were these mutual companies or stock companies? it just moved on me. if stock companies, what kind of people invested in them? >> okay. so, definitely -- let me back up the difference between mutual companies and stock companies. mutual insurance company is not about holding or accumulating capital. it's supposed to hold just enough money from a group of people to cover any potential losses. this is a form that is occasionally successful, especially with fire insurance companies. this is not the model that marine insurance companies operate from. and even some fire insurance companies and marine and fire start mutual or call themselves mutual companies but actually convert to stock companies, which is to say companies the purpose of which is the return of dividends to their shareholders. so, marine insurance is a much bigger business than fire insurance from the start, which is one reason that mutual doesn't really work for it. it's a big cash business because you might have a voyage that is worth $1,000 or $2,000 or more and so your premium can easily

we've had companies here at ireland that are unicorn growth stage, the growing and scaling companies and, and just recently hitting that 1000000000 dollar vibration like way fire, who are now having to go back a very recent hiring funds to the just seem to be that even though they're very much aware that they shouldn't fall into this trap of over hiring at for what is a crisis economy. it still seems we still think that they fall at fall into jim. i want to come back to where you were saying earlier on. what about about this being capitalism? at work at these companies are still for the most part, making money. in some cases, they're making a lot of money. okay, sure, i get it. what you were saying? you can't have people on the payroll who are surplus to requirements. but who's driving the cutbacks is this, is this the companies themselves, the the accountant saying, well, right, we're a bit heavy here. we need to let people go or is this shareholders? this is people who are looking to profit out of the sex the success of these tech companies. ultimately, it is the shareholders. i th

funding for cspan2 companies television companies and more. including sparkly. the greatest count on earth is a place you call home. at sparkly in our home too. right now we are all facing our greatest challenge for the sparklers working around the clock to keep you connected. we are doing our part so it is a little easier to do yours. >> park light along the estelle mission company support cspan2 as a public service. >> preorder your copy of the congressional directly from the 118 congress. your access to the federal government with a bio and contact information for every house and senate member. important information on congressional committees, the president's cabinet, federal agencies and state governor scanned the code at the right to preorder your cop for early spring delivery produced $29.95 in shipping and handling for every purchase of supporter nonprofit operations at cspanshop.org. cook celestin how are you today? looks great to be with your next records and delighted to be with you two. this was a fabulous read. exciting, interesting and fun. thee be

companies. i could go to and venture capitalist back then, you know, back in 21 year old, you know, kids with crazy ideas. so i ended up moving to ohio for a couple of years, work for. procter and gamble then moved to kansas for about a year work for pizza hut. at the time, a division of pepsico. but all the i was trying to figure out how to get into this world. and then finally, about 1983, i moved to the washington ah, in northern virginia to join a startup that at the time seemed exciting but instantly was in a few months after i joined it kind of hitting the wall and ultimately failed but thankfully two of the people i met, jim kimsey, mark saraf and i co-founded america online in 1985. so the part of the reason it was in northern virginia was because that's where we happened. be because i moved here for that other other company. so it was a little bit by, you know, by accident and with northern virginia a happening startup scene in 1985. no it really was not at the time it really was more o

the physical companies or the software companies? who's going to win the battle over the locks? how you think the trucking industry and most important players will play out over the next ten or 15 years. >> guest: i think it's going to be a mix. and understanding something about the industry is going to be critically important andnd having trust with people who are incumbent in the industry to make some decisions rent partnerships are going to be critically important but also to marry that with fresh insights. there's thinking outside the box not knowing too much about the industry is a a good way to get going but if you are really going to play a constructive role in some of the sectors whether it beca trucking or healthcare you've got to partnerships with the key players in those sectors. as i mentioned in the area of healthcare, technologyta is kind of the table stakes to get you going and a lot of companies have created interesting technology but not be able to get others to adopt them. there's a company and healthcare space called tempest that we back in chicago that's grow

one is a company called shinola and other is a company called stock x. neither existed ten years ago, and both now have more than 1000 employees. and in the detroit area. so those are some of the companies that we're backing that are creating innovations, new products, new services, technologies, new ways to do things. but the process also creating significant within the companies as well as broader jobs within the community. let's talk a little bit about pittsburgh, which you mentioned a minute ago, because it's a it's a unique or not unique, but it's a somewhat unique situation in that it's a former industrial city where many of much of the work went away. but it also happens to have a university which you pioneered. it was a pioneer in artificial intelligence, one of the most important underlying technologies of the decades to come. you talk about duolingo, but talk a little bit about what has come out of pittsburgh and why. and what's particularly interesting about that example. well, the interesting thing about pittsburgh is it kind of had a similar

