ata byhe t gig or get unlimited. and now get $250 back when you buy a new samsung galaxy. click, call, or visit a store today. carol: welcome to bloomberg businessweek. jason: we are joining you from bloomberg headquarters in new york. the ceo of lloyd's of london response to a bloomberg businessweek investigation into how women are treated in that firm. how thee tells us company plans to stamp out sexual harassment. carol: how microsoft plans to beat out netflix in video games.

we are talkingl: of a startups valued at a billion dollars or more. shows thes chart total values of ipo issuances in the united states. what a peak we are about to hit. unicorns likeol: uber and pinterest. we're hitting near record levels for ideas. thisel regan writes about and if it could be a signal that the bull market is ending. the fed surprised people buy in their projections for rate increases for the rest of the year they are projecting no more rate increases. people think the fed knows something we don't know. >> something bad, right? >> something that is coming. then not too long after that the three-month 10 year yield curve inverted.

i day that will live in infamy. that is when rates on aree-month treasury's higher than rates on 10 year treasuries. without getting into the bond market math it is a worrisome time. >> it's not the way it is supposed to be in terms of the yield curve, right? >> you should be compensated for taking on longer risk. if you invest in a bond that matures in 10 years the idea is that you get paid more. when the rate comes down the thinking is that people are worried about the near-term that recession, something is going to drive bond prices higher and yields lower. they are willing to get out of riskier assets and pile into that longer dated bond. >> you know this so well. we are like his every market

right or does the money market know something? >> the internal struggle of who knows and who is right. -- eternal struggle of who knows and who is right. the story discusses these unicorns. all the big startups that are years ofafter anticipation, coming to the public market. lyft being a good example and uber waiting in the wings. that will be the big gorilla idea of the year. there are a bunch of others. airbnb is expected. the list goes on. you can read the story for the list. >> pinterest all of a sudden came out. you mentioned airbnb, post mates, there are a slew of them. 2018 we said this could be a big year for ideas and we are seeing that happen. >> and it is. the projections are written in pencil and then being revised higher. to the point that renaissance capital is a firm that

specializes in ip oh research and they have an etf that tracks ipos, they are thinking maybe -- inllion ipos this year ipos this year. of new stockuance makes people nervous for a variety of reasons. one of them being they know something we don't know. >> likewise everyone running to go public? -- why is everyone running to go public? >> there is a conspiracy theory that sweeps through the market that, bankers musty be whispering in their years and this is it. this is the time -- must be whispering in their ears and this is it. as the bonfield inversion shows there could be a recession sometime in the not-too-distant future. this stock market rally has gone

on for a decade. the longest we have seen depending how you measure it. the economic expansion is almost unprecedented at this point. everyone will tell you the bull market is economic expansion so they don't die of old age. >> if i had a nickel for every time. >> it still makes you wonder on anything going on for this long. all these companies picking this moment in time to tap into the public stock market is making people nervous. jason: speaking of unicorns going public we will hear from an investor in uber and airbnb, the ceo of a private equity firm general atlantic. have a bign who may influence on how much we get to see on robert mueller's report. the same american the report is out. selectthe app that helps congresswoman alexandria ocasio-cortez. aoc. carol: this is bloomberg

businessweek. ♪

carol: welcome back, i am carol massar. jason: i am jason kelly. join us for bloomberg businessweek every day on the radio. catch up on our show by listening and subscribing to our podcast. atol: you can find us online businessweek.com and our mobile .pp attorney general william barr needs to decide how much of robert mueller's report to release. a quirk of his

investigation president trump may have a big say. an interesting position of because on one hand he is the subject of this investigation but now he is the only one who gets to decide what parts of what was provided to the investigators are and are not covered by executive privilege. he got in front of reporters on monday and said he doesn't care as long as the attorney general is ok let it all come out. whye are plenty of reasons even beyond anything in particular he is worried about having been said or discovered they would not want some of those things to come out. jay sekulow was talking to reporters about how if they released his interview questions that would set a difficult cedent for future presidents. >> trump ultimately decides. do you have a sense where justice is leaning? you have an interesting cast there. wasrney general barr

