget, he's likely to get questions about what if anything congress will be able to see. sense of you have any what the timing is when some larger group of people will see some larger version of this report? at this point, we should remind very few people have seen the whole enchilada. >> exactly. barr has said he intends to take weeks, not months, to complete his review of the report, to see what he could potentially release. whether he decides to release that to congress or congress decides to release it to the public -- all of those questions are still out there. >> and online at

businessweek.com, the organizing app that helped elect alexandra ocasio cortez. andhe app is called reach, offers a new way for canvassing supporters, about to go mainstream. >> josh green has the story. >> reach is a new piece of political tech, and organizing app that evolved organically from alexandra ocasio cortez's campaign. in the political world, the most interesting thing about aoc, as she is known, was that her campaign was a marvel of grassroots organizing. nobody had ever heard of our, no one imagined a socialist could knock off a longtime incumbent democrat who was probably going to be the next speaker of the shee, and out of nowhere, organized the fourth district in queens in the bronx, essentially taking that seat away from joe crowley. one of the ways she did that was a couple volunteers on her

campaign built a mobile organizing at to go out and get a registered, young socialist who areclass minorities so plentiful in her district in were the key to her victory. now they are taking that tack and have started a company called reach, that will make this available more broadly. >> take a step back. i'm curious what these guys were thinking. what was it that wasn't working about grassroots campaigning today that they knew they needed something different to make it more effective? >> right. anybody who comes from the tech world from the world of politics -- the first thing they think is this is completely antiquated and makes no sense. the two people that started the realized that this isn't a very smart way of doing things, especially not as a way of reaching the kind of people aoc wanted to reach, people who

were outside the political system, who may not have voted in the last election but could be turned on to this exciting, charismatic new candidate. they took the voter list and uploaded to an app, in that allowed them to go to the places where her potential voters actually congregated, places like bars and coffee shops and farmers markets in subway platforms, and lo and behold when primary day came around she had the votes to knock off the incumbent in what was undoubtedly the biggest upset of the 2018 cycle. >> was it just a case of finding more people, loading up more people into the voter base? what was it that really made the difference? >> what made the difference is that essentially politics as it was being was baseduntil 2018 on the lifestyle that people don't live anymore. knocking on your door and trying to catch you at home and call you on your landline phone and

hoping you will talk to a stranger. who picks up their phone anymore? a lot of people don't even have a landline. but this did was take the process of canvassing and modernize it for the new era, especially to match the lifestyles of the people in that district. democrats traditionally relied on young people in minorities, very important components of their electorate. barack obama was able to mobilize these people but hillary clinton wasn't, because these groups of people are difficult to reach. -- not justhings democratic socialists but mainstream democrats excited and interested in the technology is that they managed to reach and activate the voters, voters that every candidate would like to be able to reach. >> coming up next, the loophole etf depend on. >> and a couple investing titans

. >> this is bloomberg. ♪

♪ >> welcome back to "bloomberg businessweek." >> you can also listen to us on the radio on sirius xm channel 99.1 fm ina 11.30, washington -- >> a.m. 960 in the bay area, on dab digital and through the bloomberg business and. how banks are helping etf's. >> it's a fascinating story on the short-term trades, called heartbeats. you can see how these traits have spikes recently. >> it is a massive jump up. >> i will let rachel evans explain. >> in september we saw this enormous inflow of cash into a

technology fund, followed by an outflow. this is something we had been watching for for a while. we heard about this big index rebalancing that was going to take place in september, as it got reject. we were looking to for this and when we saw the inflow it was really large, more than 3 billion, and it got us thinking about what these traits are all about. we have seen these traits in the past that typically happen with an index rebalancing, the etf getting rid of the stocks it no longer needs. >> a normal part of market activity. >> of very large trade. this is the thing that zach picked up on. there's a totally innocent is this is, which

how the fund needs to get rid of a few socks, but there is actually not what's really going on. if they wanted to do that they would just wait until markets closed and they could sell the stocks that needed to leave and by the new ones. but instead, two days ahead of time, they are having a bank put new stock into the fund, become a big investor in the fund, 14% of the fund increases in size, and the stock that the bank is putting in includes the stock they need to get rid of, so why would they be doing that? it just seems kind of illogical on its face. >> why would they be doing that? >> because if they sell the stock, or swap it with an investment bank -- this is like facebook stock they need to get rid of that has appreciated, a big, built-in gain -- if they sell it, they have to report that gain to the irs, and their