that is what all companies do, public companies do, around policy issues.d seem the way sam was doing it, he was so visible in d.c., there was such a large amount of money. i think he was the second largest donor to the democratic party or something like that. it does seem like it was happening at a different scale. you know, i think there are some serious questions to be asked now about, should some of that money be clawed back? because it appears it was stolen from customers. david: when you come from washington and you meet with members of congress, do they understand cryptocurrency or do you have to educate them a fair bit? brian: when i first started going to d.c. maybe eight or nine years ago, i think many of them did not understand at all, and there was a lot of very basic conversations. i think today probably 80% of congress understands the basis and the potential of this technology. that it has a lot of innovation potential that we want to preserve, but also has some risks. unfortunately it has attracted some bad actors to come into this industry t

in the long term, this kind of companies, energy companies are active around the world and not just in nice countries. is this teaching them something about how they deal with working in these difficult regions? i think a couple of things. so, diversification, making sure that all of your eggs are not in one basket out 3 year investments, but also to buy for cation in terms of not just oil and gas, going into the low carbon solutions and sectors. and of course, assessing your job political risks. we see how closely those are intervened with all of the business of operations across the world. and not just in russia, of course, are in different levels depending on the countries that we're looking at. just be thinking, being a few steps ahead and assessing those rates and thinking ok, well in this country is moving forward with such actions and their risks. what does that mean for our employees? what does that mean for our investments and how not waiting till perhaps last minute or being reactive or waiting a year later to make those changes. all right, that's orac over with the atlanta c

what took this company is german company winters whole day at so long in deciding to come to russia? such a huge decision is never going to be lead by just one factor. so in this case, it was, of course, a combination of economic drivers. russia is not doing itself any favors by the way, it's treating the it's western partners that are still there. the western company that are still invested in some of these projects who haven't left creating additional volatility uncertainty. so the companies who are still left are in this tough spot where they've waited this long to leave. and we're almost hitting a year anniversary of this horrendous, brutal war. and of course, this economic, these economic changes, these regulatory changes have pushed some of these companies over the edge. the russia has essentially expropriated winters whole property, which is something the company we obviously hoping to avoid. but was there any realistic hope of the company getting out of this deal while still maintaining some of these are some of its resources, not losing all of these investments? look, any de

he strengthened the culture of our company, he kept people safe, and made the company a better companyhe left than it was when he found it. ♪ carol: in early 2020, as covid triggered a public health crisis, the travel and tourism industry cut back service and slowed down. the cruise industry went further. it completely shut down. as ships sat idle, operators

we are also a public company.hich means we need to meet all of the audit requirements of a public company. so we show in our publicly audited financial statements corporate cash is separate from customer funds. and you don't have to take our word for it. an accounting firm has come in and proven that. there are other differences as well. we operate in exchange but we have never created an exchange token like the way ftx did. we never operated our own market maker or hedge fund in the way ftx did, because we believe that would be a conflict of interest. the difference between the two firms i believe cannot be overstated. it is really a validation of the approach we have taken a coinbase over the last 10 years to build on this in a trusted and compliant way as opposed to what happened with ftx. david: for people who may not be that familiar with what your service is, let's suppose i wanted to buy a stock. i would call a stockbroker or somebody, a market maker, say that i want to buy a certain share, and they say ok,

we are super excited to back that company.also invested in a company called pamper, which focuses on nails and nail art that fits into the women layer of the cake. and we are excited to continue filling out the layers of the cake with amazing companies building -- not only consumer products, but also building in the business and enterprise space. ed: one of the things i'm always -- by when we have vc's on, it's not as simple as you handing over the money. when you launch a fund, my qu to you is, what other help do you offer these founders. what is your pitch to them on why they should partner with you, why they should take your check over somebody else's? monique: i built cake to build the whitespace over demographic change. it is what will impact every company being started today. whether it is strictly focused on aging or whether it is a more generalized company. one of the things that founders and entrepreneurs look to me and cake for is really helping them understand and define which demographic changes are going to be the