appointed by the president after he dismissed jeff sessions, the former attorney general. the president made his displeasure well-known. rod rosenstein is hanging around for a certain amount of time. the president is the decider but what sort of advice to you think he will get? >> from his own lawyers they obviously probably don't want much of what they provided to the investigators to come out. from the justice standpoint, part of the attorney general's job is to make sure executive privilege is protected. has saidher hand barr repeatedly he wants to make as much of the report public as possible. a bigs possible is effective if in the scenario because there are plenty of things he won't be able to disclose because of regulations covering secrecy around grand

jury proceedings and other ongoing investigations. he has been vocal about people calling for him to release the full report or at least a redacted version of the full report. he says he does not intend to do that. it has been hard to pin down barr on what we can expect from the justice department. interesting element around attorney general barr is this notion that he wrote this long about what he essentially thought of the investigation and specifically around the question of obstruction of justice. we know a little bit of what his thinking was before. is there any sense that has changed? called toay he be account by other folks on the other end of capitol hill on what he should and should not do? that memo will make it harder for him to appease democrats on this question. he has not said anything other than what is in his sunday memo

but he will be coming before some house members on appropriations subcommittee on april 9 for a previously scheduled hearing about his departmental budget. hearing is likely not going to be just about his budget. it is likely to get questions about what if anything congress will be able to see. we should know more at that point hopefully. >> do you have any sense of what the timing is when some larger group of people will see some larger version of this report? , veryuld remind people few people have seen the whole enchilada. >> exactly. barr says he intends to take weeks not months to conclude his report on what he could release. whether he decides that to released to congress or congress decides -- whether he decides to release that to the public or

congress decides to release that to the public, those questions are out there. carol: the organizing at that helped elect the new york freshman congresswoman aoc. >> it is called reach and offers a new ways or campaign to canvass supporters and it is about to go mainstream. carol: josh green has the story. >> reach is a new piece of political tech. an organizing app that evolved organically from alexandria ocasio-capo ted's -- ocasio-capo her campaign was a marvel of grassroots organizing. no one had heard of her and no one believed a socialist could knock off a long time democrat who is probably going to be the next speaker of the house. she organized the fourth district in the queens in the and tookand the bronx that seat away from joe crowley, the incumbent. she did that with a couple

volunteers on her campaign building a mobile organizing application to go out and get registered young socialists, who areclass minorities so plentiful in her district that were the key to her victory. techhey are taking that and they started a company called reach that will make this available more broadly to democratic campaigns. carol: take a step back. i'm curious what they were thinking. what was not working about grassroots campaigning that they knew they needed something different to make it more effective and productive? >> what is so interesting about political tech, anyone from the tech world into 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 this is not a smart way of doing things. in the way of reaching the kind of people aoc

wanted to reach. people outside of the political system who may not have voted in the last election but could be turned on to an exciting and charismatic new candidate. they took to the voter list and updated into an app that was searchable. that allowed them to go to the places where potential voters actually congregated. coffeelike bars and shops and farmers markets and subway platforms. came around she had the votes to knock off the incumbent in what was undoubtedly the biggest upset of the 2018 cycle. a case of it just finding more people and loading up more people into the voter base? what made the difference? josh: the mobility. until 2018 conducted was based on a lifestyle people do not live anymore. knocking on your door and trying to catch you at home and calling

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 have a landline. this took the process of canvassing and modernized it for a new era. especially to match the lifestyles of the people in that district. democrats traditionally rely on young people and minorities as two different important components of their electorate. barack obama was able to mobilize these people. hillary clinton was not because these two groups in particular are difficult to reach. democrats --t had not just democratic socialists -- but mainstream democrats interested in this technology is aoc's campaign managed to reach and activate these voters. these are voters every democratic candidate would like to be able to reach and win over. carol: the tech loophole etf's depend on. jason: a couple of investing

titans. general atlantic ceo bill fort. >> this is bloomberg businessweek. ♪

jason: welcome back. carol: you can listen to us on the radio on sirius xm channel 119 and on a.m. 11 30 in new york, 106.1 in boston, 99.1 in washington, d.c.. jason: in london on dab digital and through the bloomberg business app. how banks are helping etf's avoid big tax bills. carol: it is a interesting story about short-term trades. you can see how these traits have spiked recently. jason: a massive jump. carol: zack snyder and rachel evans explained. move this enormous inflow