investors have to pay tax on it. but if an investor in the fund wants to withdraw from the fund, and they give that stock away to the investor as compensation for them leaving, there is no tax due. in and bea bank come an investor for 48 hours, and that's enough to make the tax bill disappear. >> and it is legal. >> is a quark of how etf's are structured, they have in creation and redemption which means the way they work when the fund expands that someone delivers a portfolio, they get shares back in return, and the money swells. if they want to take their money out of the fund they get the etf shares and get a bunch of stocks back. whatught was interesting, this means from a tax perspective. it is very much a de facto way

the fund works, but the tech side was interesting. >> let's go back to the tax side. it goes back to a tax law change in 1969. take us back. what happened? before the world of etf's. >> 24 years before the first etf even existed. back then the only thing congress was talking about was mutual funds because they were the only kinds of funds that were regulated by this part of the tax law. congress was cracking down on tax dodging among insurance companies and in order to do that they said -- insurance companies in the 60's, a big bull market, they had all these investments that had gone way up and so they said rather than pay tax on those stocks we will just do share buybacks and instead of cash we will give you appreciated stocks. you don't have to pay tax and neither do we. congress got wind of that and said that's a legal now.

but we will exempt mutual fund companies for reasons they never really explained. that didn't matter much because mutual fund companies don't really do that, they never have. >> mutual fund companies are different from etf's, in terms of how they work, which is why they wouldn't take advantage. >> of a generally directly with retail investors, and investor opens an account and when they close that they want cash, they don't want a basket, and so mutual funds don't really use this loophole very often of withdrawing investors, this pile of securities. >> when i read this, i was thinking about the coordination that is necessary to get the bank that buys into the fund a few days ahead of when the selling his plan. so tell me about that coordination. >> the understanding that we have is that a few days before

the balance, before the stocks leave the fund, the etf manager picks up the phone and calls a few different banks. >> who do they call? >> goldman sachs, bank of america merrill lynch, credit suisse. these things are what we call authorized participants. this gives them a special, privileged role within the ecosystem. it means they are the only people that will create and redeem etf shares. given that the etf manager needs to have this coming in, wash out all of their taxes, they call of these authorized banks in say, a, we have this big index, would you guys mind doing us a favor? look into the economics and ultimately make a decision based on the relationship they have. >> they get a lot of fees, it's really about the relationship. >> the trophies. by law they can't get paid a commission by the etf manager

for the service they are providing, which costs them the cost of their capital to be tied up, $3 billion for two days, the cost that it takes to hedge, in the bank is not going to take any risk. they do want to be exposed to the market. they will hedge their exposure 100%. --they are incurring these small but nonzero costs of doing these transactions. >> because? >> it's the relationship. if you are a bank and you are doing business with blackrock or vanguard, you want to continue to do business, and you don't want them going to another bank. >> taylor has another look at these heartbeat trades, and it is obvious when you see them. >> it is. let me show you one, this is the technology select fund. one of the etf's we are hearing about in this story last september, somehow they got a

in, or an investor to come 3.6 billion dollars to avoid taxes on capital gains, just to see them withdraw two days later. the index fund is about to that, youtting to do can avoid the capital gains tax after their shares more than doubled. >> you can see why it has been standing out. >> fascinating. thank you so much. how lloyd's of london plans to curb its culture and an sexual harassment at the firm. >> the ceo responds to our report. ♪ want more from your entertainment experience?

