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barstool sports. that's this week on press here. good morning everyone i'm scott mcgrew. it was two years ago this week that silicon valley bank collapsed. two years ago tomorrow, to be exact. in that time, svb has recreated itself, still serving high tech and wineries in northern california. the way it used to, though, some of its executives and former executives are still facing lawsuits and government action. ken wilcox was ceo of the bank from the years 2000 to 2010. so to be clear, he was not there for the collapse and he's not being sued by the fc. he's written a new book about china, and we'll get to that. but i wanted to start with this anniversary. so, ken, your bank is back, though, part of a larger company that bought it, and it seems like trust is back. that's a tall order for a bank. i think we're getting there to the extent that i identify with the new svb. i say

we and i hope we're getting there. it feels like we are. it was a terrible, terrible day though, two years ago now the ftc, fdic, ice, i should have said, is suing a number of bank executives in an attempt to recoup, you know, millions of dollars. i'm certainly not going to ask you to comment on that, but i will point out that lawsuit came in the last few hours of the biden administration. the trump administration seems a bit more lenient. that would be my expectation. i think trump in general is a little anti-regulation, and i would expect him that he would have a more lenient posture, but who really knows? it's totally unpredictable. i think it's fair to say that that it is unpredictable. one more question about banking then i want to talk about tariffs. i saw a report in the wall street journal the other day titled they crashed the economy in 2008. now they're back and

bigger than ever. it's about finance. basically every bad behavior that we saw before the global financial crisis, big banks. the article said are doing it again. are you getting the same sort of vibe? well, as a super big generalization, i'm not sure that i would subscribe to it. i do think, though, that banks need regulation. there's absolutely no doubt about that. on the other hand, they need the right kind of regulation, and it's often the case that regulation misses the mark. and i think that's the unfortunate part about it. yeah. we're all we're all about big generalizations here on television. yeah. all right. so let me ask you about china. you are an expert in china. you have lived in china. you have dealt with them financially for many, many years. what do you make of this whole tariff situation? and i will point out to people that, you know, this is taped on a what is it, a wednesday morning for air on sunday. who knows what sunday will have brought?

well, who knows, but i imagine that it's going to be just as confusing on sunday as it is right at this minute. as you well know, tariffs are tools, and generally speaking, nations use tariffs to protect their own industries. the only problem with trump's tariffs is that we don't really know why he's doing it with absolute certainty. there are a whole handful of possible explanations for the trump tariffs, but we're not quite sure because he hasn't been as explicit as economists might hope for him to be. i've read the same thing that that canada was saying privately, listen, we don't know what we're supposed to do or what he wants us to do, you know, to make these go away. yeah. let me just tell you what my own feelings are. i think there are four possible explanations for the trump's tariffs. trump tariffs.

one of them would be simply to establish his own supremacy. he's doing it because he can do it. that's one. another one would be the more traditional view that he's applying the tariffs in order to protect our industries. that would make sense. but i have some reservations about that. a third one would be he's applying the tariffs simply as a tool to demonstrate leverage or to establish leverage in order to accomplish something else. in the case of china, that may be to turn off the flow of fentany. and the fourth possibility. is something i i'm not sure everybody would agree with me on, but it could be that it's just theater to amuse republicans and upset democrats, who really knows to own the libs. all right. well, you wrote a book about your experience trying to set up a joint venture between silicon valley bank and the chinese government. the chinese business conundrum

making sure that win win doesn't mean western businesses lose twice. in the book, you talk about tips to generate business in china. one of them is flatter the leaders. and that struck me as a bit ironic because we're seeing that here all the time. well, in that sense, trump is an ideal candidate because he loves flattery. and i think the chinese government, the chinese communist party, we have to differentiate between china and the chinese communist party. yes, these discussions are all about the chinese communist party, not the chinese people. chinese communist party loves to use flattery as a manipulation tool. typically, they'll encourage industries from which they want to learn something to come to china using flattery. it's usually the approach usually taken is something like, we've searched the world over.

your company is the best one we can find. you guys are so good. and you personally, mr. ceo, are so smart. we need you here now once you get there. and i think you've had a bit of experience with this and other companies have as well. you got to be careful. and yes, there are honorable business people all over the world that they are not just trying to figure out how it is. you do something a bit like how ray kroc went to mcdonald's, right? or steve jobs went to xerox and said, wait a minute, i'm going to take this idea. no, that's exactly right. for the last 30, 40 years now, this has been a technique that the ccp has employed regularly and successfully. and the whole idea is, i'll lure you here with flattery and concessions. then i'll tie you up with regulation. i'll set things up in a way that we get to learn everything you do. and then, in the fullness of

time, i may set up a competitor using your knowledge base or your technology. and initially that competitor competitor will go after you here in china. and if they're successful, they'll go after you globally. and there are so many industries where we can see that taking place. it is a very good warning, and it's one you learn personally, right, with silicon valley bank. oh yeah, very definitely. i think, though, that one of the most important points that i try to make in my book is around negotiation styles, because we here in the us, and i would say this is true about almost all of our past presidents up until trump are used to the getting to yes negotiation style. we got to know what you want. we got to know what i want. we've got to work on a solution together that will accommodate both of us. that's not the negotiation style that the chinese communist party uses. theirs is all about