of cash into daily fund followed by an app low of cash. as is something we have been watching for a wild. we heard about a big index thelancing in september as classification system for the s&p 500 got re-fixed. when we saw the inflow it was a large one, more than 3 billion coming in one day and going up the next. it got us thinking about what these kind of trades are all about. we have seen these trades in the past. it happens when you see an index rebalancing you see the etf's getting rid of the stock they no longer needs and into the stocks they want to own. >> a normal part of market activity. >> a very large trade. this is something zach picked up on. it looks -- there is a totally innocent explanation for which -- this is how the fund

needs to get rid of a few stocks and get some new stocks. this is not what was going on. if they wanted to do that they could wait until market closed on the day the index changed and they could sell the stocks that needed to leave and by the new ones or they can swap with an investor or banker or something. instead two days ahead of time they are having a bank put new stock into the fund and become an investor in the fund. 14% of the fund increases in size. the bank is putting in includes the stock they need to get rid of today's later. why would they do that? it seems illogical. >> so why would they do that? >> if they sell the stock or swap it with an investment bank, this is maybe facebook stock that they need to get rid of that has appreciated in value. it they have to

report that gain to the irs and their investors have to pay tax on it. it's an investor in the fund wants to withdraw from the fund and they give that stock away to the investor as compensation for due leaving there is no tax . they have a bank come in and be an investor for 48 hours and that is enough to make the tax bill disappear. >> and it is legal? >> it is a quirk of etf structure. they have the in kind creations and redemptions. that means the way they work when the fund expands inside is someone delivers a portfolio of swells.nd that money if they want to take the money out of a fund they go to the etf and get a bunch of stocks back. interesting was what this means from a tax perspective. it is a way to fund's work.

the tech side was interesting. >> let's go back to the tax side. it goes back to a change in 1969. before the world of etf's. >> 24 years before the first u.s. etf existed, back then the only thing congress was thinking about was mutual funds because they were the only funds regulated by this kind of tax law. congress was cracking down on tax dodging among insurance companies. to do that they said it -- insurance companies the 60's were a big bull market. they had all these investments that had gone way up. they said rather than pay taxes on those stocks to sell them we will do share buybacks and instead of cash will give you these appreciated stocks. you'll have to pay the tax and neither do we. congress got wind of that and said, no more, that is illegal now.

we're going to exempt mutual fund companies for reasons they never explained. mutual fund companies don't really do that, they never have. mutual funds trump's are different from etf's, right? this is why they would not take advantage of this. >> yes. they trade generally directly with retail investors. when they close that account they want cash. not a basket of 500 stocks. mutual funds don't really use this loophole very often of giving withdrawing investors this pile of securities rather than cash. washen i read this i thinking about the coordination that is necessary. to get the bank that buys into the fund a few days ahead of when the selling is planned. the understanding we have of

how these trades work is a few days before the index is due to rebalance or stocks have to leave the fund. tradingmanager or their desk or pick up a phone and call to different banks. >> who do they call? >> goldman sachs, merrill lynch. these credit banks are authorized participants. this gives them a privileged role within the etf ecosystem which means they are the only people who can create and redeem etf shares. given that the etf manager needs to have this big creation coming in so they can have a big creation going out to watch out back taxes they call up his authorized participants and say we have this big index rebalance coming up, would you mind doing us a favor? the bank will look at the economics for them and ultimately they will make a decision based on the relationship they have with the etf. carol: it is really about the relationship. >> they get zero fees. by law they can't get paid commission or fee 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 it takes to hedge because the bank is not going to take any risk. they don't want to be exposed to the markets of it will hedge exposure 100%. these smallurring but nonzero costs of doing these transactions. carol: because? >> because of the relationship. carol: future business in other walks of the financial community. >> if you are a bank and you are doing business you want to continue to do business with blackrock or vanguard. carol: taylor riggs has another look at these trades and their obvious when you see them. taylor: this is the technology select fund. we were hearing about in the story last september.

somehow they got a bank or investor to throw in $3.6 billion to avoid taxes on the capital gain just to see them withdraw today's later. on index was about to change facebook and alphabet so they were able to avoid the capital gains tax after the shares had more than doubled since being first put into the etf. >> you can see why stood out to reporters. taylor, thank you so much. jason: how lloyds of london plans to curb its boozy culture and end sexual-harassment at the firm. carol: they respond to a bloomberg businessweek report. ♪