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jason: welcome back to "bloomberg businessweek." ahead, the very difficult task of beating microsoft when it comes to video games. jason: and how this heavyweight is moving to improve diversity. carol: we speak with the ceo of lloyd's of london. last week, we reported testimonies from women in the

insurance industry of a deep-seated culture of sexual misconduct at lloyds. since introduced measures to stamp out sexual misconduct. carol: we sat down for an exclusive interview. >> in october, i was very on it to take the position and this is not the lloyds i wanted to be part of their and not the lloyd's that many of my colleagues feel they want to be part of either. whether these instances he reported a 10 days or 10 years ago, it is just simply not acceptable. it is simply not acceptable that any woman should not feel safe. so running through the actions we announced, one of them is very important to understand through an independent cultural survey what we are doing well but what more we can do. what i am clear on is that whatever we say, we are not doing enough to got to ensure that everybody, a woman or man, should feel safe at any time of day.

i am determined that will be the case. how can you convince people that they will feel safe out of the building. it is one thing to police behavior while at work, a lot of the instances we reported did not happen within the building itself. >> and you are right, of course. what we are being clear on is that we will impose our own sanctions. whatever one our constituents wants to do, if anyone is found to be appropriate, they will be incredibly decisive. i think we are being as clear as we can that we will not accept any form of bad behavior. that thisic might say is a form of crisis management or even say closing the door will you really be able to bring about an overhaul of culture that your predecessor with all of her work on diversity did not

manage in five years. >> i think she did a fantastic job in bringing the marketplace forward. i think the inclusion pledge and changes in the market have been incredibly significant. >> everyone i have spoken to has been shattered by the article, so i have no doubt that everyone wants to redouble efforts to ensure these events cannot occur. thing to regulate behavior, quite another to regulate thought. what would you be doing to change the kind of attitudes that lead to sexual misconduct. . >> firstly, we are doing mandatory training and so that they can really understand of lookout for actions they think are inappropriate undertaken by others. how do they intervene in a situation where someone is feeling uncomfortable? isyou like that experience able to step into a situation.

to understand what is working well and ensure those lessons are learned by everyone across our business. sort of response have you gotten when talking with industry executives? what encourage me was that none of the participants in our marketplace, and lets her member there are almost 100 companies, every single one of those entities has lined up. i think everyone felt very, very disappointed and determined to stand behind the actions. spoke to 18 women with something like 300 years of combined experience between them. women,ey spoke to these they said some of them have gone to the hr department actually been persuaded to stay silent. to the hr systems actually need to change? and have seen our system,

we take any form of complaint incredibly seriously. but i heard that, and one of the things we said we would do is set up an independently managed and confidential altai access that anyone can go to if they feel they have got a complaint. at the very least, that can give them advice, or even more strongly, a process where the complaint can be heard your it can't be right that people feel that way. next, we hear about why this firm started its own internal investigation amidst the college admissions scandal. carol: and what the workplaces like for transgender american. -- americans. jason: this is "bloomberg businessweek." ♪

jason: welcome back to

"bloomberg businessweek." join us for bloomberg businessweek everyday on the radio. you can catch up on our daily show or podcast on itunes, soundcloud, or bloomberg.com. jason: and find us online and through our mobile and. -- app. business leaders gathered here in new york for the business equality summit. --on: that is where i saw sat down with an executive officer, where we talked about the recent college admissions scandal. >> a couple of weeks ago, when this news first broke, it was pretty shocking. this is something that we had no knowledge of, or no idea this was happening. anytime something like this happened, it takes her brush away for a minute -- takes your breath away for a minute.

we reacted as you described, try to be focused. one of the things we thought was important to do was to make sure that we were communicating. so we went out to all of our stakeholders, and by the way, that is both externally in terms of investors and also internally. this is obviously a very important thing internally as well. our investors, overall, number one are very supportive. they obviously understood the context that unfortunately bill was engaged in the scheme on a personal basis. so our investors number one were very supportive and our investors understand what we're trying to accomplish as a firm with respect to the franchise. also, our impact franchise, which obviously has a lot to do with why we are here today naturally, they have a lot of questions.

what we have committed to our investors is that we have undertaken an investigation internally to make sure that none of the things that bill was engaged in were in any way shape or form bleeding into the business. we know that to our investors. jason: help us understand this in the broader context of the aroundu are doing at tpg diversity and inclusion. this is something that you personally have taken on since you arrived. what moment are you at your work internally? the broader context of what i feel it is so ordered, and why we feel it is so important, is because it is not just a question, diversity is just one aspect. i like to view it in a much broader context. i think that in the world we live in today.