leverage. applying my leverage. and hopefully you don't have any. and then winner takes all and the i don't really have a lot of positive things to say about mr. trump's approach to life yet, and i but i will say he's the first president in my assessment who instinctively understands the chinese negotiation style and practice it himself, which is it sounded it sounded very familiar. ken. that's thehe time i have for us this morning. but i always enjoy talking to you, ken wilcox. i appreciate you being here. he's the former head of silicon valley bank and author. thanks again. pressure will be back in just a minute. with the planet fitness black card. you'll get your first month free when you join today. sign up for just $1, first month free. cancel anytime

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the irish tech summit at the computer history museum in mountain view, and hopefully they'll stick around for saint patrick's day weekend in the bay area. cormac chisolm will be there. he is the co-founder and ceo of dev ally cormac. good morning. let's start out with whether i'm pronouncing that right, dev, ally and what it does. that's great. yeah, dev allah is exactly what we're called. we are an ai powered accessibility compliance platform. but put simply, we make building accessible products easy. accessible. you mean by people with special needs, right? yes. so accessibility is the practice of ensuring that everyone, including people with disabilities, can use digital products. and you won a big prize in helsinki. that's my understanding. yes. so we actually finished this part of the top three as part of slush, which is europe's leading startup program slash event. it was amazing experience for us, lots of exposure and kind of a great opportunity to really get to spearhead accessibility

across europe. now what you're doing, you know, you can automatically examine a website if i've got this right, determine where like, you know, alt tags are missing that kind of thing, and then suggest to the website manager or developer how to change it. and you're doing this all through automation and ai. exactly. so we basically scan digital products and services to ensure that they are accessibility compliant, that they don't have issues for people with disabilities. but beyond even just visual disabilities as well, if you're got motor impairments and you can't use a mouse, can you navigate the websites and digital products using a keyboard or alternate form of navigation as well? now, and people will be able to see this and meet with you at the irish tech summit. but let me be clear. i'm sure you i'm sure you have a big heart, but you're not doing this only because you're big heart. europe has started to require this sort of thing. in fact, that law will go into effect in june, i think. right? that's correct. so on the 28th of june, the european

accessibility act will come into effect. it mirrors a little bit what is done over here in the americans with disabilities act under title three. and but this is the first time in europe that the private sector will be enforced to have accessibility compliance. so it's a huge opportunity for businesses as well, beyond the good nature of their soul, to actually unlock 1 in 5 people across europe who have disabilities. now, we've noticed european laws. you know, the european law is the reason we all have to click the cookie accept button, right? yeah, exactly. would you i i'm sure both, both the americas and europe have good ideas. is there one is there a region ahead of the other, do you think is europe ahead of us on some of these these good ideas? i think what we bring in terms of this is probably a bit more for forethought into having regulation in place does definitely slow development in certain scenarios, but it's a bit more thought provoking, i think, for looking at the likes

of the products and services that are kind of rushing to market. we're all in a kind of a race to outcompete with everyone else, but it's a little bit stop and smell the roses and actually look at the impacts of these things as well. and largely what happened, particularly when covid 19 hit and we all got told to work from home. a large portion of people couldn't because these digital products and services were not built for them in mind. so with this regulation now in effect, if ever a scenario like that comes into effect again, hopefully these digital products and services will be better equipped to support our citizens. and then lastly, what what should people expect from the irish tech summit? what's a what's a good reason to go? great people, lots of amazing founders and an amazing opportunity to meet with people that are over here. specifically traveling all the way over from ireland to meet with the wonderful tech community that's over here as well. and enterprise ireland have done an amazing job pulling together an event and really picking the best from from ireland to be represented over here, which by the way, is a tech powerhouse that surprises nobody in silicon valley. i

mean, you know, we saw we know the guys at stripe. ireland is an amazing area for innovation. we're bringing more and more. and the likes of stripe, intercom and most recently as well tines as well. there are huge inspirations for us in ireland in terms of what we can achieve on a global scale. and again, with the backing of the likes of enterprise ireland, that's a that's a real probability for us as well. well, i appreciate you joining us this morning. and again that is this coming thursday at the computer history museum. thank you again and press here. we'll be back in just a bit. in seven years. you can meet, get married, have kids, get a dog and still be covered in your honda certified vehicle, get a seven year, 100,000 mile warranty. ask anyone who owns a honda and search your local honda dealer today. and chicago celebrating more than 25 years of broadway razzle dazzle. paint the town again. chicago the

