i'm going to talk about football not the or else you can see i was going to the. by the way ways that the. change in iran the trunk ministration. global oil markets also if you want to russians house for being a citizen of ukraine. misses

boom bust. in washington and today we remember our friend. host a boom bust and a former member of the commodity futures trading commission and senior aide to members of congress and a cabinet secretary died on saturday after a sudden illness he was just fifty eight bart was a legislative director for three members of the house of representatives an executive director of the congressional caucus before he moved over to the senate side of the capitol there he was a senior aide to senator tom daschle and between those two positions in congress he stepped into the executive branch serving as a deputy chief of staff to a clinton administration agriculture secretary dan glickman he also served as vice president for governmental relations at the national farmers union the progressive farmer lobby group parts connection to agriculture issues nexus between the two worlds he tried to bridge the realm of high finance and the everyday reality of people who. work the earth with their hands he often cited two years spent working

in a steel mill after high school as having instilled his instinct to stick up for the interest of the average person in his positions of responsibility and influence arts burgeoning experience and expertise in agriculture and commodities opened a door to his appointment to the c.f. t.c. in two thousand and seven by president george w. bush he was renominated by president barack obama at c o two c. bar quickly developed a reputation as a regulator with the rare combination of insider knowledge and a gut instinct to fight for fairness and a break for the common man in two thousand and ten the wall street journal described bart as a guitar playing gadfly who brought an orthodox views on regulating energy commodities to the c.f. to see when he arrived but barton knew how to marshal facts for an argument and how to coin a phrase his arguments for limiting the distorting effect of what he termed massive passive players in energy trades had by then already moved to see if the c.

chair to agree with by its position at the same time many of his regulatory views were about to become law and the landmark dodd frank legislation which bart helped to write. but also brought a unique mix of inside an outsider perspective washington savvy and personal principle to his work in washington and we must also mention his enormous intelligence which he skillfully applied to enormous and complex financial instruments and systems bloomberg c n.b.c. and the financial times were among the business outlets that reported on his passing and recounted his impressive career in their report national public radio noted one aspect of barge persona that we hear in the office knew well his love of rock music n.p.r. also told us something we didn't know before part played piano want to band called shades at the age of thirteen they reportedly wore sunglasses at all of their concert concerts had the name and most of those performances took place in the chilton family home park of course peppered his. terry's in speeches to financial

audiences with allusions to his favorite songs and artists tom petty a young boy who and many others we are now glad to share with you some of what turned out to be bart's last speech taped for an audience in hong kong which shows our friend in action and gives you some sense of what we all saw and bart who musters here is virtual. and i tell you to end with another song but it's also a movie so it's a twofer bohemian rhapsody the movie the song the movie has continued to rock and roll as it beat box office expectations big time it was a nominee for best picture is lost to the green book but at the academy awards and rami malik cooper trade queen's fabulous front man freddie mercury he actually won the award for best actor and by the way i call that in a forbes piece of rope back in november that he was going to do so well the reason i mention bohemian rhapsody as strange as you might think this is if there are

lessons for us to learn for us dreamers to learn from the movie i'll give you a few quick ones one you dreamers need to be unconventional walk queen was formed back in one nine hundred seventy in london it wasn't until one nine hundred seventy four that began to do things in a really divergent manner and their music became internationally popular and they did so first with that song killer queen which contained these elaborate four part harmony s. and later bohemian rhapsody i mean heck they combined opera and rock that never been done before and for queen it worked wonderfully and in the block trade in crypto world given there are so many things that look the same being divergent can be a decisive things in terms of success being more disrupted can be a definitive differentiator the same is true for crypto currencies and even crypto exchanges most of us know about the thousands of crypto currency startups out there . but only

a few are incredibly imaginative most fall back on these sort of stated strategies and tired tales of how they can be the next big thing we're the next one watch us as for exchanges most explain how they're going to pool liquidity from various different different exchanges all around the world thus creating better liquidity better price discovery like lots of trades right with deeper markets which will lead to less volatility because they'll be more traders the reality is. the reality is there just isn't enough liquidity for all these crypto exchanges to do what they espouse is just not there so that second lesson from queen bee persistent the film describes how the band was told repeatedly by the old school record company executives that any song listen to this any song more than three minutes in length would not receive any radio airplay and bohemian rhapsody was nearly six minutes five fifty five the band was committed to that song and finally figured out

a potential strategy so what they did is they took copies and they bootleg copies to a few friendly radio disc jockeys and once a song was actually played in london boy fans wanted copies of it and even though product was actually not available on the market queen had created demand they created demand for a product that did not yes exist for purchase that suit changed of course the same can be true for a magic to block chain applications and for crip those but me more that means more than just adding the word block chain to your project you can't just say boom bust block chain you got to be more it requires persistence and perseverance and three put the effort in put the money into your project it said that bohemian rhapsody was the most expensive single to produce ever at the time it turns out it was well worth it write the song stayed at the top of the u.k. charts for nine weeks and sold more than a million copies in the first year and after freddy passed away it was released in