being a fiduciary and investing on behalf of the stakeholders, also having an organization that people feel they really want to be a part of, it is really important in my view that there is some expression of values, like what do you stand for as a company? what is important to you, what are you trying to accomplish? diversity is just one part. i like to start for from the perspective of what sort of values as an organization. just in the normal course of your investing activities, how do you think about what we are doing and why we are doing it. i like to think about the environment at the firm. i start with kind of inclusivity and it bleeds into the whole idea of diversity. are we at organization where people feel like they really want to be part of this living, breathing organism that is a

firm. i feel like when i got to the of in theere sort beginning stages of getting our hands around that aired i think that in the last couple of years in particular, this whole ,oncept of value orientation what you stand for, what you trying to accomplish, i think that has accelerated in a big way. in the equality issue, we spoke to transgender american's about the widespread discrimination they face of the work. -- in the workplace. jason: and the supreme court may soon decide whether or not they are entitled to protection. carol: i asked one of professional about her journey. >> it was hard for me growing up, being gender queer, especially in nebraska, in a rural environment, you know, where i was not really exposed to diversity. i was scolded and disciplined

for displaying feminine existcies and wanting to in an identity that was not normative. carol: how did you know you were day? -- gay? i was reading if people were asked you in fourth grade, and by that time, did you know this is who you were? >> i did not know. i'm actually writing a book right now, a memoir on my life. the memoir is titled i have always been me. so when i was in fourth grade, when people were asking me if i was gay, i did not know. people assigned an identity to me before i ever had a chance to figure out how it at -- how i identified on the inside. i was just being me, and that is a fact for thousands of queer kids in the world. they are just being who they authentically are. i liked playing with girls toys, like playing with barbies.

and i playing dress-up did not want to see a little boy. there was no education at that time surrounding gender identity or identifying as transgender or being gender nonconforming. so i just showed up in the world without definition. carol: that must have been hard for you. >> it was definitely a struggle. it wasefinitely bullied hard to be so strong in my withoutity in who i was having any kind of figured to identify it with. i was just being me. it was not until recent years that we started to have this mass societal conversation around gender and transgender identity. so it was a struggle until i

finally understood in college when i took an lgbt literature we have a great history of trans and nonconforming people who have been erased from the narrative history. i felt lousy discovering a great history that i was a part of. the magazine, we talked to nine individuals who spoke about their personal experiences. they talked about not getting support, and what could be better, whether it is health care or the medical process of transitioning government involvement, what could be better from your own experience? >> i think we need affirming health care. i think trans people deserve to have the right to have a service provider who understands their unique without disrespecting them. we need a basic rights in terms of equality with our government they deserve to serve in the military, they deserve to exist.

and to pursue whatever desire or dream that they have there is this onslaught from the trump administration against transgender people. is about recognizing our humanity and knoxville advising us and dehumanizing us. not villianizing us and dehumanizing us. showing that we are mothers, brothers, sisters, colleagues, and a multitude of things. that we are not just one thing, and i think it just starts with recognizing our humanity. not giving up on hq two and says new york needs a figure out a way to leeward amazon back. why microsoft may remain kings of video games. jason: this is "bloomberg businessweek."

carol: welcome back to "bloomberg businessweek." jason: you can also listen to us on the radio on sirius xm channel 119, and on a.m. 1130 in new york, 106.1 in boston, 99.1 f.m. in washington, d.c. carol: a.m. 960 in the bay area, london on dab digital, and through the bloomberg business app. bill ford is one of the biggest names in private equity. jason: and he joined me for an exclusive interview. we talked about the ipo market and trouble keeping amazon's hq to. -- hq 2. >> 2019 is going to the most exciting ipo year since 2012. a number of companies introducing investors to the sharing economy and the very large rideshare market.