he strengthened the culture of our company, he kept people safe, and made the company a better companyhe left than it was when he found it. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. manus: welcome to "bloomberg power players," the

draft law what it is a state joint-stock company and not just a joint-stock company, but the committee not accept this amendment and why it did not accept it yes, i understand very well because this law in this form is the first stage, this is the first stage of corporatization , and then with this energo, please, chairman of the 109th amendment committee what is your position of the committee 109 submission rejected by the committee due to its lack of justification 109 amendment yulia volodymyrivna tymoshenko rejected by the committee please be determined vote for 42 decision not made next 110th yuriy volodymyrivna zakarpatska yes yes i am right i want to continue that when the draft law that we clearly proposed to be called the draft law on the state joint-stock company and when the word state is not taken into account, it means that this is all a strategically prepared deception and when the first version of this draft law was submitted and the first version that you and i then it was just that the verkhovna rada was completely reasonable and absolutely correct. so, in the first ver

company, but a global company that is headquartered in the u.k. u.k.only 12% of our business. i do not know if that will be wildly different, but i think it will be bigger in different parts of the world. francine: thank you for your time today. mark: thank you, francine. ♪ francine: edward enninful, thank you so much for joining us. edward: thank you for having me. francine: what drives you? edward: what drives me?

company in a sense, but we are really a global company that is headquartered in the u.k. u.k. today is only 12% of our business. i do not know that will be wildly different. but i think we will be bigger in other parts of the world. francine: mark, thank you for your time today. mark: thanks, francine. thank you. ♪ introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. er

company in a sense, but we are really a global company that is headquartered in the u.k.he u.k. today is only 12% of our business. you know, i don't know that will be wildly different. but i think we will be bigger in other parts of the world. francine: mark, thank you so much for your time today. mark: thanks, francine. thank you. ♪ (announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo.

company in a sense, but we are really a global company that is headquartered in the u.k..k. today is only 12% of our business. you know, i don't know that will be wildly different. but i think we will be bigger in other parts of the world. francine: mark, thank you so much for your time today. mark: thanks, francine. thank you. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. (jennifer)cast business. the reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real f

company in a sense, but we are really a global company that is headquartered in the u.k..k. today is only 12% of our business. you know, i don't know that will be wildly different. but i think we will be bigger in other parts of the world. francine: mark, thank you so much for your time today. mark: thanks, francine. thank you. ♪ these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today.

and also the months ahead look a shaky for that company. interestingly enough, other say my company is like a m d and video did much better. actually, the stock price is gain tier in the friday session on wall street's obviously a wall street believes that those companies who are not so exposed to the p. c business for example, or will be doing much better. so the earnings that are coming out from those companies in the next couple of days will tell their story. so we will see if there really did better than into ends core to that. if they fire, we hire, that's the message coming out of germany's talent, starved manufacturing sector in response to mass lay offs by big tech, various companies including a subsidiary of folks bargain, have said that those are open to workers who have lost their jobs, microsoft, google, and amazon, as well as germany's essay p, have all announced that cutting staff this month. some 200000 tech jobs happened could well, while since the started 2022. as part of this week's d. w business special. we spoke to whoa street tech analyst, dan ives. here you can ge

same with a bank, same with the car company, same with the credit card company. all of these companies have grown and they are successful and they are successful around the world. and that success should be celebrated. what i object to our monopolies that make sure there is no competition so that other companies cannot innovate and disrupt and challenge the monopolies. so i think there is a distinction between those in this country who object to large corporate power, which in some cases is dangerous. but in my objection is to the monopoly side of that large corporate power. if there is competition in the market place, if nobody dominates more than 20%, 30% of the air traffic or nobody dominates more than 20% or 30% of the banking industry, i am ok with that. these companies are dominating in the 80% and 90% percentile and that is what i consider dangerous. mr. tracy: why can't we use existing laws to deal with that problem? rep. buck: the real issue is the consumer welfare standard and how it has been interpreted with what i would call the old economy, the pre-1