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

of a deep-seated culture of sexual misconduct at lloyds. jason: the firm has unveiled measures to stamp out sexual misconduct. carol: the ceo sat down with bloomberg television. i was very honored to take on the position of chief executive of lloyd's of london. this is not the lloyds i want to be a part of. and not the lloyds many of my colleagues feel they want to be part of either. these instances you reported occurred 10 days ago or 10 years ago i don't care, it is simply not acceptable in this day and age that any woman should not feel safe. you run through the actions we have announced. one is very important. to understand, through an independent cultural survey, what we are doing well and what more we can do. i'm clear that whatever we say we are not doing enough. we have to ensure that everybody, woman or man, should feel safe at any time of day doing anything associated with

the lloyds market. under -- i am determined that will be the case. >> how can you manage to convince people they will feel safe out of the lloyd's of london building? it is one thing to police the behavior of people at work but the incidence we reported did not happen within the building itself. >> you are right because we operate globally. what we have been clear on his we will impose our own sanctions. theever any one of constituent companies decides to do in our marketplace, if anyone is found to have acted inappropriately we will be incredibly decisive and that could include lifetime bans. i think we are being as clear as we can that we will not accept any form of bad behavior. >> a skeptic might say this is a form of crisis management or closing the door after the horse has bolted. bringou really be able to about an overhaul of culture that your predecessor inga beall

with all her work on diversity did not manage to do in five years? >> i think she did a fantastic job in bringing in the marketplace forwards. pledge and inclusion the changes the market have made have been incredibly significant. everyone i have spoken to has been shattered by the article. i have no doubt whatsoever everyone wants to redouble their efforts to ensure that these events cannot occur. >> it is one thing to regulate behavior, it is another to regulate thoughts. what will you do to change the kind of attitude that leads to sexual misconduct. >> firstly we are doing mandatory training for all of our staff so they can understand and look out for actions they think are inappropriate. intervene in a situation where someone is feeling uncomfortable. i feel like that is the experienced bystander that can step into a situation and offer

help. the other is to understand what is working and what is working well and ensure those lessons are learned by everyone across our business. response havef you gotten when talking with industry executives? i know you had this crisis meeting monday. >> what encouraged me was one of the persistent -- none of the ,articipants in our marketplace everyone of those entities has lined up behind what i said yesterday without hesitation. i think everyone felt very disappointed to read the news and determined to stand behind actions i have discussed. >> bloomberg spoke to 18 women with something like 300 years of combined experience between them. when we spoke to these women some of them said they had gone to the hr department and had been persuaded to stay silent. hr systems need to change in the insurance

industry in the u.k.? >> in our hr systems we take any form of complaint incredibly seriously. one of the things we said we would do is set up an independently managed and confidential multi-access point that anyone can go to if they feel they have a complaint or agreement. at the very least i could give them advice or a process where their complaint can be heard. it can't be right that people feel the way they reported to bloomberg. jason: private equity kingmaker of tpg tells us why his term started his own invest -- firm started his own investigation of the college admissions scandal. carol: what life at work is like for transgender americans. we hear a first-hand account. ♪

jason: welcome back i am jason

kelly. carol: i am carol massar. join us for bloomberg businessweek every day on the radio. to catch up on our daily show check out our podcast. find us online at businessweek.com and on our mobile app. carol: leaders in business politics and academics gathered in new york for the bloomberg equality summit. jason: i sat down with john winkle read. we talked about the recent college admissions scandal that saw charges brought against a former tpg partner. >> when this news first broke it was pretty shocking. this is something we had no knowledge of or had no idea this was all happening. any time something like this happens it's sort of takes your breath away for a minute. we reacted as you described.

we tried to react in a focused way. one of the things we felt was important to do was to make sure we were communicating. we went out to our stakeholders. that is externally in terms of our investors and internally. because this is obviously an important thing internally with all of our people. our investors overall are very and they obviously understood the context that bill was engaged in this scheme on a personal basis. were -- ours investors understand what they whichying to accomplish is our growth equity franchise and our impact franchise and has a lot with what -- to do with why we are here today. naturally we have a lot of questions.