on the enterprise software alle, it got talent tear, highly anticipated next-generation companies. you have to go all the way back to 2012 when facebook and public but also, we have a great crop of club software companies. setting up to be a great year. the other thing about the market that we have observed over the years is that when you have a very constructive equity market like we have had, combined with moderate volatility but the markets are not too hot, not too cold. it really creates the best conditions for a good ipo market and we have them now. i think it will be successful and it sets up nice conditions that the balance of the year. how much do you worry about valuations in this goldilocks market? >> private market valuations are

up and it makes our job challenging you have always had to pay full prices. that is not any different today than it is in the past. the key for us is discerning companies that can emerge as market leaders, and secondarily are serving large markets. when you get that right, history tells us he can get the best return. where you get into trouble is companies that are serving relatively small markets. jason: you are also involved in the partnership for new york you, a very active voice guys have been very involved, especially on the backend of that decision by amazon not to come to new york city. where we stand on that, is that still live? my partners and i have tried to turn around amazon's decision , staying engaged with the local community, our governor, as amazon to turn this around and thate worried the sense

sends a negative signal about doing business in new york. if you think about it, facebook has a campus, google has a campus, we have our share of leading companies in foursquare. momentum, and i think that getting amazon would have only distinguished new york as a leader in technology. also, media, given amazon's move into media. it would have been another catalyst for the development. around you can turn it and we still want to send a really strong signal to the global business community that new york wants them to operate here. jason: got to talk some hoops. brackets for a cause, and you are a past winner. you are in fifth place right now, in some good company. back in the day, i believe you

wrote unc all the way. this year, you have got duke. how have you -- how are you feeling? times of my favorite year, brackets for a cause is terrific. 54 contestants this year and it is a great feel. congratulations dwight anderson forgetting 16 of the sweet sixteen. hard to believe, our team got 15 out of 16 right and we are hanging on to fifth place. a super competitive field this year. we just think that the coach combined with probably the best college basketball player is hard to go against. we think they've got a good chance to win. carol: in the technology center, google and apple have each announced a video demonstrating service. bign: this shows just how that market is come and look at smartphones and tablets. $50 billion, dominating. carol: but have google and apple

told microsoft about their plan? who use x boxes, play stations, and expensive he sees to play these large, very expensive games take years and sometimes hundreds of millions to make. the technological change we are going through right now allows those expensive games streamed through the internet just like shows and tv on netflix, even know you are playing game, you won't need to have a consul or a pc. to jumpows tech giants into this industry and really disrupted. -- disrupt it. go back, whento people think about videogames, they think about what you are talking about. you got to buy the latest consul and what are you planning on, and when the next big game. that may not change, but like you say, is whole notion of hardware, that is radical. hardware consuls

for decades and it really became popular in north america in the 80's with nintendo coming out. sony quickly following with their playstation and in the early 2000's, microsoft shop their way in. before that whole 30 years, you everynew consul come out 4-5 years and costing between four and $500. but most people upgrade, some people love xbox. the way the industry has worked is that those companies have gone and gotten exclusive deals with games makers to bring you to the consul because he wants toplay halo or red invention -- red dead redemption 2. it shakes it all up. jason: how does it shake up the videogame makers? we talk about them every day, whether it is activision, blizzard, or e.a., or take you, for that matter. how does it change the equation? said, they are in

some cases bigger then move your releases. read dead redemption to kim out last year. --elieve it may $725 million made $725 million in its opening weekend, bigger than the most recent avengers. it takes hundreds of millions, and the of workers, weight of the economics of the industry have worked is that hoping people shell out 70 or $80 when the game actually comes forward. at this point, those games ,akers, the ones you mentioned they still have a lot of power, because they have the content. just like hbo has not gone away in the next six world, in fact maybe they've gotten stronger, if they have that premium content, they hold a lot of power. when the services were announced, google last week, they were announced without any

deals with those major game makers. there is no sense of whether or not they will actually be available. and of those giants want them to be available, they're going to have to pay up. carol: bloomberg businessweek is available on newsstands now. jason: what is your must-read? the cover story, all of these unicorns coming to market. we are in this time where we don't know whether to believe what the fed is saying, what the bond markets are saying, credit markets, trying to figure it out. jason: that certainly came up in my conversation. interesting and obvious what he is so focused and what it means for the overall market. love video say, i games. we talked about so much, catch up on what is going on with ea two, butto -- take this is going to change everything. carol: in fact, you can find

more stories on businessweek.com over the weekend. jason: and check out our podcast. carol: more bloomberg television starts right now. ♪ this isn't just any moving day.

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emily: i'm emily chang and that this is the best of bloomberg technology will bring you the interviews from this week in tech. up, lit officially have the markets in the biggest listing of the year so far. meets hollywood, after months if not years of speculation, the iphone maker unveils its trading plan a .tar-studded event