so i created this new company that is impact oriented company. the reality is it is all about skilled trade in the united states. what we want to do is create an entry pack where we train people. that is the new company, and it is the same thing. >> i wish you luck , sounds like the greatest title for a book ever i appreciate you being g wiwith us. . we will be right - life is uncertain. everyday pressures can feel overwhelming it's okay to feel stressed, anxious, worried, or frustrated. it's normal. with calhope's free and secure mental health resources, it's easy to get the help you and your loved ones need when you need it the most. call our warm line at (833) 317-4673 or live chat at calhope.org today. >>> welcome back to press : here. we were just talking about food with the founder of grubhub. let's keep the food seam go and talk about shrimp in a box, which sounds like a fast food outlet. come on down to shrimp in a box aquaculture project? when, raised by robots, all of artificial intelligence in the shipping container. daniel is the brai

we compete with some clients companies.e compete with some clients that try to do some of this work in-house. the great thing is it has always been competitive. two people in a garage could start up an agency and they have done over many years. but i think for the major clients that we service today, we are in a really, we are in a really good position. you know, we just came off the back, about a year ago, winning the global mandate for the coca-cola company. and they looked at and tested every element of what we do as a business, from coming to develop great creative work in china or india or south africa, to can we embrace, you know, the media revolution? can we show them how to partner with facebook and google and how to embrace tiktok, and every part of our business? and selected us as their partner. and that talks to the power we have and the scale that we have. francine: is it more difficult now because of the cost-of-living crisis, because of the, you know, economic downturn? do you start feeling it already? mark: l

these are companies have about 70 percent lower voluntary turnover than comparable companies in the food industry according to a study that we did this year and they have turnover rates in general about half of those of comparable industries. you stop just up and set a time -- we sell participants in a time where retirement is increasingly unavailable to people -- 50% of the workforce participate in no retirement balance at all the mean account balance for our participants is $132,000 and most of these companies have a 401k plan on top of it. esop companies lay people off on one third to 1/5 the rate of comparable companies and really importantly for this program i'm a the default rate on these loans is to per 1000 per year. let me repeat that two per , thousand per year and this is a program that you would think the fda would love to finance with a default rate like that. so one of the problems? why are we worried about given the performance benefits? one is and they were alluded to this in respect to co-ops, companies do not know they can do this. there are all sorts of misperceptions

k companies. it's mostly those companies who export in the u that have really felt a big blow. they really hit hard by breaks it and it's what's called non tariff barriers. so it's all the bureaucracy, all the extra red tape. and that the brakes it is ironically wants to get rid of. but that enables small, particularly small companies to export to the you seamlessly like they would export to any other place within the u. k. and this has now all stopped. so this is mostly a problem for small companies. big companies are able to somehow absorb the acura bureaucracy. they've got the legal departments, they've got the accountants, but small companies for them, it's really, really been difficult and some had to stop for trading with the you altogether. so with all these terrors and this red tape now in existence, how have these companies adjusted if sally typical are what asked and chemicals, the company you saw in the report have done, they had to open up an e u hub. so that's what i've had and read from other small companies. for example, i was also filming in a cheese company on

ed: is your company thrive in different -- does your company thrive in difficult times?e talking about customers moving away from different individual investors and coming to you for a one-stop shop solution. when customers do that it is often because they are having to make change reactionary. >> here is the situation. if you believe the independent research companies like idc, they will tell you i.t. for software will grow in double digits this year. let's assume that it not happen. let's assume there was no increase in i.t. spend. what is happening with customers when they have three or four technologies to do something similar they're saying let's cancel three and go with the best alternative. we don't want all four. during the hype cycle of the whole pandemic where people were trying to figure things out they bought every solution they could get their hands on. now they want to go from platforms that matter. what service now is enabling companies to do is consolidate the spend. move away from platforms that don't matter and increase your productivity dramatically on

the company is under pressure.cutting of the traditional paid tv ecosystem and on the other hand so much competition in the streaming space these companies are under pressure to continue to invest in content but that's what's hurting their margins, so there's going to be a lot more decision making about where they should invest and also pricing i think it's worth noting he said the increase in pricing among disney plus did impact signups at least based on their estimates. so it's going to be fascinating to see some of these streaming numbers and specifically commentator for me, what i'm most interested in commentary about ad supported streaming and we'll start to see those results when netflix reports next week >> yeah, we spoke to another analyst in the show who picked amazon to benefit most from ad dollars in the upcoming year what does it mean for content going forward. it can only go up, and it still feels like that for this year, but what would it take to see consolidation in the space and a lower spend on con