what we have committed to our investors is that we have undertaken an investigation internally to make sure none of the things bill were engaged in were in any way shape or form leading into the business. we know that to investors. >> help us understand this in the broader context of the work you are doing in tbg around diversity and inclusion. is something you personally have taken on since you arrived a few years ago. what moment are you at in your work internally? >> the broader context of why i feel it is so important and why we feel it is so important is because it is not just a question -- diversity is one aspect of it. i like to view it in a much broader context. i think in the world we live in being a fiduciary and

investing on behalf of the stakeholders we invest on behalf of and having organization people feel they want to be a part of it is important that there is some expression of values. what do you stand for as a company? what is important and what are you trying to accomplish. diversity is one part of it. i like to start more from the perspective of what is your value as an organization, how do you think about in the normal course of your investing activities how do you think about what we are doing why we are doing it. i like to think about the environment at the firm. andart with inclusivity that bleeds into the whole idea of diversity. are we an 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 firm i think we were sort of in the beginning stages of getting our heads around that. in the past couple of years in particular this whole concept of , what do yoution stand for and what are you i thinko accomplish that as excel or it in the market. bloomberg businessweek talks to transgender americans about the widespread discrimination they face in the workplace. jason: the u.s. supreme court may soon decide on whether they are entitled to protections. >> one of the professionals profiled in the magazine. i asked her about her journey. >> it was hard growing up eating gender queer growing -- being gender queer growing up in the brassica and a berlin environment where i was an exposed -- in the nebraska in a

rural environment where i was these identities that were not normative. >> how did you know you were gay? i was reading somewhere if people were asking you if you are gay in fourth grade, you are still young. by that time did you know, this is who i am? >> i did not know. right now, aa book memoir on my life. it is titled i have always been me. when i was in fourth grade and people asked me " are you gay?" i did not know. people assigned and identities available had a chance to figure out how i identified on the in's life. i was just being me. a fact for thousands of clear kids in the world. they are just being who they authentically are. i liked playing with girls toys. i liked playing with barbies.

i liked playing dress-up and i did not want to be a little boy. identifying as transgender or being gender nonconforming. showed up in the world without definition. carol: that must have been hard for you. >> it was definitely a struggle. i was bullied and harassed. strong ind to be so my personality and who i was without having any kind of figure to identify it with. i was just being me. this mattresshave idle conversation around gender and transgender identity. struggle until i

finally understood when i was in college, and lgbt literature course that we have a great of trans and gender nonconforming people who have been erased from the narrative of history. i felt like i was discovering a great history that i was a part of. the magazine we talked to nine individuals, trans workers who talked about their personal experiences including you. they talked about getting are not getting support. and what could be better, whether it is health care in the medical process of transitioning, medical involved education. what could be better from your experience? >> i think we need affirming health care. trans people deserve to have the right to have a service provider who understand their unique needs without triggering them are upsetting them. i think we need basic rights in terms of equality with our government. trans people deserve to serve in the military. inns people deserve to exist

our society and pursue whatever desire or dream that they have. onslaught from the trump administration against transgender people. it is about recognizing our humanity and not bill in the ising us -- bill and -- villainizing us. showing us in our humanity. we are mothers fathers and colleagues and the multitude of things. we are not just one thing. it starts with recognizing our humanity. jason: why one private equity andn is not giving up hq2 says new york has to figure out a way to lore amazon back. carol: why microsoft may remain king of video games even after friday's news.

carol: welcome back i am carol massar. jason: you can listen to us on the radio on sirius xm channel 119, 106.1 in boston, 99.1 fm in washington, d.c.. carol: in london on dab digital and on the bloomberg business app. bill ford is one of the biggest names in private equity. he is the ceo of general atlantic. jason: he joined me for an exclusive interview. we talk about the ipo market and new york's trouble keeping amazon's hq two. mosttting up to be the exciting ipo since 2012 for a couple reasons. the wonderful companies, over and lift and down the road airbnb will introduce investors to the sharing economy and the very large rideshare market. in the enterprise software space

we have slack, highly anticipated next and software companies. you have to go back to 2012 when facebook introduced investors to the social media space. we have that great crop of's cloud software companies. thing about the ipo market that we observed over the years is that when you have a very constructed of equity involved like we had over the last several months combined with moderate volatility, a vix of 15, the market is not too hot or cold it creates the best conditions for a good ipo market. we have seen the levi strauss deal work. i think it sets up a nice condition for the balance of the year. jason: nice conditions to exit the what about getting into deals? howdy worry about valuation? -- how do you worry about valuation? >> you have had to pay full