one thousand nine hundred one and again topped the charts for five weeks the tune was a treasure to and other countries including the united states where it peaked at number one and then again went to number two on the charts in one thousand nine hundred two following that movie wayne's world i'm not sure how many of you have seen it but great film wayne's world it's even doing well right now after the success of the movie likewise likewise for a block chain for kryptos for founder. as investors of such endeavors for the dreamers many times they seem to be some pretty great and grand visions of what they will do but they get sidetracked or held up on a few for a few reasons money tends to be a key culprit causing folks to abandon or for stall their the visions for example many such block chaining crypto projects start out with its goal of becoming fully compliant from a regulatory perspective we talked about regularly earlier and they really want the

gold standard for regulation which is the u.s. and having approval from regulators will they think differentiate the project and it would but what many fail to realize upfront is the length of time and the cost of the money that it will take to become regulatory compliant in the states and all of a sudden projects are scaling back and putting us compliant sort of on the back burner and the bottoms of their to do list for the longer term future a block chain and kryptos they are going to require they are going to require such regulatory approval perhaps individual founders and sponsors will choose to wait for others to do the hard and expensive work in the states but they will be done ultimately it will be done and they do so at their own peril if they wait because often times of course the first movers in the space become the big boys and girls at the party think bitcoin. and finally go the extra mile as part of the

promotion for bohemian rhapsody queen produced a full length promotional video this was years before music television b. and m.t.v. rolling stone magazine noted the video's importance could not be overstated and moving toward the era of music videos which became mostly mandatory you had to have one in the new music business for a long time and in that regard blocked chain and crip those can also do better today the pattern is far from perfection come up with a concept produce a whites white paper put up a website try to raise money and see if it works that's it right a lot of you have done it the money thing is this that approach worked really well for a while all those initial coin offerings we saw back in two thousand and seventeen beginning of two thousand and eighteen there are a testament to that approach but nowadays investors they are as i said earlier more picky and they should be the block chain and crypto entrepreneurs which do more

value add like queen did their videos value add to their efforts will be the ones which make major moves i predict going forward so when all of you block chain drainers think of queen and freddie mercury in the great music of the and the fun in that fierce film we can simply sort of stomp our feet and chant we will we will rock you and for some that might be enough but i suggest taking a few cues from queen i think it's a royal idea. welcome back today we're remembering and celebrating the life of our friend and colleague bart chilton we are now fortunate to be joined by two people who knew him well dan glickman former secretary of agriculture in the clinton administration where part served as the secretary's deputy chief of staff and a guest on earth friend of the show host and co-founder of counterpart x christie i

welcome secretary glickman and christie to the show you know watching that speech there of bart it's you know all of it's there the energy the character the intelligence it's just so hard to believe that he's gone it's he's just such a vivid character and you see all of the things that he brought to the table in that in that segment there secretary glickman what what what should our viewers know about you know what's tragic what happened bart was one of those to maginot to people that i've ever met so he worked for me at u.s.d.a. and you know we worked on a lot of very interesting issues a lot of boring issues but there wasn't a boring issue for bar none whether is world of element or food safety or food stamps or you name it the forest service and just watching bart we're talking about the relationship between bohemian rhapsody and cryptocurrency ok i'm sure i'm a little bit i'm on the board of chicago mercantile exchange so we talk about some of these issues but nobody's ever linked those two issues together probably in the

history of the futures acute securities industry and that was bart he had this imaginative creative mind he was with the high level energy he was always up never down and he tried to explain everything in a way that would relate to the person that he was talking to so he will be missed not only for his views on futures and and securities in the financial industry but just as a most incredible and decent human being. and you know i think a often about that and you see it there. the wordplay the looking for that anecdote to make it a little bit more interesting he was constantly looking for that next little thing that little nugget that he could find to make a complex or perhaps a boring issue something that was relatable was understandable that people could get you know terms like massive passive ponza monye. cyber cowboys all of these terms he just sort of came up with these you know coined these

terms and they were powerful already and i used to play golf with him a lot and you know he was the same way in golf we talk about shockley talk about swing he had this expressive way this very human way this very common sense common folk way of explaining everything and very inquisitive wanted to know about everything and you talk about boring he was the least boring person i ever met and he could make a boring subject reasonably interesting and this is not necessarily the most interesting set of issues for a lot of people in this world all of you in the business is very interesting but he could relate these issues to the most senior person in the futures markets and to an average person absolutely absolutely and you know coming to this position when i began working on the show i wasn't terribly familiar with financial news and business reporting and i wasn't particularly interested but he made it interesting he brought that to it and when he put his mind to something and showed you what he saw about it he made it interesting kristie you know he always wanted to learn more