mark: look, tesla is an interesting company. know, so far, they haven't spent money on advertising. i am sure one day, they will. i mean, i think jeff bezos said back in 2009, you know, advertising is what companies do when they have nothing to differentiate themselves. and amazon, today, is one of the world's top five advertisers. so i think that companies develop and come to a point of view where they need to talk to consumers about what they do, why they are relevant, what they have to sell. i think all of those things make what we do valuable. francine: i mean, it is interesting. if you look at the lifecycle of a business. mark: yeah. francine: and, i guess, the ability for that business to be disrupted, when is peak advertising moment? when is the right time to really go for it? mark: well, just look at the technology companies. you know, google, amazon, apple are some of the world's biggest advertisers and they certainly didn't start that way. so, i think we have learned in a modern world that differentiation is increasing

estate company still see it that way?> we're a tech-enabled real estate brokerage, using technology to create advantages for our agents and our company we increased agent base 15% year over year. we're growing faster than the market historically and we have the highest agent retention in the industry. >> so, just looking around the market here in the u.s. and the fact you are in so many different areas, where are you seeing strength? where are you seeing resilience? what does that mean in terms of price outlook? >> we're seeing strength in the attractive tax rates people always want low taxes and better weather so, that's texas, nashville, atlanta, the carolinas, parts of florida. we're seeing weakness in las vegas, in parts of california where they saw some of the biggest increase in prices again, i don't see prices going down more than low single digits this year. i, quite frankly, think there's more risk prices go up than down mortgage rates will go up. >> because the supply/demand imbalance is there >> there's record

he strengthened the culture of our company, he kept people safe, and made the company a better companyn he left than it was when he found it. ♪ >> to receive the incoming calls from bettors, the bookmaker relies on several devices, which may keep his location, or private phone, secret. >> remember when gambling on sports was illegal in america? >> gambling was something that was in the shadows around sports, and it wao

out is the correct by the company cofounders. the three of them start the company in 1930 and on the day that he resigned in 1933 it's also the day that adolf hitler takesn power in germany. he resigns because he is fed up with being the commercial director he's fed up with the company that is blowing through money with material and car designer and the company's pickup. for the shareholder when he is bought out at the value which was 3,000. now at this point in time they've convinced hitler into production while the company was on the verge of bankruptcy on january 30th, 1933 by the time july 1935 comes around it's a very profitable company. however, he bought out the normal value and below the market value of the shares and again it is a stereotypical form the way the transactions were conducted. they wanted to remove him as a shareholder which he later is convinced because they wanted to have transportation as a company which was free of jews. he is ready to leave germany soon after he is bought out and detained in theme conce

a company called angelic his company called stock ex. neither existed ten years ago and both now have more than 1000 employees in the downtown detroit area. those are some of thee' companis where backing that are creating innovations come new products,, new services, new ways to do things but in the process creating significant jobs within the companies as well as broader jobs within the community. >> host: talk about pittsburgh which mention a minute ago because it's a unique, or not unique, but it's a somewhat unique situation in that it's a former industrial city a where many ofen much of the work went away but it also happens of university which was a pioneer in artificial intelligence one of the most important underlying technologies of the decades to come. you talk about dual lingo. talk about what is come out of pittsburgh and wife of what is particularly interesting about that. example. >> guest: the interesting thing is it has silverback story to detroit over 100 years ago pittsburgh was kind of powering the industrial revolutio

coca cola company. who never miss lee bay are the key drivers of our massive plastics. problem of the 350000000 tons of plastic waste. the wall produced in 2019 only an estimate as 9 percent actually got recycled. much more it gets released into the environment poisoning ocean's soil and even the air we breathe. so we wondered when companies promised to cook their plastic waste? do they actually deliver? take the french food giant unknown, for example, is best known for dairy products, but it is also one of the world's biggest bottled water companies. with brands including avian, my zone and indonesian aqua, back in 2009 done on promised to use 20 to 30 percent recycled p t plastic in its water bottles by 2011. but they failed. you'd never know it though, by 2014, that on, on the website said this, the goal is to achieve a rate of 25 percent recycled p t by 2020. so the company just delayed, as promised by almost a decade. but globally done on water still used only 19.80 percent recycle p t and 20242025