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needs to show him the way out. good cop, bad cop. no. call it that or i'm not doing it. suits la new tonight on nbc and peacock. guys, someone's watching us. she could have seen us do all kinds of things. no! hey, stop! a shark from circling. didn't take this guy for a badass. grosse pointe garden society, new tonight on nbc and peacock. honda drivers service your honda with the experts. your local honda dealers use genuine honda parts and certified honda technicians to service all honda's. make sure your honda stays 100% honda when you need service. search your local honda dealer. finally, this morning, everything you ever wanted to know about dave portnoy. and if you're like me, you're askg who is dave portnoy? portnoy is the founder of barstool sports and irreverent sports media company whose fans are called stoolies. while he calls himself el presidente. and i think that sums up what you need to know about the vibe of the whole thing. charlie stanton decided

he needed to write a book about that, how the jester became king david portnoy and the unauthorized real story of barstool sports. it's at my local barnes and noble, and i asked charlie to join us to talk about it. charlie, let's start with unauthorized. what's up with that? portnoy knows you wrote a book about him, right? yeah. so i actually reached out to him, obviously, to participate in the book. he declined. you know, i sort of expected that just because there are some things that he probably, you know, isn't too proud of. in his past. the internet was a different time back then, but it's an unbiased account. it's not pro or con. people seem to really love it. and he knows about it. he's actually mentioned it on his podcast. i think it was like three weeks ago. fair enough. so yeah. so now bring a viewer up to speed on on barstool sports. i gave him a quick thumbnail,

but if somebody's completely unfamiliar with this, what is it? so they are a digital media company, you know. well, i'll give you the little back spiel of how they got to where they are. so portnoy started it as a newspaper in the early 2000, morphed it into a blog when blogging was really popular from like 2010 to 2020, it was a popular blog. and then from 2020 on, they they sort of shifted to audio and podcasting and video. so they are, again, a digital media company and they're quite popular, i'm sure at least most of your viewers would have heard of them. so i, i suspect so now, you know, it is it is edgy. it is sort of bro culture. one person's edgy is another person's offensive, right? i mean, allegations of racism, misogyny. it was too much for companies like espn. yeah. and we'ii and also penn national

gaming. you see that theme of these corporations trying to come in and capitalize on what rtnoy has, but ultimately he's sort of too hot to handle for them. what makes him so popular? the controversy, the disregard for societal norms. he they can't handle that. and ultimately it just doesn't work in a, in a big corporation. and that's a theme of the book. so, you know, portnoy in many ways has some similarities with somebody else, you know, telling it like it is, but others think, you know, maybe a bit of a blowhard. i do you do you compare him to donald trump? there are some striking resemblances. that's a great point, people. do i just there's only one line in the book, honestly, if we're being honest, that compares him to trump. it does cover his interview with trump. i believe it was 2020. i should know this, obviously, but he was sort of the first digital

media personality to interview donald trump, and they obviously hit it off. but yes, that's sort of why barstool and portnoy himself have become so popular, because he was anti-pc culture before it was popular. you know, starting all the way back in 2003. so, yeah, there have been similarities or there have been parallels drawn to both him and the president. now he ended up selling barstool sports, or at least a majority of it, the chernin group, you know, for millions and millions of dollars. but recently he bought it back and remind me how much the price tag was. it was a coca-cola dollar. so, yeah, you know that that's that's what kind of makes the story so wild. you know, starting out handing out newspapers alone in a dirty subway station, selling it for half a billion to penn and then buying it back for a dollar. it really, truly is a once in a

generation story. and penn also wrote down an $800 million loss on the deal. let's not forget that. so they didn't walk away too happy, but portnoy certainly did. as you mentioned, he captured in the internet. you know, the culture on the internet was very different a long time ago. but there's still we're still seeing, you know, sort of the edgy thing. i mean, even the new york times, which has never, ever been, you know, described as edgy, has the athletic as its sports section, a very different sports section than our dads read there. there seems to be an appetite out there for again, i'm going to say, you know, one man's edgy is another man's offensive or pardon me, another person's edgy is another person's offensive. but there seems to be room out there for that. yeah. i mean, you know, my generation grew up reading again the blogs. it was more of an authentic thing, you know, people obviously like old

media still and big corporations. but portnoy is popular because people like people who tell it how it is. so, yeah, that's if you could pin why portnoy is so popular today. it's because he's unafraid to speak his mind. and yes, there's a huge audience for that, obviously. so and lastly, the question i often ask authors who have done a tremendous amount of research, and that's what surprised you in your own book. what surprised me. yeah, about portnoy, about, you know, the whole story. you know, i think what surprised me is that these corporations kept trying to latch on to portnoy, but ultimately failed. you know, the dei thing, when he got kicked off of radio, that was pretty well known. and espn knew that they still partnered with them. and then penn thought that, you know, he could they could wrangle portnoy in and

ultimately that failed. so, you know, that was sort of surprising to me that, you know, over 20 he kept trying. yeah, they kept trying and they kept failing. so yeah, that was the biggest theme of the book. and most surprising to me. definitely. all right. well fair enough. charlie, i wish you very good luck with your new book. he's a first time author. charlie stanton, author of how the jester became king. we appreciate you joining us this morning. back in a minute. we keep seeing every night the big ticker going up of all the money you save, whether it's work, family or finances. kris has your back. that's when i said, this is not resolved. i'm going to call kris. you responded so quickly. nbc bay area responds with kris camera. go from tossing and turning to resting and relaxing with a game

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