and i think that's how he managed to cross paths with you always trying to learn more always trying to get into new fields why don't you tell us how did you cross paths with her children always i met him back in two thousand and fifteen so this was back when my part and i we started a hedge fund and for us it was like a new field for us because we were building an artificial intelligence algorithm and so this was in two thousand fifteen we had just raised four million dollars and of course we were in new york looking for additional institutional investors and such we pitched at a microsoft advent and that's when it's actually. with d.l.a. piper and d.l.a. piper ventures was always looking for innovative new ventures to invest in so we got pulled in to mean by d.l.a. bart wasn't in that meeting but he just walked by and he was like oh this looks fun and it's kind of like popped him self in the meeting and what started out as a thirty minute meeting turned out to be like four hours and such and ever since then he's just kind of been like well of course he was our lawyer but he was also like more than that he was like

a coach every single time we needed something like where there was like an ip litigation or where there was like how to expand looking for additional partners in asia like it was always like bart like who should we call like who should we look up and so ever since then that we always started like keeping in touch and same thing when our firm moved into the cryptocurrency space and started training cryptocurrency says well we were like hey bar what do you know about crypto like who do you think is involved and so that's how we managed to stay in touch all these years because we were always both of us were always looking for the newest venture he was always looking for something new to learn about and something to challenge himself and he was always looking for somebody he could open a door for he always wanted to help others learn something and develop their talents i think something will remember about him you know he brought this. as i said he brought this insider outsider perspective like you said he could popularize

things he could make things understandable and he wanted to give people an intrigue point with those references with the song titles with the movies and make it something that real people would be able to understand he was never one to polarize so he's never one to make personally disagreed with his enemy he was he was always working to try to achieve common ground he had strong opinions i frequently trading he had strong opinions on a lot of these issues from his work at the cia to you see he kept his indiana roots all the time which is help them at the u.s.d.a. dealing with all the. issues there but always positive never wanted to burn bridges it's something we should learn about today in our political system a lot of this is his kind of way of dealing with the world is something we should all try to emulate you know what was a really remarkable combination that we saw in bart you know i i can't think of anybody that i've met in washington you come to washington maybe as i did fifteen years ago and you and you meet a lot of characters in washington some people are operators some people are talents

you know but he just had this natural combination of remembering where he came from remembering indiana and but also flying at this very top top level of business finance regulation capitol hill i don't i can't really think of any people you know that come to mind that really had that profile you know in your course you've been in the business but it takes a fair amount of smarts to learn about crypto currencies and bitcoin and how they operate and you know i worked with bart back in the ninety's during the u.s. the days and we looked worked on a lot of interesting issues but there wasn't anything quite as sophisticated or complicated from a financial situation as this then he went to the sea f.t.c. which is he was a very popular commissioner they liked him a lot and he developed this kind of intense knowledge an interest in financial markets and and i think that showed that not only did he have all these positive human qualities but he was very smart and he always wanted to learn more he was always modest about what he knew and i remember when he went to davos pretty soon

after he started he want to davos and he was running our producers ragged they're on always wanting to do more they're on a time delay they're jet lagged and he just want to do more get another guest get another interview talk about another issue learn some other new detail about actually how the show was put together. you really see people i've got very often now kristie you met him in this mill you that we sort of heard about we knew he was this jet setter he's this character. with the cowboy boots and the silver mane that sort of you know how this president in this world of business and finance tell us what's the scene when you when you are in that milieu with bart just what's the scene there for bart just be in the cool guy that he is in these scenes i think more than that he was kind because if you remember like back in two thousand fifteen we had just started we literally only raised four million which is like absolutely nothing in that world and that scheme but he was the one who like sat

with us for like four hours and then helped us along the way so he pretty much like helped us and build our entire business and everything and this is like someone who is so busy he's as he said like he is the commissioner he was a lawyer he's going all of these projects also make up the currency well world he said on the board of many of these startups and being so busy he was always happy to help out like you sentiment types and he'll respond to you within an hour so no matter how busy he ever was he always took the time to actually like make sure you understand the issue make sure that you figure out if there are any legal issues you have to watch out for are there any concerns you need to be aware of he was always there to help no matter what to everybody to him myself as well as the hundreds of other startups that he's also involved with and his mind was always working you know he was centrally the executive producer on the show you know we talk about his love of music and he used to always call it he would call it jamming when we would get together in the mornings or even after the show and he would just