the real focus is the idea that every company is a tech company. and autos in particular, they're technical. it's not just tesla. we have some new electric vehicle makers here that are in the spotlight. so i think there's this idea it's not just for tech's sake. it's the way tech can be deployed in all of these different centers. also john deere is here and we're seeing this technology not just in cars but in boats but in other big -- these big devices, whether you're farming or using these devices for other things so it's certainly a conversation with tech influencing every part of the economy. >> all right, julia boorstin, thank you. >>> meanwhile it's been a rough month with the semi-conductors among the worst performers in that time period, amd, that name, 53% in the past year worngt noting, it's still trading above prepandemic. where's the next leg coming from lisa, great to see you i've got to start off really broad because we've got these comments from some other ceos in the tech industry. as we're heading into 2023, this austerity, belt tig

what happens is companies lead, what happens is companies does not want to reveal the data. they don't keep them. so what needs to happen instead? good question. i would say that was really to change the behavior of the company in europe and legislation. the european union has now recently followed suit and passed some bishop plastic legislation as well under the single use plastics directive, disposable items such as plastic bags, category and straw, cannot be distributed within in new markets anymore. and the directive also includes targets for a cycle plastics. by 2025 p. t bottles need to have at least 25 percent recycled content. and by 2030, this target will be raised to 30 percent. and change needs to happen and in each step and fast global plastics, production is still growing and is forecast almost triple in the next few decades. in order to even slowly increase the world needs much better recycling systems and strict regulations. the data shows that the voluntary commitments are not enough. companies only change the tactics when pressured through legislation, publi

take the tech companies.now, these tech companies argue frequently, oh, our services arere free. they're -- our service is free. google, our services are free. but the problem with that is, is that they may be free in terms of the consumer-facing product, but the companies extract monopoly rents in other ways. take data collection. you don't really have a choice if youts want your data collectd iff you use facebook or google r twitter. they are going to track you all over the web without your consent and usually without your knowledge. her going to extract your data. that's a no -- monopoly rent. and there's no other peer competitor to them where you can go and say, okay, on this platform my data willy be protected. it's interesting, facebook used to pledge that they would protect data. that's when they had real competition the, myspace, over a decade ago. but as soon as they got rid of the competition, they started collecting the data. all of that to say it's the reason why the consumer welfare standard isn'

was that the original name of the company, and when was the company started? griffith: yes.al name. the company was founded in 1937 by joe lewis and jack green, and they were two attorneys in cleveland, and they didn't know what, but they wanted to be able to serve the non-standard customers in cleveland that needed insurance, and so they borrowed 10,000 from joe lewis' mother-in-law, and that's how progressive was born, and you might know peter lewis, who ran the company for a long, long time. he was the second ceo and then glenn renwick and then myself. rubenstein: how did you get started at progressive and at the bottom, pretty much? is that right? griffith: yeah. i went to illinois state university, a marketing degree. i wanted to go into something in marketing, but all through high school and college, i worked in retail, so and oddly, where i went to school is the home office of state farm, and everybody was doing internships there, and i'm like, "who wants to work in insurance?" so i went to a retail company for about 6 months. it was a called furrow building materials

not companies. they are trying to get au big company to move their headquarters or something like that . which in general and the deals they cut or not that economically sound. zero-sum for the country once it might win one might lose it doesn't really help the country. more of the leaders of the state level or the local levelnd recognize that and are trying to address and put more tension on the new companies. they also recognize it needs to be a grassroots entrepreneur led effort. it's too much top down it's too much a government centric it generally doesn't work. sometimes for example they have the creation of a building. but did not have a strategy to get people to move into the building and ends up being not that effective as a gathering place. they focus on new companies the important of championing entrepreneurs is very important. using the platform you have as a governor or a mayor to bring peopleg together working with e small companies is really the way to do it. quickly suckled about indi

the company is narrowing its gap. jack otter: thanks so much.eck out barron.com, follow us on twitter,@barron online. see you next week on "barron's roundtable". >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to all.

he strengthened the culture of our company, he kept people safe, and made the company a better company left than it was when he found it. ♪ shery: the top stories this hour. elon musk testified his 2018 tweet announcing a proposal to take tesla private included the possibility of using holdings in space x to finance the transaction. he told jurors saudi arabia's sovereign wealth fund was committed to the plan. his testimony is a core element of his defense.