price for big growth companies. companies thatis emerge as market leaders and secondary are serving very large markets. when you get that right history tells us you can get your investment returns on full value. where you get into trouble is companies that at the end of the day are serving relatively small markets relative to the enterprise value you are being asked to pay. jason: you are involved in the partnership for new york city. you are a very active voice. you have been very involved on the back end of the decision by amazon not to come to new york city. where do we stand, is that still live? tried to turn around amazon's decision. we have stating gates with a local community and local politicians and our governor to see if we can turn this around. negatived this sends a

signal to businesses globally about doing business in new york. new york had great momentum in the tech space. facebook has a campus here and google has a campus here. we have our share of leading space and atuare cr unicorn ipo's. are unicorn ipo's. new york is a leader in technology. move into media, new york is a good media hub. a great catalyst for development there. if wee to turn around and aren't able to we want to send a strong signal to the global business community that new york wants them to operate here and build a business here. cause, youkets for a have been involved for the past year. you or a past winner, you split the price of couple years ago. you are in fifth place in good company. act in the day i believe you wrote unc all the way.

-- road unc -- >> i feel great about duke winning the whole thing. it is one of my favorite times of year. brackets for a cause is terrific. congratulations to dwight anderson for getting 16 of the sweet sixteen. hard to believe. our team got 15 out of 16 right and we are heading on to fifth place. coach k is probably the best college basketball coach and zion williamnson is hard to go against. google and apple have both announced streaming video games services. they each want to be a netflix of games. jason: this sums up just how big that market is. look at smartphones and tablets. the mobile devices $50 billion and $30 million dominating. have google and apple

told microsoft about their plans? people use xbox's and play stations and pcs to play large expensive games that take years and hundreds of millions of dollars to create. technological change we are going through right now allows expensive games to be streamed through the internet just like shows mtv's on netflix. you will need to have a console or pc. that allows the text giants like apple or google or microsoft or amazon to jump into this industry and disrupt it. >> before we get too far from that i want to go back. when people think about videogames they think about what you are talking about. you have to buy the latest consul and what are you playing on and when is the next big game coming out? they are like movie releases to some extent. some of that may not change but this whole notion of that hardware piece, that is radical, right? >> we have had hardware consuls for decades.

they became popular in north america in the 80's with nintendo coming out. sony quickly following with the the earlyn and in 2000's microsoft fought their way in with the xbox. thereat 30 year period was a new consul every five to seven years and it cost between four and $500. most people upgrade. some people like xbox and some like playstation. those companies have got exclusive deals with games makers to bring you to their consul because you want to play halo or red dead redemption to. if we are going to stream games and such christian service that changes it. -- a subscription service that changes it. >> how does that affect the videogame maker? i can like we talk about them every day whether it is activision blizzard or e.a.. or take too for that matter. how does this change the equation for them? >> those companies, almost like

movie releases. red dead redemption two when that came out last year it may $725 million in its opening weekend. that is more than the latest avengers movie. this is a big money production. it takes years to make and hundreds of millions of dollars with hundreds of workers. the way the economics of the industry work is hoping people will shell out 70 or $80 win the game comes forward. at this point those games makers, the ones you mentioned like ubisoft and electronic arts they still have a lot of power because they have the content. ,espite hbo has not gone away in fact maybe they have gotten -- just like hbo has not gone away if you have premium content you hold the power. if the streaming services announced like google last week and apple this week, they were announced without any deals with

major game makers. there is no sense of whether or not those games will be available. if those big tech giants want them to be available they will have to pay up to get them. carol: bloomberg businessweek is available on newsstands now. jason: and online and our mobile app. carol: the story about all these unicorns coming to market. and what it tells us about the environment. we are in a time where we don't know whether to believe what the fed is saying or what the bond market is saying. we're trying to figure it out. >> that certainly came up in my conversation with bill ford. it is obvious what this means for the overall market on the private and public side. i love garrett on video games. we talk about it so much on our daily show. we talk about what is going on with ea and take two. the way people are consuming the games and how they play them will change everything. carol: you can find more stories

on businessweek.com over the weekend. jason: check out our daily podcast. available on itunes soundcloud and bloomberg.com. ♪

francine: campari is a major player. it started in 1860. its drinks are now sold in 190 countries. its products have become staples around the world. today, on "leaders with lacqua," we meet bob kunze-concewitz. he is the chief executive. when you look at what people