start just bouncing ideas off of us he'd talk about what he was reading and what he was interested in and he just generated this enthusiasm on the team he just made ideas come out of the woodwork and made all of this seem just just so fascinating and made us feel grateful to be part of his operation i was glad he was a musician. part of my life i've been somewhat affiliated the motion picture industry and i knew a lot of people the music business part was really at heart a creative guy. he could have been out songwriter played it instead think played the guitar he played some other instruments but he thought like an entertainer a musician he thought like creatively imaginatively did not believe in walls or borders and sometimes you know i would have to say bart we can't do that because it's outside our jurisdiction or this kind of thing but but still he always stretched the envelope do you remember. we were in new york so he lived in d.c. so he actually had to commute to new york like two or three times

a week at that time so he had like a little do you don't know where he like song lyrics and like various train rides did like pictures and partridge it's remarkable combination intelligence creativity just a real total package that we won't we don't won't see again very soon. secretary dan glickman christiane counterpart x. thank you so much for joining us to remember our friend thank you for doing this if you. will have more about bird children after a few short moments after this break. a

politically falls. from. the normandy for. giving political guidance to the process so basically what i'm waiting for is an alter politically. from the moment. this is a stick. from the little phone in the stomach of the fish the brand is spawns of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers there are the bad ones there are the litter bugs are throwing this away industry should be blamed for all this waste the company has promised to reuse the plastic.

on. the mountains of ways only grow. doing those manufacturing jobs also start to innovate because that's where the innovation happens on the factory floor so the factory floor is been moved to china as you point out. we've moved all of our jobs manufacturing over to china now all the innovations in china so we don't it's not it's not created in california built in china is going to be created in china built in china.

welcome back to boom boston today's remembrance and celebration of the life of our children boom bust host here at our team america we've been speaking about his unique character and personality and bart's while the music throughout this program the commissioner we all know he would hate to hear his call him that he preferred to be called bart but he was a true artist he was a creative person could be seen and numerous avenues of his life but here in the offices of our team erica we will be reminded every day of his artistic prowess in the hallway that leads to our cafe and main conference room hangs an oil painting by bart chilton he called it humble beginnings bart also fancied himself the one and only financial poet something he showed during the forbes under thirty event in boston last year. i am a financial poet i am the best financial poet i'm also the worst financial part i'm the only financial backer so it's true regulators can at times be full they can for

innovation they can actually make life pretty cool but they can say no to crypto they can draw the line and they can even tracked tax transactions of exchanges they can close those crypto mines so let's help them develop the rules appreciate what are the appropriate oversight tools you know should bad actors and hackers be fined or should they should they do hard jail time and should the rules be embedded in the bois chain code what happens if the hackers attack it and they implode we don't want regulatory overload but maybe we just what we want is regulators lite with a dollop of crypto allah mode but there's not too we don't want too much we don't want too little we don't want regulations that are that could break that are brittle and we also want to make sure that it's sort of a goldilocks compromise those that are just from the right if we do that markets could really grow and be out of sight.

finally as we have mentioned bart was known for his style tall with a distinctive white mane and an enchanting smile and his trademark cowboy boots on his last day in the office bar left these boots at my desk for the team they are now in the mento of his energy his humor his character and all senses of the word there also were a reminder of the figurative big shoes we have to fill and the space space in our hearts we have to buy his passing we hope to move forward by honoring his legacy of excellence and delivering the best business news program we can we hope you'll stay with us on this journey i think at a moment like this part would have said without has a taishan let's go in closing we send our deepest condolences to all of bart's family friends colleagues and viewers who are remembering him today on behalf of everyone here at boom boston r.t.i. say bart h.

shelton thank you. to force regime change in iran the trumping ministration risk and global oil markets also if you want to russian passport being a citizen of ukraine could help. my seven years doing drugs my nephews was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse america's public enemy number one in the united states is drug abuse you sort of going after the users in the prison

population who are we started treating sick people people who are addicted to these drugs like criminals while i was on the hill i increasingly became convinced that the war on drugs was a mistake there are countless numbers of people who are in prison for. sins for minor minor offenders in the drug trade it's a lot watching your children grow up and miss you in waves and say bye daddy as you're walking out of a business it's just it doesn't get easier. oh oh oh oh oh oh well we. know we're right. not go oh. by. the grace.

oh let. us all. veteran is charged over an alleged bomb plot targeting christians and jews in revenge for the new zealand. longer bans islamic face veils in public as part of a security crackdown following the easter sunday massacre. picks a fight with indian farmers over the crops that go into the company's best selling brand of potato chips. german for the european commission says if elected he will block nordstrom to a project designed to pump russian gas into europe that has official backing. and a russian bride to talk about being tormented by her stance rehabilitation hopes.